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Dirham: Journal of Sharia Finance and Economics
Published by Goodwood Publishing
ISSN : -     EISSN : 31236081     DOI : https://doi.org/10.35912/josfe
Core Subject : Economy,
Economics, Econometrics & Finance
Dirham: Journal of Sharia Finance and Economics (JoSFE) is an international peer-reviewed journal that publishes quality articles aiming to answer important questions, develop theories, and explore interesting phenomena in all aspects of Sharia economics. JoSFE provides a credible scientific media for academicians, practitioners and researchers to share their ideas and findings covering the topics of Sharia finance and economics.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 10 Documents
 1 
Analysis of the marketing strategy of savings products at BMT Nasuha during the Covid-19 pandemic Linda Nur Fitriyani; Tati Handayani; Lili Puspita Sari
Dirham: Journal of Sharia Finance and Economics Vol. 1 No. 1 (2025): January
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/josfe.v1i1.3329

Abstract

Purpose: This study aims to investigate the marketing strategies that can be applied by BMT Nasuha in marketing their savings products during the covid-19 pandemic. Research Methodology: This study uses descriptive qualitative research with a case study approach which is carried out by using observation, interviews, literature studies, and documentation techniques. Results: The results of the study show that the promotions are carried out by BMT Nasuha through social media, such as Instagram, Facebook, and Website. Before the covid-19 pandemic, BMT Nasuha did its marketing activities through recitation or training. The results of the SWOT analysis of BMT Nasuha show the position of quadrant 1, so that BMT Nasuha can take advantage of its internal strengths, namely developing a stable software system to support BMT operations and increase its human resources in achieving increased business growth. Conclusion: BMT Nasuha should pursue a growth-oriented strategy that exploits internal strengths to capture external opportunities, strengthening liquidity, outreach, and service quality. Limitations: In this study, it was difficult to give a SWOT questionnaire directly to several research subjects because they had other jobs besides their jobs in BMT Nasuha. So, it could only be entrusted to one of the staff. Contribution: It is hoped that this research can provide benefits to BMTs throughout Indonesia regarding marketing their savings products, especially for BMTs which are still relatively small.
The influence of individual characteristics and work discipline on the performance of PT employees Bank Syariah Indonesia Palopo Branch Adil Adil; Marhani Marhani; Imelda Rosa
Dirham: Journal of Sharia Finance and Economics Vol. 1 No. 1 (2025): January
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/josfe.v1i1.3330

Abstract

Purpose: This study examines and analyzes the effects of individual characteristics and work discipline on employee performance at PT Bank Syariah Indonesia (BSI) Tbk Palopo Branch. Methodology: This study used a quantitative research with a descriptive approach. The population in this study comprised all employees working at PT. Bank Syariah Indonesia(BSI) Tbk Palopo Branch. Thirty-five samples were used in this study amounted to 35 people. The data analysis techniques used were descriptive statistical tests, classical assumption tests, and multiple regression analysis. Results: The findings reveal that (1) individual characteristics have a positive and significant effect on employee performance; (2) work discipline has a positive and significant effect on employee performance; and (3) both variables simultaneously have a positive and significant effect, contributing 43.20% to performance, while the remaining 56.80% is influenced by other factors not examined in this study. Conclusions: Employee performance in Islamic banking can be enhanced by strengthening both individual characteristics and work discipline. Limitations: This study was limited to a single branch with a relatively small sample size, which reduced the generalizability of the results. Only two independent variables were examined, leaving other potential determinants of performance unexamined. Contribution: This study provides valuable insights into the factors influencing employee performance in the Indonesian banking sector, specifically in the context of Islamic banking. Savings products, especially for BMTs which are still relatively small.
Development of strategy formulation with scenario planning approach case study on Zakat House Ali Mujianto; Siska Noviaristanti
Dirham: Journal of Sharia Finance and Economics Vol. 1 No. 1 (2025): January
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/josfe.v1i1.3331

Abstract

Purpose: This study aims to provide strategic solutions for Rumah Zakat over the next ten years using a scenario planning approach. It focuses on identifying driving forces, critical uncertainties, and possible future scenarios in the zakat industry, and formulating adaptive strategies. Research Methodology: A qualitative descriptive design was employed, with data collected through in-depth interviews involving internal and external stakeholders, supported by secondary data. PESTEL and Porter’s Five Forces analyses identified 29 driving forces, which were assessed using an impact/uncertainty matrix and developed into a 2×2 scenario matrix, producing four potential future situations. Results: Four scenarios were generated: Jumping Frog, Accelerate to Excellence, The Struggle, and Business as Usual as a reference description of the conditions that need to be considered when dealing with uncertain conditions in the future, so that the institution can determine its strategic direction more optimally. Institutions need to consider the implications and options strategies in each scenario to strengthen the ability of today's institutions to deal with various conditions that will arise in the future. Conclusion: Scenario planning enables Rumah Zakat to anticipate and prepare for various future conditions, reducing risks from environmental uncertainties. Implementing common strategies such as collaborating with government zakat institutions, leveraging CSR funds, fostering talent, digitizing processes, and innovating business models will enhance institutional resilience and competitiveness.. Limitations: The study is limited to a single case, a qualitative data scope, and a small number of expert informants, making generalization cautious. Contribution: This research contributes to strategic management in Islamic philanthropy by demonstrating the practical application of scenario planning for adaptive and sustainable long-term strategy formulation.
Litigation and non-litigation approaches in Islamic Banking Syariah resolution Amda Usnaka
Dirham: Journal of Sharia Finance and Economics Vol. 1 No. 1 (2025): January
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/josfe.v1i1.3332

Abstract

Purpose: This study aims to analyze dispute resolution mechanisms in Islamic banking in Indonesia, focusing on mudharabah contract disputes. It examines the role of litigation through the Religious Court and non-litigation through alternative dispute resolution institutions, particularly the National Sharia Arbitration Board (BASYARNAS), in maintaining Sharia compliance and legal certainty. Research Methodology: This study adopts a normative juridical approach, analyzing statutory regulations such as Law No. 21 of 2008 on Sharia Banking, complemented by a literature review and doctrinal interpretation. A qualitative method is used to assess the legal frameworks and institutional practices in resolving Islamic banking disputes. Results: Findings indicate that both litigation and non-litigation mechanisms are legally recognized and essential for upholding Sharia principles, ensuring fairness, and fostering trust among stakeholders in Islamic banking. Litigation provides authoritative judicial decisions, whereas non-litigation offers efficiency, confidentiality, and flexibility in resolving disputes. Conclusions: The dual dispute resolution framework strengthens Islamic banking governance in Indonesia. However, its effectiveness depends on the synergy between financial institutions, regulators, and dispute resolution bodies, as well as the enhancement of institutional capacity and public awareness. Limitations: This study is limited to legal and institutional analyses without empirical data from case studies, which may restrict insights into real-world challenges and stakeholder perspectives. Contribution: This study contributes to the discourse on sharia-based dispute resolution by providing recommendations for improving the effectiveness, accessibility, and fairness of both litigation and non-litigation processes in Islamic banking.
Community-based economic empowerment strategy for the indigenous seven tribes in Mimika Regency (case study on YPMAK) Afila Selpina Waroi; Hasan Basri Umar; Risky Novan Ngutra
Dirham: Journal of Sharia Finance and Economics Vol. 1 No. 1 (2025): January
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/josfe.v1i1.3457

Abstract

Purpose: This study aims to analyze the community-based economic empowerment strategies implemented by the Amungme and Kamoro Community Empowerment Foundation (YPMAK) for the seven indigenous tribes in Mimika Regency. The research focuses on how these strategies improve economic independence and overall welfare. Research Methodology: Using a qualitative case study design, data were collected through in-depth interviews, observations, and document analysis with key stakeholders. SWOT analysis was employed to evaluate YPMAK’s strategies by identifying strengths, weaknesses, opportunities, and threats in program implementation. Results: YPMAK’s programs have enhanced community welfare through vocational training, entrepreneurship development, institutional strengthening, and cultural preservation. Local economic development initiatives in agriculture, fisheries, handicrafts, and tourism created new opportunities. However, challenges remain in terms of financial literacy, managerial skills, market access, infrastructure, and reliance on external assistance, limiting the full realization of independence. Conclusions: The YPMAK empowerment strategy positively impacted the welfare of Mimika’s seven indigenous tribes by combining human resource development, institutional support, and local resource utilization. Yet, barriers in financial literacy, infrastructure, and market integration persist, necessitating ongoing collaboration and refinement to achieve sustainable outcomes. Limitations: The study’s qualitative focus and context-specific scope limit the generalizability of findings and restrict quantitative measurement of economic outcomes. Contribution: This research contributes empirical insights into grassroots empowerment models tailored to cultural contexts. It underscores the importance of integrating traditional institutions, local resources, and participatory approaches in designing sustainable development strategies for indigenous communities.
Corporate Governance of Islamic Banks, Earning Management and Firms Value: A Conceptual Framework Harsono Edwin Puspita
Dirham: Journal of Sharia Finance and Economics Vol. 1 No. 2 (2025): July
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/josfe.v1i2.3801

Abstract

Purpose: This study examines the role of corporate governance in mitigating earnings management and its impact on firm value in Islamic banking institutions, emphasizing the function of Sharia Supervisory Boards within a dual governance framework. Research Methodology: A quantitative panel data approach is employed using observations from Islamic banks over multiple periods. Corporate governance is proxied by board characteristics, ownership structure, audit committee attributes, and Sharia Supervisory Boards. Earnings management is measured using discretionary accrual-based models, while firm value is captured through market-based valuation indicators. Panel regression techniques are applied to analyze direct and indirect relationships among variables Results: The results indicate that stronger corporate governance mechanisms are associated with lower levels of earnings management, suggesting effective monitoring of managerial discretion. Earnings management is found to negatively affect firm value, implying that capital markets penalize opportunistic financial reporting. Several governance attributes also demonstrate a direct positive relationship with firm value by enhancing transparency and investor confidence. Conclusions: The study confirms that robust corporate governance, particularly Sharia-based oversight, plays a vital role in constraining earnings management and improving firm value in Islamic banks, supporting agency and signaling theories. Limitations: This study relies on accrual-based earnings management measures and secondary governance data, which may not fully capture real activity manipulation Contribution: This research contributes to Islamic finance literature by empirically clarifying the governance–earnings management–firm value nexus and offers practical insights for regulators and practitioners to strengthen governance frameworks in Islamic banking.
Muslim Consumers' Purchasing Decisions on Halal Food Products Using Online Delivery Services During the Covid-19 Pandemic: Lessons from Bogor City, Indonesia Firly Mariska Shatrie; Ranti Wiliasih; Mohammad Iqbal Irfany; Daffa Aqomal Haq
Dirham: Journal of Sharia Finance and Economics Vol. 1 No. 2 (2025): July
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Purpose: This study aims to explore the factors influencing halal food consumption and purchasing decisions during the COVID-19 pandemic in Bogor City, Indonesia, focusing on the impact of religious beliefs, health consciousness, and safety concerns. Methods: A quantitative approach was employed, utilizing a survey conducted with 200 consumers in Bogor City. Data were collected using a structured questionnaire and analyzed using SPSS for descriptive statistics and regression analysis. Results: The results show that religious beliefs significantly affect halal food purchasing decisions, with health consciousness and safety concerns also playing a vital role. The pandemic heightened the importance of food safety and health among consumers, influencing their purchasing behavior. Conclusion: The findings suggest that halal food consumption is strongly influenced by religious factors, while health-related concerns have gained prominence during the pandemic. This highlights the growing importance of safety and quality in consumers' decision-making processes. Limitation: The study is limited to Bogor City, which may not fully represent other regions in Indonesia. Additionally, the sample size of 200 respondents may not capture the diversity of the broader population. Contribution: This study contributes to the understanding of consumer behavior in the context of halal food and provides valuable insights for businesses in the food industry to adapt their strategies in the post-pandemic era, particularly in Muslim-majority countries.
National Amil Zakat Agency as a Moderation of Perception and Religion on the Decision to Pay Zakat Ali Hardana; Jafar Nasution; Arti Damisa
Dirham: Journal of Sharia Finance and Economics Vol. 1 No. 2 (2025): July
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/josfe.v1i2.3810

Abstract

Purpose: The purpose of this study is to identify the variables that affect muzakis' zakat payment decisions at the National Amil Zakat Agency. Altruism was included in this study as a moderating variable as well. Muzaki's capacity to decide to pay zakat is a result of his attention to and awareness of doing so. Muzaki may decide to distribute zakat at the National Amil Zakat Agency (BAZNAS). Methodology/approach: The population in this study is the entire community in Indonesia, with purposive sampling used to select specific respondents. The sample size was determined using the "ten times the number of formative indicators" method, resulting in 230 respondents. Data was collected through online questionnaires distributed to millennials in Indonesia via Google Forms. The analysis was conducted using Warp PLS 6.0, which involved three stages: 1) Evaluation of the Measurement Model, 2) Evaluation of the Structural Model, and 3) Hypothesis Testing. Results/findings: Then the variables of perception and religiosity have no significant effect on the muzaki's decision to pay zakat to the National Amil Zakat Agency through altruism. The results of this study are expected to be useful for related parties, especially the National Amil Zakat Agency, to continue to improve and maintain the factors that influence Muzaki's decisions in carrying out Zakat payments. Conclusion: This study finds that perception and religiosity significantly influence muzaki's decision to pay zakat through BAZNAS, while altruism does not have a significant moderating effect. These results suggest that BAZNAS should focus on enhancing public awareness of zakat's spiritual and social benefits. Limitation: The study's sample is limited to millennials in Indonesia, which may not fully represent the general population. The use of purposive sampling and online surveys could introduce bias, and the insignificance of altruism requires further exploration in future studies. Contribution: This research contributes to understanding zakat payment behavior by emphasizing the importance of perception and religiosity. It offers practical insights for BAZNAS to improve zakat collection and enhance poverty alleviation efforts.
Comparative Analysis of the Performance of Cryptocurrency Bitcoin, Sharia Stocks, and Gold as Investment Alternative Riniawati Riniawati; Ahmad Fatoni; Tenny Badina
Dirham: Journal of Sharia Finance and Economics Vol. 1 No. 2 (2025): July
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/josfe.v1i2.3811

Abstract

Purpose: This study aims to analyze and compare the performance of Bitcoin, JII (Jakarta Islamic Index) stocks, and ANTAM gold as investment alternatives from 2019 to 2023. Methodology/approach: A quantitative approach with a comparative method was used, utilizing secondary time series data. Monthly closing prices of Bitcoin, JII stocks, and ANTAM gold from 2019-2023 were analyzed. The study used saturated sampling with 180 data points. Parametric (One-Way ANOVA) and non-parametric (Kruskal-Wallis) tests were applied, depending on data normality and homogeneity. Results/findings: The study found no significant difference in returns between Bitcoin, JII stocks, and ANTAM gold (p = 0.412 > 0.05). However, a significant difference was observed in risk levels (p = 0.00 < 0.05), with Bitcoin being the riskiest. Performance analysis via the Sharpe and Treynor indices showed Bitcoin as the best-performing instrument, followed by gold and JII stocks. The Jensen index revealed no significant difference in performance, with JII stocks slightly outperforming the others. Conclusions: Bitcoin offers the highest return but carries the highest risk. JII stocks and gold show lower risk but also lower returns. Bitcoin outperforms other instruments in performance based on Sharpe and Treynor indices, while JII stocks are slightly better when using the Jensen index. Limitations: The study focused only on JII-listed Islamic stocks, and data were limited to the 2019-2023 period. Contribution: This research provides insights for investors, particularly Muslim investors, on the comparative performance of these investment options.
Unveiling Human Flourishing: A Maqashid Al-Shariah Based Human Development Index in Indonesia Dedi Gunawan; Muhammad Ahsanul Amal; Miftakhul Choiri
Dirham: Journal of Sharia Finance and Economics Vol. 1 No. 2 (2025): July
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/josfe.v1i2.3812

Abstract

Purpose: This study investigates the influence of the Maqashid al-Shariah framework—covering the protection of religion (Hifzu al-Din), life (Hifzu al-Nafs), intellect (Hifzu al-Aql), progeny (Hifzu al-Nasl), and property (Hifzu al-Mal)—on Indonesia's Human Development Index (HDI). Methodology: The study employs a qualitative approach, using Eviews-12 software for data analysis, particularly utilizing panel data regression techniques. The sample comprises eight Indonesian provinces: Papua, West Papua, East Nusa Tenggara, West Sulawesi, West Kalimantan, West Nusa Tenggara, North Maluku, and Gorontalo, covering the years 2019-2022. Results: The analysis reveals that the protection of religion (Hifzu al-Din) and intellect (Hifzu al-Aql) significantly affect Indonesia's HDI. However, the protection of life (Hifzu al-Nafs), offspring (Hifzu al-Nasl), and property (Hifzu al-Mal) do not show statistically significant direct impacts on HDI. Conclusion: This study concludes that Maqashid al-Shariah’s framework, specifically religion and intellect protection, plays a significant role in enhancing HDI. This research highlights the relevance of integrating Islamic values into human development measures. Limitations: A limitation of this study is the reliance on data from only eight provinces, which may not represent the broader context of Indonesia. Contribution: This research offers a novel perspective by applying the Maqashid al-Shariah framework to assess human development indicators in Indonesian provinces, contributing to the development of an Islamic approach to human development.

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