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Journal of Islamic Economics
Published by Sekolah Tinggi Agama Islam Al-Muntahy
ISSN : -     EISSN : 30898005     DOI : https://doi.org/10.65663/commercio.v2i2.303
Core Subject : Religion, Economy,
Religion Economics, Econometrics & Finance
COMMERCIO is a refereed scientific journal specialized in Islamic economics and business, and related fields of knowledge. The journal is published biannually, in June and December, and accepts contributions in English.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 16 Documents
 1   2 
Zakat As An Instrument Of People's Economic Empowerment: A Study Of Innovative Management Models In Rural Areas Sudoto; Muhammad Mamun
Journal of Islamic Economics Vol. 1 No. 1 (2024): January-June
Publisher : Sekolah Tinggi Agama Islam Al-Muntahy

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65663/commercio.v1i1.27

Abstract

This study aims to examine community-based zakat management as a model for economic empowerment of the people in rural areas with a productive zakat approach that involves active community participation and the use of information technology. The method used is a descriptive qualitative research with a case study in a village in Indonesia. The data collection technique was carried out through in-depth interviews with informants consisting of zakat managers, zakat recipients, and other related parties. The collected data was analyzed using thematic analysis techniques to identify patterns and important findings related to community-based zakat management. The results of the study show that the implementation of productive zakat in villages can improve mustahik welfare if it involves collaboration with village cooperatives and the use of information technology to increase the transparency and efficiency of zakat management. Although there are several challenges in implementation, such as a lack of understanding of productive zakat among rural communities, the results of this study make an important contribution in changing the paradigm of zakat from consumptive assistance to an instrument of economic empowerment. The implication of this research is the importance of developing a more inclusive and participatory community-based zakat model to empower the village community's economy in a sustainable manner.
A Financial Pillar Rooted in Spiritual Values for Community Welfare : Islamic Economics Fusthathul Nur Sasongko; Anisatul Maghfiroh
Journal of Islamic Economics Vol. 1 No. 1 (2024): January-June
Publisher : Sekolah Tinggi Agama Islam Al-Muntahy

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65663/commercio.v1i1.28

Abstract

Islamic economics serves as a comprehensive financial system rooted in spiritual values, emphasizing justice, equity, and social welfare. This study aims to explore the principles, benefits, and challenges of implementing Islamic economics in contemporary financial systems. The research adopts a qualitative approach through an extensive literature review, analyzing scholarly articles, books, and case studies from 2018 to 2024. The findings reveal that Islamic economics, through its prohibition of interest (riba) and speculative activities (gharar), alongside the promotion of profit-sharing mechanisms (mudharabah and musyarakah), offers a more ethical and sustainable alternative to conventional financial systems. Key instruments such as zakat and waqf significantly contribute to poverty alleviation and wealth redistribution, enhancing social welfare. However, the study identifies challenges such as limited public awareness, inadequate regulatory frameworks, and competition with conventional systems. The research concludes that Islamic economics provides a robust framework for addressing global economic inequalities and fostering financial stability. To optimize its implementation, collaborative efforts from governments, financial institutions, and society are crucial. This study contributes to the growing body of knowledge by highlighting the transformative potential of Islamic economics and its capacity to achieve holistic and sustainable development.
Sharia Pawn For Millennials: Islamic Modern Financial Solutions Zainol Fata; Ummiyatul Hasanah; Mahbubah
Journal of Islamic Economics Vol. 1 No. 1 (2024): January-June
Publisher : Sekolah Tinggi Agama Islam Al-Muntahy

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65663/commercio.v1i1.29

Abstract

This research focuses on the analysis of the concept of pawning in Islam, known as rahn, with the aim of understanding the underlying sharia principles and their application in society. Through a comprehensive literature review, this study examines the definition of rahn from various perspectives of scholars, its legal basis in the Qur'an, hadith, and ijma', as well as the principles and conditions of the validity of the rahn contract. The research method used is literature research with a descriptive-analytical approach, which allows for an in-depth depiction of the rahn phenomenon and analysis based on sharia principles. The results of the study show that rahn is a legal and relevant sharia financial mechanism, with variations in legal interpretation between schools that reflect flexibility in the application of sharia. This study also outlines the limitations in the taking of pawn benefits by murtahin, which must be done with a rahin permit  and in accordance with sharia principles. The implications of this research are the need to increase socialization and education about rahn to the public, standardization  of clear and transparent rahn contracts, and the development of effective dispute resolution mechanisms. This research contributes to a better understanding of rahn as a fair and sustainable sharia financial solution.
Perilaku Investor Syariah Milenial: Eksplorasi Melalui Pendekatan Teori Perilaku Terencana Chamilia Tohir Nora Octavia
Journal of Islamic Economics Vol. 1 No. 1 (2024): January-June
Publisher : Sekolah Tinggi Agama Islam Al-Muntahy

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65663/commercio.v1i1.45

Abstract

This study aims to identify and analyze the factors influencing Sharia investment behavior among the millennial generation using the Theory of Planned Behavior (TPB) approach. The main focus of this research is to understand how attitudes, social norms, and perceived behavioral control contribute to Sharia investment decisions, as well as the role of Sharia fintech platforms in facilitating these decisions. This study adopts a qualitative approach with a case study method, where data were collected through in-depth interviews with 30 millennial investors actively using Sharia investment platforms. The findings indicate that beliefs influence a positive attitude toward Sharia investment in both financial and spiritual benefits, although concerns remain regarding potentially lower returns compared to conventional investments. Social norms, particularly the influence of family and friends, play a significant role in either encouraging or discouraging investment decisions. Furthermore, perceived behavioral control suggests that the use of Sharia fintech platforms enhances investment accessibility and transparency, yet challenges persist in terms of product comprehension and risk management. The implications of this study highlight the importance of more comprehensive Sharia financial education and the strengthening of educational features within Sharia fintech applications to improve millennial investors' understanding and confidence.
Determination of Trust, Financial Literacy, and Investment Decisions on the Millennial Generation in the Sharia Capital Market Fauzan Fauzan
Journal of Islamic Economics Vol. 1 No. 1 (2024): January-June
Publisher : Sekolah Tinggi Agama Islam Al-Muntahy

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65663/commercio.v1i1.47

Abstract

This study aims to examine the relationship between financial literacy, trust, and investment decisions among millennials in the Islamic capital market. The research focuses on young investors' understanding of Islamic financial instruments and how trust in financial institutions influences their investment behavior. Using a quantitative approach with a case study design, data were collected through surveys of 150 respondents and in-depth interviews with active investors. Data analysis was conducted using linear regression and structural equation modeling (SEM) to test the direct and indirect effects between variables. The results showed that financial literacy has a significant influence on investment decisions, with a correlation coefficient of 0.57 (p < 0.01). Trust in Islamic financial institutions also proved to be a critical determinant factor, with an influence coefficient of 0.64 (p < 0.01). Furthermore, financial literacy indirectly affects investment decisions through the mediation of trust (indirect effect = 0.31; p < 0.01). These findings suggest that improving financial literacy and strengthening Sharia supervision can increase millennial participation in Islamic investments. The implications of this research provide insights for regulators and financial institutions to develop more comprehensive financial education programs and build a sustainable investment ecosystem. Recommendations for future research include expanding the study population to Generation Z and exploring other external factors, such as the influence of social media on investment decisions. Thus, this study can serve as a foundation for enhancing financial literacy and developing a more inclusive Islamic capital market.
Halal Awareness in Food Purchasing Decisions: A Systematic Review of the Literature 2019-2024: Kesadaran Halal Dalam Keputusan Pembelian Makanan: Kajian Sistematik Literatur 2019-2024 Eko Raharto
Journal of Islamic Economics Vol. 2 No. 1 (2025): January-June 2025
Publisher : Sekolah Tinggi Agama Islam Al-Muntahy

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65663/commercio.v2i1.117

Abstract

Halal food awareness is an understanding that a person or consumer has about consuming halal food, which usually influences interest and purchasing decisions, among the ways to increase halal awareness is by increasing the level of religiosity. This Systematic Literature Review study aims to determine the themes of research studies on the topic of halal awareness in the period 2019-2024. This type of research uses a Systematic Literature Review (SLR) study through 3 stages, namely pre-selection (identification), selection, and determination of articles that meet the criteria. The results of the study show that there are 3 main themes or topics of discussion in this study, namely (1) study of themes based on the type of research, (2) study of themes based on the religion or beliefs of respondents (Muslim and non-Muslim), and (3) study of the role of halal awareness in influencing other variables, and moderating or mediating in consuming halal food. For further research, it is recommended to be more specific in determining respondents between Muslims and non-Muslims (not mixed) and the use of mix method research (qualitative-quantitative).
Implementation of Anti-Usury Practices in Islamic Finance: A Case Study at PT. Kredit Tanpa Usury (KRTABA) East Lombok: Penerapan Praktik Anti Riba Dalam Keuangan Islam: Studi Kasus Di PT. Kredit Tanpa Riba (KRTABA) Lombok Timur Hilalludin Hilalludin; Laily Alfi Zaitun Nisa
Journal of Islamic Economics Vol. 2 No. 1 (2025): January-June 2025
Publisher : Sekolah Tinggi Agama Islam Al-Muntahy

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65663/commercio.v2i1.119

Abstract

This study aims to analyze the implementation of anti-usury principles in the financing practices of PT. Kredit Tanpa Riba (KRTABA), an Islamic financial institution operating in East Lombok Regency. This research uses a qualitative approach with a case study method. Data were collected through in-depth interviews, direct observation, documentation, and literature review. Key informants include management, staff, customers, and Islamic economic scholars. The main focus of the study is to evaluate whether KRTABA’s financing practices are genuinely free from usury elements and aligned with Islamic principles, particularly regarding murabahah contracts, price transparency, and interest-free policies. The results show that KRTABA consistently avoids usury in all aspects of its operations. The institution applies fixed pricing without additional interest, eliminates down payments, and offers free services without hidden fees. All contracts are based on principles of fairness, honesty, and mutual assistance. The financing concept has had a positive impact on society by enhancing Islamic financial literacy and providing an alternative solution to the dominance of the conventional interest-based system. Therefore, KRTABA can be regarded as a model of inclusive, just, and practical Islamic financing institutions.
Zakat Fund Management as Corporate Social Responsibility (CSR) at BPRS Karya Mugi Sentosa: Pengelolaan Dana Zakat Sebagai Corporate Social Responsibility (CSR) Di BPRS Karya Mugi Sentosa Muh Syaukin Muttaqin; Nurlailah; Susilowati
Journal of Islamic Economics Vol. 2 No. 1 (2025): January-June 2025
Publisher : Sekolah Tinggi Agama Islam Al-Muntahy

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65663/commercio.v2i1.121

Abstract

Implementation of Zakat Fund Management as Corporate Social Responsibility at BPRS Karya Mugi Sentosa. The purpose of this study was to determine how zakat funds are managed as Corporate Social Responsibility. The type of research method used is descriptive qualitative. With data collection methods using observation, interviews and documentation. The results of this study indicate that BPRS Karya Mugi Sentosa distributes CSR funds from zakat funds and charity funds. BPRS Karya Mugi Sentosa distributes them through BAZNAS, Yatim Mandiri, Nurul Hayat, and other institutions. BPRS Karya Mugi Sentosa has carried out its obligations as a law-abiding sharia bank, namely in accordance with Law Number 23 of 2011 concerning zakat management and Regulation of the Minister of State-Owned Enterprises No. 4 of 2007, namely 2% of the company's profit must be set aside for PKBL (Partnership and Community Development Program). Scientifically, this research contributes to the discourse on integrating zakat and CSR in Islamic banking. Practically, it offers a strategic model for zakat fund management that can be adopted by other Islamic financial institutions.
The Influence of Income and Consumption Patterns on the Welfare of MSMEs in Sidomulyo Village, Jember: Pengaruh Pendapatan Dan Pola Konsumsi Terhadap Kesejahteraan Umkm Di Desa Sidomulyo Jember Izzah Dienillah; Putri Mega Utami Aulia; Supriyanto
Journal of Islamic Economics Vol. 2 No. 1 (2025): January-June 2025
Publisher : Sekolah Tinggi Agama Islam Al-Muntahy

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65663/commercio.v2i1.127

Abstract

Micro, Small, and Medium Enterprises (MSMEs) play a vital role in Indonesia’s economy. MSMEs contribute significantly to the Gross Domestic Product (GDP) and employment absorption. However, many MSMEs in rural areas have yet to achieve an adequate level of welfare. One of the factors influencing MSME welfare is income and consumption patterns. This study aims to examine the effect of income on the welfare of MSMEs, as well as the effect of consumption patterns on MSME welfare. This is a descriptive study using a quantitative approach. The sample was obtained through a survey of 139 respondents from a total population of 230 MSME actors, using a random sampling technique. Hypothesis testing was conducted using multiple linear regression analysis. The results show that income has a significant effect on the welfare of MSMEs, and consumption patterns also significantly affect MSME welfare. These findings contribute to MSME development, particularly in shaping empowerment policies that focus on enhancing economic capacity and promoting productive consumption behavior.
Building Business Sustainability: The Role Of Islamic Financial Literacy And Basic Accounting Understanding Nuril Badria; Naimatul Hasanah
Journal of Islamic Economics Vol. 2 No. 1 (2025): January-June 2025
Publisher : Sekolah Tinggi Agama Islam Al-Muntahy

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65663/commercio.v2i1.154

Abstract

This study aims to determine the effect of Islamic financial literacy and basic accounting understanding on business sustainability at Madura grocery stores in Malang City. Business sustainability is a crucial aspect in maintaining the existence of MSMEs, especially in facing economic challenges and market dynamics. Islamic financial literacy reflects a business owner's understanding of Sharia principles in financial management, while basic accounting understanding reflects the ability to systematically record, manage, and evaluate a business's financial information. This study used a quantitative approach with a sample of 136 respondents who were owners or managers of 24-hour Madura grocery stores in Malang City. Data analysis was conducted using multiple linear regression. The results indicate that, both simultaneously and partially, Islamic financial literacy and basic accounting understanding significantly influence business sustainability. This finding indicates the importance of improving Sharia-based financial education and providing simple accounting training for MSMEs to support business sustainability.

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