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Al-Muhasib: Journal of Islamic Accounting and Finance
Published by Universitas Islam Negeri Syekh Wasil Kediri
ISSN : -     EISSN : 27981649     DOI : 10.30762/almuhasib
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Focus Al-Muhasib: Journal of Islamic Accounting and Finance covers in detail a large number of topics related to Islamic Accounting, Islamic Finance, and Tax. Comprising the latest empirical studies, country-specific studies, policy evaluations of Islamic economics, and comparative international Islamic accounting, tax, and finance. This journal provides a forum for scientific exchange for academicians, practitioners, keen observers, and independent researchers, by publishing high-quality theoretical, empirical, and policy contributions. Scope Al-Muhasib: Journal of Islamic Accounting and Finance is intended to communicate original research and current issues on the subject below: Islamic Accounting Engineering Islamic Banking System Islamic Capital and Commodity Market Islamic Corporate Finance Islamic Corporate Social Responsibility Islamic Financial Market Islamic Financial Planning Islamic Financial Strategi Islamic Financial Technology Islamic Insurance and re-Insurance Islamic Investment Strategy Islamic Micro and Rural Finance Islamic Social Fund and Crowdfunding Accounting in the Islamic Capital Market, and Investment Accounting in the Islamic Financial Institution Auditing Corporate Governance Financial Technology Public Sector Accounting Sustainability Reporting Taxation Zakah and Waqf Accounting
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Articles 7 Documents
 1 
Search results for , issue "vol. 5 no. 1 (2025)" : 7 Documents clear
Konvergensi Finansial Syariah: Sinergi Emas, Inklusi Digital, dan Ketahanan Sosial-Ekonomi dalam Praktik Pegadaian Syariah: (Islamic Financial Convergence: Gold Synergies, Digital Inclusion, and Socio-Economic Resilience in Islamic Pawnshop Practices) Moch Zainuddin; Andriani Andriani; Amrul Mutaqin
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 5 No. 1 (2025)
Publisher : Department of Islamic Accounting, The Faculty of Islamic Economics and Business, State Islamic University Syekh Wasil of Kediri [UIN Syekh Wasil Kediri]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30762/al-muhasib.v5i1.2233

Abstract

Abstract: This study aims to analyze the role of Pegadaian Syariah as a gold bank in promoting asset diversification, monetary stability, and digital financial inclusion in Indonesia, while examining their impact on community economic resilience. The research employs a descriptive qualitative approach with interdisciplinary analysis, combining literature review, field surveys, and policy analysis. Pegadaian Syariah, as a gold bank, offer innovative solutions to enhance economic resilience amidst exchange rate fluctuations. Findings indicate that Gold Bank products, such as gold savings and instalment plans, help communities mitigate inflation risks, with 72% of respondents considering gold as a stable long-term investment. Data analysis reveals that 65% of respondents prefer gold over cash due to concerns about exchange rate volatility. Digital services from Sharia Pawnshops improve accessibility with an 80% satisfaction rate, although digital literacy remains a challenge. The study concludes that Sharia-based Gold Banks effectively strengthen economic stability through asset diversification and digital financial inclusion. These findings recommend enhancing financial education and inter-institutional collaboration to optimize benefits. The research makes significant contributions to developing inclusive financial models in developing countries. Abstrak: Penelitian ini bertujuan menganalisis peran Pegadaian Syariah sebagai Bank Emas dalam mendorong diversifikasi aset, stabilitas moneter, dan inklusi keuangan digital di Indonesia, serta mengkaji dampaknya terhadap ketahanan ekonomi masyarakat. Penelitian menggunakan pendekatan kualitatif deskriptif dengan analisis interdisipliner yang menggabungkan kajian literatur, survei lapangan, dan analisis kebijakan. Pegadaian Syariah sebagai Bank Emas menawarkan solusi inovatif untuk meningkatkan ketahanan ekonomi di tengah fluktuasi nilai tukar. Hasil penelitian menunjukkan bahwa produk Bank Emas seperti tabungan dan cicil emas membantu masyarakat mengurangi risiko inflasi, dengan 72% responden menganggap emas sebagai investasi jangka panjang yang stabil. Analisis data mengungkap 65% responden lebih memilih emas daripada uang tunai karena kekhawatiran terhadap fluktuasi nilai tukar. Layanan digital Pegadaian Syariah meningkatkan aksesibilitas dengan tingkat kepuasan 80%, meski literasi digital masih menjadi tantangan. Bank Emas berbasis syariah terbukti efektif dalam memperkuat stabilitas ekonomi melalui diversifikasi aset dan inklusi keuangan digital. Temuan ini merekomendasikan penguatan edukasi finansial dan kolaborasi antar lembaga untuk optimalisasi manfaat. Penelitian memberikan kontribusi penting bagi pengembangan model keuangan inklusif di negara berkembang.  
Produksi Tanpa Stok, Akuntansi Tanpa Pencatatan: Ironi Implementasi Akad Istishna (PSAK 404) pada Bisnis Pre-Order UMKM: (Stockless Production, Unrecorded Accounting: The Irony of Istishna Contract (PSAK 404) Implementation in MSMEs' Pre-Order Business) Wahyu Sarvian Saputra; Oktaviani Putri Ramandhani; Maharani Azizah; Peny Cahaya Azwari
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 5 No. 1 (2025)
Publisher : Department of Islamic Accounting, The Faculty of Islamic Economics and Business, State Islamic University Syekh Wasil of Kediri [UIN Syekh Wasil Kediri]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30762/al-muhasib.v5i1.2238

Abstract

Abstract: This study examines the implementation of the Istishna' contract (PSAK Sharia 404) in pre-order e-commerce transactions by MSMEs—a rapidly growing business model in Indonesia that lacks comprehensive study from Islamic accounting perspectives. Using a descriptive qualitative approach and a single case study of a food MSME in Palembang, primary data was collected through in-depth interviews and analyzed against PSAK Sharia 404 and DSN-MUI Fatwa No. 06/DSN-MUI/IV/2000. Findings reveal substantive alignment between pre-order practices and core principles of the Istishna' contract regarding: (1) production-on-demand, (2) capital efficiency, and (3) overstock risk mitigation. However, three critical gaps were identified: (a) absence of formal accounting records for revenue/cost recognition, (b) lack of written contracts governing product specifications, delivery schedules, and cancellation mechanisms, and (c) vulnerability in delayed-payment risk management. This research contributes original insights by proposing an adaptation framework for PSAK 404 in MSME e-commerce, emphasizing the urgency of contract digitization, sharia accounting training, and transparency integration in digital business ecosystems. The implications advocate structured mentoring policies to align digital economic practices with Islamic muamalah principles and sharia accounting standards. Abstrak: Penelitian ini menganalisis implementasi akad Istishna' (PSAK Syariah 404) dalam transaksi e-commerce pre-order UMKM—sebuah model bisnis yang berkembang pesat di Indonesia namun minim kajian komprehensif dari perspektif akuntansi syariah. Dengan pendekatan kualitatif deskriptif dan studi kasus tunggal pada pelaku UMKM makanan di Palembang, data primer dikumpulkan melalui wawancara mendalam, kemudian dianalisis melalui perbandingan kriteria PSAK Syariah 404 dan Fatwa DSN-MUI No. 06/DSN-MUI/IV/2000. Temuan mengungkap kesesuaian substantif antara praktik pre-order dengan prinsip dasar akad Istishna' dalam hal: (1) produksi berbasis permintaan, (2) efisiensi modal, dan (3) mitigasi risiko kelebihan stok. Namun, teridentifikasi tiga kesenjangan kritis: (a) absennya pencatatan akuntansi formal untuk pengakuan pendapatan/biaya, (b) tidak adanya kontrak tertulis yang mengatur spesifikasi produk, jadwal pengiriman, dan mekanisme pembatalan, serta (c) kerentanan manajemen risiko pembayaran tertunda. Studi ini memberikan kontribusi orisinal dengan mengusulkan kerangka adaptasi PSAK 404 untuk e-commerce UMKM, menekankan urgensi digitalisasi kontrak, pelatihan akuntansi syariah, dan integrasi prinsip transparency dalam ekosistem bisnis digital. Implikasi penelitian mendorong kebijakan pendampingan terstruktur guna menyelaraskan praktik ekonomi digital dengan prinsip muamalah Islam dan standar akuntansi syariah.
Implementasi Sistem Informasi SIMBA: Analisis Dampak terhadap Efisiensi Pengelolaan Keuangan Zakat dan Tantangan Operasional di BAZNAS Kota Madiun - Indonesia: (Implementation of SIMBA Information System: Impact Analysis on Zakat Financial Management Efficiency and Operational Challenges at BAZNAS Madiun - Indonesia) Qisma Halimatun Nisa; Anni Izzatul Fauziah; Deril Faradila Ananta; Ade Vanny Noven; Ririn Tri Puspita Ningrum
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 5 No. 1 (2025)
Publisher : Department of Islamic Accounting, The Faculty of Islamic Economics and Business, State Islamic University Syekh Wasil of Kediri [UIN Syekh Wasil Kediri]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30762/al-muhasib.v5i1.2241

Abstract

Abstract: This study aims to analyze the impact of the BAZNAS Management Information System (SIMBA) on financial efficiency and identify operational challenges at BAZNAS Madiun City, Indonesia. The implementation of digital information systems has become critical for enhancing zakat management efficiency.  A descriptive qualitative used in this study, employing in-depth interviews with SIMBA operators and BAZNAS leadership (n=8), participatory observation, and analysis of financial reports (2020-2024). Data were validated through triangulation and analyzed using thematic techniques.  SIMBA improved financial reporting time efficiency by 67% (average 14 days → 4.5 days) and reduced data input errors by 41%. However, infrastructure disruptions (particularly internet instability) and human resource competency limitations hindered system optimization Reporting transparency increased through real-time fund tracking features for muzakki (zakat payers). SIMBA significantly supports PSAK 109-based zakat management efficiency but requires a strengthened digital infrastructure and continuous HR training programs. These findings provide a reference model for the digital transformation of zakat institutions in rural areas.  Abstrak: Penelitian ini bertujuan menganalisis dampak Sistem Informasi Manajemen BAZNAS (SIMBA) terhadap efisiensi keuangan dan mengidentifikasi tantangan operasional di BAZNAS Kota Madiun. Implementasi sistem informasi digital menjadi penting dalam meningkatkan efisiensi pengelolaan zakat.  Metode yang digunakan adalah studi kualitatif deskriptif melalui wawancara mendalam dengan operator SIMBA dan pimpinan BAZNAS (n=8), observasi partisipatif, serta analisis dokumen laporan keuangan periode 2020-2024. Data divalidasi secara triangulasi dan dianalisis dengan teknik tematik. Hasil penelitian menunjukkan bahwa SIMBA meningkatkan efisiensi waktu pelaporan keuangan sebesar 67% (rata-rata 14 hari → 4.5 hari) dan mengurangi kesalahan input data sebesar 41%. Namun, gangguan infrastruktur (khususnya ketidakstabilan internet) dan keterbatasan kompetensi SDM menghambat optimalisasi sistem. Transparansi pelaporan meningkat melalui fitur pelacakan dana real-time bagi muzakki. Sehingga, SIMBA secara signifikan mendukung efisiensi pengelolaan zakat berbasis PSAK 109, namun memerlukan penguatan infrastruktur digital dan program pelatihan SDM berkelanjutan. Temuan ini menyediakan model referensi bagi transformasi digital lembaga zakat di wilayah pedesaan.
Implementasi PSAK 109 pada Akuntansi ZIS: Bukti Empiris dari BAZNAS Kediri, Indonesia: (PSAK 109 Implementation in ZIS Accounting: Evidence from BAZNAS Kediri, Indonesia) Suprihantosa Sugiarto; Fani Ma’sumatul Maghfiroh; Sisca Galuh Setyorini; Puteri Nursyahira Qistina binti Dzulkiflee
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 5 No. 1 (2025)
Publisher : Department of Islamic Accounting, The Faculty of Islamic Economics and Business, State Islamic University Syekh Wasil of Kediri [UIN Syekh Wasil Kediri]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30762/al-muhasib.v5i1.2305

Abstract

Abstract: This study analyzes the implementation of Financial Accounting Standard (PSAK) 109 in Zakat, Infaq, and Sadaqah (ZIS) accounting at the National Zakat Agency (BAZNAS) of Kediri Regency using a qualitative case study approach with data triangulation: in-depth interviews with 8 managers (including chairperson and staff), observation of accounting processes, and analysis of 2024 financial reports and program archives. Findings reveal structured standard implementation across three dimensions: (1) Cash-based revenue recognition (zakat recognized upon receipt), (2) Transaction classification by fund type (ZIS/grants) and asnaf (8 beneficiary groups), (3) Segregation of amil funds (12.5% zakat; 20% infaq) following sharia principles. Transparency evidence is demonstrated through detailed fund collection (IDR 8.20 billion), distribution (IDR 6.12 billion), and differentiated balances (operational: IDR 1.11 billion; grants: IDR 9.13 million), with 63% of ZIS funds allocated to empowerment programs (Kediri Berdaya, Kediri Cerdas). Key challenges include reporting inconsistencies from 40% of Zakat Collection Units (UPZ) and human resource limitations in applying complex PSAK 109 clauses (e.g., productive waqf measurement). This study provides the first empirical model of PSAK 109 implementation at the regency level, integrating sharia-accounting compliance, with practical implications for replicating this reporting structure across 514 BAZNAS/Lazis institutions in Indonesia to enhance accountability and accelerate poverty alleviation.Abstract: Penelitian ini menganalisis implementasi PSAK 109 dalam akuntansi ZIS di BAZNAS Kabupaten Kediri melalui pendekatan studi kasus kualitatif dengan metode triangulasi data: wawancara mendalam terhadap 8 pengelola (termasuk ketua dan staf), observasi proses akuntansi, serta analisis dokumen laporan keuangan 2024 dan arsip program. Temuan mengungkap penerapan standar terstruktur dalam tiga dimensi: (1) Pengakuan pendapatan berbasis kas (zakat diakui saat diterima), (2) Klasifikasi transaksi berdasarkan jenis dana (ZIS/hibah) dan asnaf (8 golongan mustahik), serta (3) Pemisahan akun hak amil (12,5% zakat; 20% infak) sesuai syariah. Bukti transparansi tercermin dari rekapitulasi rinci pengumpulan dana (Rp8,20 miliar), distribusi (Rp6,12 miliar), dan saldo terdiferensiasi (operasional Rp1,11 miliar; hibah Rp9,13 juta), dengan 63% dana ZIS dialokasikan ke program pemberdayaan (Kediri Berdaya, Kediri Cerdas). Tantangan utama meliputi inkonsistensi pelaporan dari 40% UPZ dan keterbatasan SDM dalam penerapan PSAK 109 ayat kompleks (e.g., pengukuran wakaf produktif). Studi ini menyediakan model empiris pertama implementasi PSAK 109 di tingkat kabupaten yang mengintegrasikan kepatuhan syariah-akuntansi, dengan implikasi praktis berupa potensi replikasi struktur pelaporan ini oleh 514 BAZNAS/LAZ se-Indonesia untuk meningkatkan akuntabilitas dan percepatan pengentasan kemiskinan.
Regulatory and Ethical Duality in Indonesia's Fintech P2P Lending: Conventional vs. Sharia Models from an Islamic Economics Perspective Leti Latifah
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 5 No. 1 (2025)
Publisher : Department of Islamic Accounting, The Faculty of Islamic Economics and Business, State Islamic University Syekh Wasil of Kediri [UIN Syekh Wasil Kediri]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30762/al-muhasib.v5i1.2344

Abstract

Abstract: This study employs an Islamic economics perspective to comparatively analyze both systems' operational frameworks, compliance challenges, and socio-economic impacts. The rapid expansion of fintech peer-to-peer (P2P) lending in Indonesia reveals a regulatory and ethical duality between conventional and Sharia models. Through qualitative document analysis of OJK regulations, DSN-MUI fatwas, and fintech platforms (2019-2024), we identify how conventional P2P lending relies on interest-based mechanisms that contradict Islamic principles of riba prohibition, while Sharia P2P financing utilizes murabahah, mudharabah, and musyarakah contracts to ensure ethical transactions. Key findings demonstrate: (1) Tension between OJK's unified fintech supervision and DSN-MUI's Sharia governance requirements, (2) 38% higher financial inclusion for MSMEs under Sharia models despite lower market penetration, and (3) Critical literacy gaps enabling illegal lending platforms. We argue that reconciling this duality requires regulatory harmonization, integrating POJK's risk frameworks with maqashid al-shariah objectives. This research contributes a policy blueprint for Muslim-majority economies navigating digital finance ethicalization.Abstrak: Studi ini mengkaji dualitas regulasi dan etika dalam fintech P2P lending Indonesia melalui perspektif ekonomi Islam, membandingkan secara analitis model konvensional berbasis bunga dengan skema Syariah berbasis akad murabahah, mudharabah, dan musyarakah. Berbasis analisis dokumen kualitatif terhadap regulasi OJK (POJK No. 10/2022), fatwa DSN-MUI (No. 117/2018), dan operasional platform fintech periode 2019-2024, temuan mengungkap tiga dinamika kritis: (1) Ketegangan struktural antara kerangka pengawasan terpadu OJK dan persyaratan syariah DSN-MUI, (2) Capaian inklusi keuangan UMKM 38% lebih tinggi pada model Syariah meski penetrasi pasarnya lebih rendah, dan (3) Kerentanan sistemik akibat literasi digital yang minim yang dimanfaatkan platform ilegal. Penelitian menyimpulkan bahwa rekonsiliasi dualitas memerlukan harmonisasi kebijakan yang mengintegrasikan manajemen risiko POJK dengan prinsip maqashid al-shariah (pelestarian agama, jiwa, akal, keturunan, dan harta), sekaligus menawarkan blueprint regulasi bagi negara mayoritas Muslim dalam membangun ekosistem keuangan digital yang etis dan berkelanjutan.  
Monetisasi Data, Sentralisasi QRIS, dan Tantangan Integrasi Nilai Syariah dalam Sistem Pembayaran Digital Indonesia: (Data Monetization, QRIS Centralization, and the Challenge of Sharia Value Integration in Indonesia's Digital Payment System) Zainal Fanani; Bustanul Arifin; Fadwa Aly Elsayed Mohamed
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 5 No. 1 (2025)
Publisher : Department of Islamic Accounting, The Faculty of Islamic Economics and Business, State Islamic University Syekh Wasil of Kediri [UIN Syekh Wasil Kediri]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30762/al-muhasib.v5i1.2388

Abstract

Abstract: This study addresses key issues regarding data monetization, system centralization, and digital payment platform designs that may conflict with maqashid sharia principles such as justice ('adl), public benefit (maslahah), and protection from systemic harm (dlarar). The digital payment transformation in Indonesia through QRIS and digital rupiah has highlighted the dominance of the state and corporations in financial transaction infrastructures. This centralization raises ethical concerns that need to be examined within the framework of digital political economy and Sharia ethics. Using a qualitative approach, we critically analyze national policies, regulatory documents (e.g., PADG and BSPI 2025), and contemporary fiqh literature. The findings reveal that Indonesia's digital payment system lacks substantive integration with Sharia ethics, posing risks in access to justice, data ownership (milkiyah al-ma'lumat), and infrastructure monopoly. We recommend a "limited decentralization governance" model and new fatwas from DSN-MUI to align digital transactions with Islamic principles. This study underscores the urgency of reconstructing digital muamalah in the era of data-driven platform economies. Abstrak: Studi ini membahas isu-isu utama terkait monetisasi data, sentralisasi sistem, dan desain platform pembayaran digital yang mungkin bertentangan dengan prinsip-prinsip maqashid syariah seperti keadilan ('adl), kemaslahatan publik (maslahah), dan perlindungan dari bahaya sistemik (dlarar). Transformasi pembayaran digital di Indonesia melalui QRIS dan rupiah digital telah menyoroti dominasi negara dan korporasi dalam infrastruktur transaksi keuangan. Sentralisasi ini menimbulkan kekhawatiran etis yang perlu ditelaah dalam kerangka ekonomi politik digital dan etika Syariah. Dengan menggunakan pendekatan kualitatif, kami menganalisis secara kritis kebijakan nasional, dokumen peraturan (misalnya, PADG dan BSPI 2025), dan literatur fikih kontemporer. Temuan menunjukkan bahwa sistem pembayaran digital Indonesia tidak memiliki integrasi substantif dengan etika Syariah, sehingga menimbulkan risiko dalam hal akses terhadap keadilan, kepemilikan data (milkiyah al-ma'lumat), dan monopoli infrastruktur. Kami merekomendasikan model “tata kelola desentralisasi terbatas” dan fatwa baru dari DSN-MUI untuk menyelaraskan transaksi digital dengan prinsip-prinsip syariah. Studi ini menggarisbawahi urgensi rekonstruksi muamalah digital di era manifesto ekonomi berbasis data.
Paradoks Penyangga Modal: Menilai Kembali Hubungan Antara CAR, NPF, dan Profitabilitas di Bank Muamalat Indonesia: (Capital Buffer Paradox: Reassessing the Nexus Between CAR, NPF, and Profitability in Muamalat Bank Indonesia) Elvi Fitriani; Sayekti Indah Kusumawardhany; Erni Zulfa Arini
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 5 No. 1 (2025)
Publisher : Department of Islamic Accounting, The Faculty of Islamic Economics and Business, State Islamic University Syekh Wasil of Kediri [UIN Syekh Wasil Kediri]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30762/al-muhasib.v5i1.2480

Abstract

Abstract: This study employs a descriptive-analytical model to investigate the paradoxical relationship between Capital Adequacy Ratio (CAR), Non-Performing Financing (NPF), and Return on Assets (ROA) at Indonesia’s pioneering Islamic bank, Bank Muamalat (2016–2023). Using quarterly time-series data (32 observations), we apply quantitative causality analysis via SPSS 27, incorporating agency theory to contextualize managerial risk-return trade-offs. Results reveal CAR averaged 18.07% (criteria: very healthy), NPF 4.04% (healthy), yet ROA remained critically low at 0.11% (unhealthy), signaling inefficiency in asset utilization. Crucially, multiple regression demonstrates CAR and NPF significantly reduce ROA (CAR: β = -0.007, *p* = 0.026; NPF: β = -0.045, *p* = 0.010), contradicting conventional banking theory where higher capital buffers typically enhance profitability. The F-test confirms joint significance (*p* = 0.033), though CAR and NPF explain only 15.5% of ROA variance (Adjusted R² = 0.155), implying dominant external influences—macroeconomic volatility, COVID-19 impacts, or operational inefficiencies—drive 84.5% of profitability fluctuations. These findings challenge agency theory assumptions in Islamic banking, suggesting excessive conservatism in capital management undermines profit generation. We recommend recalibrating CAR thresholds and strengthening financing risk controls to align stability with sustainable profitability.Abstrak: Penelitian ini bertujuan untuk menganalisis secara mendalam hubungan paradoks antara Capital Adequacy Ratio (CAR), Non-Performing Financing (NPF), dan Return on Assets (ROA) pada bank syariah pionir Indonesia, Bank Muamalat (2016–2023). Dengan data deret waktu triwulanan (32 observasi), kami menerapkan analisis kausalitas kuantitatif melalui SPSS 27, mengintegrasikan agency theory untuk mengkontekstualisasikan trade-off risiko-imbal hasil manajerial. Hasil menunjukkan CAR rata-rata 18,07% (kriteria: sangat sehat), NPF 4,04% (sehat), namun ROA tetap kritis di 0,11% (tidak sehat), mengindikasikan inefisiensi pemanfaatan aset. Secara krusial, regresi berganda membuktikan CAR dan NPF secara signifikan menurunkan ROA (CAR: β = -0,007, *p* = 0,026; NPF: β = -0,045, *p* = 0,010), bertentangan dengan teori perbankan konvensional di mana capital buffer tinggi biasanya meningkatkan profitabilitas. Uji-F mengonfirmasi signifikansi bersama (*p* = 0,033), meskipun CAR dan NPF hanya menjelaskan 15,5% varians ROA (Adjusted R² = 0,155), menyiratkan pengaruh eksternal dominan—volatilitas makroekonomi, dampak COVID-19, atau inefisiensi operasional—mendorong 84,5% fluktuasi profitabilitas. Temuan ini menantang asumsi agency theory dalam perbankan syariah, menunjukkan konservatisme berlebihan dalam manajemen modal merusak pembentukan laba. Kami merekomendasikan penyesuaian ambang batas CAR dan penguatan kontrol risiko pembiayaan untuk menyelaraskan stabilitas dengan profitabilitas berkelanjutan.  

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