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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
Core Subject :
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
Arjuna Subject : -
Articles 71 Documents
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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.  
Integrating Sharia Compliance into Risk Management Practices in Islamic Microfinance Institutions: (Integrasi Kepatuhan Syariah dalam Praktik Manajemen Risiko pada Lembaga Keuangan Mikro Syariah) Dwi Meilindri; Uswatun Hasanah; Hilma Fanniar Rohman
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 5 No. 2 (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.v5i2.2557

Abstract

Abstract: This study examines the implementation of sharia compliance in risk management at KSPPS BMT Bina Ihsanul Fikri (BMT BIF) Yogyakarta as an Islamic Microfinance Institution (LKMS). The research employs a qualitative case study approach using document analysis and literature review to explore how sharia principles are integrated into operational risk management practices. The findings reveal that BMT BIF applies sharia-compliant contracts, transparent governance, and supervision by the Sharia Supervisory Board (DPS) to ensure avoidance of riba, gharar, and maisir in financial transactions. Risk mitigation is conducted through prudential financing analysis, restructuring mechanisms based on mutual agreement, and internal monitoring procedures. However, challenges remain, including low sharia financial literacy among members, limited human resources with sharia expertise, and insufficient digital-based audit systems. Strengthening strategies include continuous staff training, optimization of DPS roles, and gradual digitalization of information systems to enhance early risk detection. Consistent implementation of sharia compliance has contributed to increased member trust and institutional sustainability. Novelty of this study lies in integrating sharia compliance as an integral component of operational risk management within a cooperative-based Islamic microfinance institution, a perspective that remains limited in previous empirical studies on LKMS. Abstrak: Penelitian ini bertujuan menganalisis penerapan kepatuhan syariah dalam manajemen risiko pada KSPPS BMT Bina Ihsanul Fikri (BMT BIF) Yogyakarta sebagai Lembaga Keuangan Mikro Syariah (LKMS). Penelitian menggunakan pendekatan studi kasus kualitatif melalui analisis dokumen dan kajian literatur untuk mengkaji integrasi prinsip-prinsip syariah dalam praktik pengelolaan risiko operasional. Hasil penelitian menunjukkan bahwa BMT BIF menerapkan akad-akad sesuai fatwa DSN-MUI, tata kelola transparan, serta pengawasan aktif Dewan Pengawas Syariah (DPS) guna memastikan terhindarnya praktik riba, gharar, dan maisir. Proses mitigasi risiko dilakukan melalui analisis kelayakan pembiayaan secara hati-hati, restrukturisasi berbasis musyawarah, serta pengawasan internal. Namun demikian, masih ditemukan kendala berupa rendahnya literasi keuangan syariah anggota, keterbatasan sumber daya manusia yang kompeten di bidang syariah, serta belum optimalnya sistem audit digital. Strategi penguatan dilakukan melalui pelatihan berkelanjutan, optimalisasi peran DPS, dan digitalisasi sistem informasi. Implementasi kepatuhan syariah secara konsisten terbukti meningkatkan kepercayaan anggota dan mendukung keberlanjutan lembaga. Kebaruan penelitian ini terletak pada integrasi kepatuhan syariah sebagai bagian dari manajemen risiko operasional pada LKMS berbasis koperasi, yang masih terbatas dikaji dalam penelitian sebelumnya.
Fintech-Driven Service Quality at Bank BCA Syariah Indonesia: (Kualitas Pelayanan Berbasis Fintech pada Bank BCA Syariah Indonesia) Siska Ayuningtyas; Sulistyowati; Binti Mutafarida
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 5 No. 2 (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.v5i2.2581

Abstract

Abstract: This study analyzes the role of financial technology (fintech) in improving service quality at Bank BCA Syariah KCP Kota Kediri. Digital transformation has emerged as a strategic necessity for Islamic banking institutions to enhance efficiency, widen service access, and cultivate customer trust in technology-enabled services that adhere to Sharia principles. The researcher employed a qualitative field research approach through observation, interviews, and documentation involving 11 informants consisting of bank staff and customers, and validated the data using source triangulation. The findings show that the implementation of fintech through the BSYA by BCA Syariah application and Klik Bisnis BCA Syariah significantly improve transaction convenience, service speed, and banking system security. These digital services strengthen the five dimensions of service quality (SERVQUAL), namely tangibles, reliability, responsiveness, assurance, and empathy, while also encouraging digital literacy and personalized assistance for elderly and novice customers. This study confirms that fintech not only accelerates transaction processes but also serves as an effective strategy to enhance Islamic banking service quality that is secure, inclusive, and customer-oriented.   Abstrak: Penelitian ini menganalisis peran financial technology (fintech) dalam meningkatkan kualitas pelayanan pada Bank BCA Syariah KCP Kota Kediri. Transformasi digital telah menjadi kebutuhan strategis bagi lembaga perbankan syariah untuk meningkatkan efisiensi, memperluas akses layanan, dan membangun kepercayaan nasabah terhadap layanan berbasis teknologi yang berlandaskan prinsip syariah. Peneliti menggunakan metode penelitian lapangan dengan pendekatan kualitatif melalui observasi, wawancara, dan dokumentasi terhadap 11 informan yang terdiri dari pihak bank dan nasabah, serta menguji keabsahan data melalui triangulasi sumber. Hasil penelitian menunjukkan bahwa penerapan fintech melalui aplikasi BSYA by BCA Syariah dan Klik Bisnis BCA Syariah secara nyata meningkatkan kemudahan transaksi, kecepatan layanan, dan keamanan sistem perbankan. Kedua layanan digital tersebut memperkuat lima dimensi kualitas pelayanan (SERVQUAL), yaitu bukti fisik, keandalan, daya tanggap, jaminan, dan empati, serta mendorong edukasi digital dan pendampingan kepada nasabah lansia maupun pemula. Temuan ini menegaskan bahwa fintech tidak hanya mempercepat proses transaksi, tetapi juga membentuk strategi efektif dalam meningkatkan kualitas pelayanan perbankan syariah yang aman, inklusif, dan berorientasi pada kepuasan nasabah.
Implementing Risk Management in Nonprofit Organizations: A Phenomenological Study of Islamic Philanthropic Institutions: (Implementasi Manajemen Risiko pada Organisasi Non Laba: Studi Fenomenologi pada Lembaga Filantropi Islam) Siska Nurchofifa; Arisona Ahmad; Dessy Putri Andini; Sugeng Hartanto
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 5 No. 2 (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.v5i2.2671

Abstract

Abstract: This study aims to obtain qualitative data with a phenomenological approach to explain informants' understanding of risk management at LAZISNU Lumajang. Data were collected through interviews with three informants and organizational documents. The analysis was conducted through the stages of noema, noesis, epoche (bracketing), intentional analysis, and eidetic reduction. The results showed that although not yet systematic, LAZISNU Lumajang has implemented risk management by forming a management structure. Based on the components of the COSO ERM standard (2017), governance and culture are realized through the establishment of a structure, the presence of a supervisory and advisory board, the application of KOHEREN (Kompak Hebat Keren) and MANTAP (Modern, Accountable, Transparent, Amanah, Professional) values, and compliance with regulations. Strategies and objectives are pursued by preparing work programs at the beginning of the period, branding, socialization, TurBa (Turun ke Bawah), medialization, emotional approach, preparation of proposals, involvement of donors, and separation of zakat and infaq sadaqah accounts. Performance is measured through evaluation and regeneration, while review and revision is done conditionally. Information, communication, and risk reporting are supported by technology for publication, communication, and online recording and reporting. Abstrak: Penelitian ini bertujuan memperoleh data kualitatif dengan pendekatan fenomenologi untuk menjelaskan pemahaman informan terkait manajemen risiko pada LAZISNU Lumajang. Data dikumpulkan melalui wawancara dengan tiga informan serta dokumen organisasi. Analisis dilakukan melalui tahapan noema, noesis, epoche (bracketing), analisis intensional, dan mereduksi eidetik. Hasil penelitian menunjukkan bahwa meskipun belum sistematis, LAZISNU Lumajang telah mengimplementasikan manajemen risiko dengan membentuk struktur manajemen. Berdasarkan komponen standar COSO ERM (2017), tata kelola dan budaya diwujudkan melalui pembentukan struktur, keberadaan dewan pengawas dan penasihat, penerapan nilai KOHEREN (Kompak Hebat Keren) dan MANTAP (Modern, Akuntabel, Transparan, Amanah, Profesional), serta kepatuhan terhadap regulasi. Strategi dan tujuan ditempuh dengan menyusun program kerja awal periode, branding, sosialisasi, TurBa (Turun ke Bawah), medialisasi, pendekatan emosional, penyusunan proposal, pelibatan donatur, serta pemisahan rekening zakat dan infak sedekah. Kinerja diukur melalui evaluasi serta kaderisasi, sementara tinjauan dan revisi dilakukan secara kondisional. Informasi, komunikasi, dan pelaporan risiko didukung teknologi untuk publikasi, komunikasi, serta pencatatan dan pelaporan online.
The Effect of the BI Rate and Rupiah Exchange Rate on Profit-Sharing Income with Inflation as an Intervening Variable in Islamic Commercial Banks in Indonesia: (Pengaruh BI Rate dan Nilai Tukar Rupiah terhadap Pendapatan Bagi Hasil dengan Inflasi sebagai Variabel Intervening pada Bank Umum Syariah di Indonesia) Sulistiawati; Sudirman; Ismawati
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 5 No. 2 (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.v5i2.2759

Abstract

Abstract: This study aims to examine the effect of BI Rate and Exchange Rate on Profit Sharing Income through Inflation as an Intervening Variable in Islamic Commercial Banks for the 2019-2023 Period. The method used in this study is a quantitative method with an associative approach. The data used are secondary data obtained from the financial reports of Islamic commercial banks registered with the Financial Services Authority (OJK) as well as relevant BI Rate, exchange rate, and inflation percentage data. The independent variables in this study are the BI Rate and exchange rate. The dependent variables are profit sharing income, and inflation as an intervening variable. In sampling, a quota sampling technique was used. There are 6 Islamic commercial banks that meet the category as research samples. Data testing techniques are classical assumption tests, hypothesis tests, and path analysis using SPSS. The results of the study indicate that the BI Rate and exchange rate partially have a significant effect on inflation, the BI Rate, exchange rate, and inflation partially do not have a significant effect on profit sharing income, and the BI Rate and exchange rate each through inflation do not have a significant effect on profit sharing income. These finding underlines that the monetary policy mechanism influences each other between its components, especially the BI Rate, exchange rate and inflation, thus providing input for regulators in formulating monetary policy by taking into account the inter-components. Abstrak: Penelitian ini bertujuan untuk mengkaji pengaruh BI Rate dan Kurs terhadap Pendapatan Bagi Hasil melalui Inflasi sebagai Variabel Intervening pada Bank Umum Syariah Periode 2019 - 2023. Metode yang dalam penelitian ini adalah metode kuantitatif dengan pendekatan asosiatif. Data yang digunakan adalah data sekunder yabg diperoleh dari laopran keuangan bank umum syariah yang terdaftar pada Otoritas Jasa Keuangan (OJK) serta data BI Rate, nilai kurs, dan presentase inflasi yang relevan. Variabel independen dalam penelitian ini adalah BI Rate dan nilai kurs. Variabel dependen yakni pendapatan bagi hasil, serta inflasi sebagai variabel intervening. Dalam pengambilan sampel menggunakan teknik quota sampling. Terdapat 6 bank umum syariah yang memenuhi kategori sebagai sampel penelitian. Teknik pengujian data adalah uji asumsi klasik, uji hipotesis, dan analisis jalur path dengan menggunakan SPSS. Hasil penelitian menunjukkan secara parsial BI Rate dan kurs berpengaruh secara signifikan terhadap inflasi, BI Rate, kurs, dan inflasi secara parsial tidak berpengaruh secara signifikan terhadap pendapatan bagi hasil, serta BI Rate dan kurs masing - masing melalui inflasi tidak berpengaruh secara signifikan terhadap pendapatan bagi hasil. Temuan ini menggaris bawahi bahwa mekanisme kebijakan moneter saling mempengaruhi antar komponenya terkhusus BI Rate, nilai kurs dan inflasi sehingga menjadi masukan untuk regulator dalam perumusan kebijakan moneter dengan memperhatikan antar komponennya.
Capital Adequacy, Profitability, and Murabahah Financing: The Moderating Role of Non-Performing Financing in Indonesian Islamic Commercial Banks Misra Windayani; Sudirman; Muhammad Taufik
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 6 No. 1 (2026)
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.v5i2.2868

Abstract

This study examines the effects of the Capital Adequacy Ratio (CAR) and Return on Assets (ROA) on murabahah financing, with Non-Performing Financing (NPF) serving as a moderating variable in Indonesian Islamic Commercial Banks. Employing a quantitative approach with a causal-associative research design, the study analyzes secondary data from six Islamic Commercial Banks registered with the Financial Services Authority (OJK). The data are analyzed using moderated regression analysis. The findings show that CAR has a negative and statistically significant effect on murabahah financing, whereas ROA has no statistically significant effect. Furthermore, NPF does not significantly moderate the relationships between either CAR or ROA and murabahah financing. However, CAR and ROA jointly have a statistically significant effect on murabahah financing. These findings indicate that capital adequacy plays an important role in determining murabahah financing policies, whereas profitability, as measured by ROA, does not independently drive the expansion of murabahah financing. The findings highlight the importance of optimizing CAR management to balance capital stability with financing growth and improving operational efficiency to strengthen bank profitability. Although NPF does not function as a significant moderating variable, asset quality remains an important consideration in the sustainable planning and management of murabahah financing.
Perceptions of Islamic Finance and Interest in Banking Services: Evidence from Students at UIN Alauddin Makassar: (Persepsi terhadap Keuangan Syariah dan Minat terhadap Layanan Perbankan: Bukti dari Mahasiswa UIN Alauddin Makassar) Khaerul Anwar Khaerul Anwar; Supriadi; Nasrullah bin Sapa
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 5 No. 2 (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.v5i2.2890

Abstract

Abstract: This study aims to explore the understanding and perceptions of students from the Faculty of Islamic Economics and Business (FEBI) at UIN Alauddin Makassar regarding Islamic finance and to analyze its impact on their interest in using Islamic banking products and services. Employing a qualitative approach, data was collected through in-depth interviews, observation, and document analysis. Fifteen FEBI students, selected purposively, participated in the study. Data analysis followed the stages of data reduction, data display, and conclusion drawing, with triangulation employed to ensure data validity. The findings reveal that the majority of students hold a positive perception of Islamic finance, primarily grounded in religious values, principles of justice, transparency, and the prohibition of usury (riba). However, this positive perception does not directly translate into a concrete interest in becoming Islamic bank customers. Key inhibiting factors include the lack of a steady income, entrenched habits of using conventional banks, and a perception of greater convenience in mainstream banking services. A discernible gap exists between positive perception and actual behavioral intention among students toward Islamic banking. This study underscores the importance of applied educational approaches, innovation in digital services, and collaboration between educational institutions and Islamic banks to enhance financial literacy and foster genuine adoption. Abstrak: Penelitian ini bertujuan untuk mengeksplorasi pemahaman dan persepsi mahasiswa Fakultas Ekonomi dan Bisnis Islam (FEBI) UIN Alauddin Makassar terhadap keuangan Islam serta menganalisis dampaknya terhadap minat mereka dalam menggunakan produk dan layanan perbankan Islam. Pendekatan kualitatif digunakan, dengan data dikumpulkan melalui wawancara mendalam, observasi, dan analisis dokumen. Lima belas mahasiswa FEBI yang dipilih secara purposif berpartisipasi dalam penelitian ini. Analisis data mengikuti tahap-tahap reduksi data, penyajian data, dan penarikan kesimpulan, dengan triangulasi digunakan untuk memastikan validitas data. Temuan menunjukkan bahwa mayoritas mahasiswa memiliki persepsi positif terhadap keuangan Islam, yang didasarkan pada nilai-nilai agama, prinsip keadilan, transparansi, dan larangan riba (bunga). Namun, persepsi positif ini tidak secara langsung terwujud dalam minat konkret untuk menjadi nasabah bank Islam. Faktor penghambat utama meliputi kurangnya penghasilan yang stabil, kebiasaan yang sudah mengakar dalam menggunakan bank konvensional, dan persepsi bahwa layanan perbankan konvensional lebih nyaman. Terdapat kesenjangan yang jelas antara persepsi positif dan niat perilaku aktual mahasiswa terhadap perbankan syariah. Studi ini menyoroti pentingnya pendekatan pendidikan terapan, inovasi dalam layanan digital, dan kolaborasi antara lembaga pendidikan dan bank syariah untuk meningkatkan literasi keuangan dan mendorong adopsi yang otentik.
Cost Efficiency and Sales Effectiveness as Determinants of Profitability in Indonesian FMCG Companies: (Efisiensi Biaya dan Efektivitas Penjualan sebagai Determinan Profitabilitas pada Perusahaan FMCG di Indonesia) Rizka Afifah Azhar Salsabila; Isyrohil Muyassaroh; Mahfudhotin
Al-Muhasib: Journal of Islamic Accounting and Finance Vol. 5 No. 2 (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.v5i2.2911

Abstract

Abstract: This study examines the effect of cost efficiency and sales effectiveness on firm profitability in the Fast-Moving Consumer Goods (FMCG) sector in Indonesia, a topic that remains inconclusive in prior empirical studies. Using a quantitative approach with an associative research design, this study analyzes secondary data derived from the annual financial statements of 41 FMCG companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. Multiple linear regression analysis was employed using SPSS 27.0, supported by classical assumptions and hypothesis testing. The results indicate that operating expenses have a positive and significant effect on net profit, suggesting that efficient cost allocation contributes to improved profitability. Sales also exhibit a positive and significant effect on net profit, confirming the critical role of revenue generation in enhancing firm performance. Simultaneously, operating expenses and sales significantly influence net profit. The coefficient of determination shows that these variables explain a substantial proportion of profitability variation, while the remainder is influenced by other factors not examined in this study. These findings contribute to the empirical literature on financial performance in the FMCG sector and provide practical insights for managerial decision-making related to cost management and sales optimization. Abstrak: Penelitian ini menganalisis pengaruh efisiensi biaya dan efektivitas penjualan terhadap profitabilitas perusahaan pada sektor Fast-Moving Consumer Goods (FMCG) di Indonesia, yang dalam penelitian sebelumnya masih menunjukkan hasil yang belum konsisten. Penelitian ini menggunakan pendekatan kuantitatif dengan desain asosiatif dan memanfaatkan data sekunder berupa laporan keuangan tahunan 41 perusahaan FMCG yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2021–2024. Analisis data dilakukan dengan regresi linear berganda menggunakan SPSS versi 27.0, disertai pengujian asumsi klasik dan hipotesis. Hasil penelitian menunjukkan bahwa biaya operasional berpengaruh positif dan signifikan terhadap laba bersih, yang menunjukkan bahwa pengelolaan biaya yang efisien dapat meningkatkan profitabilitas. Penjualan juga berpengaruh positif dan signifikan terhadap laba bersih, yang menegaskan perannya dalam mendorong kinerja perusahaan. Secara simultan, biaya operasional dan penjualan berpengaruh signifikan terhadap laba bersih. Nilai koefisien determinasi menunjukkan bahwa kedua variabel tersebut mampu menjelaskan sebagian besar variasi profitabilitas, sementara sisanya dipengaruhi oleh faktor lain di luar model penelitian. Temuan ini memperkaya kajian empiris mengenai kinerja keuangan sektor FMCG serta memberikan implikasi praktis bagi manajemen dalam pengendalian biaya dan peningkatan penjualan.

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