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IQTISHODUNA
Published by Universitas Islam Negeri Maulana Malik Ibrahim Malang
ISSN : 1829524X     EISSN : 26143437     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
IQTISHODUNA Jurnal Ekonomi dan Bisnis Islam merupakan jurnal yang fokus terhadap kajian-kajian yang berkaitan dengan bidang Ekonomi dan Manajemen, yang meliputi beberapa sub bidang, yang diantaranya adalah Ekonomi Islam, Manajemen Bisnis, Manajemen Pemasaran, Manajemen Sumberdaya Manusia, Manajemen Keuangan, dan lain-lain.
Arjuna Subject : -
Articles 6 Documents
 1 
Search results for , issue "IQTISHODUNA (Vol. 22, No. 1, 2026)" : 6 Documents clear
Analysis of Financial Statement Fraud using the Fraud Hexagon in IDX Basic Materials Firms Jelita, Louisa Puspa; Pratama, Yohanes Mario
IQTISHODUNA IQTISHODUNA (Vol. 22, No. 1, 2026)
Publisher : Fakultas Ekonomi, UIN Maliki Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/iq.v22i1.35979

Abstract

This study aims to analyze the effect of fraud hexagon theory on financial statement fraud among companies in the basic materials sector on the Indonesia Stock Exchange during the 2020-2023 period. Financial statement fraud is a type of occupational fraud that results in significant losses, underscoring the importance of identifying its underlying causes, particularly in capital-intensive industries such as the basic materials sector. Using a quantitative approach and logistic regression analysis on 308 firm-year observations, this study applies the Beneish M-Score to detect potential financial statement fraud. The independent variables represent six dimensions of the Fraud Hexagon: financial target (pressure), ineffective monitoring (opportunity), change in auditor (rationalization), no change in director (capability), political connection (arrogance), and related party transactions (collusion). The results of this study indicate that financial targets are positively associated with financial statement fraud. Meanwhile, ineffective monitoring, change in auditor, no change in director, political connection, and related party transactions have no effect on financial statement fraud. The study’s findings have practical implications, suggesting that financial pressure indicators should be closely monitored to strengthen corporate fraud prevention strategies.
Smart City Sustainability Disclosure: Local Government Digital Legitimacy in Indonesia Rani, Wahyu Mustika; Pujiningsih, Sri; Maharani, Satia Nur
IQTISHODUNA IQTISHODUNA (Vol. 22, No. 1, 2026)
Publisher : Fakultas Ekonomi, UIN Maliki Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/iq.v22i1.38005

Abstract

Digital transformation has encouraged city governments in Indonesia to adopt the concept of smart cities as an effort to improve public services while strengthening accountability for sustainability. Smart city websites now serve not only as a medium for information, but also as an instrument of legitimacy for local governments to demonstrate their environmental responsibility. This study aims to analyze patterns of environmental sustainability disclosure on smart city websites in Indonesia through a thematic approach covering five main categories: environmental commitment, management transparency, real environmental programs, public participation and education, and symbols of representation. This study uses a qualitative approach with content analysis methods. Data were collected from 24 district-level smart city websites.cities included in the first phase of the national program “Movement Towards 100 Smart Cities”.The analysis results show that the most dominant disclosures are in the categories of environmental commitment and real programs, while transparency and public participation are still limited. These findings indicate that local governments use websites as a means of non-financial reporting to build public legitimacy through sustainability narratives. From an accounting perspective, this pattern confirms the function of digital sustainability disclosure as a form of environmental accountability and institutional legitimacy in the era of digital governance.
Unlocking MSME Performance: The Role of Financial Literacy Through Financial Management and Competitive Advantage Maghfiroh, Rahma Ulfa; Agustin, Riska
IQTISHODUNA IQTISHODUNA (Vol. 22, No. 1, 2026)
Publisher : Fakultas Ekonomi, UIN Maliki Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/iq.v22i1.37120

Abstract

This research examines how financial literacy can improve MSME performance, with financial management and competitive advantage as mediating variables. Using a quantitative survey of 140 MSMEs in Sidoarjo and SEM-PLS software for analysis, these findings show important and new insights into economic issues. First, MSME performance is not directly impacted by financial literacy. Instead, its impact is fully mediated by competitive advantage and financial management. Second, financial literacy significantly improves financial management practices and strengthens competitive advantage, both of which positively and significantly affect MSME performance. These results demonstrate that financial knowledge alone is insufficient to improve performance unless translated into structured financial practices and strategic differentiation. In real-world conditions, MSMEs that implement systematic bookkeeping, cash flow control, cost efficiency strategies, and product differentiation are more likely to achieve higher profitability and sustainable growth. The study contributes theoretically by extending the Resource-Based View, positioning financial literacy as an internal capability that enhances performance indirectly through managerial and strategic mechanisms. Practically, the findings provide an evidence-based framework for policymakers and MSME practitioners to design targeted financial literacy programs integrated with hands-on financial management training and competitive strategy development.
Mudharabah in Islamic P2P Lending: A Critical Islamic Economics Perspective Syafril, Syafwendi; Wardhana, Firmansyah Shidiq
IQTISHODUNA IQTISHODUNA (Vol. 22, No. 1, 2026)
Publisher : Fakultas Ekonomi, UIN Maliki Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/iq.v22i1.40492

Abstract

This study analyzes the structural validity and Sharia compliance of mudharabah profit-sharing contracts used on Indonesian Islamic Peer-to-Peer (P2P) lending platforms. Using a qualitative normative legal approach, this study investigates the mudharabah contracts of two Sharia-compliant P2P platforms in Indonesia registered with the Financial Services Authority, Ammana.id and Qazwa.id. This study uses two benchmarks: the fatwas of the National Sharia Board of the Indonesian Ulema Council (DSN-MUI), and the Sharia standards of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), focusing on the absence of the guarantee of the capital, the uncertainty in profit, and the ambiguity in the loss. The findings show that there are two different methods of implementing mudharabah. Ammana.id employs a channeling agent model through Micro-Islamic Finance Institutions and maintains complete classical principles by exposing the investors to full financial risk and a profit distribution based on actual operating profit. On the other hand, Qazwa.id adopts a hybrid supply chain financing model, integrating mudharabah with murabahah contracts to enhance commercial viability, potentially undermining the fundamental equity-based risk-sharing character of mudharabah. Even though both platforms comply with the profit-sharing ratio provisions, the contradiction between Sharia authenticity and market viability, especially regarding capital loss allocation, persists. Most of the challenges are caused by the absence of sufficiently Sharia-compliant regulations on Fintech. This study is the first to systematically study the implementation of mudharabah contracts in Indonesian Islamic P2P lending and proposes a new analytical approach integrating classical contract parameters with Maqasid al-Sharia, coupled with proposals to improve some aspects of Islamic Fintech.
Halal Label, Digital Marketing, and Brand Image: Drivers of Purchasing Decisions in Malang's MSME Food Products Fahmi, Syaifuddin; Indarwati, Peni; Hidayatulloh, Muhammad Syarif
IQTISHODUNA IQTISHODUNA (Vol. 22, No. 1, 2026)
Publisher : Fakultas Ekonomi, UIN Maliki Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/iq.v22i1.36822

Abstract

The aim of this study is to examine how halal labeling, digital marketing, and brand image influence purchasing decisions in the context of packaged food products produced by MSMEs in Malang. A quantitative approach was employed using a survey method, involving 250 respondents who were consumers at retail outlets in Malang and were selected through incidental sampling at the research sites. The analysis was conducted using Structural Equation Modeling (SEM) with the support of the AMOS application to assess the relationships among the variables. The findings indicate that both halal labeling and digital marketing have a positive and significant effect on purchasing decisions. In addition, brand image plays a mediating role in the relationship between halal labeling and digital marketing on purchasing decisions. These results suggest that consumers’ perceptions of halal labeling contribute to strengthening brand image, which in turn enhances their likelihood of making a purchase.  Academically, this study expands the application of consumer behavior theory in the context of halal product marketing, while practically providing guidance for MSMEs to integrate halal labeling and digital marketing strategies in an effort to build a strong brand image. The results of the study fill the existing gap by presenting brand image variables as a mediator.
Islamic Economic Governance: A Yemen and United States Comparative Study for Indonesia's Sustainable Development Jannah, Roikhatul; Alifa, Naufal Luthfi
IQTISHODUNA IQTISHODUNA (Vol. 22, No. 1, 2026)
Publisher : Fakultas Ekonomi, UIN Maliki Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/iq.v22i1.37532

Abstract

Islamic economics is fundamentally rooted in the concept of maqasid al-shariah, which represents the ultimate objectives of Islamic law in promoting human welfare (maslahah) and preventing harm (mafsadah). Rather than merely regulating transactional legality, maqasid sharia provides an ethical framework guiding economic systems toward social justice, sustainability, and equitable wealth distribution. Classical scholars such as Al-Ghazali and Al-Shatibi identified five core dimensions: protection of religion (hifz al-din), life (hifz al-nafs), intellect (hifz al-‘aql), lineage (hifz al-nasl), and wealth (hifz al-mal). In economic practice, hifz al-mal emphasizes lawful circulation of wealth, the prohibition of exploitative practices such as riba and gharar, and redistributive instruments such as zakat and waqf. Meanwhile, hifz al-nafs is reflected in poverty alleviation and financial inclusion, underscoring Islamic finance's social orientation. The experience of Yemen demonstrates the potential of maqasid-based empowerment through Islamic microfinance and community-oriented banking, though weak regulation and political instability limit its effectiveness. In contrast, Islamic financial institutions in the United States adapt maqasid principles within a secular framework through ethical financing models, despite regulatory and literacy challenges. For Indonesia, maqasid sharia offers a strategic foundation for sustainable development by integrating Islamic social finance, fintech innovation, and inclusive economic policies. Ultimately, the success of Islamic economics should be assessed by its ability to promote justice, resilience, and collective prosperity rather than profit alone.

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