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Nur Hidayah
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Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics)
Published by Universitas Islam Negeri Syarif Hidayatullah Jakarta
ISSN : 2087135X     EISSN : 24078654     DOI : 10.15408/aiq.v14i1.
Core Subject : Religion, Economy, Social,
Religion Economics, Econometrics & Finance Social Sciences
This journal focused on Islamic law on economics and finance studies and present developments through the publication of articles. Specifically, the journal will deal with topics, including but not limited to Islamic law on Islamic Banking, Islamic Marketing, Islamic Human Resources, Islamic Finance, Zakah, Waqf, Poverty Alleviation, Islamic Public Finance, Monetary Economics, Economic Development, Maqasid al-Shariah, Institutional Economics, Islamic management, Behavioural Economics and Finance, Corporate Governance, Risk Management, Shariah issues, Financial Engineering, Securitization and Sukuk, Islamic Capital Markets, Insurance and Takaful, Regulatory Issues, Corporate Social Responsibility in Islam and other topics which related to this area. The journal is intended to communicate original research and current issues on the subject. This journal warmly welcomes contributions from scholars of related disciplines.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 707 Documents
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Contesting Legitimacy: Rethinking the Role of Islamic Political Economy in Shaping Indonesia’s Halal Industry Mukhlisin, Murniati
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 17, No 1 (2025)
Publisher : Faculty of Sharia and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v17i1.40451

Abstract

This study critically examines the dynamics of legitimacy in the development of the Indonesian halal industry through an Islamic political economy approach. This article presents a multidimensional analysis of the intersection between political power and Islamic values by integrating Neo-Institutional Sociology Theory (emphasizing the role of norms and institutional legitimacy) with the classical views of Ibn Khaldun (governance, justice, wealth, and sharia law). The findings indicate a shift in halal sector governance from fulfilling sharia-based economic justice to political interests and power consolidation that have created inequality between sub-sectors influenced by selective regulation, political intervention, and instrumentalization of Islamic norms. Three conceptual frameworks are offered: (1) Islamic Political Economy in the Halal Industry; (2) The Urgency of Re-Islamizing Halal Governance; and (3) State Politics in the Formation of Islamic Economic Institutions. All three are synthesized in the Islamic Political Economy Model as a critical analytical tool to evaluate the dynamics of power and institutional legitimacy in the halal economy. Abstract:Studi ini mengkaji secara kritis dinamika legitimasi dalam pengembangan industri halal Indonesia melalui pendekatan ekonomi politik Islam. Artikel ini menyajikan analisis multidimensional atas persinggungan antara kekuatan politik dan nilai-nilai Islam dengan mengintegrasikan Teori Sosiologi Neo-Institusional (menekankan peran norma dan legitimasi kelembagaan) dengan pandangan klasik Ibn Khaldun (tata kelola, keadilan, kekayaan, serta hukum syariah). Temuan utama menunjukkan adanya pergeseran tata kelola sektor halal dari pemenuhan keadilan ekonomi berbasis prinsip syariah menuju kepentingan politik dan konsolidasi kekuasaan yang menimbulkan ketimpangan antar subsektor yang dipengaruhi oleh regulasi selektif, intervensi politik, dan instrumentalisasi norma Islam. Tiga kerangka konseptual ditawarkan: (1) Ekonomi Politik Islam dalam Industri Halal; (2) Urgensi Re-Islamisasi Tata Kelola Halal; dan (3) Politik Kenegaraan dalam Pembentukan Institusi Ekonomi Islam. Ketiganya disintesiskan dalam Model Ekonomi Politik Islam sebagai alat analisis kritis untuk mengevaluasi dinamika kekuasaan dan legitimasi kelembagaan dalam ekonomi halal.  
Waqf Asset Development through the Six Capitals and Sharia Principles: A Muhammadiyah Case Study Kusumawardani, Diyah Hesti; Suma, Muhammad Amin; Rini, Rini
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 17, No 1 (2025)
Publisher : Faculty of Sharia and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v17i1.46733

Abstract

Waqf development faces substantial challenges, primarily due to limitations in financial capital. However, deficiencies in other forms of capital, including manufactured, human, intellectual, social, and natural capital, also impede progress. This study examines these issues through the dual lens of sharia compliance and sustainable finance assessment. Employing a qualitative case study approach, the research draws on primary data collected from a Focus Group Discussion (FGD) with six members of the Muhammadiyah Central Board (2015–2020), analyzed using NVivo software. Findings indicate that while Muhammadiyah demonstrates substantial social and human capital. However, there is a need to enhance environmental infrastructure, strengthen intellectual resources, and develop more effective financial strategies. These include establishing a dedicated waqf investment institution and formalizing the legal status of waqf assets. Holistic capital development is crucial to achieving effective and sharia-compliant waqf asset management. Abstrak:Pengembangan wakaf menghadapi tantangan besar akibat keterbatasan modal, terutama modal finansial. Namun, kekurangan dalam bentuk modal lainnya—seperti modal fisik, manusia, intelektual, sosial, dan alam—juga menghambat kemajuan. Permasalahan ini dianalisis melalui penilaian kepatuhan syariah dan keuangan berkelanjutan. Penelitian ini menggunakan pendekatan studi kasus kualitatif, dengan data primer yang diperoleh dari FGD bersama enam anggota Pimpinan Pusat Muhammadiyah periode 2015–2020, dan dianalisis menggunakan perangkat lunak NVivo. Muhammadiyah menunjukkan modal sosial dan manusia yang kuat, tetapi perlu meningkatkan fasilitas ramah lingkungan, modal intelektual, serta strategi keuangan, termasuk pembentukan lembaga investasi wakaf dan legalisasi aset wakaf. Pengembangan modal secara menyeluruh sangat penting untuk pengelolaan wakaf yang efektif dan sesuai syariah.
Reshaping Governance and Building Ethical Resilience in Islamic Economic Order: Legal Reform, Institutional Practice, and Societal Relevance Hidayah, Nur
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 17, No 1 (2025)
Publisher : Faculty of Sharia and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v17i1.49347

Abstract

This issue of Al-Iqtishad emerges amid pressing demands to realign Islamic economic governance with its ethical foundations and public purpose. As both global and domestic economies navigate financial volatility, digital disruption, and socio-ecological urgencies, this volume advances a critical and multidisciplinary reflection on how Islamic economics can remain normatively authentic while addressing institutional gaps, governance inconsistencies, and societal inequities. The first two papers delve into Indonesia’s recent structural transformation in Islamic banking through the spin-off policy. Mahfudz et al. go beyond legal compliance to diagnose deeper jurisprudential tensions in existing contracts during the spin-off mandate. Their proposed framework—rooted in qawāʿid fiqhiyya and maqāṣid al-sharī‘a—is not merely a technical legal tool but a powerful proposition to anchor contract governance in moral reasoning. In parallel, Megawati et al.’s case study of Bank Riau Kepri’s conversion reveals the tensions between regulatory mandates and institutional capacity, underlining the need for reform that is as culturally sensitive as it is structurally sound. In a powerful departure from orthodox economic discourse, Al Munawar and Syaputra problematize the IDRT (Indonesian Rupiah Token) stablecoin phenomenon as both a legal and theological dilemma. Their analysis raises a provocative question: Can Islamic finance remain ethically distinct if it mimics the speculative and sovereign-challenging architecture of crypto-finance? The absence of a cohesive Sharia response to digital currency reveals a theological vacuum at the heart of Islamic economic modernity. Equally compelling is the ethnographic intervention by Nuraini and Solichin, who examine the Javanese Sinoman tradition to question mainstream Islamic finance’s obsession with formal contracts and time value. By foregrounding reciprocity, trust, and community recognition, they argue that justice in Islamic economics must be culturally embedded and not solely derived from textual legalism. Their study invites us to decolonize Islamic economic ethics and reinvigorate it with lived local wisdom. On the frontier of financial literacy and economic justice, Shalihah et al. offer more than a model of community financial education—they expose the fragility of coastal communities caught between financial exclusion and exploitative investments. Their work reframes Islamic literacy as an emancipatory praxis—a call to build financial vigilance from below rather than relying solely on top-down regulation. In the realm of capital markets, Agara and Hariyani call for a normative realignment of Sukuk with global sustainability goals. Yet unlike previous green Sukuk studies, they situate the discourse in legal justice, urging regulators to design instruments that not only finance renewable energy but also operationalize intergenerational equity and ecological trusteeship (amānah). Their work shifts Islamic finance from financing ethics to ethical financing. Mukhlisin revisits the halal economy through the lens of Islamic political economy, boldly arguing that technocratic halal certification has been stripped of its ideological purpose. Her critique reminds us that Islamic economic legitimacy cannot be outsourced to procedural regulation—it must be rooted in political will, institutional independence, and distributive justice. This paper is a timely intervention as Indonesia expands its halal industrial zone without critically reflecting on its governance models. Desiana et al. diagnose the regulatory myopia that continues to hinder Sukuk’s integration with Indonesia’s real economy. While previous studies highlight market limitations, this paper reveals a deeper issue: the regulatory imagination itself has not caught up with the expansive potential of Islamic financial instruments. Their empirical insights demand a rethinking of OJK’s institutional capacity in enabling a more inclusive financial architecture. Gusniarti’s study on Muslimahpreneurs in the post-pandemic era weaves legal anthropology with crisis management. She reframes resilience not as a passive coping mechanism, but as an active reassertion of faith, agency, and legal literacy among Muslim women entrepreneurs. Her findings remind us that Islamic economics must account for gendered realities and not romanticize resilience without addressing structural precarity. The closing paper by Kusumawardani et al. proposes an integrated Six Capitals approach to Waqf asset management, using Muhammadiyah as a reference point. This is not merely a technical innovation—it represents a philosophical return to the foundational logic of Waqf: stewardship, transparency, and social transformation. Their study suggests that to realize Waqf’s full potential, Islamic philanthropy must embrace multi-dimensional accountability frameworks that bridge spiritual intention with measurable impact. Together, these ten papers challenge us to reimagine Islamic economics beyond compliance and toward conscience. They call for an epistemic shift from normative formality to ethical substance, from fragmented implementation to systemic coherence. As editor, I am proud to present this volume as a milestone in our collective effort to make Islamic economics not just as a normative ideal, but as a transformative force shaping equitable and sustainable futures.
Pengaruh Indeks Harga Saham Syariah Internasional dan Variabel Makro Ekonomi Terhadap Jakarta Islamic Index Beik, Irfan Syauqi; Fatmawati, Sri Wulan
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 6 No. 2 (2014)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v6i2.1228

Abstract

The Impact of International Islamic Stock Market and Macroeconomic Variables Towards Jakarta Islamic Index (JII) This research atempts to examine the impact of international Islamic stock market and macroeconomic variables towards Jakarta Islamic Index (JII). By using Vector Error Correction Model (VECM) as the method, this research utilizes time series monthly data from January 2007 to October 2012. The finding shows that JII is positively significantly affected by DJIEU, DJIMY and IPI, and it is negatively significantly affected by DJIJP, IMUS, M2 and SBIS.JII reaches its stability condition fastest when dealing with money supply shock. This study recommends: strengthening coordination between monetary authority and financial services authority, strengthening real sector of the economy, minimizing the influence of interest Rate towards Islamic financial market, and developing early warning system to anticipate financial crises.  DOI:10.15408/aiq.v6i2.1228
Komparasi Efisiensi Teknis Bank Umum Konvensional (BUK) dan Bank Umum Syariah (BUS) di Indonesia Dengan Metode Data Envelopment Analysis (DEA) Wahab, Abdul; Hosen, Muhammad Nadratuzzaman; Muhari, Syafaat
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 6 No. 2 (2014)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v6i2.1229

Abstract

The Comparation of Technical Efficiency Between Conventional Banks and Islamic Banks in Indonesia Using DEA MethodThis research is to compare the levels of technical efficiency between BUK and BUS by employing non-parametric Data Envelopment Analysis (DEA). This research assigns Third Party Funds, Labor Expenses and Fixed Assets which are input variable, meanwhile Total Credit and Other Incomes are determined as Output Variables. This research also examines the Profitability of BUK and BUS by Using Panel Regression Model with CAR, LDR, NPL and BOPO as independent variables, where ROA and ROE are dependent variables. The result showed that the average technical efficiency of the Conventional Banks is better than that of the Islamic Banks. That is because of the inefficient utilization of Input Variables, namely Third Party Funds, Labor Expenses and Fixed Assets in the Islamic Banks  DOI:10.15408/aiq.v6i2.1229
Perbandingan Kinerja Instrumen Investasi Berbasis Syariah dengan Konvensional di Pasar Modal Indonesia Syafrida, Ida; Aminah, Indianik; Waluyo, Bambang
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 6 No. 2 (2014)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v6i2.1230

Abstract

The Performance Comparation between sharia instrument performance and conventional syariah The main objective of investors in investment activities is to get the profit. Similarly, investors in Islamic investment activities want the same things. But often the performance of sharia instruments deemed lower than conventional instruments, so market share Sharia-compliant investment instruments is still minimal. This research doing comparation performance index and mutual fund index between shariah based and conventional based. Based on the results of research that takes samples Islamic instruments of capital markets such as sharia Islamic stocks and sharia mutual funds, it is concluded that the performance of sharia-based investment instruments are not significantly different from the conventional investment instruments, even during the period of research Islamic investment instruments showed slightly better performance.  DOI:10.15408/aiq.v6i2.1230
Volatility of Jakarta Islamic Index Tanjung, Hendri
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 6 No. 2 (2014)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v6i2.1231

Abstract

Volatility of Jakarta Islamic Index. This study investigates the volatility of Jakarta Islamic Index (JII) in Jakarta Stock Exchange. The method that used in this research is used a simple statistical analysis. The normality of JII return is analyzed to answer whether the return of JII follows normal distribution. By using data of Jakarta Islamic Index from 2nd March 2009 to 30th October 2013 (1122 daily data), it is found that the distribution of return of JII is not normal, even the 5 sigma occurred. This means the return of Jakarta Islamic Index is much volatile than the theory predicted. This will make too much gain or loss in one day in the economy  DOI:10.15408/aiq.v6i2.1231
Prioritas Solusi Permasalahan Pengelolaan Zakat di Propinsi Banten dan Kalimantan Selatan dengan Metode AHP Huda, Nurul; Anggraini, Desti; Ali, Khalifah Muhamad; Mardoni, Yosi; Rini, Nova
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 6 No. 2 (2014)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v6i2.1232

Abstract

The Priority Problems and Solutions of Zakah Management in Banten and South Borneo Using AHP. The aim of this study is to map the priority problems and solutions in the management of zakat by using AHP (Analytic Hierarchy Process). Results of a study reveals that there are three kinds of priority issues and solutions zakat management divided by stakeholder agencies (stakeholders) zakat, i.e regulators, zakat organization (OPZ), muzaki and mustahik . The Analytical Hierarchy Process (AHP) model at Banten and Jakarta give a same priority score, i.e. the institution for solving problem in zakat management is OPS dan regulator solution priority is amil sertification  DOI:10.15408/aiq.v6i2.1232
Analisis Faktor Kualitas Pelayanan di Bank Syariah (Studi Pada PT Bank Muamalat Indonesia) Suryani, S.
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 6 No. 2 (2014)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v6i2.1233

Abstract

Factor Analysis on Services Quality in Islamic Bank (Study at PT Bank Muamalat Indonesia). The aim of this study is to determine and identify the factors forming quality of service in PT. Bank Muamalat Indonesia, Tbk Branch Medan. Instruments of research use questionnaires and factor analysis. This research is quantitative research using survey methods. The sample method that used in this research is accidental sampling. The reliability and validity test shown that 13 question had been fulfilled the reliability and validity requirements. From the extraction gives three factors. Factor 1 explained 45,299%, factor 2 explained 12,819%, and factor 3 explained 8,904%. The results show that quality of communication is dominant factor to explain service quality. Then product innovation and physical aspects  DOI:10.15408/aiq.v6i2.1233
Kritik Ilmu Ekonomi Strukturalis dan Islam Terhadap Ekonomi Klasikal Risza, Handi
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 6 No. 2 (2014)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v6i2.1234

Abstract

The Critics of Structuralis Economics and Islam To Neo-Clasical Economy. This reserach proves that in the Islamic economic thought and structuralist discourse, the idea of economic and social transform is very strong, in the mean time, there is a lot of criticisms and corrections towards neoclassical economic thought. The idea of transformation is needed to re- establish economic credos and thoughts that put forward moral values and humanitarian system of ethics in the quest of economic justice and prosperity. The conclusion of this paper supports that there is an urgent need of social and economic transformation in order to establish social justice and economic prosperity. The conclusion is also a refutation to the views developed by neoclassical economic thinkers, who based their views on individual interest and free competition to realize prosperity and justice for the society.  DOI:10.15408/aiq.v6i2.1234

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