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Falah : Jurnal Ekonomi Syariah
Published by Universitas Muhammadiyah Malang
ISSN : 25023918     EISSN : 25027824     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
FALAH: Jurnal Ekonomi Syariah is managed by Department of Islamic Economic, Faculty of Islamic Studies, University of Muhammadiyah Malang (p-ISSN 2502-3918, e-ISSN 2502-7824) This journal published two times a year (Pebruary and August) since 2016. The journal presents the results of research in the field of Islamic Economic, Islamic Banking, Islamic Management and so on.
Arjuna Subject : -
Articles 221 Documents
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the the Use of Shopping Card Members in the Retail Industry in the Perspective of Marketing Mix and Shariah Maqashid rifai, mochamad novi; Hakim, Arif Luqman
Falah: Jurnal Ekonomi Syariah Vol. 7 No. 2 (2022): AUGUST
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jes.v7i2.20245

Abstract

To discuss further the connection of Member Card with product promotion. That Member Card is one part of the promotion mix that companies can use to build relationships with consumers and communicate the values of these products persuasively. This aims to understand the promotion mix view of the member card and understand the concept of the member card that seen from Maqashid Sharia perspective. This qualitative research uses a descriptive approach. The research concludes that the promotion mix that is often used by card issuers for member cards for members is in the form of direct selling. While the concept used by consumers in choosing or deciding to become a member card member is in accordance with Maqashid Sharia, namely in an attitude of prudence in spending assets on items that are not needed and being able to save by using the member card feature
The Effect of Transparency and Accountability on Muzakki's Trust in the Amil Zakat Institution: Case Study on the Ash Shohwah Social Charity Foundation Malang Sholihah, Hannysa Rohmatul; Luqman, Arif; Hakim, Rahmad
Falah: Jurnal Ekonomi Syariah Vol. 9 No. 2 (2024): AUGUST
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jes.v9i2.37160

Abstract

The purpose of this study was to determine the influence of transparency and accountability of financial reports on muzakki’s trust in the Amil Zakat Institution, Ash-Shohwah Malang Social Charity Foundation. The method in this research uses a quantitative by applying a questionnaire to 100 respondents who are permanent muzakki from 2020-2023 at the Amil Zakat Institute, Ash-Shohwah Social Charity Foundation Malang. The sample od this study was purposive sampling and hypothesis testing and analysing by the SmartPLS 4.0 tool. The results found that the transparency variable had a significant effect on muzakki's trust in the Amil Zakat Institution, Ash Shohwah Social Charity Foundation, Malang. The accountability variable has a significant effect on muzakki's trust in the Amil Zakat Institution, Ash Shohwah Social Charity Foundation, Malang. This study contribute to the cooperation between zakat management institutions, educational institutions, and stakeholders to increase the willingness to pay for zakat donator to zakat institutions.
Integrating Economics and Spiritual Perspectives: Insights from the Writings of Imam Al-Ghazali Ghoni, Muhammad Abdul
Falah: Jurnal Ekonomi Syariah Vol. 11 No. 1 (2026): FEBRUARY
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jes.v11i1.43161

Abstract

This paper employs qualitative content analysis as its methodological framework, focusing on the seminal works of Imam Al-Ghazali. The study examines central themes in Imam Al-Ghazali’s writings to clarify the influence of spirituality on economic thought. The findings indicate that Imam Al-Ghazali advocates for an economic system grounded in spiritual responsibility and the pursuit of both material and spiritual fulfillment. This study adopts a qualitative design to examine al-Ghazali’s primary writings on economic thought and spirituality, and the library research enabling scholars to explore the evolution of economic ideas within their intellectual and historical contexts. The results underscore the ongoing relevance of Imam  Al-Ghazali’s insights in current economic discourse and highlight the importance of balancing material success with spiritual development as a solution to the problems of modern economies, which often emphasize materialism. The analysis demonstrates that integrating spiritual values into economic practices can address contemporary challenges and promote social responsibility, exemplified by mechanisms such as zakah and shadaqah, which serve as means to balance economic activity with spirituality. The results implied that dialogue between spirituality and economics, as articulated by Imam Al-Ghazali, provides a critical foundation for establishing a just and balanced society amid modern challenges.
The Influence of Macroeconomic Shocks, Operational Efficiency, and Financing Risk: An Empirical Study of NPF in Indonesian Islamic Banks Mubarok, Faizul; Wibowo, Martino; Pradana, Hasta Dwi; Yaacob, Zulnaidi
Falah: Jurnal Ekonomi Syariah Vol. 11 No. 1 (2026): FEBRUARY
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jes.v11i1.43291

Abstract

This study examines the influence of key macroeconomic variables on the level of Non-Performing Financing (NPF) in Indonesia’s Islamic banking sector using a Vector Error Correction Model (VECM) framework. Research on the stability of Islamic banking was growing, even limited studies linked macroeconomic indicators with NPF with long-term data and dynamic frameworks. This study was quantitative by using macroeconomics indicators such as inflation, the exchange rate, economic growth, the stock price index, financing levels, and global oil prices, complemented by the bank-specific variable BOPO. The secondary time-series data covering the period 2007–2025 were employed in this study. Johansen’s cointegration test indicates the presence of three cointegrating vectors, confirming the existence of long-run relationships among the variables. The result found that the VECM estimation reveals that the exchange rate and inflation exert significant short-run effects on NPF, whereas operational efficiency (BOPO) and economic growth are significant determinants in the long run. These findings underscore the critical role of macroeconomic stability and bank-level operational efficiency in sustaining financing quality in Islamic banking. The implication of this study recommends strengthening risk-management practices, enhancing monitoring effectiveness, and adopting more responsive strategies to mitigate macroeconomic volatility. In addition, policymakers are encouraged to review and adapt macroprudential policies to respond to changing economic conditions. These actions collectively can  enhance stakeholder resilience and support effective leadership during periods of economic uncertainty.
The Concept of Benefidonors in Sustaining Community Development through Individual Member Waqf Beneficiaries Ali, Ahmad Fahme Mohd; Zal, W. A. Amir; Johari, Fuadah; Abd Hamid, Baharom; Nik Zirwatul
Falah: Jurnal Ekonomi Syariah Vol. 11 No. 1 (2026): FEBRUARY
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jes.v11i1.43478

Abstract

This study investigates the role of waqf in sustaining community development through a novel hybrid concept termed “benefidonors” individuals who simultaneously function as both beneficiaries and donors within the waqf ecosystem. Drawing on prosumerism, ConsuMerchant behavior and the Islamic principle of mutual cooperation (ta’awun), it is posits that active participation through sharing, using and re-donating waqf, significantly enhance multiple dimensions of community well-being. Using a quantitative approach, data were collected via a structured survey instrument administered to 304 verified waqf beneficiaries from the Yayasan Waqf Malaysia database, representing diverse socio-demographic backgrounds across Peninsular Malaysia. The instrument, validated through pilot testing (n = 50) and expert review, employed multi-item Likert scales adapted from established literature to measure seven outcome variables: human capital, physical health, religious capital, family development, social capital, quality of life, and economic capital. Structural Equation Modeling (PLS-SEM) was used for data analysis. Results indicate that the benefidonor concept exerts a significant influence across all seven domains, with particularly strong effects on economic and human capital. While the study offers actionable insights for waqf institutions such as developing digital platforms to facilitate sharing, usage, and re-donation it is limited by its cross-sectional design and focus on existing beneficiaries, which may constrain generalizability. Nonetheless, the findings underscore the potential of transforming passive recipients into active co-creators of sustainable community development through the benefidonor model.
The merger of Islamic banks in Indonesia: Do financial ratios and inflation matter? Febriandika, Nur Rizqi; Fahira, Farah Fanda; Hakim, Faris Kurnia
Falah: Jurnal Ekonomi Syariah Vol. 11 No. 1 (2026): FEBRUARY
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jes.v11i1.43485

Abstract

The study aims to investigate the effect of financial ratios and inflation on the stock price of Bank Syariah Indonesia using the Autoregressive Distributed Lag (ARDL) approach. This research was quantitative with variables studied include the Capital Adequacy Ratio (CAR), Return on Assets (ROA), Net Operating Margin (NOM), Operating Costs to Operating Income (BOPO), Financing to Deposit Ratio (FDR), and Inflation. Data were observed from the BSI bank merger in February 2021 to August 2024 by using the Autoregressive Distributed Lag (ARDL) method. The results indicate that in the long term, all variables have no significant effect on stock prices. Meanwhile, in the short term, ROA had a significant positive effect on stock prices, NOM and FDR had a significant negative effect, while CAR, BOPO, and inflation had no significant effect on stock prices, indicating stock price dynamics. Thus, the findings of this study indicate that investors are more responsive to changes in the financial performance of Indonesian Islamic banks in the short term than in the long term. This research contributes theoretically by showing that market responses to firm fundamentals and economic conditions occur through gradual adjustment rather than instant reactions. Practically, the findings assist investors and policymakers in understanding key fundamental and macroeconomic determinants of stock prices for the stability of Islamic banking.
Institutional Drivers of Customer Loyalty in Islamic Banks: A Structural Model of Customer Loyalty from Educational Organizations in Indonesia Muh. Abdi Imam; Erwin; Dini Nurpratiwi; Ahmad Nouruzzamand; Jabaluddin Hamid; Hajar Dewantara; Mujahidin; Sumarwadji, Hafid
Falah: Jurnal Ekonomi Syariah Vol. 11 No. 1 (2026): FEBRUARY
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jes.v11i1.43647

Abstract

This study aims to analyze and identify factors influencing customer loyalty in Islamic banks, focusing on educational organizations in Indonesia. Customer loyalty is a crucial aspect for the sustainability of Islamic banks, especially amidst increasingly fierce competition in the banking industry. This study employed a quantitative research design, utilizing primary data collected via structured questionnaires. Quantitative approaches are well-suited for testing hypotheses and analyzing relationships between variables statistically. The questionnaires were distributed both in-person and online to Islamic bank customers from educational organizations in Indonesia over a four-week period with a final sample of 101 respondents. The data were analyzed using SEM-PLS to test the measurement and structural models. The results indicate that service quality significantly influences customer satisfaction, brand image, and loyalty. While customer satisfaction affects brand image, it does not directly influence loyalty, whereas brand image plays a key role in driving customer loyalty. Theoretically, this study contributes to the Islamic banking literature by confirming the mediating roles of brand image and customer satisfaction and offering a foundation for future research on loyalty in institutional and sharia-based financial contexts. This study provides practical insights for Islamic bank management to enhance customer loyalty through improved service quality, trust building, and consistent implementation of sharia principles.
Faith-Driven Micro-Entrepreneurs in Indonesia: Empirical Evidence on the Roles of Religious Leaders and Normative Community Pressure in Shaping Islamic Entrepreneurial Values Ahmad Ajib Ridlwan; Yan Putra Timur; Khusnul Fikriyah; Eva Zunia Khoiriyah; Beebee Salma Sairally; Mohd Shahid Bin Mohd Noh
Falah: Jurnal Ekonomi Syariah Vol. 11 No. 2 (2026): AUGUST
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jes.v11i2.43405

Abstract

This study examines the influence of religiosity, normative community pressure, and the perceived role of religious leaders on Islamic entrepreneurial values. A quantitative approach was applied using Partial Least Squares Structural Equation Modeling (PLS-SEM). Data were collected through purposive sampling from 313 micro-entrepreneurs operating in Java, Indonesia. The results show that normative community pressure and the perceived role of religious leaders have significant positive effects on Islamic entrepreneurial values. Furthermore, religiosity and normative community pressure significantly influence the perceived role of religious leaders. However, religiosity has a significant negative effect on Islamic entrepreneurial values, indicating that stronger personal religiosity does not necessarily translate into greater adherence to Islamic values in entrepreneurial practices. The findings highlight the importance of community-based support and religious leadership in strengthening Islamic entrepreneurial values among micro-entrepreneurs. This study provides novel empirical evidence by examining the combined roles of individual religiosity, community norms, and religious leadership in shaping Islamic entrepreneurial values. In particular, the unexpected negative effect of religiosity challenges the assumption that stronger personal religiosity necessarily leads to stronger adherence to Islamic values in business practices, thereby extending the theoretical understanding of religion and entrepreneurship.
Beyond Income: Expenditure-Based Poverty and the Limits of Zakat in Supporting Urban Female-Headed Households in Malaysia Ahmad Fahme Mohd Ali; Fuadah Johari; Abdullah Muhamed Yusoff; Raja Norliana Raja Omar
Falah: Jurnal Ekonomi Syariah Vol. 11 No. 2 (2026): AUGUST
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jes.v11i2.43414

Abstract

This study aims to examine poverty in female-headed households receiving zakat in urban Malaysia through an expenditure-based method, rather than traditional income-based measures. Based on primary data collected from 262 households in Selangor and Kuala Lumpur in 2023, the study applies the cost-of-basic-needs (CBN) method and equivalised monthly expenditure to measure poverty incidence, depth, and severity using Foster-Greer-Thorbecke (FGT) indices. The results show that as many as 68.3% of households are still below the urban poverty line of RM2,800 per month, even after receiving zakat, and 74.0% of them state that their expenditures exceed their incomes; therefore, these households are in considerable financial distress. The household expenditure patterns reveal that the food budget accounts for more than 60% of the total budget, corresponding to a poverty incidence of 91.2% and a significantly deeper level of deprivation. The paper argues that structural vulnerabilities are the main causes of poverty, rather than marital status; thus, the stereotypes of the most disadvantaged groups in the context of zakat targeting are questioned. The point is to highlight the inefficacy of the present zakat allocation practices and emphasise the necessity of a more reliable, income-sensitive, and evidence-based framework to enhance the precision, sufficiency, and overall effectiveness of Islamic social protection in Malaysia's urban context.
Fostering Muslim-Friendly Tourism in Minority Destinations: Insights from North Sulawesi, Indonesia Dwi Nuraini Ihsan; Mohammad Nur Rianto Al Arif; Telsy Fratama Samad; Rahmawati Rahmawati
Falah: Jurnal Ekonomi Syariah Vol. 11 No. 2 (2026): AUGUST
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jes.v11i2.43991

Abstract

This research aims to analyze the community’s response to the development of halal tourist destinations in the Muslim-minority region of North Sulawesi Province and to identify appropriate strategies for developing halal tourism, based on internal and external conditions in this region. This study employed a quantitative, explanatory research design to examine Muslim consumers’ intentions to choose Muslim-friendly tourist destinations in North Sulawesi Indonesia, a Muslim-minority. This study uses the Partial Least Squares (PLS) equation model to analyze people’s preferences for halal tourism in North Sulawesi Province. The independent variables are attitudes, subjective norms, behavioral control, and religiosity. Meanwhile, the dependent variable is the intention to choose a halal tourist destination. This research reveals that attitude, subjective norms, and religiosity positively and significantly affect travel intentions, whereas subjective norms have a negative effect. Furthermore, effective strategies for developing Muslim-friendly tourism include adjusting marketing and product development, implementing larger, more effective marketing campaigns, improving access to information and amenities, and developing religious infrastructure in tourist areas. This study contributes to the literature on halal tourism by extending the understanding of Muslim travel intentions in a Muslim-minority context and demonstrating the significant roles of attitudes, subjective norms, and religiosity. The findings imply that halal tourism development in North Sulawesi should adopt context-sensitive strategies that integrate targeted marketing, improved information and tourism amenities, and strengthened religious infrastructure.

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