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Al-Amwal : Jurnal Ekonomi dan Perbankan Syari\'ah
Published by Universitas Islam Negeri Siber Syekh Nurjati Cirebon
ISSN : 23031573     EISSN : 25273876     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
Al-Amwal: Jurnal Ekonomi dan Perbankan Syariah is a peer-reviewed journal published by the Department of Islamic Banking Syariah Faculty of Islamic Economics of IAIN Syekh Nurjati Cirebon. The journal publishes papers in the field of accounting and finance that give significant contribution to the development of economic and sharia banking profession in Indonesia.
Arjuna Subject : -
Articles 248 Documents
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Measurement of the Efficiency Level of Islamic Insurance Firms in Indonesia: DEA and SFA Analysis Safitri, Mirza Mayang; Sofiana, Ratna; Baroroh, Hilmy; Muhfiatun, Muhfiatun
Al-Amwal : Jurnal Ekonomi dan Perbankan Syari'ah Vol 17, No 1 (2025)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70095/alamwal.v17i1.19965

Abstract

This study aims to measure the efficiency level of Islamic insurance companies in Indonesia using DEA and SFA, with secondary data from 13 companies in the 2019-2023 period. DEA measures the relative technical efficiency of a company compared to other companies in the same group, while SFA measures efficiency by considering stochastic factors that can affect company performance. The results show that there is high variation in efficiency between companies in DEA, while SFA produces efficiency scores above 60%, tending to be higher than DEA. This research provides practical implications for Islamic insurance companies to improve efficiency through resource optimization, in order to get maximum output so that the efficiency level of Islamic insurance companies can increase.
The Dynamics of Islamic Finance in Kazakhstan: Exploring Opportunities and Addressing Challenges Shah, Syed Muhammad Abdul Rehman; Zhabatayeva, Zhainar; Ansar, Memoona
Al-Amwal : Jurnal Ekonomi dan Perbankan Syari'ah Vol 17, No 2 (2025): Al-Amwal : Jurnal Ekonomi dan Perbankan Syari'ah
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70095/alamwal.v17i2.21931

Abstract

Introduction: This paper explores the burgeoning field of Islamic finance in Kazakhstan, highlighting the opportunities and challenges that lie ahead. Islamic finance, which adheres to Sharia law, provides a distinct alternative to conventional banking systems. As Kazakhstan seeks to diversify its financial sector and attract investments from Muslim-majority countries, understanding the dynamics of Islamic finance becomes crucial. This study examines the legislative framework, market potential, key players, and the socio-economic implications of Islamic finance in Kazakhstan. The case study of existing Islamic banks is given, and their financial performance is examined. Methods: This research employed a qualitative approach, incorporating a literature review and descriptive-exploratory analysis. Primary data were obtained from academic literature, official reports from international financial institutions, Kazakh government regulations, and publications related to the development of Islamic finance in Central Asia. Data analysis techniques included reduction, categorization, and thematic interpretation to identify the dynamics, opportunities, and challenges associated with the implementation of Islamic finance in Kazakhstan. This approach was chosen to provide an in-depth understanding of the actual conditions and prospects of Islamic finance, while also generating strategic recommendations for the development of the industry at the national and regional levels. Results: The research paper also highlights the obstacles faced by the Islamic finance sector and the potential for expanding its implementation. Conclusion and suggestion: The paper further recommends solutions for integrating Islamic finance into Kazakhstan’s economy.
Islamic Economics under Colonial Rule: The British Encounter with Muslim Northern Nigeria and Its Enduring Economic Legacies Ibrahim, Kabiru Uba; Idriss, Ibrahim Dahiru; Uba, Abubakar Sadiq
Al-Amwal : Jurnal Ekonomi dan Perbankan Syari'ah Vol 17, No 2 (2025): Al-Amwal : Jurnal Ekonomi dan Perbankan Syari'ah
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70095/alamwal.v17i2.21973

Abstract

Introduction: The antagonism against Islam and Muslims, once manifested through the military campaigns of the Crusades, has evolved into more subtle yet pervasive forms in the modern era – most notably, Western imperialism and colonialism. British colonial rule in Northern Nigeria exemplifies this trajectory, as it entailed not only political domination but also efforts to impose Christian missionary ideals and systematically restructure indigenous Islamic institutions. This study investigates the historical, judicial, and economic impacts of British colonialism on Islam in Northern Nigeria, with particular attention to the responses of Muslim communities and the enduring consequences for Islamic governance and identity in the region. Methods: This paper employed historical and analytical methods, drawing on archival materials, Islamic scholarly sources, and relevant secondary literature to assess the colonial encounter. It contextualizes the arrival of Islam in Northern Nigeria and the subsequent British incursion, revealing that the most critical internal weakness of the Sokoto Caliphate was the inability of successive Sultans and Emirs to uphold the reformist ideals that defined its foundation. The dilution of Shari’a authority, particularly during the pre-independence period, led to a decline in public trust due to the appointment of poorly trained and morally compromised judicial officers. At the same time, British colonial economic policies rooted in exploitation and resource extraction undermined indigenous economic structures, marginalized Islamic leadership, and entrenched structural inequalities that continue to affect the region.Results: The research highlighted that Muslim resistance to colonial rule, often framed within the Islamic ideal of martyrdom (shahāda), played a significant role in preserving religious identity and Islamic culture. This historical resilience forms a critical basis for contemporary efforts toward Islamic institutional renewal. The paper concludes by recommending the revitalization of Islamic reformist principles, the promotion of dual (Islamic and Western) education, the restoration of integrity within Shari’a courts, the empowerment of qualified Ulama, and an economic reorientation rooted in Islamic ethics. Conclusion and Suggestion: It further suggests documenting Muslim resistance history and forging strategic partnerships with development actors to advance justice, education, and institutional strengthening within Northern Nigeria.
Nexus Between Energy Poverty, Economic Growth, Ijarah Sukuk and Environmental Degradation in Nigeria Wowo, Zainab Dahiru; Abdullahi, Muhammad Mustapha; Malumfashi, Ahmed Halliru
Al-Amwal : Jurnal Ekonomi dan Perbankan Syari'ah Vol 17, No 2 (2025): Al-Amwal : Jurnal Ekonomi dan Perbankan Syari'ah
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70095/alamwal.v17i2.21859

Abstract

Introduction: Poor energy access leads to environmental degradation among developing countries in Africa. This study investigated the nexus among energy poverty, economic growth, Ijarah Sukuk and environmental degradation in Nigeria based on time series data covering 1981 to 2023. The study intends to explore the effect of energy poverty, Ijarah Sukuk and economic growth on environmental degradation.Methods: The variables used were environmental degradation (dependent variable), energy poverty, Ijarah Sukuk and economic growth (independent variables). Population growth and capital formation were the control variables. Autoregressive Distributive Lag and Vector Error Correction were concurrently applied.Results: The study found a long run relationship based ARDL Bound test which justifies for both long and short run estimations. The result of long run revealed that energy poverty and Ijarah Sukuk are negatively and significantly related to environmental degradation, while economic growth is positively and significantly associated. Also, the short run, result is consistent to its long run estimates even at 10%. This shows that, an increase in current value of energy poverty and Ijarak Sukuk will decrease environmental degradation but increase by an increase in one-year lag value of energy poverty, while a point growth of economy will increase environmental degradation. Finally, the Vector Error Causality result indicates evidence of uni-directional causality from economic growth and energy poverty in the short run. Therefore, the growth of economy which leads to a reduction in energy poverty will result to higher environmental degradation reflecting two-sided blades of the same razor for Nigeria. Study of this nature reveals how the interplay among poor energy consumption, economic growth and environmental degradation, and concludes that energy poverty and economic growth have significant effect on environmental degradation for Nigeria.Conclusion and suggestion: Finally, it was recommended that, policymakers should prioritize energy poverty reduction strategy through adopting economic growth and environmentally friendly technology policy framework in Nigeria.
Fintech, Blockchain, Islamic Finance: A Systematic Literature Review Febriza, Milla; Wira, Ahmad; Novia, Aidil
Al-Amwal : Jurnal Ekonomi dan Perbankan Syari'ah Vol 17, No 2 (2025): Al-Amwal : Jurnal Ekonomi dan Perbankan Syari'ah
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70095/alamwal.v17i2.20220

Abstract

Introduction: The rapid development of financial technology (fintech) and blockchain has brought a major transformation in the global industry, including in the Islamic finance sector. However, integrating fintech and blockchain with Sharia principles remains a challenge and has not been studied systematically. This research aims to map and analyze the development of research related to Fintech, Blockchain, and Islamic finance, identifying trends, research gaps, and future development directions.Methods: This study employed a qualitative research method with a Systematic Literature Review approach, utilizing a model prism. The data source for this study consisted of published articles obtained from Scopus and Emerald. The study's results showed that 30 articles, published in Scopus and Emerald, were published between 2015 and 2024. Results: Based on the findings obtained, it is evident that blockchain technology, fintech, and digital innovation have significant potential in enhancing the efficiency, transparency, and inclusivity of Islamic finance, particularly through applications in zakat, waqf, sukuk, and crowdfunding. Despite regulatory and collaboration challenges, these technologies have been able to eradicate poverty, support economic development, and expand access to finance, including in non-Muslim countries. Technology adoption is also influenced by religiosity factors and perception of benefits, confirming the need for global regulatory and standard support to maximize its benefits. Conclusion and Suggestion: The reviewed studies suggest that blockchain technology has significant potential to strengthen trust and compliance with Shariah by enabling smart contracts, decentralized financial products, and transparent auditing mechanisms. Moreover, fintech solutions can expand financial inclusion in Muslim-majority countries and beyond, especially for the unbanked population. However, challenges remain in terms of regulatory frameworks, Shariah standardization, scalability of blockchain applications, and the readiness of financial institutions and customers to adopt these innovations. In conclusion, while fintech and blockchain present strong prospects for advancing Islamic finance, further research and practical implementation are required to fully realize their potential in providing Shariah-compliant, inclusive, and sustainable financial services.
Deprived of the Islamic Financing and Lack of Inclusion of Muslim Populated States in India: An Empirical Study Rafiq, Mansha; Ahmad, Khaliq; Adewale, Abideen Adeyemi
Al-Amwal : Jurnal Ekonomi dan Perbankan Syari'ah Vol 17, No 2 (2025): Al-Amwal : Jurnal Ekonomi dan Perbankan Syari'ah
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70095/alamwal.v17i2.21861

Abstract

Introduction: Financing is the backbone of economic growth. It serves as the lifeblood of any business. However, any financial exclusion, especially Islamic financing exclusion driven by a socio-economic and political purpose to deprive of certain segment of society due to suspicion of terrorism or suppressions by state, makes a difference. In fact, these are banking services and financing facilities originally intended to provide socio-economic benefits to the overall citizenry and the general public, but they have certain limitations in policy prescriptions. It is crucial to make the availability of financial services the leading and primary objective of the public policy, and not discriminate on the basis of ones’ social status, caste, religio, or wealth. In March 2005, the former Prime Minister Dr. Manmohan Singh, an architect of modern Indian economic revilism who passed away recently, appointed a high-level committee to prepare a report on the social, economic, and educational status of Indian Muslims, under the chairmanship of Justice Rajendra Sachar. The Sachar Report is considered the most valuable document that delves into the social, economic, and educational status of the Muslim community of India. The findings of this report revealed a shocking testimony to decades of institutional neglect and bias that have left the Indian Muslims far behind other Socio-Religious Communities, in the fields of education, employment, access to credit, and other social and physical infrastructure. The Indian banking sector has evolved over the years in terms of performance and complexity. Despite this development and growth, a large number of people have limited access to the financial services offered by financial institutions. Methods: The concern on which this study is based is the increasing financial exclusion among the Indian population generally and the Muslims in India specifically. In this novel study, we utilized panel data covering 14 Muslim-populated Indian regions (13 states and 1 Union Territory) from 2009 to 2016 to assess the factors influencing financial inclusion in terms of credit and deposit penetration. Results: By employing an explicit econometric model for panel data, it is found that the number of banking offices, per capita net state domestic product, outstanding liabilities, social sector expenditure, number of employees, and interest payments are some of the factors that influence financial inclusion. Conclusion and suggestion: This study will benefit the policymakers, state and government officials, society in general, especially Muslim populations in the relevant areas of Republic of India.
Halal Food Production and Nutritional Value: A Study of MSMEs in Northern Nigeria Muhammad, Adamu Abubakar; El-Nafaty, Nabeela Usman; Ardo, Adam Muhammad; Dalhatu, Rabi Shehu; Yakub, Abubakar Aliyu
Al-Amwal : Jurnal Ekonomi dan Perbankan Syari'ah Vol 17, No 2 (2025): Al-Amwal : Jurnal Ekonomi dan Perbankan Syari'ah
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70095/alamwal.v17i2.21974

Abstract

Introduction: The rapid growth of micro, small, and medium enterprises (MSMEs) in Northern Nigeria has coincided with an increase in consumer demand for halal–tayyib food products that meet both Islamic dietary requirements and nutritional criteria. This study explores the practices of halal food–producing MSMEs in Kaduna and Kano states, evaluating how they achieve compliance with Shariʿah criteria while delivering nutritionally balanced offers. For cultural, religious, and health reasons, the largely Muslim populace of northern Nigeria depends significantly on halal-certified goods. However, there is a dearth of empirical studies on how local MSMEs simultaneously manage certification, ingredient procurement, processing, and nutritional adequacy. While halal certification addresses ritual purity, it does not guarantee nutritional quality. Anecdotal evidence suggests that many small producers prioritize certification over nutrient profiling, which may potentially jeopardize public health. This study fills the gap by evaluating both halal compliance and nutritional value in the outputs of MSMEs. Methods: Using a mixed methods approach, 20 halal certified MSMEs were surveyed on their sourcing, processing, and quality control practices; 40 food samples (such as meat products, dairy, and baked goods) were analyzed in a lab to measure macro and micronutrient content; 20 in-depth interviews with MSME owners, halal certifiers, and nutrition experts provided contextual insights; quantitative data were analyzed using descriptive statistics and correlation tests; qualitative data were subjected to thematic analysis. Results: Only 40% of the sampled MSMEs met national standards for essential nutrients (protein, iron, and vitamin A), despite the fact that 90% of them maintained valid halal certification. Common obstacles to nutritional quality included gaps in regulatory oversight, limited technical capacity, and cost constraints on fortified ingredients. MSME owners expressed a strong commitment to halal integrity but lacked knowledge about nutritional guidelines. The study emphasizes the need for integrated halal–nutritional frameworks and capacity-building initiatives aimed at MSMEs. Policymakers and Islamic authorities can collaborate to develop training modules and offer incentives for nutrient enrichment, in addition to halal certification. Conclusion and Suggestion: Ensuring both halal compliance and nutritional adequacy is crucial for maintaining public health and fostering consumer trust. In Northern Nigeria, enhanced collaboration among certification organizations, nutrition organizations, and MSMEs can foster a halal food industry that is both ethically sound and health-promoting.
Integrating Sustainability into the Strategic Management of Financial Institutions in Developing Economies Ilmi, Bahrul
Al-Amwal : Jurnal Ekonomi dan Perbankan Syari'ah Vol 16, No 1 (2024)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70095/alamwal.v16i1.13435

Abstract

This study discusses the role of financial institution management in supporting sustainable development and strengthening the national economy. In the context of globalization and dynamic economic challenges, financial institutions have a strategic role in channeling responsible financing, managing risks effectively, and encouraging sustainability-oriented investment. This study examines how policies, product innovations, and governance implemented by financial institutions can create positive social, economic, and environmental impacts. Through a qualitative approach with literature studies and secondary data analysis, this study found that the integration of Environmental, Social, and Governance (ESG) principles in financial management can encourage inclusive and sustainable economic growth. The results of this study are expected to be a reference for policymakers and financial industry players in designing strategies that balance profitability and sustainability.

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