Journal of Islamic Economics Perspectives
Faculty of Islamic Economics and Business, State Islamic University of Kiai Haji Achmad Siddiq Jember, Indonesia
Integrating Fitrah Psychotherapy into Accounting 5.0: A Rahmatan lil Alamin Approach to Islamic Boarding School Finance Behavior
This study investigates how Fitrah Psychotherapy can be integrated into Accounting 5.0 to strengthen the ethical and spiritual dimensions of financial reporting in Islamic boarding schools (pesantren). The main question addressed is how fitrah-based awareness comprising intellectual, emotional, spiritual, and self-conscious dimensions can serve as a foundation for developing accounting practices aligned with rahmatan lil alamin values. The background of this issue lies in the growing challenge of balancing digital transformation with moral responsibility in the Society 5.0 era. Positioned as a conceptual and philosophical inquiry, this research draws upon Islamic psychological and accounting education perspectives to construct a model of fitrah-based financial behavior accountability. The discussion employs a qualitative reflective approach to reinterpret accounting not merely as a technical discipline, but as a psychospiritual process that harmonizes technological capability with ethical consciousness. The findings reveal that integrating fitrah psychotherapy into accounting 5.0 fosters metacompetence and multiskill learning, enabling pesantren communities to adapt technological innovations while maintaining spiritual integrity. The study concludes that fitrah-driven behavior accounting promotes human-centered financial reporting, transforming digital finance behavior education into a moral practice that contributes to inclusive and sustainable development grounded in rahmatan lil alamin.
Copyright (c) 2025 Whedy Prasetyo https://creativecommons.org/licenses/by-sa/4.0
Hybrid Marketing Strategy for Optimizing Zakat, Infaq, and Sadaqah Collection: A Maqashid Shariah-Based Case Study in Jember Regency, Indonesia
This study develops a hybrid marketing strategy to optimize the collection and distribution of zakat, infaq, and sedekah (ZIS) in Jember Regency, Indonesia. Despite increasing awareness of Islamic philanthropy, the potential of ZIS remains largely untapped, especially in semi-urban areas. This study contextualizes ZIS marketing within the Maqashid Syariah framework, emphasizing economic efficiency as well as ethical and spiritual dimensions. Using a qualitative case study approach with in-depth interviews, findings suggest that successful ZIS fundraising requires alignment with donor values, segmentation based on age and religiosity, and integration of digital platforms (social media, fintech applications) with offline strategies (lecture-based campaigns, community events). This study proposes a Maqashid-Based Hybrid Marketing Model that combines five elements: (1) targeted digital engagement, (2) offline trust-building mechanisms, (3) donor journey mapping for Gen Z and Millennials, (4) transparency-based ethical branding, and (5) value-based campaign themes. The novelty of this study lies in the integration of Maqashid Syariah principles into the Islamic philanthropic marketing framework, the adaptation of hybrid strategies in Indonesia's semi-urban environment, and the donor-centric model. This study contributes to the discourse of Islamic social finance by offering a scalable strategy to increase ZIS collection
Copyright (c) 2025 M.F. Hidayatullah, Muchammad Abdur Rochman; Mahsyurotun Ni’mah https://creativecommons.org/licenses/by-sa/4.0
Woman’s Contribution in Contemporary Zakat: Mediating Role of Empowerment
There's been a lot of research on the role of women in household welfare. In contemporary times, one effective instrument in supporting women's economic role is productive zakat. The objective of this study is to uncover and understand the direct and indirect effects between digital skills and management effectiveness on household welfare, with empowerment acting as a mediating role. This study employs a quantitative method with data collection techniques using a questionnaire and snowball sampling. Data analysis utilizes the Partial Least Square Structural Equation Model (SEM PLS). The results of the study reveal that digital skills have no direct or indirect influence on household welfare. Meanwhile, digital skills influence empowerment. Furthermore, effective management has an influence on household welfare and empowerment. Conversely, effective management has no influence on household welfare through the mediation of empowerment. Meanwhile, empowerment has an influence on household welfare. This study is important to identify the factors that influence women's contribution to improving household welfare through the empowerment of zakat and productive waqf funds. The results of this study are expected to serve as a basis for formulating policy recommendations for the government, zakat institutions, and the broader community.
Copyright (c) 2025 Haifa Syukur, Aqifha Putri, Muhammad Nur Alam, Novi Rahmadona, Dhea Amalia; Hilal, Muh. Afwan https://creativecommons.org/licenses/by-sa/4.0
Transformation Of Sustainable Islamic Fashion Business Integrating Circular And Islamic Economic Principles
This study aims to examine in depth how the integration between the concepts of circular economy and Islamic economics can form a sustainable fashion business model, as well as make a real contribution to environmental preservation, social justice, and spiritual well-being. The background of this study is the environmental impact of the fast fashion industry and the need for responsible production-consumption patterns. Using a qualitative approach through a literature study of more than 60 references, the findings show the alignment between the 5R principles (Reduce, Reuse, Recycle, Repair, Recovery) in the circular economy with Islamic values such as justice, balance, and social welfare, which are in line with maqashid al-syariah. The research also highlights the role of technology in accelerating the transformation of the sustainable fashion industry as well as Indonesia's great potential to integrate Islamic values with circular practices, supported by a large Muslim population, growing awareness of sustainability, and policy support. However, challenges such as the lack of recycling infrastructure, low consumer literacy, and the absence of sharia standards for sustainability remain obstacles. This study contributes a holistic conceptual perspective by incorporating ecological and spiritual dimensions in the development of sustainable Islamic fashion businesses.
Copyright (c) 2025 Nor Aina, Wahyu Akbar, Naufatti Aufa, Ma Tin Cho Mar https://creativecommons.org/licenses/by-sa/4.0
Analysis of Ta’alluq Potential in Murabahah Bil Wakalah Scheme (BTN Syariah Solo)
In the Islamic financial industry, compliance with Sharia principles is a key factor in maintaining public trust and ensuring the legitimacy of financial products. One of the challenges that arises is the implementation of multi-contract transactions, such as in the execution of the murabahah bil wakalah contract at Bank BTN Syariah KCP Solo. The purpose of the research is to analyze Sharia compliance in the practice of murabahah bil wakalah financing at Islamic banks, specifically at Bank BTN Syariah KCP Solo. The murabahah bil wakalah financing involves two contracts: the wakalah contract and the murabahah contract, which are interrelated, even though they are formally separate. This study will explore how the Islamic bank ensures that both contracts comply with Sharia rules, particularly in terms of the separation of the contracts. The study also discusses the potential occurrence of ta’alluq that may arise due to the interdependence between the wakalah and murabahah contracts, as well as its impact on the freedom of customers in their choice. The research method used in this study is qualitative descriptive, and the data are analysed using thematic analysis. The findings show that, although the wakalah and murabahah contracts are formally separated, they remain substantively connected in supporting a shared objective. This study identifies challenges in ensuring Sharia compliance. It provides recommendations for Islamic banks to maintain the integrity of Sharia products by prioritizing transparency, fairness, and customer freedom in every transaction.
Copyright (c) 2025 Royyan Ramdhani , Inna Putri , Difa’ul Haq https://creativecommons.org/licenses/by-sa/4.0
When Trump Tariffs Shake the World: Are Indonesian Sharia Stocks Shockproof?
This study investigates the resilience of the Indonesia Sharia Stock Index (ISSI) to policy-induced ambiguity shocks, with a specific focus on Trump tariff policies framed within the VUCA paradigm. Employing a GARCH-X(1,1) model on daily data spanning from 3 June 2024 to 27 June 2025, the findings reveal that ISSI exhibits greater sensitivity to global uncertainty, significantly influenced by the VXEEM index than the conventional Jakarta Composite Index (IHSG). However, the dummy variable representing Trump’s tariffs shows no statistically significant impact on the volatility of either market. These results suggest that the ethical screening mechanisms underlying Sharia-compliant stocks may offer limited protection against non-systemic, policy-driven shocks. The study offers conceptual and methodological contributions to the discourse on Islamic finance volatility modeling in an increasingly ambiguous global policy environment.
Copyright (c) 2025 Hasyim, Maksum, Nurhidayat https://creativecommons.org/licenses/by-sa/4.0
Scarcity and Abundance: An Ethical Framework in Islamic Economics Perspective
Scarcity is the main discussion in economics. However, there has yet to be an agreed consensus in defining the concepts of scarcity and abundance, especially from an Islamic perspective. Even though the concept of scarcity is still an ongoing debate in Islamic economic discourse, there are other more essential discussion aspects of Islamic economics besides scarcity, namely moral ethics in dealing with scarcity and abundance. Because normatively, the Qur'an discusses the concepts of scarcity and abundance in many verses. Islamic economists see that by prioritizing a moderate attitude, Islamic economics can be directed to a more contributing perspective. Therefore, this paper attempts to fill this gap by offering an ethical framework for addressing the challenges of scarcity and abundance by being moderate. This conceptual paper explores an ethical framework for addressing the issue of moderate scarcity and abundance from an Islamic perspective. Employing text analysis from verses of the Qur'an and various Islamic economic literatures, the study reveals that the Qur'an provides a comprehensive ethical framework regarding scarcity and abundance, considering them not as absolute concepts. The paper emphasizes the importance of moderate Islamic ethics in responding to resource scarcity and abundance, aligning with the Qur'an's emphasis on balance and justice. The findings of this paper contribute to the ethical discourse on scarcity and abundance, highlighting the significance of moderation in dealing with these issues. The paper’s originality lies in presenting an ethical framework rooted in Qur'anic verses to address the matter of scarcity and abundance by being moderate.
Copyright (c) 2025 Muhammad Zulfikar Yusuf, Muhammad Fauzinudin Faiz https://creativecommons.org/licenses/by-sa/4.0
The Impact of Technology Adoption, Monetary Policy, and Carbon Emissions an Green Finance in Asean-5
The purpose of this research is to analyze the influence of AI adoption, monetary policy (represented by interest rates), and carbon emissions on green finance, specifically green bonds, in ASEAN-5 countries. The focus of the research is on mapping the trends and measuring the causal impact of Government AI Readiness Index, policy interest rate, and carbon emissions per capita on the value of outstanding green bonds in Indonesia, Malaysia, Thailand, Philippines, and Singapore. This research uses panel data covering quarterly periods from Q1 2019 to Q4 2024. The variables consist of Government AI Readiness Index (as a proxy of technology readiness), policy interest rates from IMF, carbon emissions per capita from Our World in Data, and green bond value data from the Asian Development Bank. The method applied is Panel Least Square (PLS). The results show that all three independent variables significantly affect the development of green bonds. First, higher AI readiness positively drives green bond issuance by improving efficiency, accuracy, and transparency in financing green projects. Second, lower policy interest rates have a positive effect on green bond growth, as cheaper borrowing costs make sustainable projects more financially feasible. Third, higher carbon emissions correlate positively with increased issuance of green bonds, as countries respond to environmental pressures and emission reduction demands.
Copyright (c) 2025 Adenan, Ciplis, Amelia Delima Citra https://creativecommons.org/licenses/by-sa/4.0
Is The Blue Economy A Driver Of Fisheries Sector Growth In Java?
The blue economy is one of the main strategies for promoting sustainable economic growth, particularly in maritime countries such as Indonesia. The potential for developing the blue economy in Indonesia, especially on the island of Java, is enormous, with the value of capture fisheries production showing a positive trend every year. However, when viewed from the contribution of the fisheries sector to GDP, it is still small compared to other sectors, accounting for around 2.54% of total national GDP in 2024. This study aims to analyze the impact of the blue economy, measured through production value, the number of fishing households and fishing companies (RTP-PP), and the realization of fisheries sector investments on the regional domestic product (GRDP) of six provinces (Banten, Jakarta Special Capital Region, West Java, Central Java, Yogyakarta Special Region, and East Java) on the island of Java. The research method used is quantitative analysis with a multiple regression model using the common effect model (CEM) as the selected model in this study. The data used are sourced from the Central Statistics Agency (BPS) and the Ministry of Marine Affairs and Fisheries (KKP) for the period 2018–2022. The findings of this study indicate that the blue economy sector, specifically the value of fisheries production and RTP-PP, has a positive and significant impact on the GRDP of the six provinces on the island of Java from 2018 to 2022. However, the variable of actual investment in the fisheries sector has a less significant impact on the fisheries sector GRDP in Java. The results of this study indicate that increasing the fisheries production sector and the number of RTP-PP can serve as drivers in maximizing the economic benefits of the blue economy for the growth of the fisheries sector. Therefore, the government needs to optimize policies that encourage factors in the blue economy oriented toward sustainability and efficiency in the fisheries and marine sectors.
Copyright (c) 2025 Dikky https://creativecommons.org/licenses/by-sa/4.0
Philosophy of Markets and Price Theory in Islamic Economics: a Multidisciplinary Perspective
This study critically re-examines the philosophical foundations of market and price theory in Islamic economics through a multidisciplinary integration of psychology, Islamic jurisprudence (fiqh siy?sah), and sociology. Psychology elucidates how motivation, perception, and decision-making are shaped by Islamic values, while fiqh siy?sah provides the legal and normative framework that ensures justice, ethical conduct, and compliance with Islamic law in regulating market mechanisms. Sociology complements these perspectives by explaining how social structures, cultural norms, and collective behavior influence market interactions. Through this synthesis, the study constructs a holistic framework that transcends the technical dimensions of conventional market theory by embedding moral, social, and behavioral ethics into economic analysis. Using a literature-based narrative method, this research integrates the epistemological strengths of each discipline without diminishing their distinct paradigms. The novelty lies in offering a unified model of Islamic market analysis that incorporates moral reasoning, social dynamics, and behavioral psychology into price determination and market equilibrium. Findings reveal that this multidisciplinary approach enriches theoretical and practical understanding of markets as both economic and moral institutions, balancing efficiency with justice and social responsibility. The study concludes that integrating ethical, psychological, and sociological dimensions leads to a more comprehensive and equitable model of Islamic market behavior, contributing to the advancement of Islamic economic theory, value-driven research methodologies, and sustainable policy design aligned with the maq??id al-shar??ah—the higher objectives of Islamic law.
Market Philosophy, Market Mechanism, Price Theory.
Copyright (c) 2025 Anis Sumadi, Rokhmat, Khudhory, Silachi, Zainal, Qosim https://creativecommons.org/licenses/by-sa/4.0
Employment Potential: Strategic Priorities for Livestock Clusters, Indonesian Micro Waqf Banks
Micro Waqf Banks (MWBs) in Indonesia play a vital role in financing and supporting micro-entrepreneurs, particularly within pesantren communities. The study aims to identify and analyse strategic priorities that MWBs can adopt to enhance job creation, focusing specifically on entrepreneurship within livestock clusters. A qualitative case study approach was employed, gathering data through questionnaires and in-depth interviews with supervisors, managers, and customers from three MWBs in Banten Province: El Manahij, Lan Taburo, and An Nawawi. Data validity was ensured by source triangulation, and analysis was performed using the Analytical Network Process technique supported by Super Decisions software. Findings reveal that job creation is a central priority in entrepreneurship development within MWBs, primarily through the livestock cluster model. This priority is underpinned by three interrelated components of financing: ease of access, business assistance and mentoring, livestock technical training, marketing, and managerial support. The study highlights the crucial role of MWBs in supporting SMEs by integrating these strategies effectively. Through targeted mentoring programmes, flexible financing schemes compliant with Islamic principles, and comprehensive entrepreneurship training, MWBs can unlock significant employment opportunities for micro-entrepreneurs engaged in livestock activities. Policy recommendations urge the government and stakeholders to prioritise enhanced support for mentoring, financing, and entrepreneurship training tailored to MWBs. Future research should explore the applicability of these strategic priorities in other regions and evaluate different mentoring models to generalise findings and optimise MWB strategies nationwide.
Copyright (c) 2025 Rahmat Dahlan, Muhamad Fauzi, Ssonko Muhammedi; Umar Akem; Harun Masykur https://creativecommons.org/licenses/by-sa/4.0
Islamic Economics and MSME Empowerment: Fish Processing Strategies in South Lampung
This study examines empowerment strategies for Micro, Small, and Medium Enterprises (MSMEs) in the fish processing sector at BOM Pier Kalianda, South Lampung, with a particular focus on their implications from an Islamic economic perspective. Despite the area’s substantial potential in fish processing, MSMEs face persistent challenges, including limited facilities, restricted access to training, and insufficient financing. Employing a descriptive qualitative design, this research collected primary data through interviews and direct observation with 23 informants, complemented by secondary sources from documents and literature. Data were analysed using the Importance Performance Analysis (IPA) method to assess the importance and satisfaction levels of 35 empowerment indicators. The findings show that product innovation training, access to raw materials, and financing fall under Quadrant II (priority for improvement), whereas local market access, product quality, and marketing training fall under Quadrant I (to be maintained). From an Islamic economic perspective, empowerment enhances distributive justice, promotes ethical business conduct, and fosters economic self-reliance among coastal communities. The results highlight that empowerment efforts at BOM Pier have generated positive impacts but remain constrained by technical skill gaps, limited access to Sharia-compliant financing, and weak compliance with quality standards. Strengthening policy coordination, infrastructure provision, and financing schemes rooted in Islamic principles is therefore essential for ensuring sustainable MSME development and inclusive economic growth.
Copyright (c) 2025 novitasari-97, Nursyamsi Hamza, Zuhal Azzamul A'la https://creativecommons.org/licenses/by-sa/4.0
Impact Of Organizational Climate On Employees’ Organizational Commitment In Nepal: A Case Study Of Nepal Bank LTD
This paper aims to examine the impact of dimensions of organizational climate on organizational commitment on bank employees of the Nepal Bank Ltd. The Nepal Bank Ltd was selected under purposive sampling method. Structural 5 points Likert Scale organizational climate and organizational commitment questionnaires were designed and distributed to 157 offiicers and table work employees selected under systematic random sampling method out of 326 employees. Only 114 respondents have filled up and returned questionnaire forms within the given period. The statistical tools correlation and simple linear regression were deployed for analysis purpose by the helps of SPSS 18th crack version. The analysis has shown significant positive correlation of the dimensions of organizational climate and dimensions of organizational commitment with correlation values from 0.432 to 0.605. Likewise the impact of dimensions of organizational climate proportionate have changed in organizational climate by 52.9 percent. The management and policy makers of the bank should enhance organizational commitment through improvement of organizational climate of the bank.
Copyright (c) 2024 Surya Prasad Poudel, Kul Prasad Aryal https://creativecommons.org/licenses/by-sa/4.0
Assessing The Contribution Of Tourism To Economic Growth In Nepal
This study examines the impact of tourism on Nepal’s economic growth using time-series data from 2001 to 2024. Employing linear and multiple regression analyses, results show a significant upward trend in tourist arrivals, increasing by approximately 1,493 visitors annually, and a corresponding rise in tourism’s contribution to GDP by 0.0184 percentage points per year. A strong positive correlation (r = 0.87) between tourist arrivals and GDP contribution underscores tourism’s key role in economic development. Despite a sharp decline in tourism during 2020 due to the COVID-19 pandemic, structural break analysis indicates a resilient recovery in subsequent years. Stationarity tests show that important variables were not stable, so we adjusted the data to make it suitable for accurate time-series modeling. Findings highlight the sustained and growing economic importance of tourism in Nepal and suggest avenues for future research incorporating advanced modeling techniques.
Copyright (c) 2024 Krishna Prasad Ojha, Madan Kandel, Kapil Shah https://creativecommons.org/licenses/by-sa/4.0
Islamic Sustainable Finance and MSME Development in Indonesia: Evidence from Bank Syariah Indonesia
This paper investigates the critical yet under-explored impact of Islamic sustainable finance reporting on the inclusiveness and distribution of financing to Micro, Small, and Medium Enterprises (MSMEs) in Indonesia. Despite a robust regulatory framework, a significant financing gap persists for MSMEs, raising questions about the efficacy of current sustainable finance initiatives beyond mere reporting. Utilising a quantitative approach, this research analyses data from Bank Syariah Indonesia (BSI), the nation's largest Islamic bank, from 2021 to 2024. Simple regression analysis was employed to examine the relationship between key performance metrics. The results reveal a stark dichotomy: a strong, perfect positive relationship (coefficient = 1.000) was found for Success Rate (SR), indicating that sustainable finance principles, when implemented, are highly effective in driving genuine inclusive outcomes for MSMEs. Conversely, the analysis of the Financing to Deposit Ratio (FDR) showed a non-significant coefficient (0.038), a negative R-squared (-0.071), and a high p-value (0.99), indicating that the current framework fails to systematically differentiate true inclusiveness from consistent error, suggesting potential "SDG-washing". The study concludes that while Islamic sustainable finance provides a potent framework for success, its current implementation lacks the sophisticated risk assessment and auditing mechanisms needed to ensure authentic and scalable financing distribution. The findings urge policymakers and financial institutions to enhance the discriminative power of sustainable finance metrics, moving beyond reporting to develop granular tools that prioritise and authentically support Indonesia's vital MSME sector.
Copyright (c) 2025 Ahmad Afif, Ade Wirman Syafei, Siti Hamidah Binti Marwan https://creativecommons.org/licenses/by-sa/4.0
Integrated Reporting and the Yin-Yang Perspective: Towards Moral and Sustainable Value Creation
This article investigates the transformation of corporate disclosure through Integrated Reporting (IR) and examines it within the Yin-Yang philosophical framework. The study departs from the growing demand for transparent, reliable, and sustainable reporting that integrates financial and non-financial information to create long-term value for stakeholders. Despite Indonesia’s role as a G20 member, the adoption of IR remains limited and often incomplete, which raises questions about its effectiveness in promoting sustainable practices. Positioning the research within the context of moral and sustainable perspectives, this study argues that the Yin-Yang philosophy offers a valuable lens for understanding the ethical balance required in corporate reporting. The analysis employs a qualitative literature-based method by reviewing IR principles in relation to Yin-Yang values of balance, complementarity, and dynamism. The findings indicate that Yin-Yang provides a framework to harmonise financial accountability with social and environmental responsibility, thereby encouraging sustainable value creation. This study contributes conceptually by linking Eastern philosophy with IR discourse and practically by highlighting the need for Indonesian companies to enhance IR implementation. The article underscores that adopting a balanced, moral, and sustainable approach to corporate reporting can strengthen stakeholder trust and support long-term business resilience.
Copyright (c) 2025 Astrid Maharani , Agung Parmono https://creativecommons.org/licenses/by-sa/4.0
Integration of Islamic Social Finance for Sustainable Economic Development in the Rural Areas of Situbondo Regency, East Java, Indonesia
Islamic social finance, which includes zakat, infaq, sedekah, and wakaf (ZISWAF), has significant potential to support sustainable economic development in rural areas. This article aims to explore how the integration of Islamic social finance can contribute to the economic empowerment of communities in the rural areas of Situbondo Regency, East Java, Indonesia. Through a qualitative approach, this research analyzes the implementation of Islamic social finance programs and their impact on the economic well-being of the community. The findings indicate that with the synergy between local government, zakat management institutions, and pesantren, Islamic social finance can be an effective instrument in driving economic growth, reducing poverty, and creating sustainable development. This article provides practical recommendations to optimize the potential of Islamic social finance in rural areas.
Copyright (c) 2025 Fauzan Fauzan, Ismail Al Farooqi; Ana Pratiwi; Nur Ika Mauliyah https://creativecommons.org/licenses/by-sa/4.0
Analysis of Murabaha to the Purchase Orderer in Islamic Jurisprudence and DSN-MUI Fatwas Applications
Murabaha to the purchase orderer is one of the most essential Islamic financing models adopted by Islamic banks as a Sharia-compliant alternative to interest-based transactions. With the expansion of Islamic banking in Indonesia, the need to regulate this contract in accordance with Islamic principles has increased. The National Sharia Council of the Indonesian Ulema Council (DSN-MUI) plays a key role in issuing fatwas to ensure its compliance with Sharia. This research employs a descriptive-analytical approach by reviewing jurisprudential sources and DSN-MUI fatwas to clarify the concept of Murabaha to the purchase orderer, assess its Sharia compliance, and analyze the impact of DSN-MUI fatwas on its implementation in Islamic banks.The study identifies a research gap regarding the extent to which Indonesian banks adhere to the Murabaha contract in accordance with Sharia-based fatwas and the impact of these fatwas on the stability of Islamic finance. It also highlights the need for a comparative analysis between DSN-MUI fatwas and jurisprudential rulings in other countries, in addition to assessing the awareness of bank employees and customers regarding the contract’s terms. The findings indicate that Murabaha is permissible under Sharia if specific conditions are met, such as the bank taking ownership of the goods before selling them to the customer. DSN-MUI fatwas provide a clear legal framework that promotes transparency and prevents uncertainty and usury. The study recommends enhancing awareness among banking staff and customers regarding Sharia conditions, improving regulatory oversight to ensure compliance, and encouraging further research to develop Islamic financing models that meet growing market demands.
Copyright (c) 2025 Ashim, Asman, Imran Rashedi https://creativecommons.org/licenses/by-sa/4.0
Franchise Business in the Industry 5.0 Era: Sharia Branding, Ethical Practices, and Islamic Values
This study examines the role of Islamic values in franchise businesses within the context of the Industrial Revolution 5.0, focusing on the case of Kopontren Sejahtera Mandiri Syariah in Jember. The research aims to explore how sharia branding and ethical business practices contribute to sustainable economic development while maintaining alignment with Islamic economic principles. Employing a qualitative phenomenological approach, the study gathers data through in-depth interviews, observations, documentation, and focus group discussions with key stakeholders, including business owners, employees, and customers. The findings highlight the interplay between modern technological advancements and Islamic business ethics, emphasizing the significance of social justice, equitable wealth distribution, and ethical consumer engagement. The study reveals that sharia branding in the franchise sector not only serves as a marketing strategy but also fosters customer loyalty, strengthens social piety, and enhances entrepreneurial spirit among Islamic boarding school alumni. However, challenges remain in integrating digitalization with Islamic values, requiring businesses to navigate ethical concerns while leveraging technological innovations. By analyzing Kopontren Sejahtera Mandiri Syariah as a case study, this research contributes to a deeper understanding of how franchise businesses can maintain religious and ethical integrity in the era of rapid industrial and technological transformation.
Copyright (c) 2025 Retna Anggitaningsih https://creativecommons.org/licenses/by-sa/4.0
Macroeconomic Impact on the Risk Profile of Islamic Commercial Banks in Indonesia
As a member of the G20, Indonesia has demonstrated economic stability with an average growth of 5.05% by 2024. Islamic commercial banks play an important role in supporting the national economy through Sharia-based financing, which is more stable than traditional banks. However, macroeconomic fluctuations such as inflation, GDP, BI rate, and exchange rates can impact Non-Performing Financing (NPF) as an indicator of credit risk. High NPF can affect the profitability and operational sustainability of Islamic commercial banks. Therefore, a deep understanding is required to maintain the stability of this sector. The aim of this study is to analyze the impact of macroeconomic factors on the NPF of Islamic commercial banks in Indonesia. With a quantitative approach using secondary data from quarterly reports for the period 2021-2023 and analyzed using multiple linear regression with panel data on nine Islamic commercial banks that meet the criteria, namely Bank Aladin Syariah, Bank Victoria Syariah, Bank Jabar Banten Syariah, Bank Panin Dubai Syariah, Bank Mega Syariah, Bank BCA Syariah, Bank BTPN Syariah, Bank Syariah Indonesia, and Bank Muamalah Indonesia. The findings indicated that inflation exerts a substantial impact on Non-Performing Financing (NPF). Conversely, Gross Domestic Product (GDP), Bank Indonesia (BI) rate, and exchange rate do not exhibit any influence on NPF. Nevertheless, concurrently, inflation, GDP, BI rate, and exchange rate collectively demonstrate a significant effect on NPF. This suggests that these variables interact with one another and play a role in altering the quality of financing extended by Islamic commercial banks.
Copyright (c) 2025 Fery Maulana Malik, Hamid Asayesh, Lalu Abu Gunawan; Ismail Pulungan https://creativecommons.org/licenses/by-sa/4.0
Civil Society and Mass Movement: A Historical Perspective and Linkage
This study investigates the historical development of civil society and its connection to mass movements, with a particular focus on Nepal. Civil society, often regarded as an intermediary between the state and citizens, has played a critical role in advocating for democracy and social justice. The aim of the study is to analyze how civil society organizations (CSOs) have influenced socio-political transformations, particularly during Nepal’s People’s Movements of 1990 and 2006, which were pivotal in restoring democracy and reshaping governance structures. The research employs qualitative and historical methods, relying on secondary data from books, journal articles, and archival records. The study finds that CSOs significantly contributed to mass mobilization by facilitating collective action, amplifying marginalized voices, and advocating for democratic reforms.
Copyright (c) 2025 Arjun Bhandari https://creativecommons.org/licenses/by-sa/4.0
Analysis of the Impact of Economic Digitalization on Economic Growth on the Island of Sumatra
This study examines the impact of economic digitalization on economic growth in Sumatra from 2013 to 2023. As economic digitalization plays a significant role in shaping growth trajectories, this research focuses on analyzing its effect on various economic indicators, including government spending and production. Using panel data from 49 districts/cities on the island of Sumatra, the study employs a dynamic panel data model with the Generalized Method of Moments (GMM) approach, particularly the Arellano-Bond estimator, to estimate the long-term and short-term impacts. The results indicate that economic digitalization significantly influences economic growth in Sumatra, with digitalization showing positive effects both in the short and long term. Furthermore, government spending is found to have a notable impact on the region’s digitalization efforts, whereas production does not exhibit a significant effect. The study concludes that fostering digitalization through targeted policies, investments in digital infrastructure, and increased government expenditure can drive sustainable economic growth in Sumatra. The findings suggest that enhancing digitalization initiatives and inter-regional cooperation could maximize economic potential and ensure equitable growth across the island.
Copyright (c) 2025 Ismail Pulungan Ismail, Abu, Fery; Maarif https://creativecommons.org/licenses/by-sa/4.0
Increasing Middle-Class and Its Socio-economic Impacts on South Asia
Middle Class is a more perplexing and debatable phrase in social science. Lower, medium, and upper or high middle classes are recognized as the three categories inside the middle class. The new powerful middle-class appearance in developing countries has been generating difficulties in defining and making sense of the concept. The new or emergence of the middle class is a big issue, opportunity, and challenge in South Asia and the world. According to Lu, Marcus (2023)[1], 113 million people will become middle-class worldwide in 2024 and the majority of them are coming from Asia. More than 100 million people worldwide join the middle class each year. The report of the Asian Development Bank (2011)[2] indicates that a billion people were in the middle class in 2011, it will be 1.2 billion by 2030, and 1.4 billion by 2050. This paper tries to articulate the situation of the middle class and its impacts on the socio-economic life in this region. This article uses the ADB (2011) definition of middle-class consuming those with consumption spending between $2 to $20 per day at 2005 PPP$.
Copyright (c) 2025 Gokarna Prasad Gyanwali https://creativecommons.org/licenses/by-sa/4.0
Impact of Value Added Tax on Total Tax Revenue Generating in Nepal
Government revenue is based for national development, social securities, national defense etc. VAT is a major source of government revenue in later period in the world because it has principles of transparency, tax to destination and theory of neutrality and economic growth. The objective of this study was to identify the impact of VAT on total tax revenue generation of Nepal. The 20 years panel data since 2001/002 to 2020/021 has been taken from governments’ publications and analyzed on the helps of mean, standard deviation, correlation and ridge regression. The multicollinearity in panel data has been removed by the helps of ridge VIF analysis. The mean and standard deviation of VAT has been found highest among other sources of revenue custom tax, excess duty and direct tax. However ridge regression analysis has shown weak impact of VAT on revenue generation rather than direct tax, custom tax, and excise duty. The government should increase VAT revenue by minimizing schedule of zero VAT rate goods and services, threshold of transactions etc.
Copyright (c) 2025 Surya Prasad Poudel https://creativecommons.org/licenses/by-sa/4.0
Role of Social Media Marketing on Customer Purchase Intention in Kathmandu Valley Nepal
How Consumer Purchase Intentions are affected by Social Media Marketing (with a specific reference to Kathmandu Valley) This research is restricted to examining the correlation between social media marketing and consumer purchase intention, as well as providing an analysis of the impact of social media marketing on consumer buy intention. In order to determine the relationship between social media marketing and consumer purchase intention, two social media advertising campaigns have been examined using a quantitative research methodology as a basis for a casual comparative analysis. Only 350 respondents completed the 382 questionnaires that were distributed using Google Form Sharing, which is how the data utilised in this study were gathered. A five-point Likert scale base questionnaire for the variables is one of the sets of instruments put up for the study, along with demographic and general information questions for each of the three groups. These kinds of techniques are not the ideal choice, and quantitative research makes this clear when convenience or purposeful sampling is used to collect data (Yilmaz, 2013). Analysing Data. The coefficient of variation and Pearson's correlation were the two methods used to analyse the data. Conversely, whereas informativeness and buy intention have the most positive correlation with one another, perceived relevance and purchase intention have the lowest correlation. Purchase Intention is the dependent variable, and the five variables (Habit, Informativeness, Interactivity, Performance Expectancy, and Hedonic Motivation) have p-values less than 0.05, indicating that they positively influence it. In contrast, Perceived Relevance has a p-value greater than 0.05, indicating that it has no significant effect on Purchase Intention. Many stakeholders, including but not limited to marketers, business experts, and policy officials in developing nations like Nepal, benefit from this study. The results offer practical insights into how we might use various social media marketing elements to increase customer buy intentions.
Copyright (c) 2025 Ballav Niroula , Sapana Vaidya https://creativecommons.org/licenses/by-sa/4.0
Learning and Growth Dimension of the Balanced Scorecard and Its Influence on Cooperative Performance: A Study of Nawalparashi District, Nepal
The main objective of the study is to analyze the impact of learning and growth dimension on the performance of cooperative in Nepal. The "Learning and Growth" dimension in the “Balanced Scorecard” is crucial because it focuses on the growth and nurturing of human capital, an organization's most valuable asset. This perspective specifically targets the enhancement of employees' abilities, knowledge, and skills, which is essential to a competitive advantage and achieving long-term organizational goals. Due to the specific nature of research objectives, descriptive-cum- causal comparative research design has been used. The findings of the study clearly indicate Learning and Growth dimension with human capital, knowledge capital and institutional capital are very important for increasing the performance of employee in cooperative organization.
Copyright (c) 2024 Jitendra Prasad Upadhyay, Pashupati Pokhrel https://creativecommons.org/licenses/by-sa/4.0
Accounting Information Systems as a Tool for Effective Petty Cash Control: Evidence from a Hotel Case Study
This study investigates the role of accounting information systems (AIS) in controlling petty cash disbursements within the hospitality industry, specifically through the implementation of a fluctuating fund-balance system at Hotel X in Surabaya. Utilizing a descriptive qualitative approach, the research involved data collection through interviews, observations, and documentation over five months. The results indicate that Hotel X manages petty cash disbursements via two distinct methods based on fund holders: the general cashier and the front office, with each method serving different types of expenses. The fluctuating fund-balance system adjusts petty cash balances according to operational needs, which provides flexibility while enhancing control over cash flow. However, findings revealed a lack of sufficient internal controls and documentation that led to discrepancies between recorded disbursements and supporting evidence, highlighting a significant gap in cash management practices. The integration of a robust AIS helps mitigate these challenges by improving internal controls, reducing fraud risks, and ensuring the reliability of financial reporting. This research contributes to the literature on AIS by demonstrating its utility in petty cash management, underscoring its importance for operational efficiency and financial security in the hospitality sector. The findings suggest that adopting such a system can lead to improved financial accountability and better adherence to internal control standards in cash handling.
Fluctuating Fund-Balance System Petty Cash Management Internal Control Hospitality Industry
Copyright (c) 2024 Nadhira Irfanja, Maria Rose, Fatimah Kiir Mayardit https://creativecommons.org/licenses/by-sa/4.0
Murabahah Financing in Practice: An Analytical Study at Sharia Bank, Sungai Penuh Branch
This study examines the implementation of murabahah financing at the Sungai Penuh branch of Islamic Bank. Murabahah is one of the most dominant Islamic banking products in Indonesia, contributing 57.16% of total Islamic bank financing. This study analyzes the characteristics of the murabahah products offered, the procedures for implementing the murabahah contract, the mechanism for ensuring sharia compliance, risk management strategies, and the positive impact of murabahah financing on the economy and customer welfare. Sungai Penuh City is a potential area for the development of Islamic banking because the majority of its population is Muslim. The method used in this study is qualitative with a descriptive approach. The types of data used in this study are primary data and secondary data with data collection techniques by means of observation, interviews and documentation. The data obtained in the field are then analyzed by data reduction, data presentation and drawing conclusions. The results of this study indicate that the implementation of murabahah financing in Sungai Penuh is generally in accordance with sharia principles and in accordance with the provisions of the DSN-MUI Fatwa and the Islamic Banking Law. However, there are still some challenges such as pricing, risk management, and sharia compliance. Suggesting that Islamic banks should improve customer understanding and develop innovative murabahah products to further strengthen the growth of Islamic banking in the Sungai Penuh area.
Copyright (c) 2024 Tiya Iswari, Elex Sarmigi, Abdurrahman Al Biruni, Muhammad Aunurrochim Mas'ad https://creativecommons.org/licenses/by-sa/4.0
Do Lifestyle, Price and Quality of Goods Influence Muslim Consumers' Used Clothing Purchasing Decisions
The aim of conducting research on the factors that are considered in selecting and purchasing the interest in buying used clothes (thrifting) among IAIN Fattahul Muluk Papua students is to find out and see how important the factors that influence purchasing are to the buying interest of consumers. This research uses quantitative methods. The respondents in this research were IAIN Fattahul Muluk Papua students through a questionnaire, and this research can draw the conclusion that selection and purchasing influence students' interest in buying second-hand clothes (thrifting). Used clothes are very popular, especially in urban areas. Consumers' interest in buying second-hand clothes is very high, this is related to the lifestyle of modern society which is increasingly increasing, with the price range being more affordable and the quality of second-hand clothes still being good. A high lifestyle greatly influences consumers in consuming goods, the lifestyle factor itself will also influence the quality and price of the product. Factors that significantly influence consumers' buying interest in used clothing are price and quality.
Lifestyle, product price, product quality
Copyright (c) 2024 Journal of Islamic Economics Perspectives
Economic growth The Effect Of Local Original Revenue And General Allocation Funds On The Economic Growth Of Indramayu Regency In 2008-2022
Good economic growth is achieved from the State Budget (APBN) and the Regional Revenue itself. This study aims to determine how big is the impact of Local Original Revenue (PAD) and General Allocation Fund (DAU) on the economic growth of Indramayu Regency from 2008 to 2022. This study used a quantitative approach using secondary data from the Central Statistics Agency (BPS) of Indramayu Regency. Data analysis was performed using multiple linear regression method. The results showed that the variable Local Original Income does not affect the economic growth of the Indramayu Regency. In contrast, the General Allocation Fund variable affects the economic development of Indramayu Regency. Based on test F, the variables of Regional Original Income and General Allocation Fund together affect the economic growth of Indramayu Regency.
Economic Growth, General Allocation Fund, Local Original Revenue