El-kahfi | Jurnal Ekonomi Islam

Patterns of Choosing the Right Sharia Investment for Beginners Amid Global Economic Uncertainty

2025-10-08T06:40:02+07:00

This research discusses various types of Islamic investment instruments, such as Islamic stocks, sukuk, Islamic mutual funds, and gold, as well as the criteria for choosing investments that are in accordance with sharia values. Islamic investments are increasingly in demand as an investment alternative that is not only financially beneficial, but also in accordance with Islamic principles. The purpose of this research is to find the right type of Islamic investment for beginners amidst global economic uncertainty. The research also emphasizes how important it is to ensure that every investment instrument has integrity and transparency. The method used for the literature study is a descriptive qualitative approach that analyzes various relevant academic sources through content analysis. The results show that investments with low risk, affordable capital, and in accordance with sharia principles, sharia mutual funds, gold and sharia deposits are the most suitable instruments for beginners amid global economic uncertainty. Factors such as risk profile, financial goals and investment time horizon are also explained as important considerations when making decisions for Islamic mutual funds, sukuk and gold. Investors can choose Islamic investment instruments that are profitable and foster confidence with a good understanding. The results of this study are expected to be an initial guide for novice investors in choosing Islamic investments amidst economic uncertainty.

Challenges, Adaptation, and Impacts: A Comprehensive Study of BSI Laku Pandai Agents in Providing Islamic Financial Services in Remote Areas

2025-10-08T06:42:08+07:00

This study examines the implementation of the BSI Laku Pandai program as an instrument of Islamic financial inclusion in remote areas, focusing on Bang Haji, Pagar Jati, and Merigi Sakti sub-districts in Central Bengkulu Regency. The main objectives are to identify the challenges faced by agents, analyze their adaptive strategies, and assess the program’s impacts on the economic and social well-being of local communities. The research employs a qualitative approach through in-depth interviews, observations, and document analysis, guided by Amartya Sen’s Capability Approach. The findings reveal that agents face structural barriers, including poor infrastructure, low financial literacy, and limited operational capacity. Nevertheless, agents developed adaptive strategies such as collaborating with religious leaders, using religious narratives, employing alternative technological solutions, and providing door-to-door services. The program has delivered tangible benefits by reducing reliance on informal moneylenders, fostering trust in formal institutions, expanding access to sharia-compliant financing for microenterprises, and reinforcing the community’s religious identity. The study concludes that financial inclusion should not be measured solely by access to services but by the extent to which such services enhance people’s substantive capabilities. Accordingly, the program requires complementary measures, including financial literacy initiatives, digital infrastructure development, and continuous capacity-building for agents, to ensure broader and more sustainable impacts.

Outcome-Based English Learning for Islamic Economics Students in Indonesian Universities

2025-10-08T06:43:43+07:00

This study addresses the need for Islamic Economics graduates to acquire not only theoretical knowledge but also practical English communication skills, in order to meet the challenges of global economic integration and the Islamic finance industry. The research aims to redesign English for Economics courses by applying principles of Outcome-Based Education (OBE). Using a qualitative descriptive design, this study analyzes curriculum documents, previous research, and case examples from Islamic universities to examine the integration of communicative competence, critical thinking, and contextual understanding into course design. The findings indicate that OBE-based instruction enhances students’ linguistic proficiency, professional readiness, and international engagement by aligning learning outcomes with industry requirements. The study contributes to curriculum development by offering a framework for implementing OBE in English for Islamic Economics. Its novelty lies in positioning OBE as a strategic approach to bridge the gap between traditional reading-focused instruction and the real-world communicative demands of Islamic economics education.

The Influence of Financial Literacy, Financial Technology, and Risk Perception on Investment Decisions

2025-10-08T06:45:49+07:00

This study investigates the influence of financial literacy, financial technology, and risk perception on investment decision-making among users of the Pegadaian Digital application in Makassar, Indonesia. Employing an explanatory quantitative research design, data were collected through online questionnaires distributed to a sample of 60 respondents. The analysis involved instrument validity and reliability testing, classical assumption tests, and hypothesis testing, all conducted using IBM SPSS 25. The findings reveal that, partially, financial literacy and risk perception exert a positive and statistically significant effect on investment decisions, whereas financial technology demonstrates a negative and statistically insignificant effect. However, when considered simultaneously, financial literacy, financial technology, and risk perception collectively exert a significant influence on investment decisions. These results highlight the importance of financial literacy and risk awareness in shaping investors’ behavior and decision-making processes. The study further suggests that prospective and current investors should deepen their knowledge and understanding of available investment instruments to make informed decisions, reduce uncertainty, and minimize potential losses.

Analysis of Factors Influencing Public Trust in the Adoption of Digital Zakat Payment

2025-10-08T06:47:40+07:00

Abstrak: Kepercayaan publik terhadap lembaga amil zakat merupakan faktor kunci dalam mengoptimalkan pengumpulan zakat secara nasional. Meskipun Indonesia memiliki potensi zakat yang sangat besar, realisasi pengumpulannya masih tergolong rendah. Salah satu penyebab utamanya adalah kurangnya kepercayaan masyarakat terhadap lembaga pengelola zakat, khususnya terkait transparansi, akuntabilitas, dan keamanan pengelolaan dana. Dalam konteks kemajuan teknologi, digitalisasi sistem pembayaran zakat muncul sebagai solusi yang menjanjikan untuk meningkatkan efisiensi, aksesibilitas, dan kepercayaan publik. Penelitian ini bertujuan untuk menganalisis faktor-faktor yang memengaruhi kepercayaan masyarakat terhadap platform zakat digital, dengan studi kasus pada Lembaga Amil Zakat Nasional Baitul Maal Hidayatullah (BMH). Penelitian ini menggunakan pendekatan kuantitatif dengan desain penelitian asosiatif. Data dikumpulkan melalui penyebaran kuesioner kepada 150 responden yang merupakan pengguna aktif platform digital BMH. Metode analisis yang digunakan adalah analisis faktor eksploratori untuk mengidentifikasi struktur laten dari variabel-variabel yang membentuk konstruksi kepercayaan. Hasil penelitian menunjukkan tiga faktor utama yang secara signifikan memengaruhi kepercayaan masyarakat terhadap platform zakat digital, yaitu keamanan digital, transparansi dan pelaporan, serta kemudahan penggunaan. Ketiga faktor ini menunjukkan hubungan yang kuat dalam membentuk persepsi publik terhadap kredibilitas sistem zakat berbasis teknologi. Temuan ini menegaskan bahwa kepercayaan terhadap layanan zakat digital tidak hanya dipengaruhi oleh aspek teknologi, tetapi juga oleh integritas kelembagaan dan kualitas keseluruhan pengalaman pengguna.

Optimizing Infak Funds in Efforts to Empower Nutrition of Marginalized Communities

2025-10-08T06:49:18+07:00

Malnutrition and stunting remain persistent challenges in Indonesia and other Muslim-majority countries, demanding innovative financing approaches that address both immediate and structural needs. This study examines the role of infaq as an Islamic social finance instrument in supporting nutritional empowerment for marginalized communities. Employing a systematic literature review of 32 studies published between 2015 and 2025 across Scopus, Web of Science, and national SINTA databases, the analysis followed PRISMA 2020 guidelines to ensure transparency in study selection and synthesis. The review identified five major themes: governance and accountability, digitalization of philanthropy, community-based empowerment, hybrid consumptive–productive models, and alignment with the Sustainable Development Goals. Evidence from randomized and quasi-experimental studies demonstrated that targeted interventions, such as supplemental feeding and maternal education, improve short-term nutritional outcomes, while integrated and well-governed models strengthen long-term resilience. Despite these promising insights, rigorous evaluations directly linking infaq allocation to nutritional indicators remain limited, underscoring the need for pre-registered trials, digital fund-tracking, and stronger institutional collaborations. By synthesizing empirical findings with Islamic economic principles and the maqasid al-shariah, this study proposes a conceptual framework positioning infaq not only as a charitable mechanism but also as a developmental instrument that bridges global health agendas with the ethical imperatives of Islamic economics

Determinants of Profitability in BCA Syariah: The Role of NPF, FDR, and DER from 2015-2023

2025-10-08T15:19:39+07:00

Islamic banking in Indonesia has shown consistent growth, making profitability a crucial indicator of financial health and competitiveness. This study examines the effect of non-performing financing (NPF), financing-to-deposit ratio (FDR), and debt-to-equity ratio (DER) on return on equity (ROE) at BCA Syariah during 2015–2023. Using a quantitative associative design, we obtained 36 annual observations from financial statements and applied panel regression to evaluate both simultaneous and partial effects. The results indicate that NPF, FDR, and DER jointly influence ROE. Partially, NPF exerts no significant effect, FDR has a significant negative impact, while DER shows a positive but insignificant relationship with ROE. The dominance of FDR highlights the central role of liquidity management compared to credit risk and capital structure.The novelty of this study lies in its contrast with prior findings, where NPF is typically found to significantly reduce profitability. In BCA Syariah’s case, strong risk management and stable financing quality appear to mitigate the adverse effects of NPF, making liquidity pressure (FDR) the primary determinant of profitability. Theoretically, this extends the literature on Islamic banking profitability by showing that the impact of financing risk may be context-specific and shaped by internal bank governance. Practically, the findings suggest that BCA Syariah should continue improving financing quality while prioritizing stricter management of third-party funds, thereby strengthening profitability and enhancing its competitive position in the Islamic banking sector.

Integrating Product Quality Dimensions into Competitive Advantage Strategies: A Thematic Synthesis Toward Sustainable Value Creation

2025-10-10T09:40:56+07:00

This study explores how product quality dimensions can be strategically integrated into competitive advantage frameworks to create sustainable value. Despite extensive discussions on product quality and business strategy, few studies have systematically examined how quality functions within cost leadership, differentiation, and focus strategies in the digital economy era—particularly among SMEs. Using a thematic synthesis approach, this study reviews and critically analyzes academic publications from 2020–2025 obtained from Scopus, DOAJ, and Google Scholar. The findings reveal that product quality acts as a multidimensional strategic lever that connects cost efficiency, innovation-driven differentiation, and adaptive focus strategies. The study further highlights that digitalization and data-driven management systems enhance the synergy between quality, price, and promotion, enabling firms to sustain competitive advantage in volatile markets. Theoretically, this review contributes an integrative conceptual framework linking product quality to strategy typologies, while practically offering guidance for SMEs and business managers to design efficient yet value-creating quality strategies.

The Influence of the Seven Principles of Zakat Management on Service Effectiveness and Efficiency: An Empirical Study Using the PLS-SEM Approach

2025-10-17T11:49:12+07:00

This study aims to analyze the influence of seven fundamental principles of zakat management—Islamic law, trustworthiness, benefit, justice, legal certainty, integration, and accountability—on the effectiveness and efficiency of zakat institutions in Indonesia. A quantitative method was employed using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) approach with data obtained from 100 respondents representing various zakat management institutions. The findings reveal that all seven principles have a significant effect on the effectiveness and efficiency of zakat services, with a coefficient of determination (R²) of 0.822, indicating a strong explanatory power of the model. The predictive relevance value (Q²) of 0.645 also demonstrates high predictive validity. Among these, accountability, integration, and trustworthiness emerge as the most dominant factors. These results confirm that zakat governance grounded in Islamic principles and supported by accountable and integrated institutional systems can significantly enhance the performance and optimization of zakat distribution and utilization

Blockchain-Based Waqf and Maslahah Mursalah: A Sharia Analysis in Light of MUI Fatwas

2025-10-19T12:16:01+07:00

Despite Indonesia’s vast waqf potential, asset management remains inefficient due to persistent issues of transparency, accountability, and public trust. This study examines the integration of blockchain technology within waqf management and its legitimacy under Islamic law, analyzed through the lens of maslahah mursalah and Majelis Ulama Indonesia (MUI) fatwas. Previous studies on blockchain waqf have largely focused on technical feasibility and governance frameworks, yet have not sufficiently addressed its shariah legitimacy through usul fiqh reasoning. Employing a qualitative-descriptive method, the research integrates four analytical stages: (1) textual analysis of Qur’anic and Prophetic principles on transparency and trust (amanah), (2) review of MUI fatwas to identify legal boundaries for digital financial instruments, (3) comparative analysis of blockchain-based waqf models from Malaysia, Turkey, and the UAE, and (4) conceptual synthesis aligning technological transparency with the objectives of maslahah mursalah. Findings suggest that blockchain, when implemented within a shariah-governed framework, fulfills the criteria of public benefit and does not contravene existing fiqh principles, thus qualifying as a legitimate ijtihadi innovation (tathbiq al-maslahah). The study concludes that blockchain-based waqf has the potential to strengthen institutional credibility, enhance transparency, and optimize social welfare distribution. This research contributes to the development of sharia-compliant digital philanthropy frameworks in Indonesia and offers policy insights for the digital transformation of Islamic social finance institutions

Marketing Strategy of Non-Bank Islamic Financial Institutions to Enhance Financial Inclusion in Indonesia

2025-10-21T14:35:04+07:00

Financial inclusion remains a major challenge in the Indonesian economic system, particularly for low-income communities and micro-entrepreneurs who are not yet served by formal financial institutions. This gap creates unequal access to financial services that can promote economic welfare and social empowerment. This study aims to analyze the role of Non-Bank Islamic Financial Institutions (LKSNB) in expanding financial inclusion in Indonesia and identify effective strategies implemented to reach marginalized groups. The research method used is library research with a qualitative descriptive-analytical approach, through a systematic review of scientific literature, financial institution reports, and related empirical research results. The analysis is conducted using a theoretical framework of financial inclusion based on Islamic economic values, which emphasize distributive justice, the principle of mutual assistance (ta'awun), and Islamic financial ethics. The results show that LKSNB has a strategic role in expanding access to Islamic finance through microfinance products, productive zakat and waqf institutions, and Islamic cooperatives. The practical implications of these findings underscore the importance of government policy support in strengthening the non-bank Islamic financial ecosystem through digitalization, Islamic financial literacy, and collaboration between regulators, Islamic scholars, and industry players. This research is expected to serve as a reference for policymakers and practitioners in designing equitable and sustainable financial inclusion strategies.

Islamic Economic Ethics and Social Capital in Waste Bank Empowerment: A Study of BUMDes in Blitar

2025-10-22T14:52:14+07:00

This study explores how Village-Owned Enterprises (BUMDes) operate in two locations: BUMDes Karya Bakti in Pojok Village and BUMDes Suraya in Banggle Village. The central issue lies in the fact that while many BUMDes experience declining performance, some remain resilient. One BUMDes, in particular, continues to perform stably, which is presumed to be due to the strength of its social capital. Therefore, this research is significant in examining how social capital is applied within these two BUMDes and understanding the reasons behind their differing performance levels. This study employs a qualitative research approach using case studies and the maqāṣid al-sharī‘ah framework. The findings reveal that trust, norms, and social networks play a central role in fostering participation, collaboration, and sustainability. In Banggle, collective leadership and participatory governance have enabled the integration of social capital into well-structured institutional system, reflecting ecological citizenship and ukhuwwah (social solidarity) as the foundation of empowerment. Meanwhile, in Pojok, social capital remains concentrated within a limited managerial core, resulting in lower inclusivity and greater dependence on hierarchical authority.

Integration of Islamic Values in Digital Business Ethics: a Case Study of Social Media Use by Muslim Business Actors

2025-10-27T15:37:23+07:00

The development of digital technology has changed the paradigm of modern business, including among Muslim entrepreneurs who now utilize social media as a primary means of promotion and transactions. However, this dynamic raises ethical challenges that need to be examined from the perspective of Islamic values. This study aims to analyze how Islamic values such as amanah , sidq , 'adl , ta'awun , and maslahah are integrated into digital business ethics. The method used is a qualitative approach through literature study, with descriptive-thematic analysis of relevant academic literature. The results show that the application of Islamic values in digital activities plays a significant role in building consumer trust, creating spirituality-based business sustainability, and fostering social responsibility in the digital economy ecosystem. The implications of this study emphasize the need to develop Islamic digital business ethics guidelines and increase ethical literacy for Muslim entrepreneurs to be able to carry out fair, blessed, and sustainable business practices in the era of digital transformation.

Sharia Compliance Indicators and Implications for Fraud Risk in Sharia Commercial Banks in Indonesia

2025-10-27T16:40:51+07:00

Setiap bank yang beroperasi, termasuk bank umum syariah, berpotensi mengalami risiko kecurangan. Kasus kecurangan yang terjadi di Bank Umum Syariah dari tahun 2022 hingga 2024. Penelitian ini bertujuan untuk menganalisis pengaruh indikator kepatuhan Syariah, yang diukur dengan Islamic Income Ratio (IIR), Profit Sharing Ratio (PSR), Islamic Investment Ratio (IsIVR), dan Zakat Performance Ratio (ZPR), terhadap kecurangan.
Sumber data sekunder diambil dari situs web Otoritas Jasa Keuangan (OJK), di mana 14 Bank Umum Syariah menyampaikan laporan keuangan lengkap kepada OJK selama periode tiga tahun. Hal ini menghasilkan sampel sebanyak 40 yang dipilih menggunakan metode purposive sampling. Analisis dilakukan dengan menggunakan regresi data panel dengan Eviews 12. Hasil penelitian menunjukkan bahwa IsIVR berpengaruh positif terhadap kecurangan, sedangkan IIR, PSR, dan ZPR tidak berpengaruh signifikan. Secara simultan, semua variabel independen berpengaruh positif dan signifikan terhadap kecurangan di Bank Umum Syariah.

Strategies for Preventing Prohibited Transactions in Islamic Digital Finance: A Reflection on Riba, Gharar, and Maysir

2025-11-02T14:10:01+07:00

The rapid expansion of digital financing products presents both opportunities and challenges to maintaining compliance with Islamic financial principles, especially concerning prohibitions against riba and gharar. This study analyzes Islamic financial management strategies to prevent non-compliant transactions within the digital financing ecosystem. Using a qualitative literature approach combined with thematic analysis of academic works, fatwas, and regulatory documents, the study identifies five dominant factors influencing sharia compliance: contractual clarity, information transparency, internal supervision, technological integration, and user literacy regarding digital contracts and transaction risks. The thematic analysis further revealed that institutions applying integrated monitoring and user education frameworks demonstrate higher compliance levels than those relying solely on contractual formalities. The findings suggest the necessity of a measurable Islamic financial management model that aligns contract design, risk control, and technology-based supervision to ensure that digital financing products are not only sharia-compliant but also effective in achieving the objectives of maqāṣid al-syarī‘ah.

The Effect of Company Size, Net Profit Margin, and Debt to Equity Ratio on Income Smoothing in Indonesia’s Textile and Garment Sector

2025-11-12T05:25:15+07:00

This study aims to examine the effects of company size, net profit margin (NPM), and debt-to-equity ratio (DER) on income smoothing practices in textile and garment companies listed on the Indonesia Stock Exchange (IDX) from 2018 to 2022. Income smoothing is a managerial action designed to reduce profit fluctuations, thereby presenting a more stable financial performance and increasing stakeholder confidence. This quantitative research employs multiple linear regression analysis, accompanied by classical assumption tests, including normality, multicollinearity, heteroscedasticity, and autocorrelation tests. The results show that partially, company size, NPM, and DER each have a significant effect on income smoothing. Simultaneously, these three variables also significantly influence income smoothing practices, with an explanatory power of 85.7%. These findings suggest that the combination of firm size, profitability, and capital structure significantly contributes to managerial decisions related to income smoothing. This research enriches empirical evidence on earnings management behaviour. It provides implications for investors, auditors, and regulators in evaluating the quality of financial reporting and corporate transparency within Indonesia’s textile and garment sector.

The Role Of Productive Waqf In Promoting Sustainable Economic Development In The Gontor Ecosystem

2025-11-14T21:32:18+07:00

This study examines the implementation and economic impact of productive waqf within the ecosystem of Pondok Modern Darussalam Gontor (PMDG), a waqf-based Islamic educational institution known for its financial independence and sustainability model. Using a qualitative descriptive approach with a case study design, data were collected through document analysis, institutional reports, field observations, and semi structured interviews with waqf administrators and business unit managers. The findings reveal that Gontor has developed an integrated productive waqf ecosystem that combines physical waqf assets, human resource waqf (waqf basyari), and diversified business units operating in agriculture, publishing, education, cooperatives, and retail sectors. This system generates stable revenue streams that support operational costs, educational subsidies, scholarships, and community empowerment programs. The study also shows that PMDG applies strong sharia-based governance principles transparency, accountability, and periodic internal audits which ensure the sustainability and efficiency of waqf management. Beyond institutional benefits, productive waqf at Gontor contributes to local economic development through job creation, micro-economic stimulation, and equitable welfare distribution. These findings demonstrate that productive waqf, when professionally managed, can function as a strategic instrument for sustainable economic development and serve as a replicable model for other Islamic educational institutions. The study recommends strengthening waqf literacy, enhancing nazhir capacity, and expanding digital-based waqf management to support broader national implementation