Al-Iqtishad: Jurnal Ekonomi Syariah is a scientific journal published by Program Studi Ekonomi Syariah, Faculty of Economics and Islamic Business, Institut Agama Islam Al-Qur'an Al-ittifaqiah Indralaya, is a peer-reviewed journal. The journal is published once every six months, published twice a year. Al-Iqtishad focuses on various topics covering Islamic economics, Islamic finance, Islamic banking, Islamic insurance (takaful), Islamic capital markets, zakat, waqf, and sharia-based economic development that have regional and global relevance. The scope of Al-Iqtishad Journal is global and the journal strives to publish high quality research that contributes to the literature and/or impacts the development of Islamic economics. In this regard, Al-Iqtishad Journal welcomes research papers from economists, academics, practitioners, and researchers in the field of Islamic economics from universities, Islamic financial institutions, and research institutes, regardless of their institutional affiliation and geographical location.
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Peran Teknologi Blockchain dalam Pengembangan Financial Technology (FinTech) dan Penguatan Ekonomi Syariah di Era Masyarakat Digital
This study aims to analyze the role of blockchain technology in the development of financial technology (fintech) and its implications for digital society from the perspective of Islamic economics. The research employs a library research method with a descriptive qualitative approach through the analysis of various scientific literature, financial institution reports, and regulations related to blockchain and fintech. The findings indicate that blockchain technology has significant potential to enhance the efficiency, transparency, security, and accountability of digital financial transactions. Furthermore, blockchain can support the development of Islamic financial instruments such as sukuk, zakat, waqf, and takaful through smart contract mechanisms. However, the implementation of blockchain in Indonesia still faces several challenges, including regulatory issues, public digital literacy, cybersecurity concerns, and differing scholarly opinions regarding the use of crypto assets. This study concludes that blockchain has the potential to become a strategic technology in supporting digital economic transformation and strengthening the Islamic financial ecosystem, provided that it is supported by clear regulations and improved public literacy.
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Analisis Mekanisme Pasar Perspektif Ibnu Khaldun dan Ibnu Taimiyah Serta Relevansinya Terhadap Ekonomi Modern
Ideally, market mechanisms are expected to promote efficiency and equitable distribution; however, contemporary economies continue to face challenges such as monopolistic practices and economic inequality. This study aims to examine the concepts of market mechanisms proposed by Ibn Khaldun and Ibn Taymiyyah, compare their economic perspectives, and explore their relevance to the contemporary economic system. The study employs a qualitative descriptive approach through a literature review of academic sources published between 2020 and 2025. The findings reveal that the economic thought of both scholars remains highly relevant, as it integrates market mechanisms with the principles of justice, ethics, and government oversight. Ibn Khaldun viewed the market as a natural system driven by supply, demand, and social stability, whereas Ibn Taymiyyah emphasized ethical conduct and the regulatory role of the state in ensuring market justice. Their ideas offer valuable insights for addressing modern economic challenges, including monopoly, distributive inequality, and the pursuit of the Sustainable Development Goals (SDGs) through the promotion of justice, social welfare, and sustainable development.
JUAL BELI PADI DENGAN SISTEM HARGA URIP DALAM PERSPEKTIF EKONOMI ISLAM DI DESA TANJUNG TIGA
The life-price system (harga urip) refers to a pricing mechanism in which the price is not determined at the time of contract but is adjusted later based on the highest market price. This practice has long been accepted as a local custom (???urf). This study aims to analyze the practice of rice trading using the harga urip pricing system implemented by the community of Tanjung Tiga Village, Rantau Bayur District, Banyuasin Regency, and to examine its conformity with Islamic economic principles, particularly regarding contractual clarity and transactional justice. The research employs a qualitative method with a case study approach. Data were collected through field observations, semi-structured interviews with rice farmers and purchasing agents, and relevant documentation. Data analysis was conducted through data reduction, data display, and conclusion drawing, supported by triangulation techniques to ensure data validity. The findings indicate that the rice trading practice under the harga urip system generally fulfills the pillars of sale (rukun al-bay???), including the presence of contracting parties, a clear object of transaction, and mutual agreement. However, in terms of the legal conditions of sale, several issues were identified, particularly the uncertainty of price and payment timing, which may lead to elements of gharar. In some cases, such uncertainty resulted in actual losses for farmers, while in other cases the system functioned fairly due to strong trust and moral commitment between parties. Therefore, the harga urip system cannot be categorically deemed unlawful, but it requires clearer contractual arrangements to align with the principles of justice and the objectives of Islamic law (maqashid al-shariah).
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PENGARUH PEMBIAYAAN MUDHARABAH, MUROBAHAH, DAN MUSYARAKAH TERHADAP PERTUMBUHAN ASET BANK SYARIAH DI INDONESIA
This research endeavors to scrutinize how mudharabah, murabahah, and musyarakah funding influence the increase in assets held by Islamic banks operating in Indonesia, employing the Autoregressive Distributed Lag (ARDL) methodology. Temporal data was dissected utilizing assessments of stationarity, cointegration tests via Bounds Test, alongside short-term and long-term projections. The outcomes reveal a cointegrated connection linking Islamic financial arrangements with the expansion of Islamic banking assets. When considering the immediate future, mudharabah funding notably impacts asset expansion, contrasting with murabahah and musyarakah, which do not exhibit notable effects. Looking at the extended horizon, murabahah funding is shown to have a favorable and substantial effect on the upswing of assets within Islamic banks, whereas both mudharabah and musyarakah indicate a positive yet non-substantial influence. These discoveries substantiate the ongoing prevalence of murabahah as the principal mechanism fueling the advancement of Islamic banks' asset portfolios throughout Indonesia.
KAJIAN QABDH DALAM TRANSAKSI EMAS DIGITAL (PERSPEKTIF HUKUM ISLAM DAN HUKUM POSITIF)
This research discusses digital gold transactions in Indonesia which are growing rapidly along with the digitalization of the financial sector, with a focus on the validity of qabdh in the perspective of Islamic law. The main objective of this research is to understand the implications of Islamic law on the validity of qabdh in digital gold transactions as well as the application of the concept of ???urriyat al-ta???arruf in digital gold products. This research uses a qualitative method with a library research and conceptual approach, namely by reviewing the literature and formulating relevant legal concepts. The data used consists of primary legal materials, such as the Qur'an, Hadith, Fatwa DSN-MUI, POJK, Regulation of the Minister of Trade and scholars' opinions; as well as secondary legal materials in the form of books, journals, articles, and other scientific sources that support the study. The analysis technique used is content analysis by deeply examining the substance of related literature. The results show that the validity of qabdh in digital gold is acceptable in Islamic law as long as it fulfills sharia principles, including legal ownership and the right to use or transfer the asset, as regulated in the concept of hurriyat al-tasarruf.
PENGUATAN PERAN LEMBAGA EKONOMI SYARIAH MELALUI KEBIJAKAN BERKELANJUTAN
Islamic economic institutions are expected to serve as key drivers of equitable and inclusive development grounded in the values of maq?????id al-shar????ah. However, current realities indicate limited integration of sustainability principles and a dominant short-term profit orientation, which constrains the social contribution of Islamic institutions to public welfare. This study focuses on public policies aimed at strengthening the capacity and role of Islamic economic institutions in promoting a sustainable financial system; the implementation of sustainable governance (good governance) to enhance stability and public trust in Islamic financial institutions; the institutional integration of green finance and social finance; and cross-sector collaboration strategies among government, academia, and industry to reinforce an inclusive and globally adaptive Islamic economic ecosystem. The research employs a descriptive qualitative method using a literature review and policy analysis approach. The findings indicate that: (1) strengthening Islamic economic institutions requires comprehensive public policy synergies encompassing regulatory, fiscal, and social dimensions; (2) sustainable governance enhances the legitimacy and competitiveness of Islamic financial institutions; (3) the integration of green finance and social finance plays a strategic role in achieving a socially just and environmentally sustainable economic system; and (4) cross-sector collaboration is a critical factor in formulating adaptive policies aligned with maq?????id al-shar????ah amid global change.
MACRO HERD BEHAVIOUR AND THE SIZE EFFECT: A COMPARATIVE ANALYSIS BETWEEN SHARIA (ISSI) AND NON-SHARIA STOCKS IN INDONESIA
This study aims to identify and analyze the patterns of macro herding behavior in the Indonesian Stock Market (IHSG) and to compare the intensity of general herding and the influence of Market Capitalization (Size Effect) between the Sharia Stock Index (ISSI) and Non-ISSI sub-samples. Utilizing weekly stock price data from all IDX-listed companies for the 2011???2024 period, the study applies the more robust Tessler and Venezia Herding Model (2022). Comparative analysis is performed on the Total IHSG, ISSI, and Non-ISSI segments. It is found that macro herding is detected in the IHSG, predominantly during extreme market conditions. The intensity of general herding is found to differ significantly between the ISSI and Non-ISSI groups, and the influence of Market Capitalization on herding also exhibits distinct patterns across the two sub-samples.The originality lies in the application of the robust Tessler and Venezia Model (2022) in the Indonesian Market and the comparative analysis of herding and Size Effect in the dualistic ISSI/Non-ISSI market. The findings confirm that Sharia compliance and firm size are important determinants moderating collective investor behavior, providing strong practical implications for regulators (OJK) and market participants.
PENYELESAIAN SENGKETA EKONOMI SYARIAH DI INDONESIA JALUR LITIGASI DAN NON-LITIGASI
The rapid development of Islamic economic activities in Indonesia has given rise to a wider range of potential disputes, both due to differences in the interpretation of contracts and inconsistencies in the application of Islamic principles. This study stems from concerns about the uncertainty of dispute resolution forums, especially after changes in national regulations and the dynamics of DSN-MUI fatwas. Using a qualitative research method based on a literature review, this study examines laws, PERMA, DSN-MUI fatwas, and related academic literature. The results show that dispute resolution through litigation has been significantly strengthened after the enactment of Law No. 3/2006, Law No. 21/2008, and PERMA No. 14/2016, making the Religious Court the official institution authorized to handle sharia economic cases. On the other hand, non-litigation mechanisms, including deliberation, negotiation, mediation, conciliation, and arbitration through BASYARNAS, remain an important option due to their faster, more flexible nature and minimal potential for further conflict. An analysis of the DSN-MUI fatwa shows a development in the direction of dispute resolution, from initially emphasizing deliberation and arbitration to later opening up the possibility of litigation in the Religious Court. This finding highlights the importance of synchronization between state regulations, dispute resolution mechanisms, and fatwa provisions so that the resolution process can proceed in accordance with the principles of sharia justice.
PENGARUH TINGKAT INFLASI TERHADAP KINERJA SAHAM SYARIAH JAKARTA ISLAMIC INDEX (JII) DI BURSA EFEK INDONESIA
Inflation is one of the key macroeconomic indicators that plays an important role in influencing economic stability and capital market performance, including the Islamic capital market. The Jakarta Islamic Index (JII), as a leading Islamic stock index in Indonesia, is not immune to the effects of inflation dynamics. This study aims to analyze the effect of inflation on the performance of Islamic stocks listed in the Jakarta Islamic Index (JII) at the Indonesia Stock Exchange. This study employs a quantitative approach using simple linear regression analysis. The data used are secondary data consisting of inflation rates and JII closing prices for the period 2020???2024, obtained from the Central Statistics Agency (BPS) and the Indonesia Stock Exchange (IDX). Data analysis was conducted using SPSS through classical assumption tests, regression analysis, t-tests, and coefficient of determination analysis. The results indicate that inflation has a positive and significant effect on the performance of Islamic stocks in the Jakarta Islamic Index (JII). This is evidenced by a significance value of 0.004, which is lower than the 0.05 significance level. The coefficient of determination (R??) of 0.135 shows that inflation explains 13.5% of the variation in JII stock performance, while the remaining variation is influenced by other factors outside the model. Thus, it can be concluded that inflation is one of the macroeconomic factors affecting Islamic stock performance, although its overall influence remains relatively limited
IMPLEMENTASI ZAKAT PRODUKTIF DALAM PEMBERDAYAAN EKONOMI BERBASIS PENTAHELIX PADA BAZNAS KABUPATEN PEKALONGAN
This study examines the implementation of productive zakat in economic empowerment based on the pentahelix approach at Baznas Pekalongan Regency. The academic concern underlying this research arises from the persistent level of poverty and the dominance of micro-enterprises that face structural limitations in capital, managerial capacity, and market access, despite the existence of productive zakat programs. This study aims to analyze how productive zakat is implemented, to explore the roles of pentahelix actors???government, academics, business sector, community, and media???and to assess the impact of the program on mustahik economic empowerment. This research employs a qualitative approach with descriptive-analytical methods. Data were collected through in-depth interviews, observations, and documentation involving Baznas managers, relevant stakeholders, and beneficiaries of productive zakat programs. Secondary data were obtained from official Baznas documents, reports, and publications from Statistics Indonesia. Data analysis was conducted through data reduction, data presentation, and conclusion drawing. The findings indicate that productive zakat implemented by Baznas Pekalongan Regency contributes positively to strengthening mustahik business capacity and economic resilience, particularly for beneficiaries who already operate micro-enterprises. However, the pentahelix-based collaboration has not yet been fully integrated and institutionalized. Baznas remains the dominant actor, while the roles of other stakeholders are still supportive and sporadic. The effectiveness of productive zakat is strongly influenced by the intensity of business mentoring and the availability of a supportive empowerment ecosystem. This study contributes to the development of Islamic economic literature by integrating productive zakat management with a pentahelix framework at the local level and provides practical recommendations for strengthening collaborative and sustainable zakat-based empowerment programs.
PENGARUH PEMBIAYAAN ULTRA MIKRO SYARIAH TERHADAP KESEJAHTERAAN NASABAH PADA PNM MEKAAR SYARIAH DI DESA TANJUNG LAUT
This study was conducted to determine financing in improving customer welfare at PNM Mekaar Syariah in Tajung Laut Village. The purpose of this study is to understand the effectiveness of financing in helping customers improve their welfare at PNM Mekaar in Tanjung Laut Village. This study employs a quantitative approach, which is a field research type, as it gathers information through direct observation in the field and data management. The types of data used in this study are primary data and secondary data, while the data sources in this study were obtained from the results of observations, questionnaires and documentation directly to customers. Data analysis techniques were carried out using instrument tests, classical assumption tests and simple linear regression analysis tests.The results of this study indicate that customer income increased after taking financing from PNM Mekaar Syariah in Tanjung Laut Village, because PNM provides various services that help customers develop their businesses. The expenses of customers who take financing at PNM have also been met, including food and non-food expenses. Financing from PNM Mekaar Syariah in Tanjung Laut Village has not been fully able to improve the level of family education, because one of the customers has not met the educational needs of one of his children. The health level of the customer's family has been improved through this financing, as evidenced by a healthy lifestyle, routine check-ups, and the purchase of health products. PNM has also improved the welfare of financing customers in terms of housing conditions and facilities owned in the household, this is supported by the results of distributing questionnaires directly to customers.
INTEGRATED BUSINESS MODEL FOR PESANTREN ECONOMIC INDEPENDENCE: CASE STUDY OF IDRISIYYAH ISLAMIC BOARDING SCHOOL TASIKMALAYA
Islamic boarding schools (pesantren) in Indonesia face significant academic and practical challenges regarding financial constraints that limit their institutional sustainability and social empowerment functions. Many institutions remain heavily dependent on external funding, creating a vulnerability that hinders their long-term educational mission. This study explores an Integrated Pesantren Business Ecosystem (IPBE) as a strategic framework for achieving economic independence, using Pondok Pesantren Idrisiyyah in Tasikmalaya as a case study. Applying a qualitative instrumental case study design, data were obtained from 12 key informants including leaders and business managers, 120 hours of participatory observation across five business units, and document analysis of financial reports from 2020 to 2024. Findings indicate that Idrisiyyah developed a synergistic ecosystem consisting of five integrated enterprises???QiniMart, Sawung Penyawah and Qini Minang, Qini Fashion, and Qini Fresh???which successfully reduced dependency on external funding from 78% in 2020 to 34% in 2024. Concurrently, internal business revenue increased from 22% to 66%. Success was driven by the strict implementation of Islamic economic principles, professional management across 23 operational linkages, and the integration of entrepreneurship education for 156 students. In conclusion, the study offers theoretical and practical contributions by extending social entrepreneurship and resource-based view theories within an Islamic institutional context. It proposes a replicable framework for pesantren economic independence and community-based empowerment, demonstrating that a professional business ecosystem can coexist with traditional religious education to ensure institutional autonomy. Keywords: Economic Independence, Integrated Business Model, Islamic Boarding School, Idrisiyyah Pesantren, Social Entrepreneurship.
STRATEGI FUNDRAISING BERBASIS MEDIA SOSIAL DALAM PENGHIMPUNAN DANA ZAKAT, INFAK DAN SEDEKAH DI BADAN AMIL ZAKAT NASIONAL KABUPATEN OGAN ILIR
The social media used Baznas Ogan Ilir are Instagram, whatsapp, facebook and twiter but in its implementation it is still not optimal, such as maintenance is still lacking and the use of features on each social media is still lacking so that the number of donors does not increase and tends to decrease while we are in an era where social media can be maximized for various purposes such as marketing and fundraising. This study uses a descriptive type of qualitative approach. The method used in collecting data is interviews, documentation and observation. The results of this study can be concluded that the social media based fundraising strategy is carried out in the form of collecting zakat funds, infaq, alms, fundraising and reporting in the form of flyers that will be posted Baznas Ogan Ilir social media. Then an evaluation is carried out that the fundraising carried out Baznas Ogan Ilir is in accordance with the purpose of fundraising, namely to collect. Fundraising using social media is effective because it is able to raise funds to achieve institutional targets and almost every year there is an increase in the collection of zakat, infaq and alms funds
INOVASI PRODUK KEUANGAN SYARIAH DAN DAMPAKNYA TERHADAP STABILITAS EKONOMI
This study aims to analyze the role of Islamic financial product innovation and its implications for macroeconomic stability within the framework of the Islamic economic system. Along with technological developments and the needs of the modern economy, various innovative Islamic financial products have emerged, such as sukuk variations, Islamic fintech, and Sharia-based digital banking services. This research uses a descriptive qualitative method through a literature study (library research) with a content analysis approach to recent relevant academic sources. The results show that Islamic financial product innovation significantly contributes to fund mobilization, efficient risk distribution, and strengthening of the financial intermediation structure. In addition, these innovations encourage the expansion of Islamic financial inclusion and serve as instruments to reduce speculative financial practices that negatively impact economic stability. Nevertheless, the effectiveness of these innovations is highly influenced by strict regulations, oversight, and compliance with Sharia principles. Therefore, strengthening Sharia compliance aspects becomes a crucial element in maintaining public trust and the overall resilience of the Islamic economic system.
DIGITALISASI PRODUK UNTUK MENINGKATKAN KESEJAHTERAAN MASYARAKAT EKONOMI SYARIAH
The digital transformation in the era of the Fourth Industrial Revolution has significantly influenced the development of the Islamic economy in Indonesia. This study aims to analyze the role of product digitalization in improving community welfare, particularly through the empowerment of sharia-based micro, small, and medium enterprises (MSMEs). A descriptive qualitative approach with field research was employed, involving in-depth interviews, observations, and document studies with MSME actors, sharia fintech providers, and Islamic economic experts. The findings indicate that digitalization, through sharia-compliant e-commerce and fintech platforms, enhances market accessibility, improves the efficiency of halal product distribution, and strengthens financial inclusion. However, major challenges remain, including low digital and financial literacy, limited technological infrastructure in remote areas, and regulations that do not fully support the application of sharia principles in emerging technologies. To address these challenges, collaborative policy strategies among the government, private sector, and society are essential to build an inclusive, secure, and sustainable digital ecosystem. Digitalization has the potential to serve as a catalyst for achieving maqashid sharia, fostering equitable, transparent, and sustainable welfare for all segments of society.
PENGARUH DANA PIHAK KETIGA TERHADAP PROFITABILITAS PADA BANK SYARIAH INDONESIA PERIODE 2021-2024
This study was conducted to determine the effect of third-party funds in the form of savings, deposits and current accounts on profitability at Bank Syariah Indonesia for the period 2021-2024. This study aims to understand the role of third-party funds (TPF) in influencing the level of profitability at Bank Syariah Indonesia. Through this study, it is expected to be analyzed to what extent funds collected from the public - both in the form of savings, current accounts, and deposits - contribute to the bank's ability to generate profits sustainably. This type of research uses quantitative research. The data source in this study is secondary data, namely the financial statements of Bank Syariah Indonesia which are uploaded on the official website of Bank Syariah Indonesia for the period 2021-2024, with the data collection technique being documentation. While the data analysis method is carried out using a simple linear regression model. The results of this study indicate that Third Party Funds have an effect on Profitability based on a simple linear regression analysis test with a t-statistic value of 2.338784 with a Probability value (significant) of 0.0264 (<0.05) so that the DPK variable has an effect on the Profitability variable. The DPK variable has a t-count value greater than the t-table. So that DPK has a partial effect on profitability at Bank Syariah Indonesia.
ANALISIS PRINSIP 5C PADA PEMBIAYAAN KUR SEBAGAI UPAYA MEMINIMALISIR PEMBIAYAAN BERMASALAH (STUDI KASUS BSI KCP SURABAYA RUNGKUT 1)
Indonesia's stable economic growth opens opportunities for people to access financing, especially through the KUR program that supports the Micro, Small and Medium Enterprises (MSMEs) sector. Bank Syariah Indonesia, as one of the largest Islamic banks, also provides KUR services to support the growth of MSMEs. However, behind the ease of access to financing, the risk of non-performing financing remains a challenge that must be anticipated. This research aims to analyze the application of the 5C principles in the KUR financing process at BSI KCP Surabaya Rungkut 1 and the extent to which these principles are effective in minimizing the risk of non-performing financing. The research method used is descriptive qualitative with primary data from in-depth interviews and secondary data from KUR financing documents, scientific literature, journals, and relevant previous research. The results showed that BSI KCP Surabaya Rungkut 1 applies the 5C principle thoroughly, including character, capacity, capital, collateral, and condition of economy as a reference in assessing customer eligibility. In addition, the post-disbursement monitoring process is carried out regularly through account monitoring and direct visits to business locations. The consistent application of the 5C principles has proven to help banks reduce the risk of non-performing financing while maintaining the quality of the KUR financing portfolio at BSI KCP Surabaya Rungkut 1.
SUKUK RITEL SYARIAH SEBAGAI INSTRUMEN PEMBIAYAAN NEGARA : EVALUASI HISTORIS DAN STRATEGI PENGUATAN DI ERA DIGITAL
Retail Sukuk (Sukuk Ritel Syariah/SR) is a sharia-compliant sovereign financing instrument aimed at broadening public participation in state funding and deepening the domestic Islamic capital market. Since its initial issuance in 2008 (SR-001), retail sukuk has demonstrated consistent growth in investor numbers, subscription value, and geographic distribution. This study aims to analyze the development trends of SR up to the latest issuance in 2024 (SR-020), identify key challenges hindering its expansion, and formulate strategic in recommendations to enhance retail investor participation. This research adopts a descriptive qualitative approach using literature review methods. Secondary data were obtained from official reports published by the Ministry of Finance (DJPPR), the Financial Service Authority (OJK), sukuk issuance statistics, scholarly articles, and Islamic capital market reports. The findings indicate that despite growing public interest in SR, several challenges persist, including low levels of Islamic financial literacy, strong preferences for conventional instrument, limited digital sharia-compliant distribution channels, and the underdevelopment of a secondary SR market. The study recommends several strategic measures : expanding digital marketing and subscription platforms through e-SBN, enhancing public literacy and education on Islamic finance, introducing more flexible and attractive sukuk product innovations, and providing fiscal incentives and investment frameworks based on Islamic ESG principles. These findings offer valuable insights for regulators, market players, and academics in strengthening retail sukuk as an inclusive and sustainable Islamic financial instrument within Indonesia???s financial ecosystem. Key words: Retail Sukuk, Islamic Finance, financial inclusion, retail investors, policy strategy
PENGARUH FAKTOR FUNDAMENTAL MAKRO EKONOMI TERHADAP NILAI JUAL SUKUK
Produk sukuk telah berkembang sedemikian rupa di pasar modal, namun perkembangannya masih pada lingkungan tertentu dan hanya dipahami oleh golongan tertentu pula. Dalam berbagai kajian ekonom muslim memberikan simpulan bahwa Islam telah memotivasi umat-Nya untuk mengembangkan hartanya sesuai dengan prisip-prinsip syari???ah dan menghindari hal-hal yang dilarang dalam mengembangkan harta (investasi) seperti pengaharaman bunga, spekulasi, serta unsur-unsur ???menzhalimi??? dalam berinvestasi, agar tujuan dari maqasidhu as-syari???ah tercapai. Instrument keuangan syari???ah mulai dari tabungan, asuransi, saham, reksadana sampai sukuk, salah satu instrumen keuangan syari???ah yang telah banyak diterbitkan adalah sukuk. Perkembangan produk ekonomi syari???ah membawa dampak positif bagi pelaku ekonomi, tidak terkecuali pelaku ekonomi di pasar keuangan. Pertumbuhan sukuk global, sukuk negara dan sukuk perusahaan mejadi daya tarik tersendiri bagi para pelaku pasar keuangan tersebut. Adapun rumusan masalah meliputi tentang: Bagaimana pengaruh inflasi, jumlah uang beredar (M2), suku bunga (kupon), nilai tukar kurs USD terhadap rupiah secara bersamaan atau simultan terhadap pergerakan nilai jual sukuk pada tahun 2011 sampai 2014? Dan Bagaimana pengaruh Inflasi, jumlah uang beredar (M2), BI Rate, nilai tukar kurs USD terhadap rupiah secara parsial atau sendiri-sendiri terhadap pergerakan nilai jual sukuk pada tahun 2011 sampai 2014? Tujuan dari penelitian ini adalah menganalisis pengaruh faktor fundamental makroekonomi (yaitu variabel inflasi, jumlah uang beredar, BI Rate dan Kurs Dolar terhadap Rupiah) terhadap nilai jual sukuk.Jenis penelitian kuantitatif dengan menggunakan metode analisis regresi berganda yang dilakukan dengan program SPSS. Akhirnya, setelah melakukan penelitian ini hasilnya menunjukkan bahwa nilai Adjusted R squer adalah 0.616% yang berarti 61.6% pergerakan nilai jual sukuk dapat diprediksi dari pergerakan keempat variabel independen yang secara simultan berpengaruh signifikan terhadap nilai jual sukuk. Selain itu diperoleh bahwa secara parsial berpengaruh signifikan terhadap nilai jual sukuk yaitu variabel inflasi, jumlah uang beredar (M2), berpengaruh signifikan hanya saja BI Rate dan Kurs Dolar terhadap Rupiah yang tidak berpengaruh signifikan terhadap nilai jual sukuk.
Copyright (c) 2019 Al-Iqtishad: Jurnal Ekonomi Syariah
RESISTENSI ISLAM PADA PEDAGANG GETAH KARET MELAYU SUMATERA SELATAN ABAD 19-21
Sejak dahulu (sepanjang abad 19-21) kehidupan sosial-budaya masyarakat pedusunan di Sumatera Selatan selalu berpandangan dan sangat kental sebagai pendukung budaya Melayu. Kebiasaan para petani pemilik kebun atau penggarap dan pedagang di semua dusun Melayu Sumatera Selatan biasanya terjadi secara terikat (dipanjar/DP) atau dengan sistem parohan (bagi hasil) yang menggambarkan perilaku subsisten masyarakat sebagai usaha untuk menghasilkan kebutuhan pokok yang cukup untuk kebutuhan makan sekeluarga, membeli barang kebutuhan primer dan dalam pemenuhan tagihan-tgihan yang tidak dapat ditawar-tawar lagi. Sementara pedagang/pengusaha/pengumpul/pengepul selalu bertindak sebagai kelompok orang yang dianggap memiliki kemampuan/kekuatan secara ekonomi di dusunnya, bahkan banyak yang bergelar haji (karena punya uang untuk naik haji), pemilik toko kelontongan atau toserba, pemilik toko material, pemilik panglong kayu. Jenis penelitian ini adalah penelitian lapangan (field research) terhadap 3 kecamatan di 3 kabupaten yang berbeda (Muara Enim, OI dan Musi Banyuasin) yang dipilih berdasarkan kelompok purposive sampling sebagai daerah yang paling banyak memiliki kebun karet rakyat yang sudah ada sejak abad 19 dan diusahakan secara turun-temurun (dalam 3 generasi) dan tetap sebagai petani asli Melayu yang subsisten hingga kini.teknik yang digunakan adalah indept interview dengan menggunakan interview guide. Sementara analisa yang dilakukan adalah analisa kualitatif deskriptif. Hasil dari penelitian ini berusaha menjelaskan bagaimana paktek penjualan secara terikat (dipanjar/di DP dahulu) dengan metode parohan (bagi hasil) yang telah terjadi sejak abad 19 kurang disukai oleh Islam karena jelas tidak sesuai dengan prinsip dan kaidah-kaidah Islam yang sebenarnya (sesuai dengan Al-Qur???an dan hadis Raasulullah SAW). Praktek ini secara etika-moral sangat menghegemoni dan zholim serta mengandung unsur keterikatan yang memonopoli kaum subsisten oleh kaum pedagang/pengusaha/pengumpul/pengepul getah karet walau apapun alasan dan istilahnya, jelas dilarang dan sangat tidak bermoral. Sebab kegiatan perdagangan (jual-beli) memiliki hubungan yang jelas dengan hukum Islam dengan ketetapan-kettapan yang sudah sangat jelas. Sementara praktek jual-beli terikat ini memiliki dua syarat yang fasid yaitu panjar (uang muka) dan monopoli.
KONDISI PEREKONOMIAN UMKM DI MASA KRISIS PANDEMIK DITINJAU DARI PENDEKATAN MASHLAHA EKONOMI ISLAM
Kemajuan industry UMKM turut menyokong perekonomian negara, khususnya di Indonesia Industri UMKM, menjadi setral karena banyak menyokong tenaga kerja serta mencukupi permintaan masyarakat akan berbagai lini produk yang di butuhkan, baik jasa, konsumsi, dan perlengkapan lainnya. Namun, seiring perkembangan industry UMKM tatangan hebat terjadi di awal 2020 yang menggoyahkan sektor kehidupan masyarakat dari berbagai bidang. Krisis pandemic Covid-19 membuat seluruh dunia mengalami kepanikan. Seluruh dunia mengalami berbagai krisis baik dari social maupun ekonomi, yang mengharuskan seluruh manusia mengurangi aktivitas bekerja di luar karena hal itu mengurang optimal nya kegiatan para pekerja dan juga sektor pendidikan pun menjadi imbasnya. Banyak pelaku UMKM yang mengandalkan dari penghasilan harian, harus mengalami penurunan omset akibat permintaan yang mulai berkurang,hingga pengurangan pegawai. Namun di balik kemunduran tersebut, beberapa hal pun menjadi perhatian pemerintah guna tetap menstabilkan kegiatan perekonomian di sektor UMKM serta adapun hal-hal yang harus di lakukan pelaku UMKM agar kondisi keuangan usaha mereka akan tetap stabil di masa pandemi
ANALISIS PENGARUH HARGA MINYAK DUNIA, HARGA EMAS DUNIA, KURS RUPIAH, DAN INFLASI, TERHADAP JAKARTA ISLAMIC INDEXDI INDONESIA (Dengan Metode Error Correction Model (ECM)
Tujuan penelitian ini adalah untuk melihat pengaruh dalam jangka pendek dan jangka panjang antara empat variabel makro yaitu: harga minyak dunia, harga emas dunia, kurs rupiah, dan inflasi terhadap Jakarta Islamic Index (JII). Data yang digunakan dalam penelitian ini adalah data bulanan dari Januari 2011 hingga Desember 2015. Penelitian ini menggunakan uji Kointegrasi untuk melihat adanya indikasi hubungan jangka panjang dan Error Correction Model untuk melihat adanya hubungan jangka pendek. Hasil penelitian menunjukkan dalam jangka panjang terdapat pengaruh antara variabel harga minyak dunia, harga emas dunia, kurs rupiah, dan inflasi terhadap nilai JII. Hal ini membawa implikasi bahwa jangka panjang variabel makro dapat digunakan untuk memprediksi pergerakan nilai JII, dan dalam jangka pendek hanya variabel kurs rupiah yang mempengaruhi nilai JII. Hal ini membawa implikasi bahwa dalam jangka pendek variabel harga minyak dunia, harga emas dunia, dan inflasi bukan merupakan indikator yang baik untuk memprediksi pergerakan nilai JII, tetapi variabel kurs dapat digunakan untuk memprediksi pergerakan nilai JII dalam jangka pendek.
THE PROMINENT ISSUES OF SECOND LANGUAGE ACQUISITION OF STUDENTS IN ISLAMIC BOARDING SCHOOL AL-ITTIFAQIAH
The importance of studying the language leads many people, especially students to become masters in understanding the language which demands an advanced second language which is very prevalent today. Second language acquisition is the realm in which students not only understand their first language, but they also must be proficient in their second language (English and Arabic). SLA coverage in this case is its implementation in Islamic boarding school Al-IttiaqiyahIndralaya, where the issues are so prominent in the implementation of the second language (English and Arabic) that is related to the theory, the types of approach and crucial factor affecting the success of students in the second language acquisition itself.
AKAD PEMBIAYAAN DANA TALANGAN HAJI DI PERBANKAN SYARI???AH (BANK SUMSELBABEL CABANG SYARI???AH PALEMBANG)
Mekanisme akad pembiayaan dana talangan haji di bank sumselbabel cabang syari???ah Palembang yaitu dengan menggunakan akad Qarddan akad Ijarah. Dimana akad qard digunakan karena didalam akad Qard tidak diperbolehkan mengambil jaminan dari nasabah, pihak bank tidak mengambil jaminan apapun dari nasabah.Mengenai akad Ijarahdigunakan karena terdapat biaya sewa yaitu biaya Ujrah atas jasa yang diberikan pihak bank kepada nasabah karena telah menggunakan jasa bank dalam menutupi biaya administrasi untuk mendapatkan nomor porsi.
ANALISIS TEKNIK PERHITUNGAN BAGI HASIL PADA BMT MITRA KHAZANAH PALEMBANG
Penelitian ini bertujuan untuk mengetahui bagaimanakah teknik perhitungan Bagi Hasil Tabungan Perencanaan dan Tabungan Pendidikan. Penulisan ini menggunakan metode deskriptif kuantitatif melalui observasi, wawancara dan studi dokumentasi. Maka dari penelitian ini dihasilkan temuan penelitian yang menunjukkan bahwa teknik bagi hasil Tabungan Perencanaan merupakan tabungan yang digunakan untuk rencana pernikahan, setoran secara berkala baik mingguan atau bulanan dengan nominal tertentu, penarikan hanya dapat dilakukan untuk keperluan walimah/menikah dan Tabungan Pendidikan merupakan tabungan yang digunakan untuk pendidikan yang diperuntukan bagi orang tua, atau mahasiswa yang ingin menyekolahkan anak atau melanjutkan studinya, setoran secara berkala baik mingguan atau bulanan dengan nominal tertentu, penarikan hanya dapat dilakukan untuk keperluan melanjutkan sekolah. Kedua tabungan tersebut menggunakan akad mudharabah dengan bagi hasil 10% dari pendapatan BMT yang telah ditetapkan oleh BMT Mitra Khazanah Palembang dengan metode perhitungan saldo akhir tabungan nasabah dengan pembagian nisbah bagi hasil 10% untuk nasabah dan 90% untuk BMT. Besaran bagi hasil yang akan diterima nasabah berdasarkan pada besar kecilnya pendapatan bank.
Copyright (c) 2020 Al-Iqtishad: Jurnal Ekonomi Syariah
ANALISA PENGKABURAN RIBA DALAM SISTEM PERBANKAN SYARIAH
Islam adalah sistem kehidupan, dimana islam telah menyediakan berbagai perangkat aturan yang lengkap bagi kehidupan manusia, termasuk dalam bidang ekonomi. Penggunaan agama sebagai dasar ilmu pengetahuan menimbulkan perdebatan, meskipun sejarah telah membuktikan kebesaran islam dan kesejahteraan umat manusia. Islam bukan hanya spiritualitas dan ritualitas namun agama merupakan serangkaian keyakinan, peraturan dan tuntunan moral bagi setiap aspek kehidupan manusia. Ada tiga aspek dalam islam yaitu aspek akidah, aspek syariah dan aspek akhlak. Dalam islam agama sebagai suatu jalan hidup yang melekat pada aktifitas kehidupan, baik ketika manusia melakukan hubungan dengan Tuhannya maupun manusia berhubungan dengan sesama manusia dan alam semesta. Dalam kontek ekonomi syariah memakan riba termasuk salah satu dosa besar. Namun dalam prakteknya masih banyak masyarakat yang bingung dengan praktek riba tersebut dalam kehidupan sehari-hari khususnya yang terkait dengan transaksi perbankan. Riba secara bahasa bermakna tambahan atau meminta kelebihan uang dari nilai awal. Bunga ini adalah bonus yang diberikan oleh pihak bank pada simpanan dari nasabah, yang aslinya diambil dari keuntungan dari utang piutang yang dilakukan pihak bank. Hakekatnya walaupun pihak bank syariah menamakan hal itu qord (utang piutang), namun senyatanya bukan qord. Karena qord (utang piutang) dimaksudkan untuk tolong menolong dan berbuat baik. Bunga bank itu sendiri adalah keuntungan dari transaksi pinjam meminjam. Oleh karena itu yang namanya bunga bank yang diambil dari pinjam memimjam atau simpanan itu adalah riba.
PERAN KOPERASI SYARIAH DALAM PENGEMBANGAN UKM SEBAGAI LAYANAN PEMBERI MODAL KEGIATAN USAHA
Tujuan di lakukannya penelitin ini adalah guna mengetahui seberapa besar peran koperasi syariah dalam memberikan pembiayaan bagi para pelaku usaha kecil. Melihat saat ini sudah cukup banyak masyarakat yang mulai hidup mandiri, dengan memulai usaha kecil. Guna memulai suatu usaha, dibutuhkannya modal berupa biaya dengan itu disinilah fungsi dan peran koperasi syariah itu perlu di tingkatkan. Guna mengetahui seberapa besar pembiayaan yang di berikan serta hasil yang di dapat atas pembiayaan yang diberikan. Penelitian ini menggunakan metode kualitatif dengan cara mencari data langsung di lapangan. Pada prakteknya koperasi syariah sebagai lembaga keuangan mikro islam yang di operasikan dengan prinsip bagi hasil, menumbuh kembangkan binis usaha mikro dan kecil yang dalam hal ini bertujuan untuk mengangkat derajat dan martabat serta membela kepentingan kaum miskin. Sebagaimana dalam teori Smith mengatakan bahwa, petani, produsen, pengusaha merupakan suatu agen perubahan. Kemudian dalam teori lain Asley and Carney dalam teorinya Suistainble Livelihood yang menyatakan bahwa kemiskinan timbuh karena lemahnya akses seseorang terhadap lima modal dasar. Yakni, modal sdm, modal fisik, modal sosial, modal fianansial dan modal alam Dalam hal ini, Koperasi syariah hadir sebagai pendukung dari tiga kategori agen perubahan tersebut. Penggabungan dua teori tersebut menghadirkan fungsi sesunguhnya dari koperasi syariah yang benar membela kepentingan kaum fakir miskin.
PERBANDINGAN PERTUMBUHAN SAHAM SYARIAH DAN KONVENSIONAL SEBELUM DAN SAAT TERJADI PANDEMI CORONA DI INDONESIA
Penelitian ini menganalisis perbandingan pertumbuhan saham syariah dan konvensional sebelum dan saat teradi pandemi corona di Indonesia. Data yang digunakan untuk mewakili saham syariah adalah Indeks Saham Syariah Indonesia (ISSI) dan data untuk mewakili saham konvensional adalah Indeks Harga Saham Gabungan (IHSG). Data yang mewakili sebelum terjadi corona itu pada Januari-Desember 2019, sedangkan saat terjadi corona itu pada Januari-Maret 2020. Analisis yang digunakan dalam penelitian ini adalah analisis deskriptif. Berdasarkan analisis tersebut dapat disimpulkan bahwa kedua saham baik syariah maupun konvensional sebelum dan saat terjadi corona memperlihatkan pergerakan yang cukup sama, artinya tidak ada yang lebih unggul dari keduanya terlebih lagi dalam mengahadapi pandemic corona yang sedang berlangsung saat ini. Hal ini juga dikarenakan komposisi indeks syariah juga berasal dari IHSG. Maka jika IHSG tertekan, indeks syariah juga ikut terseret.
EFEKTIVITAS DISTRIBUSI ZAKAT BAZNAS SUMSEL DALAM MENINGKATKAN KESEJATERAAN MUSTAHIK DI PASAR KUTO PERIODE 2011-2013
Tujuan penelitian ini adalah untuk mengetahui pengelolaan zakat BAZNAS Provinsi Sumatera Selatan dan dampak distribusi zakat terhadap peningkatan kesejahteraan mustahik di pasar Kuto. Metodologi penelitian yang digunakan adalah deskriptif kualitatif. Pengumpulan data dilakukan dengan riset lapangan (field research) dan riset kepustakaan (library risearch). Teknik analisis yang digunakan adalah analisis deskriptif. Berdasarkan hasil penelitian diperoleh bahwa BAZNAS Provinsi Sumatera Selatan melakukan pengelolaan penghimpunan dengan tiga cara yaitu sosialisasi, kerja sama, dan pemanfaatan rekening bank. Pengelolaan pendistribusian zakat melalui lima program yaituSumsel Peduli, Sumsel Sehat, Sumsel Makmur, Sumsel Taqwa, dan Sumsel Cerdas. Sedangkan pengeloaan pendayagunaan zakat dilakukan dengan cara pemberian pinjaman modal usaha dangan pola qardhul hasan. Adapun dana zakat yang telah didistribusikan BAZNAS Provinsi Sumatera Selatan berdampak pada peningkatan kesejahteraan mustahik di pasar Kuto.
PERLINDUNGAN KONSUMEN DI PASAR DARI PRAKTIK PENIPUAN KOMERSIAL DALAM EKONOMI ISLAM
Penipuan komersial dalam perspektif ekonomi islam di pasar yang paling mendominasi adalah penipuan dalam bentuk gharar. Gharar dari segi berat keseimbangan pada timbangan dan gharar dari segi kualitas barang dagangan dengan menggunakan bahan makanan berformalin. Ekonomi islam memberikan solusi untuk melindungi konsumen yang dirugikan atas tindakan curang pedagang di pasar yaitu memanfaatkan lembaga bewenang yang dibentuk oleh pemerintah untuk mengawasi dan mengontrol langsung pasar, Pemerintah memerikasa secara rutin alat timbangan para pedagang, serta memberikan sanksi tegas berupa penyitaan barang dagangan milik penjual, hukuman penjara atau ganti rugi kepada konsumen dirugikan agar memberikan efek jera bagi pelaku dangang yang curang.