Al-Iqtishad: Jurnal Ekonomi Syariah

MACRO HERD BEHAVIOUR AND THE SIZE EFFECT: A COMPARATIVE ANALYSIS BETWEEN SHARIA (ISSI) AND NON-SHARIA STOCKS IN INDONESIA

Laurensius Avellino — 2025-12-31

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.

INTEGRATED BUSINESS MODEL FOR PESANTREN ECONOMIC INDEPENDENCE: CASE STUDY OF IDRISIYYAH ISLAMIC BOARDING SCHOOL TASIKMALAYA

Rivstia Fauziah Hafiya Syafrudin — 2025-12-31

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.

PENGUATAN PERAN LEMBAGA EKONOMI SYARIAH MELALUI KEBIJAKAN BERKELANJUTAN

Muhammad Irfan — 2025-12-31

Islamic economic institutions are expected to serve as key drivers of equitable and inclusive development grounded in the values of maqāṣid al-sharīʿah. 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 maqāṣid al-sharīʿah amid global change.

PENGARUH PEMBIAYAAN MUDHARABAH, MUROBAHAH, DAN MUSYARAKAH TERHADAP PERTUMBUHAN ASET BANK SYARIAH DI INDONESIA

Muhammad Ridwan Hidayat — 2025-12-31

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.

PENYELESAIAN SENGKETA EKONOMI SYARIAH DI INDONESIA JALUR LITIGASI DAN NON-LITIGASI

Mauli Mustika Nur Safitri — 2025-12-31

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.

IMPLEMENTASI ZAKAT PRODUKTIF DALAM PEMBERDAYAAN EKONOMI BERBASIS PENTAHELIX PADA BAZNAS KABUPATEN PEKALONGAN

Adimas Faturrokhman — 2025-12-31

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

Mayang Sari — 2025-12-31

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.

KAJIAN QABDH DALAM TRANSAKSI EMAS DIGITAL (PERSPEKTIF HUKUM ISLAM DAN HUKUM POSITIF)

Muhammad Al Adib Habibul Haq — 2025-12-31

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 ḥurriyat al-taṣarruf 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.

PENGARUH TINGKAT INFLASI TERHADAP KINERJA SAHAM SYARIAH JAKARTA ISLAMIC INDEX (JII) DI BURSA EFEK INDONESIA

Nur Khayati Utami Setianingrum — 2025-12-31

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 (R²) 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

JUAL BELI PADI DENGAN SISTEM HARGA URIP DALAM PERSPEKTIF EKONOMI ISLAM DI DESA TANJUNG TIGA

Nia Andria Erzah — 2025-12-31

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).