This study examines the practice of al-amr bi al-syirāʾ(murābaḥah to purchase orderer), particularly murābaḥah bil wakālah, through the lens of Agency Theory and Islamic legal frameworks. The rapid expansion of Islamic banking in Indonesia has led to the dominant use of murābaḥah financing, often combined with wakālah to enhance operational efficiency. However, this hybrid structure raises concerns regarding agency problems, information asymmetry, and substantive Sharīʿah compliance. Using a qualitative approach, this research integrates literature review and content analysis of primary regulatory sources, including the Compilation of Sharia Economic Law (KHES), DSN-MUI fatwas, and AAOIFI Shariʿah and accounting standards, supported by relevant academic literature. The findings reveal two contrasting regulatory approaches. The KHES and DSN-MUI frameworks emphasize flexibility and maṣlaḥah by allowing legal ownership (qabḍḥukmī) and delegated purchasing, which reduces transaction costs but increases agency risks such as moral hazard. In contrast, AAOIFI adopts a conservative stance that requires substantive ownership (qabḍḥaqīqī) and full risk assumption by Islamic financial institutions, thereby minimizing agency problems at the expense of higher operational costs. This study contributes to the literature by highlighting the trade-off between efficiency and agency cost in murābaḥah practices and underscores the need for harmonization between local and international standards to ensure both Sharīʿah compliance and effective risk governance in Islamic financing.

This paper aims to investigate the relationship between geopolitical risk and foreign investor sentiment in the Malaysian and Indonesian stock markets. This research considers other macroeconomic variables, such as oil price, real effective exchange rate, and lending rate, as the controlled variables. This analysis uses the autoregressive distributed lag (ARDL) model to estimate the long-run relationship of selected geopolitical risk indices, specifically from the USA, China, Malaysia, and Indonesia, on foreign investor trading behaviour (buy and sell). The finding shows that China's geopolitical risk will increase the trading volume of foreign buyers and sellers in the Malaysian stock market. The China-US geopolitical risk has both negative and positive effects on foreign investor trading behaviour in the Indonesian stock market. The Indonesian geopolitical risk has a significant positive effect on foreign buyers' trading. This indicates foreign investors consider foreign geopolitical risk before making their own decision. The policymaker must actively be involved in formulating the policy to enhance the market stability measures to ensure the foreign investor confidence in the Malaysia and Indonesia stock markets

Purpose: This study aims to analyze philosophically how Islamic economics, as a value-based system, engages with the mainstream scientific method.
Design/Methodology/Approach: This research uses a qualitative approach through literature review and content analysis of economic, philosophical, and Islamic economic sources.
Findings: The study finds that Islamic economics may employ scientific methods and analytical tools as long as they do not conflict with the Islamic worldview. These methods function as instruments to observe human behavior as an expression of free will granted by Allah.
Practical Implications: Islamic economists can adopt empirical methods selectively to strengthen the relevance and practical development of Islamic economics without compromising its ethical foundations.
Originality/Value: This study provides a philosophical justification for integrating scientific methods within Islamic economics as a value-based discipline.

This study attempts to investigate the determinants of BMT UGT Sidogiri’s customer loyalty. As one of the biggest BMT in Indonesia, BMT UGT Sidogiri has played an essential role in developing its community’s economy through its business program. Factors such as brand image, profit-sharing, service quality, and cultural organization are employed in this study. This is because, BMT UGT Sidogiri is not only the largest BMT in Indonesia but also it initiated by Pesantren Sidogiri, one of the most respected pesantren in Indonesia which has unique cultural organization. This study finds that brand image has a negative-nonsignificant relationship with customer loyalty. Meanwhile, other variables such as service quality, profit-sharing, and culture have positive-significant relationship with customer loyalty that bridges by customer satisfaction. This study utilizes the partial least square-structural equation model (PLS-SEM) as a method. The result of the study is expected to contribute to the development of body of knowledge as well as practical implication of customer loyalty’s determinants, particularly on cultural factors which can benefits other microfinance institution based pesantren such as Sidogiri.

Perkembangan teknologi blockchain dan cryptocurrency telah menghadirkan tantangan baru dalam hukum muamalah Islam, khususnya dalam menentukan status kehalalan instrumen keuangan digital yang tidak dikenal dalam literatur fiqh klasik. Artikel ini bertujuan menganalisis kedudukan hukum cryptocurrency berdasarkan kaidah fiqh al-aslu fil muamalah ibahah serta menelaah implikasi ijma ulama yang ditetapkan dalam Ijtima’ Ulama Komisi Fatwa Majelis Ulama Indonesia tahun 2021. Penelitian ini menggunakan metode penelitian hukum normatif dengan pendekatan konseptual, tipologis, dan komparatif. Cryptocurrency diklasifikasikan ke dalam lima kategori utama, yaitu utility token, security token, asset-backed token, DeFi token, dan non-fungible token (NFT), yang masing-masing dianalisis secara sistematis melalui aspek definisional, operasional, syar’i, dan kesesuaiannya dengan keputusan ijma ulama. Hasil penelitian menunjukkan bahwa cryptocurrency tidak dapat dinilai secara generalisasi, melainkan harus ditentukan secara diferensiatif berdasarkan fungsi, karakteristik, dan underlying asset-nya. Utility token dan security token berpotensi halal apabila memenuhi syarat sil‘ah, memiliki manfaat nyata, serta tidak mengandung unsur gharar, maysir, dan riba. Sebaliknya, cryptocurrency yang bersifat spekulatif murni dan tidak memiliki dasar manfaat yang jelas cenderung bertentangan dengan prinsip syariah. Temuan ini menegaskan bahwa kaidah al-aslu fil muamalah ibahah tetap relevan sebagai kerangka metodologis dalam merespons inovasi keuangan digital, dengan tetap mengedepankan maqasid syariah dan kehati-hatian hukum .

This study aims to seek the validity of Ricardian equivalence in Indonesia and Malaysia using Autoregressive Distributed Lag (ARDL). This study finds the invalidity of Ricardian equivalence in the long-term and short-term in both countries. For Indonesia case, during the last three financial crisis happens in 1998, 2008, and 2020 caused by COVID-19, Ricardian equivalence happens only in 1998. More interestingly, this study finds that there is a different relationship between household savings and household expenditure in Indonesia and Malaysia. This study is expected to contribute to the development of body of knowledge, particularly with the case of Ricardian equivalence and Keynes approaches on expansionary fiscal policy as well as practical public policy, particularly related to government budget in crisis and household saving and expenditure.

Abstract:This study examines the impact of Islamic preaching content delivered by K.H. Ahmad Bahauddin Nursalim (Gus Baha), Ustadz Adi Hidayat, and Ustadz Khalid Basalamah via YouTube and TikTok on the religious knowledge and tolerance attitudes of the urban Muslim community in Bogor, Indonesia. Employing a sequential explanatory mixed-methods approach, the research integrates quantitative survey data analyzed via multiple regression with qualitative insights gathered from in-depth interviews with local religious figures and community members. The findings reveal that 88.2% of the variance in religious tolerance behavior is attributable to the consumption of digital religious content on these platforms. While TikTok contributes to the rapid dissemination of visualized religious messages, YouTube offers more structured, in-depth religious discourse, both of which reinforce spiritual awareness and interfaith empathy. The study concludes that social media platforms play a transformative role in shaping urban religiosity, functioning as digital spaces for ethicalformation, theological education, and inclusive civic identity. Theoretically, this research contributes to the growing discourse on digital religious literacy, demonstrating how algorithm-driven environments mediate new modes of religious engagement. Practically, it provides actionable insights for religious institutions and policymakers to design adaptive and pluralist religious communication strategies in an increasingly mediated society.Keywords: Adi Hidayat; digital preaching; Gus Baha; TikTok; urban religiosity; YouTube

This study aims to analyze the factors influencing the intention of Indonesian students at Al-Azhar University, Cairo, to implement the operational integration of Islamic social and commercial finance in their entrepreneurial ventures. Holistic Islamic finance encompasses both social (zakat, infaq, waqf, and microfinance) and commercial aspects; however, integrating these components operationally remains a challenge. This research examines the influence of five variables—religiosity, knowledge, attitude, functional factors, and trust—on the intention to operationally integrate Islamic finance. A quantitative approach was employed using Partial Least Squares - Structural Equation Modeling (PLS-SEM). The study sample comprised 91 Indonesian students at Al-Azhar University who are engaged in business activities. The findings reveal that four variables—attitude, religiosity, knowledge, and trust—have a significant positive effect on the intention to integrate Islamic finance, whereas functional factors do not exhibit a significant influence. This study contributes theoretically by extending the Theory of Planned Behaviour (TPB) within the context of Islamic finance, and practically by informing strategies to enhance student participation in Islamic finance integration.

This study aims to analyze the influence of online loan advertisement, Islamic financial literacy, and lifestyle on public’s comprehension and decision in online loan making. This research uses a quantitative approach with Muslim consumers in the Greater Jakarta (Jabodetabek) area as the target population. Data were collected through a questionnaire distributed via Google Form, involving 195 respondents. The data were analyzed using Structural Equation Modeling–Partial Least Square (SEM–PLS). The results show that online loan advertisement (X1) and lifestyle (X3) have a significant and positive influence on public decision in making online loans. However, Islamic financial literacy (X2) does not have significant influence on public decision in making online loans.

Indonesia with a Muslim majority inherently provides potential for the development and utilization of productive waqf as a financial instrument for social welfare and economic growth. Stock waqf is one of the productive waqf that is quite potential to be developed because it provides the potential for quite large profit sharing with minimal risk if placed in stocks that are fundamentally strong and liquid to maintain the sustainability of waqf assets in the long term. This study aims to analyze the returns and risks of sharia stock portfolios on IDX High Dividend 20 stocks and including LQ45 stocks if placed as waqf objects. In addition, it also analyzes the strategy for implementing stock waqf portfolios for wakif, nazhir and regulators. This study uses two methods to answer the problem formulation, namely Return Portfolio and Risk Portfolio. Furthermore, for the second research question, in-depth interviews and literature studies are used. The results of the study prove that the strategy of forming a portfolio based on dividend yield on stocks that fall into the criteria of IDX High Dividend 20, LQ45 and JII has been proven to consistently increase returns (yield) and total returns with increasing dividend yield. Portfolio 4 which focuses on stocks with dividend yield ≥ 5% provides the highest return (yield) of 17.06% per year, this is also a picture of the yield if applied as a stock waqf portfolio and the total return is also the highest at 18.20% per year, this is also a picture of the yield if applied as a cash waqf investment portfolio or stock futures waqf. In addition, this study emphasizes the importance of education and increasing the competence of nazir in sharia financial literacy and stock waqf management. Collaboration between stakeholders, including nazir, financial institutions, and regulators, is needed to maximize the potential of stock waqf. Effective risk management and transparency in reporting are also key elements to maintain investment stability and increase public trust.

Waqf is an Islamic philanthropic instrument with significant potential to support sustainable economic empowerment in society. In Indonesia, the realization of productive waqf remains suboptimal, despite the estimated potential of cash waqf exceeding IDR 180 trillion annually. Low public participation in productive waqf is partly due to a lack of trust in waqf management institutions (institutional trust) and limited innovation in waqf practices (waqf innovation). This study aims to examine the influence of institutional trust and waqf innovation on waqf participation intention, and its impact on economic empowerment, with waqf participation intention as a mediating variable. A quantitative approach was employed using the Structural Equation Modeling – Partial Least Squares (SEM-PLS) method. Data were collected through an online questionnaire involving 150 Muslim respondents in Indonesia who are familiar with waqf programs. The results reveal that both institutional trust and waqf innovation is not significantly affect waqf participation intention. Furthermore, waqf participation intention positively influences economic empowerment and mediates the relationship between institutional trust, waqf innovation, and economic empowerment. These findings highlight the crucial role of enhancing trust and innovation in optimizing waqf as a sustainable and inclusive tool for economic empowerment in Indonesia.

This study examines the impact of Palestine’s occupation on Indonesian millennials' intentions to boycott Israeli-affiliated products, focusing on attitude, perceived behavioral control, and subjective norm as determinants. Millennials are chosen as the research object based on the assumption that they represent an active workforce with relatively higher financial capability, potentially increasing their influence on consumer behavior. Using Structural Equation Modeling-Partial Least Squares (SEM-PLS), findings reveal that attitude and perceived behavioral control significantly impact boycott intention, while subjective norm is not significant. These results indicate that millennials are more influenced by personal beliefs and self-efficacy than by social pressures. Policy recommendations include enhancing educational campaigns to strengthen individual attitudes and empower millennials with resources for informed choices, possibly through collaborations with influencers and educational institutions. Future studies could explore additional factors, such as media influence and availability of alternatives, to provide a broader understanding of boycott behavior among millennials.

This paper aims to evaluate the existing Islamic financial and business literacy for people with disabilities and propose a job and business recommendation to address different characteristics of the communities. Using the ethnography approach, this research focuses on people with disabilities in their diverse backgrounds of social, economic, and cultural settings. It includes participant observations and interviews accompanied by their family members or social care providers. The finding shows that the existing Islamic financial and business literacy for people with disabilities is still limited due to social gaps. There are tensions that exist in the dedifferentiation method whether they remain to be hopeless to earn more literacy and do their business independently. It is understood that the dedifferentiation has underestimated the people's experience in Islamic financial and business literacy with their types of disabilities.

This study undertakes a comparative analysis of the implementation models of International Financial Reporting Standards (IFRS) in South Africa and Indonesia, focusing specifically on Islamic banking institutions. Whereas South Africa pursued full adoption of IFRS to align with international reporting benchmarks, Indonesia opted for a convergence approach, integrating IFRS principles within its existing local financial reporting framework. Employing a Systematic Literature Review (SLR) methodology, this research synthesizes findings from academic literature, annual reports of Islamic banks, and relevant institutional progress reports on IFRS implementation. The findings indicate that full IFRS adoption in South Africa has enhanced financial reporting quality and transparency; however, it has not entirely mitigated earnings management practices, such as income smoothing.

Uang tidak bisa dilepaskan dari kehidupan manusia yang harus dikelola dengan baik, terutama bagi keluarga. Akuntansi rumah tangga merupakan kegiatan yang dilakukan oleh suatu keluarga yang berkaitan dengan pengelolaan keuangan keluarga.

his study was conducted to analyze the extent to which Fear of Missing Out (FoMO), Impulsive Buying Behavior, and Social Media Influence online purchase intention among Generation Z. The research employed a quantitative causal method. The population consisted of generation Z individuals, with a total of 170 respondents selected using purposive sampling. Data were collected through an online questionnaire distributed via google forms and analyzed using SPSS software. The result of the study indicate that: (1) Fear of Missing Out (FoMO) has a positive and significant influence on generation Z online purchase intention. (2) Impulsive Buying Behavior has a negative but not significant effect on generation z online purchase intention. (3) Social media has a positiveand significant impact on generation Z online purchase intention. (4) The Three variables jointly have a significant influence on generation z online purchase intention.

Introduction: This research aims to find out how green marketing, Islamic corporate social responsibility, and brand image influence purchase decision PT. Paragon Technology Innovation Product. Research Methods: This research uses a quantitative descriptive approach with primary data as the data used. The source of data collected use purposive sampling technique, came from distributing questionnaires to respondents in the Jabodetabek area through the consument of PT. Paragon Technology Innovation. The analysis technique used is Partial Least Square - Structural Equation Modeling (PLS-SEM). Results: Green marketing does not have a significant effect on the purchase decision of PT. Paragon products in the Jabodetabek area. Green marketing has a significant positive effect on the brand image of PT. Paragon products in the Jabodetabek area. Islamic corporate social responsibility has a significant positive effect on the purchase decision of PT. Paragon products in the Jabodetabek area. Islamic corporate social responsibility has a significant positive effect on the brand image of PT. Paragon products in the Jabodetabek area. Brand image has a significant positive effect on the purchase decision of PT. Paragon products in the Jabodetabek area. 

The digitalization of school administration using cloud storage has emerged as an innovative solution to enhance data management efficiency in Islamic schools. This study aims to analyze the social and economic impacts of digitalized administration while identifying key challenges in its implementation. A mixed methods approach was employed, integrating quantitative surveys and qualitative interviews with school administrators and staff in Islamic schools in Bogor. In this study, ethical aspects were strictly observed. Respondents were explained the purpose of the study and given the option to participate voluntarily. Informed consent was obtained in writing prior to data collection, and data confidentiality was maintained. Findings reveal that most Islamic schools are still transitioning to digital systems, while only a small number have fully implemented digitalization. Google Drive is the preferred platform, highlighting its accessibility and collaboration features. From a social perspective, digitalized administration improves work efficiency, communication, and reduces manual workload. However, challenges such as limited internet access, data security concerns, and lack of staff training remain significant obstacles. Economically, digitalization contributes to operational cost savings, particularly in reducing paper and stationery expenses. However, cost savings are perceived as moderate, suggesting that long-term financial benefits require further optimization. To address these challenges, Islamic schools must invest in internet infrastructure, enhance data security, and allocate budgets for staff training to ensure effective implementation. With the right strategies, cloud-based digital administration holds great potential to improve operational efficiency, management transparency, and educational service quality in Islamic schools.

This study explores the factors influencing customer loyalty at Bank Syariah Indonesia (BSI) after cyberattacks, using the Expectation Confirmation Theory (ECT) as the theoretical framework. A quantitative approach with Partial Least Squares-Structural Equation Modeling (PLS-SEM) is applied, analyzing data from 225 customers affected by service disruptions, ATM use, and Mobile Banking. The findings indicate that customer loyalty is significantly affected by service quality, religiosity, and customer trust. Furthermore, customer trust after a cyberattack is significantly influenced by service quality and religiosity. The Compliance, Assurance, Reliability, Tangibles, Empathy, and Responsiveness (CARTER) model is used to measure service quality, emphasizing both technical and ethical aspects. The results highlight the importance of successful crisis management, clear communication, improved security, and compensating customers in retaining and potentially growing the customer base post-attack. This research underscores the significance of the CARTER model in evaluating service quality and the role of religiosity in fostering customer loyalty. The study emphasizes that Islamic banks should integrate technical and ethical aspects of service to minimize negative impacts and maintain customer loyalty.

This study analyzes sustainability in Islamic financial institutions by integrating economic, social, and environmental aspects with sharia compliance.