Penelitian ini bertujuan menganalisis pengaruh tekanan eksternal nazhir wakaf dalam implementasi PSAK 112 tentang akuntansi wakaf, pengaruh tata kelola nazhir wakaf dalam implementasi PSAK 112, pengaruh literasi nazhir dalam implementasi PSAK 112, serta faktor tekanan eksternal, tata kelola dan literasi nazhir wakaf menjadi pendukung atau penghambat dalam implementasi PSAK 112. Penelitian ini merupakan penelitian kualitatif yaitu penelitian yang menghasilkan penemuan-penemuan yang tidak dapat dicapai dengan menggunakan prosedur statistik atau dengan cara-cara kuantitatif. Penelitian ini menggunakan pendekatan studi kasus pada 3 nazhir wakaf. Sumber data berasal dari 3 nazhir wakaf yang sudah tersertifikasi baik secara lembaga maupun perorangan oleh Badan Wakaf Indonesia. Teknik pengumpulan data penelitian ini adalah dengan observasi partisipatif, wawancara mendalam, dan studi dokumen. Teknik analisis yang digunakan adalah reduksi data, penyajian data, dan penarikan kesimpulan. Sementara itu, validasi data menggunakan triangulasi. Penelitian ini menunjukkan adanya tekanan eksternal terlihat dari adanya kewajiban bagi seluruh pegawai untuk memahami PSAK 112 namun belum ada pendampingan terkait hal tersebut sehingga dalam implementasi PSAK 112 terlihat belum maksimal. Sedangkan tata kelola yang baik terlihat dari aspek keadilan, transparansi, akuntabilitas. Beberapa faktor pendukung dalam implementasi PSAK 112 yakni adanya pedoman dan dasar hukum sistem akuntansi wakaf yang dibuat Badan Wakaf Indonesia dan juga tersedianya platform digital akan memudahkan …

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 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 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