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Penelitian
Tanggal Publikasi: 13 Apr 2026
THE INFLUENCE OF RELIGIOSITY, BRAND IMAGE AND PERCEIVED
VALUE ON BRAND LOYALTY IN SHARIA MINIMARKETS IN
JABODETABEK
Sharia-based retail businesses, such as sharia minimarkets, have grown to meet the rising demand for halal
products among Muslim consumers, yet brand loyalty in this sector remains underexplored. This study aims to
examine the influence of religiosity, brand image, and perceived value on brand loyalty among 201 Muslim
consumers in Jakarta, Bogor, Depok, Tangerang, and Bekasi (Jabodetabek). The study employs an explanatory
quantitative method with Structural Equation Modeling–Partial Least Squares (SEM-PLS) analysis. The results
indicate that religiosity, brand image, and perceived value each have a positive and significant effect on brand
loyalty. Furthermore, religiosity significantly enhances both brand image and perceived value. The findings
highlight the strategic importance of integrating religious values into branding and customer value creation to
strengthen loyalty in the Islamic retail sector.
Penelitian
Tanggal Publikasi: 6 Apr 2026
Customer Loyalty in Islamic Digital Banking: The Moderating Role Of Religiosity In The Effects Of E-Service Quality and Brand Image
This study investigates the determinants of customer loyalty in Islamic banking in Indonesia within a digital service context. Grounded in Expectation Confirmation Theory (ECT), the study examines the effects of e-service quality and brand image on customer loyalty, with religiosity considered as both a direct and moderating variable. Using a quantitative approach, data were collected from 161 Islamic mobile banking users in the Jabodetabek region and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The results reveal that e-service quality, particularly efficiency and compensation, along with brand image and religiosity, has a significant positive effect on customer loyalty, whereas responsiveness shows no significant impact. Moreover, religiosity does not moderate the relationships between e-service quality or brand image and customer loyalty. These findings suggest that customer loyalty in Islamic digital banking is driven primarily by functional service performance and brand perception, with religiosity playing a supportive but non-interactive role.
Penelitian
Tanggal Publikasi: 6 Apr 2026
DETERMINANTS OF LOYALTY AMONG GEN Z AND MILLENNIAL MUSLIM TOURISTS IN JABODETABEK TOWARD LEADING HALAL TOURISM DESTINATIONS IN INDONESIA
This study aims to analyze the determinants of loyalty of Millennial and Gen Z Muslim tourists in Greater Jakarta (Jabodetabek) to leading halal tourism destinations in Indonesia. The primary focus is on the influence of destination image (affective and cognitive) on halal experiences, satisfaction, and tourist loyalty. Drawing on Expectation Confirmation Theory (ECT) and Muslim consumer behavior theory, this study seeks to address the research gap regarding how urban Muslim tourists evaluate halal experiences at destinations in Muslim-majority and minority regions that are considered high-priority tourism destinations in Indonesia. The research method used was a quantitative approach with Partial Least Squares Structural Equation Modeling (PLS-SEM). Primary data were obtained through an online questionnaire distributed to 137 Muslim Millennials and Gen Z respondents residing in Greater Jakarta (Jabodetabek) and having visited leading halal tourism destinations. The research instrument measured affective image, cognitive image, halal experience, satisfaction, and tourist loyalty using a five-point Likert scale. The results showed that affective image and cognitive image had a significant positive effect on halal experience and tourist loyalty. Halal experience was shown to have a very strong positive effect on tourist satisfaction, while tourist satisfaction did not have a significant direct effect on loyalty. These findings confirm that loyalty in the Millennial and Gen Z segments is shaped more by perceptions of destination image and halal experience than by satisfaction alone. Practically, this research provides important implications for halal destination managers to strengthen the emotional and rational aspects of providing Sharia-compliant halal services while building deep emotional bonds with young Muslim tourists.
Penelitian
Tanggal Publikasi: 1 Apr 2026
The Interplay between ESG Performance, Firm Value, and Sharīʿah Compliance in Indonesia
Abstract
Purpose ― Understanding how Environmental, Social, and Governance (ESG) practices interact with firm value within the framework of Sharīʿah compliance is essential, as Islamic capital markets integrate financial objectives with ethical and sustainable principles. The present study focuses on the bidirectional relationship between ESG performance and firm value. It investigates the moderating role of Sharīʿah compliance and examines the effect of external governance mechanisms on ESG practices in Sharīʿah-compliant firms in the context of Indonesia.
Design/Methodology/Approach ― The final sample consists of 155 public firms listed in the Indonesia Sharia Stock Index (ISSI). Structural Equation Modelling using Partial Least Squares (SEM-PLS) is employed to test the hypothesised relationships.
Findings ― The study finds a significant negative effect of ESG performance on firm value, suggesting that ESG investments may incur short-term costs that reduce immediate market valuation. In contrast, firm value significantly and positively influences ESG performance, indicating that firms with stronger financial standing are more likely to invest in sustainability initiatives. While Sharīʿah compliance does not moderate the relationship between ESG and firm value, it was found that it positively affects ESG engagement, reflecting the close alignment of Islamic values with sustainability. The study also reveals that external governance factors do not have a significant impact on ESG performance.
Originality/Value ― This study extends prior ESG research by modelling the ESG-firm value relationship as a bidirectional process and introducing Sharīʿah compliance as a moderator variable, thereby offering new insights into ethical investing and sustainable finance in Islamic capital markets.
Research Limitations/Implications ― The study adopts a cross-sectional design, which limits the ability to capture longitudinal dynamics and sectoral variations.
Practical Implications ― The study offers practical insights for managers, regulators, and investors by demonstrating how ESG engagement with Sharīʿah constraints may involve short-term value trade-offs while shaping sustainability outcomes in Islamic capital markets.
Penelitian
Tanggal Publikasi: 30 Mar 2026
Hajj and ʿUmrah Rituals in Religious Studies: Rodrigues-Harding's Theoretical Framework and Contemporary Media Analysis
The Hajj and Umrah rituals are central acts of worship in Islam, containing intertwined spiritual, social, cultural, economic, and political dimensions. In the context of globalization and advanced modernity, these rituals have undergone significant transformation, from traditional spiritual pilgrimage practices to global religious phenomena mediated by digital technology, the travel industry, and transnational market logic. This study aims to analyze the dynamics of this transformation through the religious studies approach developed by Hillary Rodrigues and John S. Harding, which rejects the reductive dichotomy between insider perspectives (faith, religious experience, and theological commitment) and outsider perspectives (critical academic analysis). This study uses an interdisciplinary qualitative approach with a library research design. Primary data sources include the Qur'an, hadith, and the theoretical works of Rodrigues and Harding, while secondary data sources include scientific journal articles, academic books, and contemporary studies on the Hajj, Umrah, and religion in the digital age. Data analysis is conducted through concept reduction, contextual interpretation, and theoretical synthesis by integrating theological, phenomenological, and sociological perspectives. The results of this study indicate that the Rodrigues–Harding approach allows for a more holistic understanding of the Hajj and Umrah as ritual practices that are simultaneously sacred and social. This study also finds that the commodification and mediatization of rituals in the contemporary era creates a paradox between the ideal of spiritual simplicity and the reality of material splendor, but at the same time opens up new spaces for the formation of global Muslim solidarity, including through digital media. The contribution of this study lies in strengthening the interdisciplinary analytical framework in the study of Islamic rituals that bridges faith and science, and offers a critical reflection on the spiritual meaning of the Hajj and Umrah amidst modern socio-cultural changes.
Penelitian
Tanggal Publikasi: 26 Mar 2026
The Interplay between ESG Performance, Firm Value, and Sharīʿah Compliance in Indonesia
Purpose ― Understanding how Environmental, Social, and Governance (ESG) practices interact with firm value within the framework of Sharīʿah compliance is essential, as Islamic capital markets integrate financial objectives with ethical and sustainable principles. The present study focuses on the bidirectional relationship between ESG performance and firm value. It investigates the moderating role of Sharīʿah compliance and examines the effect of external governance mechanisms on ESG practices in Sharīʿah-compliant firms in the context of Indonesia.
Design/Methodology/Approach ― The final sample consists of 155 public firms listed in the Indonesia Sharia Stock Index (ISSI). Structural Equation Modelling using Partial Least Squares (SEM-PLS) is employed to test the hypothesised relationships.
Findings ― The study finds a significant negative effect of ESG performance on firm value, suggesting that ESG investments may incur short-term costs that reduce immediate market valuation. In contrast, firm value significantly and positively influences ESG performance, indicating that firms with stronger financial standing are more likely to invest in sustainability initiatives. While Sharīʿah compliance does not moderate the relationship between ESG and firm value, it was found that it positively affects ESG engagement, reflecting the close alignment of Islamic values with sustainability. The study also reveals that external governance factors do not have a significant impact on ESG performance.
Originality/Value ― This study extends prior ESG research by modelling the ESG-firm value relationship as a bidirectional process and introducing Sharīʿah compliance as a moderator variable, thereby offering new insights into ethical investing and sustainable finance in Islamic capital markets.
Research Limitations/Implications ― The study adopts a cross-sectional design, which limits the ability to capture longitudinal dynamics and sectoral variations.
Practical Implications ― The study offers practical insights for managers, regulators, and investors by demonstrating how ESG engagement with Sharīʿah constraints may involve short-term value trade-offs while shaping sustainability outcomes in Islamic capital markets.
Penelitian
Tanggal Publikasi: 25 Mar 2026
The Interplay between ESG Performance, Firm Value, and Sharīʿah Compliance in Indonesia
Purpose ― Understanding how Environmental, Social, and Governance (ESG) practices interact with firm value within the framework of Sharīʿah compliance is essential, as Islamic capital markets integrate financial objectives with ethical and sustainable principles. The present study focuses on the bidirectional relationship between ESG performance and firm value. It investigates the moderating role of Sharīʿah compliance and examines the effect of external governance mechanisms on ESG practices in Sharīʿah-compliant firms in the context of Indonesia.
Design/Methodology/Approach ― The final sample consists of 155 public firms listed in the Indonesia Sharia Stock Index (ISSI). Structural Equation Modelling using Partial Least Squares (SEM-PLS) is employed to test the hypothesised relationships.
Findings ― The study finds a significant negative effect of ESG performance on firm value, suggesting that ESG investments may incur short-term costs that reduce immediate market valuation. In contrast, firm value significantly and positively influences ESG performance, indicating that firms with stronger financial standing are more likely to invest in sustainability initiatives. While Sharīʿah compliance does not moderate the relationship between ESG and firm value, it was found that it positively affects ESG engagement, reflecting the close alignment of Islamic values with sustainability. The study also reveals that external governance factors do not have a significant impact on ESG performance.
Originality/Value ― This study extends prior ESG research by modelling the ESG-firm value relationship as a bidirectional process and introducing Sharīʿah compliance as a moderator variable, thereby offering new insights into ethical investing and sustainable finance in Islamic capital markets.
Research Limitations/Implications ― The study adopts a cross-sectional design, which limits the ability to capture longitudinal dynamics and sectoral variations.
Practical Implications ― The study offers practical insights for managers, regulators, and investors by demonstrating how ESG engagement with Sharīʿah constraints may involve short-term value trade-offs while shaping sustainability outcomes in Islamic capital markets.
Penelitian
Tanggal Publikasi: 17 Mar 2026
Membangun Harmonisasi Kelembagaan dan Regulasi Ekonomi Syariah Indonesia Berbasis Maslahah Performa: Arah Baru Ekosistem Ekonomi Syariah Indonesia
Artikel ini mengajukan kerangka harmonisasi kelembagaan dan regulasi ekonomi syariah di Indonesia. Kerangka diusulkan tidak hanya bersifat administratif atau legal-formal, tetapi berlandaskan maqasid al-shariah melalui pendekatan Maslahah-Based Performance Management System (MBPMS) yaitu Maslahah Performa. Dengan MBPMS, koordinasi antar-lembaga dan sinkronisasi kebijakan ekonomi syariah dapat diukur melalui indikator kebermanfaatan publik (public maslahah), bukan sekadar capaian keuangan atau output regulatif.
Penelitian
Tanggal Publikasi: 16 Mar 2026
The Influence of Brand Equity and Halal Labels on Purchase Intention from an Islamic Marketing Perspective
ABSTRACT Purpose – This study aims to analyze the effect of brand equity and halal labels on purchase intention toward Wardah cosmetics from an Islamic marketing perspective in the Bogor region. It builds on previous studies that show inconsistent results regarding the role of halal attributes in consumer purchase behavior. By incorporating halal awareness as a moderating variable and applying the SEM-PLS method, this study seeks to clarify these relationships in a local halal cosmetics market. The findings indicate that brand equity and brand image positively influence purchase intention, while halal awareness does not moderate these effects.
Design/Methods/Approach – This study employed a quantitative approach using a survey method to collect data from consumers who have purchased Wardah cosmetics in the Bogor region. Data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) to examine the relationships between brand equity, brand image, halal awareness, and purchase intention.
Findings – The results show that brand equity and brand image have a positive and significant effect on purchase intention. However, halal awareness does not moderate the relationship between brand equity and purchase intention, nor between brand image and purchase intention. These findings indicate that branding factors play a more dominant role than halal awareness in influencing consumers’ purchase intention toward Wardah cosmetics in the Bogor region.
Research Implications/Limitations – This study is limited by its focus on a single halal cosmetic brand (Wardah) and a specific geographic area (Bogor), which may restrict the generalizability of the findings to other brands or regions. The use of a cross-sectional survey and self-reported data may also limit the ability to capture changes in consumer behavior over time. Nevertheless, the findings provide practical implications for halal cosmetic marketers by highlighting the greater importance of brand equity and brand image compared to halal awareness in shaping purchase intention within a local Muslim market.
Penelitian
Tanggal Publikasi: 10 Mar 2026
Revisiting poverty alleviation in Muslim economies: the impact of zakat and Islamic human development
Purpose
This study aims to examine the impact of zakat and the Islamic human development index (IHDI) on multidimensional poverty across member countries of the Organisation of Islamic Cooperation (OIC). It further explores how the relationship between zakat and poverty differs across regional and income classifications, offering policy insights for promoting inclusive development in Muslim-majority economies.
Design/methodology/approach
Using an unbalanced panel data set of 41 OIC countries from 2010 to 2023, this study applies the fixed-effects model (FEM) to estimate the direct and heterogeneous effects of zakat and IHDI on multidimensional poverty, measured through the multidimensional poverty index (MPI).
Findings
The results show that zakat significantly reduces multidimensional poverty across OIC countries, with heterogeneous effects across regions and income levels. The poverty-reducing impact of zakat is stronger in Asian and Arab OIC countries than in African OIC countries and increases monotonically from low-income to high-income economies, indicating the importance of institutional capacity and economic formalisation. IHDI exhibits a strong and robust negative association with poverty, reaffirming the relevance of the Maqāsid al-Shari‘ah framework. In contrast, macroeconomic variables show limited significance, while population growth remains a key driver of poverty.
Research limitations/implications
This study is limited by using a macro-level zakat proxy derived from gross capital formation, which may not fully reflect actual zakat collection or distribution efficiency. In addition, the IHDI construction is based on available cross-country data and may not capture all context-specific dimensions of Islamic welfare.
Practical implications
The findings highlight the importance of productive, digitally integrated zakat systems, while weaker effects elsewhere call for basic standardisation, improved governance and strengthened public trust to enhance compliance and effectiveness. Policymakers are encouraged to integrate Islamic human development principles into poverty alleviation programmes and promote regional collaboration among zakat authorities to reduce institutional disparities within the OIC.
Originality/value
This study provides novel empirical evidence by integrating Islamic social finance and human development within a multidimensional poverty framework. By combining zakat and IHDI into a single model, it introduces a faith-aligned and policy-relevant perspective on how Islamic economic values can effectively support sustainable and inclusive poverty reduction across Muslim-majority countries.
Penelitian
Tanggal Publikasi: 10 Mar 2026
Reconfiguring Religion in The Digital Era: A Conceptual Framework for The Mediatization of Religion in Indonesia
This article examines how religion is reconfigured in the era of digital platforms and proposes a conceptual framework for the mediatization of religion in Indonesia. While existing scholarship on digital religion has provided rich empirical insights, much of it remains fragmented and often limited to specific platforms or practices. This study addresses that limitation by reconstructing the multidimensional framework of Rodrigues and Harding and integrating it with mediatization theory, the phenomenology of religion, and digital religion scholarship. The study employs a conceptual and analytical approach based on a focused literature review and theoretical synthesis. The analysis produces a framework organized around five interrelated components: media logic, algorithmic curation, networked community, authority shift, and ethical governance. Building on this framework, the article advances three conceptual propositions concerning algorithmic shifts in authority, the transformation of sacred experience under digital mediation, and the expansion of epistemic participation alongside its associated risks. To demonstrate the analytical capacity of the framework, the article draws on literature-based illustrations of the digital hijrah movement and online pengajian in Indonesia. These cases show how digital infrastructures reshape authority, ritual practice, and community formation while also generating tensions related to fragmentation, polarization, and misinformation.
Penelitian
Tanggal Publikasi: 9 Feb 2026
PENGARUH TEKANAN EKSTERNAL, TATA KELOLA DAN LITERASI NAZHIR WAKAF DALAM IMPLEMENTASI PSAK 112 TENTANG AKUNTANSI WAKAF
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 …
Penelitian
Tanggal Publikasi: 1 Feb 2026
AL-AMR BI AL-SYIRA’ FROM THE PERSPECTIVE OF AGENCY THEORY
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.
Penelitian
Tanggal Publikasi: 30 Jan 2026
Does geopolitical risk influence foreign investors’ decisions in the stock market? An ARDL approach
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
Penelitian
Tanggal Publikasi: 29 Jan 2026
As Value-based Economics, How Does Islamic Economics deal with Scientific Method
in Disruptive Era of Digitalization?
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.
Penelitian
Tanggal Publikasi: 26 Jan 2026
Determinants of BMT UGT Sidogiri Customer Loyalty: Does Cultural Factor Have an Essential Role?
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.
Penelitian
Tanggal Publikasi: 3 Jan 2026
Menelaah Ijma Ulama tentang Crypto Currency dari Sudut Pandang Kaidah Muamalah Al-Aslu Fil Muamalah Ibahah
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 .
Penelitian
Tanggal Publikasi: 1 Jan 2026
The Ricardian Equivalence in times of COVID-19: A Case of Indonesia and Malaysia
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.
Penelitian
Tanggal Publikasi: 1 Jan 2026
Islamic Financial Integration: The Operational Integration Dimension of Indonesian Students Business Activities at Al-Azhar University Cairo
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.
Penelitian
Tanggal Publikasi: 1 Jan 2026
Religious Sermons by Nursalim, Hidayat, and Basalamah on YouTube/TikTok: Impacts on Bogor Residents' Tolerance Knowledge and Attitudes
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