This study aims to determine whether perceptions of usefulness, perceived convenience, perceptions of security, Islamic financial literacy simultaneously affect the interest in using the LinkAja Syariah Service e-wallet payment system. In this study, researchers used a descriptive quantitative approach with sampling techniques, namely non-probability sampling by distributing questionnaires to 105 respondents in the Jabodetabek area. This research method is multiple linear regression analysis with an error rate of 5%. The results found in this study are (1) the perception of convenience does not affect the interest in using LinkAja Syariah Services. (2) the perception of usefulness has a positive and significant effect on interest in using LinkAja Syariah Services. (3) the perception of security does not affect the interest in using the LinkAja Syariah Service. (4) Islamic Financial Literacy has a positive and significant impact on interest in using LinkAja's Syariah Services. (5) Perception of convenience, perception of usefulness, perception of security and Islamic financial literacy simultaneously have a positive and significant effect on interest in using LinkAja Syariah Services. 

Teknologi semakin berkembang seiring dengaan perkembangan zaman, inovasi tersebut sudah merambat kedalam perekonomian yakni dalam bidang keuangan. Namun dalam perkembangan ini tidak luput dari timbulnya risiko, cara menghadapinya dilakukan dengan cara yang berbeda tergantung pada persepsi setiap individu. Penelitian ini bertujuan untuk mengetahui pengaruh antara persepsi syariah, persepsi atribut produk, dan persepsi risiko terhadap minat menggunakan aplikasi uang elektronik berbasis server. Metode pengumpulan data yang digunakan dalam penelitian ini adalah dengan menyebarkan kuesioner kepada responden. Populasi yang digunakan dalam penelitian ini sebanyak 27.025. 316 orang dengan karakteristik masyarakat muslim pengguna aplikasi uang elektroni berbasis server. Sampel dalam penelitian ini berjumlah 400 responden dengan teknik pengambilan sampel berdasarkan cluster sampling. Dengan menggunakan path analysis hasil penelitian menunjukkan bahwa tingkat persepsi syariah berpengaruh negatif dan tidak signifikan terhadap minat menggunakan aplikasi uang elektronik berbasis server. Pengaruh persepsi atribut produk dan persepsi risiko berpengaruh positif dan signifikan terhadap minat menggunakan aplikasi uang elektronik berbasis server. Kemudian pengaruh persepsi syariah berpengaruh positif signifikan terhadap persepsi atribut produk dan persepsi risiko.

The objective of this study is to propose a model of empowering global refugees by utilizing zakat and waqf through Islamic microfinance institutions. The model introduced is an extended model of the model developed by Kachkar (2017) and Indrawan et al. (2018). A thorough review of relevant literature is conducted to develop this model. The proposed approach, referred to as the Integrated Zakat and Waqf Model for Refugees (IZWMR), introduces the zakat element as an extension of the previous model. Additionally, the waqf component of the model includes not only cash waqf but also land waqf, thereby enabling the optimal utilization of idle waqf assets to empower refugees and support their livelihood. This study aims to raise awareness within society about the challenges faced by refugees, provide a comprehensive model to address the global refugee crisis, and create opportunities for the more effective and impactful utilization of Islamic social finance instruments, such as zakat and waqf. The extended model added the micro-takaful concept which provide insurance or risk management solution for micro enterprise operated by refugees who has get entrepreneurship training.

The study aims to evaluate cause and effect of financing problems on Baitul Mal wa Tamwil (BMT)
during Covid 19 and to analyze the strategy undertaken by BMT to handling financing problems.
This study is qualitative research. The primary and secondary data obtained from observations,
interviews, and documentation. The informant of study are top management and members of BMT Al-
Hidayah Kotaraja Lombok Timur. The data are analyzed using the FMEA (Failure Mode and Effect
analysis) approach. FMEA method is a systematic method used to identify and prevent problems with
a company's product or business process. All process is calculated in score, namely Risk Priority
Number (RPN) and showed in the Pareto diagram. Financing problems are categorized as substandard,
doubtful, and bad financing. The causes are lack of employee ability to assess prospective member's
character who does not want to pay installments and natural disaster (Covid-19 pandemic) as well.
Financing problems has an impact on the emergence of financing risk. The direct impact felt by BMT
Al Hidayah Kotaraja is that the circulation of money is not smooth, while the return for profit sharing
to deposit members must still be given every month. The lack of employee ability to assess
prospective members is the main cause. The strategy undertaken to tackle financing problems is not
appropriate. They focus on members. They should focus to improve the ability of employees to assess
prospective members. The study also found that FMEA is effective in overcoming financing problems
in BMT.

Keywords: Financing problems, NPF, BMT, FMEA

In Indonesia, the development of Islamic banking has increased significantly from year to year. Controlling the money supply through financing can be used with SBIS selling contracts as one of the sharia monetary policy instruments. The purpose of this research is to see how far the interaction and contribution of SBIS selling contracts with Islamic banking financing. The analytical method used is VECM. The results show that the causality between these two variables is not significant and for the interaction response both show stability in both the short and long term. This research recommends that SBIS is not only in the form of a ju'alah contract but also the implementation of the contracts given by the MUI.

This reseearch aims to discuss the use of the SIMBA application and discuss the level of effectiveness of SIMBA in the management of zakat funds at BAZNAS Bukittinggi. This research was conducted at the National Amil Zakat Agency (BAZNAS) of Bukittinggi City in 2022 using a qualitative approach where data collection was carried out by conducting interviews and document reviews. This study uses primary and secondary data obtained from BAZNAS Bukittinggi City. Researchers used data analysis to measure the level of effectiveness. In this study, it was found that SIMBA has been implemented by BAZNAS Bukittinggi City since 2018. The presence of SIMBA not only collects and records all existing data and activities, but also presents financial reports of all zakat fund management activities transparently and presented in balance sheets and other reports. The use of the SIMBA application has been proven effective with the achievement of indicators of effectiveness, namely the achievement of goals, integrity, and adaptation. In the results of the calculation and measurement of the effectiveness/efficiency ratio using the formula 19 the ratio of collection costs in 2021 with a result of 2.49% and formula 20 the ratio of collection in 2021 with a result of 0.28%. From the calculation results, it can be said that the collection of funds at BAZNAS Bukittinggi has been effective and efficient. The more effective and efficient the institution is in conducting collections that is right on target and also saves the energy and time needed, the better the governance of zakat institutions will be. 

Tujuan dari penelitian ini adalah untuk menjawabbagaimana politik ekonomi syariah dalam konteks sektor industri halal di Indonesia dalam perspektif Al-Qur’an.Disertasi ini menggunakan metodologi penelitian kualitatif melalui analisa data sekunder berupa tafsîr Al-Qur’an dan pendekatan Grounded Theory. Jenis tafsîr yang digunakan adalahtafsîr tematik (al-maudū’i)ketika menganalisis ayat maupun isyarat Al-Qur’an yang berkaitan dengan politik dan ekonomi pada sektor industri halal. Rujukan tafsîr Al-Qur’an adalah menggunakan Tafsîr Al-Munir, Tafsîr Al-Azhar, dan TafsîrAl-Nukat wa al-Uyūn Tafsîr Al-Mawardi, mengingat ketiga tafsîr tersebut memiliki bahasan yang relevan dengan judul Disertasi yaitu yang berkenaan dengan politik dan ekonomi.
Isyarat Al-Qur’an dibahas ke dalam fase perkembangan politik dan ekonomi syariah dan fase praktik dalam sektor industri halal. Tahapan pembahasan isyarat Al-Qur’an menunjukan bahwa Al-Qur’an sebagai pedoman hidup bagi manusia tetap relevan dalam masa manapun (Al-Qur'an shâlih li kulli zamân wa makân), namun secara praktik mengalami interupsi akibat perubahan sikap manusia terhadap politik, ekonomi dan pengaruh sekulerisme.
Akhirnya, Disertasi ini menemukan bahwa isyarat Al-Qur’an dalam politik ekonomi syariah dan praktik politik pada sektor industri halal mengalami perubahan dari sekedar pemenuhan kebutuhan ekonomi manusia menjadi pemenuhantujuan kekuasaan danlegasi politik. Didapati bahwa gerakanpolitik yang berbeda dapat mempengaruhi perkembanganberbeda juga di setiap bidang industri halal; pendekatan kepentingan politik kepada pelaksanaan ekonomi syariah di Indonesia memberikan keuntungan pada sektor industri halal; dan pelaksanaan hukum syariah yang kuat memberi pengaruh pada perkembangan sektor industri halal.
Kesimpulan tersebut kemudian menghasilkan rumusan tiga konsep yaitu: 1. Konsep Politik Ekonomi Syariah dalam Sektor Industri Halal; 2. Konsep Industri Halal yang perlu penguatan nilai-nilai Islam; dan 3. Konsep Politik Negara (State Politics) dalam Bidang Ekonomi Syariah. Daritiga konsep tersebut,Disertasi ini mengusulkanModel Politik Ekonomi Syariah sebagai pendekatan kritis yang didasarkan pada kebijakan publik yang bersifat Mubâhât - مباحات berlandaskan hukum syariah yang bertujuan untuk mengkritisasi interaksi antara berbagai pemangku kepentingan dan aparat sosial-politik yang terlibat dalam mengembangkan sebuah sistem ekonomi syariah. Disertasi ini memiliki persamaan pandangan denganMasudul Alam Choudhury (2005) yang mengembangkan ilmu politik ekonomi syariah yang terus dikembangkan oleh Mehmet Asutay (2007) dalam pendekatan politik ekonomi pada ekonomi syariah sebagai alternatif ekonomi, juga pada Jane Pollard dan Michael Samers (2007) yang menekankan perkembangan perbankan dan keuangan syariah dalam arena geopolitik. Persamaan didapati juga pada Murniati Mukhlisin (2014) yang mengusulkan politik ekonomi akuntansi dalam pembahasannya mengenai penyusunan standar akuntansi global. Dari sisi pendekatan tafsîr Al-Qur’an, Disertasi ini sejalan denganAmdahurifky. B. (2022) yang menekankan konteks peranan nilai agama dan ketuhanan dalam aspek politik dan mengedepankan sisi kebaikan manusia yang substantif.
Namun Disertasi ini berbeda dengan Rachel M. McCleary and Robert J.Barro(2006) yang menggunakan teori religiosity dengan penekanan secularization hypothesis dan the religion-market modelmenyatakan bahwa tidak sepenuhnya politik dan agama berjalan bersama. Hal ini dikarenakan dengan semakin kuatnya sekularisasi, partisipasi agama dan kepercayaan dalam politik makin menghilang.

This unique book discovers a new dimension in the study of strategic and performance management in Islamic Business studies. It addresses the missing link of spirituality from modern-day organizational structure in the presence of high-tech pressure in all areas of human endeavours.

The authors propose an integrated study of Islamic business approach to strategic and performance management systems to achieve sustainable organizational performance. The book explores employees’ wellbeing and organizations’ perceiving work environment as a spiritual pathway to cultivate values in Islamic business ecosystem to sustain humanity. It is all about care, empathy, and sustenance of others, about truthfulness and management being truthful to themselves and others and endeavouring to live their values more effusively while performing their work. The book stresses the impact of spirituality in performance management, concluding that for any organization to run efficiently, spirituality is the core component to attain happiness, contentment, and success.

The book will be of interest to a variety of management scholars, including those researching and studying performance management, talent management, strategic management, and business ethics.

Purpose – The demand for Saudi Arabian real (SAR) is very high in the pilgrimage (hajj) season while the
authority, unfortunately, does not hedge the hajj funds. As such, the hajj funds are potentially exposed to
exchange rate risk, which can impact the value of hajj funds and generate extra cost to the pilgrims. The
purpose of this paper is to conduct simulations of Islamic hedging for pilgrimage funds to: mitigate and
minimize exchange rate risk, identify and recommend the ideal time, amount and tenors of Islamic hedging
for hajj funds, estimate cost saving by pursuing Islamic hedging and propose technical and general
recommendations for the authority.
Design/methodology/approach – Forward transaction mechanism is adopted to compute Islamic
forward between SAR and Rupiah (Indonesian currency) or IDR. Findings – based on simulations, the paper
finds that: the longer the Islamic hedging tenors, the better is the result of Islamic hedging, the decreasing of
IDR/USD is the right time to hedge the hajj funds and, on the other hand, the IDR/SAR appreciation is not the
right time to hedge the hajj funds.
Findings – Based on simulations, the paper finds that: the longer the Islamic hedging tenors, the better is
the result of Islamic hedging, the decreasing of IDR/USD is the right time to hedge the hajj funds and, on the
other hand, the IDR/SAR appreciation is not the right time to hedge the hajj funds.
Research limitations/implications – The research suggests the authority to (and not to) hedge the hajj
fund, depending on economic conditions and market indicators. Even though the assessment is for the
Indonesian case, other countries maintaining hajj funds might also learn from this paper.
Originality/value – To the best of author’s knowledge, this is the first paper in Indonesia that attempts to
simulate the optimal hedging of hajj funds.

This chapter aims to identify factors that may influence the interest of Indonesian Muslim millennials in performing waqf. Five variables, namely waqf literacy, religiosity, trust in waqf institutions, religiosity, income, and social influence, were tested using SEM-PLS method. Data are obtained through online questionnaires with the number of sample is 321 Muslim millennials from the five major islands in Indonesia. The finding shows that four variables, literacy, religiosity, trust in waqf institutions, and social influence, have a significant impact on their interest in waqf donation. As a result, waqf institutions must nurture trust of prospective waqf through massive socialization such as social media which is widely accessed by millennials. This may attract their attention, leave a good impression, and create a supporting environment. In addition, waqf institutions need to instill trust by being more open, honest, and transparent about the programs they created through campaigns by bringing social and religious issues packed with excellent and exciting delivery that can help increase the interest of Muslim millennials in performing waqf. Furthermore, quality of nazhir should be improved, collaboration should be promoted, and the utilization of digital technology are highly recommended. © 2023 World Scientific Publishing Europe Ltd. All rights reserved.

Purpose: This research as determine the perception of MSME entrepreneurs in the city of Medan in the post-covid-19 era.

Design/methodology/approach: This type of research is field research by conducting interviews and Focus Group Discussions (FGD) conducted on MSME entrepreneurs in Medan City who use QRIS and how their preferences and perceptions are, especially for culinary entrepreneurs.

Findings: The results of this study are the tendency of MSME entrepreneurs to prefer cashless transactions instead of QRIS because there are network constraints, lack of consistency in real time when transacting, administrative costs are imposed for MSME entrepreneurs so that they tend to cashless transactions other than QRIS so that MSME entrepreneurs do not prioritize the use of QRIS. Furthermore, from the perception of post-covid-19 era MSME entrepreneurs that purchasing power is low, however, the use of QRIS has not shown an increase in business income.

Research, Practical & Social implications: Demonstrate the use of QRIS services that can increase the business income of MSME Users.

Originality/value:  This research provides an affirmation in the thinking of the use of QRIS services that can be developed in a more comprehensive and in-depth research. On preferences and perceptions of MSME and their competencies, considering perception entrepreneurs that purchasing use QRIS

From a sample of Islamic banks around the world from 1997 to 2012, this paper examines whether loan loss provisioning in Islamic banks is procyclical. Our empirical findings highlight that loan loss provisioning in Islamic banks remains procyclical, although the ‘expected’ loan loss model (E-LLM) has been implemented for Islamic banks in several countries. A closer investigation further documents that Islamic banks also use loan loss provisions for discretionary managerial actions, especially related to capital management in which loan loss reserves and provisions are inflated when bank capitalization declines. Eventually, this paper highlights that higher capitalization can mitigate the procyclicality of loan loss provisions in Islamic banks. In other words, loan loss provisioning becomes countercyclical for Islamic banks with higher capitalization. This paper therefore casts doubts on the adoption of the E-LLM for Islamic banks to promote countercyclical effects, because the E-LLM may be influenced by managerial discretion, including opportunistic capital management using loan loss provisions that may undermine the importance of maintaining bank capitalization.

Introduction: The Covid-19 pandemic is unique because the financial sector is usually affected earlier when a shock occurs, but in this incident, the real industry is more affected. Differences of opinion regarding procyclicality maintain the importance of early indication. Methods: This study aims to reexamine procyclicality in Islamic banking using the VAR/VECM method. Results: The results show that Islamic banks are proxies that support economic development without causing bubbles. Conclusion and suggestion: The avoidance of MAGHRIB (Maysir, Gharar and Riba) ultimately makes Islamic banks have financing characteristics that are different from conventional loans.

Seeing the high potential for Umrah and Special Hajj departures, with a very large number of Umrah and Special Hajj travel, making competition between travel even higher. This study aimed to determine the effect of Islamic service quality and trust on customer satisfaction, which will relate to interest in using it again. The method used in this research was the quantitative exploratory method. The participants in this study were Umrah and Special Hajj pilgrims who are registered with Hajj and Umrah organizers with official permits and domiciled in Java. The sampling technique in this study was probability random sampling with a total sample of 100 respondents. The analysis technique of the study was SEM-PLS by using the SmartPLS 3.2.9 application. The results showed that the quality of Islamic services provided by the travel company and the trust of pilgrims have a significant influence on customer satisfaction felt by Umrah and Special Hajj pilgrims, which also affects their interest in re-patronage Umrah and Special Hajj services at the travel company. This research is very useful for Hajj and Umrah travel organizers in Indonesia in order to improve the quality of organizing Hajj and Umrah for the comfort and solemnity of customers' worship.

Islamic institutions have had a very long history, whose performance was muted during the Colonial Period. However, after the Second World War, the revival of the Islamic institutions began. Throughout its history, it had been assumed that these institutions are working for the betterment of humanity. Their target is to achieve a high level of the welfare for the concerned community. Historically these institutions were waqf, zakat and sadaqat. However from the last three decades, Islamic financial institutions have been established with the objective of providing interest- free products, transaction and services for Muslims. However there has been lot of criticism on the performance and role of these institutions. This becomes especially pertinent in a Muslim country like Indonesia, where there is a dire need to know that how these institutions are working and if it is possible for them to achieve the objectives of the Shari'ah. Some scholars have claimed that these institutions are performative and only serving 'lip service', and there are no significant differences between the Islamic and secular institutions where both kinds of institutions operate on the same foundations and differ only in use of technical terminologies. This volume aims to analyze some of the Islamic institutions which are operating in the world's biggest Muslim country, Indonesia, as a case study and analyze the contemporary Islamic Banking products and practices in the light of 'Maqasad al-Shari'ah'. The book's objective is to propose an improved system of Islamic institutions for Muslims to refer to. This volume will also analyze why these institutions are currently not able to comply with the Maqasad al Shari'ah and how it is possible to enhance the level of economic development, social wellbeing, individual freedom and equality, elimination of injustice and poverty, and achieve the other targets of the Maqasad through these institutions.

The Economic Crisis is a situation of instability that can affect individuals and even large groups that tend to harm. The threat of crisis did not only occur in the current era but in the Khulafaur Rashidun Era, namely during the time of Umar Bin Khattab, namely the Ramadan Crisis, which was a crisis that occurred in the Hijaz area and its surroundings between 17-18H. At that time Ramadan greatly impacted the economy of Muslims because the population was starving, the land was black, livestock died and prices soared. Even trading activities could not carry out their normal activities. Ramadah occurred because the rains did not fall which caused drought, the occurrence of the bubonic plague which disrupted trading activities and because of rampant adultery and judges who acted tyrannically. Umar bin Khattab radhiallahu anh made many changes to his policies at that time.

The research method used in this study is qualitative research, using a historical approach in which the author collects written sources in this research. From the results of this writing, it can be interpreted that economic policy during the caliphate of Umar bin Khattab could not be separated from Umar's intelligence and expertise as a caliph with his ijtihad and deliberations he conducted with friends. It is hoped that this writing can provide references and guidelines for the implementation of governance in managing countries

Based on the formulation of the problem above, the objectives to be achieved by researchers in writing this paper are: 1) Assess the role of Jallaludin Muhammad Akbar in carrying out the economic policies of the government of the Mughal Empire in India in 1556-1605 AD. The historical method has four steps in conducting historical research, namely (1) Heuristics, (2) Historiography, (3) critic, (4) Interpretation Agriculture and Trade Sector The Mughal economic system was based on agriculture and trade. Communication between farmers regulated by the government in a good way. Taxation Council (1) high taxes given to high officials of the Mughal Empire, (2) Taxeslow for farmers. Tax collection is usually in the form of land tax and property tax (Ownership of goods). The conclusion is that King Jalalludin Akbar, his economic policies are closely related to being based on the political and social policies that during sted the Mughal dynasty. Poor people do not object to economic policies, but object to other policies, high tolerance with normal taxes makes economic policies run smoothly even though removing the jizyah policy but jalaludin agung can still reach its peak of glory with agriculture and its export trade to various regions.

Kebijakan moneter dan kebijakan fiskal merupakan kebijakan yang mempengaruhi kebijakan ekonomi makro. Penetapan kebijakan ekonomi secara makro akan memberikan dampak pada pencapaian peningkatan ekonomi. Agar pertumbuhan ekonomi sesuai dengan yang diharapkan, maka kebijakan moneter dan fiskal harus berjalan saling beriringan dan saling mendukung. Jika kedua kebijakan itu saling berlawanan dan tidak saling mendukung, maka pertumbuhan ekonomi akan terganggu atau malah mencapai nol. Oleh karena itu diperlukan interaksi dan interkoneksi antara kebijakan moneter dengan kebijakan fiskal. Kedua lembaga pemerintah yang berwenang menangani masalah keduanya, baik Kementerian Keuangan sebagai penanggung jawab kebijkan fiskal maupun Bank Indonesia sebagai pemegang mandat dalam menetapkan kebijakan moneter, harus bisa menyatukan kebijakan-kebijakan demi mendorong pertumbuhan ekonomi yang mensejahterakan rakyat.

Waqf assets in Indonesia have not been managed optimally and productively. A survey states that 74% of waqf managers (nadzir) cannot maximize benefit from waqf. The reason is the limitation on innovation to develop and sustain waqf assets. On the other hand, Indonesian government has suffered from high foreign debt that seeks solution for alternative financing. Sukuk issuance could be a potential linkage between unmanaged waqf assets and government high debt demand. This study discusses the possibility of issuing sukuk based on waqf asset in Indonesia which drives several aspects. This paper adopts research method of benefit, opportunity, cost, and risk both for issuer and investor standpoint that refer to various sources of literature and interviews with respondents consisting of experts, regulators, and practitioners. The results using two-floor level Analytic Network Process show that the priority of benefit aspect is a financing alternative. While for the aspect of opportunity, the main priority is developing more innovative Islamic finance products. The priority of cost aspects is unprofessional asset management of waqf. The priority on aspects of risk is a dispute of endowment assets. For short-term and long-term strategy, the main priority is on creating partnership with other institutions. Contribution of this research is to inform the regulators on the setting of legal aspect when waqf assets used for sukuk financing in particular on the issue of foreign debt.

The Sustainable Development Goals (SDGs) aim to eradicate extreme poverty by 2030 and reduce at least half the proportion of men, women and children of all ages living in poverty in all its dimensions according to national definitions. This chapter reviews extant empirical studies in the area of Islamic microfinance in orderto analyse the contribution of Islamic microfinance to SDGs by mapping research direction on the SDGs. The studies are categorized based on the discussion on research paradigm, countries being researched, methods employed and results that lead to action for achieving MDGs and SDGs. It finds that the studies under review mostly employ poststructuralism and interpretivism paradigm with countries being researched are mostly Bangladesh, Malaysia and Indonesia. Finally, the chapter offers insights on future research aiming to promote the achievements and issues faced in the implementation of SDGs.