Abstract:This study aims to analyze and formulate a concept of Islamic legal protection for crypto investors in responding to the dynamics of digital crimes within virtual currency transactions. Departing from the rapid development…
nt of blockchain technology and the recognition of crypto assets as tradable commodities in Indonesia, this research identifies a normative ambiguity between positive law and religious fatwas, particularly concerning the permissibility and legal legitimacy of cryptocurrencies from a sharia perspective. The inherent characteristics of crypto assets-namely volatility, speculative tendencies, and vulnerability to digital crimes such as hacking, fraud, market manipulation, and money laundering-generate significant risks for Muslim investors. Within the framework of fiqh al-muʿāmalāt and maqāṣid al-sharīʿah, especially the principle of ḥifẓ al-māl (protection of wealth), this study asserts that investor protection constitutes not merely a regulatory necessity but an integral dimension of the higher objectives of Islamic law in safeguarding justice, transparency, and economic welfare. Methodologically, this research employs a normative-maqāṣidī approach through an interdisciplinary analysis integrating Islamic jurisprudence, national positive law, and the study of digital financial technology. The focus of the inquiry is directed toward identifying the typologies of digital crimes within the crypto ecosystem, evaluating the effectiveness of national regulations and religious fatwas, and formulating a model of Islamic legal protection that is preventive, corrective, and educational in nature. The expected outcome of this dissertation is the construction of a conceptual framework of ḥimāyah al-mustatsmir (investor protection) grounded in maqāṣid al-sharīʿah, adaptive to the digital era, and strengthened through synergy among the state, financial authorities, and fatwa institutions. Accordingly, this study contributes not only to the advancement of contemporary fiqh al-muʿāmalāt discourse but also offers an applicable normative framework for the development of a secure, equitable, and sustainable sharia-based digital economic system.
Abstract:This study aims to examine the effect of the Current Ratio (CR) and Debt to Equity Ratio (DER) on stock returns, with the exchange rate as a moderating variable, in retail sub-sector companies listed on the Indonesia Stock…
ck Exchange during the 2019–2023 period. This research employed a quantitative approach using secondary data obtained from annual financial reports and stock price data. The sampling technique used purposive sampling, resulting in 25 companies with 125 observations. Data analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA). The results indicate that the Current Ratio has a negative and significant effect on stock returns, meaning that excessively high liquidity tends to reduce stock returns. Debt to Equity Ratio also has a negative and significant effect on stock returns, indicating that higher leverage increases financial risk and lowers investor confidence. Simultaneously, Current Ratio and Debt to Equity Ratio significantly affect stock returns. However, the exchange rate has no effect on stock returns. Furthermore, the exchange rate is unable to moderate the relationship between Current Ratio and stock returns, as well as between Debt to Equity Ratio and stock returns. These findings imply that internal company factors, particularly liquidity management and capital structure, are more dominant in influencing stock returns than external macroeconomic factors such as exchange rate fluctuations. Therefore, investors are advised to pay closer attention to financial fundamentals when making investment decisions in the retail sector.
Abstract:Although the discourse on educational marketing is theoretically established, empirical reality reveals a significant gap between strategic planning and operational execution. This failure is often rooted in weak resource…
e organization and the inability to translate strategy into tactical action. This study aims to analyze and compare the organizational patterns and implementation of educational service marketing across institutional levels, including Madrasahs, Islamic Boarding Schools (Pesantren), and Islamic Higher Education Institutions. Using a library research method, data were collected through a systematic search of current academic literature (2015-2025) by adapting the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) selection flow to ensure data synthesis validity. Comparative analysis reveals distinct organizational model divergences: madrasahs tend to use ad-hoc committee structures, pesantrens rely on the centrality of the Kiai's charismatic leadership as the primary brand ambassador, while higher education institutions are adopting professional, permanent marketing units. Nevertheless, the convergence of success across all three entities lies in the integration of Islamic values within the 7P marketing mix and the vital role of Human Resources as the forefront of service delivery. This study implies the urgency of a managerial transformation from an incidental approach to the institutionalization of sustainable marketing functions to bridge the execution gap and build public trust.
Abstract:The growth of internet users in Indonesia has increased significantly from last year and penetration has reached 79.5% by the beginning of 2024. Reaching 13.66% of the Indonesian population has made payments.e-commerceregularly…
gularly cashless with e-wallet or digital wallet. This reflects that Indonesian society is undergoing transformation by implementing digital wallet programs.cashless society or change of cash payment to non-cash. The use of QRIS is one of the instruments that support the BI program in creating cashless society. The existence of digital transformation is only supported by 6.84% of the Indonesian population who are digitally literate, which means that more than 90% of the people in Indonesia are not digitally literate in facing this digital transformation. The aim of the research is to determine the influence of digital transformation.financial literacy, perceived ease of use, perceived risk, And lifestyle moderated by the rolegender towards the adoption of the use of QRIS ascashless payment on Generation Z in Bandung Raya. The theory from this study uses Technology Acceptance Model 1 because the theory is relevant to the objectives of this research. The model focuses on the main factors affecting technology acceptance, one of which isperceived ease of usewhich is modified within the research framework. The research method used is quantitative with the aimcausal descriptive which is applied by usingTechnology Acceptance Model (TAM). The time for implementing the study iscross sectionaland the research backgroundnon-contrived. The analysis tool usesStructural Equation Model (SEM) basedPartial Least Square (PLS) to test the tentative hypothesis proposed to 30 Generation Z QRIS users in Greater Bandung. During the sampling process, 113 respondents were recruited. The preliminary findings indicate that all independent variables are valid, as all questionnaire items have r-values > 0.361 at a significance level of 0.05. The results of this study show that eachfinancial literacy, perceived ease of use, perceived risk, And lifestyle has a significant positive effect onbehavior intention on Generation Z in Bandung.Gender is known to moderate the influence of each independent variable in this study onbehavior intention on Generation Z in Greater Bandung. Academic suggestions from this study are intended to enable future research to explore the indicators of each independent variable in more depth and expand the sample size. Practical suggestions for service providerse-wallet to focus on reducing risks and increasing personal security and develop strategies to build user trust inlifestyle owned by the user.
Abstract:This study aims to analyze the differences in the financial performance of PT MAP Boga Adiperkasa Tbk (MAPB) before and after the consumer boycott campaign in the 2022–2024 period. The boycott campaign triggered by global…
bal geopolitical issues has an impact on the decline of the company's social legitimacy, thus affecting profitability and financial stability. The research method uses a descriptive quantitative approach through the analysis of annual financial statements processed using profitability ratios. The results show a significant downward trend in the entire profitability ratio from 2022 to 2024. In 2022, the entire ratio was in a positive condition, but declined sharply in 2023 and turned negative in 2024; NPM from 4.26% to −4.53%, ROA from 5.67% to −4.93%, ROE from 12.45% to −9.45%, and ROI from 8.37% to −4.87%. These findings indicate that boycott campaigns have a significant effect on declining profitability and show the loss of corporate social legitimacy in the eyes of the public according to the perspective of legitimacy theory.
Abstract:This study explores the relationship between business strategy, business performance, innovation, and competitive advantage and their impact on customer value for non-apparel textile SMEs in Indonesia. Using Structure Equational…
uational Modeling (SEM), it aims to understand how business strategy affects business performance and innovation and how business performance and innovation mediate the relationship between business strategy and competitive advantage. In addition, it investigates the role of competitive advantage as a mediator in increasing customer value.The results show that business strategy has a significant impact on business performance, innovation, and competitive advantage. Competitive advantage proved to be an important mediator in improving customer value. However, business performance and innovation are not always effective in mediating the relationship between business strategy and competitive advantage or customer value. The findings indicate that while business performance and innovation are important, they should be viewed as part of a more holistic approach to business strategy.This research concludes that companies should focus on strategies that integrate competitive advantage through various elements, such as innovation, product quality, and marketing. Good strategic planning and effective implementation are key to achieving and maintaining competitive advantage and increasing customer value. The findings provide important insights into the need for a holistic strategic approach to achieve long-term success in an increasingly competitive market.
Abstract:The CCTV industry continues to grow rapidly and is projected to reach a global market value of USD 75 billion by 2025. Amid strong competition from international players such as Hikvision and Dahua, PT Telkom Indonesia seeks…
eeks to strengthen the position of its Antares Eazy CCTV product in the B2B market. This study analyzes the determinants of Purchase Intention toward Antares Eazy using the PLS-SEM approach, focusing on Service Quality, product quality, Pricing, Trust, and Brand Awareness as a moderating variable. Data were collected from 47 companies that use or potentially use CCTV solutions. The findings demonstrate that Service Quality, product quality, and Pricing exert significant effects on Trust, which subsequently influences Purchase Intention. Brand Awareness reinforces this relationship. The findings highlight the need for improved after-sales service, product enhancement, and more competitive Pricing strategies to strengthen Antares Eazy’s competitiveness in the B2B CCTV market.
Abstract:Leadership in Islam is a mandate that demands responsibility, justice, and spiritual values. This research aims to explain the integration between situational and spiritual leadership in an Islamic perspective. The method…
d used is a literature study by examining various scientific sources related to the concept of leadership. The results of the study show that situational leadership emphasizes the ability of leaders to adapt to the conditions of followers, while spiritual leadership is based on divine values, trust, and sincerity. Both, when integrated, give birth to a leadership model that is adaptive, moral, and oriented towards the benefit of the ummah as exemplified by the Prophet Saw.
Abstract:This study aims to construct a conceptual model integrating value-based governance, value-based reputation, and the Sustainable Development Goals (SDGs) within the context of global Islamic banking. The research is motivated…
ated by the need to bridge Islamic ethical values with modern governance and sustainability paradigms that emphasize the balance between profitability, moral integrity, and social responsibility. Employing a systematic literature review and thematic synthesis through qualitative analysis, this study identifies, categorizes, and synthesizes key conceptual themes relevant to the research focus. The findings reveal that value-based governance serves as an ethical foundation that strengthens value-based reputation, while the latter functions as a catalyst for achieving sustainable development objectives. The synergy among these three elements produces a governance model that positions the principles of maqāṣid al-sharī‘ah as a normative framework for ethical, transparent, and sustainable Islamic financial practices. The primary contribution of this research lies in the simultaneous integration of the three major frameworks—value-based governance, value-based reputation, and SDGs—which enriches theoretical discourse on Islamic financial governance and provides strategic direction for the development of policy, sharia auditing, and sustainability reporting systems oriented toward ethical values and global welfare.
Abstract:Religious moderation serves as a fundamental principle in the context of public service in Indonesia, where religious, cultural, and ethnic diversity demands fair, inclusive, and civilized governance. This study aims to…
analyze the role of religious moderation in public service policy in Indonesia, particularly in bridging the relationship between bureaucratic neutrality and social harmony within a multicultural society. To date, studies on religious moderation have largely focused on education and interfaith dialogue, while the dimensions of public policy and bureaucratic culture remain underexplored. Using a qualitative approach through policy analysis and literature review, this research examines how the values of religious moderation tawasuth (balance), tasamuh (tolerance), ‘adl (justice), and musawah (equality) can be integrated into an inclusive, fair, and ethical public service system. The findings indicate that the internalization of moderation values within public policy can strengthen governmental ethics, enhance public trust, and reinforce social cohesion amid diversity. This study also proposes a conceptual model called Moderation-Based Public Service Governance (MBPSG) as a new framework for public service management grounded in the values of religious moderation, balancing administrative efficiency with social justice.