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 analyze the effect of Quick Ratio (QR), Debt to Asset Ratio (DAR), and Return on Assets (ROA) on firm value as measured by Price to Book Value (PBV) in consumer non-cyclical sector companies listed on…
the Indonesia Stock Exchange during the 2021–2024 period. The consumer non-cyclical sector was selected because it consists of companies producing essential goods with relatively stable demand, making it an important sector in the national economy. This research employed a quantitative approach using secondary data obtained from the annual financial statements of companies listed on the Indonesia Stock Exchange. The sampling technique used purposive sampling, resulting in 196 observations. Data analysis was conducted using multiple linear regression analysis with SPSS software, preceded by classical assumption tests including normality, multicollinearity, heteroscedasticity, and autocorrelation tests. The results show that partially, Quick Ratio has no significant effect on firm value, indicating that short-term liquidity is not the main consideration for investors in assessing company value. Debt to Asset Ratio also has no significant effect on firm value, meaning that the level of debt dependence does not directly determine market valuation. Meanwhile, Return on Assets has a positive and significant effect on firm value, indicating that profitability is the main factor influencing investor confidence and market value. Simultaneously, Quick Ratio, Debt to Asset Ratio, and Return on Assets have a significant effect on firm value. The coefficient of determination (R²) value of 0.510 indicates that 51.0% of firm value variation can be explained by the three independent variables, while the remaining 49.0% is explained by other factors outside this study.
Abstract:This study aims to analyze the effect of liquidity, profitability, and capital structure on firm value in Food and Beverage companies listed on the Indonesia Stock Exchange during 2021–2023. Firm value is proxied by Price…
ice to Book Value (PBV) and Tobin’s Q. Liquidity is measured using Current Ratio (CR) and Quick Ratio (QR), profitability is measured using Return on Assets (ROA) and Return on Equity (ROE), while capital structure is measured using Debt to Asset Ratio (DAR) and Debt to Equity Ratio (DER). This research employed a quantitative approach using secondary data obtained from annual financial reports of Food and Beverage companies listed on the Indonesia Stock Exchange The sampling technique used in this study was purposive sampling, with a sample size of 38 companies. Data were analyzed using multiple linear regression with classical assumption tests, t-test, F-test, and coefficient of determination (R²). The results show that CR has a positive and significant effect on PBV and Tobin’s Q. QR has a negative and significant effect on PBV, but no significant effect on Tobin’s Q. ROA has a positive and significant effect on both PBV and Tobin’s Q. ROE has a positive and significant effect on PBV, but a negative and significant effect on Tobin’s Q. DAR has a negative and significant effect on PBV, but no significant effect on Tobin’s Q. DER has no significant effect on both proxies of firm value. Simultaneously, liquidity, profitability, and capital structure significantly affect firm value. These findings indicate that firm value is determined by the combined role of financial stability, profitability, and financing decisions.
Abstract:This study aims to analyze the effect of capital structure on firm value with profitability as a moderating variable in consumer non-cyclical sector companies listed on the Indonesia Stock Exchange during 2021–2024. Capital…
pital structure was measured using Debt to Asset Ratio (DAR) and Debt to Equity Ratio (DER), firm value was proxied by Price to Book Value (PBV), while profitability was measured using Return on Assets (ROA). This research applied a quantitative approach using secondary data obtained from annual financial reports. The sample consisted of 154 observations selected through purposive sampling. Data analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA) with SPSS software. The results show that DAR has a positive and significant effect on firm value, while DER has a negative but insignificant effect on firm value. Simultaneously, DAR and DER significantly affect firm value. Furthermore, profitability (ROA) is proven to strengthen the relationship between DAR and firm value as well as between DER and firm value. These findings indicate that an optimal capital structure supported by strong profitability can increase firm value. Therefore, companies should maintain a balanced financing composition and improve profitability to enhance market valuation.
Abstract:This study aims to analyse the administration of fasakh judgments in the dissolution of Muslim marriages in Indonesia and Malaysia, with specific attention to the legal bases, registration procedures, and issuance of divorce…
orce documents. This issue is significant because the dissolution of marriage does not end with a court judgment. It continues through administrative registration, which determines the legal status of the parties after divorce. This study adopts a qualitative approach with a documentation-based comparative case study design. Data were collected through an examination of statutory regulations, judicial technical guidelines, official service procedures, institutional documents, and administrative information applicable to the Religious Courts in Indonesia, as well as the Syariah Courts and State Islamic Religious Departments in Malaysia. This study does not involve interviews or participants because its focus is directed toward the objective mapping of applicable administrative procedures. The data were analysed using a comparative thematic approach by grouping the findings into three main themes: the legal basis of judicial authority, post-judgment registration procedures, and the forms of divorce documents issued. The findings show that Indonesia integrates the issuance of divorce certificates into the administration of the Religious Courts, whereas Malaysia places the issuance of Islamic divorce certificates within the institutional relationship between the Syariah Courts and the State Islamic Religious Departments. These findings affirm that fasakh is not merely a juristic concept or a ground for marital dissolution, but also forms part of the legal documentation system of Islamic family law. This study contributes to the development of comparative Islamic family law scholarship and provides a basis for mapping Muslim divorce administration policies in both countries.
Abstract:This background is based on the importance of the effective leadership role of madrasah principals in improving teacher performance, particularly at Padangsidimpuan State Islamic Junior High School. Challenges such as lack…
ck of teacher motivation, minimal professional training, and suboptimal communication between leaders and staff are factors that hinder performance improvement. Therefore, adaptive and innovative leadership strategies are needed to create a conducive work environment and encourage improvements in the quality of education. Methodology: This research uses a descriptive qualitative approach with data collection methods through participant observation, in-depth interviews, and documentation studies at MTsN 1, MTsN 2, and MTsN Preparatory State Islamic Junior High School 3. Padangsidimpuan. Data were analyzed using the Miles and Huberman model through data reduction, data presentation, and conclusion drawing. The results of this study showed that the madrasah principal implemented eight main strategies in building effective leadership to improve teacher performance; (1). Coaching strategy, through training, individual mentoring, and Professional Learning Community (PLC). (2). Supervision strategy, based on participatory academic supervision and constructive feedback. (3). Motivation strategy, through verbal appreciation, emotional support, and professional development. (4). Reward strategy in the form of certificates, incentives, and additional task trust. (5). Discipline strengthening strategy with a systemic, restorative approach, and based on a collective work culture. (6). Family gathering strategy to build emotional bonds and social capital in the madrasah environment. (7). Structured academic supervision strategy through a cycle Collaborative planning, observation, and reflection. (8) Lesson Study strategy as a vehicle for developing distributive leadership and improving the quality of learning. Effective leadership of madrasah principals is built through a holistic approach that integrates administrative, pedagogical, and relational aspects. The implemented strategy has proven significant in improving teacher performance through increased competence, motivation, collaboration, and a positive work culture. This study recommends the need to strengthen teacher development programs and leadership training based on Islamic values for the sustainable improvement of educational quality in madrasahs.
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:This study aims to examine the effect of service quality and customer intimacy on donor loyalty, with donor satisfaction as a mediating variable, at LAZNAS BMH Surabaya. The research adopts a quantitative approach using…
Partial Least Square Structural Equation Modeling (PLS-SEM) and involves 376 active donors as respondents. The results indicate that service quality and customer intimacy have significant positive effects on donor satisfaction and donor loyalty. Customer intimacy shows a stronger direct influence on donor loyalty compared to service quality. Furthermore, donor satisfaction significantly affects donor loyalty and serves as a partial mediating variable in the relationship between service quality and customer intimacy with donor loyalty. The findings highlight that donor loyalty in Islamic philanthropic institutions is not only driven by service performance but also by relational engagement and satisfaction. Therefore, integrating service excellence with relationship-based strategies is essential to enhance donor loyalty and ensure long-term sustainability. This study contributes to the literature by providing empirical evidence on donor behavior within the context of Islamic philanthropy and offers practical insights for improving donor relationship management.
Abstract:This study aims to develop and examine the effectiveness of religious moderation in digital media based on the Dick and Carey learning model. The research is grounded in the increasing use of digital media as a primary source…
ource of religious information, which has the potential both to strengthen and to undermine the values of religious moderation. The study employed a qualitative approach with a Research and Development (R&D) design. The subjects were university students who actively use digital media. Data collection techniques included interviews, observations, questionnaires, and documentation, while data analysis followed the Miles and Huberman model. The results indicate that students’ understanding of religious moderation remains largely normative and is not yet accompanied by adequate digital literacy skills. The development of the Dick and Carey-based learning model produced interactive digital media, including educational videos, digital modules, and social media content. Implementation of the model demonstrated a significant improvement in students’ comprehension, tolerance, and critical thinking regarding religious content in digital media. Furthermore, the study found that integrating constructivist approaches, social learning, and digital literacy into the learning design effectively reinforced the internalization of religious moderation values. The developed learning model proved effective in enhancing student engagement and fostering inclusive and tolerant attitudes.In conclusion, promoting religious moderation in digital media requires a systematic, technology-based learning approach. This study provides both theoretical and practical contributions to the development of a learning model for religious moderation in the digital era.
Abstract:The tradition of visiting the tomb of Sultan Maulana Hasanuddin of Banten is a socio-religious practice that remains alive today and plays a significant role in the lives of the people of Banten. This tradition not only…
reflects religious rituals but also embodies historical, cultural, and spiritual values that shape the identity of the local community. This study aims to examine the tradition of visiting the tomb of Sultan Maulana Hasanuddin of Banten as a cultural heritage and a manifestation of the community’s spirituality. The research method employed is a qualitative approach using literature review and archival research. Data were obtained from historical books, scientific journal articles, theses, research reports, and other relevant supporting sources related to the study of pilgrimage, local Islamic culture, and the Sultanate of Banten. Data analysis was conducted using a descriptive-qualitative technique by examining and interpreting various sources to uncover the meanings, practices, and dynamics of the pilgrimage tradition. The results of the study indicate that the tradition of visiting the tomb of Sultan Maulana Hasanuddin possesses a strong spiritual dimension as a means of drawing closer to Allah, a medium for self-reflection, and the formation of individual and collective spirituality. Furthermore, the pilgrimage tradition also functions as an intangible cultural heritage that plays a role in preserving history, transmitting cultural values, and strengthening the identity of the Banten community. Amid the development of religious tourism and modernization, the pilgrimage tradition faces dynamics that require sustainable management to ensure that religious and cultural values remain preserved. This study concludes that the tradition of pilgrimage to the tomb of Sultan Maulana Hasanuddin of Banten is an important and relevant cultural-religious practice in maintaining the sustainability of the community’s spirituality and cultural identity.