Abstract:Companies listed in the Jakarta Islamic Index 70 (JII70) provide a unique research context because they operate within an Islamic capital market framework that applies sharia screening criteria and financial requirements.…
. Despite being guided by the same sharia principles and regulatory environment, JII70 companies still show variations in financial performance. Although previous research has examined the factors that affect financial performance, empirical evidence regarding the influence of efficiency, market ratios, liquidity, and leverage still shows inconsistent results, particularly in companies that comply with sharia principles. Therefore, this study aims to analyze the influence of efficiency, market ratio, liquidity, and leverage on the financial performance of companies listed on JII70 by using Return on Assets (ROA) as a performance indicator. This study uses a quantitative approach by utilizing secondary data obtained from the annual reports of 57 non-financial companies during the period 2021–2025, resulting in 285 company-year observations. Panel data regression analysis was performed using the Fixed Effects model with Driscoll–Kraay error standard to overcome the problems of heteroscedasticity and autocorrelation. The results show that efficiency measured by Total Asset Turnover (TATO) and market ratio measured by Price-to-Book Value (PBV) have a positive and significant effect on financial performance. Meanwhile, liquidity measured by Current Ratio (CR) and leverage measured by Debt-to-Asset Ratio (DAR) have a positive but not statistically significant effect on financial performance. The findings of this study support the Signaling Theory by showing that efficiency and market ratio provide stronger signals regarding company quality and financial performance in the context of the Islamic capital market in Indonesia. These findings provide practical implications for managers in improving company performance as well as for investors in making more informed investment decisions
Abstract:This study examines the influence of Maqashid Sharia dimensions on halal cosmetic usage intention among married Muslim women and investigates the moderating role of price affordability. A quantitative approach was employed…
ed using a survey method involving 157 married Muslim women residing in the Greater Jakarta area (Jabodetabek), Indonesia. Respondents were selected through purposive sampling, and the data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4.0. The findings reveal that among the five Maqashid Sharia dimensions examined, only hifz al-mal (protection of wealth) and hifz al-nasl (protection of lineage) significantly and positively influence halal cosmetic usage intention. In contrast, hifz al-din (protection of religion), hifz al-nafs (protection of life), and hifz al-aql (protection of intellect) do not show significant effects. Price affordability demonstrates a significant direct positive effect on usage intention; however, it does not moderate the relationships between any of the Maqashid Sharia dimensions and usage intention. The model explains 65.5% of the variance in halal cosmetic usage intention (R² = 0.655) with a predictive relevance value of Q² = 0.469. These findings suggest that economic rationality and family orientation serve as the primary drivers of halal cosmetic consumption among married Muslim women, rather than individual religiosity or health awareness. This study contributes to the literature by applying the Maqashid Sharia framework to consumer behavior research and provides practical implications for halal cosmetic industry stakeholders.
Abstract:This study aims to analyze in depth the implementation of islamic business ethics in the sale and purchase of classic Vespa motorcycles at Garage Scooter krangkeng, Indramayu Regency, trough the perspective of Sharia Economic…
nomic Law. As part of sociological phenomenon and contemporary automotive creative economy, transactions of used motorcycles with high historical value are often faced with technical information asymmetry between business actors and consumers. This study uses a qualitative-descriptive method with a normative-empirical case study approach. Primary data were collected directly from the field through participatory observation and in-depth interviews with Garage Scooter owners and consumers, while secondary data were obtaied through participatory observastion and-depth interviews with Garage Scooter owners and consumers, national regulitions. The result of the study indicate thet transaction practices at Garage Scooter Kangkeng are carried out through a direct sale and purchase scheme (bal’ musawamah) and an indent system for ordering modification restorations. Business actors have implemened basic islamic business ethics values such as honesty (shiddiq0, trustworthiness, transparancy, and reponsibility for product qualit. However, crucial loopholes are still found in the form of weak black and white doumentation (written contracts), which opens up the potential fo uncertainty (gharar) and manipulation of minor information (tadlis)related to detalled machine specifacitions and the accuracy of restoration times. Viewed form Shari Economic La, the validity of The pillar and conditions of commodity objects requires strengthening after-sales technical tansparancy through written instruments (al-kitabah) to uphold the principle of mutual consent (an-tardhin) and the right to choose (khiyar al-‘aib) in order to achieve tru benefit (maslahah).
Abstract:This study aims to explore and evaluate the development of studies on shariah-based governance in the takaful industry through a systematic literature review approach. Sharia governance has an important role in ensuring…
that all processes, policies, and operational activities of takaful companies are implemented in accordance with sharia regulations, while supporting the principles of transparency, accountability, fairness, and protection of participants' rights. This study uses the Systematic Literature Review (SLR) method by adopting the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) 2020 guidelines. The databases used are Scopus and Google Scholar with the keywords "Shariah Governance", "Islamic Governance", "Takaful Industry", "Takaful Governance", and "Shariah Governance in Takaful". Through the process of identification, screening, and feasibility assessment, 7 articles that meet the inclusion criteria were obtained for thematic analysis. The results of the study show that the effectiveness of sharia governance in the takaful industry is determined by five main elements: the role and competence of the Sharia Supervisory Board (DPS), the sharia compliance and audit system, the corporate governance mechanism, the transparency of information disclosure based on AAOIFI standards, and the support of the regulatory framework. This research provides theoretical contributions to the development of the concept of sharia governance in the Islamic insurance industry as well as practical recommendations for regulators, takaful operators, and Sharia Supervisory Boards.
Abstract:This research is motivated by the importance of accountability in Islamic banking, which is not only related to administrative responsibility but also encompasses moral and spiritual dimensions. This study aims to understand…
tand the meaning of accountability from a sharia accounting perspective for the managers of Bank Muamalat Ambon. The study used a qualitative approach with a phenomenological method. The study population was the managers of Bank Muamalat Ambon, while informants were selected using a purposive sampling technique based on experience and involvement in Islamic banking activities. The research instrument was a semi-structured interview guide. Data collection techniques were carried out through in-depth interviews and analyzed using phenomenological analysis through the stages of transcription, coding, grouping themes, and extracting essential meanings. The results show that sharia accountability is interpreted as a professional, moral, social, and spiritual responsibility manifested through trustworthiness, transparency, sharia compliance, fair service, and supervision. The conclusion of the study confirms that sharia accountability is not only understood as formal reporting, but as an ethical and religious practice carried out in daily work activities.
Abstract:The transformation of the Islamic banking industry requires the integration of financial performance, customer trust, and customer loyalty as the foundation for institutional sustainability. This study aims to map the intellectual…
tellectual evolution of this field of study and identify dominant themes, development trends, and opportunities for research gaps in the international literature. The method employed is a bibliometric analysis based on a Systematic Literature Review (SLR) using the PRISMA procedure on Scopus articles from 2018 to 2025. From a selection process of 2,009 documents, the study identified 37 articles meeting the inclusion criteria, which were then analyzed using co-authorship, co-occurrence, network, overlay, and density visualizations. The results indicate that the themes of customer loyalty, service quality, customer satisfaction, and customer trust form the core of the intellectual structure with the highest connectivity, while the themes of financial performance, digital trust, banking mergers, and Sharia banking mergers remain in low-density areas, signaling opportunities for research development. The novelty map also reveals a shift in focus from traditional loyalty models toward digital banking, customer experience, and e-CRM. The novelty of this study lies in its proposal of a new research agenda model that integrates financial performance–customer trust–customer loyalty within the context of digital transformation and the consolidation of Sharia banks. Thus, it is hoped that this study can provide a conceptual foundation for future cross-national empirical research
Abstract:Based on GMTI 2019 data, it shows that until 2030, the number of Muslim tourists (wislim) is projected to reach 230 million worldwide, and in 2024 as many as 8.5 million tourists. This provides an opportunity for Indonesia…
ia to accelerate the development of national halal tourism destinations with global standards for potential destinations, one of which is the Blitar chocolate village. This study aims to determine the development of chocolate village tourist destinations into sharia-based tourist destinations through a qualitative approach, data collected through interviews, and sources from the chocolate village website, observations and documentation, and related subumber sources. Based on the analysis that has been carried out, it can be concluded that the tourist destination of Kampung Chocolate Blitar is an educational tourism by offering 8 kinds of educational packages and family entertainment tours and ecotourism by offering a natural and cultural atmosphere. The measurement of halal tourism in the Blitar chocolate village destination starts from the implementation of tourist destinations that provide benefits and benefits, tourism facilities that are representative and friendly to Muslims as evidenced by CHSE (Cleanliness, Health, Safety, Environment Sustainability) certificates from the Ministry of Tourism and Creative Economy and being a member of the Indonesia Halal in Tourism Association (PPHI), goods and services products have been guaranteed to be halal and avoid disobedience and dishonesty, and the contract applied by susuai is the a'mal contract to employees and the musyarokah and mudhorobah contract to MSME partners and external parties, as well as the ijaroh contract to tourists. From the potential possessed by this chocolate village, the Blitar Chocolate Village destination has great potential to become a sharia-based tourist destination (halal tourism).
Abstract:This study is motivated by the rapid development of digital financial services, particularly Shopee PayLater, which has the potential to increase consumerist behaviour among students. This phenomenon requires examination…
not only from economic and psychological perspectives, but also from the perspective of Islamic accounting, which emphasises balance and control over consumption. This study aims to analyse the influence of lifestyle and self-control on the consumer behaviour of Shopee PayLater users and to test the role of Islamic accounting principles as a moderating variable. This study employs a quantitative approach. Data were collected via a Likert-scale questionnaire distributed to students and analysed using Partial Least Squares-based Structural Equation Modelling (SEM-PLS) with the SmartPLS application version 4.1.1.6. The results indicate that lifestyle has a positive and significant influence on consumer behaviour, whilst self-control does not have a significant influence. Sharia accounting principles have a direct and significant influence on consumptive behaviour, but are unable to moderate the relationship between lifestyle or self-control and consumptive behaviour. These findings suggest that consumer behaviour is influenced more by external factors such as lifestyle and the convenience of digital services than by internal factors within the individual, and indicate that Sharia values have not yet been fully integrated into everyday life.
Abstract:This research is motivated by the importance of building and maintaining customer loyalty at the Botani Bina Rahmah Sharia Rural Financing Bank (BPRS), a financial institution that plays a strategic role in strengthening…
the sharia-based economy and promoting financial inclusion at the micro level. The phenomenon of increasing account openings without a corresponding increase in customer retention indicates challenges in managing long-term relationships with customers. Trust and commitment are believed to be important factors in creating loyalty, but the effectiveness of both is often influenced by the level of customer satisfaction. Therefore, this study was conducted to analyze satisfaction as a mediating variable in the relationship between trust and commitment and customer loyalty. This study aims to analyze: (1) the effect of trust on customer loyalty, (2) the effect of commitment on customer loyalty, (3) the effect of trust on loyalty through customer satisfaction as a mediating variable, and (4) the effect of commitment on loyalty through customer satisfaction as a mediating variable. The research approach used is quantitative with a cross-sectional design. Data were collected by distributing Likert-scale questionnaires to 100 active customer respondents of BPRS Botani Bina Rahmah. Data analysis was carried out using Structural Equation Modeling–Partial Least Squares (SEM–PLS) with the help of SmartPLS software to test the validity and reliability of constructs and the relationships between variables in the structural model. The results of the study indicate that trust has a positive and significant effect on customer loyalty, while commitment does not have a significant direct effect on loyalty. Customer satisfaction is proven to act as a significant mediating variable in the relationship between trust and loyalty, as well as between commitment and loyalty. These findings confirm that BPRS customer loyalty is more influenced by the level of trust and satisfaction built through service quality and conformity to Sharia values. Practically, BPRS management needs to strengthen contract transparency, improve service consistency, and optimize digital channels to strengthen trust, increase satisfaction, and ultimately encourage sustainable customer loyalty.
Abstract:The development of Islamic microfinance institutions requires the implementation of financing schemes that are not only compliant with Sharia principles but also capable of maintaining financing quality and sustainability.…
y. One of the most widely applied contracts is murabahah financing, particularly in supporting Micro, Small, and Medium Enterprises (MSMEs). This study aims to analyze the implementation of murabahah financing and the risk mitigation strategies applied at BMT Alif Mandiri Makassar. This research employs a qualitative approach with a descriptive-analytical method. Data were collected through field observations, in-depth interviews with management and financing officers, and documentation studies. The findings indicate that murabahah financing at BMT Alif Mandiri Makassar is implemented regularly through several stages, including application submission, feasibility analysis, financing approval, contract realization, and post-disbursement monitoring. The financing analysis emphasizes repayment capacity, members' character, and the suitability of financed goods for productive business needs. Risk mitigation strategies are conducted through careful customer character assessment, direct business verification, proportional margin determination, the use of collateral as a financing safeguard, and continuous monitoring. This study concludes that productive murabahah financing supported by integrated risk management practices is an effective and sustainable financing instrument for the development of MSMEs within Islamic microfinance institutions