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 investigates the role of acquisition premiums in mergers and acquisitions (M&A) and their impact on shareholder wealth, focusing on five major Indian deals in pharmaceuticals, retail, banking, steel, and renewable…
able energy sectors. Potential synergies often justify acquisition premiums ranging from approximately 15% to 40% above target companies’ market values. However, market responses suggest that such premiums may not consistently result in value creation for acquiring firms' shareholders. Empirical findings reveal mixed outcomes: Sun Pharma’s acquisition of Ranbaxy led to a 9.8% share price increase within five days, while Tata Steel’s high-premium acquisition of Bhushan Steel saw only a 1.7% gain. In contrast, deals like Reliance–Future Retail and Tata Power–Welspun Power showed minimal or negative returns, despite sizable premiums. These patterns indicate that premium size alone is not a reliable predictor of post-deal shareholder wealth creation. The study concludes that M&A success depends more on strategic fit, market timing, and sectoral dynamics than on the premium offered. This analysis contributes to the broader M&A discourse by offering evidence-based insights into how premium valuations can either maximise or dilute shareholder value, aiding investors, corporate strategists, and policy analysts in deal assessment.
Abstract:This study investigates the role of acquisition premiums in mergers and acquisitions (M&A) and their impact on shareholder wealth, focusing on five major Indian deals in pharmaceuticals, retail, banking, steel, and renewable…
able energy sectors. Potential synergies often justify acquisition premiums ranging from approximately 15% to 40% above target companies’ market values. However, market responses suggest that such premiums may not consistently result in value creation for acquiring firms' shareholders. Empirical findings reveal mixed outcomes: Sun Pharma’s acquisition of Ranbaxy led to a 9.8% share price increase within five days, while Tata Steel’s high-premium acquisition of Bhushan Steel saw only a 1.7% gain. In contrast, deals like Reliance–Future Retail and Tata Power–Welspun Power showed minimal or negative returns, despite sizable premiums. These patterns indicate that premium size alone is not a reliable predictor of post-deal shareholder wealth creation. The study concludes that M&A success depends more on strategic fit, market timing, and sectoral dynamics than on the premium offered. This analysis contributes to the broader M&A discourse by offering evidence-based insights into how premium valuations can either maximise or dilute shareholder value, aiding investors, corporate strategists, and policy analysts in deal assessment
Abstract:This study purpose to support the Indonesia’s government program to become a developed and prosperous country. The sample for this study the millennial generation and Z generation who live Makassar City and have total wealth…
l wealth or investment around IDR 70 million. We use this generations because the next generation has an important role to build and develop the finance sector in Indonesia and will support to become a developed country. The results show that financial literacy, income and financial behavior significantly positive with investment decisions. It is mean that good financial literacy, higher income, and the well financial behaviour will improve the quality of investment decisions.
Abstract:Islamic economics operates as a normative framework prioritizing social justice, equitable wealth redistribution, and collective wellbeing. Despite its robust philosophical foundations, empirical consensus regarding how…
these tenets translate into measurable welfare outcomes across heterogeneous developing nations remains highly fragmented. This study addresses this critical gap by executing a systematic literature review guided by the PRISMA 2020 statement to synthesize empirical evidence on the operationalization of Zakat, Waqf, and Islamic Social Finance (ISF) as structural instruments for poverty reduction. Departing from traditional descriptive reviews, this paper introduces an original analytical taxonomy that maps the operational mechanics of ISF against micro-level and macro-level development outcomes. Based on a rigorous multi-stage screening of peer-reviewed empirical studies published between 2020 and 2025 across emerging economies, a final synthesized sample of $n = 10$ high-quality primary articles was evaluated. The qualitative narrative synthesis reveals that integrated ISF instruments exert a structurally positive impact on poverty alleviation, income optimization, and socio-economic empowerment, particularly when embedded within digital financial ecosystems and formal financial inclusion frameworks. However, the analysis uncovers substantial outcome heterogeneity, demonstrating that welfare efficacy is highly conditional upon institutional governance quality, targeting accuracy, and localized implementation designs. The structural novelty of this research lies in its empirical crystallization of the explicit boundary conditions under which normative faith-based capital successfully disrupts poverty traps, offering an evidence-based operational blueprint for policymakers and Sharia social institutions in the Global South.
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:Inequality is a condition of inequity that results in a wide poverty gap in a country. In the future, challenges will arise due to inequality in wealth and prosperity, including in Indonesia. The Islamic economy is a system…
tem built on the principles of Islamic law and emphasises that the state is responsible for meeting the needs and welfare of its people. This paper uses qualitative methods and a retrospective approach to reveal how food issues are addressed in the construction of the Islamic economic system in Indonesia. Sharia-based food security is imbued with the main characteristics of Islamic economics, namely good and halal muamalah (transactions). Therefore, to achieve this, it is important to develop an Indonesian Islamic economic master plan based on the main indicator of economic independence in food self-sufficiency as an effort to realise national food security. Indonesia's Islamic economy is growing rapidly, and ideally, the construction of economic independence in the context of realising sharia-based food security should be a priority in the development of Indonesia's Islamic economic master plan based on the main indicator of economic independence in food self-sufficiency as an effort to realise national food security.
Abstract:Digital transformation of cultural heritage is a strategic step in preserving and promoting cultural wealth to present and future generations. This study aims to analyze the digitalization efforts of the cultural heritage…
e of the Mataram Kingdom, both in tangible and intangible forms, and to assess its impact on the preservation and increasing accessibility of cultural information. The research method used is a qualitative study with a descriptive approach through interviews, observations, and documentation studies. The results of the study indicate that the digitization of artifacts, manuscripts, historical sites, and historical narratives of the Mataram Kingdom has made a significant contribution to building public awareness of the importance of cultural preservation. This initiative also opens up opportunities for the development of culture-based ecotourism through digital media, such as applications, interactive websites, and augmented reality. However, challenges such as limited technology, funding, and human resources are still obstacles that need to be overcome through collaboration between the government, academics, cultural communities, and the private sector. Thus, digital transformation is an important means of maintaining the sustainability of the cultural heritage of the Mataram Kingdom in the modern era.
Abstract:This study examines the moral values in the song lyrics of Price Tag by Jessie J. . The song critiques the growing focus on materialism and emphasizes the importance of love, happiness, and authenticity in life. The research…
arch aims to identify and analyze the moral messages conveyed through the song, using a qualitative approach to explore the lyrics and categorize the moral themes. The analysis reveals that the song advocates for a shift in societal focus—from the pursuit of wealth and material possessions to prioritizing emotional well-being and human connection. The moral values identified in the lyrics include love and affection, bravery, sympathy, and honesty. The findings suggest that the song calls for a shift in focus—from valuing money and possessions to prioritizing emotional well-being, human relationships, and genuine happiness. The most frequent moral value expressed in the song is love and affection, with the lyrics urging listeners to "pay with love" and to prioritize emotional connections over material wealth. In conclusion, Price Tag offers a critique of materialism while encouraging listeners to value love and unity. The study highlights the power of music as a tool for spreading moral messages and inspiring positive change in society, especially in an era where consumerism often overshadows more meaningful pursuits.
Abstract:Evangelism is a command that comes directly from the mouth of Jesus Christ. The command to evangelize Matthew 28:19-20 was implemented by the Apostles in all places, both villages and cities. This is motivated by the command…
mand itself "all nations" meaning anyone, anywhere, and at any time. In general, the definition of an urban area is a residential area that includes a main city and is supported by peripheral areas that support the main city. Urban areas are also more complex areas than rural areas. Financial turnover in the economy is very fast. Generally the population has sufficient education. A more comprehensive way of thinking and unique characteristics due to busy work, even seem selfish and indifferent. All of this shows the need for the church to carry out its own strategic management in carrying out urban evangelism. Researchers used qualitative methods based on library research. Data that already exists will be lifted and become the wealth of this writing. The aim of this writing is to add to the richness of existing writings. Furthermore, it can be applied according to the needs and demands of urban evangelism.