Share: Jurnal Ekonomi dan Keuangan Islam
type: channel
description: Accreditation : Sinta 2 ISSN : 2549-0648 (online) | 2089-6239 (print) DOI Prefix : 10.22373/share Editor in Chief : Prof. Dr. Azharsyah Ibrahim, SE.Ak., M.S.O.M. Managing Editor : Prof. Dr. Hafas Furqani, M.Ec Publisher : Universitas Islam Negeri Ar-Raniry Frequency : Two issues per year (June and December) Indexing : DOAJ | Index Copernicus| Sinta | Google Scholar, etc. Share: Jurnal Ekonomi dan Keuangan Islam [SHARE] is a peer-reviewed, double-blind journal published by the Faculty of Islamic Economics and Business at Universitas Islam Negeri Ar-Raniry in Banda Aceh, Indonesia. SHARE publishes research and concept papers pertaining to the field of Islamic economics and finance in open-access format, allowing users to freely access and download the articles under the CC BY SA license. SHARE has been a CrossRef Member since 2017, which means that each paper published by the journal will have a unique DOI number. SHARE has been indexed by numerous reputable indexing services, including DOAJ, Index Copernicus, Scilit, WorldCat, Google Scholar, Dimensions, EBSCO, and many others. SHARE is listed among the top journals in Indonesia by the Indonesian journal accreditation body (Tier 2), as authorized by the Decree of Director General of Higher Education, Research, and Technology, Ministry of Education, Culture, Research, and Technology, No. 79/E/KPT/2023. Currently, SHARE is under consideration for inclusion in SCOPUS and WoS.
publisher: Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry
language: en
publication name: Share: Jurnal Ekonomi dan Keuangan Islam
issn: 2089-6239
copyright: SHARE allows the author(s) to hold the copyright and to retain the publishing rights without restrictions. Authors who publish with this journal agree to the following terms: Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License (CC-BY-SA 4.0) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work
items: A Model of Zakah-Waqf Integration for MSMEs Empowerment in Islamic Social Finance
items: Knowledge Management for Strengthening Human Resource-Based Mosque Economies
items: Purchase Intensity of Halal Cosmetics among Muslim Consumers: A Theory of Consumption Values Approach
items: Semiotic Analysis of Profit Sharing in Islamic Finance: A Critical Study of Roland Barthes
items: When Customers Complain: The Value of Self Efficacy in Service Recovery Performance
items: Efficiency and Economies of Scale in the Indonesian Halal Food MSMEs: Evidence from Pangkalpinang City
items: Does Integrated Social Spending and Zakat-Infaq-Sadaqah Improve Welfare in Indonesia?
items: Prospects for Gampong-Based Halal Tourism Development in Aceh: An ANP Study
items: Localizing the SDGs: A Case Study of Collaborative Models between BUM Desa and Pesantren in Central Java
items: Islamic Capital Market Reactions to Political Transition: Evidence from Indonesia's 2024 Presidential Election
items: Islamic Banking Efficiency and Sharia Compliance: Comparative Insights from Indonesia and Malaysia
items: Islamic Social Finance and MSME Performance: A Moderated-Mediation Analysis across Aceh and North Sumatera
items: The Role of Zakat, Waqf, and Education in Reducing Urban Poverty: Evidence from Jakarta
items: Accountability of Cash Waqf Institutions Post the Implementation of Accounting Standard 412
items: Zakat for Economic Empowerment in Aceh: Evaluating Qanun No. 3/2021 through a SWOT-Maqasid Framework
items: Mapping the Intersection of Money Taxonomy, Blockchain, and Islamic Finance: A Bibliometric Co-Occurrence Analysis
items: Islamic Financial Literacy and the Shaping of Consumption Patterns Among Indonesian Muslim Students

A Model of Zakah-Waqf Integration for MSMEs Empowerment in Islamic Social Finance
type: item
description: Micro, small, and medium enterprises (MSMEs) in Indonesia face persistent challenges in accessing capital, as reported in the 2023 Micro and Small Industry (IMK) survey. As instruments of Islamic social finance, zakah and waqf offer promising alternative funding sources for MSME empowerment. Currently, zakah and waqf institutions operate productive MSME programs independently, despite their complementary characteristics. This study aims to develop an integrated model of productive zakah and cash waqf to enhance the empowerment of MSMEs, while also identifying the key issues, solutions, and strategies required for implementation. A qualitative approach was employed through in-depth expert interviews to design the model, followed by the Delphi-Analytic Network Process (ANP) method to assess stakeholder consensus on challenges, responses, and policy strategies. The findings reveal a dual-scheme model: the first scheme utilizes productive zakah and returns from cash waqf (mauquf alaih) to support newly established MSMEs, while the second scheme allocates cash waqf funds (mauquf bih) to more established MSMEs under a mudharabah contract. Delphi-ANP analysis indicates that human resource capacity is the top priority for successful integration, followed by regulatory alignment, public awareness, and technological readiness. The study concludes that harmonizing zakah and waqf management within single institutions should be prioritized before expanding to cross-institutional collaborations, offering a practical roadmap for enhancing Islamic social finance effectiveness in MSME development. Abstrak Model Integrasi Zakat-Wakaf untuk Pemberdayaan UMKM dalam Keuangan Sosial Islam. Usaha Mikro, Kecil, dan Menengah (UMKM) di Indonesia masih menghadapi kesulitan dalam memperoleh akses permodalan, sebagaimana tercermin dalam survei Industri Mikro dan Kecil (IMK) tahun 2023. Zakat dan wakaf sebagai instrumen keuangan sosial Islam menawarkan alternatif pendanaan yang potensial bagi pe…
subject: Articles
  topic: section
subject: MSMEs
  topic: keywords
subject: Productive Zakah
  topic: keywords
subject: Cash Waqf
  topic: keywords
subject: Integration Model
  topic: keywords
subject: Islamic Social Finance
  topic: keywords
subject: islamic economics
  topic: disciplines
creator: Annisa Maulidia Alfian
creator: Mohamad Soleh Nurzaman
creator: Alfian Alfian
rights: Copyright (c) 2025 Annisa Maulidia Alfian, Mohamad Soleh Nurzaman, Alfian Alfian https://creativecommons.org/licenses/by-sa/4.0
date: 2025-08-25
publication date: 2025-08-25
starting page: 586
ending page: 607
doi: 10.22373/share.28451

Knowledge Management for Strengthening Human Resource-Based Mosque Economies
type: item
description: The Covid-19 pandemic has disrupted human resource management in religious institutions, exposing gaps in knowledge and the absence of effective mosque-based economic empowerment models. This study aims to examine the influence of knowledge management (KM) on strengthening the human resource-based economy of mosques in Aceh under dynamic socio-economic conditions. A quantitative approach was applied, involving 250 mosque administrators from 23 districts and cities in Aceh, selected through proportional stratified random sampling. Data were analyzed using Structural Equation Modelling (SEM) with LISREL 8.80. The findings reveal that KM exerts a positive and significant effect on human resource-based economic strengthening, with satisfaction emerging as the most influential indicator, followed by efficiency, effectiveness, and innovation. The study contributes to the literature by developing an evidence-based KM framework for religious institutions and offers practical insights for policymakers to enhance mosque governance. Recommended strategies include establishing an integrated KM system, expanding digital capabilities, and fostering inter-mosque learning networks to optimize human resource potential. Abstrak Manajemen Pengetahuan untuk Penguatan Ekonomi Masjid Berbasis Sumber Daya Manusia. Pandemi Covid-19 telah mengganggu manajemen sumber daya manusia di lembaga keagamaan, mengungkap adanya kesenjangan pengetahuan dan ketiadaan model pemberdayaan ekonomi berbasis masjid yang efektif. Penelitian ini bertujuan untuk menguji pengaruh manajemen pengetahuan (KM) terhadap penguatan ekonomi berbasis sumber daya manusia di masjid-masjid Aceh dalam kondisi sosial-ekonomi yang dinamis. Pendekatan kuantitatif digunakan dengan melibatkan 250 pengurus masjid dari 23 kabupaten/kota di Aceh yang dipilih melalui teknik proportional stratified random sampling. Data dianalisis menggunakan Structural Equation Modelling (SEM) dengan LISREL 8.80. Hasil penelitian menunjukkan bahwa KM…
subject: Articles
  topic: section
subject: Knowledge Management
  topic: keywords
subject: Human Resources
  topic: keywords
subject: Covid-19
  topic: keywords
subject: Mosque
  topic: keywords
subject: LISREL-SEM
  topic: keywords
subject: Research Article
  topic: subjects
subject: Management
  topic: disciplines
creator: Hendra Syahputra
creator: Syafruddin Kamal
creator: Irhas Rizqy
creator: Muhammad Rusdi
creator: Fithriady Ilyas
rights: Copyright (c) 2025 Syahputra et al. http://creativecommons.org/licenses/by-sa/4.0
date: 2025-08-26
publication date: 2025-08-26
starting page: 608
ending page: 627
doi: 10.22373/sxrd3m23

Purchase Intensity of Halal Cosmetics among Muslim Consumers: A Theory of Consumption Values Approach
type: item
description: Given the growing demand for halal cosmetics, understanding the drivers of purchasing behavior among Muslim consumers is essential. This study applies the Theory of Consumption Values (TCV) to examine the purchase intensity of halal cosmetics. The research was conducted among 194 Muslim consumers in the Jakarta Metropolitan Area, Indonesia, a significant market for halal goods. Using a quantitative methodology, survey data were analyzed with Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicated that emotional value exerted the strongest influence on purchase intensity, followed in significance by functional, social, and conditional values. In contrast, epistemic value did not demonstrate a significant impact. These findings provide actionable insights for the halal cosmetics industry, highlighting the importance of developing products and marketing strategies that enhance emotional appeal, showcase functional benefits, leverage social influence, and optimize conditional triggers. Abstrak Intensitas Pembelian Kosmetik Halal di Kalangan Konsumen Muslim: Pendekatan Theory of Consumption Values. Meningkatnya permintaan kosmetik halal di kalangan konsumen Muslim membuat penting untuk memahami faktor-faktor pendorong perilaku pembelian mereka. Studi ini menerapkan Teori Consumption Values (TCV) untuk menguji intensitas pembelian kosmetik halal. Penelitian dilakukan terhadap 194 konsumen Muslim di Wilayah Metropolitan Jakarta, Indonesia, yang merupakan salah satu pasar signifikan untuk produk halal. Menggunakan metodologi kuantitatif, data survei dianalisis dengan Partial Least Squares Structural Equation Modeling (PLS-SEM). Hasil penelitian menunjukkan bahwa nilai emosional memberikan pengaruh terkuat terhadap intensitas pembelian, diikuti secara signifikan oleh nilai fungsional, sosial, dan kondisional. Sebaliknya, nilai epistemik tidak menunjukkan dampak yang signifikan. Temuan ini memberikan wawasan yang dapat ditindaklanjuti bagi industri…
subject: Articles
  topic: section
subject: Halal Cosmetics
  topic: keywords
subject: Consumer Behavior
  topic: keywords
subject: Purchase Intensity
  topic: keywords
subject: Theory of Consumption Values
  topic: keywords
subject: Muslim Consumers
  topic: keywords
creator: Camelia Erliana Ru'yat
creator: Amelia Hayati
rights: Copyright (c) 2025 Camelia Erliana Ru'yat, Amelia Hayati https://creativecommons.org/licenses/by-sa/4.0
date: 2025-08-31
publication date: 2025-08-31
starting page: 628
ending page: 644
doi: 10.22373/share29197

Semiotic Analysis of Profit Sharing in Islamic Finance: A Critical Study of Roland Barthes
type: item
description: Within the context of Islamic finance, profit sharing represents more than a mere economic mechanism, yet its deeper symbolic meanings remain underexplored. This study aims to uncover the layered meanings of profit sharing through denotation, connotation, and myth using Roland Barthes's semiotic framework. Employing a qualitative approach with a postmodernist perspective, data were collected through field research involving in-depth interviews with nine informants, supplemented by secondary literature reviews. The findings reveal that profit sharing operates on three semiotic levels: denotatively as cooperation and mutual agreement; connotatively as mutual assistance, responsibility, and rejection of injustice reflecting the Prophet Muhammad SAW's example; and mythologically as connected to the traditional "paron" system and interpreted as employee financing or empowerment. These findings demonstrate that profit sharing transcends economic transactions to function as a cultural and symbolic system embodying justice, collective welfare, and moral values, often illustrated through metaphors of bees and voluntary cooperation, thereby positioning it as both a financial instrument and a vehicle for social equity within Islamic economic principles. Abstrak Analisis Semiotik Bagi Hasil dalam Keuangan Islam: Studi Kritis Roland Barthes. Dalam konteks keuangan Islam, bagi hasil tidak hanya merepresentasikan mekanisme ekonomi, namun juga makna simbolik mendalam yang belum tereksplorasi secara memadai. Penelitian ini bertujuan untuk mengungkap makna-makna tersembunyi di balik konsep dan praktik bagi hasil dalam konteks keuangan Islam, melalui pendekatan semiotika Roland Barthes. Dengan menggunakan pendekatan kualitatif berperspektif postmodernis, data dikumpulkan melalui penelitian lapangan yang melibatkan wawancara mendalam dengan sembilan informan, dilengkapi dengan tinjauan literatur sekunder. Temuan menunjukkan bahwa bagi hasil beroperasi pada tiga tingkat semiotik: secara…
subject: Articles
  topic: section
subject: Semiotics
  topic: keywords
subject: Roland Barthes
  topic: keywords
subject: Profit Sharing
  topic: keywords
creator: Bayu Tri Cahya
creator: Firda Nur Azliani
creator: Nor Aishah Mohd Ali
creator: Dilla Ajeng Diah Saputri
creator: Muslim Marpaung
rights: Copyright (c) 2025 Cahya et al https://creativecommons.org/licenses/by-sa/4.0
date: 2025-08-27
publication date: 2025-08-27
starting page: 645
ending page: 659
doi: 10.22373/eg2nva89

When Customers Complain: The Value of Self Efficacy in Service Recovery Performance
type: item
description: With the growing importance of Islamic hospitality in Indonesia's tourism sector, understanding the psychological pressures faced by frontline employees becomes crucial for maintaining service quality and organizational competitiveness. This study aims to investigate the relationship between customer-related social stressors (ambiguous customer expectations, disliked customers, disproportionate customer expectations, and customer verbal aggression) and their effects on emotional exhaustion and service recovery performance, while examining the moderating role of self-efficacy among frontline employees in Islamic hotels. Using a quantitative approach, primary data were collected through questionnaires distributed to 559 frontline employees of Islamic hotels across Indonesia and analyzed using Structural Equation Modeling (SEM) with AMOS 24 software. The findings reveal that ambiguous customer expectations, disproportionate customer expectations, and customer verbal aggression significantly increase emotional exhaustion among employees, while interactions with disliked customers showed no significant effect. Emotional exhaustion was found to negatively impact service recovery performance, with higher exhaustion levels leading to diminished recovery efforts. Importantly, self-efficacy emerged as a significant moderator, mitigating the adverse effects of emotional exhaustion on service recovery performance, enabling employees with high self-efficacy to maintain optimal performance despite experiencing emotional stress. These results have important implications for Islamic hotel management, emphasizing the need to implement comprehensive programs that enhance employee self-efficacy through interpersonal skills training, stress management, and spiritual enrichment initiatives that align with Islamic values, ultimately improving employee well-being and service quality in the halal tourism industry. Abstrak Saat Pelanggan Komplain: Peran Efikasi Diri dalam Optimalisasi Kiner…
subject: Articles
  topic: section
subject: customer-related social stressors
  topic: keywords
subject: emotional exhaustion
  topic: keywords
subject: service recovery performance
  topic: keywords
subject: self-efficacy
  topic: keywords
subject: Sharia hotels
  topic: keywords
subject: Islamic economic
  topic: disciplines
subject: management
  topic: disciplines
subject: human resource management
  topic: disciplines
creator: Busthanul Arifin
creator: Hadri Kusuma
creator: Erika Setyanti Kusumaputri
rights: Copyright (c) 2025 Arifin et al. https://creativecommons.org/licenses/by-sa/4.0
date: 2025-09-05
publication date: 2025-09-05
starting page: 660
ending page: 679
doi: 10.22373/share29441

Efficiency and Economies of Scale in the Indonesian Halal Food MSMEs: Evidence from Pangkalpinang City
type: item
description: This study assesses the technical efficiency and returns to scale of Micro, Small, and Medium Enterprises (MSMEs) within the halal food sector of Pangkalpinang City. Employing a Stochastic Frontier Analysis (SFA) with a Cobb-Douglas production function, the research analyzes cross-sectional data from 50 halal-certified fish processing MSMEs to determine the productivity of labor, capital, and raw materials. The findings reveal that the sector operates under decreasing returns to scale (total elasticity = 0.934), indicating systemic inefficiencies in scaling operations. Raw materials emerged as the primary positive driver of production. Conversely, capital investment was statistically insignificant, while increased labor inputs negatively impacted output, suggesting critical skills deficits and capital underutilization. The efficiency distribution confirms a significant performance gap, with the majority of firms (52%) operating at a moderate efficiency level (0.51–0.70) and only 24% achieving high efficiency (>0.75). The study concludes that there is an urgent need for targeted interventions aimed at enhancing operational efficiency—primarily through workforce upskilling and strategic capital investment—before these MSMEs can achieve sustainable growth. Abstrak Analisis Efisiensi dan Skala Ekonomi UMKM Makanan Halal di Indonesia: Studi di Kota Pangkalpinang. Penelitian ini mengkaji efisiensi dan cakupan ekonomi Usaha Mikro, Kecil, dan Menengah (UMKM) makanan halal di Kota Pangkalpinang menggunakan fungsi produksi Cobb-Douglas dan model Stochastic Frontier Analysis (SFA). Analisis ini berfokus pada efisiensi teknis dan skala ekonomi dari UMKM halal ini, dengan perhatian khusus pada penggunaan tenaga kerja, modal, dan bahan baku. Data dikumpulkan dari 50 UMKM bersertifikat halal yang terlibat dalam pengolahan ikan halal. Temuan menunjukkan bahwa 52% dari UMKM memiliki tingkat efisiensi antara 0,51 hingga 0,70, sementara 24% menunjukkan efisiensi tinggi (0,75–0,96). Se…
subject: Articles
  topic: section
subject: Efficiency
  topic: keywords
subject: Economies of scale
  topic: keywords
subject: MSMEs
  topic: keywords
subject: Halal food
  topic: keywords
subject: and Food industry
  topic: keywords
subject: Journal of Economic Literature
  topic: subjects
subject: Islamic economics
  topic: disciplines
subject: Business
  topic: disciplines
creator: Eka Fitriyanti
creator: Ayu Wulandari
rights: Copyright (c) 2025 Fitriyanti & Wulandari https://creativecommons.org/licenses/by-sa/4.0
date: 2025-09-05
publication date: 2025-09-05
starting page: 680
ending page: 696
doi: 10.22373/share.28631

Does Integrated Social Spending and Zakat-Infaq-Sadaqah Improve Welfare in Indonesia?
type: item
description: Human capital is widely acknowledged not only as a key driver of economic growth and poverty reduction but also as the ultimate objective of development, focused on expanding human freedoms. While government social spending is intended to achieve welfare objectives, it remains insufficient to fully finance public goods, necessitating alternative funding sources. Zakat, Infak, and Sedekah (ZIS) funds represent potential complementary resources, given their shared objective of promoting social welfare. This study aims to examine the role of integrated financing—social spending and ZIS—in enhancing human development in Indonesia. Using panel data from 34 provinces over the period of 2013–2022 and applying the System Generalized Method of Moments (Sys-GMM), the analysis evaluates both the independent and interactive effects of these funding sources. The findings reveal that social spending and ZIS individually exert a positive and significant effect on human development, while their integration produces a stronger and more substantial impact. These results highlight the importance of harmonizing Islamic social finance with state expenditures to accelerate human development outcomes. The study contributes to the literature as the first to apply a Sys-GMM approach in examining the interaction between social spending and ZIS, offering novel insights into the design of sustainable and inclusive development financing in Indonesia. Abstrak Apakah Integrasi Pengeluaran Sosial dan ZIS dapat Meningkatkan Kesejahteraan di Indonesia? Sumber daya manusia diakui tidak hanya sebagai pendorong utama pertumbuhan ekonomi dan pengentasan kemiskinan, tetapi juga sebagai tujuan akhir pembangunan yang berfokus pada perluasan kebebasan manusia. Meskipun pengeluaran sosial pemerintah ditujukan untuk mencapai tujuan kesejahteraan, alokasi tersebut belum cukup untuk sepenuhnya membiayai kebutuhan publik, sehingga diperlukan sumber pendanaan alternatif. Dana Zakat, Infak, dan Sedekah (ZIS) dipan…
subject: Articles
  topic: section
subject: HDI
  topic: keywords
subject: Integrated Public Spending
  topic: keywords
subject: Social Spending
  topic: keywords
subject: Sys GMM
  topic: keywords
subject: ZIS
  topic: keywords
subject: A11
  topic: subjects
subject: C23
  topic: subjects
subject: E24
  topic: subjects
subject: H55
  topic: subjects
subject: Z12
  topic: subjects
subject: Islamic Economic
  topic: disciplines
creator: Herlin Herlin
creator: Irfan Syauqi Beik
creator: Muhamad Iqbal Irfany
rights: Copyright (c) 2025 Herlin et al. https://creativecommons.org/licenses/by-sa/4.0
date: 2025-09-27
publication date: 2025-09-27
starting page: 697
ending page: 711
doi: 10.22373/share.28250

Prospects for Gampong-Based Halal Tourism Development in Aceh: An ANP Study
type: item
description: Halal tourism is increasingly recognized as a strategic sector in the global travel industry, particularly in regions that integrate Islamic values with community-based development. In Aceh Province, where Islamic law is formally applied, the potential of gampong (village)-based halal tourism is substantial but faces persistent structural challenges. This study aims to identify key obstacles to its development and provide policy insights for sustainable growth. A mixed-methods case study was conducted through literature review and in-depth interviews with stakeholders, including the Aceh Tourism Office, DPR Aceh, MPU, academics, business actors, and local communities. The Analytic Network Process (ANP) was employed to prioritize issues using pairwise comparison questionnaires. The findings indicate three major barriers. First, from the regulatory aspect, the absence of standardized halal tourism guidelines is the most critical challenge (33.27%). Second, under destination factors, inadequate infrastructure and accessibility represent the dominant issue (33.71%). Third, on the social side, limited government support, weak promotion, and neglected historical sites remain significant obstacles (23.99%). These results highlight the urgent need for cross-sector collaboration, improved infrastructure, and inclusive promotional strategies. Strengthening local stakeholder capacity is essential to accelerate sustainable halal tourism and support the Islamic economy in rural Aceh. Abstrak Prospek Wisata Halal Berbasis Gampong Di Aceh: Suatu Kajian dengan Metode ANP. Wisata halal semakin menjadi sektor strategis dalam industri pariwisata global, terutama di wilayah yang memadukan nilai Islam dengan pembangunan berbasis masyarakat. Di Provinsi Aceh, yang secara formal menerapkan syariat Islam, potensi wisata halal berbasis gampong (desa) sangat besar, tetapi dalam dalam implementasinya masih menghadapi berbagai tantangan. Penelitian ini bertujuan mengidentifikasi tantangan utam…
subject: Articles
  topic: section
subject: Problematic
  topic: keywords
subject: Halal Tourism Destinations
  topic: keywords
subject: Analytic Network Process
  topic: keywords
subject: JEL CODE
  topic: subjects
subject: Z3
  topic: subjects
subject: Z32
  topic: subjects
subject: Islamic economics
  topic: disciplines
creator: Husni Pasarela
creator: Sukiman Sukiman
creator: Chuzaimah Batubara
rights: Copyright (c) 2025 Pasarela et al. https://creativecommons.org/licenses/by-sa/4.0
date: 2025-09-28
publication date: 2025-09-28
starting page: 712
ending page: 726
doi: 10.22373/share.29688

Localizing the SDGs: A Case Study of Collaborative Models between BUM Desa and Pesantren in Central Java
type: item
description: Achieving the Sustainable Development Goals (SDGs) at the village level requires collaboration across institutions. However, such collaboration is often hindered by differing institutional orientations and interests. Village-Owned Enterprises (BUM Desa), which aim to strengthen the local economy, hold significant potential for strategic partnerships. Unfortunately, cooperation between BUM Desa and other institutions such as Islamic boarding schools (pesantren), remains limited. Pesantren, as socio-religious institutions, have strong community networks and considerable influence. This study explores a collaboration model between BUM Desa and the Modern Islamic Boarding School (PPMI) Assalam in Sukoharjo Regency. It aims to analyze how these institutions, despite their distinct orientations, work together to support SDG implementation. Using a qualitative case study approach, data were gathered through interviews with BUM Desa managers, pesantren leaders, village officials, and community figures, alongside observations and document analysis. Thematic analysis was conducted through data collection, condensation, presentation, and conclusion stages. Findings reveal nine joint initiatives: four in the economic sector, three in the social sector, and two in the environmental sector. The success of this collaboration is driven by five key factors: (1) initial conditions, (2) institutional design, (3) facilitative leadership, (4) collaborative dynamics such as trust, dialogue, and shared understanding, and (5) tangible outcomes aligned with SDG targets. This study integrates collaborative governance, social enterprise, stewardship, and sharia enterprise theories. Practically, it offers guidance for policymakers and local leaders to develop culturally grounded partnerships that connect economic innovation with social and spiritual legitimacy, accelerating SDG achievement at the village level. Abstrak Mewujudkan SDGs di Tingkat Lokal: Studi Kasus Model Kolaborasi antara BUM D…
subject: Articles
  topic: section
creator: Agus Marimin
creator: Misnen Ardiansyah
creator: Pajar Hatma Indra Jaya
rights: Copyright (c) 2025 Agus Marimin, Misnen Ardiansyah, Pajar Hatma Indra Jaya https://creativecommons.org/licenses/by-sa/4.0
date: 2025-09-28
publication date: 2025-09-28
starting page: 727
ending page: 737
doi: 10.22373/share.31500

Islamic Capital Market Reactions to Political Transition: Evidence from Indonesia's 2024 Presidential Election
type: item
description: This study conducts an event analysis on the impact of the official announcement of the 2024 Indonesian presidential election results by the General Elections Commission (KPU) on stock market performance. The objective is to investigate changes in abnormal returns (AR) and trading volume activity (TVA) during an 11-day event window (±5 days surrounding the announcement date) and a 60-day estimation period. The sample comprises 30 companies listed on the Jakarta Islamic Index (JII), representing nine industry sectors, selected through saturated sampling. Analytical methods include the Paired T-test and the Wilcoxon Signed Rank Test to examine statistical differences in AR and TVA before and after the event. The findings reveal no significant difference in AR for the JII overall, although the consumer non-cyclicals sector displays a noteworthy deviation. In contrast, a significant change in TVA is observed, particularly within the basic materials sector. These results underscore the importance for investors in the Islamic capital market to remain attentive to political developments that may affect asset performance. The study provides meaningful insights for investors, regulators, and academics regarding portfolio diversification and risk management in the context of political uncertainty, contributing to the broader discourse on Islamic capital markets. Abstrak Reaksi Pasar Modal Syariah terhadap Transisi Politik: Studi Kasus Pemilihan Presiden Indonesia 2024. Penelitian ini menganalisis dampak pengumuman resmi hasil Pemilu Presiden 2024 oleh Komisi Pemilihan Umum (KPU) terhadap kinerja pasar saham, khususnya pada indeks saham syariah. Tujuannya adalah untuk mengetahui perubahan return tidak normal (abnormal return/AR) dan aktivitas volume perdagangan (TVA) selama periode peristiwa selama 11 hari (5 hari sebelum dan sesudah pengumuman), serta periode estimasi selama 60 hari. Sampel penelitian terdiri dari 30 perusahaan dalam Jakarta Islamic Index (JII) dari 9 sektor …
subject: Articles
  topic: section
subject: abnormal return
  topic: keywords
subject: JII30 index
  topic: keywords
subject: presidential election
  topic: keywords
subject: trading volume activity
  topic: keywords
subject: G0
  topic: subjects
subject: islamic finance
  topic: disciplines
subject: business
  topic: disciplines
creator: Suhadi Suhadi
creator: Indah Dewi Maharany
rights: Copyright (c) 2025 Suhadi & Maharany https://creativecommons.org/licenses/by-sa/4.0
date: 2025-09-28
publication date: 2025-09-28
starting page: 738
ending page: 754
doi: 10.22373/share.28398

Islamic Banking Efficiency and Sharia Compliance: Comparative Insights from Indonesia and Malaysia
type: item
description: The rapid expansion of Islamic banking in Southeast Asia has positioned Indonesia and Malaysia as central actors in the global Islamic finance landscape. However, despite their shared religious and economic foundations, structural differences in regulatory frameworks, financial innovation, and market development have produced varying levels of institutional performance and sharia compliance. This study aims to compare the financial and sharia performance of Islamic commercial banks in both countries by employing the Sharia Conformity and Profitability Index (SCnPI), which integrates sharia compliance indicators—Zakat Performance Ratio (ZPR), Profit Sharing Ratio (PSR), and Islamic Income Ratio (IIR)—with profitability indicators—Return on Assets (ROA), Return on Equity (ROE), and Net Profit Margin (NPM). Using a quantitative comparative design, the study analyzes secondary data from 25 Islamic commercial banks (12 from Indonesia and 13 from Malaysia) for the 2022–2023 period, selected through purposive sampling. Data were analyzed using the Shapiro–Wilk test for normality and either the independent sample t-test or Wilcoxon signed-rank test for mean comparison. The results indicate significant differences in PSR and NPM, with Indonesia showing higher PSR values due to dominant musyarakah-based financing, and Malaysia exhibiting higher NPM, reflecting stronger cost efficiency and profit management. Other indicators show no statistical difference. These findings emphasize the influence of governance systems and managerial focus on financial outcomes and suggest that improving transparency, risk-sharing mechanisms, and operational efficiency could enhance Islamic banking resilience across the region. Abstrak Efisiensi dan Kepatuhan Syariah dalam Perbankan Syariah: Analisis Komparatif dari Indonesia dan Malaysia. Perkembangan pesat perbankan syariah di Asia Tenggara menempatkan Indonesia dan Malaysia sebagai dua negara utama dalam industri keuangan Islam global. Namun, …
subject: Articles
  topic: section
subject: Sharia Bank Performance
  topic: keywords
subject: Sharia Confirmity
  topic: keywords
subject: Profitability.
  topic: keywords
subject: Journal of Islamic Banking
  topic: subjects
subject: Islamic Banking
  topic: disciplines
creator: Versiandika Yudha Pratama
creator: Ibnu Suryo
creator: Shinta Dewi Rismawati
creator: Happy Sista Devy
creator: Tamamudin Tamamudin
rights: Copyright (c) 2025 Versiandika Yudha Pratama, Ibnu Suryo, Shinta Dewi Rismawati, Happy Sista Devy, Tamamudin Tamamudin https://creativecommons.org/licenses/by-sa/4.0
date: 2025-10-05
publication date: 2025-10-05
starting page: 755
ending page: 769
doi: 10.22373/share.29499

Islamic Social Finance and MSME Performance: A Moderated-Mediation Analysis across Aceh and North Sumatera
type: item
description: Micro, Small, and Medium Enterprises (MSMEs) are vital to Indonesia’s economy but continue to face barriers in financing, mentorship, and managerial capacity. Islamic Social Finance (ISF), implemented through Micro Waqf Banks (BWM), offers an inclusive solution by integrating joint liability schemes, mentoring, and capital assistance. While prior research affirms the role of ISF in enhancing access to finance and entrepreneurial growth, comparative evidence across regions with differing socio-cultural contexts remains limited. This study examines the differential effects of mentoring, joint liability, and capital provision on micro-entrepreneurial success in Aceh and North Sumatera. Using Partial Least Squares Structural Equation Modeling (PLS-SEM) and Multi-Group Analysis (MGA) on responses from 350 micro-entrepreneurs, the results reveal that joint liability consistently supports enterprise performance, mentoring is more effective in Aceh, and capital provision is most beneficial in less developed areas. The findings indicate that local culture and institutional strength moderate ISF outcomes. Therefore, ISF programs should integrate standardized financial instruments with context-sensitive non-financial interventions to maximize their empowerment potential. This study contributes to the ISF literature and offers practical insights for designing regionally adaptive MSME empowerment policies. Abstrak Keuangan Sosial Islam dan Kinerja UMKM: Analisis Moderasi–Mediasi di Aceh dan Sumatera Utara. Usaha Mikro, Kecil, dan Menengah (UMKM) berperan penting dalam perekonomian Indonesia, namun masih menghadapi kendala akses pembiayaan, pendampingan, dan peningkatan kapasitas manajerial. Keuangan Sosial Islam (Islamic Social Finance/ISF) melalui Bank Wakaf Mikro (BWM) menjadi alternatif inklusif dengan menggabungkan skema tanggung renteng, pendampingan, dan bantuan modal. Meskipun ISF terbukti meningkatkan akses permodalan dan kinerja usaha, bukti komparatif lintas wilayah de…
subject: Articles
  topic: section
creator: Rayyan Firdaus
creator: Andri Soemitra
creator: Marliyah Marliyah
rights: Copyright (c) 2025 Rayyan Firdaus, Andri Soemitra, Marliyah Marliyah https://creativecommons.org/licenses/by-sa/4.0
date: 2025-10-08
publication date: 2025-10-08
starting page: 770
ending page: 785
doi: 10.22373/share.31610

The Role of Zakat, Waqf, and Education in Reducing Urban Poverty: Evidence from Jakarta
type: item
description: Jakarta, the capital and most densely populated region of Indonesia, continues to struggle with urban poverty despite consistent economic growth. Factors such as high migration, limited employment opportunities, and unequal access to education and social services have deepened socio-economic inequality. This study investigates the key drivers of poverty in DKI Jakarta from 2012 to 2022, incorporating insights from Islamic economics. Utilizing time-series data and the Error Correction Model (ECM), the research explores both short-term and long-term impacts of education, Gross Regional Domestic Product (GRDP), zakat, and waqf on poverty levels. Findings reveal that all variables significantly affect poverty in the long run, while GRDP shows no notable short-term influence. Education and waqf are positively correlated with poverty over time, indicating that structural issues—such as low labor absorption and inefficient waqf management—limit their effectiveness in reducing poverty. In contrast, zakat demonstrates a strong negative relationship with poverty, highlighting its role as a powerful redistributive tool in Islamic economics. The study emphasizes the importance of inclusive education and economic policies, alongside better governance of zakat and waqf through formal institutions like BAZNAS, to improve transparency, optimize resource use, and support sustainable poverty reduction in Jakarta. Abstrak Peran Zakat, Wakaf, dan Pendidikan dalam Mengurangi Kemiskinan Perkotaan: Studi Kasus Kota Jakarta. Jakarta, ibu kota sekaligus provinsi terpadat di Indonesia, masih menghadapi tantangan kemiskinan perkotaan meskipun pertumbuhan ekonomi terus berlangsung. Tingginya angka migrasi, terbatasnya daya serap tenaga kerja, serta ketimpangan akses terhadap pendidikan dan layanan sosial memperparah kesenjangan sosial-ekonomi. Studi ini menganalisis faktor-faktor yang memengaruhi kemiskinan di Provinsi DKI Jakarta selama periode 2012–2022 dengan pendekatan ekonomi Islam. Mengg…
subject: Articles
  topic: section
subject: Poverty
  topic: keywords
subject: Education
  topic: keywords
subject: Gross Regional Domestic Product
  topic: keywords
subject: Zakat
  topic: keywords
subject: Waqf
  topic: keywords
subject: Islamic Economics
  topic: disciplines
subject: Islamic Banking and etc
  topic: disciplines
creator: Widya Indri Lestari
creator: Ida Busnety
creator: Lavlimatria Esya
creator: Nirdukita Ratnawati
rights: Copyright (c) 2025 Lestari et al. https://creativecommons.org/licenses/by-sa/4.0
date: 2025-10-13
publication date: 2025-10-13
starting page: 786
ending page: 801
doi: 10.22373/share.29625

Accountability of Cash Waqf Institutions Post the Implementation of Accounting Standard 412
type: item
description: Indonesia has one of the largest potentials for cash waqf collection in the world due to its majority Muslim population and growing Islamic social finance sector. However, this potential remains largely unrealized, partly due to weak financial transparency and inconsistent reporting practices among waqf institutions. This study aims to assess the level of accountability practices among waqf institutions in Indonesia following the issuance of the Accounting Standard for Waqf (PSAK 412). Data were collected from 432 waqf institutions registered with the Indonesian Waqf Board (BWI), of which only nine institutions had published their 2023 financial statements. Using a content analysis based on PSAK 412 and an accountability index adapted from the Internet Financial Reporting (IFR) model, this study evaluates the extent of compliance and disclosure practices. The findings reveal that most institutions have not yet implemented PSAK 412 adequately. Only three institutions, namely Baitul Maal PLN, Dompet Dhuafa, and Yayasan Wakaf Produktif Pengelola Aset Islami Indonesia (PPAII), demonstrated moderate compliance under PSAK 412, with Baitul Maal PLN achieving the highest overall accountability score and a very high IFR index category. These results emphasize the need for stronger government supervision, socialization, and capacity-building initiatives through BWI to improve waqf accountability and transparency. This study contributes to mapping the post-PSAK 412 accountability landscape and provides a foundation for strengthening governance in Indonesia’s waqf sector. Abstrak Akuntabilitas Lembaga Wakaf Tunai setelah Implementasi PSAK 412. Indonesia memiliki potensi terbesar di dunia dalam penghimpunan wakaf tunai karena mayoritas penduduknya beragama Islam dan sektor keuangan sosial Islam yang terus berkembang. Namun, potensi tersebut belum terealisasi secara optimal akibat lemahnya transparansi keuangan dan praktik pelaporan yang belum seragam di antara lembaga-lembaga wa…
subject: Articles
  topic: section
subject: Accountability
  topic: keywords
subject: Cash Waqf
  topic: keywords
subject: Accounting Standard 412
  topic: keywords
subject: Accountability Index
  topic: keywords
subject: Islamic Economics
  topic: disciplines
subject: Islamic Accounting
  topic: disciplines
creator: Grandis Imama Hendra
creator: Nur Asnawi
creator: Vivin Maharani Ekowati
rights: Copyright (c) 2025 Grandis Imama Hendra, Nur Asnawi, Nur Asnawi, Vivin Maharani Ekowati, Vivin Maharani Ekowati https://creativecommons.org/licenses/by-sa/4.0
date: 2025-10-13
publication date: 2025-10-13
starting page: 802
ending page: 815
doi: 10.22373/share.29531

Zakat for Economic Empowerment in Aceh: Evaluating Qanun No. 3/2021 through a SWOT-Maqasid Framework
type: item
description: ABSTRACT - Zakat is a fundamental instrument in promoting Islamic economic justice and alleviating poverty. In Aceh, Indonesia’s only province with the authority to implement Islamic law through public policy, this role is institutionalized via Qanun No. 3/2021. This study examines the effectiveness of zakat management under this regulation in fostering economic empowerment. Adopting a qualitative-descriptive approach, the research integrates SWOT analysis with maqasid shariah principles to align spiritual objectives with socio-economic outcomes. Data were collected through in-depth interviews with key stakeholders, including Baitul Mal officials, muzakki, mustahik, and Islamic economists in Banda Aceh and Langsa, supported by field observations and secondary data from Baitul Mal and BPS Aceh (2023–2024). Thematic analysis using SWOT quadrants and triangulation revealed that the strong legal framework has increased public trust and zakat collection from IDR 85 billion to IDR 90 billion. However, only 6% of the estimated potential (IDR 1.4–1.5 trillion) is realized due to limited human resources and outdated technology. Opportunities include digital transformation and alignment with the SDGs, with productive zakat programs boosting household income by 10% for 70% of 4,895 micro-enterprises. Threats such as informal zakat channels and economic instability (inflation 5.2%, unemployment 6.1%) persist. Zakat contributed to a slight poverty reduction (from 15% to 14.5%), though uneven distribution limits broader impact. The findings highlight the need for digitalization, institutional capacity building, and culturally sensitive outreach. Integrating maqasid shariah offers a replicable model for aligning Islamic philanthropy with sustainable development in other Muslim-majority regions. Abstrak Zakat sebagai Instrumen Pemberdayaan Ekonomi di Aceh: Evaluasi Qanun No. 3/2021 dengan Pendekatan SWOT-Maqasid. Zakat merupakan instrumen utama dalam mewujudkan keadilan ekonomi Isl…
subject: Articles
  topic: section
creator: Pani Akhiruddin Siregar
creator: Elpianti Sahara Pakpahan
creator: Muhammad Arif Fadhillah Lubis
creator: Yenni Samri Juliati Nasution
creator: Akmal Akmal
rights: Copyright (c) 2025 Pani Akhiruddin Siregar, Elpianti Sahara Pakpahan, Muhammad Arif Fadhillah Lubis, Yenni Samri Juliati Nasution, Akmal Akmal https://creativecommons.org/licenses/by-sa/4.0
date: 2025-10-28
publication date: 2025-10-28
doi: 10.22373/

Mapping the Intersection of Money Taxonomy, Blockchain, and Islamic Finance: A Bibliometric Co-Occurrence Analysis
type: item
description: Islamic finance has grown significantly in recent decades, offering a Shariah-compliant alternative to conventional financial systems. However, its engagement with the evolving classification of money and the disruptive potential of blockchain technology remains limited. This study presents a comprehensive bibliometric analysis of 284 peer-reviewed journal articles published between 2019 and 2024, sourced from the Dimensions AI database and analyzed using VOSviewer. The process involved data cleaning, keyword normalization, co-occurrence mapping, and cluster visualization to identify key themes and research gaps. Findings reveal that Islamic finance literature continues to emphasize sustainable and ethical finance through instruments such as zakat, waqf, and sukuk, while money taxonomy and digital innovation receive minimal attention. Thematic clusters highlight the dominance of sustainability, the rise of bibliometric and systematic reviews, the emergence of cryptocurrency, and ongoing regulatory challenges. Although blockchain remains a dynamic and debated topic, visualizations show a temporal shift from sustainability to digital transformation. This study contributes by redefining money classification within a Shariah-compliant digital context and underscores the need for a robust digital infrastructure, consistent regulation, Shariah certification, and the integration of ethics and technology in education. It lays the groundwork for future research to expand empirical studies, enhance bibliometric scope, and develop comprehensive frameworks for a sustainable digital Islamic finance ecosystem. Abstrak Pemetaan Persimpangana antara Taksonomi Uang, Blockchain, dan Keuangan Islam: Analisis Ko-okurensi Bibliometrik. Dalam beberapa dekade terakhir, keuangan syariah telah berkembang pesat sebagai alternatif terhadap sistem keuangan konvensional yang ada. Namun, keterlibatannya dengan klasifikasi uang yang terus berkembang dan potensi disruptif teknologi blockchain masi…
subject: Articles
  topic: section
subject: Taxonomy money
  topic: keywords
subject: blockchain
  topic: keywords
subject: Islamic finance
  topic: keywords
subject: co-occurance
  topic: keywords
subject: bibliometric
  topic: keywords
subject: Journal of Economic Literatur
  topic: subjects
subject: Islamic economic
  topic: disciplines
subject: Islamic banking
  topic: disciplines
creator: Fathurrahman Thaha
creator: Ayu Ruqayyah Yunus
rights: Copyright (c) 2025 Fathurrahman Thaha https://creativecommons.org/licenses/by-sa/4.0
date: 2025-10-30
publication date: 2025-10-30
doi: 10.22373/

Islamic Financial Literacy and the Shaping of Consumption Patterns Among Indonesian Muslim Students
type: item
description: The rapid growth of the digital economy in Indonesia has increasingly exposed Muslim university students to consumerist ideologies that frequently conflict with the ethical foundations of Islamic finance. Despite the efforts of student organizations like the Forum Silaturahmi Studi Ekonomi Islam (FoSSEI) to promote Islamic financial literacy through education and experiential learning, many students continue to exhibit consumptive behaviors shaped by peer influence, digital culture, and low financial awareness. This study aims to examine the role of Islamic financial literacy and lifestyle in shaping the consumptive behavior of Muslim students, with a specific focus on FoSSEI members in West and Central Sumatra. Utilizing a quantitative approach, data were collected through a validated questionnaire from 210 students, with 206 valid responses analyzed using Partial Least Squares Structural Equation Modelling (PLS-SEM). The results show that Islamic financial literacy affects consumption behavior both directly and indirectly through lifestyle. Furthermore, lifestyle significantly influences consumptive behavior and serves as a mediator that strengthens or weakens the effect of financial literacy. These findings reveal that knowledge alone is insufficient; instead, lifestyle serves as a crucial behavioral channel through which financial literacy manifests. Theoretically, the study contributes by integrating lifestyle as a key mechanism in Islamic financial behavior models. Practically, the findings suggest that financial education programs must go beyond knowledge transfer to include lifestyle transformation, fostering more ethical and sustainable consumption aligned with sharia principles. Recommendations are offered to educators, policymakers, and Islamic financial institutions for designing more holistic interventions. Abstrak Literasi Keuangan Syariah dan Pola Konsumsi Mahasiswa Muslim di Indonesia. Di tengah pesatnya pertumbuhan ekonomi digital, mahasiswa Muslim …
subject: Articles
  topic: section
creator: Muhamad Subhan
creator: Sintia Delvianti
creator: Andini Septianti
rights: Copyright (c) 2025 Muhamad Subhan, Sintia , Andini https://creativecommons.org/licenses/by-sa/4.0
date: 2025-10-30
publication date: 2025-10-30
doi: 10.22373/