This study examines whether immediate-protection and longer-horizon employee and family-welfare commitments contribute differently to corporate environmental, social, and governance (ESG) performance during a systemic crisis. This study adopts a quantitative explanatory longitudinal design using Panel data combine cross-sectional and temporal information, permit the estimation of within-firm change, and allow time-invariant unobserved firm characteristics. The study uses an unbalanced panel of 84 non-financial companies included in Indonesia’s List of Sharia Securities from 2015 to 2024 which comprising 593 firm-year observations. Results show that PL is positively associated with overall ESG, Environmental, and Social performance outside the COVID-coded period, but none of the PL-COVID interactions is significant. This results implied that the PL-ESG slope therefore does not change detectably during the crisis. PLA is positively associated with all four outcomes outside the COVID-coded period, while its COVID interactions are consistently negative and significant in the primary and firm-clustered specifications. Theoretically, the findings qualify an additive view of Maqasid-oriented responsibility, whereby essential, immediate harm-prevention practices are more crisis-resilient than recurring, longer-horizon welfare commitments, and visible ESG improvement can coexist with a weaker substantive contribution from employee and family-welfare practices. Practically, firms should protect safety and environmental systems while ring-fencing multi-year funding, responsibility, and continuity indicators for pensions, maternity support, insurance, inclusion, and community welfare. Regulators, rating providers, and investors should evaluate aggregate ESG scores together with dimension-specific and workforce indicators. The study contributes by separating crisis-related level changes from slope moderation and by identifying which Maqasid domain is most vulnerable to systemic disruption.
This study examines the influence of religiosity, normative community pressure, and the perceived role of religious leaders on Islamic entrepreneurial values. A quantitative approach was applied using Partial Least Squares Structural Equation Modeling (PLS-SEM). Data were collected through purposive sampling from 313 micro-entrepreneurs operating in Java, Indonesia. The results show that normative community pressure and the perceived role of religious leaders have significant positive effects on Islamic entrepreneurial values. Furthermore, religiosity and normative community pressure significantly influence the perceived role of religious leaders. However, religiosity has a significant negative effect on Islamic entrepreneurial values, indicating that stronger personal religiosity does not necessarily translate into greater adherence to Islamic values in entrepreneurial practices. The findings highlight the importance of community-based support and religious leadership in strengthening Islamic entrepreneurial values among micro-entrepreneurs. This study provides novel empirical evidence by examining the combined roles of individual religiosity, community norms, and religious leadership in shaping Islamic entrepreneurial values. In particular, the unexpected negative effect of religiosity challenges the assumption that stronger personal religiosity necessarily leads to stronger adherence to Islamic values in business practices, thereby extending the theoretical understanding of religion and entrepreneurship.
This research aims to analyze the community’s response to the development of halal tourist destinations in the Muslim-minority region of North Sulawesi Province and to identify appropriate strategies for developing halal tourism, based on internal and external conditions in this region. This study employed a quantitative, explanatory research design to examine Muslim consumers’ intentions to choose Muslim-friendly tourist destinations in North Sulawesi Indonesia, a Muslim-minority. This study uses the Partial Least Squares (PLS) equation model to analyze people’s preferences for halal tourism in North Sulawesi Province. The independent variables are attitudes, subjective norms, behavioral control, and religiosity. Meanwhile, the dependent variable is the intention to choose a halal tourist destination. This research reveals that attitude, subjective norms, and religiosity positively and significantly affect travel intentions, whereas subjective norms have a negative effect. Furthermore, effective strategies for developing Muslim-friendly tourism include adjusting marketing and product development, implementing larger, more effective marketing campaigns, improving access to information and amenities, and developing religious infrastructure in tourist areas. This study contributes to the literature on halal tourism by extending the understanding of Muslim travel intentions in a Muslim-minority context and demonstrating the significant roles of attitudes, subjective norms, and religiosity. The findings imply that halal tourism development in North Sulawesi should adopt context-sensitive strategies that integrate targeted marketing, improved information and tourism amenities, and strengthened religious infrastructure.
This study aims to examine poverty in female-headed households receiving zakat in urban Malaysia through an expenditure-based method, rather than traditional income-based measures. Based on primary data collected from 262 households in Selangor and Kuala Lumpur in 2023, the study applies the cost-of-basic-needs (CBN) method and equivalised monthly expenditure to measure poverty incidence, depth, and severity using Foster-Greer-Thorbecke (FGT) indices. The results show that as many as 68.3% of households are still below the urban poverty line of RM2,800 per month, even after receiving zakat, and 74.0% of them state that their expenditures exceed their incomes; therefore, these households are in considerable financial distress. The household expenditure patterns reveal that the food budget accounts for more than 60% of the total budget, corresponding to a poverty incidence of 91.2% and a significantly deeper level of deprivation. The paper argues that structural vulnerabilities are the main causes of poverty, rather than marital status; thus, the stereotypes of the most disadvantaged groups in the context of zakat targeting are questioned. The point is to highlight the inefficacy of the present zakat allocation practices and emphasise the necessity of a more reliable, income-sensitive, and evidence-based framework to enhance the precision, sufficiency, and overall effectiveness of Islamic social protection in Malaysia's urban context.
This study aims to analyze and identify factors influencing customer loyalty in Islamic banks, focusing on educational organizations in Indonesia. Customer loyalty is a crucial aspect for the sustainability of Islamic banks, especially amidst increasingly fierce competition in the banking industry. This study employed a quantitative research design, utilizing primary data collected via structured questionnaires. Quantitative approaches are well-suited for testing hypotheses and analyzing relationships between variables statistically. The questionnaires were distributed both in-person and online to Islamic bank customers from educational organizations in Indonesia over a four-week period with a final sample of 101 respondents. The data were analyzed using SEM-PLS to test the measurement and structural models. The results indicate that service quality significantly influences customer satisfaction, brand image, and loyalty. While customer satisfaction affects brand image, it does not directly influence loyalty, whereas brand image plays a key role in driving customer loyalty. Theoretically, this study contributes to the Islamic banking literature by confirming the mediating roles of brand image and customer satisfaction and offering a foundation for future research on loyalty in institutional and sharia-based financial contexts. This study provides practical insights for Islamic bank management to enhance customer loyalty through improved service quality, trust building, and consistent implementation of sharia principles.
This study examines the influence of key macroeconomic variables on the level of Non-Performing Financing (NPF) in Indonesia’s Islamic banking sector using a Vector Error Correction Model (VECM) framework. Research on the stability of Islamic banking was growing, even limited studies linked macroeconomic indicators with NPF with long-term data and dynamic frameworks. This study was quantitative by using macroeconomics indicators such as inflation, the exchange rate, economic growth, the stock price index, financing levels, and global oil prices, complemented by the bank-specific variable BOPO. The secondary time-series data covering the period 2007–2025 were employed in this study. Johansen’s cointegration test indicates the presence of three cointegrating vectors, confirming the existence of long-run relationships among the variables. The result found that the VECM estimation reveals that the exchange rate and inflation exert significant short-run effects on NPF, whereas operational efficiency (BOPO) and economic growth are significant determinants in the long run. These findings underscore the critical role of macroeconomic stability and bank-level operational efficiency in sustaining financing quality in Islamic banking. The implication of this study recommends strengthening risk-management practices, enhancing monitoring effectiveness, and adopting more responsive strategies to mitigate macroeconomic volatility. In addition, policymakers are encouraged to review and adapt macroprudential policies to respond to changing economic conditions. These actions collectively can enhance stakeholder resilience and support effective leadership during periods of economic uncertainty.
The study aims to investigate the effect of financial ratios and inflation on the stock price of Bank Syariah Indonesia using the Autoregressive Distributed Lag (ARDL) approach. This research was quantitative with variables studied include the Capital Adequacy Ratio (CAR), Return on Assets (ROA), Net Operating Margin (NOM), Operating Costs to Operating Income (BOPO), Financing to Deposit Ratio (FDR), and Inflation. Data were observed from the BSI bank merger in February 2021 to August 2024 by using the Autoregressive Distributed Lag (ARDL) method. The results indicate that in the long term, all variables have no significant effect on stock prices. Meanwhile, in the short term, ROA had a significant positive effect on stock prices, NOM and FDR had a significant negative effect, while CAR, BOPO, and inflation had no significant effect on stock prices, indicating stock price dynamics. Thus, the findings of this study indicate that investors are more responsive to changes in the financial performance of Indonesian Islamic banks in the short term than in the long term. This research contributes theoretically by showing that market responses to firm fundamentals and economic conditions occur through gradual adjustment rather than instant reactions. Practically, the findings assist investors and policymakers in understanding key fundamental and macroeconomic determinants of stock prices for the stability of Islamic banking.
This study investigates the role of waqf in sustaining community development through a novel hybrid concept termed “benefidonors” individuals who simultaneously function as both beneficiaries and donors within the waqf ecosystem. Drawing on prosumerism, ConsuMerchant behavior and the Islamic principle of mutual cooperation (ta’awun), it is posits that active participation through sharing, using and re-donating waqf, significantly enhance multiple dimensions of community well-being. Using a quantitative approach, data were collected via a structured survey instrument administered to 304 verified waqf beneficiaries from the Yayasan Waqf Malaysia database, representing diverse socio-demographic backgrounds across Peninsular Malaysia. The instrument, validated through pilot testing (n = 50) and expert review, employed multi-item Likert scales adapted from established literature to measure seven outcome variables: human capital, physical health, religious capital, family development, social capital, quality of life, and economic capital. Structural Equation Modeling (PLS-SEM) was used for data analysis. Results indicate that the benefidonor concept exerts a significant influence across all seven domains, with particularly strong effects on economic and human capital. While the study offers actionable insights for waqf institutions such as developing digital platforms to facilitate sharing, usage, and re-donation it is limited by its cross-sectional design and focus on existing beneficiaries, which may constrain generalizability. Nonetheless, the findings underscore the potential of transforming passive recipients into active co-creators of sustainable community development through the benefidonor model.
This paper employs qualitative content analysis as its methodological framework, focusing on the seminal works of Imam Al-Ghazali. The study examines central themes in Imam Al-Ghazali’s writings to clarify the influence of spirituality on economic thought. The findings indicate that Imam Al-Ghazali advocates for an economic system grounded in spiritual responsibility and the pursuit of both material and spiritual fulfillment. This study adopts a qualitative design to examine al-Ghazali’s primary writings on economic thought and spirituality, and the library research enabling scholars to explore the evolution of economic ideas within their intellectual and historical contexts. The results underscore the ongoing relevance of Imam Al-Ghazali’s insights in current economic discourse and highlight the importance of balancing material success with spiritual development as a solution to the problems of modern economies, which often emphasize materialism. The analysis demonstrates that integrating spiritual values into economic practices can address contemporary challenges and promote social responsibility, exemplified by mechanisms such as zakah and shadaqah, which serve as means to balance economic activity with spirituality. The results implied that dialogue between spirituality and economics, as articulated by Imam Al-Ghazali, provides a critical foundation for establishing a just and balanced society amid modern challenges.
The purpose of this study is to find out the indicators of Halal Tourism in DKI Jakarta based on priority levels. The number of informants in this study is 7 experts including the Ministry of Tourism and Creative Economy of the Republic of Indonesia, the DKI Jakarta Tourism and Creative Economy Office, the National Sharia Council of the Indonesian Ulema Council, academics, sharia travelers, Indonesian halal tourism associations, and sharia hotels. This study uses the Fuzzy Analytical Hierarchy Process (AHP) method. Based on the results of the study, it shows that at the criterion level, the priority of Jakarta's halal tourism indicators that must be prioritized in order is access, environment, service, and communication. Meanwhile, the priorities for the sub-criteria of Jakarta's halal tourism indicators are connectivity, infrastructure, availability of halal dining options, Muslim-friendly accommodation, availability of prayer places and mosques, stakeholders, destination marketing, communication skills, public safety, sustainability, and trust restrictions.
This study aims to examine green banking policies and practices in Islamic banking as a means of supporting the implementation of a green economy at Bank Syariah Indonesia (BSI) and BPRS Mandiri Mitra Sukses Gresik. This study employed a descriptive qualitative method, utilizing data collection techniques that included in-depth interviews, observation, and documentation. The results of the study indicated that both institutions have implemented several environmentally friendly initiatives, including the digitalization of services to reduce paper usage, energy-saving policies, and the financing of green sectors such as agribusiness. However, the implementation of green banking in Islamic banking still faces challenges, including limited written regulations, uneven environmental awareness among customers, and a need to enhance digital literacy. This study also proposed a systematic implementation model known as the G-Syariah Framework, which integrated Islamic values, digital technology, environmentally friendly financing, ecological education, and internal governance.
This study aims to analyzes the integration of Islamic Social Finance (ISF) instruments with Sustainable Development Goals (SDGs), examining implementation patterns, challenges, and opportunities during 2015-2024. Using PRISMA guidelines, we systematically reviewed 22 relevant articles from Scopus database through thematic analysis. Analysis shows 86% positive alignment between ISF and SDGs implementation, with major contributions to poverty alleviation (SDG 1: 35%) and hunger reduction (SDG 2: 28%). Digital transformation improved operational efficiency (75%) and program reach (85%). The WIIGM model enhanced stakeholder trust (65%) and operational efficiency (45%), though institutional capacity and regulatory harmonization remain challenging. This review provides a framework for understanding ISF's role in sustainable development and offers evidence-based recommendations for policymakers, emphasizing digital innovation and capacity building. This study presents the first comprehensive analysis of ISF-SDGs integration, evaluating recent implementation strategies and their effectiveness. This study contributes to theoretical advancement through a comprehensive framework for analyzing ISF-SDGs integration and provides practical guidelines for implementing digital innovation in Islamic social finance management across different contexts.
This paper examines the impact of zakat on poverty alleviation in Indonesia, with a specific focus on the four priority empowerment programs implemented by BAZNAS in 2023. Utilizing an income-based measurement approach before and after the program, difference-in-difference model, and the moving out mustahik model, the study assesses the effectiveness of these programs in reducing poverty. Primary data were collected from 52,395 respondents identified as mustahik (eligible recipients) of BAZNAS assistance. The findings indicate that BAZNAS's poverty alleviation programs successfully lifted 49% of mustahik out of poverty. These results highlight the critical role of zakat-based initiatives in combating poverty in Indonesia. This study contributes to the expanding body of literature on poverty alleviation strategies by demonstrating the effectiveness of BAZNAS programs in achieving substantial outcomes. The implications underscore the potential of zakat as a powerful tool for extreme poverty reduction, advocating for continued support and expansion of such initiatives to further mitigate poverty in the country.
This research aims to analyze the influence of religiousity, knowledge, trust in Sharia Banks and marketing mix on Gen Z's intentions towards Cash Waqf Link Sukuk (CWLS). Data analysis using multivariate regression, with Gen Z respondents from the student category in Java and Sumatra. Apart from testing the effect, this research also carried out analysis using the Theory of Planned Behavior (TPB) approach. The research results show that there is a significant influence of belief/religion, knowledge, and marketing mix on Gen Z's intentions. Meanwhile, trust in banks has no significant influence. In connection with the Theory of Planned Behavior (TPB), it shows that belief/religion influences attitudes towards waqf with CWLS, strengthening positive perceptions of this action as worship and charity. Knowledge influences perceived behavioral control, by making someone feel more confident and able to carry out waqf by purchasing CWLS. The marketing mix influences subjective norms, encouraging the perception that waqf with CWLS is behavior that is socially supported and expected by the surrounding environment.
The conversion of Bank Nagari to Bank Nagari Sharia was hampered due to differences in political viewpoints. This study aims to reveal the obstacles to the conversion of conventional Bank Nagari into Sharia Bank Nagari, seen from the political perspective of policymakers in West Sumatra. This research uses qualitative methods, with a literature study approach, and data sourced from trusted journals and websites. The analysis technique used in this research is the content analysis technique. The results show that the conversion of Bank Nagari to Sharia is hampered by two things. First, there are no regulations at the West Sumatra Province level that regulate the conversion of Conventional Nagari Banks into Sharia Commercial Banks. Second, the approval letter from shareholders regarding the approval for the conversion of Bank Nagari is incomplete. These two conditions are closely related to political decisions. Therefore, there is a need for a legal umbrella in the form of a Regional Regulation of West Sumatra Province which regulates the conversion of Bank Nagari to Bank Nagari sharia and harmony of views between policy stakeholders regarding the conversion of this Regional Development Bank. This research contributes to the development of policies that better support the achievement of the objectives of the conversion of Nagari banks to Islamic Nagari banks. In addition, this research contributes to new insights regarding the importance of bank conversion to Islamic banks for Muslim communities, especially in Minangkabau, West Sumatra, which is thick with customs.
This research analyzes the contribution of zakat in reducing poverty among people with disabilities and its role in achieving the Sustainable Development Goals (SDGs), particularly SDG 1 (No Poverty) and SDG 10 (Reducing Inequality). Using the Systematic Literature Review (SLR) method, this study identifies effective and inclusive zakat distribution strategies for vulnerable groups. The results of the study show that zakat has great potential in empowering the economy of people with disabilities through productive zakat programs, although currently most of the zakat distribution is still consumptive. This research highlights the importance of a data-driven approach and specific needs to ensure a more equitable and measurable zakat distribution. By improving inclusive zakat management, zakat can be a strategic instrument to alleviate poverty and achieve broader sustainable development. This research makes a significant contribution in expanding the literature related to the role of zakat in poverty alleviation, especially for people with disabilities. In addition, this research connects zakat distribution with the achievement of Sustainable Development Goals (SDGs), particularly SDGs 1 and SDGs10.
This study attempts to integrates the Maqasid (the higher objective of Islamic law) and consumer behaviour following the reconstruction theory approach. The investigation then enriched by empirical result of the theory. The preliminary empirical approach then enrich the integration. This study integrates the qualitative method and operationalisation variables were employed. It uses simple additive weighting to find the preliminary results. This study ranks the respondent in terms of applying consumer behaviour-based maqasid. The finding of this study emerging perspective underscores the complexity of consumer behaviour and highlights the need for a more comprehensive understanding of the diverse factors that drive it. It also implies that businesses and policymakers should consider these multifaceted influences when developing strategies and policies that cater to evolving consumer preferences and values.
This study examines the Sharia compliance of the ijon agricultural financing system in Sobrah Village, East Java, focusing on its alignment with Islamic economic principles. The ijon system, a pre-harvest trading mechanism, provides farmers with immediate liquidity but often involves excessive uncertainty (gharar) and exploitative pricing resembling riba. Through qualitative methods, including interviews with 20 farmers, 5 traders, and 3 Sharia scholars, the research identifies significant violations of Sharia law, such as ambiguous contract terms and unfair pricing, which undermine maqashid sharia objectives like wealth preservation and justice. The study proposes a reformed model based on three pillars: transparent pricing using market benchmarks, risk-sharing mechanisms inspired by mudharabah, and institutional oversight through Village Sharia Councils (VSCs). This model aims to balance liquidity needs with ethical compliance, drawing on successful Islamic finance practices. Findings highlight the potential of integrating Sharia principles into traditional agricultural finance to promote fairness and sustainability, contributing to SDGs 1 (No Poverty) and 10 (Reduced Inequalities). The research underscores the need for policy interventions and further empirical testing of the proposed framework in similar contexts.
This study aims to explore the interrelation between innovation and literacy, proposing an integrated model of scientific and Qur’anic literacy as a strategic pathway for Islamic economic development. Employing a qualitative library research method, this research analyses a broad spectrum of literature—including books, academic journals, blog articles, and relevant documents—using keywords such as innovation, literacy, synthesis, science, Qur’an, and Islamic economic development. The study also references case examples such as innovations in bottled drinking water and the printed Qur’an. Preliminary data served as a foundation and was further developed throughout the research process to uncover the intricate relationship between innovation and literacy. The findings of this study are presented in the form of conceptual framework, which demonstrates that innovation is rooted in creativity, and creativity in turn originates from literacy. In the context of Islamic economic development, innovation is not solely grounded in the Qur’an and Hadith but also draws upon scientific literacy. While conventional theories continue to be employed within the scope of Islamic economic development.
This study aims to determine the effect of regulation, religiosity and zakat literacy on compliance to pay professional zakat of ASN Regional Office of the Ministry of Religion of East Java Province. This research uses a quantitative approach with non-probability sampling technique with purposive sampling method. Research data were taken from primary sources through direct distribution of questionnaires and through google form to respondents. The results of partial test through SPSS found that the regulation, religiosity and zakat literacy has a significant effect on the willingness of Apparatus to pay professional zakat. Further, the results of simultaneous test found that the variables of regulation, religiosity, and zakat literacy have a significant effect on compliance in paying professional zakat. This finding contributes to the development of a more comprehensive theory of zakat compliance, which combines psychological, spiritual, and institutional aspects to support zakat institutions’ performance.
