Profit : Jurnal Kajian Ekonomi dan Perbankan Syariah
The journal publishes articles of interest to Islamic economics and banking practitioners, economic policy makers, and researchers. This journal encompasses research articles, original research report, reviews in Islamic economics and banking studies in any fields. The journal is intended to communicate original research and current issues on the subject. This journal warmly welcomes contributions from scholars of related disciplines. The scope of Profit : Jurnal Kajian Ekonomi dan Perbankan Syariah is as follow but not limited to: Economics and Sharia Economics Management and Sharia Business Islamic Banking Entrepreneurship Sharia Finance Islamic Finance Institution Accoutancy Profit : Jurnal Kajian Ekonomi dan Perbankan Syariah published by Islamic Faculty of Nurul Jadid University, Probolinggo, East Java, Indonesia. P-ISSN : 2685-4309 E-ISSN : 2597-9434 Indexed by : <a title="DOAJ" href="https://doaj.org/toc/2597-9434?source=%7B%22query%22%3A%7B%22filtered%22%3A%7B%22filter%22%3A%7B%22bool%22%3A%7B%22must%22%3A%5B%7B%22terms%22%3A%7B%22index.issn.exact%22%3A%5B%222685-4309%22%2C%222597-9434%22%5D%7D%7D%2C%7B%22term%22%3A%7B%22_type%22%3A%22article%22%7D%7D%5D%7D%7D%2C%22query%22%3A%7B%22match_all%22%3A%7B%7D%7D%7D%7D%2C%22size%22%3A100%2C%22_source%22%3A%7B%7D%7D" target="_blank">
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SHARIA CROWDFUNDING : FUNDING INNOVATION TECHNOLOGY-BASED FOR MSMES
Sharia crowdfunding is an innovation in funding that utilizes technology to provide solutions to the problem of limited access to financing for MSMEs by following sharia principles. This study aims to explore the understanding, how it works, and the economic and strategic benefits of sharia crowdfunding in strengthening MSMEs in the sharia economic environment. The method applied in this study is qualitative descriptive with a literature study approach, where data is collected from various sources such as journals, articles, and relevant documents. The findings of the study indicate that sharia crowdfunding applies various sharia contracts such as mudharabah, musyarakah, and qardh hasan which prioritize justice, transparency, and the principle of being free from exploitation. Several platforms such as Ethis and Investree Syariah have shown the success of this model in increasing financial inclusion and empowering MSMEs. However, there are still challenges such as low sharia financial literacy, lack of digital infrastructure, and regulations that are not yet fully mature that need to be resolved. Therefore, there is a need to be cooperative between various parties in terms of education, strengthening regulations, and developing technology to maximize the potential of sharia crowdfunding as a sustainable and inclusive financing solution for MSMEs in Indonesia
Copyright (c) 2025 fitri Setia Okta Ramadhani, Hilda Bakri, Fitri Fitri, Ade Hastuty https://creativecommons.org/licenses/by-nc-sa/4.0
THE EFFECT OF KNOWLEDGE, PROMOTION, SERVICE AND PROFIT SHARING ON MEMBERS' INTEREST IN USING STUDENT SAVINGS PRODUCTS OF KSPPS MUI JATIM
This research aims to analyze the influence of knowledge, promotion, service, and profit-sharing on members' interest in using Student Savings Account products of KSPPS MUI JATIM Sidayu Branch in Mriyunan Village, Sidayu, Gresik. The research method used is quantitative with a descriptive approach. Data collection was conducted through questionnaires distributed to 100 respondents who are members of KSPPS MUI JATIM Sidayu Branch residing in Mriyunan Village, Sidayu, Gresik. The data analysis technique used multiple linear regression analysis with SPSS software. The findings indicate that all four factors—knowledge, promotion, service quality, and profit-sharing—collectively have a meaningful impact on members' interest in using the product. Individually, each factor also shows a positive and significant influence. Among them, promotion emerged as the most influential factor in encouraging member participation. This research provides implications for KSPPS MUI JATIM Sidayu Branch to enhance their marketing strategy by focusing on improving service quality, educating the community about their products, developing attractive promotional programs, and establishing competitive profit-sharing arrangements to increase members' interest in using Student Savings Account products.
Copyright (c) 2025 Muhammad Ainul Yaqin https://creativecommons.org/licenses/by-nc-sa/4.0
STRATEGY FOR DEVELOPING THE HALAL COSMETIC INDUSTRY IN INDONESIA TO IMPROVE COMPETITIVENESS IN THE GLOBAL MARKET
The halal cosmetics industry has experienced significant growth along with the increasing awareness and demand of Muslim consumers for sharia-compliant products. The development of the halal cosmetics industry in Indonesia faces unique challenges and opportunities. This study examines strategies that can be implemented to optimize the development of this industry. Some of the main strategies analyzed include improving product quality and innovation, halal certification, effective marketing, adequate infrastructure and collaboration with various stakeholders. The results of the study show that by implementing these strategies, the halal cosmetics industry in Indonesia can increase its competitiveness in the global market and meet the growing needs of Muslim consumers. This study is a descriptive qualitative study that aims to provide a detailed description of the development of the halal cosmetics industry in Indonesia, identify existing challenges and opportunities, and formulate effective strategies to advance this sector to the international level. By implementing these strategies, the Indonesian halal cosmetics industry can increase its competitiveness in the global market and meet the growing needs of Muslim consumers
Copyright (c) 2025 Mohammad Abdurrahman https://creativecommons.org/licenses/by-nc-sa/4.0
ZISWAF FUND MANAGEMENT MODEL (ZAKAT, INFAK, SEDEKAH, AND WAKAF) IN PEOPLE'S ECONOMIC INSTITUTIONS
Management of Zakat, Infaq, Alms and Waqf (ZISWAF) funds is one of the Islamic financial instruments that has great potential to reduce poverty levels and support community economic empowerment. This research discusses the ZISWAF fund management model which is based on the principles of transparency, accountability and digital innovation to increase efficiency and public trust. By integrating technology such as blockchain, big data analytics, and sharia-based crowdfunding applications, ZISWAF fund management can be maximized to support MSME development, educational programs, and job skills training. This research also identified various challenges, such as low public literacy, limited regulations, and lack of coordination between institutions. The proposed solutions include strengthening regulations, developing digital infrastructure, and collaborating with stakeholders. The research results show that a strategic and integrated approach in managing ZISWAF funds is able to produce sustainable socio-economic impacts while increasing the community's economic independence.
Copyright (c) 2025 ervan Irham herdian https://creativecommons.org/licenses/by-nc-sa/4.0
ISLAMIC FINANCIAL LITERACY IN THE BIMWIN MODULE: AN URGENT NEED IN THE ERA OF DIGITAL CONSUMERISM
The digital era has transformed financial behavior and consumption patterns of young Muslim couples preparing for marriage. The proliferation of digital financial services such as paylater, online lending, and fintech investment platforms presents significant challenges for family financial management based on Islamic values. In response, the Ministry of Religious Affairs of Indonesia has integrated Islamic financial literacy content into the Bimbingan Perkawinan (Bimwin) program. However, analysis reveals that the current content remains normative and lacks contextual adaptation to the digital financial ecosystem faced by Millennials and Gen Z. This study employs a qualitative-descriptive approach using document analysis and literature review to identify gaps between normative teachings and practical application. The findings highlight that Bimwin participants face substantial challenges in translating Islamic financial principles into daily financial decision-making within digital environments. The study proposes comprehensive strategies, including contextual learning through digital financial case studies, simulation-based training, facilitator capacity-building, and multi-stakeholder collaboration. Strengthening Islamic financial literacy through these strategies can equip young Muslim families with critical skills to navigate the digital economy ethically and sustainably in accordance with maqashid sharia principles.
Copyright (c) 2025 Ahmad Hanafi https://creativecommons.org/licenses/by-nc-sa/4.0
STRATEGIC EDGE : HOW MARKET AND COMPETITOR ORIENTATION DRIVE RETAIL PERFORMANCE
This study aims to evaluate the influence of competitor orientation, market orientation, innovation, marketing strategy, and marketing through social media on marketing performance, with competitive advantage as a mediating variable. A quantitative approach with descriptive methods was used in this study. Primary data were collected from 350 respondents who are employees of retail companies in Batam City and analyzed using SmartPLS 3 software. The results show that most of the independent variables have a positive and significant effect on competitive advantage, which in turn has a strong impact on improving marketing performance. The findings strengthen the understanding that effective implementation of competitor orientation, market orientation, and marketing strategy can enhance competitive advantage as well as marketing performance in the retail industry.
Copyright (c) 2025 Fendy Cuandra, Rio Fernando, Rio Fernando, Lily Purwianti, Listia Nurjanah https://creativecommons.org/licenses/by-nc-sa/4.0
EFFECT OF INTELLECTUAL CAPITAL AND INSTITUTIONAL OWNERSHIP ON THE FINANCIAL PERFORMANCE OF PHARMACEUTICAL COMPANIES IN INDONESIA
This study's primary goal is to investigate how institutional ownership and intellectual capital affect the financial performance of pharmaceutical businesses that are listed on the Indonesia Stock Exchange (IDX) between 2019 and 2023. In order to evaluate the association between the variables, this study uses a quantitative approach that starts with descriptive statistical analysis and ends with panel data regression. Purposive sampling was used to choose ten pharmaceutical sub-sector enterprises from the population, which is made up of businesses in the healthcare industry. The firms' yearly financial reports, which were retrieved from the official IDX website, provided secondary data. The Fixed Effect Model (FEM) strategy was selected based on the outcomes of model testing. The results show that institutional ownership and intellectual capital have no discernible impact on pharmaceutical businesses' financial success. This implies that institutional ownership and intellectual capital have not yet reached their full potential in improving business performance.
Copyright (c) 2025 Ershazkiya Raudlatishafa, Erna Sulistyowati https://creativecommons.org/licenses/by-nc-sa/4.0
ISLAMIC ECONOMIC INTEGRATION : OPPORTUNITIES AND CHALLENGES IN ESTABLISHING A UNIFIED ISLAMIC ECONOMIC BLOC
Islamic economic integration as an effort to build a coordinated and stable Islamic economic bloc. In the context of increasingly complex globalization, member countries have various opportunities to enhance cooperation in trade, investment, and human resource development. However, major challenges are also faced, including regulatory differences, political instability, and inadequate infrastructure. This study analyzes the possible benefits of Islamic economic integration, as well as increased competition and social justice, and identifies the strategic measures needed to overcome the obstacles. Through open dialog and cross-sectoral cooperation, countries in the Islamic economic bloc can create a solid foundation for inclusive and sustainable economic growth and contribute significantly to the global economy. This article also discusses the importance of education and training to increase the capacity of human resources in the field of Islamic economics. A focus on understanding Shariah principles and ethical business practices is key to encouraging the active participation of economic actors. In addition, this study highlights the need for harmonization of regulations and policies among member countries to create a more favorable business environment. Through close cooperation between Islamic financial institutions and government agencies. The government should optimize resource allocation and expand access to funding. The importance of building an international cooperation network to enhance the competitiveness of Islamic economic blocs in the global market. By combining strengths and resources, member countries can overcome challenges and take advantage of opportunities, so that the Islamic economic bloc can develop sustainably and provide more benefits to society.
Copyright (c) 2025 Hana Mabrukah https://creativecommons.org/licenses/by-nc-sa/4.0
ISLAMIC FINTECH INNOVATION STRATEGIES IN ENCOURAGING THE ACHIEVEMENT OF SDGS IN THE MSMEs SECTOR
This study aims to make observations about the development of sharia fintech in Indonesia, sharia fintech innovation strategies in encouraging the achievement of SDGs in the MSME sector, this research is using the library study method with a literature review approach, where the findings data obtained from several sources are relevant to the research theme. Fintech is one of the financial sector innovations that gets a touch of modern technological developments. Bank Indonesia divides 4 types of fintech as a form of innovation from Sharia Fintech for MSMEs, namely: Crowdfunding, Peer-to-peer lending, Market aggregator, Risk and Investment Management, and Mobile payment/online banking. Strategies for increasing access to MSME financing through sharia fintech are carried out through Strengthening ecosystems and synergies between stakeholders, Increasing Sharia Financial Literacy and Education, Product Innovation and Service Differentials, Infrastructure Development, regulation and certification, and data security and protection. Sharia contributes to the SDGs by providing financial access to those who are not served by traditional financial institutions. Through inclusive products and services, such as Sharia microloans Overall, the application of fintech in MSMEs still faces various challenges, such as limited infrastructure, lack of technological skills and literacy among business actors, and the absence of clear regulations. To overcome this, the government's role in providing comprehensive regulations and educational support from fintech players is crucial.
Copyright (c) 2025 Murtiani Murtiani, Murtiani Murtiani https://creativecommons.org/licenses/by-nc-sa/4.0
ANALYSIS OF THE EFFECT OF SHARIA BANK INDONESIA CERTIFICATES, MONEY SUPPLY, INFLATION, AND RUPIAH EXCHANGE RATE ON SHARIA MUTUAL FUNDS IN INDONESIA
This study aims to analyse how SBIS, JUB, Inflation and Rupiah Exchange Rate affect Islamic Mutual Funds in Indonesia using the VECM method. Using EVIEWS 12 software, this study analysed 96 data within a period of 8 years published during the period January 2017 to December 2024 relating to the topic. The results show that in the long run, JUB and Rupiah Exchange Rate have a significant positive effect, SBIS has a significant negative effect while inflation has no effect. In the short term, Inflation has a significant negative effect while SBIS, JUB, and Rupiah Exchange Rate have no significant effect on Islamic Mutual Funds in Indonesia.
Copyright (c) 2025 Nurul Hikmah https://creativecommons.org/licenses/by-nc-sa/4.0
PROFITABILITY OF ISLAMIC COMMERCIAL BANKS: A STUDY OF INTERNAL AND MACROECONOMIC FACTORS
This study analyzed the impact of internal and external factors on the profitability of Islamic commercial banks in Indonesia, measured by ROA. Using quarterly financial data from 2019 to 2024, with 224 valid observations, the analysis focused on CAR, FDR, NPF, BOPO, bank size, GDP, and inflation. The findings show that internal factors significantly influence profitability, with NPF and BOPO negatively affecting ROA, while larger bank size correlates with lower profitability due to higher operational costs. External factors like GDP and inflation had no significant impact on ROA. F-test and R² results confirm the model’s statistical significance and explanatory power. The study highlights the importance of internal management strategies, recommending improvements in asset quality and operational efficiency to boost financial performance.
Copyright (c) 2025 Aufrieda Artsiana Dewi https://creativecommons.org/licenses/by-nc-sa/4.0
THE EFFECT OF SUPERVISION ON EMPLOYEE WORK DISCIPLINE THROUGH ORGANIZATIONAL CULTURE AS AN INTERVENING VARIABLE ON EMPLOYEES OF PT. LUTHFI ARYA TEKHNIK FROM AN ISLAMIC ECONOMIC PERSPECTIVE
This study aims to analyze the influence of supervision on employee work discipline through organizational culture as an intervening variable at PT. Luthfi Arya Tekhnik from an Islamic economic perspective. Human resources are strategic assets in the construction industry that require an effective supervision system and a strong organizational culture to achieve optimal levels of work discipline. The integration of Islamic economic values such as amanah, muraqabah, and ihsan provides a spiritual dimension that can strengthen the relationship between supervision and employee work discipline. The study used a quantitative approach with an explanatory survey design on 136 employee respondents selected through stratified proportional random sampling. Data were collected using a structured questionnaire with a Likert scale and analyzed using path analysis techniques. The results showed that supervision had a positive and significant effect on work discipline with a path coefficient of 0.762 (p<0.05). Supervision also had a significant effect on organizational culture with a coefficient of 0.789, while organizational culture had an effect on work discipline with a coefficient of 0.432. The Sobel test confirmed that organizational culture acts as a significant mediator (z=4.273, p<0.05) with a mediation effect of 44.7% of the total influence of supervision on work discipline. The findings indicate that the implementation of Islamic economic values in the supervision system and organizational culture is effective in improving employee work discipline through the development of spiritual awareness and trustworthy responsibilities. This study provides theoretical contributions to the development of Islamic management theory and practical implications for human resource management in the Indonesian construction industry.
Copyright (c) 2025 Tri Wulandari https://creativecommons.org/licenses/by-nc-sa/4.0
ANALYSIS OF THE INFLUENCE OF GRDP, FOREIGN DIRECT INVESTMENT, AND POPULATION DENSITY ON ENVIRONMENTAL QUALITY IN JAVA IN ACHIEVING THE SUSTAINABLE DEVELOPMENT GOALS (SDGS)
This study aims to analyze the effects of Gross Regional Domestic Product (GRDP), Foreign Direct Investment (FDI), and Population Density on environmental quality in Java Island during the period 2014–2024. The research method employed is panel data analysis with a regression approach, covering six provinces in Java as the units of observation. The dependent variable used is the Environmental Quality Index, while the independent variables consist of GRDP, realized FDI, and Population Density. The findings indicate that GRDP has a significant relationship with the Environmental Quality Index, following the pattern of the Environmental Kuznets Curve (EKC). Meanwhile, FDI shows a positive and significant effect on the Environmental Quality Index. Population Density is also proven to exert a negative and significant influence on the Environmental Quality Index. Therefore, synergy among various stakeholders is required to encourage the implementation of environmentally friendly economic concepts. The green economy approach can serve as a foundation for sustainable development, accompanied by population growth control, reduced dependence on fossil energy, and accelerated transition toward renewable energy, which have been incorporated into the SDGs agenda as a pillar supporting the balance between economic activities and environmental sustainability.
Copyright (c) 2025 Nura Yulianti, Kiky Asmara, Fauzatul Laily Nisa https://creativecommons.org/licenses/by-nc-sa/4.0
ANALYSIS OF INDONESIA'S COAL EXPORT COMPETITIVENESS IN THE INTERNATIONAL MARKET AND ITS DETERMINANT FACTORS
Indonesia is one of the world’s largest coal exporters, with a significant contribution to meeting global energy demand. However, the competitiveness of Indonesia’s coal exports is strongly influenced by international market dynamics and external factors. This study aims to analyze the competitiveness of Indonesia’s coal exports in the global market using the Vector Autoregression (VAR) model for the period 2004–2023. The variables analyzed include Foreign Direct Investment (FDI), international coal prices (HBI), exchange rate (NT), national coal production, and competitiveness measured through the Revealed Comparative Advantage (RCA). The results indicate that Indonesia still lags behind Australia in terms of RCA, although the gap has narrowed between 2018 and 2023. Conversely, compared to Russia, Indonesia consistently outperforms. The impulse response function (IRF) analysis reveals that FDI has a positive impact on RCA, while rising international coal prices tend to weaken competitiveness. National coal production shows a positive effect in the medium term, whereas the exchange rate responds negatively to price fluctuations. Variance decomposition (VD) results show that FDI had a dominant contribution in the early period (70–75%) but declined to around 20%, while the influence of international coal prices increased to 40%. Overall, Indonesia’s coal export competitiveness is largely shaped by external factors, requiring strategies such as market diversification, downstream industry development, efficiency improvements, and the optimization of global geopolitical opportunities.
Copyright (c) 2025 Dwiki Andreansyah Nugraha https://creativecommons.org/licenses/by-nc-sa/4.0
ANALYSIS OF MODERN RETAIL "TRENMU MART" IN IMPROVING ECONOMIC INDEPENDENCE
This study aims to analyze the role of the modern retailer Trenmu Mart in increasing the economic independence of the Muhammadiyah Kudus Islamic Boarding School. As Islamic educational institutions, Islamic boarding schools often face financial dependence on fluctuating Educational Development Contributions (SPP) and external aid, which impacts employee welfare and the implementation of student development programs. Efforts to create independent funding sources through business units were previously undertaken with the establishment of Mu Mart in 2016, but were unable to survive due to a lack of professional management and an unstrategic location. This experience led to the establishment of Trenmu Mart in 2025 as a new strategy to build the economic independence of Islamic boarding schools. This research employed a descriptive qualitative method, with data collection techniques including interviews, observation, and documentation. Data analysis was conducted through data reduction, presentation, and drawing conclusions, and its validity was tested using source and method triangulation. The research results show that Trenmu Mart has a positive impact on the economic independence of Islamic boarding schools. Sales have increased significantly every week since the start of operations, with profits used to improve employee welfare through incentives and allowances, and to support various student activities, such as providing learning resources, skills training, and religious programs. Furthermore, Trenmu Mart serves as a learning medium for entrepreneurship for students involved in store operations, providing real-world experience in Sharia-based business management practices. Trenmu Mart's presence also strengthens the relationship between Islamic boarding schools and the surrounding community, which also benefits economically through easy and affordable shopping access. The research conclusion confirms that Trenmu Mart serves not only as a commercial entity but also as a social, educational, and da'wah instrument. Its management concept aligns with the principles of social entrepreneurship in Islamic economics and reflects the application of the maqashid sharia principles in economic activities. With professional management and support from all elements of the Islamic boarding school, Trenmu Mart has long-term prospects as a model of Islamic boarding school economic independence that can be replicated in other Islamic educational institutions in Indonesia
Copyright (c) 2025 Izzuddin Syihab, Nurani Puspa Ningrum, Tuti’ Nadhifah https://creativecommons.org/licenses/by-nc-sa/4.0
GREEN ACCOUNTING AND FINANCIAL PERFORMANCE: EVIDENCE FROM BASIC MATERIALS MANUFACTURING COMPANIES
This study investigates the impact of environmental costs and environmental performance on financial performance in manufacturing companies within the basic materials sector listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. The research aims to provide empirical evidence on how green accounting practices influence profitability, measured by Return on Assets (ROA). The study employs a quantitative approach with a causal-comparative design, using purposive sampling to select 25 companies that consistently published financial reports and participated in the Ministry of Environment and Forestry’s PROPER program. A total of 75 panel data observations were analyzed. Data were collected through documentation of financial statements, annual reports, and PROPER assessments, and further supported by literature review. Statistical analysis was conducted using descriptive statistics, classical assumption tests, and multiple linear regression with SPSS version 30.0. The results reveal that both environmental costs and environmental performance partially influence financial performance, while simultaneously they significantly affect ROA. These findings indicate that companies in the basic materials sector can achieve a balance between environmental responsibility and financial goals. The study supports legitimacy theory and stakeholder theory, suggesting that proactive environmental strategies not only fulfill regulatory compliance but also enhance firm value. This research contributes theoretically to green accounting in emerging markets and provides practical implications for management in formulating sustainability policies aligned with financial performance.
Copyright (c) 2025 Eka Chyntia, Siti Maisyarah, Riantari Maharani, Eko Gani PG https://creativecommons.org/licenses/by-nc-sa/4.0
INTEGRATION OF HALAL TOURISM AND GREEN ECONOMY: SYSTEMATIC LITERATURE REVIEW FOR SYNERGY TRENDS IN SUSTAINABILITY PRACTICES
This research aims to explore the relationship between halal tourism and the green economy and its contribution to sustainable development and the local economy. The main purpose of this study is to analyze research trends, the relationship between these two sectors, research gaps related to the integration of halal tourism with the green economy, as well as patterns and thematic relationships between the main keywords in the existing literature. The Systematic Literature Review (SLR) approach and bibliometric analysis using the VOSviewer tool were applied to assess research trends, citation patterns, and the linkages between key concepts in the literature from 2016 to February 2025. The results of the analysis show that halal tourism that integrates green economic principles can reduce negative impacts on the environment, increase the use of local products, and support sustainable economic growth. The close relationship between halal tourism and the green economy is found in the VOSviewer analysis, with key clusters and keywords covering concepts such as sustainable development, sustainability, sustainable tourism and environmental. However, the research gap is seen in the lack of explicit integration between halal tourism and the green economy. Thematic patterns show a link between halal tourism, green economy, and sustainability, although research linking the three is still limited. This research contributes to understanding how halal tourism can serve as a sustainable tourism model that not only meets the needs of Muslim tourists, but also supports social, economic, and environmental sustainability. These findings lead to the need for the development of policies that better support the integration of these two sectors in industrial practice.
Copyright (c) 2025 Muhammad Akbar https://creativecommons.org/licenses/by-nc-sa/4.0
THE ROLE OF ORGANIZATIONAL CULTURE AND COMPENSATION ON PERFORMANCE THROUGH MOTIVATION: A SHARIA-BASED PUBLIC MANAGEMENT APPROACH
Enhancement of public institution performance does not depend solely on administrative system and procedural but also about the strength of values underlying behavior. This research aims to test the effect of organizational culture and compensation on performance thorough motivation as a mediating variable by using a shariah valued public management approach. The study was conducted at the ad hoc body General Election Commission (KPU) Mojokerto City Boa... consisting of sub-district election committee (PPK) and voting committee (PPS) in 2024 election. This research used an explanatory quantitative design based on a survey, with data collection through questionnaires to 69 respondents, as well as analysis using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that organizational culture has positive and significant effects on motivation (ß = 0.404, p < 0.001) and performance (ß = 0.269, p = 0.009). Compensation has positive and significant effects on motivation (ß = 0.410, p < 0.001), but it has no direct effect on performance (ß = 0.120, p = 0.151). Motivation has positive and significant effects on performance (ß = 0.483, p < 0.001), and is shown to mediate the relationship between organizational culture and performance (indirect effect = 0.195, p = 0.009) and between compensation and performance (indirect effect = 0.198, p = 0.008). These findings confirm motivation as a psychological and moral mechanism that connects your culture compensation system to performance in public organizations. In shariah values context, work culture based on justice, responsibility, and integrity is able to foster continuous intrinsic motivation. This research contributes to strengthening shariah values public management theory and has practical implications for human resources policy development in public institutions to be more oriented towards ethical and spiritual values that can increase performance in a sustainable manner.
Copyright (c) 2025 Safitri Nurdin https://creativecommons.org/licenses/by-nc-sa/4.0
REVITALIZING SUMITRO DJOJOHADIKUSUMO'S ECONOMIC LEGACY: PATHWAYS TO INDONESIA'S ECONOMIC SELF-RELIANCE IN THE DIGITAL AND GLOBALIZATION ERA
This study aims to develop a conceptual framework for revitalizing the economic thought of Prof. Dr. Sumitro Djojohadikusumo as a strategic roadmap toward Indonesia’s economic sovereignty in the digital and globalization era. Using a qualitative approach based on library research, this study systematically examines primary and secondary literature on Sumitro’s thought, development theory, and contemporary digital economic dynamics through content analysis. The findings introduce the concept of “Digital Economic Nationalism” as an adaptation of Sumitro’s development trilogy economic growth, national stability, and equitable development into the digital context, operationalized through the “Digital Gotong Royong Economy” model. This model integrates rural digital infrastructure, local economic platforms, digital cooperatives, sustainable financing, and the protection of national economic value. The results demonstrate that Sumitro’s intellectual legacy remains relevant and offers a theoretical and practical alternative to the dominant neoliberal model in the digital economy, while opening new avenues for nationally grounded digital political economy studies.
Copyright (c) 2025 Muhammad Said https://creativecommons.org/licenses/by-nc-sa/4.0
INFLUENCE INFLATION, LEVEL UNEMPLOYMENT OPEN AND HEALTH AGAINST EXTREME POVERTY IN INDONESIA FROM AN ISLAMIC ECONOMIC PERSPECTIVE 2000-2024 USING A VECTOR ERRORS CORRECTION MODEL APPROACH
This study aims to analyze the influence of inflation, unemployment, and adequate sanitation on extreme poverty in Indonesia from an Islamic economic perspective. Using time series data from 2000–2024 and a Vector Error Correction Model (VECM) approach, this study examines the long-term and short-term relationships between variables. The analysis shows that inflation, unemployment, and health significantly influence extreme poverty in the long term. This means that economic factors and the quality of the community's living environment play a significant role in determining the level of extreme poverty in Indonesia. However, in the short term, only the open unemployment rate variable significantly influences extreme poverty, while inflation and health have not shown any significant impact. From an Islamic economic perspective, the results of this study emphasize the importance of implementing the principles of justice and balance in economic management, such as suppressing inflation, expanding employment opportunities, and increasing access to healthcare as an effort to reduce extreme poverty and achieve equitable prosperity in Indonesia.
Copyright (c) 2025 alfin ahmad riyadi https://creativecommons.org/licenses/by-nc-sa/4.0
THE ROLE OF SHARIA FINANCING ON SECTORAL GDP IN CENTRAL SULAWESI: MACROECONOMIC ANALYSIS WITH THE VAR/VECM APPROACH
Islamic financing in Indonesia is experiencing rapid growth and has the potential to become a key instrument in encouraging regional economic growth based on inclusive and sustainable principles. However, its effect on sectoral performance at the provincial level has not been studied empirically using a dynamic approach. This study aims to analyze the role of sharia financing and gross fixed capital formation (PMTB) on sectoral Gross Regional Domestic Product (GDP) in Central Sulawesi, covering the primary, secondary, and tertiary sectors. The analysis was conducted using quarterly data for the period 2022–2024 with the Vector Error Correction Model (VECM) approach for sectors showing long-term relationships and Vector Autoregression (VAR) for sectors without cointegration. Tests of stationarity, optimal lag, and Johansen cointegration were used to ensure the validity of the model. The results show that there is a difference in influence between sectors. In the primary sector, PMTB has a negative effect in the long term but positively in the short term. In the secondary sector, PMTB has a significant positive effect on both time horizons. In the tertiary sector, sharia financing has a significant positive effect in the short term without long-term relationships. This research offers novelty as the first post-pandemic sectoral study with a province-level dynamic model, which affirms the strategic role of Islamic finance in regional economic transformation. The implications of the research results show the need for sharia financing policies that are adjusted to sectoral characteristics to encourage inclusive, productive, and harmonized regional economic growth in line with Islamic economic principles.
Copyright (c) 2025 Rita Yunus, Farida Millias Tuty, Ahmad Syatir, Novita Sari, Muhammad Akbar https://creativecommons.org/licenses/by-nc-sa/4.0
THE INFLUENCE OF REFERENCE GROUPS, TRUST, AND TRADITION ON CUSTOMERS’ DECISION TO USE ISLAMIC GOLD PAWN SERVICE WITH EDUCATION AS A MODERATING VARIABLE
This study aims to analyze the influence of reference groups, trust, and tradition on customers’ decisions to use Islamic gold pawn services, with education as a moderating variable. The research was motivated by the growing public interest in Islamic gold pawn products at Bank Syariah Indonesia (BSI) Tulang Bawang Barat Branch, which is influenced not only by economic factors but also by social, cultural, and educational aspects. The study employed a quantitative associative approach with 59 respondents selected through purposive sampling. Data were collected using an online questionnaire (Google Form) and analyzed with SPSS version 25, including validity and reliability tests, multiple linear regression, and Moderated Regression Analysis (MRA) to examine the role of education as a moderating variable. The findings reveal that reference groups, trust, and tradition have a positive and significant effect on customer decisions, both partially and simultaneously. Among these variables, tradition has the most dominant influence on decision-making. The coefficient of determination (R²) value of 0.812 indicates that 81.2% of the variation in customer decisions is explained by these three variables, while the remaining 18.8% is affected by other factors not examined in this study. The results emphasize that social and cultural factors play a crucial role in shaping customers’ behavior toward Islamic financial products. Therefore, Islamic financial institutions are encouraged to strengthen marketing strategies based on trust, tradition, and financial education to enhance public participation in Islamic pawn services.
Copyright (c) 2025 niken purnama santi, Ahmad Habibi, Siska Yuli Anita https://creativecommons.org/licenses/by-nc-sa/4.0
EFFORTS TO ACCELERATE POVERTY REDUCTION THROUGH THE HUMAN DEVELOPMENT INDEX (HDI) IN THE SOCIETY
Poverty is a scourge for local governments which has an impact on regional GDP. The government is trying to reduce it with various strategies. One of them is by optimizing HDI and increasing people's per capita income. The regional potential is very large for development, but it has not yet had a significant impact on the aspects of agriculture, plantations and tourism through regional UMKM. Why is it not optimal in several aspects to raise the HDI in Proboinggo Regency, especially in West Tiris? This research tries to explore strategies to reduce extreme poverty rates through the Human Development Index. The research method uses a descriptive analytical approach consisting of several stages used for variable exploration and strategy development. The results of this research are that people in West Tiris suffer from general obstacles including 1. education, namely limited access to schools, second: health, limited access to health services: Third, Economy and Income. Livelihoods in West Tiris are limited and still focus on less productive agriculture and plantations, some village youths have migrated out of the area.
Copyright (c) 2025 Moh. Syaiful Suib https://creativecommons.org/licenses/by-nc-sa/4.0
ANALYSIS OF FACTORS AFFECTING THE TRANSACTION COSTS OF RICE FARMERS IN THE PERSPECTIVE OF ISLAMIC ECONOMICS
This study aims to analyze the factors that influence the transaction costs of rice farmers in the perspective of Islamic economics in Gadingrejo, namely uncertainty, social networks, and frequency. The methodology used in this study is quantitative associative. The data collection technique uses a questionnaire with a SEM PLS approach using SmartPLS software. The results of this study indicate that uncertainty, social networks, and frequency among farmers in Gadingrejo have a positive and significant effect on transaction costs. This result can be concluded because the calculated F (54.5) > table F (2.77). The contribution of this study is the understanding that transaction costs in Islamic economics do not only cover financial aspects but also social aspects such as justice, trade balance, and business ethics in accordance with Islamic principles.
Copyright (c) 2025 Arif Dwi Wibowo https://creativecommons.org/licenses/by-nc-sa/4.0
THE INFLUENCE OF GREEN ENTREPRENEURSHIP AND GREEN PRODUCT INNOVATION ON THE PURCHASE INTEREST OF GENERATION Z CONSUMERS
This study aims to examine the influence of Green Entrepreneurship and Green Product Innovation on Purchase Intention among Generation Z consumers in Malang City. A quantitative approach with a cross-sectional survey design was employed. Data were collected using a structured Likert-scale questionnaire and obtained from Generation Z respondents selected through purposive sampling. The data were analyzed using SPSS, including validity and reliability testing, normality testing, multicollinearity assessment, and multiple linear regression to test the research hypotheses. The results indicate that Green Entrepreneurship has a positive and significant effect on Purchase Intention. Similarly, Green Product Innovation demonstrates a significant contribution to increasing consumers’ intention to purchase environmentally friendly products. These findings highlight that sustainable entrepreneurial practices and eco-friendly product innovations enhance young consumers’ interest in UMKM products, emphasizing the strategic importance of sustainability in contemporary marketing.
Copyright (c) 2025 Achmad Basofitrah, Sudarmiati Sudarmiati, Puji Handayati, Naswan Harsono https://creativecommons.org/licenses/by-nc-sa/4.0
ANALYSIS OF THE USE OF DIGITAL PAYMENT METHODS (QRIS) IN MIE SAMYU MSMES IN INCREASING CONSUMER SATISFACTION
Digital transformation in the financial sector has encouraged the presence of technology-based payment methods, one of which is the Quick Response Code Indonesian Standard (QRIS). This innovation is designed to simplify and accelerate the transaction process, as well as increase financial inclusion, especially for Micro, Small and Medium Enterprises (MSMEs). This study aims to analyze the extent to which the use of QRIS digital payment methods affects the level of consumer satisfaction in Mie Samyu MSMEs, a culinary business that has implemented QRIS in its operations. This research uses a qualitative paradigm with a case study approach. Data was collected through in-depth interviews, participatory observations, and documentation of Mie Samyu MSME owners, employees, and customers. The data analysis technique used is thematic analysis, which aims to identify patterns of consumer perception of the use of QRIS in their transaction experience. This research is expected to be able to fill the empirical gap regarding the impact of the use of QRIS on the MSME sector specifically and answer the research gap in the academic literature related to the relationship between digital payment methods and consumer satisfaction in the culinary sector. The results of this research are also expected to make a practical contribution in encouraging the digitalization of MSMEs in a sustainable manner and become a reference for public policies in optimizing the use of QRIS as a national digital economy instrument.
Copyright (c) 2025 Moh. Idil Ghufron, Hanin Fara Atiqoh, Dwi Nurul Hidayati https://creativecommons.org/licenses/by-nc-sa/4.0
EXPERIENCE-BASED STRATEGIC PLANNING BY OWNERS OF SMALL AND MEDIUM ENTERPRISES PRODUCING DOLPHIN CASSAVA CHIPS
Strategic planning is an important element for the sustainability of Micro, Small, and Medium Enterprises (MSMEs) in facing competition and market dynamics. This study aims to analyze the strategic planning process at Lumba-Lumba Cassava Chips MSME in Malang, which operates in the highly competitive snack food industry. The approach used is descriptive qualitative through case study method, with data collection techniques in the form of in-depth interviews, observation of production and marketing processes, and documentati . Data analysis was conducted using the Miles and Huberman model through the stages of data reduction, data presentation, and conclusion drawing. The results of the study indicate that strategic planning in this SME is carried out informally and based on the owner's experience, but it covers the main components of strategic planning, namely situation analysis, strategy formulation, implementation, and evaluation. The strategies are aimed at improving product quality, stabilizing raw material supplies, and expanding the marketing network through souvenir shops. However, product innovation, digital marketing, and strategy documentation are still not optimal. Strategy evaluation is also carried out intuitively without measurable performance indicators. This study concludes that although strategic planning at Lumba-Lumba Cassava Chips SME is not yet structured, the strategies implemented are able to maintain business sustainability. This study provides implications for SME actors to strengthen strategy documentation, product innovation, and digital marketing, as well as for SME facilitators to improve strategic management training in line with the SME context.
Copyright (c) 2025 Wisma Miftahur Rozi, Sudarmiati Sudarmiati, Puji Handayati, Naswan Harsono https://creativecommons.org/licenses/by-nc-sa/4.0
THE INFLUENCES OF PRODUCT, PRICE, PROMOTION, PLACE, AND SERVICE QUALITY TOWARDS CUSTOMER SATISFACTION
This study aims to analyze the influence of product, price, promotion, location, and service quality on customer satisfaction at PT. Bank Muamalat Indonesia Semarang Branch Office, both simultaneously and partially. The data used are primary data collected using a questionnaire. The population in this study were all savings customers at PT. Bank Muamalat Indonesia Semarang Branch Office. With the purposive sampling method, 100 samples were obtained that were suitable for study. The analysis model in this study used a multiple linear regression analysis model and the analysis technique used the F Test, the Coefficient of Determination Test (R2), and the t Test processed using the SPSS 22.0 program. The results of this study indicate that the variables of product, price, promotion, location, and service quality simultaneously have a significant effect on customer satisfaction. Furthermore, product, price, promotion, location, and service quality each partially have a positive and significant effect on customer satisfaction at PT. Bank Muamalat Indonesia Semarang Branch Office
Copyright (c) 2025 Muhamad Banu Kamal Alfirdaus, Utami Tri Sulistyorini https://creativecommons.org/licenses/by-nc-sa/4.0
DRIVING SUSTAINABLE PERFORMANCE : THE ROLE OF GREEN ENTREPRENEURIAL ORIENTATION AND INNOVATION CAPABILITY AMONG SMES
Sustainability performance in micro, small, and medium enterprises (MSMEs) is a crucial element for strengthening regional economic competitiveness, including in Probolinggo City. Government policies that encourage business sustainability through capacity enhancement, innovation, adaptation, and the reinforcement of green entrepreneurial orientation position entrepreneurial orientation and innovation capability as strategic determinants of MSME continuity. Global demands related to environmental issues, advances in production technology, shifting consumer preferences, and the growing need for eco-friendly products increasingly require MSMEs to develop their innovation capabilities. Although most MSMEs have not yet attained the level of innovation capability and green entrepreneurial orientation found in larger enterprises, the demand to operate sustainably remains a priority. This study aims to analyze the relationship between green entrepreneurial orientation, innovation capability, and sustainability performance among MSMEs in Probolinggo City. The research involved 30 MSME actors as respondents, using questionnaires as the primary instrument and data processing through SmartPLS. The findings indicate that green entrepreneurial orientation has a positive and significant effect on innovation capability and sustainability performance. Innovation capability also significantly influences sustainability performance; however, it does not mediate the relationship between green entrepreneurial orientation and sustainability performance.
Copyright (c) 2025 Dedi Joko Hermawan, Sudarmiati Sudarmiati, Puji Handayati, Naswan Harsono https://creativecommons.org/licenses/by-nc-sa/4.0
INNOVATION AND CHALLENGES OF BLOCKCHAIN TECHNOLOGY IN THE DIGITAL ERA : AN ANALYSIS OF ITS EFFECTIVENESS IN SHARIAH FINANCIAL MANAGEMENT
The development of blockchain technology has brought significant innovation to the financial sector, including the management of Shariah-compliant finance, by enhancing transparency, security, and efficiency of financial transactions in accordance with Shariah principles. This technology utilizes distributed ledger technology (DLT) and smart contracts to ensure authenticity and fairness in transactions, thereby strengthening trust and accountability within the Shariah financial system. This study aims to analyze the effectiveness of blockchain implementation in Shariah finance and identify various challenges faced in the digital era, such as immature regulations, limited digital infrastructure, and low levels of technological literacy among industry players. The research method includes a literature review of relevant journals and reports, as well as case studies of blockchain implementation in Shariah financial institutions. The findings indicate that blockchain plays a crucial role in increasing trust and transparency, but its success heavily depends on the synergy among regulators, Shariah financial institutions, and other stakeholders to overcome these obstacles. These results emphasize the importance of collaborative and innovative strategies to support the sustainable growth of the Shariah financial system in the digital age.
Copyright (c) 2025 Muthi'atur Rofi'ah https://creativecommons.org/licenses/by-nc-sa/4.0