Islamic Economic Studies Research Articles

Exploring the foundations of Islamic moral economy: a return to substantive morality

Purpose This paper aims to explore the general flaws in the theorization of Islamic economics, particularly its failure to incorporate substantive morality into its framework. Since a considerable number of Islamic economic studies remain within the bounds of instrumental morality, this paper seeks to propose an alternative understanding of Islamic economics by emphasizing the essential role of Islamic moral economy (IME) through substantive morality. Design/methodology/approach The study critically examines the theorization of Islamic economics through a discursive methodology. The adopted method and strategy allow for the discursive evaluation of conceptual developments within the field of modern Islamic economics. It proposes an authentic definition of IME by outlining its paradigmatic framework of political economy, value system, axiomatic approach and operational principles. Findings Islamic economics has been theorized in a reactive and reflexive manner, aiming to provide an alternative to the neoclassical hegemonic discourse. However, it has largely neglected its inherent moral dimension, focusing instead on instrumental morality and failed to embed substantive morality into its system. By introducing an alternative reading of Islamic economics, this study presents IME as a distinct economic model that centers substantive morality in its theorization. Originality/value This paper contributes to the existing literature by offering a novel perspective on Islamic economics that challenges the prevalent instrumental approach and emphasizes the importance of substantive morality. It provides a comprehensive framework for understanding IME as a distinct economic model, thereby enriching the discourse on Islamic economics with an authentic and morally grounded paradigm.

Pengaruh Literasi Keuangan dan Sikap Keuangan Terhadap Pengelolaan Keuangan Ibu Rumah Tangga Dengan Self Efficacy Sebagai Variabel Intermediasi

Abstract The objective of this research is to examine how financial literacy and financial attitudes impact the management of household finances, with self-efficacy serving as a mediating factor. Using a quantitative approach and SmartPLS4 analysis, data were collected through questionnaires from 70 housewives who are students of the Islamic economics study program. The results show that financial literacy has a significant impact on household financial management and also significantly affects self-efficacy. Self-efficacy was also found to significantly influence household financial management. However, financial attitudes do not show a significant impact on household financial management, although they do have a significant effect on self-efficacy.

Ethical Violations in Business Practices on Social Commerce: Insights from Quranic Verses

The advancement of technology has resulted in a decline in business ethical standards, particularly within the realm of online trading on social commerce. However, this phenomenon tends to be neglected in Islamic economic studies. This study responds to the shortcomings of existing studies by focusing on explaining and reflecting on how violations of Qur'anic business ethics occur in online trading on social commerce. In order to address these issues, this study employs a descriptive qualitative approach utilising the content analysis method. The findings of this study indicate three significant contexts in which violations of Quranic business ethics in online trading on social commerce occur. Firstly, ghorar, which occurs in misleading product descriptions and hidden fees, is employed to manipulate consumer behaviour through deceptive marketing tactics. Secondly, maisir, which takes the form of exploitation and the creation of a "viral trend" culture that could lead to impulsive and potentially unethical purchasing decisions, is a further issue. Thirdly, zolim, which takes the form of deceptive marketing practices, unfair pricing, or the exploitation of vulnerable consumers, is also a concern. These three findings collectively demonstrate that the advent of technology has negatively impacted the ethical standards observed in Qur'an business practices. Furthermore, this study recommends that further research be conducted to investigate the potential for technology to mitigate the negative consequences of online sales.

Strategi Sosialisasi Model Crowdfunding Sebagai Alternatif Penghimpunan Dana Zakat Infak Sedekah Pada Dompet Dhuafa Sulawesi Selatan

Crowdfunding model emerged as an alternative to collect ZIS funds in the digitalization era with technological developments and changes in donor behavior. This research aimed to explore the strategy of socializing the Crowdfunding model as an alternative for collecting ZIS funds in Dompet Dhuafa, South Sulawesi. This research used qualitative methods with a phenomenological approach to explore how individuals interpret the socialization strategy of the Crowdfunding model by Dompet Dhuafa South Sulawesi. Data collection methods included in-depth and structured interviews, observation, and documentation. The research results showed that Dompet Dhuafa South Sulawesi used three main methods in socializing the Crowdfunding model: placing advertisements and videos on Kitabisa.com platform, using social media such as Instagram and Facebook, and placing banners in strategic places. However, the research suggested the need to add other methods of outreach such as outreach in the community and seminars on universities, to expand the reach and effectiveness of Crowdfunding campaigns. It is hoped that the results of this research provided a practical contribution to Dompet Dhuafa South Sulawesi in optimizing the collection of ZIS funds through online platforms and provided academic insight into the study of Islamic economics, especially on ZIS management.

Tracing the Development of Islamic Economic Thought in the Abbasid Era: The Legacy of Umar�bin�Khattab

The expansion of Islamic territories during the time of Umar ibn Khattab led to increasingly complex problems, especially in the economic field. During this period, Umar ibn Khattab introduced remarkable, though sometimes controversial, policies. These policies and ideas were extensively studied by scholars during the Abbasid Caliphate and became the foundation for the development of Islamic economic thought. This article reveals several areas where the study of Islamic economics made significant progress. It is based on a literature review using primary sources such as the books of Ali Muhammad As-Shalabi and Jaribah bin Ahmad Al-Haritsi, utilizing a historical approach. The research results show a strong scholarly tradition, accompanied by the documentation of many accounts from Umar ibn Khattab, especially in the domains of kharaj, �usyr, jizyah, and the institution of al-hisbah. This demonstrates that Umar ibn Khattab laid the intellectual foundations in the fields of economics and Islamic jurisprudence. During that time, scholarly studies on economics continued to develop. The books discussed by scholars of that era covered various aspects of Islamic economic thought, all of which were closely related to the government

Increase the Understanding of University Students on Quadruple Helix and Mosque-Based Economic Empowerment to Boost Potential in Solving Economic Problems

This activity was organized by the "ZISWAF Laboratory" of the Indonesian Islamic University (UII) in collaboration with Amil Zakat Institution "Dompet Dhuafa". The aim of implementing the activity is to provide insight into the synergy of the Quadruple Helix in mosque-based economic empowerment. The participants are new Islamic Economics study program students at Universitas Islam Indonesia. This community service was planned offline but was done online because of funding constraints. A total of 99 participants joins the program on the Zoom platform. The speakers suggest that students can be involved in mosque-based economic empowerment by turning mosques around campus into living laboratories, and academics can play a role in research to test the financial & social impact of empowerment programs. Participants stated that this activity was very beneficial, and their knowledge of the topic increased after the activity.

The Function and Role of Money: Analysis in Islamic Economic Studies as a Unit of Value and as a Medium of Exchange

In Islamic economic studies, there are only 2 functions of money: money as a unit of value and money as a medium of exchange. There are four functions of money in the conventional economic system: money as a unit of calculation, money as a unit of exchange, but in conventional principles, money not only functions as a legal medium of exchange but also as goods that can be traded or to get profits, money as a unit of store of value, and money as a standard unit of payment in the future. This study aims to find out how the people of Bukittinggi perceive the function of money from an Islamic economic perspective. The type of research used is qualitative descriptive research. The research informant was the Muslim community of Bandar Lampung City. Collecting data is done through documentation, observation, and interviews. The data analysis techniques used are data reduction, data presentation, and conclusions. From the results of research conducted by researchers, it was found that most people's perceptions about the function of money are in line with Islamic economics, but a small number have perceptions that are not in line with Islamic economics because they think that money can be used as a tool to take personal advantage. This is contrary to the concept and function of money in Islam

Contemporary Legal Problems of Sharia Insurance Regulation in Indonesia

Objective: This study aims to examine the evolving structure of the insurance industry in Indonesia, particularly its transition from traditional insurance to dual insurance systems, highlighting the presence of the Sharia insurance sector within the national legislative framework.
 
 Theoretical framework: In the realm of Islamic economic studies, fundamental principles such as justice, mutual assistance, the avoidance of oppression, prohibition of riba (interest), and the elimination of gharar elements are central. Sharia-compliant insurance institutions are expected to adhere to these principles while also developing an independent, integrated, and professionally managed insurance framework that aligns with Islamic Shariah. To ensure compliance, each insurance company must establish a Shariah Supervisory Board (Dewan Pengurus Syariah).
 
 Method: This research adopts a normative legal research approach, analyzing primary, secondary, and tertiary legal resources sourced from academic papers and libraries to address the legal challenges of establishing Sharia insurance under existing positive legislation.
 
 Results and conclusion: The findings of this study include First, there is no specific law that governs Sharia insurance, there are no implementation rules for Law No. 40/2014, which governs Sharia insurance, and there is no regulation regarding the typical Sharia policy. These current legal issues make it difficult to set up Sharia insurance under positive law. Second, the specialized arrangement in a Law (lex specialis) of Law No. 40 of 2014 is the optimum Sharia insurance arrangement model following the favorable legal prospects.
 
 Originality/value: This research contributes to the understanding of the legal challenges and intricacies of Sharia insurance regulation in the context of Indonesia's insurance industry transformation. It provides valuable insights into the intersection of Islamic economic principles and contemporary insurance practices, offering a basis for further exploration and policy development in this critical area.

Persepsi Mahasiswa Ilmu Ekonomi dan Keuangan Islam Terhadap Pembelajaran Bahasa Arab

Student perceptions are an important part of determining learning design, learning methods, and so on. The purpose of this research is to examine students' perceptions of Arabic language learning. The study was carried out descriptively using quantitative descriptive research methods. Survey techniques were chosen to obtain data from this research. The population was taken using a voluntary sampling technique consisting of students from the Islamic Economics and Finance study program at the Indonesian Education University who had taken or were currently taking Arabic language courses. The data obtained was analyzed using a descriptive statistical approach. Analysis using this approach was carried out to determine the frequency of respondents' answers and their percentages. The research results show that students' perceptions of Arabic language learning are relatively good. However, Arabic is considered a difficult subject.

Purchasing Decisions For Halal Product Which Are Influenced By Religiosity, Knowledge, And Awarness Study at Sharia Economics Students At The University of Jember

This research was conducted to examine the influence of Religiosity, Knowledge and Awareness on Halal Purchase Intention Studies case of Islamic Economics Students at the University of Jember. This research focuses on students of the University's Islamic Economics Study Program who have purchased halal products. This research is classified as an explanatory research, using multiple linear regression analysis techniques which aim to determine the relationship between the variables of religiosity, knowledge and awareness of the purchasing decisions of halal products for Islamic Economics students at the University of Jember. Sampling was carried out using a non-probability sampling technique, namely purposive sampling with a sample size of 100 respondents. The results show that Religiosity, Knowledge and Awareness have a significant effect on the Decision to Purchase Halal Products of Islamic Economics students at the University of Jember.

STRATEGI PEMASARAN DALAM MENINGKATKAN VOLUME PENJUALAN PRODUK DI GIVIE DESSERT

Safhira Azaria (11725046), “Marketing Strategy to Increase Sales Volume at Givie Dessert”. Faculty of Islamic Economics and Business Islamic Business Management Study Program, State Islamic Institute (IAIN) Pontianak, 2021. The purpose of this study was to find out what strategy was used and how the implementation of that strategy was used by Givie Dessert in increasing sales volume. With a research focus on marketing strategies to increase sales volume at Givie Dessert. This study used qualitative research methods. Sources of primary data in the form of direct observations and interviews with sources, namely the manager and owner of Givie Dessert. While the data collection technique is by means of observation, interviews, and documentation. Then the data were analyzed using data reduction techniques, data presentation, and drawing conclusions. In the end, the data will be tested for validity using data triangulation and member check techniques. The results of this study indicate that Givie Dessert has implemented a marketing strategy (marketing mix). This has a significant effect on the sales volume of Givie Dessert.

Presidential Candidate Figures Towards the Vision of Advanced Indonesia 2045

Achieving the Vision of Advanced Indonesia 2045 can only be achieved through a quality leadership and development planning process. Therefore, the presidential election in 2024 as part of the development planning process is important to make development implementation successful. This research is quantitative descriptive. Data collection techniques in this research took the form of online surveys and interviews. The respondents in this research were students of the Islamic Economics Study Program, Faculty of Islamic Economics and Business, UIN Walisongo Semarang who had taken the Development Planning Course. The research results show that respondents consider the economic and industrial sectors, as well as human resource development, especially the education sector, to be the main fokus in the RPJMN for the 2025-2029 period. Thus, a state leader is needed who has an honest and trustworthy character, as well as being intelligent and innovative in carrying out national development priorities. The majority of respondents view track record as one of the considerations in choosing a presidential candidate. Respondents obtained most of the information regarding presidential candidates from the internet.

English Language Skills for Islamic Economic Students: Expectation versus Reality

This study focuses on the English language instruction provided to students majoring in Islamic Economics, aiming to equip them with the necessary skills for successful engagement both in the classroom and the workplace. The research conducted for this purpose had a dual objective: firstly, to investigate the perspectives of both students and lecturers on the types of English language skills required for an Islamic Economics major, and secondly, to assess the relevance of the current English for Specific Purposes (ESP) course in meeting the students' actual needs. The participants in this qualitative descriptive study included three lecturers and 219 students enrolled in the third and fifth semesters of the Islamic Economics Study Program at a State Islamic University in Indonesia. The study employed qualitative research methods, utilizing two data collection methods: an online survey addressing student demographics and perceived language skill needs, and interviews with participating lecturers. The findings reveal disparities between the perceptions of instructors and students regarding essential linguistic abilities. While the majority of students prioritize speaking and writing, instructors emphasize reading and proper grammar. The study recommends a redesign of the existing ESP syllabus to better align with the identified needs of the students.

Review of Junaid Al-Baghdadi's Sophistic Economic Thoughts

This study aims to determine Junaid al-Baghdadi's sufistic economic thought. This research is included in qualitative research based on field data. Qualitative descriptive analysis technique that focuses on content analysis. The results show that Junaid al-Baghdadi is one of the Sufi figures in Islam whose thoughts outside of Sufism have contributed greatly to the development and study of Islamic economics. Mitsaq's trilogy of thought, Fana' and Tawhid are very important as a way for people to get close to Allah in their various worship activities, including in the economic field. Because Junaid, like other Islamic economic thinkers, believes that doing business to seek sustenance is part of worshiping Allah. Economic motives must be oriented towards Allah's pleasure, and bring about maslahah, not mafsadah. So that they can be held accountable later in the hereafter and get blessings.

The The Phohibition of Usury and its Implications for the Economy

Usury is an important topic in the study of Islamic economics. The practice of usury that have existed since the days of Jahiliyah even long before and still exist today. The legal basis for the prohibition of usury explicitly and clearly described in QS. al-Baqarah/2:275-276. The purpose of this study is to determine the form of the prohibition of usury as described in the Qur’an and its implications for the community’s economy. This research uses qualitative research with library reseacrh method as a method to collect various relevant data with tafsir tahlili data analysis technique. The results show that the prohibition of usury has gone through several long legal stages until it is determined as a forbidden act. Usury, interest and buying and selling each have their own meaning and cannot be equated. Allah will forgive the sin of the usurer as long as he truly repents and leaves the act. Usury has implications for various sectors of human life, especially in the economic sector such as not increasing wealth, econommic inequality, a form of family economic colonization, disconnection of the productive economic sector (trande, industry and companies) and the emergence of inflation.

Can Al-Faruqi’s Islamization Deals with Islamic Economics? Revisiting Al-Faruqi’s Islamization of Economics

This study attempts to examine al-Faruqi’s Islamization of knowledge concept in relation to Islamic economic studies. The paper employs a qualitative research method with the library and literature study approach. The study finds that al-Faruqi’s concept of Islamization of knowledge has put the fundamental principles of Islamization of economics. The concept covers the steps of mastery of the modern discipline, disciplinary survey, and mastery of the Islamic heritage. The study henceforth urges stakeholders of Islamic economic studies to consider al-Faruqi’s Islamization concept in their development of Islamic economic sciences. Furthermore, the paper encourages future research on exploring the application of al-Faruqi’s Islamization of knowledge concept driving the future of Islamic studies.

Mempercepat pertumbuhan UMKM melalui model waralaba dalam perspektif hukum ekonomi syariah

Franchising is a popular business model in various industry sectors because it allows entrepreneurs to expand their business quickly through partnerships using established trademarks, products and operational systems. In the perspective of Islamic economic law, franchising with its various advantages has the potential to become an economic instrument that contributes to the development of an economy based on Islamic principles. Several principles in Islamic economics such as profit sharing, prohibition of usury, and avoidance of gharar (uncertainty) are principles that can be applied to franchising activities because they do not contradict general economic principles. This study is a legal study of Islamic economics with a statute approach and interprets existing data and legal documents so as to obtain information that UMKM as businesses with the scope of micro, small and medium which are currently the mainstay of the Government because they are considered able to survive amid the economic crisis can develop quickly because they make franchising a model in doing business.

ANALISIS PENGARUH BAURAN PEMASARAN SYARIAH TERHADAP KEPUTUSAN MAHASISWA MEMILIH PRODI EKONOMI SYARIAH UNISKA MAB BANJARMASIN

Increasingly intense competition in the current era of globalization indirectly results in organizations always trying to maintain their existence in society. Rapid and dramatic environmental developments and changes, including changes in consumer tastes, technological advances, and socio-economic changes, have affected the higher education sector, resulting in intense business competition in the higher education industry. Efforts to increase competitive advantage can be made by implementing a Sharia marketing mix strategy. This study aims to examine and determine the effect of the Sharia marketing mix on students' decisions to choose the Islamic Economics study program either partially or simultaneously. This research includes field research by exploring data from research locations, namely students of the Islamic Economics Study Program at UNISKA MAB Banjarmasin. Data collection was carried out using a questionnaire with a measurement scale, a Likert scale, and documentation. Determination of the sample using probability sampling technique, namely using simple random sampling with a total sample of 83 respondents and research data analysis using multiple linear regression analysis. The results of the study show that: 1) Partially, the variables Product, Promotion, Place, People, and Physical Evidence have a significant effect on the Student's Decision to Choose an Islamic Economics Study Program. While the Price and Process variables have no significant effect in this study. 2) Simultaneously, there is a significant influence of the Sharia marketing mix on the Student's Decision to Choose the Islamic Economics Study Program with a score of 81.020 with sig. F = 0.000 (p < 0.05).

Peran Koperasi Dalam Meningkatkan Perekonomian Pondok Pesantren Izzatuna Putra Palembang Dalam Perspektif Ekonomi Syariah

In the economic field, cooperatives are a form of cooperation in the economic sector. People believe in this collaboration because their lives share some of the same needs. One of the Islamic Boarding School Owned Enterprises (BUMP) at the Izzatuna Putra Palembang Islamic Boarding School is a pesantren cooperative that works to support the economy and improve the economy. This study aims to: (1) Describe the extent to which Islamic boarding school cooperatives have contributed to the economic expansion of Islamic boarding schools., (2) What is the role of cooperatives in improving the economy of the Islamic boarding school Izzatuna Putra Palembang in the study of Islamic economics. This is a type of field research using primary and secondary data sources. The data obtained will be presented with narrative text. This study uses qualitative data analysis methods/techniques using inductive thinking methods. The results of this study indicate that: (1) The role of cooperatives in improving the Islamic boarding school's economy is marked by the development of cooperatives that run a trading business every day where a portion of the profits will be deposited to the Islamic boarding school, both material and non-material, and the Islamic boarding school cooperative is also very helpful. in increasing the income of members of the cooperative and the Islamic boarding school community. (2) Then the role of the Izzatuna Putra Palembang Islamic Boarding School Cooperative in improving the economy of the Izzatuna Putra Palembang Islamic Boarding School in an Islamic perspective is carried out in several ways, namely: sharia economic values ​​in helping the community's economy, and avoiding incompatibility of sharia economic principles.

Business Resilience and Creative Economy Post COVID-19

This study aimed to shed light on the urgency of nurturing business resilience and creative economy in developing the micro, small, and medium enterprises (MSMEs) through an Islamic economics approach post the Corona Virus Disease 2019 (commonly known as COVID-19) pandemic. It is driven by the downturn of MSMEs during the COVID-19 pandemic. MSMEs themselves are the foundation of community’s economic stability. Thus, the effect of MSMEs’ downturn is heartily felt by the community. In the study of Islamic economics itself, a system of alleviating economic downturn is a necessity along with the system of justice and equity. Based on this problem, this literature-based study critically examines the position of Islamic economy in the implementation of business resilience and creative economy in restoring the dignity of MSMEs post COVID-19 pandemic viewed from maqāṣid sharī’ah (purposes of Islamic law) perspective. The findings show that strengthening MSMEs post COVID-19 pandemic fits both the creative economy and Islamic economic models and is in line with maqāṣid sharī’ah, especially with ḥifẓ al-nafs (preserving one’s soul) and ḥifẓ al-māl (preserving one’s wealth).