Ekonomica Sharia: Jurnal Pemikiran dan Pengembangan Ekonomi Syariah

THE EFFECTS OF WORK STRESS AND LEARNING ENVIRONMENT ON WORKFORCE ABSORPTION: THE MEDIATING ROLE OF INSTRUCTOR MOTIVATION IN PUBLIC VOCATIONAL TRAINING INSTITUTIONS

Sion Junita Sembiring — 2026-02-05

Penyerapan tenaga kerja merupakan indikator kunci efektivitas lembaga pelatihan kejuruan dalam mendukung hasil pasar tenaga kerja. Namun, faktor-faktor organisasi yang memengaruhi instruktur seperti stres kerja dan lingkungan belajar seringkali diabaikan dalam kebijakan pengembangan tenaga kerja. Studi ini bertujuan untuk meneliti pengaruh stres kerja dan lingkungan belajar terhadap penyerapan tenaga kerja, dengan motivasi instruktur sebagai variabel mediasi. Penelitian ini menggunakan pendekatan kuantitatif dengan metode survei yang melibatkan instruktur di sebuah lembaga pelatihan kejuruan negeri di Indonesia. Data dianalisis menggunakan Partial Least Squares–Structural Equation Modeling (PLS-SEM) untuk meneliti hubungan langsung dan tidak langsung antar variabel. Hasil penelitian menunjukkan bahwa stres kerja memiliki pengaruh negatif terhadap motivasi instruktur, sedangkan lingkungan belajar memiliki pengaruh positif terhadap motivasi. Motivasi instruktur secara signifikan memengaruhi penyerapan tenaga kerja dan memediasi hubungan antara faktor-faktor organisasi dan hasil tenaga kerja. Hasil ini menunjukkan bahwa peningkatan penyerapan tenaga kerja tidak hanya membutuhkan pengembangan kurikulum dan infrastruktur, tetapi juga kebijakan organisasi yang mendukung kesejahteraan dan motivasi instruktur. Studi ini berkontribusi pada literatur tentang pendidikan kejuruan dan pengembangan sumber daya manusia dengan menyoroti motivasi instruktur sebagai mekanisme penting yang menghubungkan kondisi organisasi dengan hasil pasar tenaga kerja. Temuan ini menawarkan wawasan praktis bagi para pembuat kebijakan dan pemimpin lembaga dalam merancang intervensi berbasis motivasi untuk meningkatkan penyerapan tenaga kerja.

A COMPARATIVE ANALYSIS OF SHARIA-BASED DIRECT SELLING PRACTICES IN MULTI-LEVEL MARKETING: EVIDENCE FROM K-LINK AND HNI BRANCHES IN MATARAM

Muhammad Haeri Iqbal — 2026-02-05

This study analyzes the implementation and comparative practices of Sharia-Based Direct Selling (PLBS) at PT K-Link and PT HNI Mataram Branch, in response to public concerns regarding the compliance of multi-level marketing (MLM) practices with sharia principles, particularly regarding clarity of contracts, bonus mechanisms, transparency, and the avoidance of gharar, maysir, and riba elements. This study uses a qualitative approach with a comparative case study design. Data collection was conducted through in-depth interviews, participant observation, and documentation studies involving branch managers and business partners. Data analysis was carried out through stages of reduction, presentation, and verification with reference to the dimensions of sharia compliance, contract mechanisms, and sharia business ethics. The results show that both companies have formally adopted the main principles of PLBS, including the use of wak?lah bil ujrah contracts, a real sales-based bonus system, halal-certified products, and supervision by the Sharia Supervisory Board. However, there are differences in the depth of implementation, with PT HNI emphasizing sharia guidance and education, while PT K-Link prioritizes system standardization and compensation control. This study confirms that PLBS implementation remains procedural and heavily dependent on internal company interpretations, necessitating clearer theoretical benchmarks and ongoing external evaluation. This research contributes to the development of Sharia-based MLM studies through a more critical, comparative perspective.

THE IMPACT OF ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) PRACTICES ON SUSTAINABILITY RISK OF BANKING COMPANIES LISTED ON THE IDX (2021–2024)

Reny Aziatul Pebriani — 2026-02-05

This study aims to analyze the relationship between Environmental, Social, and Governance (ESG) practices and sustainability risks in banking companies listed on the Indonesia Stock Exchange during the period 2021–2024. The study used a quantitative approach with panel-shaped secondary data obtained from the annual reports and sustainability reports of 18 banks, resulting in 72 observations. ESG practices are measured using a composite ESG index, while sustainability risk is constructed as a standardized deviation from environmental, social, and governance risk exposures, so that negative values reflect a relatively lower level of risk than the sample average. Data analysis was carried out using simple linear regression as an initial approach to identify patterns of statistical relationships between variables. The results showed that the ESG index was negatively and statistically significant with sustainability risk (? = –2.979; p < 0.05), with a determination coefficient value (R²) of 0.375. These findings indicate that stronger ESG practices tend to correlate with lower levels of sustainability risk, although they are not intended to draw strong causal conclusions. In the perspective of sharia economics, these empirical results are interpreted reflectively through the framework of maq??id al-shar??ah, in particular the principles of safeguarding benefits and sustainability, without claiming direct empirical testing of these normative values.

ADAPTIVE STRATEGIES OF DAWEA BATIK (BONDOWOSO) IN RESPONSE TO DECLINING INSTITUTIONAL DEMAND AND ITS IMPLICATIONS FOR CONSUMER PURCHASING DECISIONS: A SINGLE-CASE STUDY

Ita Marianingsih — 2026-02-17

This study examines how Dawea Batik MSME adapts to declining institutional demand particularly demand related to organizational/uniform procurement and how these adaptive actions relate to consumers’ purchasing decisions. Using a qualitative single-case study design, primary data were collected through in-depth interviews with key actors (owner/manager, workers, and consumers) and supported by observation and relevant documents. Data were analyzed thematically through coding, with validity strengthened via source triangulation and member checking. The findings indicate three main adaptive strategies: (1) product innovation and diversification (2) enhancement of digital marketing channels (e.g., Instagram, TikTok, WhatsApp), and (3) strengthening cultural tourism education through live batik workshop programs. These strategies are associated with consumer decision-making across stages of problem recognition, information search, evaluation, purchase, and post-purchase behavior (Kotler, 2009), mainly by increasing consumer engagement, perceived value, and trust. As a single-case study, the findings offer analytic insights for similar creative-industry MSMEs while acknowledging limited statistical generalization.

EVALUASI KESEHATAN PENDANAAN PROGRAM PENSIUN MANFAAT PASTI MENGGUNAKAN METODE PROJECTED UNIT CREDIT: STUDI KASUS PT XYZ

Elida Silaban — 2026-02-17

Penelitian ini membahas evaluasi kesehatan pendanaan Dana Pensiun Manfaat Pasti (PPMP) pada PT XYZ dengan menerapkan metode aktuaria Projected Unit Credit (PUC). Studi kasus dilakukan menggunakan pendekatan kuantitatif berdasarkan asumsi kepesertaan yang meliputi usia, masa kerja, gaji, tingkat diskonto, dan proyeksi kenaikan gaji. Hasil penelitian menunjukkan bahwa dana pensiun PT XYZ berada dalam kondisi solvent dan manfaat pensiun yang dihitung masih berada di bawah batas maksimum 80% dari gaji terakhir sebagaimana ditetapkan dalam regulasi Otoritas Jasa Keuangan (OJK). Meskipun demikian, diperlukan pendanaan berkelanjutan untuk memastikan pemenuhan kewajiban aktuaria secara penuh di masa mendatang. Dengan demikian, metode PUC terbukti relevan dalam menilai tingkat kesehatan pendanaan dana pensiun serta memberikan kontribusi strategis bagi pengelola dalam menjaga keberlanjutan program dan kepatuhan terhadap regulasi OJK.

THE INFLUENCE OF HALAL AWARENESS, RELIGIOSITY, AND SOCIAL MEDIA ON MUSLIM CONSUMERS' PURCHASE AND BOYCOTT DECISIONS

Retno Hernawati — 2026-02-22

This study investigates the influence of halal awareness and social media exposure on ethical consumption and boycott behavior among Muslim Generation Z in Kupang City, with religiosity serving as a moderating variable. Employing a quantitative research design, data were collected from 196 respondents using structured questionnaires and analyzed through multiple regression and Moderated Regression Analysis (MRA) with SPSS 27. The findings indicate that halal awareness and social media significantly and positively affect both ethical consumption and boycott behavior. Moreover, religiosity strengthens the relationships between halal awareness and consumption behavior as well as between social media exposure and consumption behavior. This suggests that individuals with higher levels of religiosity are more consistent in aligning their purchasing decisions with Islamic principles and moral considerations. The study theoretically contributes to the literature on Islamic consumer behavior by integrating religiosity as a moderating construct in explaining ethical consumption and boycott decisions among Generation Z Muslims. Practically, the findings provide insights for marketers, policymakers, and halal authorities in designing digital-based strategies to promote responsible and Sharia-compliant consumption.

CHALLENGES AND EFFORTS IN DEVELOPING A GENEROUS ATTITUDE THROUGH SHARIA FINANCE LEARNING AT KILAUAN IMPIAN KINDERGARTEN, MALAYSIA

Mia Audina — 2026-03-06

This study explores the challenges and efforts in developing a generous attitude in early childhood through Islamic financial education at Tadika Kilauan Impian, Malaysia. The method applied is a descriptive qualitative approach, with data collected through observation, interviews, and documentation. The results of this study show that Islamic financial education for children faces several obstacles, such as difficulties in understanding abstract concepts, lack of integration into the curriculum, limited teacher competence, and suboptimal application of values between educational institutions and families. This study reveals that approaches such as habituation of values, social activities, role modeling, and collaboration between schools and families are crucial in shaping a contextual generous attitude. Theoretically, these results indicate that Islamic financial education plays an important role in instilling values, not just in educating knowledge. In the policy context, this study recommends that a curriculum based on Islamic finance become a priority, teachers' capabilities be improved, and support from institutions be provided to uphold character education of generosity from an early age.

PENERAPAN PRINSIP SYARIAH DALAM AKAD PEMBIAYAAN MURABAHAH PADA BANK SYARIAH DI INDONESIA: SUATU KAJIAN KEPUSTAKAAN PERSPEKTIF HUKUM MUAMALAH

Andi Muhammad Farham — 2026-03-06

Akad murabahah merupakan salah satu instrumen pembiayaan yang paling dominan digunakan dalam praktik perbankan syariah di Indonesia. Meskipun secara normatif akad ini telah diatur melalui fatwa Dewan Syariah Nasional Majelis Ulama Indonesia (DSN-MUI) dan regulasi Otoritas Jasa Keuangan, implementasinya masih memunculkan sejumlah persoalan, khususnya terkait penerapan prinsip-prinsip syariah secara substantif. Penelitian ini bertujuan untuk menganalisis penerapan prinsip syariah dalam akad pembiayaan murabahah pada bank syariah di Indonesia dari perspektif hukum muamalah. Metode penelitian yang digunakan adalah kajian kepustakaan dengan menelaah buku, fatwa, peraturan perundang-undangan, serta pembatasan pada artikel jurnal ilmiah terbitan 2024–2026 dilakukan untuk memastikan analisis penerapan prinsip syariah dalam akad murabahah mencerminkan perkembangan terbaru. Hasil kajian menunjukkan bahwa praktik murabahah pada bank syariah umumnya telah memenuhi aspek legal-formal akad, seperti kejelasan objek, harga, dan ijab kabul. Namun demikian, penerapan prinsip syariah secara substansial, khususnya prinsip an tarāḍin minkum, keadilan, dan transparansi penetapan margin, masih menghadapi berbagai tantangan. Penetapan margin yang cenderung sepihak dan minim musyawarah berpotensi mengurangi makna kerelaan para pihak dalam akad. Oleh karena itu, penelitian ini menegaskan pentingnya penguatan kepatuhan syariah yang tidak hanya bersifat administratif, tetapi juga berorientasi pada nilai etika dan keadilan dalam hukum muamalah.

INTERNAL DETERMINANTS OF THIRD-PARTY FUNDS MOBILIZATION IN INDONESIAN ISLAMIC RURAL BANKS (2020–2024)

Aldika Bayu Setiawan — 2026-03-06

This study examines the effect of promotional costs, education and training costs, and the number of offices on Third-Party Funds (DPK) in Indonesian Islamic Rural Banks (BPRS). The study employs a quantitative approach using monthly time-series data consisting of 60 observations from 2020–2024 obtained from the Sharia Banking Statistics published by the Financial Services Authority. Data analysis includes the Augmented Dickey-Fuller (ADF) stationarity test and Multiple Linear Regression Analysis. The results indicate that all variables are stationary at the “level”. Partially, the results of the study showed that the promotional costs did not have a significant impact on third-party funds (sig. 0.112). On the other hand, the cost of education and training and the number of offices have a positive and significant effect on third-party funds with significance values of 0.005 and 0.000, respectively. Simultaneously, the results of the F test showed a significance value of 0.000, which proves that the three independent variables together have a significant effect on the BPRS third-party funds in Indonesia.