Islamic Banking : Jurnal Pemikiran dan Pengembangan Perbankan Syariah

Implementation of Islamic Economic Principles In The Employee Reward System At BMT Marhamah Purworejo

Heny Rahmawati — 2026-07-24

Essentially, the workplace requires human resources with a strong work ethic and high motivation to drive increased productivity and demonstrate commitment to achieving established goals. To foster and maintain consistent and even increasing work enthusiasm, one important aspect that needs to be considered is the implementation of a reward system. This study aims to determine the application of rewards to employee productivity at BMT Marhamah. This study uses a descriptive qualitative approach with data collection methods through observation, interviews, and documentation. Secondary data sources were obtained from the results of a library study through literature supporting this research. The results show that BMT Marhamah Purworejo in implementing a reward system has integrated modern management principles with Islamic values. However, its effectiveness is still not optimal due to issues of consistency, transparency, and objectivity. Simultaneously, the reward system implemented at BMT Marhamah Purworejo has proven ineffective in encouraging employee productivity, discipline, and work quality.

Integrating Rahn And Takaful Contracts For Sharia Financial Protection: A Maqāṣid Al-Shari’ah Perspective

Choirunnisak Choirunnisak — 2026-07-23

This study explores the integration of rahn and takaful contracts as a mechanism for strengthening Islamic financial protection from the perspective of Maqāṣid al-Sharī‘ah. Employing a qualitative library research approach, the study reviews and synthesizes relevant scholarly articles, books, and regulatory documents using thematic content analysis. The findings suggest that the integration of rahn and takaful creates a complementary system that combines financing access with risk protection. This integration enhances financial resilience and supports the realization of ḥifẓ al-māl (protection of wealth), one of the fundamental objectives of Maqāṣid al-Sharī‘ah. Based on the literature synthesis, the study proposes a Rahn–Takaful Integrated Protection Model that links financing, risk mitigation, and wealth preservation within a unified Islamic financial framework. The study contributes to the literature by offering a Maqāṣid al-Sharī‘ah-based conceptual framework for Islamic financial protection. However, the proposed model remains conceptual and requires empirical validation in different Islamic financial institutions and contexts.

The Effect of Streamer Intimacy On Impulse Buying Behavior: The Mediating Role of Fear Of Missing Out Among Indonesian Live Streaming Commerce Users

Astika Ulfah Izzati — 2026-07-29

Live streaming commerce has experienced rapid growth in Indonesia, creating new forms of consumer engagement that may encourage impulse buying. Among the psychological mechanisms frequently discussed are parasocial interaction, which reflects consumers’ perceived closeness with streamers, and fear of missing out (FoMO). Although previous studies have examined these constructs, findings regarding the mediating role of FoMO remain inconsistent, particularly in the context of Indonesian live streaming commerce. This study investigates the relationships among parasocial interaction, FoMO, and impulse buying, with a particular focus on the mediating role of FoMO. A quantitative cross-sectional design was employed using data collected from 318 active live streaming commerce users in Indonesia through an online survey. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings indicate that parasocial interaction significantly increases FoMO and directly influences impulse buying, while FoMO also positively contributes to impulse buying. In addition, FoMO partially mediates the relationship between parasocial interaction and impulse buying, suggesting that consumers’ emotional responses to missing limited opportunities reinforce the effect of streamer–consumer relationships on purchasing decisions. Rather than proposing a completely new mechanism, this study extends previous research by providing empirical evidence that supports the sequential relationship between parasocial interaction, FoMO, and impulse buying within the Indonesian live streaming commerce context, where such evidence remains limited. The findings offer practical implications for MSMEs and content creators in developing ethical engagement strategies that strengthen consumer relationships while encouraging responsible purchase decisions.

A Sharia Risk Taxonomy for Multi-Akad Banking Contracts

Anik Anik — 2026-08-02

challenges that may not be adequately identified by assessing each constituent contract separately. This study aims to develop a conceptual taxonomy of Sharia compliance risks arising from the interaction between contracts and to propose a structured framework for supervising multi-akad products in Indonesian Islamic banking. The study employs a qualitative normative approach through structured analysis of selected DSN-MUI fatwas, Indonesian banking regulations, Islamic economic law documents, and relevant academic literature. The analysis involves contract decomposition, identification of legal and operational interfaces, classification of potential exposure to riba, gharar, and maisir, and interpretation through maqāṣid al-Sharīʿah principles. Three selected contract configurations are examined: murabahah–ijarah, murabahah-wakalah, and musharakah mutanaqishah. The analysis suggests that compliance vulnerabilities may arise not only within individual contracts but also from their sequencing, ownership transfer, pricing mechanisms, disclosure requirements, and risk allocation. Based on these conceptual findings, the study proposes a Sharia Risk Taxonomy and an integrated Sharia Compliance and Risk Management framework comprising a maqāṣid-based evaluation grid, an interface risk protocol, a dual-competence Sharia Supervisory Board model, and a dynamic monitoring system. As a normative-conceptual study, the proposed framework has not been empirically validated and should therefore be tested through product-level case studies, expert assessment, and institutional implementation research.

Capital Structure and Technology Investment on Profit Growth: The Moderating Role of Operational Efficiency in ASEAN Islamic Banks

Fahmi Ilham Fadjar — 2026-08-02

This study examines the effect of capital structure and technology investment, proxied by non-interest expenses, on profit growth, with operational efficiency serving as a moderating variable in ASEAN Islamic banks. Unlike previous studies that primarily examine operational efficiency as a direct determinant of financial performance, this study evaluates its moderating role while employing non-interest expenses as an operational proxy for technology investment in the ASEAN Islamic banking context. Panel data from 26 Islamic banks during 2020–2024 were analyzed using the Random Effects Model (REM) and Moderated Regression Analysis (MRA). The results indicate that capital structure has no significant effect on profit growth (β = –28.942; p = 0.454), whereas technology investment has a positive and significant effect (β = 75.824; p = 0.004). Operational efficiency does not significantly moderate the relationship between capital structure and profit growth (β = 13.701; p = 0.173), but it significantly moderates the relationship between technology investment and profit growth through a negative interaction effect (β = –51.815; p = 0.037), indicating that the profitability benefits of technology investment depend on efficient operational cost management. These findings provide empirical evidence that technology investment contributes to sustainable profit growth only when supported by operational efficiency, thereby extending the application of X-Efficiency Theory in explaining financial performance within ASEAN Islamic banks.

The Influence Of Return On Investment (ROI) To Price To Book Value (PBV)

Fadilla Fadilla — 2026-08-02

This study aims to analyze the effect of profitability proxied by Return on Investment (ROI) on firm value, proxied by Price to Book Value (PBV). The study was conducted on companies from five ASEAN countries, with a sample size of 149 companies. Purposive sampling was employed as the sampling technique. Simple linear regression was used as the analysis method, using SPSS software. The results indicate that Return on Investment (ROI) has a significant effect on Price to Book Value (PBV) , evidenced by a significant value of 0.002. These findings suggest that a higher ROI corresponds to a higher Price to Book Value (PBV) for the company.

Strengthening The Capital Structure–Performance Link: Evidence On The Moderating Effect of Corporate Governance

Ulfah Muharramah — 2026-08-12

This study aims to analyze the effect of capital structure on firm performance, considering the moderating role of corporate governance. Capital structure is a strategic financial decision related to the composition of debt and equity used to finance the firm, which in turn affects profitability, operational efficiency, and firm value. However, prior studies show inconsistent results regarding this relationship, indicating the presence of contingency factors such as corporate governance. This study employs a quantitative approach with a causal research design. The population comprises manufacturing companies listed on the Indonesia Stock Exchange during 2021–2025. Using a purposive sampling technique, 84 companies were selected, yielding 420 firm-year observations. Secondary data were obtained from financial statements and annual reports, and analyzed using panel data regression combined with Moderated Regression Analysis (MRA) to test the moderating role of corporate governance. The results show that capital structure (proxied by DAR and DER) has no significant effect on firm performance (proxied by ROA), while corporate governance (the number of directors, the number of commissioners, and institutional ownership) is unable to moderate the relationship between capital structure and firm performance among manufacturing companies listed on the Indonesia Stock Exchange.

Business Transformation Through The Salafi Network’s Syar’i Labeled Da’wah Study Forum (A Case Study In Bone Regency)

Aqila Achmad — 2026-08-12

This study examines the Salafi community in Bone Regency as it develops faith-based economic practices through the internalization of Sharia principles in business activities. The economy is not viewed as a neutral worldly activity, but rather as part of worship and the implementation of the Salaf methodology, which is grounded in the Qur’an, the Sunnah, and the interpretations of the early Islamic scholars. Through study forums, da’wah networks, and closed, faith-based communities, an economic mechanism has emerged that emphasizes halal and haram, honesty, opposition to riba, transparency in transactions, the selection of Sharia-compliant products, and the segregation of social spaces according to gender norms. The research findings indicate a gradual transformation from conventional business models toward an economic model that reflects a theological identity: a paradigm shift among business actors, a shift in commodities toward Islamic products, a shift toward community-based marketing strategies, and the emergence of socio-economic relationships grounded in doctrinal loyalty. Thus, the Salafi economy in Bone functions not only as a means of meeting financial needs but also as an instrument of da’wah, moral reconstruction, and the formation of a religious market ecosystem that strengthens religious awareness and community cohesion.

Compliance of Hotel Horison Ultima Ratu Serang With DSN-MUI Fatwa No. 108/DSN-MUI/X/2016 And Minister of Tourism Regulation No. 2 of 2014: A Qualitative Case Study

Supriana Supriana — 2026-08-12

Driven by the expanding halal tourism market, a growing number of conventional hotels in Indonesia have begun aligning their operational practices with Sharia principles. Nevertheless, empirical scholarship evaluating the operational alignment of conventional lodging establishments with national Sharia standards specifically DSN-MUI Fatwa No. 108/DSN-MUI/X/2016 and Ministry of Tourism and Creative Economy Regulation No. 2 of 2014 remains conspicuously sparse. To bridge this empirical void, this study assesses the level of regulatory compliance at Hotel Horison Ultima Ratu in Serang, Banten, against these established governance benchmarks. Utilizing a qualitative single-case study design, primary data were collected from January to March 2026 via direct field observations, document reviews, and semi-structured interviews with five key organizational stakeholders. Data were analyzed using the interactive framework of Miles, Huberman, and Saldaña, with methodological rigor and validity safeguarded through dual source and method triangulation. The empirical evidence reveals that while the property demonstrates substantial compliance in offering halal-certified culinary operations, dedicated worship facilities, and Muslim-friendly guest amenities, key operational disparities persist across fundamental governance dimensions. Specifically, the institution lacks formal Sharia hotel certification, a Sharia Supervisory Board (DPS), standardized guest verification procedures, and integration with Islamic financial services. These institutional limitations stem primarily from internal corporate policies, strategic market positioning, and the non-mandatory character of the existing regulatory framework. Ultimately, this study contributes to the literature on Sharia hospitality governance by proposing an empirical evaluation framework and offering strategic insights for conventional hotels seeking transition toward a halal-compliant model.

Implementation of Hajj Savings Marketing Strategies To Attract Customer Interest (A Case Study At Bank Syariah Indonesia, Adam Malik Branch, Bengkulu City)

Meisya Elna Putri — 2026-08-12

This study aims to analyze the implementation of the Hajj Savings marketing strategy, identify its supporting and inhibiting factors, and examine customer and bank perceptions of the strategy's effectiveness in attracting customer interest at Bank Syariah Indonesia (BSI), Adam Malik Branch Office, Bengkulu City. A descriptive qualitative approach was employed, involving seven informants selected through purposive sampling, including the branch manager, marketing officers, customer service staff, and customers. Data were collected through observation, interviews, and documentation and analyzed using the Miles and Huberman interactive model. The findings indicate that the implementation of integrated relationship-based and technology-supported marketing strategies has contributed to increasing customer interest in Hajj Savings products despite challenges related to Islamic financial literacy and promotional authority. The novelty of this study lies in its holistic analysis of marketing strategy implementation by integrating organizational, technological, and customer perspectives within the context of Islamic banking. The findings also demonstrate that the effectiveness of Hajj Savings marketing is influenced not only by promotional activities but also by service quality, digital innovation, and customer trust. Practically, this study provides recommendations for strengthening marketing strategies through enhanced Islamic financial literacy programs, broader digital promotion, and customer-oriented services. Theoretically, the findings contribute to the development of Islamic banking marketing literature by highlighting the importance of integrating relationship marketing and digital transformation to improve customer engagement and expand participation in Hajj Savings products.

Digitalizing Grave Visitation: Virtual Prayer Services And Remote Nyekar In Sharia Economic Law

Depi Hasanah — 2026-08-15

Digitalization has transformed the practice of visiting graves through virtual prayer services and remote grave visits (nyekar jarak jauh), raising legal issues from the perspective of Sharia Economic Law. This study aims to analyze the legality of these practices, identify the contractual frameworks involved, and formulate Sharia-based limitations on the commercialization of digital religious services. This qualitative research employs a normative-empirical legal approach with a descriptive-analytical design. Data were collected through interviews with service providers, prayer guides (ustadz), and users at several public cemeteries (TPU) in Jakarta, complemented by observation and a review of the Qur’an, Hadith, classical Islamic jurisprudence, the Compilation of Sharia Economic Law (KHES), DSN-MUI Fatwas, and relevant scholarly literature. Data were analyzed interactively and validated through triangulation. The findings indicate that these services have developed primarily due to geographical distance, time constraints, and users’ limited mobility. Photographic documentation and video calls support service accountability and transparency. From the perspective of Sharia Economic Law, these practices are permissible when the contractual objects are limited to service benefits, labor, and delegation of authority through Ijarah al-‘Amal and Wakalah bil Ujrah, and are free from riba, gharar, tadlis, and the commercialization of spiritual rewards. Digital technology functions as a wasilah (means), rather than the substance of worship. This study contributes to the development of contemporary Sharia Economic Law and provides guidance for developing transparent, responsible, and Sharia-compliant digital religious services.