Indonesian Journal of Islamic Economics and Finance
Indonesian Journal of Islamic Economics and Finance E-ISSN (2808-1102) is a journal wich is biannually issued and publishes new editions in June and December. The journal's publisher is Institut Agama Islam Sunan Giri (INSURI) Ponorogo and managed by Departement of Islamic Economics INSURI. The publication of this journal is tightly-peer with a double blind reviewed process using Open Journal System (OJS) for the magazine. The journal can be accessed openly on the website.
Institut Agama Islam Sunan Giri Ponorogo
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Opportunities and Challenges of the Shariah Film Industry in the Global Market
The sharia film industry is part from economy creative based values that have potential big for growing in the global market along with increasing request to content entertainment that prioritizes ethics, humanit, and spirituality. Research aim for analyze opportunities and challenges sharia film industry in global market dynamics and the implications to development economy global creative research this use approach qualitative descriptive with method studies bibliography. Data obtained from book scientific, articles journals and publications related film industry, economy creative, as well as film- based sharia values, which are analyzed use technique analysis content. Research results show that the sharia film industry has significant opportunity through digital platform support, growth the world's Muslim population, and the increasing interest towards value-based content. However thus, the industry This Still face challenge structural and cultural, such as limitations capital, sources Power humans, regulations, and global market perception tends to view sharia films as exclusive products. Research This conclude that development The sharia film industry requires an adaptive strategy that integrates sharia values with universal narrative, reinforcement ecosystem industry, as well as support sustainable policies to be able to empowered compete and contribute optimally in economy global creative. The Implications of this study suggest that policy makers must develop standardized Halal governance for the creative sector, while producers must move toward Values-based Storytelling to reach broader, non-Muslim audiences seeking ethical alternatives. Ultimately, this research provides a comprehensive roadmap for the Shariah film industry to evolve into a competitive, ethically-driven force within the global creative economy.
Copyright (c) 2026 Nurintan Siregar, Saifuddin Yuliar, Adam Malik Indra, Herlinda Herlinda http://creativecommons.org/licenses/by-nc/4.0
Transformational Leadership and Individual Performance in Military Personnel: The Mediating Role of Organizational Trust and Public Service Motivation
This research is driven by the difficulty of boosting the individual performance of military people, especially Babinsa in territorial units, with more complicated tasks. The purpose of this study is to analyse the effect of transformational leadership on individual performance both directly and indirectly through organizational trust and public service motivation as the mediating variables. This study adopts a quantitative technique with a population of 175 Babinsa staff in Kodim 0816/Sidoarjo. The data analysis was accomplished by the PLS-SEM technique using SmartPLS 4 software. The findings of this study show that transformational leadership has a positive and significant effect on individual performance, organizational trust, and public service motivation; organizational trust and public service motivation influence individual performance; furthermore, organizational trust and public service motivation are proven to have a positive and significant mediating effect on the relationship between transformational leadership and individual performance. Theoretically, this study has implications for the development of Social Exchange Theory and the mediating effects of organizational trust and public service motivation in military organizations. Practically, this study provides new insights for leaders in building trust and public service motivation to maximize personnel performance.
Copyright (c) 2026 Dedyk Wahyu Widodo, Suryanto Suryanto http://creativecommons.org/licenses/by-nc/4.0
The Influence of Environmental, Social, And Governance (ESG) On Asset Quality in the Banking Industry
This study examines the impact of Environmental, Social, and Governance (ESG) adoption on asset quality in Indonesian banks between 2019 and 2022. The Non-Performing Loan (NPL) ratio measures asset quality, while control variables include bank size, operating efficiency (BOPO), liquidity (LDR), capital structure (equity to total assets), economic growth (ΔGDP), and inflation. Conventional banks that are listed on the Indonesia Stock Exchange and regularly release sustainability and annual reports make up the sample. Panel data regression analysis results show that ESG considerably reduces non-performing loans (NPLs), indicating that stronger ESG regulations improve asset quality and reduce credit risk. Equity to Total Assets and BOPO also significantly influence asset quality, while other variables show no significant effects. These findings support Stakeholder Theory and Risk Management Theory by demonstrating that ESG functions as a governance and risk management mechanism that enhances banking stability. This research broadens our understanding of sustainable finance and offers useful advice for bank management and regulators looking to improve ESG implementation.
Copyright (c) 2026 Aulia Busono, Titik Mildawati, Kurnia Kurnia http://creativecommons.org/licenses/by-nc/4.0
Determinants of Purchase Decisions for Imported Packaged Food among Muslim Consumers in Kudus Regency
This research explores the upward trend in the consumption of imported packaged foods, many of which lack halal certification, alongside the higher costs associated with these imports compared to local alternatives. This situation complicates the ability of Muslim consumers in Kudus Regency to ascertain halal status and make purchases that align with their financial capabilities. This study is conducted to analyze the impact of the impact of religiosity, halal awareness, and income on the purchase decisions of imported packaged food products among Muslim consumers in Kudus Regency, both individually and collectively. The employed methodology is an explanatory quantitative technique, in which data from 100 respondents selected through purposive sampling were then analyzed using SPSS. The study demonstrates that all independent variables contribute positively and significantly to purchase decisions, both on their own and in combination, accounting for 69.9% of the dependent variable, with the remaining portion explained by factors beyond the scope of this research. This study indicates that religiosity, halal awareness, and income are significant determinants in the purchase decisions of Muslim customers for imported packaged food in Kudus Regency. Therefore, all three should be incorporated into marketing plans and halal product regulation policies.
Copyright (c) 2026 Maula Dwi Nastrilia, Agung Slamet Sukardi http://creativecommons.org/licenses/by-nc/4.0
Star Hotel Occupancy Fluctuations in Makassar: Evidence from BPS Data and Implications for Islamic Tourism Marketing
Occupancy rates of star hotels in Makassar fluctuate substantially; however, empirical patterns remain poorly documented due to the absence of systematic analysis of official data. This research gap necessitates a structured empirical investigation. This study empirically examined monthly occupancy fluctuations from March 2024 to June 2025 using secondary data from BPS (Central Bureau of Statistics). A qualitative document analysis was employed, involving month-to-month change calculations, peak and trough identification, and recovery pattern assessments. The findings revealed occupancy ranging from a peak of 59.32 percent in August 2024 to a trough of 32.30 percent in March 2025, representing a range of 27.02 percentage points. The market demonstrated rapid recovery, regaining over 70 percent of lost occupancy within one month. Notably, three months were missing from the data series. From an Islamic business ethics perspective, the sharp Ramadan trough requires fair treatment of workers and the avoidance of exploitative price hikes during peak periods such as August. Marketing strategies must uphold amanah (trustworthiness) by transparently reporting data gaps and maslahah (public interest) by ensuring promotional campaigns benefit local communities, not just hotel profits. The novelty of this study lies in integrating empirical occupancy fluctuation analysis with Islamic business ethics principles specifically justice, trustworthiness, and public interest into tourism marketing strategy, an approach absent in previous research. The study concludes that strengthening evidence-based marketing requires understanding peak, trough, and recovery patterns while improving data completeness and embedding Islamic ethical principles into every strategic decision.
Copyright (c) 2026 Fajar Rakasiwi Syamsuddin http://creativecommons.org/licenses/by-nc/4.0
Implementation of Sharia Accounting and Compliance with PSAK 409 in the Management of Zakat, Infaq, and Sedekah (ZIS) at Badan Amil Zakat Nasional (BAZNAS) of North Sumatra Province
This study aims to analyze the implementation of sharia accounting and compliance with PSAK 409 in the management of zakat, infaq, and sedekah (ZIS) funds at BAZNAS, North Sumatra Province. The study used a qualitative approach with descriptive methods to gain an in-depth understanding of the practices of recognizing, measuring, presenting, and disclosing ZIS funds. Research data were obtained through interviews, observations, and review of financial statements and other supporting documents. The results of the study indicate that, in general, BAZNAS, North Sumatra Province has implemented sharia accounting and refers to the provisions of PSAK 409 in managing ZIS funds. This implementation is supported by the use of the BAZNAS Management System (SIMBA) and the implementation of periodic internal and external audits to improve transparency and accountability in fund management. However, the implementation of PSAK 409 has not been fully optimized due to obstacles in human resource competency, limited training, and inconsistent application of internal regulations. This study concludes that increasing human resource capacity and strengthening regulations are needed to support a more optimal and sustainable implementation of PSAK 409.
Copyright (c) 2026 Saydhina Alif, Yenni Samri Juliati Nasution , Nurwani Nurwani http://creativecommons.org/licenses/by-nc/4.0
Creative Inclusive Empowerment Model for Persons with Disabilities in Rural Areas: Integrating Institutional Support, Skill Development, and Market Access
This study addresses the gap in the literature on disability empowerment by proposing a creative economy-based empowerment model that integrates institutional support, skill development, and multi-stakeholder collaboration in rural contexts. Using a qualitative approach, data were collected through in-depth interviews, observations, Focus Group Discussions (FGDs), and documentation. The findings reveal a three-tier empowerment structure (daily, monthly, and annual income programs) supported by LKS Rumah Harapan Mulya as the central institutional platform. This study proposes a Creative Inclusive Empowerment Model consisting of four components: institutional support, adaptive skill development, creative production, and market integration. Theoretically, this study extends empowerment theory by demonstrating that institutionally-driven, multi-stakeholder models yield more sustainable outcomes than individually-focused approaches. Practically, the model offers a scalable framework for inclusive rural development that can be adapted by local governments and community organizations. This research employs a qualitative field research approach. Data were collected through in-depth interviews, observations, Focus Group Discussions (FGD), and documentation. A purposive sampling technique was applied to select 15–20 key informants, including persons with disabilities, village officials, and relevant stakeholders. Data validity was ensured through source triangulation, method triangulation, and theory triangulation. The findings show that economic empowerment for persons with disabilities is structured through three main programs organized by LKS Rumah Harapan Mulya: daily income through handicraft production (doormats, splash batik, and prayer beads), monthly income through livestock and agricultural activities, and annual income through goat farming. These activities are supported by adaptive skill training, institutional mentoring, and multi-channel marketing strategies. This study contributes a Creative Inclusive Empowerment Model that highlights the critical role of institutional frameworks and stakeholder collaboration in achieving sustainable economic inclusion for persons with disabilities in rural areas.
Copyright (c) 2026 Tiara Widya Antikasari, Eny Supriati, Alwan Wibawanto http://creativecommons.org/licenses/by-nc/4.0
Enhancing Nazhir Professionalism through Capacity Building Programs: Evidence from Badan Waqaf Indonesia Medan
Waqf has great potential as an instrument of Islamic philanthropy, but its management in Indonesia is still suboptimal. In 2022, the National Waqf Index reached only 0.274, and approximately 10% of waqf assets were managed effectively. This study aims to analyze the influence of Good Waqf Governance and Nazir professionalism on optimizing waqf asset management at the Indonesian Waqf Board (BWI) in North Sumatra. An associative quantitative approach was used, involving 77 Nazirs purposively selected from 335 registered Nazirs. Data were analyzed using multiple linear regression in IBM SPSS 25 after testing for validity, reliability, and classical assumptions. The results indicate that Good Waqf Governance has a positive and significant partial effect on optimizing waqf assets (β = 0.446; sig. = 0.000), as does Nazir professionalism (β = 0.227; sig. = 0.005). Simultaneously, both variables had a significant effect (F = 28.303; sig. = 0.000) with an Adjusted R² of 0.418, meaning that 41.8% of the variation in waqf asset optimization was explained by this model. This finding emphasizes the importance of strengthening the governance system and developing Nazir capacity on an ongoing basis to increase waqf productivity.
Copyright (c) 2026 Muhammad Fikri Almajid Munthe, Yenni Samri Juliati Nasution, Lailan Syafina http://creativecommons.org/licenses/by-nc/4.0
Integrating Psychosocial and Structural Resources: The Role of Work-Life Balance and Technology Readiness in Employee Engagement
This study aims to analyze the role of work-life balance and technology readiness in improving employee engagement among PNM employees in the Cirebon region. The study employed a quantitative explanatory approach with a survey method involving 100 respondents selected through purposive sampling, specifically employees actively involved in technology-based work. Data were collected using a Likert-scale questionnaire and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM), including evaluation of the measurement model and the structural model. The results showed that work-life balance had a positive and significant effect on employee engagement (β = 0.419; p < 0.05), while technology readiness had a more dominant influence (β = 0.470; p < 0.05). The R² value of 0.741 indicates that both variables explain 74.1% of the variation in employee engagement. Effect size (f²) analysis demonstrated a strong contribution from both variables. The novelty of this research lies in the integration of work-life balance as a psychosocial resource and technology readiness as a structural resource within the Job Demands-Resources (JD-R) framework. Theoretically, this research enriches human resource management studies, while practically it provides implications for microfinance institutions to strengthen work-life balance policies and digital competencies to increase employee engagement.
Copyright (c) 2026 Dewana Ananda Agsa, Ade Solahudin http://creativecommons.org/licenses/by-nc/4.0
The Influence of Understanding, Religiosity, and Culture on the Frugal Living Behavior of Generation Z in North Sumatra
This study examines the influence of understanding, religiosity, and culture on frugal living behavior among Generation Z in North Sumatra. The study addresses the increasing relevance of frugal living amid rising living costs, digital consumerism, and economic uncertainty. The novelty of this research lies in the integration of cognitive, religious, and socio-cultural dimensions to explain frugal living behavior within the context of Generation Z in North Sumatra. A quantitative approach with a causal associative design was employed. Data were collected from 100 respondents using purposive sampling and analyzed through multiple linear regression. The findings indicate that understanding, religiosity, and culture positively and significantly affect frugal living behavior, both partially and simultaneously. Culture was identified as the most dominant factor influencing frugal living practices. The model explains 65.5% of the variation in frugal living behavior. These findings imply that promoting sustainable financial behavior among Generation Z requires not only improving financial understanding but also strengthening religious values and cultural norms that encourage simplicity, self-control, and responsible consumption. This study contributes to the literature on behavioral economics and Islamic economics related to sustainable consumption behavior among young generations.
Copyright (c) 2026 Miranda Panjaitan, Marliyah Marliyah, Juliana Nasution http://creativecommons.org/licenses/by-nc/4.0
Digital Payments, Ecosystem Age, and Islamic Ethics in Cross-Provincial E-Commerce Revenue
E-commerce revenue maturity varies across Indonesian provinces, but the factors driving this variation are poorly understood in isolation. This study examined the relationship between three digital ecosystem factors ecosystem age, digital payment intensity, and sales channel profiles and e-commerce revenue maturity using a cross-sectional design with secondary data from BPS Statistik E-Commerce 2023. Canonical correlation analysis revealed that the first canonical function was significant (Rc = 0.78, p < 0.001), indicating that the three factors collectively explained a substantial proportion of variance in revenue maturity. Social commerce channel configuration contributed most strongly, followed by digital payment intensity, while ecosystem age played a supporting role. From an Islamic ethics perspective, these results require that social commerce growth and digital payment expansion uphold 'adl (justice) by ensuring equitable access for underserved provinces such as Aceh and Central Kalimantan, amanah (trustworthiness) through transparent data and honest marketing, and maslahah (public interest) by prioritizing community welfare over platform profits. The study concludes that strengthening social commerce and digital payment infrastructure is essential for e-commerce revenue maturity, and that these factors operate as an integrated system grounded in Islamic commercial ethics.
Food Security and Poverty Depth in Indonesia: Evidence from Provincial Fixed-Effects Panel Data (2019–2023)
This study examines the relationship between food security and poverty depth in Indonesia using provincial panel data from 34 provinces during 2019–2023. Poverty depth is measured using the Poverty Gap Index, while food security is represented by the Food Security Index. Using a fixed effect panel model with cluster robust standard errors, this study finds that food security has a negative but statistically insignificant effect on poverty depth. In contrast, GRDP per capita, unemployment, and social assistance expenditure significantly affect poverty depth. These findings suggest that poverty depth in Indonesia is more strongly associated with labor market conditions, the inclusiveness of economic growth, and social protection responses than with short-term changes in aggregate food security. This study contributes to the literature by shifting the focus from poverty rate to poverty depth and by examining food security as a determinant of the poverty gap at the provincial level. The findings imply that food security policies should be integrated with employment creation, inclusive growth strategies, and regionally adjusted social assistance to reduce poverty depth more effectively.
Copyright (c) 2026 Fathimah Kurniawati http://creativecommons.org/licenses/by-nc/4.0
Revisiting the Democracy– Economic Growth Nexus: A Spatial Perspective
Regional economy is influenced not only by local factors but also by neighboring factors. This study examines the effect of the Indonesia Democracy Index (IDI) on Provincial Gross Regional Domestic Products (GRDP) in Indonesia from 2016 to 2023. Using both Ordinary Least Square (OLS) and the Spatial Error Model (SEM), this study is one step forward to understanding in ordinary and spatial approach. This study has Average Years of School, Life Expectancy, Domestic Investment, Foreign Investment, Length of Road, and Population Density as control variables, the analysis finds that democracy has a statistically significant negative effect on the provincial economy. But most of the previous studies found the opposite, democracy has a positive effect on the economy. Additionally, the increasing Moran’s I values for IDI indicate a growing level of spatial dependence over time analysis. These findings highlight the importance of incorporating spatial dynamics into economic analysis, as unobserved factors associated with democratic conditions appear to be spatially correlated.
Copyright (c) 2026 Novita Rinusara http://creativecommons.org/licenses/by-nc/4.0
Determinants of MSMEs' Intention to Use Sharia Securities Crowdfunding in North Sumatra: An Extended UTAUT Approach
The digitalization of Islamic financial technology has created new financing opportunities for Micro, Small, and Medium Enterprises (MSMEs) through Sharia-based Securities Crowdfunding (SCF). Despite the growing availability of SCF platforms, MSME adoption remains low, highlighting the need to understand the behavioral determinants of intention to use these instruments. This study aims to examine the factors influencing MSMEs' intention to utilize Sharia-based SCF in North Sumatra Province by extending the Unified Theory of Acceptance and Use of Technology (UTAUT) framework to incorporate Sharia compliance as an additional construct — representing the novelty and theoretical contribution of this study. A quantitative approach was employed, with data collected from 110 MSME respondents using a purposive sampling technique. Data analysis was conducted using multiple linear regression with SPSS version 22. The findings reveal that performance expectancy, Sharia compliance, and trust have a significant positive effect on MSMEs' intention to use Sharia-based SCF, while effort expectancy, social influence, and facilitating conditions did not show significant effects. These results underscore the importance of integrating Islamic values into technology adoption models and have practical implications for SCF platform developers, regulators, and policymakers seeking to enhance MSME participation in the Islamic capital market.
Copyright (c) 2026 Yeprian Aji Ratukarangga, Sugianto Sugianto, Muhammad Ikhsan Harahap http://creativecommons.org/licenses/by-nc/4.0
Digital Transformation and MSME Competitiveness: Examining the Mediating Effect of Innovation Management (A PLS-SEM Study in Indonesian MSMEs)
Digital transformation has become a strategic necessity for Micro, Small, and Medium Enterprises (MSMEs), particularly in emerging economies where firms face resource and managerial limitations. This study examines the influence of Information Technology Capability, Innovation Orientation, and Managerial Capability on MSME competitiveness, with Innovation Management as a mediating variable. Using a quantitative approach, data were collected from 400 MSME owners and managers in the Pasar Lama area of Tangerang City and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings indicate that organizational capabilities significantly influence both Innovation Management and MSME competitiveness. Innovation Management was found to be the strongest predictor of competitiveness and played a significant mediating role in the relationship between organizational capabilities and competitiveness. These results suggest that sustainable competitiveness in MSMEs depends not only on digital technology adoption but also on the ability to effectively manage innovation processes. This study contributes to the understanding of how innovation management strengthens MSME competitiveness during digital transformation in emerging economy contexts.
Copyright (c) 2026 Selfiyan Selfiyan, Eso Hernawan, Etty Herijawati http://creativecommons.org/licenses/by-nc/4.0
Human Resource Management Failure and Redesign in a Family-Owned Enterprise: A Case Study of Organizational Decline at PT. Mena Moria
This study examines human resource management (HRM) practices in a family-owned enterprise, PT. Mena Moria, and evaluates the firm’s strategic response to high employee turnover. The company, operating in building material distribution, experienced financial decline between 2020 and 2023. Using a qualitative case study approach, data were collected through participant observation, in-depth interviews, and document analysis. Data validity was ensured through triangulation techniques. The study involved 12 informants consisting of owners, managers, and operational employees selected through purposive sampling. The findings reveal systemic weaknesses in HRM practices, including the absence of standardized recruitment procedures, ineffective retention strategies, lack of structured training programs, inconsistent performance evaluation, inequitable compensation systems, and weak managerial communication. These deficiencies contributed significantly to both financial losses and organizational instability. This study proposes a comprehensive HRM design tailored for family businesses, emphasizing formalization, professionalization, and the establishment of a dedicated HR department. The proposed HRM design was constructed through thematic synthesis of identified HR problems and aligned with established HRM frameworks, including recruitment formalization, structured training systems, performance-based evaluation, and transparent compensation policies. The research contributes to the literature by linking informal governance in family firms with HR inefficiencies and organizational decline, offering a practical framework for sustainable HR transformation.
Copyright (c) 2026 Maria Lintang Vanesa, Suhermin Suhermin, Marsudi Lestariningsih http://creativecommons.org/licenses/by-nc/4.0
The Effect of Mudharabah Deposits and Wadiah Savings on the Profitability of BSI
This study analyzes the effect of Mudharabah Deposits and Wadiah Savings on the profitability of Bank Syariah Indonesia (BSI) for the 2021–2024 period, measured using Net Profit Margin (NPM). A quantitative approach with multiple linear regression was applied to 46 monthly observations (after outlier removal) from BSI official financial reports, with classical assumption tests conducted prior to hypothesis testing. Results show that Mudharabah Deposits have a positive and significant partial effect on profitability (t = 3.198; sig. = 0.003), as profit-sharing-based funds expand financing capacity and income generation. Wadiah Savings also exhibit a positive and significant partial effect (t = 7.131; sig. < 0.001), reflecting their role as low-cost funds that enhance cost efficiency and profit margins. Simultaneously, both variables significantly influence profitability (F = 147.172; sig. < 0.001), with a strong coefficient of determination (R² = 0.873), indicating that 87.3% of NPM variation is explained by these variables. These findings confirm that an optimal combination of profit-sharing and low-cost funding structures is critical to sustainable Islamic bank profitability. Note that the high R² may partly reflect the limited scope of the model; future studies should incorporate additional variables such as NPF, BOPO, and CAR.
Copyright (c) 2026 Nesya Aulia, Laylan Syafina, Nurwani Nurwani http://creativecommons.org/licenses/by-nc/4.0
Determinants of Students' Interest in Using BSI Cardless Withdrawal: Evidence from FEBI UINSU
Despite the growing adoption of digital banking services in Indonesia, empirical studies on the determinants of cardless withdrawal usage particularly within Islamic banking contexts remain limited. This study examines the influence of efficiency, convenience, and security on students’ interest in using the BSI Cardless Withdrawal feature, grounded in the Technology Acceptance Model (TAM). Using a quantitative survey approach, data were collected from 100 FEBI UINSU students selected through accidental sampling. Multiple linear regression analysis revealed that efficiency and security positively and significantly influenced students’ interest, while convenience did not yield a significant effect. Simultaneously, all three variables collectively had a significant positive impact. These findings contribute to the Islamic digital banking literature by highlighting that perceived security and operational efficiency are the primary drivers of cardless withdrawal adoption among young Muslim banking users, offering actionable insights for BSI in prioritizing service improvements.
Copyright (c) 2026 Saibarani Nabila, Nurwani Nurwani, Laylan Syafina http://creativecommons.org/licenses/by-nc/4.0
Determinants of Employee Commitment: The Role of Organizational Culture Adaptability and Motivation in a Digital Media Firm
This study examines the influence of organizational culture adaptability and motivation on employee commitment at CV Queensha Media Group, a digital media company operating in a highly dynamic and competitive environment. Despite extensive research on employee commitment, studies focusing on medium-sized digital media firms remain limited, particularly in the context of organizational adaptability and work motivation. Using a quantitative associative approach, data were collected from 120 employees through structured questionnaires and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The findings reveal that organizational culture adaptability and motivation both have a positive and significant effect on employee commitment. Motivation emerged as the strongest predictor, indicating that employees' commitment is highly influenced by both intrinsic and extrinsic motivational factors. Furthermore, the model demonstrates strong explanatory power, suggesting that organizational culture adaptability and motivation jointly play an important role in shaping employee commitment. This study contributes to the human resource management literature by extending empirical evidence from the digital media industry, a sector that has received limited scholarly attention compared to manufacturing and large-scale organizations. Practically, the findings highlight the importance of fostering a flexible organizational culture and strengthening employee motivation to sustain commitment and organizational competitiveness in rapidly changing business environments.
Copyright (c) 2026 Nadia Meiswa Nur’aulia, Siti Maryam http://creativecommons.org/licenses/by-nc/4.0
The Role of Islamic Pawnshops in Expanding Financial Access for Low-Income Communities Through Microfinancing with Murabahah and Mudharabah Contracts in Binjai City
This study examines how Islamic pawnshops (Pegadaian Syariah) in Binjai City employ a dual-contract microfinance model combining murabahah and mudharabah to advance financial inclusion among low-income and unbanked communities. Using a qualitative descriptive approach, data were gathered through in-depth interviews with four purposively selected informants (two institution employees and two financing customers), supplemented by institutional documentation and triangulation. Three key findings emerge. First, Pegadaian Syariah functions as a bridging institution, providing accessible financing that conventional banks cannot easily reach, as evidenced by consistent annual customer growth of 20–30%. Second, murabahah dominates the financing portfolio due to its transparency and fixed-installment structure, while mudharabah is deployed selectively for profit-sharing partnerships with clients whose businesses demonstrate stability a differentiation that reflects risk-sharing theory in Islamic finance. Third, financing access produces measurable welfare improvements increased inventory, income growth, and business expansion though income volatility and administrative barriers remain constraints. The study’s primary contribution is an empirically grounded dual-contract inclusion model applicable to local Islamic financial institutions. Practical implications are offered for institutional strategy, financial literacy programming, and regional policy on Islamic microfinance.
Copyright (c) 2026 Desi Elisa Fitri, Waizul Qarni, Nurul Inayah http://creativecommons.org/licenses/by-nc/4.0
Islamic Social Capital in Cooperative-Based Community Empowerment (Case Study of Makmur Mandiri Cooperative, Padangsidimpuan City)
Cooperative-based community empowerment depends not only on financial capital but also on the quality of social relations embedded in institutional practices. This study examines the role of Islamic Social Capital in community empowerment at the Makmur Mandiri Savings and Loan Cooperative, Padangsidimpuan City. Using a qualitative case study approach, data were collected through interviews, observation, and documentation. Findings reveal that the cooperative has operated stably and delivered tangible economic benefits through flexible capital access. Three core Islamic values underpin its social fabric: amanah (trustworthiness), reflected in transparent and accountable management; ukhuwah (brotherhood), expressed through sustained social bonds between managers and members; and ta‘awun (mutual assistance), manifested in economic and social support during hardship. Theoretically, this study extends Islamic Social Capital theory by demonstrating its operational mechanisms within a cooperative institution. Practically, it provides a replicable model for embedding Islamic values into cooperative governance to enhance sustainable member empowerment. These findings contribute to the limited literature on Islamic social capital in savings and loan cooperatives, particularly in the local context of North Sumatra.
Copyright (c) 2026 Anggi Rizkina Sari Siregar, Marliyah Marliyah, Juliana Nasution http://creativecommons.org/licenses/by-nc/4.0
Marketing Strategy Analysis of Multipurpose Motorcycle Financing Products to Achieve Sharia Banking Sustainability at Bank Sumut KCP Syariah Rantauprapat
This study aims to analyze the marketing strategy of Multipurpose Motorcycle Financing products in achieving Islamic banking sustainability at Bank Sumut KCP Syariah Rantauprapat. The research employed a descriptive qualitative approach using primary data collected through interviews, observations, questionnaires, and documentation. Informants consisted of branch management, financing officers, administrative staff, and customers selected through purposive sampling. Data were analyzed using SWOT analysis supported by the IFAS, EFAS, IE Matrix, and Cartesian SWOT Diagram. The results show that the bank is positioned in Quadrant I (aggressive growth strategy) with an IFAS score of 3.43 and an EFAS score of 3.49. Key strengths include the implementation of murabahah contracts in accordance with sharia principles, a strong institutional image, and quality customer service. Major opportunities arise from a clear target market, cross-selling potential, and digital marketing utilization. However, challenges remain, including limited marketing personnel, restricted customer segmentation, and low public literacy regarding Islamic finance. Based on the SWOT analysis, the recommended strategies include optimizing cross-selling activities, strengthening murabahah-based differentiation, enhancing service quality, and integrating digital marketing with Islamic financial literacy programs. These strategies are expected to strengthen financing growth, expand market share, and support the long-term sustainability of Islamic banking operations.
Copyright (c) 2026 Nurul Syafriani, Kamilah Kamilah, Aqwa Naser Daulay http://creativecommons.org/licenses/by-nc/4.0
Determinants of Taxpayer Compliance: The Role of Coretax, Socialization, Sanctions, and Risk Preference Moderation
This study investigates how Coretax, tax socialization, and tax sanctions influence individual taxpayer compliance, while also assessing the potential moderating role of risk preference in these relationships. Employing a quantitative approach, data were obtained from questionnaires completed by 379 individual taxpayers registered at KPP Pratama Indramayu, and the resulting data were analyzed through Structural Equation Modeling–Partial Least Squares (SEM-PLS) using SmartPLS 4. The results indicate that Coretax utilization and tax socialization have positive and significant effects on taxpayer compliance, whereas tax sanctions do not significantly influence compliance. Furthermore, risk preference is also found to significantly weaken the positive relationships between Coretax utilization and compliance, as well as between tax socialization and compliance, although it does not moderate the link between tax sanctions and compliance. This research adds to the taxation literature by extending the Theory of Planned Behavior through the incorporation of risk preference as a behavioral factor influencing the effectiveness of digital taxation systems and tax education initiatives. The findings also provide practical insights for tax authorities in designing more targeted compliance strategies.
Copyright (c) 2026 Nadya Nurkhasanah, Agung Yulianto, Nelia Fariani Siregar http://creativecommons.org/licenses/by-nc/4.0
Determinants and Theoretical Perspectives of Stock Investment Decisions: A Systematic Review
Background: Stock investment decision-making is a complex process influenced not only by rational economic considerations but also by psychological, behavioral, and contextual factors. Although numerous studies have examined various determinants of investment decisions, the existing literature remains fragmented and lacks an integrated synthesis that systematically maps the key factors and theoretical frameworks influencing investor behavior. Purpose: This study aims to systematically identify, synthaResearch on stock investment decisions continues to evolve, yet existing findings remain scattered and address determining factors in isolation. This study aims to identify, map, and synthesize the factors that influence stock investment decisions. The method used is a Systematic Literature Review (SLR) following the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines. Data were obtained from the Scopus database, yielding 97 articles that met the inclusion criteria for analysis. The results indicate that stock investment decisions are influenced by six main dimensions: behavioral biases, financial literacy, psychological characteristics, external and contextual factors, demographic characteristics, and values and religiosity. The findings also suggest that the Behavioral Finance perspective dominates the literature in explaining investor behavior. The contribution of this study is the development of an integrated conceptual framework that unifies the various determinants of stock investment decisions, which were previously fragmented in the literature. The research results can serve as a foundation for the development of theory and further research on investment behavior.esize, and map the major determinants and theoretical perspectives influencing stock investment decisions by integrating findings from previous empirical studies. Design/methodology/approach: This study employs a Systematic Literature Review (SLR) based on the PRISMA framework. Literature was retrieved from the Scopus database using structured keyword queries, resulting in 97 peer-reviewed articles published between 2015 and 2026 included in the analysis. Findings/Result: The findings reveal that stock investment decisions are shaped by a complex interaction of multiple determinants. The review identifies six major dimensions that consistently influence investment decisions: behavioral biases, financial literacy and knowledge, psychological and personal traits, external and contextual factors, demographic variables, and values and religiosity. Among these, behavioral biases particularly overconfidence, herding behavior, and heuristic-driven decision-making emerge as dominant determinants. The results also highlight a growing research trend integrating digital and social influences, such as social media and online investor communities, into the analysis of investment behavior. Conclusion: The study concludes that stock investment decisions are multidimensional and context-dependent, extending beyond traditional rational financial models. Understanding the interaction between psychological, informational, and socio-cultural factors is essential for explaining investor behavior and improving the quality of investment decision-making in modern capital markets. Originality/value (State of the art): This study contributes to the literature by providing a comprehensive synthesis and conceptual mapping of determinants influencing stock investment decisions through a systematic review of recent research. By integrating behavioral, psychological, and contextual perspectives into a unified framework, this research offers a holistic understanding of investor behavior and highlights emerging research directions, particularly the role of digital ecosystems and social influences in shaping investment decisions.
Copyright (c) 2026 Rifa Haenun Alya, Suhendi Suhendi, Muchamad Bachtiar http://creativecommons.org/licenses/by-nc/4.0
Assessing the Success of Partnership-Based Food Security Programs through the Maqasid al-Sharia Framework: A Case Study of Farmer Groups in Percut Sei Tuan
This study aims to analyze the implementation of a food security program through farmer group partnerships in Percut Sei Tuan Subdistrict based on the principles of Maqasid al-Sharia. The research employed a qualitative descriptive approach, with data collected through interviews, observations, and documentation studies involving informants engaged in the implementation of the food security program. The findings reveal that the food security program, implemented through collaboration between the government and farmer groups, has successfully increased agricultural productivity, food availability, farmers’ knowledge of more effective cultivation techniques, and the income of farmer group members. These improvements have positively contributed to the welfare of farming households and the sustainability of agricultural activities. In addition, the program has encouraged better agricultural land management through mentoring, extension services, and the utilization of available agricultural facilities and infrastructure. From the perspective of Maqasid al-Sharia, the success of the program is consistent with the principles of preserving religion (hifz al-din), preserving life (hifz al-nafs), preserving intellect (hifz al-aql), preserving lineage (hifz al-nasl), and preserving wealth (hifz al-mal). Therefore, the food security program implemented through farmer group partnerships not only enhances economic outcomes but also contributes to public welfare (maslahah), social well-being, and the sustainability of community life.
Copyright (c) 2026 Nurhalizah Pasha, Nurbaiti Nurbaiti, Rahmi Syahriza http://creativecommons.org/licenses/by-nc/4.0
Anchovy Business Development Strategy: Islamic Economic Review (Case Study of Pasar Teradam Village, Barus District)
This study explores the development strategies of the anchovy business in Pasar Terandam Village, Barus District, Central Tapanuli Regency, from the perspective of Islamic economics. Although the business has great potential due to abundant marine resources and stable market demand, it still faces various challenges, such as limited capital, the absence of cooperatives, traditional processing technology, and the lack of application of Islamic economic principles. In addition, external factors such as climate change, market competition, and shifting consumer preferences pose further threats. This research employs a qualitative approach with SWOT analysis to identify strengths, weaknesses, opportunities, and threats, which are then integrated with Islamic economic values such as justice, solidarity, welfare, and sustainability. The findings indicate that relevant strategies include establishing Islamic cooperatives, improving access to Sharia-compliant financing, providing business management training based on Islamic values, innovating products and digital marketing, and applying fair profit distribution. These strategies are expected to support sustainable development of the anchovy business while enhancing the welfare of the local community.
Copyright (c) 2026 Nurbaiti Tanjung, Atika Atika, Nur Ahmadi Bi Rahmani http://creativecommons.org/licenses/by-nc/4.0
Determinants of Tax Compliance in Digital Tax Systems: The Roles of Readiness, Literacy, Ethics, and Trust
Digital transformation in Indonesia’s taxation system is essential to enhancing administrative effectiveness, transparency, and taxpayer compliance. However, the adoption of digital tax services continues to face challenges related to digital readiness, tax literacy, and ethical considerations. Although these elements have been studied separately in the past, little study has looked at their combined influence on trust in digital taxation systems and tax compliance. This investigation looks into the consequences of ethical perceptions, digital tax literacy, and digital readiness on taxpayers’ trust in digital taxation systems and examines the mediating role of trust in promoting tax compliance. The study’s novelty lies in integrating these factors into a single conceptual model with trust as a mediator. A quantitative approach was employed using an online survey of taxpayers utilizing digital tax services in Jakarta. The data were analysed using Structural Equation Modelling (SEM) with SmartPLS. The results reveal that digital readiness and digital tax literacy positively influence tax compliance, whereas ethical perceptions do not have a significant direct effect. Moreover, trust in the digital taxation system does not mediate the correlations between the tax compliance and the independent variables. These findings contribute to the development of digital models of tax compliance and provide useful information for legislators seeking to enhance taxpayers’ digital capabilities.
Copyright (c) 2026 Ernie Riswandari, Theresia Olivia, Jennifer Enny Leticia, Rini Kus Tresno Ningsih http://creativecommons.org/licenses/by-nc/4.0
Strategy for Developing Halal-Certified MSMEs (Case Study of MSMEs in Percut Sei Tuan District)
Halal certification is a crucial instrument for the development of Micro, Small, and Medium Enterprises (MSMEs), particularly in the culinary sector. This study aims to evaluate the MSME development approach based on halal certification in Percut Sei Tuan District using descriptive qualitative methods. The study involved five culinary MSME actors and one halal certification facilitator as key informants, with data collected from October 2024 to January 2025. Information was collected through observation, interviews with MSMEs and halal certification facilitators, and document review. Data processing was conducted using a SWOT analysis approach to identify internal and external factors influencing the implementation of halal certification. The findings of this study indicate that MSMEs have advantages in the form of using halal raw materials and existing consumer trust, but still have weaknesses in terms of administrative understanding and limited resources. On the other hand, increasing public awareness of halal products and support from government policies can present valuable opportunities, although business competition and legal changes remain challenges. This study concludes that halal certification plays a role not only in fulfilling regulations but also as a strategic step to increase the competitiveness and sustainability of MSMEs if supported by mentoring and capacity building for business actors.
Copyright (c) 2026 Nur Hamidah, Muhammad Ikhsan Harahap, Imsar Imsar http://creativecommons.org/licenses/by-nc/4.0
Analysis of the Implementation of Green Financing at PT Bank Syariah Indonesia Tbk in Supporting the National Net Zero Emission Target
Indonesia's commitment to achieving Net Zero Emission (NZE) by 2060 requires the active involvement of all sectors, including the financial sector. Islamic banking has a strategic role through the implementation of green financing that aligns with sustainability principles and the maqashid of Sharia. This study aims to analyze the implementation of green financing in Bank Syariah Indonesia in supporting the national net zero emission target. The research method used is qualitative descriptive with a case study approach. The data obtained in this study consisted of documentation studies of annual reports, sustainability reports, sustainable financing policies, and official publications available on the BSI website for the period 2023-2025. The results of the study indicate that Bank Syariah Indonesia has implemented green financing through the provision of sustainable financing in the renewable energy sector, eco-efficient products, sustainable land management, as well as financing for environmentally-oriented micro, small, and medium enterprises. This study concludes that the implementation of green financing at Bank Syariah Indonesia plays an important role in supporting national net-zero emission targets, although there are still various challenges in its implementation.
Copyright (c) 2026 Muhammad Aldi Pratama, Tuti Anggraini, Wahyu Syarvina http://creativecommons.org/licenses/by-nc/4.0
Strategy to Improve Motor Vehicle Tax Collection in the Effectiveness and Efficiency of Tax Management at UPT Samsat Pangkalan Brandan
This study aims to analyze the effectiveness and efficiency of Motor Vehicle Tax (PKB) management and to formulate strategies for increasing PKB revenue at the Pangkalan Brandan Samsat Technical Implementation Unit (UPT). Motor Vehicle Tax is a source of Locally-Generated Revenue (PAD) that plays a crucial role in funding regional development. However, implementation faces various obstacles—such as tax arrears, low taxpayer compliance, and limitations in service facilities and human resources—that can hinder the optimization of PKB revenue.This study employs a descriptive method using both quantitative and qualitative approaches. Secondary data were utilized, comprising PKB revenue targets and realized figures, as well as routine expenditure data for the Pangkalan Brandan Samsat UPT from 2020 to 2025. Data analysis techniques included effectiveness ratio analysis, efficiency ratio analysis, and SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis. The results indicate that the effectiveness of PKB revenue collection fluctuated between 2020 and 2025 but generally fell into the "highly effective" category. The effectiveness rates were 124.6%, 102.8%, 113.5%, 84.9%, 87.2%, and 121.5%, respectively. Meanwhile, the efficiency of PKB collection fell into the "efficient" category, with ratios of 24.7%, 25.6%, 26.4%, 28.4%, 31.2%, and 37.6%. The SWOT analysis reveals that the Pangkalan Brandan Samsat UPT possesses strengths—specifically a clear legal basis and a sound service system—but faces weaknesses regarding limited facilities and human resources. Available opportunities include the utilization of digital technology and collaboration with relevant agencies, while threats include low public awareness and high levels of tax arrears. Therefore, a strategy comprising increased outreach, the optimization of digital services, and strengthened inter-agency coordination is required to sustainably boost Motor Vehicle Tax (PKB) revenue.
Copyright (c) 2026 Aura Azzahra, Muhammad Lathief Ilhamy Nasution , Tuti Anggraini http://creativecommons.org/licenses/by-nc/4.0
Determinants of Financial Reporting Quality: The Role of Information Technology Moderation in Local Government
This study aims to analyze the influence of human resource competencies and internal control systems on the quality of local government financial statements, with the use of information technology as a moderation variable. The research was motivated by the inconsistency of previous research findings (research gap), where some studies proved the positive influence of competence and SPI on the quality of reports, while other studies showed that competence had no effect without adequate technological support. This research comes with the novelty of integrating agency theory, stewardship theory, and institutional theory and placing the use of information technology as a moderation variable that has not been tested simultaneously in one model, especially in the Eastern Indonesia region. The research was conducted on the Regional Apparatus Organization (OPD) of Baubau City with a population of 120 employees who carry out accounting or financial administration functions as respondents. The purposive sampling technique is used to ensure that respondents meet the criteria and have a deep understanding of the regional financial reporting process. The data analysis method uses a quantitative approach with Moderated Regression Analysis (MRA) through SPSS version 27. The results of the study show that the competence of human resources and SPI partially has a positive and significant effect on the quality of financial statements. The interaction test proves that the use of information technology significantly strengthens the influence of HR and SPI competencies on the quality of financial statements. The contribution of this research is to provide empirical evidence that synergy between competent apparatus, a robust control system, and efficient integration of information technology is able to optimize the quality of local government financial statements, while enriching the public sector accounting literature with a technology moderation model in the context of archipelago regional government that is rarely studied.
Copyright (c) 2026 Vera Demayu Putri, La Ode Anto, Intihanah Intihanah http://creativecommons.org/licenses/by-nc/4.0
The Effect of E-Service Quality on E-Loyalty Mediated by E-Satisfaction and E-Trust on the Transjatim-Ajaib E-Ticket Application Using the SEM-PLS Approach
The development of digital technology encourages transportation service providers to improve the quality of service through the implementation of an electronic system, the Transjatim-Ajaib e-ticket application. This study aims to analyze the influence of e-service quality on e-loyalty with e-satisfaction and e-trust as mediation variables. The research uses a quantitative approach with purposive sampling techniques in data collection. Data analysis was carried out using Structural Equation Modeling-Partial Least Squares (SEM-PLS) using the SmartPLS 4.0 application. The results of the study show that e-service quality has a positive and significant effect on e-loyalty, e-satisfaction, and e-trust. Furthermore, e-satisfaction and e-trust have been proven to have a positive and significant effect on e-loyalty. Indirect effect testing showed that e-trust and e-satisfaction were able to mediate the influence of e-service quality on e-loyalty significantly. However, the role of e-satisfaction mediation is relatively smaller than that of e-trust. These findings indicate that improving the quality of electronic services, especially in the aspects of ease of use, system reliability, transaction security, and information accuracy, can strengthen user trust and satisfaction thereby encouraging the formation of customer loyalty to the TransJatim-Ajaib e-ticket application.
Ery Tri Djatmika Rudijanto Wahyu Wardhana
Copyright (c) 2026 Rizki Amalia Utami, Ery Tri Djatmika Rudijanto Wahyu Wardhana, Agus Hermawan http://creativecommons.org/licenses/by-nc/4.0