Indonesian Scientific Journal of Islamic Finance

SUSTAINABILITY OF ZAKAT-BASED PRODUCTIVE PROGRAMS : A CASE STUDY OF MELON HYDROPONIC GREEN HOUSE

Indi Nikmatul Kamaliah, Makhrus Makhrus — Thu, 03 Jul 2025 11:59:25 +0800

Salah satu penyaluran zakat adalah melalui pemberdayaan yang bersifat produktif dan berdampak jangka panjang . Tujuan penelitian ini adalah untuk mendeskripsikan implementasi, faktor pendukung dan penghambat zakat produktif melalui program Green House Melon Hidroponik. Jenis penelitian ini adalah penelitian lapangan, dengan pendekatan kualitatif deskriptif. Subjek penelitian ini adalah penerima manfaat program Green House Melon Hidroponik binaan LAZISMU Banyumas. Teknik pengumpulan data dilakukan melalui wawancara, observasi, dan dokumentasi. Analisis data dilakukan melalui reduksi data, penyajian data, dan penarikan kesimpulan. Hasil penelitian ini menunjukkan bahwa implementasi zakat produktif melalui program Green House Melon Hidroponik telah berhasil meningkatkan perekonomian dan kemandirian masyarakat, hal ini disebabkan metode Green House Hidroponik tidak mengenal musim, dan hasil panennya berkualitas dengan tekstur renyah dan buahnya manis. Dengan memanfaatkan zakat untuk kegiatan produktif, mustahik tidak hanya menjadi lebih mandiri, tetapi juga berpotensi menjadi muzakki di masa mendatang.

PENGARUH KUALITAS PELAYANAN DAN CORPORATE SOCIAL RESPONSIBIITY (CSR) TERHADAP CITRA BMT NU JAWA TIMUR

Nurul Huda, Maksum Maksum, Moh. Helmi, Angrum Pratiwi — Thu, 03 Jul 2025 13:01:12 +0800

This study analyzes the influence of Service Quality and Corporate Social Responsibility (CSR) on the formation of the Image of BMT NU East Java as a sharia microfinance institution. Grounded in SERVQUAL theory (Parasuraman et al., 1988), CARTER model for Islamic banking (Othman & Owen, 2001), and Carroll's CSR framework (1991), the research addresses challenges in building positive institutional image for sustainable growth. This quantitative study uses a field approach with incidental sampling techniques on 100 respondents from among Islamic boarding school students who are customers of BMT NU East Java. Data were analyzed using validity tests, reliability tests, classical assumption tests, multiple linear regressions, and hypothesis tests through SPSS Statistics 26. The findings reveal that both service quality and corporate social responsibility demonstrate statistically significant positive influences on institutional image formation. Service quality emerges as a critical determinant in shaping customer perceptions, while CSR programs contribute substantially to building trust and credibility. The combined effect of these variables explains the vast majority of institutional image variance, indicating their strategic importance for BMT sustainability and growth. Practically, findings suggest BMT managers should prioritize Islamic finance service training and implement community-focused CSR programs to enhance institutional reputation and competitive positioning in the Islamic microfinance sector.

PENGARUH GIRO WAJIB MINIMUM DAN DANA PIHAK KETIGA TERHADAP TINGKAT PEMBIAYAAN MUSYARAKAH PADA BANK MEGA SYARIAH

Noer Azizah Randa, Darmawati Darmawati, Nur Rahmatullah — Fri, 04 Jul 2025 14:26:50 +0800

This study examines the impact of Minimum Statutory Reserves (Giro Wajib Minimum/GWM) and Third-Party Funds (Dana Pihak Ketiga/DPK) on musyarakah financing at Bank Mega Syariah from 2017 to 2022. Motivated by internal and external factors influencing musyarakah financing, the research adopts a quantitative explanatory approach using multiple linear regression analysis. Data were sourced from the bank’s financial reports, and classical assumption tests—normality, multicollinearity, heteroscedasticity, and autocorrelation—were conducted to ensure model validity.

The results show that GWM significantly affects musyarakah financing partially, with a significance level of 0.017. Similarly, DPK has a significant partial effect, with a significance level of 0.000. Both variables also have a simultaneous significant effect. These findings suggest that effective GWM management can improve liquidity and financing performance without violating liquidity requirements. Moreover, enhancing DPK through innovative Sharia-compliant savings products can stimulate financing growth.

In conclusion, GWM and DPK are crucial in shaping musyarakah financing performance. Policy recommendations include optimizing liquidity strategies, innovating DPK mobilization aligned with Sharia principles, improving liquidity risk management, and increasing public education about Islamic finance to foster sustainable development in the Islamic banking sector.

ZAKAT MANAGEMENT IN VARIOUS ERAS AND COUNTRIES, ESPECIALLY IN INDONESIA

Izza Laveda Buditama, Siti Khozinatun Niam — Fri, 04 Jul 2025 16:49:17 +0800

This study explores the dynamics of zakat management across different historical periods and countries, with a specific focus on the Indonesian context. The research employs a qualitative field research approach, supported by library research methods, where various primary and secondary sources such as books and regulatory documents are utilized to enrich the analysis. The findings reveal that in several countries such as Saudi Arabia, Malaysia, Kuwait, and Sudan, the management of zakat is centrally regulated and implemented by the government. Historically, this centralized model can also be traced back to the time of the Prophet Muhammad (PBUH), followed by the caliphates of Abu Bakr (RA) and Umar ibn Khattab (RA), where the state played a dominant role in zakat collection and distribution. However, a slight shift occurred during the leadership of Uthman ibn Affan (RA) and Ali ibn Abi Talib (RA), in which the government still managed zakat but began to allow muzakki (zakat payers) to independently distribute their zakat. Indonesia today reflects this hybrid model, combining institutional zakat governance under the National Zakat Agency (BAZNAS) and private distribution by individuals. This study contributes to a deeper understanding of how religious, cultural, and political contexts influence zakat management models, highlighting Indonesia as a unique example that balances state regulation with individual autonomy.

Mapping of Sharia Stock Performance Research: Bibliometric Analysis

Silvia Nazma Zahira, Roudatul Hasanah — Fri, 04 Jul 2025 23:35:23 +0800

This study aims to map trends and research patterns related to the performance of sharia stocks using bibliometric analysis. Sharia stocks have become an attractive investment instrument because they integrate financial aspects with Islamic ethical principles. Using data from accredited national journals, this study analyzed scientific publications from 2009 to 2023. The results show a significant increase in the number of studies, reflecting the growing interest in sharia-based investments. The analysis also identifies key themes in the literature, including the relationship of sharia stocks to macroeconomic indicators, corporate governance, and market stability. In addition, research gaps were found, especially in the exploration of the impact of fiscal and monetary policies on sharia stock indices. This study makes a significant contribution to the development of literature and provides insights for investors and policymakers to understand the potential and challenges of sharia stocks. Thus, this research is an important reference for further studies and development of the sharia capital market globally.

INTEGRASI FITUR ZISWAF DALAM DIGITAL BANKING BANK SYARIAH: PELUANG DAN TANTANGAN (STUDI KASUS PADA BANK SYARIAH INDONESIA)

Masrina Masrina, Dinda Lestari — Sat, 05 Jul 2025 00:59:24 +0800

The digital transformation in the banking sector has created new opportunities for Islamic financial institutions to optimize social finance instruments. This study investigates the integration of Ziswaf (Zakat, Infaq, Sadaqah, and Waqf) features into Bank Syariah Indonesia's digital banking platform, analyzing the implementation process, opportunities, and challenges. Using a qualitative case study approach, data were collected through semi-structured interviews with 12 key informants, document analysis, and participatory observation of the BSI Mobile application. The findings reveal that BSI's Ziswaf digital implementation has yielded significant results, with a 172% transaction growth during 2021-2023 and collection value reaching Rp 72 billion in 2023. Key success factors include API-based technology architecture, personalized services, and enhanced transparency through impact tracking features. However, digital literacy gaps, technological infrastructure limitations in rural areas, resistance to change from traditional methods, and Sharia compliance complexities pose notable challenges. The study recommends developing a sustainable innovation model through "Digital Ziswaf Innovation Lab," implementing multi-channel education strategies, strengthening ecosystem collaboration via "Indonesia Ziswaf Digital Alliance," and utilizing data analytics to enhance service effectiveness. These initiatives can transform Islamic social finance while promoting wider Islamic financial inclusion.

PARADOKS IMPLEMENTASI EKONOMI ISLAM DI NEGARA-NEGARA MUSLIM: INTEGRASI NILAI TAWAKKAL DAN IKHTIAR

Sat, 05 Jul 2025 15:46:26 +0800

The Islamic economic system is widely promoted in Muslim-majority countries as a comprehensive alternative to capitalism and socialism. However, its practical implementation often reveals a paradox: while Islamic values such as tawakkal (trust in God) and ikhtiar (human effort) are central to the theology of Islamic economics, they are rarely embedded in institutional and policy frameworks. This study aims to explore this paradox by analyzing the integration of tawakkal and ikhtiar within the economic governance structures of Muslim countries. Drawing on a qualitative literature review, the research identifies key obstacles including weak institutional capacity, low public literacy, and a symbolic adoption of Islamic financial instruments. The theoretical foundation is based on maqāṣid al-sharīʿah, which supports a balance between spiritual trust and rational action. The findings reveal that Islamic economic policies remain largely cosmetic, lacking systemic mechanisms to actualize these spiritual-economic values. Moreover, the integration of tawakkal and ikhtiar has not been adequately addressed in fiscal or monetary policy design. This study contributes a conceptual framework for rethinking Islamic economic policy with authentic value integration and highlights the urgent need for institutional reform, policy alignment, and educational strategies that embed ethical-spiritual dimensions into economic development.