Jurnal Ilmu Ekonomi dan Bisnis Islam

Al-Ḥisbah and Sharia Market Supervision: A Qualitative Study From Traders’ and Consumers’ Perspectives

Henry Martin Adriansyah — 2025-12-31

This study examines the role of al-ḥisbah as a market supervisory institution from the perspectives of traders and consumers, addressing the limited empirical evidence on dual-actor perspectives in contemporary Sharia markets. It focuses on the functions of al-ḥisbah in ensuring transactional fairness, preventing fraudulent practices, and upholding Sharia principles in trading activities. Using a qualitative descriptive approach, data were collected through fieldwork at the Ulul Albab Sharia Market in Kampar Regency, Indonesia, involving in-depth interviews with five traders and five consumers, participatory observation, and documentation. Data analysis followed an interactive model comprising data reduction, data display, and conclusion drawing. The findings reveal that al-ḥisbah is perceived as a moral overseer and regulator of market ethics, playing a crucial role in fostering trust between traders and consumers. Traders associate its presence with fair competition and price transparency, while consumers perceive stronger protection against fraud and product quality manipulation. Nevertheless, the implementation of al-ḥisbah faces challenges related to limited human resources, insufficient socialization, and the need to adapt supervisory mechanisms to modern trade systems. This study underscores the importance of strengthening institutional capacity and integrating digital technologies into market supervision to enhance the effectiveness and sustainability of al-ḥisbah in the digital era.

Empowering Women Through Islamic Philanthropy: An Exploration on Islamic Social Finance Towards Women’s Employment In Nigeria

Tijjani Muhammad — 2025-12-31

Women’s unemployment remains a critical challenge in many Muslim-majority regions, including Northern Nigeria, where socio-cultural barriers and limited access to financial resources constrain women’s economic participation. Despite growing discourse on Islamic social finance, empirical evidence on its effectiveness in promoting women’s employment remains limited, particularly at the regional level. This study examines the impact of Islamic philanthropic instruments, Zakat, Waqf, and Sadaqah, on women’s employment outcomes in Northern Nigeria. Using a quantitative approach, primary data were collected from 400 women beneficiaries of Islamic social finance programs and analyzed with Ordinary Least Squares (OLS) regression. The findings indicate that access to Zakat, participation in Waqf initiatives, and receipt of Sadaqah have positive and statistically significant effects on women’s employment rates. Education level and household income are also strongly associated with improved employability. These results suggest that Islamic social finance serves not only as a redistributive mechanism but also as a strategic tool to enhance women’s labor market participation and economic empowerment. This study contributes to the literature on Islamic economics and development by providing empirical evidence from an underexplored context and explicitly linking Islamic philanthropy to employment outcomes. Furthermore, the findings offer policy-relevant insights for governments, religious institutions, and philanthropic organizations in designing gender-responsive Islamic social finance initiatives to support sustainable employment and inclusive economic development

Robo-Advisor Model Adoption: A Digital Transformation To Accelerate Continuance Usage of Islamic Banking Product

Reni Furwanti — 2025-12-31

As Islamic banking becomes one of vital sectors in driving National economic growth, accelerating its development is prominent. The use of Robo-Advisor in this sector can help Islamic banking increase its existence and market share to compete in a global financial market. This research aims to conduct a model for the adoption of Robo-Advisor in Islamic banking sector to accelerate continuance intention usage of Islamic banking product in Indonesia by exploring the role of sharia financial literacy and halal awareness as mediating variables. This is explanatory research with quantitative and survey method. This research picks Islamic banking users in Indonesia, using quota sampling technique to achieve a representative sample in each province of Indonesia, resulting in 403 respondents. Structural Equation Model (SEM-PLS) is used to analyze the data and the relationship among variables. Empirically, the result revealed that the Robo-Advisor model adoption significantly accelerates the continuance intention usage of Islamic banking product in Indonesia. This research contributes in broadening horizon in terms of Islamic banking continuance usage by proposing integrated model. Furthermore, this research recommends the implementation of Robo-Advisor as a digital transformation for Islamic banking sector to support the growth of Islamic financial industry in Indonesia, remembering that Robo-Advisor is currently not used in either Islamic or conventional banking sectors.

Visual Analysis of The ḤQM Model And Prospects for Authentic Innovation In Islamic Finance

Abderrazak Belabes — 2025-12-31

The aim of this study is to show, through the conceptual system ḤQM (Ḥ: ḥukm, Q: qāʿidah, M: maqṣad), the need to deepen our understanding of authentic innovation in Islamic finance. This study argues that prevailing debates on Islamic financial products are dominated by dichotomous notions grounded in linear modes of thinking, which constrain substantive discussion and hinder the development of credible and sustainable solutions. The main findings reveal that when the teleological discourse on the purposes of Sharīʿah is itself framed within linear reasoning, it cannot legitimately be regarded as the highest intellectual achievement of Islamic civilization. Furthermore, incorporating the dimension Q (qāʿidah) enables the dismantling of rigid categorization and hierarchization that characterizes much of the literature polarized between Ḥ and M. By emphasizing the two-dimensional nature of graphs, distinct from the linearity of written discourse, the graphical visualization of the ḤQM conceptual model opens new analytical possibilities, particularly in the domain of data visualization and non-linear reasoning. In addition, the science of jurisprudential maxims allows the formulation of general rules whose epistemological significance lies in the dynamic interaction between parts and wholes. The dominance of linear approaches in the financial industry has produced adverse outcomes, including mimetic and constrained innovation, excessive reliance on standardized products, and the suppression of proactive and systemic innovation. Accordingly, this study concludes that genuinely innovative Islamic finance requires a non-linear approach that integrates interaction, shared risk, and real asset backing, while coherently aligning injunctions, maxims, and the higher objectives of Sharīʿah.

Optimization and Transparency of Village Fund Management: An Islamic Economic Perspective

Wilda Marjana — 2025-12-31

Optimizing and ensuring transparency in the management of Village Funds is essential for promoting community development and social well-being; however, these efforts are frequently undermined by misuse and corruption. Although Islamic economics offers a robust ethical framework grounded in justice, trust, and public interest, existing studies largely examine village fund management from a general perspective and rarely integrate Islamic economic principles, particularly within the specific context of Aceh Province. This descriptive qualitative study aims to analyze the optimization and transparency of village fund allocation from an Islamic economic perspective in Lampisang Dayah Village, Aceh Besar. Data were collected through direct observation, document analysis, and in-depth interviews with nine village officials and five community members selected using snowball sampling. The findings indicate that village fund management in Lampisang Dayah Village has reached an optimal and transparent level consistent with Islamic economic principles. Optimization is reflected in participatory planning processes that involve the community, including women, as well as in the implementation of pro-welfare programs such as Direct Cash Assistance and food security initiatives that support the public good. Transparency is realized through regular financial reporting to local authorities and the provision of accessible project information boards for the public. Nevertheless, challenges remain in expanding fund capacity for long-term infrastructure development and strengthening women’s active participation. This study contributes theoretically and practically to the discourse on equitable and sustainable village fund management and offers a contextual model that may be replicated in other villages.

Interpreting Qur’anic Verses on Contract Through The Lens of Socio-Economic Exegetical Approach

Achmad Nur Alfianto — 2025-12-31

This article seeks to develop Islamic economic studies through the perspective of Qur’anic economic interpretation by positioning interpretation as a primary methodological framework in the development of Islamic economics. Qur’anic interpretation is not treated merely as a textual approach to scriptural verses, but as an analytical instrument that connects divine messages with contemporary socio-economic realities. Despite the growing discourse on Islamic economics, existing studies largely treat Qur’anic interpretation as a normative reference rather than as a systematic methodological framework for socio-economic analysis. This study adopts the adabī al-ijtimāʿī wa al-iqtiṣādīyah approach, which emphasizes the social and economic relevance of the Qur’anic text, and applies a thematic (maudhuʿī) method involving the identification of contract-related verses, linguistic analysis, and examination of the chronology of revelation within the socio-economic context of the ummah. The findings indicate that the concept of contract plays a central role in maintaining the balance of social relations and economic transactions. Furthermore, the study demonstrates that contracts entail binding legal implications from both a Sharīʿah (normative–religious) and a positive (practical–institutional) perspective within the Islamic economic system. This study contributes conceptually by strengthening Qur’anic interpretation as a methodological foundation for Islamic economic analysis.