Istihlak: Journal of Islamic Economics in Southeast Asia

Heritage of Abu Hanifah: Islamic Economic Perspectives in Responding to Global Challenges

Helda Rostiani, Nasrullah Bin Sapa, Mukhtar Lutfi — Mon, 14 Oct 2024 23:26:26 +0000

Islamic economics has been practiced since the time of the Prophet Muhammad, but at that time until the next few centuries there was no special disciplinary classification for economics, causing some Muslim works to be lost by western historians. Therefore, it is necessary to study classical Islamic economic thought. This paper aims to review Abu Hanifah's economic thoughts by comparing them with the opinions of several scholars and matching whether Abu Hanifah's thoughts can be used today. The method used is library research, reviewing various literatures of fiqh books, articles, scientific works and documentaries to collect data. The result of this research is that Abu Hanifah does not have specific ideas in economics but has specific views in every fiqh muamalat contract such as salam, honey zakat, and hawalah. Some of Abu Hanifah's opinions differ from other imams, causing a Muslim today to have to sort things out in order to get out of khilafiyah.

The Urgency of Imam Malik's Islamic Economic Thought on Syirkah (Partnership Contracts) in Modern Economic Systems

Rahmaniar Rahmaniar, Muhlis Muhlis, Awaluddin Awaluddin — Tue, 15 Oct 2024 03:25:33 +0000

In this research the author discusses Imam Malik's thoughts on syirkah. According to Imam Malik, syirkah is the ability (or permission) to exchange tasharruf for several parties who give permission to parties to dispose of their assets. The method used is the literature review method. The results of the study in this research contribute to showing Imam Malik's thoughts about syirkah, several parties use syirkah as a form of property distribution contract. According to Imam Malik, the contracts that may be used are the syirkah inan, syirkah abdan and syirkah mufawadhah contracts, while syirkah wujuh is not permitted. On the other hand, referring to the statement from the National Sharia Council (DSN), Syirkah Wujuh is currently no longer implemented.

Analysis of Ad-Dunya wa Ad-Din as a Foundation for Business Ethics

Aditya Aditya, Supriadi Supriadi — Sun, 20 Oct 2024 01:31:25 +0000

This study attempts to dissect the book Ad Dunya wa Ad Din by Al Mawardi as a reference for micro business activities. This issue was raised due to the increasing phenomenon of employees, both private and government, who work while doing side businesses. With various motives, the practice of "working while doing business" is widely carried out, so this study was carried out using postmodern qualitative research and raised the ethical concept of Ad Dunya wa Ad Din as an analytical instrument. The empirical values of existing business practices are captured rationally and intuitively, then these values are analyzed using the Ad Dunya wa Ad Din ethical concept approach. The results of this research show that business ethics includes ethical and spiritual educational values. In developing business ethics in certain cases, an educational process is needed to form halal habits and processes.

Imam Al-Ghazali's Perspective on Money: Function, Ethics, and Economic Implications in Islamic Finance

Nur Aulia Husnihita Muchtar, Samsul, Kamaruddin — Mon, 21 Oct 2024 03:53:25 +0000

Imam Al-Ghazali, a prominent 11th-century Islamic scholar, offers a distinct perspective on the concept of money within the framework of Islamic economics. This study employs a qualitative analysis approach to examine Al-Ghazali's economic thought, focusing on his conceptualization of the function of money. The research design involves an in-depth review of primary texts authored by Al-Ghazali and secondary sources that provide interpretation and commentary on his ideas. The study aims to situate Al-Ghazali's contributions within the larger body of Islamic economic thought and explore their relevance to contemporary discussions on Islamic finance and ethics. Al-Ghazali emphasizes that money should serve as a means to achieve social justice and welfare rather than merely a tool for personal gain. He identifies key functions of money, including its role as a unit of account and a facilitator of social welfare through charitable activities. Al-Ghazali critiques the speculative nature of money in conventional economics and advocates for a balanced approach that prioritizes moral considerations and the welfare of the community. He argues against the hoarding of money, as it disrupts the flow of wealth in society and neglects obligations to contribute to societal welfare. Furthermore, Al-Ghazali provides a critical analysis of riba (usury), highlighting its exploitative nature and negative impact on financial stability and social justice. His insights underscore the importance of ethical financial practices and the role of the state in managing public finance to ensure equitable distribution of wealth and resources. Al-Ghazali's economic thought offers a comprehensive framework for approaching economic activities in a manner that aligns with Islamic values, emphasizing the intersection of economics and ethics.

The Relationship Between Trust, Mobile Banking Service Quality, and Customer Loyalty in Sharia Banks: A Study Among Islamic Economics and Business Students at Alauddin State Islamic University

Fauzi Frendsky Ferry, Asyraf — Wed, 23 Oct 2024 12:24:29 +0000

The rapid growth of Islamic banking in Indonesia has presented significant opportunities and challenges, particularly in the realm of mobile banking services. This study investigates the influence of trust and service quality on customer loyalty among students from the Faculty of Islamic Economics and Business who are active users of Sharia Mobile Banking. Employing a quantitative research method, data was collected through questionnaires distributed to 123 respondents in January 2024. Structural Equation Modeling (SEM) was utilized to analyze the relationships between the variables. The results indicate that trust has a strong positive effect on loyalty, with a path coefficient of 0.494 (p<0.001). Service quality also significantly influences loyalty, albeit to a lesser extent, with a path coefficient of 0.307 (p=0.008). The combined effect of trust and service quality explains 55.6% of the variance in customer loyalty. These findings underscore the importance of cultivating trust and delivering high-quality services to foster long-term customer relationships in the competitive Islamic banking sector. As digital threats continue to evolve, Islamic banks must prioritize trust-building initiatives and enhance service quality to maintain customer loyalty. The insights derived from this study contribute to the understanding of the factors driving customer retention in Islamic mobile banking and provide valuable guidance for banks seeking to improve their market position.