Majapahit Journal of Islamic Finance and Management

Sustainable Development and The Role of Islamic and Social Banks

Naser Ali Abdulghani — 2024-12-31

Islamic banking is a financial system that is based on Islamic law (Sharia) and is influenced by Islamic economics. The Islamic financial system is supported by four primary pillars: the Islamic banking system, the Islamic money market, Islamic insurance (takaful), and the Islamic capital market. These systems provide alternative funding sources. Conversely, social banks are established to utilize financial services to generate a positive impact on society and the environment. Consequently, consumers perceive Islamic banks, depositors, and the broader community as having both economic and social responsibilities. The fundamental principles of the United Nations Sustainable Development Goals (SDGs) are eradicating poverty and promoting sustainable development. The parallels between Islamic and social institutions will be the focus of this investigation. The significance of the two institutions in advancing the United Nations Sustainable Development Goals (SDGs) will be underscored in this research.

Digitalization Process in Islamic Business: Literature Review

Moh. Khoirul Anam — 2025-01-01

Digitalization has become an essential component for modern businesses, and without it, companies struggle to keep pace in the era of Industry 4.0. However, there is still limited research on the impact of digitalization within Islamic or Sharia-compliant businesses. This study aims to explore digitalization in Islamic business, focusing specifically on Indonesia. The research employs a narrative review methodology, analyzing existing literature on Islamic business to provide a comprehensive overview of the importance of digitalization. The findings reveal that digitalization offers numerous advantages for businesses, including those in the Islamic sector. Islamic banks, as a key component of Islamic business, were among the first to embrace digitalization. The study also highlights that stakeholder support in Indonesia for the digitalization of Islamic businesses is sufficiently robust. This research provides a unique perspective on the evolution of digitalization in Islamic enterprises and is intended to encourage further studies in the field of Islamic business in the context of Industry 4.0.

The Influence of Intrinsic Motivation and Transformational Leadership on Student Association Performance at Institut Elkatarie: The Moderating Role of Islamic Work Ethics

Irfan Azim — 2025-01-03

The primary goal of management in any organization is to achieve and maintain good performance to meet organizational objectives, which is essential for competitiveness in the global market. This study investigates how intrinsic motivation and transformational leadership influence the performance of the student council at the Institut Elkatarie, with Islamic work ethics as a moderating variable. Using quantitative methods and simple random sampling, data were collected from 90 out of 116 student council members for the 2023-2024 period and analyzed using regression analysis with IBM SPSS Statistics 25.0 The study shows that intrinsic motivation (X1) and transformational leadership (X2) both positively influence performance (Y), with significant T-values of 2.216 and 7.545, respectively. This suggests that enhancing intrinsic motivation and adopting transformational leadership can improve performance. However, the interactions between intrinsic motivation and Islamic work ethics (M), and transformational leadership and Islamic work ethics, were not significant, with significance levels of 0.294 and 0.571, respectively. This indicates that Islamic work ethics may not moderate the relationship between motivation, leadership, and performance in this context.

The Role of Islamic Economic Politics in Implementing Globalization ASEAN Economic Community (AEC)

Ana Santika — 2025-01-03

Islamic economic opportunities in the MEA era, especially in Indonesia. As understood, the MEA is a cooperation and development of ASEAN integration that aims to play an important role in supporting economic integration, building a unique economic identity, and increasing inclusiveness in the Asian region. This study concludes that Indonesia can have the opportunity for sustainable Islamic economic development because, in terms of social justice in Islamic economics, it can encourage a more equitable distribution of income and reduce economic inequality. Second, Indonesian Islamic banking can be a national strength towards a golden Indonesia and help encourage economic inclusiveness among MEA member countries, by providing greater opportunities for all levels of society in Indonesia.

Management of Baitulmaal Muamalat (BMM) East Java Representative in Management of Productive Waqf in the Real Sector

Uswatun Chasanah — 2025-01-04

This study aims to analyze the management of productive waqf in the real sector by highlighting the partnership between Baitulmaal Muamalat (BMM) and Ayam Bakar Pak D outlet Kartini, Sidoarjo. This study uses a qualitative approach through a field study method to explore the implementation of productive waqf management applied by BMM. Primary data was obtained through in-depth interviews with BMM managers, while secondary data was taken from internal documents and related publications. Data analysis was carried out using the Bogdan and Taylor interactive model. The results of the study indicate that the management of productive waqf in the real sector at the outlet is quite effective, with the implementation of management functions including planning, organizing, actuating, and controlling. The benefits generated from this partnership have contributed to improving the socio-economic welfare of the community. However, there are obstacles in the form of a lack of diversification of management sectors and operational challenges that require a thorough evaluation. The implications of this study highlight the importance of developing innovations in Sharia business models and optimizing partnerships in supporting the sustainability of productive waqf.