Tazkia Islamic Finance and Business Review

The Influence of Financial Literacy, Financial Inclusion, and Social Environment on the Decision to Use QRIS by "MSMEs"

2026-05-01T00:23:26+00:00

This study aims to analyze the influence of financial literacy, financial inclusion, and the social environment on the decision to use the Quick Response Code Indonesian Standard (QRIS) among Micro, Small, and Medium Enterprises (MSMEs) in Palu City. The background of this research is based on the still low adoption rate of QRIS among MSME actors, despite the government's efforts to promote payment digitalization programs. This indicates a gap between the availability of digital payment infrastructure and users' readiness to adopt it. This research uses a quantitative approach with a total of 100 respondents who are MSME actors in Palu City. Data was collected thru questionnaires and analyzed using the Structural Equation Modeling–Partial Least Square (SEM-PLS) method to test the relationships between variables. The research results indicate that financial literacy does not significantly influence the decision to use QRIS, while financial inclusion and the social environment have a positive and significant impact. Simultaneously, these three variables positively and significantly influence the decision to use QRIS among MSME actors. This finding suggests that the decision to use QRIS is more influenced by ease of access to formal financial services and social support from the surrounding environment, compared to an individual's level of financial understanding. The results of this research are expected to provide input for the government and financial institutions in strengthening digital education and expanding financial inclusion to accelerate the adoption of digital payment systems in the MSME sector.

The The Perspective of Wealth on Crypto Assets Based on the Qur’an and Hadith

2026-01-30T03:34:01+00:00

This study addresses the growing juridical and ethical challenges surrounding crypto assets within Islamic law, particularly the absence of an integrated and auditable framework for determining their status as wealth (al-māl). Existing studies predominantly focus on general halal–haram judgments, single-token analyses (such as Bitcoin or stablecoins), or regulatory and fatwa-based discussions, without systematically mapping different crypto token typologies against classical fiqh definitions of wealth and Qur’anic–Sunnah-based positions of property. This gap results in fragmented legal reasoning and normative uncertainty in Sharīʿah decision-making. The objective of this research is twofold: first, to construct a Sharīʿah evaluation matrix that assesses five types of crypto tokens (utility tokens, security tokens, asset-backed tokens including stablecoins, DeFi tokens, and NFTs) based on the definitions of wealth according to the four Sunni schools (Ḥanafī, Mālikī, Shāfiʿī, and Ḥanbalī) using five classical indicators—ta‘yīn (clarity of object/right), qīmah (lawful value), qabd (delivery/possession), manfa‘at mubah (lawful benefit), and dhamān (liability). Second, the study maps each token’s compliance with the five Qur’anic positions of wealth ownership of Allah, trial, trust, means of worship, and productive wealth within the normative boundaries of the 2021 Indonesian Council of Ulama (MUI) ruling.

Employing a juridical–normative research design with qualitative content analysis, this study examines Qur’anic verses, Prophetic traditions, classical fiqh doctrines, contemporary scholarly literature, fatwas, and technical documentation of crypto tokens. The discussion integrates classical jurisprudential principles with operational and market-based evidence to ensure doctrinal validity and practical applicability. The findings indicate that crypto assets cannot be judged uniformly; their Sharīʿah status depends on the clarity of rights, underlying value, delivery mechanisms, benefit legality, and enforceable liability. Asset-backed tokens and certain security tokens demonstrate the highest potential for conditional permissibility, while utility tokens, DeFi tokens, and NFTs require stricter Sharīʿah controls due to higher risks of speculation, uncertainty, and governance deficiencies. The integration of classical indicators with maqāṣid-based wealth positions provides a consistent, transparent, and auditable framework for determining whether crypto assets are permissible, conditionally permissible, or prohibited under Islamic law.

Banking health assessment of Indonesia Islamic Commercial Banks using RGEC Method

2026-05-26T14:27:15+00:00

This study analyzes the health level of Islamic Commercial Banks (BUS) in Indonesia in 2024 using the RGEC method, which consists of Risk Profile, Good Corporate Governance, Earnings, and Capital. A quantitative descriptive design is applied, using purposive sampling to select 13 BUS based on the availability of published annual financial reports. Secondary data were obtained through documentation and evaluated descriptively according to regulatory standards. The findings show that Islamic Commercial Banks are generally in a healthy condition. The average Non-Performing Financing (NPF) reached 1.1%, far below the 5% threshold, and most Financing to Deposit Ratios (FDR) were within the healthy range of 80–110%. In terms of governance, most banks received a “Good” rating for Good Corporate Governance (GCG). Profitability performance, measured by ROA and ROE, varied widely, with BTPN Syariah achieving the strongest results, while Bank Syariah Bukopin recorded the weakest performance due to negative ROA. All BUS displayed strong capital levels, indicated by Capital Adequacy Ratios (CAR) well above the 8% minimum. Overall, BUS health in 2024 is considered good, although several banks require improvement in profitability and intermediation. These results are useful for regulators, bank management, investors, and the public in making informed decisions.

Non-Riba Microfinance Model Based on Mudharabah: Analysis of Sharia Maqashid and Findings From Expert Interviews

2026-02-19T01:42:37+00:00

This research problem stems from the dependence of micro-businesses on interest-based debt financing, which poses the risk of usury and hinders business sustainability. The research gap arises because studies on Islamic microfinance are still dominated by murabahah contracts, while the potential of mudharabah as a non-usury financing model in line with maqashid sharia has not been comprehensively discussed. This study aims to analyze mudharabah as an alternative form of microfinance that eliminates usury and strengthens maslahah through the principles of profit sharing, justice, and asset protection in accordance with hifzh al-mâl. The method used is descriptive qualitative with thematic analysis of classical and contemporary literature as well as focused interviews with experts on maqashid sharia. The results of the study show that mudharabah is highly compatible with the values of maqashid syariah in supporting the sustainability of micro businesses, particularly through risk sharing, transparency, and ethical partnerships. These findings confirm that mudharabah has the potential to be a more equitable, inclusive, and riba-free microfinance scheme compared to debt-based models.

Comparison of financial and social performance in conventional and Islamic banking in Indonesia

2026-05-26T12:16:05+00:00

This study examines the comparison of financial and social efficiency between Islamic and conventional banks in Indonesia during the 2012–2020 period. Using a quantitative descriptive approach, the study applies Data Envelopment Analysis (DEA) with two models: the intermediation approach for financial efficiency and the production approach for social efficiency. The sample consists of 10 Islamic banks and 31 conventional banks selected from institutions consistently reporting CSR realization. The results indicate that Islamic banks demonstrate higher technical efficiency (TE) and pure technical efficiency (PTE) than conventional banks in both financial and social performance. However, financial efficiency values are consistently higher than social efficiency values for both banking types, indicating a stronger orientation toward financial performance. Scale efficiency (SE) in social performance shows conventional banks outperforming Islamic banks. The findings highlight the need for both banking systems to enhance social efficiency to achieve balanced two-dimensional efficiency aligned with sustainable finance principles.