Tazkia Islamic Finance and Business Review

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

Mon, 29 Jun 2026 00:00:00 +0000

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

Asnan Purba, Ahmad Hasan Ridwan, Moh. Najib — Mon, 29 Jun 2026 00:00:00 +0000

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

Ai Kokoy Koyyimah, Rina Nur Shabrina, Muhammad Farras Hanif, Najim Nur Fauziah — Mon, 29 Jun 2026 00:00:00 +0000

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

Mon, 29 Jun 2026 00:00:00 +0000

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

Dini Hasanah, Ascarya Ascarya, Murniati Mukhlisin — Mon, 29 Jun 2026 00:00:00 +0000

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.

Macroeconomic Determinants of Labor Absorption in Indonesia: The Role of Corruption as a Moderator and the Islamic Human Development Index (I-HDI) Variable

Rida Rosida, Aditya Rahman, Aas Nurasyiah — Mon, 29 Jun 2026 00:00:00 +0000

This study aims to examine labor absorption in Indonesia over the period 2021–2024. It also seeks to investigate the effects of economic growth, foreign direct investment (FDI), government expenditure, the Islamic Human Development Index (I-HDI), and inflation-moderated by corruption on labor absorption. The research employs a quantitative approach with hypothesis testing. Moderated Regression Analysis (MRA) is utilized as the primary analytical tool. The results reveal that economic growth, FDI, the I-HDI, and inflation exert significant effects on labor absorption, whereas government expenditure shows no significant impact. Furthermore, corruption significantly moderates the relationship between FDI, the I-HDI, and inflation with labor absorption. In contrast, corruption non-significantly moderates the correlation between economic growth or government expenditure and labor absorption.

Strategy for Independence and Economic Empowerment Using SWOT Analysis: A Case Study of Islamic Boarding Schools in North Sumatra

Elaeis Guineensis Jalil HSB, Muhammad Syukri Albani Nasution, Rahmi Syahriza — Mon, 29 Jun 2026 00:00:00 +0000

Islamic boarding schools (pesantren) have become a significant economic force in many regions in Indonesia. However, Islamic boarding schools often face challenges in terms of capital, management, market access, and infrastructure, making it difficult to maximize independence. Furthermore, the Islamic boarding school independence program is a strategic agenda mandated by Law Number 18 of 2019. Therefore, this research aims to develop strategies for independence and economic empowerment of Islamic boarding schools. This research is qualitative and inductive. The research location is an Islamic boarding school in North Sumatra. The data analysis used is a SWOT analysis. The results of the SWOT analysis indicate that Islamic boarding schools are positioned in an SO (Strength-Opportunities) strategy, a strategy that emphasizes utilizing internal strengths to seize and optimize available opportunities in developing Islamic boarding school businesses.
Keywords: Independence, Empowerment, Islamic Boarding Schools, SWOT.

Determinants of Generation Z’s Intention to Use Islamic Digital Banking: Extending the UTAUT Model with Islamic Lifestyle

Yulfiswandi, Lila Aprilliah, Isnaini Nuzula Agustin — Fri, 03 Jul 2026 00:00:00 +0000

This study aims to examine the factors influencing Generation Z’s intention to use digital banking by applying the Unified Theory of Acceptance and Use of Technology (UTAUT) model and investigating the moderating role of Islamic lifestyle. The study employs a quantitative approach using Partial Least Squares Structural Equation Modeling (PLS-SEM) through SmartPLS 4.0. The findings reveal that habit and trialability have a positive and significant effect on the intention to use digital banking, while hedonic motivation and price value do not show significant effects. In addition, Islamic lifestyle is not found to moderate the relationship between habit and intention to use digital banking. These results indicate that familiarity with technology and the opportunity to directly experience digital banking services are the key drivers of Islamic digital banking adoption among Generation Z. This study contributes to the digital banking and Islamic finance literature by extending the UTAUT framework through the inclusion of Islamic lifestyle and by providing empirical evidence on the behavioral determinants of digital banking adoption among Generation Z in the context of Islamic banking.

The Malay Worldview and the Question of Poverty: Towards a Human-Centred Development Economics

Fri, 03 Jul 2026 00:00:00 +0000

Contemporary development economics has largely approached poverty through material, quantitative, and technocratic indicators, often neglecting the ethical, cultural, and civilisational dimensions of human well-being. Within the context of the Alam Melayu, such approaches inadequately capture indigenous understandings of development rooted in communal harmony, moral economy, social justice, and human dignity. Despite the growing discourse on alternative development paradigms, limited scholarly attention has been given to the Malay worldview as a conceptual foundation for rethinking poverty and human-centred development. This article examines how the Malay worldview articulates the meaning of poverty and development beyond conventional economic reductionism. Employing a qualitative and interpretive methodology, the study draws upon textual analysis of selected Malay intellectual traditions, development discourses, and the works of key thinkers such as Ungku Aziz. The discussion highlights the embedded relationship between economy, ethics, religion, and social responsibility within the Malay conception of development. The findings suggest that poverty in the Malay worldview is understood not merely as material deprivation, but as a multidimensional condition affecting human dignity, social balance, and collective well-being. The article argues for a human-centred development economics grounded in indigenous and civilisational perspectives of the Alam Melayu.

Keywords: Malay worldview; poverty; human-centred development; development economics; Alam Melayu

Abstrak

Ekonomi pembangunan kontemporari lazimnya mendekati persoalan kemiskinan melalui indikator material, kuantitatif, dan teknokratik semata-mata, sehingga sering mengabaikan dimensi etika, budaya, dan ketamadunan dalam kesejahteraan manusia. Dalam konteks Alam Melayu, pendekatan sedemikian didapati kurang berupaya memahami makna pembangunan yang berakar daripada nilai kebersamaan, ekonomi moral, keadilan sosial, dan martabat insan. Walaupun wacana mengenai paradigma pembangunan alternatif semakin berkembang, perhatian ilmiah terhadap pandangan alam Melayu sebagai asas konseptual untuk menilai semula kemiskinan dan pembangunan berteraskan insan masih terbatas. Artikel ini meneliti bagaimana pandangan alam Melayu menghuraikan persoalan kemiskinan dan pembangunan melangkaui kerangka ekonomi konvensional yang bersifat reduksionis. Kajian ini menggunakan metodologi kualitatif dan pendekatan interpretatif melalui analisis teks terhadap tradisi intelektual Melayu terpilih, wacana pembangunan, serta pemikiran tokoh seperti Ungku Aziz. Perbincangan menunjukkan bahawa hubungan antara ekonomi, etika, agama, dan tanggungjawab sosial merupakan unsur yang saling terjalin dalam faham pembangunan Melayu. Dapatan kajian menunjukkan bahawa kemiskinan dalam pandangan alam Melayu bukan sekadar kekurangan material, tetapi suatu keadaan multidimensi yang menjejaskan martabat insan, keseimbangan sosial, dan kesejahteraan kolektif. Artikel ini menghujahkan keperluan terhadap ekonomi pembangunan berteraskan insan yang diasaskan kepada perspektif peribumi dan ketamadunan Alam Melayu.

The Beyond Financial Literacy: The Role of Maqāṣid Shariah Literacy and Institutional Trust in Islamic Family Financial Planning

Dea Aryandhana Mulyana Haris, Ulumuddin Nurul Fakhri, Aminah Nuriyah — Tue, 30 Jun 2026 00:00:00 +0000

This study examines the influence of Islamic Financial Literacy, Maqāṣid Shariah Literacy, and Trust in Islamic Financial Institutions on Competency in Islamic Family Financial Planning among Muslim households in West Java, Indonesia. A quantitative explanatory approach with a cross-sectional survey design was employed. Data were collected from 200 respondents through purposive sampling and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results reveal that Maqāṣid Shariah Literacy (β = 0.370, p < 0.001) and Trust in Islamic Financial Institutions (β = 0.455, p < 0.001) significantly enhance Islamic family financial planning competence, whereas Islamic Financial Literacy does not have a significant effect (β = 0.093, p = 0.257). The model accounts for 76.6% of the variance in the endogenous variable, indicating substantial explanatory power. These findings suggest that ethical values embedded in maqāṣid principles and institutional trust are more critical than technical financial knowledge in shaping Islamic financial capability. The study enriches the financial capability literature by emphasizing the role of value-based literacy and institutional confidence in promoting sustainable Islamic household financial management.