Maaliyah: Journal of Islamic Economic Law and Islamic Finance

Impact of Financial Ratios on Strategic Investment Decisions: A Case Study of Petronas and Sapura Energy

Athia Nur Kamilah, Nur Fauziyah; Chetrine Alya Rinaima , Septi Utari — Sat, 20 Dec 2025 00:00:00 +0700

The use of financial ratio analysis as a decision-making tool is widely recognized. However, there is limited comparative research examining how such analysis influences investment assessment and strategic implications between financially stable and distressed companies in the same industry. This study aims to address that gap by evaluating and comparing the financial performance of Petroliam Nasional Berhad (PETRONAS) and Sapura Energy Berhad. A quantitative research method was employed, using profitability, liquidity, leverage, and investment valuation ratios derived from the companies’ annual financial statements. The results reveal a stark contrast between the two entities: PETRONAS exhibits strong profitability, high liquidity, balanced leverage, and favorable investment valuation, reflecting its resilience and capacity for sustainable growth. In contrast, Sapura Energy shows negative profitability, critical liquidity shortages, excessive leverage, and unfavorable investment valuation, indicating severe financial distress. These findings contribute to a better understanding of how financial health impacts strategic positioning and investment attractiveness in the energy sector. The study offers practical insights for investors, policymakers, and corporate managers in designing targeted strategies, such as energy transition initiatives and risk mitigation measures, to enhance competitiveness and long-term sustainability.

Innovation In Financing Boarding School Equipment Through The Cash Waqf Scheme At Sharia Financial Institutions

Adzikra Rajuli, Dewi Lestari ; Ahmad Azzam Nouvaldi — Fri, 19 Dec 2025 14:09:08 +0700

The purpose of this study was to analyze the potential for optimizing cash waqf as a productive source of financing to support the fulfillment of equipment needs for new students in Islamic boarding schools. Islamic boarding school-based Islamic financial institutions have a great opportunity to collect waqf funds directly from their members, whose backgrounds include teachers, employees, students, parents of students, and the community around the Islamic boarding school. This study uses a qualitative descriptive design with a case study to describe the management of cash waqf at the Amanah Gontory Sejahtera Shariah Cooperative. The research data consists of primary data from observations and secondary data from literature on waqf, cash waqf, and Islamic boarding school cooperatives. Data analysis was carried out through reduction, presentation, and drawing conclusions. The analysis refers to the Miles and Huberman Theory (data display, data interpretation, and conclusion drawing). The results of the study indicate that a cash waqf scheme managed productively for the procurement of equipment for new students has the potential to be implemented provided that management is carried out transparently, professionally, and accountably. This research provides recommendations for a cash waqf management model that can be replicated by other Islamic boarding schools as a strategy for waqf-based economic empowerment. Thus, cash waqf can be a crucial instrument for supporting sustainable financial independence in Islamic boarding schools.

Crowdfunding and Cash Waqf Linked Deposit: A Tech Integrated Model for Sustainable Development

Muhammad Iman Kurniawan, Rifaldi Nurul Akbar, Aria Nur Akmal — Thu, 25 Dec 2025 00:00:00 +0700

This study analyzes the integration of Crowdfunding and Cash Waqf-Linked Deposits (CWLD) as a technology-based Islamic financial model supporting the Sustainable Development Goals (SDGs). Employing a Systematic Literature Review (SLR) with the PRISMA approach, it synthesizes findings from eight primary articles published over the past five years. The analysis indicates that this integration effectively addresses limitations of conventional cash waqf, such as low public literacy, minimal institutional innovation, and regulatory constraints. Crowdfunding expands the donor base, particularly among younger generations and the Muslim diaspora, via transparent, accountable, and participatory digital platforms. Concurrently, CWLD ensures sustainable benefits by adhering to capital preservation principles and channeling returns to social, educational, health, and economic empowerment sectors. Digital technologies, especially blockchain, smart contracts, and tokenization, serve as key catalysts for enhancing transparency, accountability, and fund management efficiency. This hybrid model not only meets financial needs but also fosters public trust, strengthens global Muslim solidarity, and promotes Islamic financial inclusion. Significant challenges remain, including cross-jurisdictional regulatory limits, cybersecurity risks, and low Islamic finance literacy. Therefore, successful implementation depends heavily on institutional innovation, adaptive regulations, and continuous education. This integration represents a structural transformation in the Islamic philanthropy ecosystem, aligning with Maqasid al-Shariah and the requirements of inclusive development in the digital era.

Analysis of Sharia Principles Implementation in Istishna' Contracts and Its Impact on Customer Satisfaction: A Qualitative Descriptive Study at PT. Mari Beri Faedah

Aan Fajar Wijaya, Sri Hartono ; Arif Hartono — Thu, 25 Dec 2025 00:00:00 +0700

This study analyzes the implementation of sharia principles in the istishna' contract and its impact on customer satisfaction at PT. Let's Give Benefits (MARIFA). This study aims to map the integration of the principles of Rabbaniyyah, Akhlaqiyyah, Waqi'iyyah, and Insaniyyah in the framework of istishna' and uncover their contribution in shaping holistic customer satisfaction. We used a descriptive qualitative approach with ethnographic methods, collecting data through participatory observation and in-depth interviews with 13 informants from directors, employees, and customers. Data analysis to obtain comprehensive findings. The results of the study revealed that MARIFA has succeeded in operationalizing the four sharia principles. The Rabbaniyyah principle gives rise to spiritual satisfaction through usury-free transactions and the creation of "houses of blessings". Akhlaqiyyah builds customer trust through integrity and professional responsibility. Waqi'iyyah allows for realistic adaptation to customer needs and constraints, while Insaniyyah fosters emotional loyalty through inclusive service and a personal touch. However, the study also identified operational friction points, such as internal coordination challenges and variations in principle understanding at the field level, that mediate ideality with practice. Our discussions highlighted that customers' perceived sharia compliance creates unique value that goes beyond mere functional satisfaction. In conclusion, the integration of sharia principles in the istishna' contract contributes significantly to the realization of holistic customer satisfaction. The implications of this study offer an operational roadmap for the Islamic property industry. Future research is suggested to conduct multi-case studies, quantitative data triangulation, and exploration of value internalization in employees to enrich the findings.

Implementation of Sharia Maqashid in Household Financial Management: A Study on Women Members of the Aisyiyah Ponorogo Regional Leadership

Evilia Khoirun Nisa, Arif Hartono ; Adib Khusnul Rois — Thu, 25 Dec 2025 00:00:00 +0700

This study examines the implementation of Maqashid Syariah principles in household financial management, focusing on women members of the Ponorogo Aisyiyah Regional Executive (PDA). The goal is to analyze financial practices, evaluate the application of Maqashid Sharia, and identify the role of Aisyiyah membership. This study uses a phenomenological qualitative approach by collecting primary data through in-depth interviews and observations of seven key informants who were purposively selected. The researcher analyzed the data through the stages of reduction, presentation, and conclusion verification. Key findings revealed that members implemented strategic financial management and aligned with the five goals of Maqashid Sharia. They diversify sources of income, prioritize spending (basic needs, religion, education), and invest in sharia instruments such as gold and land. The study also identifies mechanisms for operationalizing religious principles, such as the "logistics of faith" where religious obligations become a fixed budget post. Further analysis shows a model of collaborative financial stewardship between husband and wife and the strategy of building "layered resilience" through a combination of tangible and intangible assets. However, participants faced a "digital-sharia dilemma", which is the challenge of maintaining financial discipline in the era of digital consumerism. In conclusion, the principles of Maqashid Syariah have proven to be operationalized in household financial management, although contemporary Islamic financial literacy education is needed to answer digital challenges. This study recommends a follow-up study with a mixed-methods approach to explore the dynamics of the integration of the five aspects of hifz in maqashid sharia more comprehensively.

Development and Determinants of Islamic Capital Market Performance In Indonesia: A Systematic Literature Review Period 2019-2025

Dicky Aditya, Intan Kurnia Ningsih — Thu, 25 Dec 2025 00:00:00 +0700

Despite the significant growth of Indonesia's Islamic capital market, there remains a lack of comprehensive synthesis regarding research developments, performance determinants, and methodological approaches used in studying this market during recent years. This study aims to systematically review the development and determinants of Islamic capital market performance in Indonesia during 2019-2025. Using the PRISMA 2020 framework, we analyzed 100 empirical articles from Indonesian academic databases focusing on research trends, determinant factors, and empirical models. The results show a significant increase in publications, especially during the COVID-19 pandemic period (2021-2023). Macroeconomic factors (inflation, exchange rates, BI rate) and market-specific factors (liquidity, capitalization, volatility) are the main determinants consistently found across studies. GARCH family models and ARDL are the most frequently used methodological approaches. The findings indicate that the Indonesian Islamic capital market is influenced by both conventional economic factors and Sharia-specific screening mechanisms. This study contributes to the literature by providing a comprehensive synthesis of Islamic capital market performance research in Indonesia, identifying consistent determinants, evaluating methodological patterns, and highlighting research gaps for future studies in market microstructure, investor behavior, spillover effects, and ESG integration.