International Jornal of Noesantara Islamic Studies

ANALYSIS OF LIQUIDITY, SOLVABILITY, ACTIVITY, AND PROFITABILITY RATIOS ON THE FINANCIAL PERFORMANCE OF PT MITRA ADIPERKASA, TBK FOR THE PERIOD 2020-2024

2025-10-28T19:49:40+07:00

The importance of examining the financial performance of contemporary retail businesses within the context of economic dynamics, particularly during the pandemic and global economic recovery, is the driving force behind this research. Given the substantial challenges that PT Mitra Adiperkasa, Tbk, one of Indonesia's largest retailers, will face between 2020 and 2024, a comprehensive assessment of liquidity, solvency, activity, and profitability is crucial. The objective of this research is to analyze how these financial ratios have impacted PT Mitra Adiperkasa, Tbk's financial performance over the past five years. A case study approach combined with quantitative descriptive analysis is the research methodology used. The company's annual financial statements for 2020–2024 contain the data analyzed, with the following ratios calculated: activity (asset turnover), profitability (net profit margin, ROA, ROE), solvency (debt-to-equity ratio), and liquidity (current ratio). The analysis is completed by comparing the annual trends of these financial ratios and correlating them with the company's asset growth and profit performance. Based on research findings, the pandemic had a significant negative impact on PT Mitra Adiperkasa's profitability and solvency ratios in 2020, as evidenced by a decline in net profit margins and negative ROA and ROE. However, a slow recovery occurred from 2021 to 2024, during which time all significant financial ratios improved. Profitability returned to positive with a stable growth trend, increased company activity, and improved liquidity and solvency ratios.

GREEN ECONOMY AND RENEWABLE ENERGY IN THE SHARIA PERSPECTIVE: AN EMPIRICAL ANALYSIS OF INDONESIA

2025-11-28T12:40:10+07:00

This study aims to assess the extent to which Indonesia’s energy policy documents align with green economy principles by examining the consistency of low-carbon energy development from an Islamic (sharia) perspective. The analysis focuses on how national policies accommodate energy transition strategies, the expansion of renewable energy’s share in the energy mix, and emission-reduction efforts, while also evaluating their conformity with sustainability values embedded in the maqasid al-shariah. The research employs content analysis of various government documents, national energy reports, international publications, and the latest Indonesian energy statistics. The analytical process includes categorizing key themes, quantifying the frequency of green economy concepts, and mapping their alignment with sharia indicators. The findings reveal that the integration of green economy principles within Indonesia’s energy policies has strengthened, particularly in the development of renewable energy, improvements in energy efficiency, and emission-reduction initiatives. Nevertheless, gaps between policy targets and actual achievements remain. From a sharia perspective, policies that promote environmental protection are consistent with the objectives of hifz al-bi’ah and hifz al-mal. These findings suggest the need to reinforce regulatory frameworks, increase investment in the renewable energy sector, and adapt policies based on sharia-aligned sustainability principles to accelerate the national energy transition.

Stay Halal Brother : Exploring The Lived Experiences of Muslim Consumers in Avoiding Commonly Consumed Products Without Halal Labels

2025-11-15T15:04:17+07:00

This study explores the lived experiences of Muslim consumers in Makassar who consciously avoid commonly consumed products without halal labels. Using a qualitative phenomenological approach, the research aims to reveal how faith, morality, and daily consumption practices intersect in shaping ethical decision-making. Twelve participants were selected through purposive sampling and interviewed in natural settings such as markets and cafés, allowing the researcher to capture authentic narratives of moral reasoning and spiritual reflection. The findings reveal four interrelated experiential themes: awareness of uncertainty, moral and emotional negotiation, faith-based reasoning, and spiritual fulfillment. These experiences demonstrate that “staying halal” represents not only adherence to Islamic dietary law but also an ongoing process of self-discipline and taqwa (God-consciousness) expressed through restraint. The novelty of this study lies in shifting the analytical focus from halal purchasing intention to ethical abstention, emphasizing non-consumption as a form of worship and moral identity. The results highlight that in Makassar’s urban Muslim society, abstaining from uncertified products is a spiritual act rooted in reflexive awareness rather than fear or social conformity. The study contributes to the literature on Islamic consumer behavior by illuminating how faith is embodied in moral decision-making and suggests that halal education should emphasize inner consciousness and ethical reflection beyond certification systems.

THE FUTURE OF INDONESIA ISLAMIC BANKS: SENTIMENT CYCLES, FUNDAMENTALS, AND MARKET MATURATION

2025-11-15T15:01:04+07:00

Islamic banking in Indonesia has expanded rapidly in recent years, yet its market share remains modest at about 8% of national banking assets. Investor sentiment – the general mood or attitude of investors not fully justified by fundamentalsa may significantly influence this sector’s growth and stock performance. This study examines investor sentiment toward Islamic banking by focusing on Indonesia’s Islamic stock indices and the largest Islamic bank, Bank Syariah Indonesia (BSI). We utilize a mixed-method approach combining stock market data analysis with an Autoregressive Distributed Lag (ARDL) regression model to capture both short- and long-run effects. Daily price data from late 2022 to 2025 for BSI (stock code BRIS) and Islamic indices (Indonesia Sharia Stock Index – ISSI, and Jakarta Islamic Index – JII) are analyzed alongside a sentiment proxy (the Consumer Confidence Index) to assess sentiment impacts on returns and volatility. The results reveal that investor sentiment has a significant positive influence on Islamic bank stock performance and contributes to heightened volatility. BSI’s stock, in particular, shows strong sentiment-driven fluctuations, aligning with evidence that Islamic equities are not immune to speculative behavior. These findings highlight the importance of investor psychology in Islamic finance and suggest that even in a Sharia-compliant context, market sentiment can drive pricing dynamics. Strengthening investor education and transparency in Islamic banking is recommended to ensure market stability.

UTILIZATION OF DIGITAL TECHNOLOGY TO STRENGTHEN RELIGIOUS MODERATION VALUES AMONG STUDENTS

2025-11-05T12:03:13+07:00

This study aims to investigate how digital technology is used to strengthen the values of religious moderation among students in Indonesia. Amid rapid technological changes and the increasing use of digital media in education, the process of religious learning faces new challenges in instilling tolerant, inclusive, and peaceful attitudes, especially in the face of rampant intolerant and radical content in the digital space. This research uses a qualitative approach with a literature study method, by analyzing articles, journals, and previous research related to the application of digital platforms such as social media, e-learning, and online applications in shaping moderate character in students. The results of the study indicate that the use of digital literacy in conjunction with Islamic religious education, through learning management systems, religious podcasts, and online learning resources, makes a major contribution to increasing student participation, critical thinking skills, and the ability to filter religious information. Research findings show that students with high digital literacy tend to exhibit moderate, tolerant behavior, as well as have a commitment to the nation and an anti-violence stance. This study confirms that digital changes in religious education facilitate the dissemination and cultivation of religious moderation values, but still require the development of digital literacy programs and content supervision to prevent the spread of false information and radicalism. The implications of this research provide a theoretical contribution to the development of digital-based education models and practical guidance for educational institutions in creating an inclusive and adaptive learning ecosystem for future generations.