EKOSISTEM: Journal of Economics, Business, and Contemporary Tourism
Journal of Economics, Business, and Contemporary Tourism (EKOSISTEM) is published three times a year, in January, April, July, and October. This journal serves as a platform for researchers, academics, and practitioners who are interested in advancing scientific knowledge and engaging in discussions on ideas, issues, and contemporary challenges in the fields of economics, business, and tourism.
Pengaruh Variabel Makroekonomi terhadap Dana Pihak Ketiga Bank Umum Syariah Periode 2015–2025
This study analyzes the macroeconomic factors affecting Third Party Funds (TPF) in Islamic commercial banks in Indonesia during 2015–2025, motivated by the strategic role of TPF as the primary funding source in Islamic banking and its vulnerability to macroeconomic changes. A quantitative approach was employed using quarterly time-series data obtained from official institutions, including the Financial Services Authority, Bank Indonesia, and the Central Statistics Agency, and analyzed through multiple linear regression using E-Views 10. The independent variables consist of inflation, BI Rate, exchange rate, and Gross Domestic Product (GDP), while TPF serves as the dependent variable. Prior to hypothesis testing, classical assumption tests were conducted to ensure the validity of the regression model. The findings reveal that inflation has a negative and significant effect on TPF, whereas the exchange rate and GDP have positive and significant effects, while the BI Rate does not significantly affect TPF. Simultaneously, all independent variables significantly influence TPF, indicating that macroeconomic stability plays a crucial role in encouraging public fund accumulation in Islamic banking and providing practical implications for policymakers and banking institutions.
Copyright (c) 2026 EKOSISTEM: Journal of Economics, Business, and Contemporary Tourism
Aktualisasi Filantropi Islam dalam Penguatan Kesejahteraan Masyarakat
Islamic philanthropy is a socio-religious instrument that plays an important role in strengthening community welfare. This study aims to analyze the actualization of Islamic philanthropy through zakat, infaq, and sadaqah as a means of benefit distribution, economic empowerment, social vulnerability reduction, and community solidarity strengthening. Using a qualitative approach with a library research method, data were obtained from the Qur’an, books, journal articles, and scholarly literature relevant to Islamic philanthropy, social welfare, wealth distribution, and community empowerment. The findings indicate that Islamic philanthropy should not only be understood as individual generosity but also as a social mechanism that promotes the distribution of benefits from economically capable groups to those in need. Its actualization needs to shift from consumptive assistance toward productive empowerment through business capital support, skills training, educational scholarships, micro, small, and medium enterprise development, and assistance for vulnerable families. In addition, Islamic philanthropy contributes to strengthening social cohesion and community resilience, particularly in facing economic pressures and social crises. However, its optimization still faces challenges, including weak governance, limited transparency, lack of impact evaluation, and low literacy regarding productive philanthropy; therefore, professional, transparent, data-based, and impact-oriented management is needed to ensure sustainable community welfare.
Islamic Philanthropy; Community Welfare; Zakat; Economic Empowerment; Social Solidarity
Model Pengembangan Usaha Mikro Kecil dan Menengah Berbasis Car Free Day di Kota Bondowoso dalam Perspektif Ekonomi Islam
Micro, Small, and Medium Enterprises (MSMEs) play a strategic role in strengthening regional economies, including in Bondowoso City, where one emerging form of empowerment is the utilization of Car Free Day (CFD) activities as an alternative economic space (Ivonia Auxiliadora Freitas Marcal et al., 2024); this study aims to analyze MSME development in Bondowoso City and formulate a CFD-based MSME development model from an Islamic economic perspective using a qualitative field research approach, with data collected through in-depth interviews, observation, and documentation involving local government, academics, business actors, and communities participating in CFD activities; the findings indicate that MSME development is supported by the synergy of four key actors within the Quadruple Helix model—government, academics, entrepreneurs, and the community—which fosters creativity, innovation, and enhances the capacity of MSME actors; furthermore, from an Islamic economic perspective, CFD-based MSME development aligns with sharia principles encompassing aspects of capital, human resource development, and marketing, grounded in the values of justice, welfare, and sustainability, and therefore this study recommends strengthening coordination among stakeholders and expanding MSME development initiatives based on Islamic economic values.
Car Free Day, Ekonomi Islam, Quadruple Helix ,UMKM,
Strategi Pertumbuhan UMKM Kuliner: Transformasi Operasional dan Pemetaan Krisis Fase Early Growth pada Mr. Tom Pizza
The culinary industry in Medan continues to grow rapidly; however, many micro, small, and medium enterprises face high business mortality during the early growth phase due to operational inefficiencies and weak managerial systems. This study aims to formulate and implement a resilient operational foundation for Mr. Tom Pizza to support business sustainability and growth readiness. Using an action research approach conducted over eight weeks, the study transformed the business from intuitive management into a more structured, system-based operational model. The main interventions included the implementation of Standard Operating Procedures (SOP), detailed Cost of Goods Sold (COGS) calculations, waste tracking mechanisms, and legal formalization through Business Identification Number (NIB) registration. The findings indicate that these interventions reduced production lead time by 15 minutes and decreased order error rates to below 2%. Through Greiner’s Growth Model, the study also identified an autonomy crisis, which was addressed through clearer job descriptions and delegated authority. Overall, the study concludes that operational standardization, cost control, and legal formalization strengthen the growth readiness of culinary MSMEs and provide a practical strategic blueprint for micro culinary businesses transitioning toward larger-scale operations.
Developing Madrasah Brand Image Through Integrated Promotion Strategy: A Review of Academic Literature
The growing competition among Islamic educational institutions has encouraged madrasahs to strengthen their brand image in order to increase public trust, institutional appeal, and competitiveness. This study aims to analyze the role of Integrated Marketing Communication (IMC) strategies in developing madrasah brand image through a review of academic literature. This research employed a systematic literature review method by examining scholarly articles from reputable academic databases, including Scopus, DOAJ, Google Scholar, and Garuda (SINTA), published between 2015 and 2024, with the analysis conducted through three stages: description, classification, and thematic synthesis of empirical findings related to integrated promotion and Islamic educational branding. The findings reveal that madrasah brand image is significantly influenced by three main factors—consistency of communication messages, integration of promotional channels, and credibility of communication sources—which collectively shape positive public perceptions of institutional quality, values, and character. Furthermore, the implementation of IMC based on Islamic values strengthens not only the external image of madrasahs but also their internal identity as character-based and competitive educational institutions, thereby contributing to the development of value-based educational branding and offering practical recommendations for ethical, consistent, and sustainable communication strategies.
Producing Loyalty: Social Networks, Religious Legitimacy, and Ethnic Business Strategies in Pasuruan Local Retail Economies
This study examines how customer loyalty is formed within ethnic and religious competition in the local retail economy of Pasuruan Regency and City, East Java, addressing the limited scholarship on loyalty formation in multi-actor markets where pesantren-based enterprises, ethnic businesses, and indigenous retailers interact simultaneously; guided by Pierre Bourdieu’s concepts of field, capital, and habitus, as well as Jürgen Habermas’s notions of system, lifeworld, and communicative action, the research employed a qualitative multisite case-study design conducted from January to February 2026, with data collected through in-depth interviews, participant observation, and document analysis involving 47 informants across four business clusters: Sidogiri Islamic Boarding School (Basmalah Mart), Arab, Chinese, and Javanese (indigenous enterprises); the findings reveal that customer loyalty emerges through distinct configurations of social networks, varying modes of capital conversion, and habitus-based business practices that shape trust, service, and market positioning, while the interaction between market rationality and community lifeworlds produces competitive coexistence characterized by implicit market segmentation; theoretically, this study contributes by integrating Bourdieu and Habermas to explain loyalty as a social, symbolic, and communicative process, and practically, it offers insights for retailers, ethnic business communities, and local policymakers in developing inclusive and culturally grounded market strategies.
Ethnic Business Strategy, Local Retail Economy, Loyalty Production, Pasuruan, Religious, Legitimacy, Social Networks
Productive Wakaf In Platform Economy: A Critical Analysis Of Maqaṣid Syari’ah Towards The Digital Model
This study critically examines the transformation of productive waqf in the platform economy through the lens of maqāṣid sharī‘ah. Using a qualitative systematic literature review, the research analyzes academic books, journal articles, classical Islamic legal texts, fatwas, and regulatory documents to assess whether digital waqf models remain consistent with the objectives of Islamic law. The findings indicate that digital productive waqf, including cash waqf, online fundraising platforms, and technology-based asset management, has considerable potential to broaden participation, improve transparency, and enhance operational efficiency, while its implementation also faces several challenges, particularly in regulatory adaptation, digital literacy, institutional capacity, and data security. From the perspective of maqāṣid sharī‘ah, these digital models are normatively acceptable because they support the protection of wealth (ḥifẓ al-māl), social welfare, and sustainable public benefit, provided that governance mechanisms ensure accountability, transparency, and compliance with Islamic legal principles. Although this study is limited to conceptual and normative analysis based on secondary data, it offers a useful framework for evaluating digital waqf governance and provides a foundation for future empirical research and policy development.
Investasi Infrastruktur dan Pertumbuhan Ekonomi Regional di Indonesia: Tinjauan Konseptual terhadap Pemerataan dan Pembangunan Berkelanjutan
This study aims to analyze the role of infrastructure investment in regional economic growth in Indonesia through a comprehensive literature review approach. Infrastructure plays a strategic role in promoting economic growth by enhancing productivity, strengthening regional connectivity, and expanding market access. In addition, infrastructure development contributes significantly to improving the quality of human resources, expanding access to basic services, and fostering economic inclusion, particularly in disadvantaged, frontier, and outermost (3T) regions. This study integrates neoclassical and endogenous growth theories, supported by national and international literature, as well as comparative insights from China, India, and Vietnam. The findings indicate that infrastructure investment has a positive effect on short-term economic growth through aggregate demand, while also serving as a catalyst for long-term structural transformation. However, the effectiveness of infrastructure development depends heavily on integrated planning, financing innovation, sound governance, and the incorporation of green and digital dimensions. This study concludes with strategic policy recommendations to strengthen the role of infrastructure as an instrument for equitable development and for enhancing Indonesia’s global competitiveness.
Infrastruktur, Pertumbuhan Ekonomi, Pembangunan Wilayah, Digitalisasi, Kebijakan Publik
Development of Qardh Contract Financing Inclusion in Sharia Banking
The concept of Qardh in Muamalah jurisprudence and its implementation in financial institutions, especially in Islamic banking, remains a subject of discussion. This article examines the qardh contract from its conceptual foundation in Muamalah jurisprudence to its implementation and practice in Islamic banks. This research employs qualitative methods with a library research approach. The results show that the application of qardh in various sectors of Islamic banking demonstrates the flexibility and relevance of this contract in diverse economic and social contexts. Furthermore, the development of the qardh contract indicates strong interest in improving its effectiveness within Islamic finance. However, several issues still require attention, highlighting the complexity and challenges in Islamic financial practice. Finally, the repayment mechanism emphasizes the importance of ensuring that the implementation of the qardh contract is conducted transparently and in accordance with applicable sharia principles.
Economic Transformation toward Green and Digital Economies: A Bibliometric Analysis of Research Trends and Knowledge Structure
The rapid growth of digital payments has transformed consumer behavior; however, existing research remains fragmented and has yet to provide a comprehensive global overview of how these changes are examined across disciplines. This study aims to map the global scientific development of digital payments and changing consumption patterns to identify thematic trends, intellectual structures, and emerging research directions. Using a bibliometric approach, the study analyzes data from international databases through performance analysis and science mapping to examine publication growth, author collaboration networks, and keyword co-occurrence patterns. The findings reveal a significant increase in studies on economic digitalization, consumer decision-making, and technology-based consumption, with a shift in focus from technology adoption issues toward behavioral and socio-economic impacts. These results confirm that digital payments not only enhance transactional efficiency but also reshape consumption patterns through convenience, perceived security, and lifestyle integration. The study concludes that interdisciplinary perspectives remain limited and recommends future research emphasizing cross-cultural comparisons, psychological mechanisms, and policy implications to strengthen both theoretical and practical foundations.
The Role of Digital Communication Strategies in Improving Financial Literacy of MSMEs in the Fintech Era
This study analyzes the role of digital communication strategies in improving the financial literacy of micro, small, and medium enterprises (MSMEs) in the Financial Technology (FinTech) era. The rapid expansion of FinTech has widened MSMEs’ access to digital financial services, including cashless payments, digital-based financing, and app-supported financial recordkeeping. However, this growing access is not always accompanied by sufficient financial literacy, increasing the risk of inappropriate financial decisions and inefficient financial management. Using a descriptive qualitative approach, the study synthesizes reputable national and international literature and integrates case-based insights from Indonesian MSMEs. The analytical framework combines the Theory of Planned Behavior (TPB) and the Technology Acceptance Model (TAM) to explain how communication influences intention and adoption of digital financial tools. The findings indicate that well-designed digital communication strategies are crucial and should be contextual, interactive, and sustained. Contextual communication adapts language, examples, and delivery to MSME needs and capabilities. Interactive communication enables two-way engagement through discussions, Q&A, and simulations that strengthen learning. Sustained communication reinforces practices through continuous, accessible, and scalable digital content.
Sustainable Economic Perspectives on Nawang Jagad Nature Tourism: Balancing Conservation and Value Creation
The development of nature-based tourism in Indonesia faces challenges in balancing economic growth with environmental conservation and the well-being of local communities. This study aims to analyze the management of Nawang Jagad Nature Tourism from a sustainable economic perspective, particularly the relationship between environmental conservation and the creation of economic value. The research employs a qualitative approach using a literature study method through a systematic review of scholarly articles, policy reports, and relevant documents related to sustainable tourism, ecotourism, and community-based tourism management. The findings indicate that Nawang Jagad Nature Tourism is managed through a community-based sustainable tourism approach, characterized by visitor limitations, conservation education, and active involvement of local communities. This management model generates economic value through the creation of local business opportunities, employment absorption, and the enhancement of community entrepreneurial capacity. However, the sustainability of the destination continues to face challenges, including potential environmental pressure, unequal distribution of economic benefits, and natural disaster risks. This study concludes that the integration of environmental conservation and community economic empowerment is a fundamental prerequisite for the sustainability of nature tourism. Furthermore, it emphasizes the importance of collaborative governance and inclusive, long-term-oriented tourism policies to ensure balanced and sustainable destination development.
Sustainable Economy, Environmental Conservation, Sustainable Tourism, Community Empowerment, Nature Tourism
Pengaruh Pengangguran dan Inflasi terhadap Life Expectancy at Birth di ASEAN dengan Moderasi Universal Health Coverage
This study examines the relationship between unemployment and inflation and life expectancy at birth (LEB) in five ASEAN countries over the 2013–2022 period, with the Universal Health Coverage (UHC) Index employed as a moderating variable. Panel least squares models are estimated using both a baseline specification and interaction models (UHC×unemployment and UHC×inflation) to assess whether health system strength mitigates the effects of macroeconomic shocks on longevity. The baseline results indicate that unemployment has a negative but statistically insignificant association with LEB (p = 0.3672), while inflation shows a negative and weakly significant effect at the 10% level (p = 0.0645). When moderation is introduced, the UHC index exhibits a positive and highly significant effect on LEB, and overall model fit improves substantially, with R² values ranging from approximately 0.885 to 0.896. The interaction between UHC and unemployment is negative and significant at the 10% level (p = 0.0862), suggesting that higher UHC levels attenuate the marginal relationship between unemployment and life expectancy. Similarly, in the inflation moderation model, inflation becomes strongly significant (p = 0.0050), and the UHC×inflation interaction is negative and highly significant (p = 0.0033), indicating that stronger UHC systems reduce the sensitivity of longevity outcomes to inflationary pressures. Overall, the findings suggest that the impact of macroeconomic conditions on population health is conditional on institutional capacity, underscoring the importance of strengthening UHC coverage, service quality, and financial protection in tandem with price stabilization and labor market support policies for vulnerable populations.
Inflation, Life Expectancy at Birth, Unemployment, UHC Index
Dampak Pencatatan Keuangan dalam Meningkatkan Stabilitas Usaha UMKM: Studi Kasus Panglong Setia Jaya
Financial recordkeeping is a critical component of business management, particularly for Micro, Small, and Medium Enterprises (MSMEs) that often lack access to digital accounting systems. This study aims to analyze the impact of financial recordkeeping on business stability through a case study of Panglong Setia Jaya, an MSME operating in Medan, Indonesia. Using a qualitative approach and case study method, data were collected through in-depth interviews and direct observation of manual bookkeeping practices. The findings reveal that consistent manual recordkeeping contributes positively to expense control, operational planning, profit measurement, and business decision-making. Although digital systems are not yet adopted, the structured documentation reflects transparency and accountability, which can enhance trust among business partners. However, manual bookkeeping also presents limitations, such as time-consuming processes, risk of data loss, calculation errors, and difficulty in long-term financial analysis. This study concludes that even basic financial recordkeeping plays a strategic role in building business stability. Nevertheless, its impact remains limited without further data analysis and digital integration. Future research is recommended to compare manual and digital bookkeeping systems and explore the role of financial literacy in improving MSME financial management.
Financial Recordkeeping, Business Stability, MSMEs, Manual Bookkeeping, Financial Literacy
Peran Rencana Produksi Harian dalam Meningkatkan Produktivitas UMKM Sektor Minuman: Studi Kasus Kang Dawet Kekinian
This study examines how daily production planning can improve productivity at Kang Dawet Kekinian, a micro-scale beverage MSME in Medan, Indonesia, which faces demand fluctuations that often result in overstock and understock conditions. The research designs a written Daily Production Plan (DPP) based on a moving average demand forecast and evaluates its role in controlling raw materials and labor time. Using a qualitative single-case study approach, data were collected through semi-structured interviews, non-participant observation, and operational documentation, including purchasing records and daily sales data. The findings indicate that a structured DPP supports more consistent achievement of the daily output target of approximately 100 cups, reduces waste through disciplined stock audits and standardized recipes, and optimizes labor hours by clarifying task sequences. In addition, the study identifies the use of a standby fund as a practical complementary strategy to maintain operational continuity when raw material supplies are low or deliveries are delayed. Overall, the study offers an implementable and low-cost production planning model for culinary MSMEs and highlights managerial steps to enhance operational efficiency under conditions of high demand variability by adapting formal production planning logic to the resource constraints typical of MSMEs, thereby making planning actionable without the need for complex systems.
Job Specialization as a Driver of Employee Productivity: Evidence from Potong Ayam Abah MSME, Medan
This study aims to analyze the contribution of job specialization in enhancing employee activity and productivity at UMKM Potong Ayam Abah in Medan City. Job specialization is viewed as a task division strategy based on individual expertise and skills to achieve optimal work effectiveness. This research employs a qualitative approach using the case study method. Data were collected through in-depth interviews, direct observation, and documentation, and then thematically analyzed to identify patterns and meanings in work activities in the field. The results show that job specialization plays a role in directing employee activities to be more structured, efficient, and aligned with the skills they possess. Clear task allocation allows employees to master certain skills in depth, thereby improving work speed, consistency in the quality of cutting results, and customer service. In addition, initial training and the mentoring process also contribute to enhancing the readiness and competence of new employees. However, implementing job specialization also requires flexibility to remain adaptive to fluctuations in customer numbers and employee absenteeism. Overall, job specialization positively impacts employee activities and productivity and supports the sustainability of business operations. This study recommends implementing cross-training to overcome workforce limitations and maintain productivity stability.
The Role of Marketing Strategy in Increasing Sales: Case Study Pempek Nabil Express Krakatau Branch
This study examines how marketing strategies increase sales at Pempek Nabil Express, Krakatau branch, an Indonesian culinary MSME in Medan, North Sumatra, highlighting the need to integrate digital and conventional approaches to strengthen brand awareness and drive revenue growth. Using a qualitative case-study design, data were gathered through semi-structured interviews with the owner, marketing staff, and customers, supported by field observations and document review. The analysis evaluates the deployment and performance of key digital channels (Instagram, TikTok, GrabFood, GoFood, ShopeeFood) alongside conventional tactics such as events, product sampling, and influencer collaborations. Findings indicate that Instagram is the most effective platform; an active follower base of over 14,300 substantially amplifies awareness and stimulates direct purchases. A grand-opening promotion offering a 50% discount triggered a sharp transaction surge and reinforced word-of-mouth diffusion. A quality-based pricing strategy, combined with periodic promotions, helps create positive value perceptions, while integration with online food- delivery marketplaces and partnerships with local influencers contribute to measurable sales growth. However, generalizability is limited by the single-branch focus, and long-term sustainability may be challenged by rising customer expectations about the price–quality trade-off and increasing demand for more frequent promotions.
Pengaruh Struktur Modal terhadap Profitabilitas pada Perusahaan Telekomunikasi yang Terdaftar di BEI Periode 2020-2023
This study examines the effect of capital structure on profitability in telecommunication companies listed on the Indonesia Stock Exchange during the 2020–2023 period. The study employs a quantitative associative approach using secondary data obtained from the annual financial statements of sampled companies. Capital structure is measured by Debt to Equity Ratio (DER) and Debt to Asset Ratio (DAR), while profitability is measured by Return on Assets (ROA). The data were collected through documentation techniques and analyzed using multiple linear regression, preceded by classical assumption tests including normality, multicollinearity, and heteroscedasticity tests. The findings reveal that DAR has a negative and significant effect on ROA, and DER also has a negative and significant effect on ROA. Simultaneously, both variables significantly affect profitability, indicating that a higher reliance on debt financing tends to reduce the company’s ability to generate profit from its assets. These results suggest that telecommunication companies need to manage their capital structure more carefully in order to maintain financial performance and avoid excessive financial burden. This study contributes to the literature on capital structure and profitability, particularly in capital-intensive industries such as telecommunications.
Impact of Current Ratio (CR), ROA, and ROE on Coal Subsector Stock Returns, IDX 2020–2023
This study aims to analyze the influence of Current Ratio (CR), Return on Assets (ROA), and Return on Equity (ROE) on stock returns in the coal subsector listed on the Indonesia Stock Exchange (IDX) for the 2020–2023 period. The research method used is associative quantitative with secondary data obtained from annual financial statements, stock prices, and other official publication sources. Data analysis was carried out using multiple linear regression with classical assumption tests including normality, multicollinearity, autocorrelation, and heteroscedasticity tests. The results of the study show that simultaneously CR, ROA, and ROE do not have a significant effect on stock returns. Partially, CR and ROA have no significant effect on stock returns, while ROE has a positive and significant effect. The adjusted R square value of 24.5% indicates that the independent variable is only able to explain the variation in stock returns of 24.5%, while the rest is influenced by other factors outside of this study. This finding implies that investors in the coal subsector should pay more attention to equity profitability indicators rather than liquidity or asset efficiency in making investment decisions.
Current Ratio, Return on Assets, Return on Equity, Stock Return , Coal Subsector
Local Cultural Construction in Job Creation: The Maqashid Syariah Approach
The application of local culture in local business activities for employees plays a central role in business development, especially in the Bone Regency. Therefore, the application of local cultural values must be studied comprehensively and must not conflict with Sharia, the highest law in Islam. This study aims to explore the importance of incorporating local culture, which is deeply rooted in the dynamics of community life, into the service sector, particularly among wedding organizers in Bone Regency. This study employs a qualitative method, collecting data through interviews and analyzing it using the maqashid sharia approach. The results show that local cultures such as alempureng, amaccangeng, asitinajang, agettengeng, reso, and siri have been implemented. In addition, there is a local culture that is often overlooked, namely atta. By integrating local cultural values into community life, a complete and integrated personality can be formed, as this aligns with the objectives of Sharia (maqashid sharia).