The existence of COVID-19 in Indonesia had an impact on economy, including banking sector. However, sharia banking sector didn’t show a positive trend. However, even though sharia banking shows a positive trend, penetration rate of Islamic banking market in Indonesia is still relatively small when compared to conventional banking. That has made government decide to make a merger policy in state-owned sharia banking in hope that it can increase market penetration in Indonesia. This article is written to analyze about opportunities and challenges of merger policy for sharia banking considering the large role of sharia banking in improving country's economy. On the other hand, this policy was implemented in the midst of the COVID-19 pandemic. This article uses qualitative data analysis with descriptive methods and through a literature study approach. The data analysis focuses on the opportunities and challenges of the sharia banking merger policy by Indonesian’s government. Researchers use secondary data as a source for making articles. Based on research results, the formation of Bank Syariah Indonesia (BSI) as a result of merger provides many opportunities such as increasing assets, expanding market penetration, and operating cost efficiency. Meanwhile, financing and operational risk are two big challenges that need attention. This study contributes as inputs for stakeholders’ decisions in developing Islamic bank and finance

Islamic Rural Banks (BPRS) have an essential function for developing the Micro, Small, and Medium Enterprises (MSME) sector. For the BPRS to exist and not be liquidated, the BPRS needs to maintain its financial efficiency. This study aims to determine the efficiency of a BPRS in East Java. Then, this is to find out what affects the efficiency. Two Stages-Data Envelopment Analysis (DEA) calculate the efficiency. The first stage of data analysis is carried out by assessing the efficiency of the BPRS. The second stage is the analysis of variables that affect efficiency using logistic regression. This analysis also uses the description of the year of the Covid pandemic as a predictor variable. The results of this study found that the BPRS in East Java was categorized as inefficient (inefficiency). However, from the 20 samples used, there are three efficient BPRS based on the average individual BPRS during the 2012-2020 period. Based on logistic regression analysis, it is known that the factors that affect the efficiency of BPRs include Operational Costs and Operating Income, Earning Assets, and the pandemic era.

The growing number of Muslim populations promotes significant development on Islamic economic and finance activities called halal industry. While the halal industry is experiencing positive growth in the last four years, the Global Value Chain (GVC) – the chain of system that drives international trades and global economic activities – remains stagnant. The present study aims to explain the position of the Islamic economics and finance in the GVC. This study employs a qualitative-descriptive method with systematic literature review approach. By collecting secondary data using strict-processing stages and content analysis techniques, the author manages to meet the study’s purpose. The findings suggest that the Islamic economics and finance have opportunities to boost countries' participation in the GVC activities by harmonizing halal standardization, enhancing financial infrastructures, and providing various financial products. This study contributes to generate government policies and enterprises' decisions in developing the Islamic economics and finance within the GVC framework. It further provides initial insights and potential topics for future studies.

As a business entity, a sharia bank responsible not only as a company who seek profit, but also to carry out its functions and purposes as a sharia entity. The purpose of the research is to measure social performance achievement of Islamic financial institution using integrated maqasid sharia index. This evaluation research with descriptive approach develops a evaluation framework to measure the performance of maqasid sharia, which based on the concept of Najjar. Eight indicators have been developed, articulated through 6 dimensions, 19 elements, and 148 indicators. The results show that the highest score achieved by Bank Mandiri Syariah (BSM) is 16,90%, while the minimum score, 7,38%, is being held by Maybank Syariah.

Meningkatnya wabah virus Covid-19 seiring waktu telah menyebabkan banyaknya korban, juga berdampak terhadap aspek ekonomi, sosial dan kesejahteraan masyarakat. Pemerintah harus melakukan upaya dengan mengambil langkah-langkah dan kebijakan agar pandemi ini tidak menyebabkan efek jangka Panjang dan berdampak pada ketidakstabilan perekonomian dalam negeri yang berkelanjutan. Menindak lanjuti hal tersebut pemerintah kemudian mengeluarkan beberapa kebijakan untuk menstimulus perekonomian antara lain “(Inpres) Nomor (4) Tahun 2020” dan “(Perppu) Nomor (1) tahun 2020” yang mana akhirnya diresmikan menjadi “UU Nomor (2) Tahun 2020”. Namun pada tulisan ini penulis akan berfokus pada peranan dari implementasi “UU Nomor (2) Tahun 2020” dalam menangani dampak Covid-19 di bidang stimulus ekonomi. Tujuan dari artikel ini yaitu dalam rangka memahami dan menjelaskan pelaksanaan UU agar para pembaca dapat melakukan penilaian atas hasil realisasi kebijakan pemerintah, khususnya terkait penanganan COVID-19 dalam bidang ekonomi. Dengan menggunakan metode kualitatif dan pendekatan studi literatur, hasil penelitian menunjukkan dari alokasi dana yang diperuntukkan di bidang belanja kesehatan sebesar Rp 87,55 triliun, jumlah pasien Covid-19 di Indonesia dari waktu ke waktu masih menunjukkan tren positif. Untuk program perlindungan sosial masyarakat, pemerintah mengalokasikan dana sejumlah Rp 203,9 triliun, serta stimulus kepada dunia usaha sebesar Rp 297,64 triliun. Program tersebut diharapkan efektif dalam rangka menekan angka kemiskinan, PHK serta pengangguran di Indonesia akibat dampak dari pandemi Covid-19.