The Influence of Islamic Economic Literacy on the Purchasing Power

of Unida’s Students in Unit Usaha Unida (U3)

Ahmad Lukman Nugraha

, Arie Rachmat Soenjoto

and Adib Susilo

Department of Islamic Economics, Universitas Darussalam Gontor, Jln Raya siman 06 km, Ponorogo, Indonesia

Department of Business Administration, Islamic International University Malaysia, Selangor, Malaysia

Keywords: Purchasing Power, Islamic Economic Literacy, U3.

Abstract: Literacy will affect attitude and way of thinking of someone including their economic activities such as

purchasing power on a product. Especially pesantren universities such as UNIDA Gontor which have

economic independence, Islamic economic literacy are carried out both in practice and curriculum.

However, does the literacy attempted affect the purchasing power of students in UNIDA Business Units or

U3? This study aims to seek the effect of Islamic economic literacy at UNIDA on the purchasing power of

UNIDA students at U3. The method used in this research is quantitative analysis with multiple regression

analysis. Data collection was carried out using a questionnaire and then tested with SPSS 20 through 222

samples. The results of this study were that the halal of the product, product quality, elements of syubhat or

doubt, tabzir and isyraf elements significantly and positively influenced the purchasing power of UNIDA

students in U3 either simultaneously or partially. Based on the results of the regression test, it was found

that the variables of halal product, product quality, elements of syubhat or doubt, tabzir and isyraf had a

strong influence on the purchasing power of UNIDA students in U3, which about 69.1%.

1 INTRODUCTION

A person's ability to read literature and write

scientific papers and have skills in certain fields as a

result of his ability to read and write can also be

called literacy (Margaretha and Pambudhi, 2015).

Therefore a person who is literate is able to master

certain fields or activities so that he can face various

problems according to his abilities.

Therefore, literacy plays an important role in a

person's basic well-being. Where someone who has

been literate will easily face the challenges of the

times and can follow the changes and developments

of the times so quickly (Sina, 2012). Furthermore,

literacy, especially economic literacy, plays a major

role in the development of one's ability to make

decisions with the basic concept of how to think

economically to achieve prosperity (Mathews,

1999). Therefore, a person's economic knowledge

will influence economic activities.

One of the economic activities that is often

carried out is consumption, where humans as living

things will consume goods or products and maybe

even services to be able to meet their daily needs

and in order to survive (Juliana, Ulfah and

Syahrudin, 2014). For this reason, it is very

important for someone to understand and be able to

carry out economic literacy, so that he can manage

his personal consumption according to his level of

needs (Kanserina, Haris and Nuridja, 2015).

One's consumption activities can activate

economic life through the exchange of goods and

services with money through buying decisions

(Dwityanti, 2008). With this active economic

activity, economic growth can increase both on a

small scale such as companies and on a large scale

such as regions or countries. The business unit of an

agency is the pulse of economic growth for the

development of that agency, so that it is

economically independent (Pratama, 2019). So that

the agency can be more advanced in its activities

without always relying on assistance.

Darussalam University Gontor as one of the

higher education institutions has been financially

independent and economic activities. This is

evidenced by the development of agency

cooperatives into larger business units (Chotimah,

2015) with six subsidiaries that have a clear and

fixed target market. The business unit of Darussalam

172

Nugraha, A., Soenjoto, A. and Susilo, A.

The Inﬂuence of Islamic Economic Literacy on the Purchasing Power of Unida’s Students in Unit Usaha Unida (U3).

DOI: 10.5220/0010119700002898

In Proceedings of the 7th ASEAN Universities International Conference on Islamic Finance (7th AICIF 2019) - Revival of Islamic Social Finance to Strengthen Economic Development Towards

a Global Industrial Revolution, pages 172-177

ISBN: 978-989-758-473-2

Gontor University hereinafter referred to as U3 or

UNIDA Business Unit.

Behind the rapid development of U3, various

problems arise, one of which is the purchasing

power of students to consume goods and services

offered by U3 for daily life is quite low. In fact,

what U3 has to offer is the daily needs of people

who live on campus. Moreover, Darussalam Gontor

University is an Islamic boarding school, which

means students and some lecturers live within the

campus (Bali, 2017). This confirms that the

entrepreneurship curriculum in pesantren is well

implemented, not only through teaching and learning

activities but also by direct practice through business

units in pesantren.

With the number of students on the Siman

campus reaching 1400s and on the women's campus

reaching 1300s the purchasing power for

consumption of student needs should be quite

significant. The fact is that some of U3's subsidiaries

have not shown significant income to be developed

into other U3 subsidiaries.

Based on this background, this study aims to find

out how economic literacy affects the purchasing

power of students at Darussalam University of

Gontor at U3.

2 LITERATURE REVIEW

2.1 Islamic Economy Literacy

The low economic literacy has an impact on welfare,

Islamic economic literacy not only has an impact on

one's well-being, but will have an impact on the

people or society in general. That is because Islamic

economics has the concept of ta'awun or help

(Khasanah, 2019) which in turn, if a person is

titrated on the Islamic economic side he will be able

to advance himself and his environment.

Conversely, if the economic literacy of Islam is low,

then it will be far from the value of togetherness,

even further from religious values.

Therefore, the priority to increase Islamic

economic literacy becomes a necessity for

individuals or society. In other words, increasing

mastery of Islamic economic literacy is not

negotiable but rather a necessity and all of that

begins with the desire of continuous learning (Sina,

2012). Considering that the increase in Islamic

economic literacy not only has a positive impact on

the accumulation of assets, debt accumulation,

protection, accumulation of savings and carefulness

in managing spending, but the value behind it all and

the concept of ta'awun (Jirhanuddin, Dakhoir and

Sulistyaningsih, 2016) that exists in the economy

Islam.

Especially in consumption or in Islamic

economic terms also called istihlak, the perspective

that must be used is the mashlahah of the

consumption of goods or services (Harahap,

Nasution and Syahriza, 2017). For that someone

who will consume an item or service must pay

attention, whether or not halal the product or service

(Pujiono, 2006). Furthermore, someone who has

been literated will see the element of doubt from a

product (Puslitbang Kehidupan Keagamaan Badan

Litbang dan Diklat Kementerian Agama RI, 2013).

Furthermore, in the consumption of goods and

services, someone who has been titrated by the

Islamic economy will be careful in consuming goods

and services so that they are not tabdzir and isyraf or

excessive (Arief, 2012; Alkautsar and Hapsari,

2015; Almizan, 2016; Nugraha, Sunjoto and Susilo,

2019) These elements are of concern to a person

who is economically titrated in Islam when going to

buy a product or service without leaving the quality

of the product and service itself. Thus, these

elements that affect one's consumption will also

affect one's purchasing power.

2.2 Purchasing Power

Purchasing power is a person's ability to obtain

goods or services that are desired or needed, so that

purchasing power between one person and another

will be different (Abdurrahman, 2014). Purchasing

power can also be said as a person's ability to

consume goods or services (Hapsari, 2010) caused

by several factors such as income (Nugroho, 2009;

Widiastuti and Handayani, 2013), price of goods

(Mahardini and Woyanti, 2012; Sriwidodo and

Ernawati, 2012), product quality (Bachriansyah and

Ferdinand, 2011) and other factors (Musyawirah,

2016).

People's purchasing power is closely related to

the level of income they have, while income is

related to the work done. So that work is also an

important factor in the strength of people's

purchasing power. In which someone who does not

have a job will cause a decrease in purchasing power

due to lack of income or lack of income (Zarkasi,

2014).

A person's purchasing power will further

influence buying interest in goods or services and

determine the consumer's decision to buy the goods

or services offered. Although purchasing power does

not fully affect consumer buying interest. However,

The Inﬂuence of Islamic Economic Literacy on the Purchasing Power of Unida’s Students in Unit Usaha Unida (U3)

173

consumer buying interest will affect the consumer's

decision to buy the goods or services offered.

3 RESEARCH METHODS

The method used in this research is quantitative with

multiple regression analysis. The population in this

study was 2700 students from the male campus and

from the female campus using the Slovin formula

with error errors of 5% and 10%, so the number of

samples to be obtained was between 97 respondents

to 348 respondents. In this study the number of

samples obtained was 222 respondents in the range

97 to 348.

Data collection techniques used in this study was

questionnaires. The questionnaire distributed

contained questions about the general knowledge of

students regarding Islamic economics related to

factors that influence purchasing power. Such as, the

halal product, quality, elements of doubt, elements

of Islam, and elements tabdzir.

Meanwhile, the data analysis technique used in

this study is a descriptive analysis that describes the

phenomena or characteristics of the data. The

questionnaire used was a Likert scale that was tested

for validity and reliability and was tested by multiple

linear regression analysis.

With the data analysis technique used in this

study the hypotheses to be tested are as follows:

: Islamic economic literacy has no influence on

the purchasing power of UNIDA students at U3

: Islamic economic literacy affects the purchasing

power of UNIDA students in U3

4 RESULTS AND DISCUSSION

4.1 Validity Test

The Validity test is done by looking at the

correlation between variables, using the SPSS 20

application, the test results show that all variables

are valid (see appendix 1)

In this study df with a total of 222 respondents

was 220. Based on r table for N-2 or in this study

was 220 then the value of r table was 0.131. From

the results of the output table, r count for X1 or halal

product is 0.551 or greater than r table. Likewise

with X2 or product quality with an arithmetic of

0.557 which is greater than the r table. X3 or product

doubtful element r count is 0.591. Furthermore X4

or calculated element r count is 0.598 and X5 or

tabzir element r count is 0.472 which means that the

overall r count is greater than r table that is 0.131 so

it can be concluded that the data is valid and can be

continued in further analysis.

4.2 Reliability Test

As the validity test above, the reliability test was

also carried out with SPSS 20 then based on the

reliability test output it can be seen that the

Cronbach Alpha number for this research is 0.687 or

greater than 0.5 which means the data is still quite

reliable or the data is of moderate level. Data will be

considered reliable if Cronbach alpha is getting

closer to 1.00. Conversely, the closer to 0, the lower

the reliability of the data.

4.3 Hypothesis Testing

Based on the results of the regression test with

multiple regression analysis, the regression equation

can be determined based on the table below:

Table 1: Coefficients

Model B t Sig.

(Constant) .292 1.587 .114

X1 .191 4.826 .000

X2 .176 5.360 .000

X3 .175 5.594 .000

X4 .242 7.953 .000

X5 .138 4.899 .000

From the table above can be made multiple linear

regression equations as follows:

Y = 0.292 + 0.191 X1 + 0.176 X2 + 0.175 X3 +

0.242 X4 + 0.138 X5 + e

(1)

In the regression equation above, the constant

value is 0.292. This means that if the halal product,

product quality, elements of doubt, isyraf elements

and tabzir elements are considered constant then the

purchasing power will be constant of 0.292 units.

The regression coefficient for X1 or halal product is

0.191 which means that if the product halal variable

increases by one unit, purchasing power will

increase by 0.191. Meanwhile the regression

coefficient for X2 or product quality is 0.176

meaning that if the product quality variable increases

by one unit then purchasing power will increase by

0.176. Furthermore, the regression coefficient for X3

or the element of doubt is equal to 0.175 meaning

7th AICIF 2019 - ASEAN Universities Conference on Islamic Finance

174

that if the variable of the doubtful element increases

by one unit, the purchasing power will increase by

0.175. Furthermore, the regression coefficient for X4

or isyraf element is 0.242 which means that if the

variable isyraf element increases by one unit,

purchasing power will increase by 0.242. And

finally the regression coefficient for X5 or tabzir

element is 0.138 which means that if the tabzir

element increases by one unit, the purchasing power

will increase by 0.138.

Meanwhile the results of the ANOVA test or the

F test to see the relationship of variables

simultaneously or together can be seen in the table

below:

Table 2: ANOVA

Model df Mean

Square

F Sig.

Regression 5 9.637 96.671 .000

Residual 216 .100

Total 221

Based on the ANOVA table above it can be seen

that the calculated f value of 96.671 with a

significance value of 0,000 which is smaller than

0.05 means that the halal product, product quality,

doubtful elements, isyraf elements and tabzir

elements have an influence on the purchasing power

of UNIDA students in U3 therefore H1 is supported

or Islamic economic literacy influences the

purchasing power of UNIDA students in U3.

Meanwhile, based on the coefficient table for the

T test, the calculated t value for X1 was 4.826 with a

significance of 0,000 which was smaller than 0.05

meaning X1 or partial or individual halal products

had a significant influence on the purchasing power

of UNIDA students at U3. Meanwhile t count for X2

is 5,360 with a significance of 0,000 which is

smaller than 0.05 meaning that the quality of the

product partially or individually has a significant

influence on the purchasing power of UNIDA

students at U3. Furthermore, t arithmetic for X3 is

5,594 with a significance of 0,000 which means that

the element of doubt partially or itself has a

significant influence on the purchasing power of

UNIDA students at U3. Meanwhile, the t-count for

X4 was 7.953 with a significance of 0.000, meaning

that the isyraf element partially or individually

significantly influenced the purchasing power of

UNIDA students at U3. Furthermore, the t-count for

X5 is 4,899 with a significance of 0,000, meaning

that the tabzir element partially or individually

significantly influences the purchasing power of

UNIDA students at U3.

Furthermore, based on the same table, the beta

value for X1 is 0.215; X2 of 0.231; X3 of 0.250; X4

of 0.336 and; X5 of 0.202. Because the beta value

for X4 or isyraf element is greater than the others,

then X4 or isyraf element has a dominant influence

on Y or the purchasing power of UNIDA students at

U3 than other variables.

Meanwhile, the output summary model can be

seen R square (R2) as follows:

Table 3: Model Summary.

R R Square

Change Statistics

R Square

Change

F Change Sig. F

Change

.831

.691 .691 96.671 .000

Based on the table above, it can be seen that R2

is 0.691, which means 69.1% of the purchasing

power of UNIDA students in U3 is explained by the

halal product, product quality, syubhat elements,

isyraf elements and tabzir elements. Meanwhile, the

remaining 30.9% is explained by other factors not

examined in this study.

Based on the test results, all variables can be

concluded that H

is accepted and H

is rejected,

namely the economic literacy of Islam in UNIDA

Gontor has an influence on the purchasing power of

UNIDA Gontor students in U3. This indicates that

the Islamic economic literacy model at UNIDA

Gontor has run well. Starting from the curriculum to

the implementation or practice in economic

activities, especially on the campus itself. This

reinforces research conducted by Zarkasyi et al.,

Which states that curriculum design and

Islamization for economics is very important in

order to prepare individuals who are able to face the

challenges of the times in terms of economics both

in theory and practice (Zarkasyi et al., 2016).

Therefore halal is the main requirement for a

Muslim in buying an item. So that if someone does

not pay attention to the halal of a product, it is clear

that the economic literacy of Islam is not imprinted

on him. Where halal products consumed are positive

indications in his life (Pujiono, 2006). Therefore

product quality becomes number 2 after product

halal-ness. The results of this study indicate that

product quality has a significant relationship as well

as product halal quality, but the beta coefficient for

product halal-ness is smaller than product quality.

So that in practice UNIDA students continue to

prioritize the quality of new products then see the

The Inﬂuence of Islamic Economic Literacy on the Purchasing Power of Unida’s Students in Unit Usaha Unida (U3)

175

halal product to be purchased. This means that

product halal-ness has not become the main

indicator in buying goods or services. Even though it

should be good in the production or consumption of

halal goods is the main indicator (Ulum, 2015).

However, the main benchmark on the purchasing

power of UNIDA students based on beta testing is

the element of overkill. It means, UNIDA students

really avoid excessive elements when they want to

buy an item. This is consistent with research

conducted by Putriani and Shofawati which states

that the consumption patterns of Muslim students

have followed the pattern of consumption of

Rasullah that is not excessive (Putriani and

Shofawati, 2AD) likewise tabdzir that are avoided

by UNIDA students in buying products. This is also

in line with research conducted by Arifin which

revealed that consumption that goes beyond

reasonable limits is a taboo that should be avoided

by Muslim students who therefore desire to consume

a product needs to be controlled with the limits of

the required needs (Arifin, 2009).

5 CONCLUSIONS

Based on the results of data analysis, it can be

concluded that the halal product, product quality,

syubhat, tabzir and isyraf elements significantly and

positively influence the purchasing power of

UNIDA students in U3 either simultaneously or

together, partially or individually.

Based on the results of the regression test, it was

found that the variables of halal product, product

quality, elements of doubt, tabzir and isyraf had a

strong influence on the purchasing power of UNIDA

students in U3, amounting to 69.1%.

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APPENDIX

Appendix 1: Test of Validity.

The Inﬂuence of Islamic Economic Literacy on the Purchasing Power of Unida’s Students in Unit Usaha Unida (U3)

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