Auditorium of Prof. Dr. Suwito, MA SPs UIN Jakarta, SPs NEWS – The Graduate School (SPs) of UIN Syarif Hidayatullah Jakarta held the 1733rd Doctoral Promotion Exam in the Auditorium Room of Prof. Dr. Suwito, MA Graduate School on Monday, October 5, 2026 with Purnama Putra promovendus.

Purnama is a student of the Doctoral program in Islamic Studies with a concentration in Sharia Economics and Finance. His dissertation is titled "Business Holding Model in the Economic Transformation of Islamic Boarding Schools: Analysis of Business Management of Sunan Drajat Islamic Boarding School".

This dissertation departs from a strong desire to construct a  business holding  model applied at the Sunan Drajat Islamic Boarding School. Not only mapping the business structure, this study measures how effective the corporate model is in triggering economic transformation, as well as dissecting its conformity with the noble values of the pesantren and the basic principles of Islamic economics.

To dissect business dynamics in the field, this study applied a qualitative approach with a single case study design in the Economics unit of the Sunan Drajat Islamic Boarding School. Data collection was carried out comprehensively through observation, in-depth interviews, documentation analysis, and data triangulation process which was then analyzed using the Miles and Huberman interactive model.

In order to sharpen the analysis, the main theoretical framework used combines the Theory of the Firm by Ronald H. Coase and the Institutional Islamic Economics of M. Umer Chapra and Habib Ahmed. Meanwhile, the perspective  of maqāṣid al-sharīʿah from al-Shāṭibī is presented as a complementary analysis knife to measure the weight of the benefits of the business practices carried out.

The findings show that the Sunan Drajat Islamic Boarding School has succeeded in building a strategic-operational hybrid holding  model through the existence of Perkom and PT Perekonomian Sunan Drajat. This integrated system is driven through a corporate parenting mechanism, centralization of financial governance, provision of shared services, digital reporting, cross-subsidies, and an aggressive business diversification strategy.

The implementation  of this holding  model has proven to be effective in reducing transaction costs, strengthening coordination between business units, and fortifying education funds from the impact of business risks. The economic benefits are also felt to the wider community, as evidenced by the absorption of around 980 workers, close partnerships with dozens of MSMEs, and the allocation of business surpluses to support free education and social welfare.

Nevertheless, this study also notes a number of critical notes that need to be addressed. The effectiveness of governance is currently still restrained by the dominance of family elements in supervision, lack of transparency in surplus allocation and transfer pricing, high dependence on key figures, limited substantive participation, and the lack of formal sharia supervisory institutions.

Normative-spiritually,  this business holding practice is considered to have supported the values of ḥifẓ al-dīn (maintaining religion), ḥifẓ al-ʿ aql (maintaining reason), and the achievement  of maṣlaḥah, although the refinement is still in process. Based on these conditions, this study reconstructs a  new maqāṣid-based holding   model that unites spiritual foundations, modern corporate structures, digital governance, economic integration strategies, and welfare orientation as a whole.

As a differentiator from previous studies, such as the research of Falach et al. (2023) which focuses on santripreneurship, Lahuri et al. (2023) on social capital, or Wati & Rafidah (2025) on cooperatives, this dissertation places  business holding as an integrated institutional system. This approach succeeds in synthesizing the efficiency of modern corporate governance with the strength of moral legitimacy typical of the Islamic boarding school world.

Purnama Putra successfully defended his dissertation under the guidance of Prof. Dr. Muhammad Nur Rianto Al Arif, M.Si, Prof. Dr. M. Arief Mufraini, Lc., M.Si, and Prof. Muhammad Zuhdi, M.Ed, Ph.D, and was tested in front of a board of examiners consisting of Prof. Dr. Zulkifli, MA, Prof. Dr. Muhammad Nur Rianto Al Arif, M.Si, Prof. Dr. M. Arief Mufraini, Lc., M.Si, Prof. Muhammad Zuhdi, M.Ed, Ph.D, Prof. Dr. Rusli, S.Ag, M.Soc.Sc, Prof. Dr. Kadir, M.Pd, Prof. Dr. Zubair, M.Ag

After paying attention to the writing of the dissertation, the comments of the examiner team and the answers of the examiner, the examiner team determined that Purnama Putra graduated with the title of Very Satisfactory. Purnama Putra is the 1733rd Doctor in the field of Islamic Studies, the doctoral program of the Graduate School of UIN Syarif Hidayatullah Jakarta. (Jay A)