On Wednesday, September 3, 2025, the Faculty of Economics and Business at Trisakti University held an Open Doctoral Promotion Session in Economics with a concentration in Accounting at Campus A, Hendriawan Sie (S) Building, 8th floor. During the event, Dr. Toto Sugihyanto, SE., S.Sos., M.Ak was awarded his doctorate with a grade of “Very Satisfactory,” becoming the 179th graduate of the doctoral program with a concentration in accounting.

The dissertation entitled “Declining Musyarakah Financing Model Strategy based on Ijarah and Ijarah Muntahia Bittamlik at Sharia Commercial Banks in Indonesia.” examines four (4) Musyarakah financing schemes for the purpose of asset ownership financing, namely Ijara Diminishing Musyaraka (IDM), Ijara Diminishing Musyaraka + Ijarah Muntahia Bittamlik (IDM+IMBT), Musyarakah Mutanaqisah (MMQ) and Musyarakah. Each financing scheme was analyzed in terms of ease of use, sharia compliance, benefits, and risks.

This session was chaired by the Chair of the Session, Prof. Dr. Yolanda Masnita Siagian, MM., CIRR., CMA, CPMA (Asia), accompanied by the Chair of the Doctoral Program in Economics with a Concentration in Accounting, who also served as Secretary, Prof. Dr. Etty Murwaningsari, Ak., MM., CA, with Promoter Prof. Dr. Tatik Maryanti, S.E., M.Si., and co-supervisor Dr. Deni Darmawati, SE., Ak., M.Si., CA., CPIA. The examination panel consisted of Dr. Hermi, M.Si and Dr. Hasnawati, S.E., Ak., M.Komp.

Novelty is the development of Ijara Diminishing Musyaraka (IDM) by researcher Selim, 2020, which originally consisted of the following components: partnership, lease, and sale. Additional components were added, consisting of: partnership, lease, sale, and lease ending in ownership (IMBT). The reason why Lease ends in Ownership (IMBT) is considered a novelty is because in Ijarah-based Diminishing Musyarakah or Ijara Diminishing Musyaraka  (IDM) (Selim, 2020), the mechanism ends at the stage of leasing by a third party, and when the lease period ends, the third party’s lease process (IDM) is completed. Meanwhile, with Ijarah Muntahia Mittamlik (IMBT), it continues to the stage of owning goods or assets with the option of purchasing or granting.

The results of this study indicate that the Ijara Diminishing Musyaraka (IDM) and Ijarah Muntahia Mittamlik (IMBT) models can increase the flexibility and security of Musyarakah financing. This study also found that the application of the IDM and IMBT models requires adjustments to revenue recognition, asset measurement and recognition, disclosure, as well as recording and reporting. Ijara Diminishing Musharaka has a high priority with a value of 0.108 in Limiting and 0.27 in Normalized. This shows that the Ijara Diminishing Musharakah (IDM) model can be applied to improve Musyaraka financing in Indonesian Sharia Commercial Banks. IDM has a positive effect on Musyarakah financing and can be an effective financing alternative. The application of Ijarah Muntahia Bittamlik (IMBT) can improve the IDM model by increasing the flexibility of Musyarakah financing.

With this achievement, Dr. Toto Sugihyanto can contribute to customers obtaining more flexible Musyarakah financing that suits their needs. For Indonesian Sharia Commercial Banks, this can improve the quality of Musyarakah financing and increase customer satisfaction. For regulators, this achievement can be considered in developing regulations that support the development of IDM and IMBT-based products. For Islamic banking practitioners, this achievement can be considered in applying IDM and IMBT in Musyarakah financing to increase the flexibility and security of financing.