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All Journal Economica: Jurnal Ekonomi Islam Iqtishoduna: Jurnal Ekonomi Islam Jurnal Magister Ekonomi Syariah
Romzie Rosman
International Islamic University Malaysia
Economics, Econometrics & Finance Social Sciences Other

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Transparency, Accountability, and Customer Trust in Islamic Banking: A Panel Data Analysis from Selected OIC Countries Zulfikar Hasan; Muhamad Abduh; Romzie Rosman
Jurnal Magister Ekonomi Syariah Vol. 4 No. 2 Desember (2025): J-MES: Jurnal Magister Ekonomi Syariah
Publisher : Program Studi Magister Ekonomi Syariah, Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/jmes.2025.042-04

Abstract

This study examines how transparency and accountability shape customer trust in Islamic banking across selected OIC countries. Using panel data from 2010–2023, the analysis captures cross-country and time variations to reflect differences in institutional settings and developments over time. Governance and performance metrics are employed to represent transparency and accountability, while customer trust is proxied by deposit-related indicators. Applying fixed effects and system GMM estimations, the findings reveal a coherent pattern: transparency plays a dominant role in strengthening customer trust, as clear disclosure and accessible information directly reduce information asymmetry and enhance perceived Shariah credibility. Accountability also contributes positively, but its impact is comparatively weaker, reflecting the more indirect and internally oriented nature of accountability mechanisms. Importantly, transparency and accountability reinforce each other, indicating that trust is most effectively built when open communication is supported by robust governance structures. These results extend the Islamic finance literature by highlighting governance as a key driver of non-financial outcomes. Policy implications suggest the need for harmonized governance frameworks across OIC countries, with particular emphasis on strengthening transparency as a foundation for sustainable trust in Islamic banking.
Does Hospitality Drive Halal Tourism, or Vice Versa? Dynamic Panel Evidence from OIC and Non-OIC Destinations Zulfikar Hasan; Romzie Rosman; Sona Muhardi
Economica: Jurnal Ekonomi Islam Vol. 17 No. 1 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2026.17.1.31182

Abstract

This study examines the relationship among halal tourism, hospitality services, and Muslim-friendly travel experiences across the selected sample of OIC and non-OIC countries from 2010 to 2025, incorporating the latest observations for 2025. Using a quantitative design, the analysis applies Dynamic Panel Vector Autoregression to identify reciprocal causal relationships and System Generalized Method of Moments estimation to address endogeneity and test robustness based on first-differenced stationary variables. The PVAR results indicate bidirectional causality between halal tourism and both hospitality services and Muslim-friendly travel experiences. In addition, the System GMM estimates show that hospitality services significantly improve halal tourism (β = 0.274, p = 0.003), while Muslim-friendly travel experiences produce an even larger impact (β = 0.351, p < 0.001). The model also satisfies diagnostic tests, as the Hansen J-test confirms instrument validity (p = 0.290) and no second-order serial correlation is detected (p > 0.10). Taken together, these findings reinforce the tourism-led growth hypothesis and endogenous growth theory by demonstrating dynamic links among these sectors. Thus, OIC and non-OIC state authorities must defend Islamic-oriented hospitality, devise Muslim/halal-friendly tourism standards and branding within a framework of destination inclusivity in balance with real and sustainable halal certification.
Beyond Financial Performance: Reconstructing Firm Value in Islamic Banking through Sharia Enterprise Theory Ismawati; Romzie Rosman; Nurjannah; Juhasdi Susono; Supriadi
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 2 (2026): October (On Progress)
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v15i2.3939

Abstract

Background and research gap Research on firm value in Islamic banking remains dominated by financial and market-based perspectives, while the integration of  sharia accountability dimensions into firm valuation remains underexplored in the international literature. This gap limits understanding of how Islamic banks may conceptualise corporate value beyond conventional financial measures. Purpose – This study aims to reconstruct firm value in Bank Muamalat Indonesia and Bank Syariah Indonesia through Sharia Enterprise Theory by positioning Asset and Liability Management (ALMA) as accountability to humans, Green Banking as accountability to nature, and zakat as accountability to God. Design/methodology/approach – Employing an interpretive paradigm, the study adopts a phenomenologically informed comparative case-study approach. Data were collected in Makassar and Gowa, South Sulawesi, from May to July 2026 from seven informants comprising four practitioners, one regulator, and two academics through focus group discussions, interviews, observations, and document analysis. Phenomenological reduction identified meaning units and distinguished noema from noesis through intentional analysis. Key Findings – The findings reveal the absence of specific  sharia-based indicators for Islamic banking firm value. ALMA reflects stakeholder accountability, while Green Banking demonstrates environmental accountability, although evidence is stronger in internal operational practices than in green financing and portfolio-level impacts. Zakat represents transcendental accountability to God. Research limitations/implications – Given its qualitative and context-specific design, the study offers analytical rather than statistical generalisability. Originality/value – Its originality lies in developing an interpretive evaluative framework for understanding Islamic banking firm value through  Sharia Enterprise Theory, rather than proposing a validated causal or composite model.
Co-Authors Ismawati Juhasdi Susono Muhamad Abduh Nurjannah Sona Muhardi Supriadi Zulfikar Hasan Zulfikar Hasan