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All Journal Journal of Economics, Entrepreneurship, Management Business and Accounting
Chamim Thohari
Universitas Muhammadiyah Surabaya, Surabaya, 60113, Indonesia
Economics, Econometrics & Finance

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Riba Avoidance, Naqd Principles, and Perceived Islamic Macroeconomic Stability Abdul Wahab; Syaifuddin; Chamim Thohari
Journal of Economics, Entrepreneurship, Management Business and Accounting Vol 4 No 5 (2026): Volume 4, Issue 5, September 2026
Publisher : CV. Sakura Digital Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61255/jeemba.v4i5.2199

Abstract

Purpose – This study examines how Understanding of Naqd, Riba Avoidance Orientation, Perceived Monetary Justice, and the Role of Money as a Medium of Exchange are associated with perceived Islamic macroeconomic stability. It also tests the indirect relationship between Understanding of Naqd and perceived stability through the Role of Money as a Medium of Exchange. Design/methodology/approach – A quantitative explanatory survey was conducted with 100 purposively selected respondents drawn from Islamic economics students, academics, Islamic finance practitioners, and Muslim community members with knowledge relevant to the study. The data were analyzed using PLS-SEM in SmartPLS through measurement-model and structural-model assessment, including direct and specific indirect effects. Findings/Results – Understanding of Naqd (β = 0.303, p < .001), Riba Avoidance Orientation (β = 0.260, p = .011), and the Role of Money as a Medium of Exchange (β = 0.327, p = .001) were positively associated with perceived Islamic macroeconomic stability. Perceived Monetary Justice was not significant (β = 0.054, p = .634). The indirect path through the Role of Money as a Medium of Exchange was significant (β = 0.250, p = .001). Although reliability and convergent validity were acceptable, several HTMT ratios exceeded 0.90, so the structural findings require cautious interpretation. Originality/Value – The study integrates monetary understanding, riba avoidance, monetary justice, and the exchange function of money in one individual-level model. It extends Islamic finance research from institutional stability and product adoption toward the cognitive and evaluative processes underlying perceived Islamic macroeconomic stability.
Co-Authors Abdul Wahab Syaifuddin