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All Journal Jurnal Minds: Manajemen Ide dan Inspirasi Media Trend: Berkala Kajian Ekonomi dan Studi Pembangunan JURNAL ILMIAH PENDIDIKAN FISIKA AL BIRUNI JURNAL IQTISAD: Reconstruction of Justice and Welfare for Indonesia At-Taqaddum International Journal Ihya' 'Ulum al-Din Perisai : Islamic Banking and Finance Journal Economica: Jurnal Ekonomi Islam Akuntabel : Jurnal Ekonomi dan Keuangan Inovasi : Jurnal Ekonomi, Keuangan, dan Manajemen JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen International Journal of Zakat (IJAZ) Studi Akuntansi dan Keuangan Indonesia (SAKI) Journal of Digital Marketing and Halal Industry AL-ARBAH: Journal of Islamic Finance and Banking Journal of Islamic Economic and Business Research Islamic Banking : Jurnal Pemikiran dan Pengembangan Perbankan Syariah Journal of Islamic Economics, Management, and Business (JIEMB) Masyrif : Jurnal Ekonomi, Bisnis dan Manajemen Journal of Aswaja and Islamic Economics Al Qardhu Jurnal Ekonomi dan Bisnis Islam Green Economics Review Peradaban: Jurnal Pengabdian Masyarakat At-Tasharruf: Jurnal Ekonomi dan Bisnis Syariah
Mubarok, Ferry Khusnul
Fakultas Ekonomi Dan Bisnis Islam, UIN Walisongo Semarang
Religion Arts Humanities Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Law, Crime, Criminology & Criminal Justice Library & Information Science Physics Public Health Social Sciences Other

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Journal : Green Economics Review

 1 
Navigating the Jakarta Islamic Index During the Pandemic: An Analysis of Abnormal Returns and Trading Volume Dynamics Indah Amalia Putri; Ferry Khusnul Mubarok
Green Economics Review Vol. 1 No. 1 (2024)
Publisher : Yayasan Al Ma'arif Dawuhan

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Abstract

This study aims to analyze the differences in abnormal returns and trading volume activity before and during the COVID-19 pandemic in companies listed on the Jakarta Islamic Index (JII). The COVID-19 pandemic has significantly impacted the global and national economy, including Indonesia's Islamic finance sector. This study presents a novel contribution by examining the effects of COVID-19 on Indonesia’s Sharia-based stock market, a relatively underexplored area in Islamic finance literature. The research method used is an event study, utilizing secondary data of daily stock prices and trading volume activity for 21 days before and 21 days after the first COVID-19 case announcement on March 2, 2020. The sample comprises 30 stocks listed on the JII index. The analysis reveals significant differences in abnormal returns and trading volumes before and after the COVID-19 announcement, reflecting shifts in market responses to the global health crisis. The implications of this study provide valuable insights for investors, policymakers, and Sharia-compliant companies on the sensitivity of Islamic markets to major events like pandemics. Additionally, these findings are expected to aid in developing risk mitigation strategies for the Islamic stock market to address future global uncertainties.
Transformasi Keuangan Berkelanjutan: Peran Bank Syariah dalam Mendukung UMKM melalui Green Financing dan QRIS Cross-Border Dewi Malihatul Mawaddah; Ferry Khusnul Mubarok; Ismayadi; Ahmad Lukman Nugraha; Ubbadul Adzkiya; Tyagita Dianingtyas Sudibyo
Green Economics Review Vol. 1 No. 2 (2024)
Publisher : Yayasan Al Ma'arif Dawuhan

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The transformation toward sustainable finance has become a key priority in addressing climate change and economic inequality, particularly within the Micro, Small, and Medium Enterprises (MSMEs) sector. Despite their significant contribution to national economies, MSMEs often face barriers in accessing financing that aligns with sustainability principles and digital innovation. This study aims to explore the strategic role of Islamic banks in supporting MSMEs through the implementation of green financing and the utilization of cross-border QRIS as a digital financial innovation. Using a descriptive qualitative approach, this research incorporates literature review, secondary data analysis from Islamic banks’ financial reports, and interviews with MSME actors and banking practitioners. The findings reveal that Islamic banks have substantial potential in providing sustainable financing through Sharia-compliant schemes, such as green murabahah and environmental mudharabah, which support eco-friendly MSME projects. Additionally, the integration of cross-border QRIS expands international market access for MSMEs and enhances the efficiency of cross-border transactions. The implications of this study highlight the need for strong collaboration among regulators, Islamic banks, and MSMEs to foster an inclusive and sustainable financial ecosystem. Policy recommendations include strengthening fiscal incentives for green financing, improving Sharia-based digital financial literacy, and developing payment infrastructure that supports global connectivity. Islamic banks, therefore, can act as key catalysts in driving sustainable and globally competitive MSME growth.
The Impact of Zakat Distribution and Open Unemployment Rate on Economic Growth in Indonesia Alfina Nur Azzahra; Ferry Khusnul Mubarok; Rofiul Wahyudi; Khairulman Akbar Hutagalung
Green Economics Review Vol. 2 No. 1 (2025)
Publisher : Yayasan Al Ma'arif Dawuhan

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Economic growth is a key indicator of development performance, reflecting increases in per capita output and overall societal welfare. Despite Indonesia’s relatively stable economic growth, the effectiveness of socio-religious instruments such as zakat in promoting macroeconomic growth remains subject to debate, particularly when examined alongside labor market challenges as reflected in the Open Unemployment Rate (OUR). The novelty of this study lies in its empirical assessment of the role of zakat distribution and unemployment in influencing economic growth at the provincial level, thereby providing a more nuanced understanding of regional economic dynamics in Indonesia. This study aims to analyze the impact of zakat distribution and the Open Unemployment Rate on Indonesia’s economic growth. A quantitative approach is employed using multiple linear regression analysis. The study utilizes secondary data covering 34 provinces in Indonesia, obtained from the national statistical authority and officially recognized zakat management institutions. The findings reveal that zakat distribution does not have a positive and statistically significant effect on economic growth. Similarly, the Open Unemployment Rate does not exhibit a statistically significant negative effect on economic growth. These results suggest that the contribution of zakat to macroeconomic growth has not yet been optimal. This condition may be attributed to the relatively limited scale of zakat distribution, the predominance of consumptive-oriented allocation, and the lack of integration between zakat management and broader economic development policies. The implications of this study highlight the importance of strengthening zakat governance through the expansion of productive zakat programs and enhancing policy synergy between zakat institutions, labor market strategies, and national economic development frameworks. Such integration is expected to improve the effectiveness of zakat as an instrument for fostering inclusive and sustainable economic growth.
Co-Authors Ahmad Lukman Nugraha Ahmad Ridho Darmawan Ainu Nadina Aizzah Sifaur Robbyah Al-Ansyari, Ahmad Fuad Alfina Nur Azzahra Ananda, Oktaviola Putri Annisa Millania Baehaqi Cecep Soleh Kurniawan Darmawan, Ahmad Ridho Dewi Malihatul Mawaddah Dhofir Catur Bashori Dwi Syafitri Mariesta Isnaini Fad, Mohammad Farid Faizul Futhona Ulinnuha Farikhatul Liana Annisak Fariyani, Qisthi Fatah Syukur Fatah Syukur, Fatah Fuadi, Nasrul Fahmi Zaki Heny Yuningrum Heny Yuningrum, Heny Imam, Muhammad Khoirul Indah Amalia Putri Indah Amalia Putri Ismayadi Johan Arifin Julia Noermawati Eka Satyarini Julia Noermawati Eka Satyarini Junusi, Rahman El Khairulman Akbar Hutagalung Khoirul Anwar Khoirul Anwar Kurniawan, Cecep Soleh Luailiyah, Zahirotul Mariyani Mariyani Masfu’ah, Siti Millania, Annisa Mohamad Ali Erfanto Muhammad Khoirul Imam Muhammad Saifullah Muhammad Saifullah Musahadi Musahadi Nadina, Ainu Putri, Indah Amalia Rahman El Junusi Rahman El Junusi Rahman El Junusi Resfauzi Norma Safarda Rizka Nur Wahyuni Robbyah, Aizzah Sifaur Rofiul Wahyudi Rofiul Wahyudi Rofiul Wahyudi Rofiul Wahyudi Rofiul Wahyudi Rofiul Wahyudi Rofiul Wahyudi Rully Diyah Arum Sari Satyarini, Julia Noermawati Eka Siti Masfu’ah Sunu Prasetya Adi Tolkah Tolkah Tolkah Tolkah Tyagita Dianingtyas Sudibyo Ubbadul Adzkiya’ Wahyudi, Rofiul Yuli Haryati Yuli Haryati Yuli Haryati Yuli Haryati Zahirotul Luailiyah