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All Journal AJIE (Asian Journal of Innovation and Entrepreneurship) Tasharruf: Journal Economics and Business of Islam Millah: Journal of Religious Studies Unisia Journal of Islamic Economics Lariba JCAIP: Journal of Contemporary Applied Islamic Philanthropy Indonesian Journal of Interdisciplinary Islamic Studies (IJIIS) Al-Amwal: Jurnal Ekonomi dan Perbankan Syariah
Yuli Andriansyah
Program Studi Ekonomi Islam (S1), Universitas Islam Indonesia, Yogyakarta, Indonesia
Religion Humanities Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences

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Islamic business ethics in Muslim fashion store: A study at 3 Nur Shop, Pattani, Thailand U-Mar, Nurainee; Andriansyah, Yuli; Hattabou, Anas
Journal of Islamic Economics Lariba Vol. 10 No. 1 (2024)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol10.iss1.art29

Abstract

Introduction The integration of Islamic business ethics into entrepreneurship is critical in predominantly Muslim societies. This study examines the implementation of these ethics at the 3 Nur Shop, a Muslim-owned convection business in Pattani, Thailand. The study highlights how adherence to ethical principles can influence business performance and community perceptions.Objectives This research aims to analyze the application of Islamic business ethics—based on the principles of Shiddiq (honesty), Amanah (trustworthiness), Fathanah (wisdom), and Tabligh (communication)—in the operations of 3 Nur Shop and to evaluate its social and economic contributions to the local community.Method The study employs a mixed-methods approach. Quantitative data were gathered from the shop’s employees to assess ethical adherence in daily operations, while qualitative data were collected from customers to understand their perceptions and experiences with the shop.Results Findings indicate that 3 Nur Shop practices Islamic business ethics comprehensively. Honesty is reflected in clear product information, trustworthiness in fulfilling customer expectations, wisdom in business innovation, and effective communication in maintaining customer relationships. These practices foster trust, enhance customer loyalty, and contribute to sustainable business growth.Implications The study emphasizes the importance of incorporating ethical practices in Muslim-owned businesses as a strategy for achieving commercial success while adhering to religious values. It provides a framework for entrepreneurs to integrate moral principles into their operations, fostering both ethical compliance and customer satisfaction.Originality/Novelty This research contributes to the literature by presenting a practical case study of Islamic business ethics implementation. It demonstrates how these principles can create a competitive advantage and build community trust, offering valuable insights for businesses in predominantly Muslim regions.
Performance measurement analysis of Sharia commercial banks in Indonesia with Maqashid Index and Sharia Conformity and Profitability (SCnP) Asmar, Mohd. Dimasqi Abandi; Andriansyah, Yuli; Masuwd, Mowafg
Journal of Islamic Economics Lariba Vol. 9 No. 2 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol9.iss2.art13

Abstract

IntroductionSharia-compliant banking plays a vital role in Indonesia's Islamic financial sector, balancing ethical principles and market competitiveness. However, assessing the performance of these banks requires tools that capture both financial viability and alignment with maqasid al-shariah, or the higher objectives of Sharia.ObjectivesThis study evaluates the performance of Indonesian Sharia-compliant banks using the Maqashid Index, which measures ethical contributions, and the Sharia Conformity and Profitability framework, which integrates financial outcomes with Sharia compliance. The research aims to identify key strengths and gaps in these banks' performance and compare the insights provided by these two frameworks.MethodA quantitative approach was adopted, analyzing data from five prominent Sharia-compliant banks in Indonesia over the 2010–2018 period. The Maqashid Index assessed contributions to education, justice, and public welfare, while the Sharia Conformity and Profitability framework evaluated financial performance and compliance with Islamic principles. Comparative analysis was employed to identify areas of alignment and divergence between the frameworks.ResultsThe findings revealed that while Bank Syariah Mandiri and Bank BNI Syariah excelled in both frameworks, others displayed significant gaps in education and public welfare contributions despite high Sharia compliance. Divergences between financial profitability and ethical objectives underscore the need for integrated performance metrics.ImplicationsThis study emphasizes the importance of balancing financial and ethical dimensions in Islamic banking. It provides actionable insights for policymakers and practitioners, suggesting a roadmap for enhancing both societal impact and financial sustainability.Originality/NoveltyThis study advances knowledge in Islamic banking by applying a dual-framework evaluation approach, highlighting the complementary roles of the Maqashid Index and Sharia Conformity and Profitability framework in assessing Sharia-compliant bank performance.
Factors influencing user interest in using Sharia-compliant Fintech services: A case study of SyarQ in Yogyakarta, Indonesia Yuniati, Tri; Andriansyah, Yuli; Martins, José Duarte Moleiro
Journal of Islamic Economics Lariba Vol. 10 No. 1 (2024)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol10.iss1.art27

Abstract

IntroductionThe rapid growth of financial technology has led to the emergence of sharia-compliant services like SyarQ, an Islamic-based online installment platform. Understanding the factors that influence consumer interest in such services is essential for their adoption and success.ObjectivesThis study aims to analyze the factors affecting users' interest in using SyarQ's services by integrating the Technology Acceptance Model (TAM) and the Theory of Planned Behavior (TPB).MethodA quantitative and exploratory research design was employed, utilizing online questionnaires distributed to 100 verified SyarQ users. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to test the proposed hypotheses and examine the relationships between variables.ResultsThe findings reveal that user attitude has a positive and significant effect on the interest in using SyarQ services. Perceived behavioral control positively influences perceived ease of use but does not significantly affect interest directly. Perceived ease of use positively affects both attitude and perceived usefulness. Subjective norms have a positive and significant impact on perceived usefulness but do not significantly influence interest. Perceived usefulness does not have a significant effect on attitude or interest.ImplicationsThe study suggests that enhancing user attitudes and simplifying the user experience can increase consumer interest in Sharia-compliant fintech services like SyarQ. Providers should focus on improving the ease of use and addressing factors that positively influence user attitudes to attract and retain customers.Originality/NoveltyThis research contributes to the existing literature by combining TAM and TPB to examine user interest in a Sharia-compliant fintech platform. It offers valuable insights into consumer behavior within Islamic financial services, a relatively underexplored area.
Product development strategies in Yogyakarta’s Muslim fashion industry: Innovation and ethics Putri, Nurul Elisa; Andriansyah, Yuli; Badjie, Fatou
Journal of Islamic Economics Lariba Vol. 9 No. 2 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol9.iss2.art15

Abstract

IntroductionThe Muslim fashion industry has become a significant contributor to Indonesia’s creative economy, blending Islamic values with modern aesthetics to meet growing consumer demand. Yogyakarta, as a hub for small- and medium-sized enterprises in this sector, provides a unique context for exploring the interplay between innovation, market responsiveness, and adherence to Islamic principles.ObjectivesThis study investigates the product development strategies of Muslim fashion businesses in Yogyakarta, focusing on how they balance market demands with Islamic values. The research examines the practices of four businesses—Gamis Amika, Dafh Hijab, Koppi Holic, and Distro Gamis Nibras—and evaluates their alignment with ethical and religious principles.MethodUsing a qualitative approach, the study employs semi-structured interviews, field observations, and document analysis to collect data. A thematic analysis framework was applied to identify recurring patterns and insights into product design, digital marketing strategies, ethical practices, and the challenges faced by these businesses.ResultsThe findings reveal that businesses integrate customization, innovation, and traditional elements into their products to meet consumer preferences. Digital platforms, such as e-commerce and social media, play a critical role in expanding market reach. While all businesses align with Islamic principles in sourcing and pricing, smaller enterprises struggle with resource constraints and scalability.ImplicationsThe study underscores the importance of innovation and adherence to Islamic values in sustaining competitiveness in the Muslim fashion industry. It provides actionable recommendations for entrepreneurs and policymakers to address challenges such as market competition and resource limitations.Originality/NoveltyThis study contributes to the growing body of literature on Islamic business practices by highlighting the strategies and ethical considerations unique to the Muslim fashion industry. It offers insights into how businesses can navigate the balance between innovation and tradition to foster sustainable growth.
Determinants of profitability in Indonesian Islamic banks: Financial and macroeconomic insights Nisa', Khilyatun; Andriansyah, Yuli; Hasan, Barham Bakr
Journal of Islamic Economics Lariba Vol. 9 No. 2 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol9.iss2.art14

Abstract

IntroductionProfitability is a crucial indicator of financial sustainability and competitiveness in the banking industry. For Islamic banks, profitability is influenced by both internal financial management and external macroeconomic factors, shaped by their adherence to Sharia principles. Indonesian Islamic banks operate in a dynamic financial environment that presents unique challenges and opportunities for sustaining profitability.ObjectivesThis study examines the determinants of profitability in Indonesian Islamic banks, focusing on the effects of internal financial ratios—Financing to Deposit Ratio (FDR), Capital Adequacy Ratio (CAR), Non-Performing Financing (NPF), and operating efficiency (BOPO)—as well as external factors such as interest rates and inflation.MethodA quantitative approach was employed, analyzing secondary data from 12 Islamic banks in Indonesia over the 2014–2018 period. Multiple regression analysis was used to evaluate the relationships between these variables and profitability, measured by Return on Assets (ROA). Diagnostic tests ensured the robustness and validity of the statistical model.ResultsThe findings reveal that FDR positively influences profitability, while NPF and BOPO have significant negative effects. CAR and inflation show no significant impact, and interest rates indirectly affect profitability despite the interest-free nature of Islamic banking. These results highlight the interplay of internal management practices and macroeconomic factors in shaping financial performance.ImplicationsThis study emphasizes the need for Islamic banks to enhance credit risk management, optimize operational efficiency, and adapt to macroeconomic conditions to sustain profitability. The findings provide actionable insights for policymakers, regulators, and practitioners aiming to strengthen the financial sustainability of Islamic banking in Indonesia.Originality/NoveltyThis research integrates internal and macroeconomic determinants to offer a comprehensive analysis of profitability in Indonesian Islamic banks. By bridging gaps in the literature, it contributes to the development of strategies for financial performance optimization in Sharia-compliant banking.
Sources and use of Indonesia’s foreign debt from an Islamic economic perspective based on Siddiqi’s theory Sumantri, Nur Adnan Tamalia Ali; Andriansyah, Yuli; Nayak, Venkatesha
Journal of Islamic Economics Lariba Vol. 10 No. 1 (2024)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol10.iss1.art28

Abstract

Introduction Foreign debt has been a significant factor influencing Indonesia's economic growth, both positively and negatively. Despite its role as a critical source of funding, mismanagement has led to dependency and economic challenges. Research on foreign debt from the perspective of Islamic economics remains limited, especially concerning its sources, utilization, and compliance with Islamic principles.Objectives This study aims to analyze the sources and uses of Indonesia’s foreign debt from an Islamic economic perspective, utilizing M. Nejatullah Siddiqi's theory. It also seeks to assess how foreign debt aligns with Islamic principles and its implications for the country's economy.Method A qualitative research methodology was employed, focusing on a literature review of previous studies, policy documents, and secondary data related to Indonesia’s foreign debt from 2009 to 2018.Results The study identifies that Indonesia's foreign debt is sourced through bilateral and multilateral loans and used primarily for infrastructure and public services. However, significant inefficiencies and interest-based practices conflict with Islamic principles, particularly the prohibition of riba (usury). Misallocation of funds and rising debt levels have further exacerbated economic disparities and dependency on external creditors.Implications To reduce dependency on foreign debt and align financial practices with Islamic principles, policy recommendations include optimizing domestic resource management, implementing Sharia-compliant financing models, and improving accountability in public expenditure.Originality/Novelty This study provides a comprehensive analysis of Indonesia's foreign debt within the framework of Islamic economics, offering practical insights for policymakers to ensure sustainable and ethical economic practices while addressing the country’s financial challenges.
The effect of corporate social responsibility, activity ratio, and capital structure on profitability of companies listed in the Jakarta Islamic Index Santoso, Taufiq Agus; Andriansyah, Yuli; Bastanifar, Iman
Journal of Islamic Economics Lariba Vol. 10 No. 2 (2024)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol10.iss2.art30

Abstract

IntroductionCorporate profitability remains a critical focus for businesses operating within Islamic finance frameworks, where ethical and financial principles coexist. This study examines the influence of Corporate Social Responsibility (CSR), capital structure, and activity ratio on the profitability of companies listed on the Jakarta Islamic Index (JII) from 2012 to 2017. The study aims to clarify the complex interactions among these variables and their implications for financial performance in Sharia-compliant firms.ObjectivesThe primary objective of this research is to analyze the individual and collective effects of CSR, capital structure, and activity ratio on profitability, measured by Return on Equity (ROE). The study seeks to provide actionable insights for managers and policymakers in Islamic finance, while contributing to the academic discourse on corporate performance determinants.MethodThis quantitative study employs secondary data from the financial statements of 13 JII-listed firms over five years. CSR is measured through Islamic Social Reporting, capital structure by Debt-to-Equity Ratio, and activity ratio by Total Asset Turnover. Multiple regression analysis using econometric tools tests the hypotheses, supported by descriptive and inferential statistical methods.ResultsThe findings reveal that CSR does not have a direct significant impact on profitability, while capital structure negatively influences financial performance due to risks associated with debt. Conversely, activity ratio positively affects profitability, highlighting the importance of operational efficiency. Collectively, these variables significantly shape financial outcomes in Sharia-compliant firms.ImplicationsThe study underscores the need for an integrated approach to balancing ethical commitments, financial strategies, and operational practices to achieve sustainable profitability. The findings provide valuable guidance for improving corporate strategies in Islamic finance and advancing the field’s literature.Originality/NoveltyThis research uniquely integrates CSR, capital structure, and activity ratio within the context of JII-listed firms, offering a comprehensive perspective on profitability dynamics in Islamic finance. It contributes to both theoretical and practical understandings of financial performance in Sharia-compliant businesses.
Enhancing Sharia compliance: Evaluating supervisory roles in a rural Islamic bank in Yogyakarta, Indonesia Rahmatika, Dzuriyatun; Andriansyah, Yuli; Qubbaja, Adnan
Journal of Islamic Economics Lariba Vol. 10 No. 2 (2024)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol10.iss2.art29

Abstract

Introduction Islamic Rural Banks (Bank Perekonomian Rakyat Syariah abbreviated BPRS in Bahasa Indonesia) play a vital role in promoting Islamic finance in Indonesia. Central to their operation is the Sharia Supervisory Board (Dewan Pengawas Syariah abbreviated DPS in Bahasa Indonesia), tasked with ensuring that all financial activities align with Islamic principles. Despite their importance, gaps in the implementation of Sharia compliance suggest limitations in Sharia Supervisory Board effectiveness, which may undermine the integrity of Islamic Rural Banks operations. Objectives This study investigates the effectiveness of the Sharia Supervisory Board in maintaining Sharia compliance within an Islamic Rural Bank in Yogyakarta, Indonesia. It aims to identify key challenges, such as regulatory clarity, institutional support, and the qualifications of the Sharia Supervisory Board members, and their impact on the Islamic Rural Bank’s governance and performance. Method The research employs a mixed-methods approach, combining qualitative and quantitative analyses. Data were collected through structured interviews with Sharia Supervisory Board members, Islamic Rural Bank executives, and regulatory bodies, alongside a review of regulatory documents and institutional records. The study uses thematic analysis and statistical tools to evaluate the factors influencing the Sharia Supervisory Board’s effectiveness. Results Findings reveal that the effectiveness of the Sharia Supervisory Board is significantly influenced by their qualifications, access to training, and institutional support. Regulatory ambiguities lead to inconsistent Sharia compliance practices across Islamic Rural Banks. Institutions with robust internal frameworks and better resource allocation exhibit higher levels of Sharia compliance and customer trust. Implications The study highlights the necessity for comprehensive training programs, more explicit regulatory guidelines, and more substantial institutional support to enhance the role of the Sharia Supervisory Board. These improvements are essential for maintaining the credibility of Islamic financial institutions and fostering customer confidence. Originality/Novelty This research contributes to the literature on Islamic finance governance by addressing systemic and practical challenges faced by the Sharia Supervisory Board in Islamic Rural Banks. It offers actionable recommendations for policymakers, regulators, and financial institutions to strengthen the governance and compliance mechanisms in Islamic banking.
Factors Influencing Image and Loyalty of Halal Tourism Destinations in Yogyakarta, Indonesia Soewito , Deffrin Glennino; Andriansyah, Yuli; Putra, Bintang Paula
Unisia Vol. 41 No. 2 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/unisia.vol41.iss2.art6

Abstract

Indonesia's rich cultural and geographical diversity positions it as a global tourist destination, with Yogyakarta standing out for its cultural heritage. This study investigates the factors influencing the image and loyalty of halal tourism destinations in Yogyakarta, addressing the growing demand for halal-compliant tourism in a predominantly Muslim country. The research aims to analyze the impact of various factors, including halal food, social environments, facilities, services, staff behavior, attire, perceived value, satisfaction, and trust, on shaping the image and loyalty of halal tourism destinations. A quantitative approach was employed, utilizing surveys to collect data from 160 respondents visiting selected hotels and attractions in Yogyakarta. Data analysis included multiple regression testing and classic assumption tests to ensure robustness and reliability. The findings reveal that all examined variables significantly influence the image and loyalty of halal tourism destinations. Key contributors include halal food, social environments, and staff behavior. Tourists rated satisfaction, perceived value, and trust highly, though areas like halal-specific information and services require enhancement. The model demonstrates strong predictive power, with 90% of loyalty and image variations explained by the analyzed factors. This study emphasizes the importance of addressing faith-based needs to sustain and enhance Yogyakarta’s halal tourism appeal. Recommendations include developing halal-compliant infrastructure, improving information services, and implementing targeted marketing strategies to attract and retain Muslim tourists. These insights provide actionable strategies for stakeholders in the tourism sector, contributing to the broader literature on halal tourism.
Determinants of Murabahah Margin Income in Indonesian Islamic Commercial Banks, 2013–2018 Gustianti, Rizky; Andriansyah, Yuli; Masuwd, Mowafg
Unisia Vol. 41 No. 2 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/unisia.vol41.iss2.art7

Abstract

This study investigates the factors influencing murabahah margin income in Islamic commercial banks in Indonesia from 2013 to 2018, focusing on the BI Rate, overhead costs, and third-party funds (Dana Pihak Ketiga abbreviated DPK in Bahasa Indonesia). It aims to explore how these variables, individually and collectively, affect murabahah pricing, which is critical for ensuring competitiveness and adherence to Sharia principles in Islamic finance. A quantitative approach was employed, utilizing secondary data from quarterly financial reports of Islamic banks. Multiple linear regression analysis, complemented by classical assumption tests, was used to evaluate the relationships between the independent variables and murabahah margin income. The analysis ensures robust insights into the financial dynamics of Islamic banking. The findings reveal that overhead costs significantly and positively influence murabahah margin income, underscoring the role of operational efficiency in pricing. While the BI Rate demonstrated a positive association with murabahah margins, its effect was statistically insignificant, highlighting the need for alternative Sharia-compliant benchmarks. DPK exhibited a negative but insignificant relationship, suggesting that its liquidity impact on murabahah margins may be indirect and moderated by other factors. The combined analysis showed that these variables significantly influence murabahah margins collectively, with overhead costs being the most dominant determinant. These results emphasize the interplay between macroeconomic indicators and operational strategies in murabahah pricing. They highlight the need for operational efficiency, ethical benchmarks, and innovative deposit mobilization strategies. This study contributes to the broader discourse on Islamic finance, offering actionable insights for improving financial sustainability and aligning practices with Sharia principles.
Co-Authors Asmar, Mohd. Dimasqi Abandi Atmaja , Fajar Fandi Atmaja, Fajar Fandi Azmi , Ghitha Nabilah Azmi, Ghitha Nabilah Azzahra, Asiyah Badjie, Fatou Bahri, Bachtiar Bastanifar, Iman Gustianti, Rizky Hasan, Barham Bakr Hattabou, Anas Humairah, Nadia Ilham S., Walhaarik Lalu Abdurrahman Lana, Rima Isfah Martins, José Duarte Moleiro Mešković, Admir Mowafg Abrahem Masuwd Nayak, Venkatesha Nisa', Khilyatun Nugroho, Anton Priyo Panji Wicaksono Puspitawati, Evi Setyorini Putra, Bintang Paula Putri, Nurul Elisa Qubbaja, Adnan Rahmatika, Dzuriyatun Sandhyapranita, Intan Santoso, Taufiq Agus Sobirov, Bobur Soewito , Deffrin Glennino Suhud, Diar Melati Sumantri, Nur Adnan Tamalia Ali U-Mar, Nurainee yuniati, Tri