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Psychological attitudes of Indonesian millenials consumer to choose Islamic banking financing Moh. Herman Eko Santoso; Mohamad Soleh Nurzaman
al-Uqud : Journal of Islamic Economics Vol. 7 No. 1 (2023): January
Publisher : Universitas Negeri Surabaya

Islamic banks define as financial service institutions which offer the ease of owning home through Islamic homeownership financing products as knows as Islamic mortgage. This financing product can be a solution for millennials to be able to own a home. This study aims to examine the psychological response of millennials generation towards acceptance in choosing an Islamic mortgage using Theory of Planned Behavior Model (TPB) with Attitude, Subjective Norm, and Perceived Behavioral Control as variables. Analyzed of 256 respondents in this study used Structural Equation Modelling AMOS (SEM-AMOS) and IBM SPSS Statistics. The research shows that the variable Attitude and Perceived Behavioural Control have positive and significant impact on the intention of millennials to choose Islamic mortgage. Further, Perceived Behavioral Control was found to be the most influential factor in determining the intention of millennials to choose Islamic mortgage. On the other hand, this study also found that the Subjective Norm variable had a positive but not significant for the effect. These findings provide information that psychological factors can form the customer's intention to use Islamic mortgage products. Therefore, all stakeholders can consider the psychological factors of prospective customers in designing and developing Islamic mortgage products in Indonesia.

Pemikiran Ekonomi Imam Ibnu Taimiyyah Menguak Pemikiran Ekonomi Muslim Klasik Marsella Marsella; Mohamad Soleh Nurzaman
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol 5 No 5 (2023): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Research and Strategic Studies Center (Pusat Riset dan Kajian Strategis) Fakultas Syariah IAI Nasional Laa Roiba

This article aims to analyze classical Muslim economic thought based on the main ideas of Imam Ibn Taimiyah. Authors this article using a qualitative analysis method where the data and information were obtained by conducting a literature search from articles and previous research studies. The results obtained indicate that several principles of Islamic economics were born from the thoughts of Imam Ibn Taimiyah, which must be fulfilled in Islamic economic activities. These principles include monotheism, rules, freedom, justice, balance, and responsibility. Therefore, mus fulfilled all tenets because they are related to one another and cannot be separated. Of course, the thoughts of Imam Ibn Taimiyah have their meaning and purpose in developing economic activities, especially Islamic economics. Artikel ini bertujuan untuk menganalisis pemikiran ekonomi muslim klasik berdasarkan pokok pemikiran Imam Ibn Taimiyah. Dalam penulisan artikel ini menggunakan metode analisis kualitatif dimana data dan informasi yang termuat didalamnya didapat dengan melakukan penelusuran pustaka dari artikel dan kajian penelitian terdahulu. Hasil yang diperoleh menunjukkan bahwa terdapat beberapa prinsip ekonomi islam yang lahir dari pemikiran Imam Ibn Taimiyah yang harus dipenuhi dalam kegiatan perekonomian islam. Prinsip tersebut diantaranya: ketauhidan, kaidah, kebebasan, keadilan, keseimbangan, dan tanggung jawab. Keenam prinsip tersebut harus terpenuhi seluruhnya sebab keenam prinsip memiliki keterkaitan satu sama lain tanpa boleh terpisahkan. Tentunya pemikiran Imam Ibn Taimiyah memiliki makna dan tujuan tersendiri untuk mengembangkan kegiatan perekonomian khususnya ekonomi islam.

Intentions to Consume Sustainable Fashion Products in Indonesia: Does Religiosity Affect ? Mohamad Soleh Nurzaman; Elvira Herdiani
ETIKONOMI Vol 22, No 2 (2023)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v22i2.34281

Religiosity is expected to be a positive driving factor of consumption demand for environmentally friendly fashion products. However, few studies have been found that focus on consumer behavior in purchasing sustainable fashion, and none use religiosity as an explanatory variable. This study, therefore, is the first to analyze the effect of religiosity on the intention to consume sustainable fashion products. This study used a quantitative approach with the Structural Equation Modelling (SEM) analysis method and involved 522 respondents in Indonesia. By adopting the theory of planned behavior model, the study results show that religiosity significantly positively affects purchase intentions of sustainable fashion products through the variables' attitude towards behavior and perceived behavioral control. At the same time, the green thinking variable also has a positive impact, but altruism is irrelevant to sustainable fashion consumption. These results indicate that if the consumer is religious, this can lead to a better environmentally friendly attitude and result in a tendency to consume sustainable fashion products.JEL Classification: D12, D90, Z12How to Cite:Nurzaman, M. S., & Herdiani, E. (2023). Intentions to Consume Sustainable Fashion Products in Indonesia: Does Religiosity Affect? Etikonomi, 22(2), 277 – 292. https://doi.org/10.15408/etk.v22i2.34281.

Islamic Fintech Business Model and Regulation in Indonesia Surbakti Mhd Handika; Mohamad Soleh Nurzaman
Al Tijarah Vol. 10 No. 1 (2024): Al Tijarah | June
Publisher : University of Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/at.v10i1.10418

The growth of the sharia financial technology (fintech) industry in Indonesia presents a joint task with stakeholders, namely increasing literacy in order to create a conducive ecosystem for the development and sustainability of sharia fintech. This study aims to systematically explain the various Islamic fintech business models in Indonesia and transaction schemes to the regulations and regulators that regulate and supervise them. This study uses a qualitative approach and descriptive analysis (qualitative descriptive analysis). This preliminary research found that there are four sharia fintech business models operating in Indonesia, namely: fintech payment, peer to peer lending, securities crowdfunding and digital financial innovation. The regulators that carry out regulation and supervision are Bank Indonesia (Ministry of Payment System Policy), Financial Services Authority (Directorate of Fintech Regulation, Licensing, and Supervision, Department of Capital Markets and Digital Finance and Innovation Group) and the Indonesian Ulema Council (National Sharia Council). The author suggests that further researchers can explore the study of each of these sharia fintech clusters, both in terms of regulation, consumer behavior, business model development and so on.

Howâ€™s Prospect of Digital Banking in Indonesia? Notes From Islamic Views, Economic Value Added for Banking Industry, and Changing Costumer Behavior Myrna Anggarani; Mohamad Soleh Nurzaman
Al-Amwal : Jurnal Ekonomi dan Perbankan Syari'ah Vol 12, No 1 (2020)
Publisher : UIN Siber Syekh Nurjati Cirebon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24235/amwal.v1i1.6411

This study aims describe prospects of digital banking in Indonesia. Digital banking has prospect of being able to increase value added for banks, and also change consumer behavior. Moreover, this study also explain how Islamic views to technological developments, especially the use of digital banking for customerâ€™s financial needs. The development of digital banking is important for banking industry. Digital banking has emerged to make transaction easier for customers and to get access to various financial information. This study uses descriptive qualitative analytic methods. Data collection uses documents in the form of literature which related to the theme of the study.Â Â Â Â Â Â Â

Islamic Fintech Development Strategy in Indonesia: Analytic Network Process (ANP) Approach Surbakti, Mhd Handika; Nurzaman, Mohamad Soleh
Ekonomi Islam Indonesia Vol. 6 No. 2 (2024): Ekonomi Islam Indonesia
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/eii.v6i2.582

This study aims to analyze problem priorities, solutions and strategies in the development of Islamic fintech in Indonesia by using Analytical Network Process (ANP) method. The background of this study is the rapid growth of the Islamic fintech industry in Indonesia, but until now the map has not been found in its development. This study involved stakeholders from the government/ regulators, practitioners and academics as the research respondents. The results of this study showed that the problem priorities of Islamic fintech development in Indonesia respectively are Regulation, Literacy, Human Resources (HR) and Capital. While the solution priorities respectively are Literacy, Human Resources (HR), Regulation and Capital. The alternative priorities for the Islamic fintech development strategy in Indonesia respectively are Increasing Literacy, Strengthening Government Support, Improving Quality and Quantity of Human Resources (HR), Expanding Access to Capital and Creating Ecosystems. This study shows that collaborative efforts are needed so that the Islamic fintech industry in Indonesia can develop and be sustainable.

Does Religious Learning Affect Saving Intention in Islamic banks? An Empirical Evidence from High School Alumni in Jakarta Nurzaman, Mohamad Soleh; Hidayah, Toyyib
Talaa : Journal of Islamic Finance Vol. 4 No. 2: December 2024
Publisher : Department of Sharia Financial Management, Institut Agama Islam Negeri Sultan Amai Gorontalo, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54045/talaa.v4i2.768

Indonesia is one of the countries with the largest Muslim population in the world, but the number of Islamic bank customers is still small compared to conventional banks. Although there have been many studies that have tried to identify factors that influence intention in saving in Islamic banks, none have discussed the role of religious learning in high schools. Therefore, this study aims to determine whether there is an effect of compulsory Islamic religious learning for 3 years at the high school level on saving intention in Islamic banks. This study uses a quantitative method by taking a sample of 125 alumni of State High Schools in Jakarta who graduated in 2020-2023, which were then analyzed using the Partial Least Square Structural Equation Model (PLS-SEM). Based on the Theory of Reasoned Action (TRA) used, the results of this study indicate that Islamic religious learning provided during school has a significant effect on saving intention in Islamic banks. Meanwhile, the variables of religiosity, attitude, and subjective norms also have an effect, with a higher significance value, on interest in saving in Islamic banks.

Macroeconomic Determinants and Global Islamic Market Linkages of the Jakarta Islamic Index Fitriansyah, Rahmat; Nurzaman, Mohamad Soleh
Share: Jurnal Ekonomi dan Keuangan Islam Vol 14, No 1 (2025): IN PROGRESS
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v14i1.26679

Amidst significant volatility and a sustained decline over the past decade, the Jakarta Islamic Index (JII) performance is closely linked to domestic macroeconomic conditions and global Islamic equity trends. This study employs Vector Autoregression (VAR) and Vector Error Correction Model (VECM) methodologies to analyze the short- and long-term impacts of key macroeconomic indicators—Bank Indonesia interest rate (BI Rate), Consumer Price Index (CPI), Rupiah exchange rate (ER), global oil prices (CO), and Dow Jones Islamic Market (DJIM) indices from the US, Europe, and Japan—on the JII. Short-term findings reveal negative effects from the BI Rate and DJIM Europe, and positive impacts from the CPI and DJIM Japan. In the long term, ER, CO, and DJIM Japan negatively influence the JII, while DJIM US provides positive contributions. Significant contributors to JII fluctuations include DJIM Japan, CPI, and CO, with adverse responses to BI Rate and DJIM US shocks. These findings underscore the imperative for policymakers to maintain exchange rate stability, manage monetary policy prudently, and consider energy diversification. For Sharia investors, the results advocate for strategic portfolio diversification, incorporating global Sharia-compliant equities and inflation-resistant assets to navigate the identified risks and optimize returns.========================================================================================================ABSTRAK - Indikator Makroekonomi dan Pasar Modal Syariah Global pada Jakarta Islamic Index. Di tengah volatilitas signifikan dan penurunan berkelanjutan selama dekade terakhir, kinerja Jakarta Islamic Index (JII) terkait erat dengan kondisi makroekonomi domestik dan tren pasar ekuitas syariah global. Penelitian ini menggunakan metode Vector Autoregression (VAR) dan Vector Error Correction Model (VECM) untuk menganalisis dampak jangka pendek dan jangka panjang dari indikator makroekonomi utama, yaitu suku bunga Bank Indonesia (BI Rate), Indeks Harga Konsumen (CPI), nilai tukar Rupiah terhadap Dolar AS (ER), harga minyak global (CO), dan indeks Dow Jones Islamic Market (DJIM) dari AS, Eropa, dan Jepang, terhadap JII. Hasil jangka pendek menunjukkan dampak negatif dari BI Rate dan DJIM Eropa, serta dampak positif dari CPI dan DJIM Jepang. Dalam jangka panjang, ER, CO, dan DJIM Jepang memberikan pengaruh negatif terhadap JII, sementara DJIM AS memberikan kontribusi positif. Kontributor utama terhadap fluktuasi JII adalah DJIM Jepang, CPI, dan CO, dengan respons negatif terhadap kejutan dari BI Rate dan DJIM AS. Temuan ini mendorong pembuat kebijakan untuk menjaga stabilitas nilai tukar, mengelola kebijakan moneter secara bijaksana, dan mempertimbangkan diversifikasi energi. Bagi investor syariah, hasil studi ini mendukung diversifikasi portofolio strategis, menggabungkan ekuitas syariah global dan aset tahan inflasi untuk mengelola risiko yang teridentifikasi dan mengoptimalkan imbal hasil.

Macroeconomic Determinants and Global Islamic Market Linkages of the Jakarta Islamic Index Fitriansyah, Rahmat; Nurzaman, Mohamad Soleh
Share: Jurnal Ekonomi dan Keuangan Islam Vol. 14 No. 1 (2025)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v14i1.26679

Amidst significant volatility and a sustained decline over the past decade, the Jakarta Islamic Index (JII) performance is closely linked to domestic macroeconomic conditions and global Islamic equity trends. This study employs Vector Autoregression (VAR) and Vector Error Correction Model (VECM) methodologies to analyze the short- and long-term impacts of key macroeconomic indicators—Bank Indonesia interest rate (BI Rate), Consumer Price Index (CPI), Rupiah exchange rate (ER), global oil prices (CO), and Dow Jones Islamic Market (DJIM) indices from the US, Europe, and Japan—on the JII. Short-term findings reveal negative effects from the BI Rate and DJIM Europe, and positive impacts from the CPI and DJIM Japan. In the long term, ER, CO, and DJIM Japan negatively influence the JII, while DJIM US provides positive contributions. Significant contributors to JII fluctuations include DJIM Japan, CPI, and CO, with adverse responses to BI Rate and DJIM US shocks. These findings underscore the imperative for policymakers to maintain exchange rate stability, manage monetary policy prudently, and consider energy diversification. For Sharia investors, the results advocate for strategic portfolio diversification, incorporating global Sharia-compliant equities and inflation-resistant assets to navigate the identified risks and optimize returns.========================================================================================================ABSTRAK - Indikator Makroekonomi dan Pasar Modal Syariah Global pada Jakarta Islamic Index. Di tengah volatilitas signifikan dan penurunan berkelanjutan selama dekade terakhir, kinerja Jakarta Islamic Index (JII) terkait erat dengan kondisi makroekonomi domestik dan tren pasar ekuitas syariah global. Penelitian ini menggunakan metode Vector Autoregression (VAR) dan Vector Error Correction Model (VECM) untuk menganalisis dampak jangka pendek dan jangka panjang dari indikator makroekonomi utama, yaitu suku bunga Bank Indonesia (BI Rate), Indeks Harga Konsumen (CPI), nilai tukar Rupiah terhadap Dolar AS (ER), harga minyak global (CO), dan indeks Dow Jones Islamic Market (DJIM) dari AS, Eropa, dan Jepang, terhadap JII. Hasil jangka pendek menunjukkan dampak negatif dari BI Rate dan DJIM Eropa, serta dampak positif dari CPI dan DJIM Jepang. Dalam jangka panjang, ER, CO, dan DJIM Jepang memberikan pengaruh negatif terhadap JII, sementara DJIM AS memberikan kontribusi positif. Kontributor utama terhadap fluktuasi JII adalah DJIM Jepang, CPI, dan CO, dengan respons negatif terhadap kejutan dari BI Rate dan DJIM AS. Temuan ini mendorong pembuat kebijakan untuk menjaga stabilitas nilai tukar, mengelola kebijakan moneter secara bijaksana, dan mempertimbangkan diversifikasi energi. Bagi investor syariah, hasil studi ini mendukung diversifikasi portofolio strategis, menggabungkan ekuitas syariah global dan aset tahan inflasi untuk mengelola risiko yang teridentifikasi dan mengoptimalkan imbal hasil.

Is Full-Fledged Sharia General Insurance More Efficient Compared to Sharia Business Units (UUS)? An Efficiency Evaluation Study Towards the Mandatory Spin-Off Period in Indonesia Marsella, Marsella; Nurzaman, Mohamad Soleh; Anwar, Saiful
The International Journal of Financial Systems Vol. 3 No. 1 (2025)
Publisher : Otoritas Jasa Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61459/ijfs.v3i1.47

This study explores the comparative efficiency of Islamic general insurance providers in Indonesia, focusing on full-fledged companies versus Islamic business units (UUS), particularly in light of the mandatory spin-off policy. Covering the period from 2017 to 2022, we adopt a two-stage analytical approach. First, we apply a non-parametric method — Data Envelopment Analysis (DEA) — to measure efficiency levels, using assets and business expenses as input variables, and net profit along with operating income as output variables. In the second stage, we employ Tobit regression to investigate the key drivers of efficiency, using the DEA scores as the dependent variable and Return on Assets (ROA), Return on Equity (ROE), Current Ratio, and Risk-Based Capital (RBC) as explanatory factors. Our findings reveal that Islamic business units consistently outperform full-fledged Islamic insurers in achieving higher efficiency. Furthermore, ROA emerges as a significant positive determinant of efficiency, while the Current Ratio shows a significant negative impact. In contrast, ROE and RBC do not exhibit significant influence on efficiency levels. These insights contribute to the discourse on the operational dynamics of Islamic insurance, offering practical implications for regulators and industry stakeholders navigating the evolving Sharia insurance landscape in Indonesia.

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