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All Journal Jurnal Manajemen dan Agribisnis IQTISHODUNA El Dinar Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal Agrokreatif Jurnal Ilmiah Pengabdian kepada Masyarakat Jurnal Ekonomi dan Bisnis Islam Falah : Jurnal Ekonomi Syariah al-Uqud : Journal of Islamic Economics Al-Muzara'ah Jurnal Ekonomi & Keuangan Islam Shirkah: Journal of Economics and Business Journal of Islamic Monetary Economics and Finance International Journal of Financial, Accounting, and Management Al-Awqaf: Jurnal Wakaf dan Ekonomi Islam Journal of Sustainable Tourism and Entrepreneurship Annals of Management and Organization Research Jurnal Pengabdian Masyarakat Indonesia Share: Jurnal Ekonomi dan Keuangan Islam Jurnal Pusat Inovasi Masyarakat Annals of Human Resource Management Research Ekonomi Islam Indonesia Journal of Islamic Economic Literatures International Journal of Waqf Review on Islamic Accounting Islamic Social Finance Halal Tourism and Pilgrimage Islamic Economics Methodology Bukhori: Kajian Ekonomi dan Keuangan Islam The Economic Review of Pesantren Islamic Marketing Review Accounting and Sustainability Business and Sustainability Policy Brief Pertanian, Kelautan, dan Biosains Tropika Halal Studies and Society Dirham: Journal of Sharia Finance and Economics
Mohammad Iqbal Irfany
Departemen Ilmu Ekonomi Syariah, Fakultas Ekonomi Dan Manajemen, IPB University.
Religion Agriculture, Biological Sciences & Forestry Humanities Biochemistry, Genetics & Molecular Biology Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Engineering Environmental Science Library & Information Science Public Health Social Sciences Other

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Determinants of Liquidity Risk in the Banking System: A Systematic Literature Review Muhammad Fikra Yafi Ulhaqqi; Mohammad Iqbal Irfany
Journal of Islamic Economics Literatures Vol. 7 No. 1 (2026): Journals of Islamic Economics Literatures
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/jiel.v7i1.648

Abstract

Post-2008, managing liquidity risk—banks' ability to meet short-term obligations without major losses—has become crucial. Regulatory measures like Basel III's LCR and NSFR emerged to ensure stability. With the rise of fintech, understanding liquidity determinants is increasingly relevant for stability. This review analyzes primary determinants of liquidity risk in the banking sector, examining systematic (macroeconomic and policy-driven) and non-systematic (bank-specific) factors. It also evaluates the impact of digital banking and fintech innovations on liquidity management to inform effective risk strategies. A systematic literature review (SLR) of 30 empirical studies most relevant published from 2010 to 2024 was conducted, examining factors such as non-performing loan (financing), capital adequacy, leverage, bank size, profitability, and corporate governance. Keywords used in this study are “Liquidity and Risk” or “Management and Bank” & "Determinants" or "Factors" and "Liquidity Risk" and "Bank*” or “Banking System" or “Banking Sector*”. Key liquidity risk drivers include bank size, capital buffers, macroeconomic factors, and regulatory frameworks like Basel III. Larger banks with diverse funding face lower risks, while smaller banks, especially in emerging markets, are more vulnerable. Liquidity risk is shaped by both internal and external factors. Larger, well-capitalized banks manage it more effectively, while fintech offers new tools that require careful risk oversight.
Business Strategy in Islamic Boarding School: A Case Study of Pesantren Hidayatullah Depok Indonesia Kintan Nur Ramadini; Neneng Hasanah; Mohammad Iqbal Irfany
Bukhori: Kajian Ekonomi dan Keuangan Islam Vol 3 No 1 (2023): Juli
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/bukhori.v3i1.2282

Abstract

Purpose: This study aims to identify the strengths, weaknesses, opportunities, threats, and strategic priorities in the development of a business unit in a pesantren, a culturally rooted Islamic boarding school in Indonesia. Methodology: Employing ANP-SWOT analysis, this study indicates that strengths and opportunities are the main priorities in developing pesantren’s business unit. The most influential aspects of strengths, weaknesses, opportunities, and threats are cooperation with internal and external parties in developing business and marketing management that is not optimal. Results: Islamic boarding schools can play a more important role in economic activities as producers that meet community needs, in particular, and even supply a broader market. The most important strategy is to improve the quality of human resources by improving the mindsets and skillsets of business activities. Conclusions: Pesantren Hidayatullah Depok develop economic independence through student- and community-involved business units, leveraging social capital, improving HR quality, governance, marketing, and networking, while future research can explore diverse pesantrens to comprehensively understand their role in community-based economic development. Limitations: This study is limited by its focus on only one pesantren case, which may not fully represent the diversity of business strategies across different types of pesantrens in Indonesia. Contributions: This research contributes to understanding how pesantren business units can achieve economic independence by leveraging social capital and strategic human resource development. Novelty: The study offers a novel insight by integrating Analytic Network Process-Strengths, Weaknesses, Opportunities, and Threats (ANP-SWOT), analysis to identify strategic priorities specifically tailored for pesantren business unit development.
Determinants of Liquidity Risk in the Banking System: a Systematic Literature Review Muhammad Fikra Yafi Ulhaqqi; Noer Azam Achsani; Mohammad Iqbal Irfany
Jurnal Aplikasi Bisnis dan Manajemen Vol. 12 No. 2 (2026): JABM, Vol. 12 No. 2, May 2026
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.12.2.696

Abstract

Background: Post-2008, managing liquidity risk banks' ability to meet short-term obligations without major losses has become crucial. Regulatory measures like Basel III's LCR and NSFR emerged to ensure stability. With the rise of fintech, understanding liquidity determinants is increasingly relevant for stability.Purpose: This review analyzes primary determinants of liquidity risk in the banking sector, examining systematic (macroeconomic and policy-driven) and non-systematic (bank-specific) factors. It also evaluates the impact of digital banking and fintech innovations on liquidity management to inform effective risk strategies.Design/Methodology/Approach: A systematic literature review (SLR) of 30 empirical studies most relevant published from 2010 to 2024 was conducted, examining factors such as non-performing loan (financing), capital adequacy, leverage, bank size, profitability, and corporate governance. Keywords used in this study are “Liquidity and Risk” or “Management and Bank” & "Determinants" or "Factors" and "Liquidity Risk" and "Bank*” or “Banking System" or “Banking Sector*”.Finding/Result: Key liquidity risk drivers include bank size, capital buffers, macroeconomic factors, and regulatory frameworks like Basel III. Larger banks with diverse funding face lower risks, while smaller banks, especially in emerging markets, are more vulnerable. Fintech and digital banking support real-time liquidity management but raise cybersecurity concerns.Conclusion: Liquidity risk is shaped by both internal and external factors. Larger, well-capitalized banks manage it more effectively, while fintech offers new tools that require careful risk oversight. Basel III remains vital, and ESG considerations are influencing sustainable liquidity practices.Originality/value/research gap: Current research emphasizes integrating Basel III, fintech, and crisis management. Real-time tools like AI enhance liquidity management, although cybersecurity risks remain. ESG factors and the COVID-19 pandemic highlight the need for robust, sustainable liquidity frameworks. This research focuses on the role of technology advancement in liquidity risk management, which has not been widely explored in the context of emerging markets. Keywords:   bank liquidity management, basel III, emerging market, liquidity risk, technology advancement
Kemandirian Ekonomi Pesantren Berbasis Pertanian Mohammad Iqbal Irfany
Policy Brief Pertanian, Kelautan, dan Biosains Tropika Vol. 4 No. 3 (2022): Policy Brief Pertanian, Kelautan dan Biosains Tropika
Publisher : Direktorat Kajian Strategis dan Reputasi Akademik IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/agro-maritim.0403.283-289

Abstract

Pesantren, sebagai institusi pendidikan khas Indonesia, tidak hanya sebagai lembaga pendidikan dan penyiaran agama, namun bisa ditingkatkan peranannya dalam pemberdayaan ekonomi, termasuk dalam sektor pertanian. Kemandirian ekonomi pesantren adalah kemampuan pesantren dalam menjalankan kegiatan ekonomi tanpa bergantung pada pihak eksternal. Berbagai studi menunjukkan bahwa dalam menjalankan aktifitas usaha, aspek kekuatan dan peluang yang dimiliki pesantren lebih tinggi dari pada kelemahan dan ancaman. Adapun kemandirian ekonomi pesantren dipengaruhi oleh aspek kelembagaan, produksi, sinergitas dengan stakeholder, dan pasar hasil pertanian. Dalam hal ini, pesantren harus menghasilkan produk khas yang kompetitif, ditunjang oleh pembukaan akses pasar, sustainabilitas sumber daya manusia, manajemen, kelembagaan dan lingkungan.
Determinants of Saving Decisions at Indonesian Islamic Banks During the COVID-19 Pandemic Muhammad Afifuddin Abdurrosyid Kamil; Ranti Wiliasih; Mohammad Iqbal Irfany
Annals of Management and Organization Research Vol. 4 No. 1 (2022): August
Publisher : goodwood publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/amor.v4i1.1387

Abstract

Purpose: This study aims to determine the characteristics and factors influencing the decision to save at Islamic banks, during the COVID-19 pandemic. Research methodology: The sample used in this study amounted to 400 participants, which were collected by online questionnaire. A logistic regression was also employed to estimate the influence of independent variables on the saving decisions of customers. This was accompanied by the implementation of descriptive analysis, to determine the characteristics of Islamic bank customers during the pandemic. Results: The characteristics of the participants were dominated by people aged 17-25, with the majority of them residing in West Java and working as a student. Besides this, data were also analyzed by using logistic regression analysis. Based on the results, several factors influenced the saving decisions of Islamic bank customers. In this case, evaluation and strategy were carried out to increase customer interest through knowledge of the types and benefits of Islamic savings. Limitations: This study was limited to the analysis of the factors influencing the saving decisions of Islamic bank customers during COVID-19. The contribution derived was also related to the saving demands of customers in Islamic banking. Contribution: The results highlighted the characteristics of Islamic bank customers during the pandemic, as reference material for banking managers to increase interest in their financial products. Originality: Based on the logistic regression, religiosity, knowledge, promotion, location, and age positively/significantly affected saving decisions at Islamic banks during the COVID-19 pandemic. This indicated that Islamic banking was not stuck in the market segment of the Muslim community, regarding the promotion of their products. In addition, promotion quality should be essentially improved, accompanied by the maintenance of business ethics and image as an Islamic bank.
Testing the efficient market hypothesis with Indonesian Islamic Stocks during the Covid-19 pandemic Tiara Early Afifah; Neneng Hasanah; Mohammad Iqbal Irfany
Annals of Management and Organization Research Vol. 4 No. 3 (2023): February
Publisher : goodwood publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/amor.v4i3.1621

Abstract

Purpose: This study aims to identify the phenomenon of overreaction in Islamic stocks during the COVID-19 pandemic and understand how various pieces of information during the pandemic influenced investors to overreact, leading to market inefficiency. Research Methodology: This study employs two main methods: an event study focusing on the overreaction phenomenon in the Islamic stock market, and cross-sectional regression to analyze the factors that influence it. Results: Overreaction was observed in the winner's stock portfolio during the announcement of Indonesia's first COVID-19 case. However, during other significant events, such as the National Economic Recovery program issuance, the arrival of the vaccine, and the highest increase in daily positive cases, overreaction was seen in both the winner and loser stock portfolios. Factors such as abnormal returns, information leakage, and company ownership are identified as significant influencers of this overreaction. These factors were found to be negatively related to cumulative abnormal returns post-event, indicating their role in the overreaction phenomenon. Limitation: This study focuses on the overreaction phenomenon of Shariah stocks in the Jakarta Islamic Index (JII) during the COVID-19 pandemic in 10 selected events from October 1, 2019, to July 23, 2021. Contribution: This study offers insights into the behavior of Islamic stocks in Indonesia during the pandemic, helping stakeholders understand market inefficiencies during crises.
The effect of systematic and unsystematic determinants on loan (financing) to deposit ratio in Indonesian banking Mohammad Iqbal Irfany; Muhammad Fikra Yafi Ulhaqqi
Annals of Management and Organization Research Vol. 5 No. 1 (2023): August
Publisher : goodwood publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/amor.v5i1.1657

Abstract

Purpose: This study compares the determinants of liquidity of Islamic Banks (IBs) and Conventional Banks (CBs) based on the loan-to-deposit ratio (LDR) and financing-to-deposit ratio (FDR) between 2016 and 2020. Research Methodology: The data analysis technique used was panel data regression. Results: The results show Economic growth has a positive effect on banking liquidity risk, while non-performing loans (financing) have a negative effect on banking liquidity risk. Limitations: The frame time in this research was 2016-2020 which, before Bank Syariah Mandiri, Bank Rakyat Indonesia (BRI) Syariah, and Bank Negara Indonesia (BNI) Syariah merged into Bank Syariah Indonesia. Contribution: This study can be used as a reference for preparing or perfecting regulations that can be bolder in expanding credit (financing). Commercial banks are expected to be able to manage liquidity so that the liquidity ratio is not less than or exceeds the tolerance limit, especially for CBs, and are used as evaluation material for the performance of IBs, especially CBs. Novelty: Several previous studies conducted separate analyses of the determinants of LDR and FDR in one type of commercial bank and showed contradictory results. This research did not conduct separate analyses in one type of bank but combined the determinants so that they could cause liquidity risk by measuring LDR on BUK and FDR on BUS to discuss these conflicting findings.
BUSINESS DEVELOPMENT STRATEGY OF PESANTREN'S COOPERATIVES: LESSONS FROM PESANTREN DAARUT TAUHIID Mohammad Iqbal Irfany; Muhammad Alifka Rahmat; Daffa Aqomal Haq
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 10 No. 1 (2024): JANUARY - JUNE 2024
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v10i1.50327

Abstract

Introduction: Islamic boarding schools have significant potential to boost the Sharia economy, notably through cooperative formation. However, many of these cooperatives, including the Daarut Tauhiid Islamic Boarding School Cooperative (DT Cooperative), are not performing optimally. DT Cooperative contributes only 5% to the school's financial independence, and its residual business result (sisa hasil usaha, SHU) has varied over the last three years. This research aims to identify DT Cooperative's strengths, weaknesses, opportunities, and threats, and to establish strategic priorities for cooperative development. Methods: The Analytical Network Process (ANP) with a Strength-Weakness-Opportunity-Threat (SWOT) network was employed in this study. Results: The findings of this study indicate that strength is the top priority in establishing the DT Cooperative business. The most influential characteristics of strengths, weaknesses, opportunities, and dangers are a structured organization, suboptimal marketing management, a huge market share, and shifting company dynamics. The most important approach to pursue is to increase cooperation among various groups. Conclusion and suggestion: This research highlights the need to improve organizational relationships and address marketing management deficiencies in DT Cooperatives. By leveraging organizational strengths and fostering collaboration, Islamic boarding school cooperatives can better support Sharia economic efforts. Insights from this study apply to Daarut Tauhiid and similar cooperatives, and underscore the importance of policies that enhance training, consultation, and networking among Islamic boarding schools. This study contributes to the economic development knowledge of Islamic boarding schools, particularly cooperatives, in enhancing community welfare and supporting their economic independences.
Islamic and conventional monetary transmission on MSME financing in Indonesia and Malaysia Nuraeni, Nuraeni; Pasaribu, Syamsul Hidayat; Irfany, Mohammad Iqbal
Jurnal Ekonomi & Keuangan Islam Volume 12 No. 2, July 2026
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol12.iss2.art8

Abstract

Purpose – This study examines the effectiveness of conventional and Islamic monetary policy transmission in promoting MSME financing in Indonesia and Malaysia. It analyzes both financing channels, the contribution of monetary and macroeconomic variables, and their effectiveness across the two banking systems.Methodology – Quarterly data for Indonesia and Malaysia from 2014Q2 to 2025Q4 were analyzed using a vector error correction model (VECM), complemented by Granger causality, impulse response function (IRF), and forecast error variance decomposition (FEVD). The variables include the policy rate, M2, conventional credit, Islamic financing, investment, and GDP.Findings – Indonesia relies more on the conventional credit channel, which shows a stable response to monetary and macroeconomic shocks. Malaysia demonstrates more balanced transmission between conventional and Islamic channels, with Islamic financing showing stronger real-sector linkages. Transmission effectiveness has two complementary dimensions: IRF indicates that Indonesia’s conventional channel is more effective in response stability, whereas FEVD shows that Islamic financing is more sensitive to monetary shocks. Malaysia exhibits balanced and complementary transmission across both channels.Implications – Indonesia should strengthen Islamic financing through deeper Islamic money markets, improved monetary instruments, and stronger MSME bank intermediation. Malaysia should maintain the integration of both channels to support inclusive and sustainable MSME financing. The findings are limited to Indonesia and Malaysia and may not be generalizable to other dual banking systems.Originality – This study introduces a two-dimensional perspective on monetary transmission effectiveness by jointly interpreting IRF and FEVD, demonstrating that response stability and shock contribution provide complementary measures of effectiveness in dual banking systems.
Examining the effect of User Experience on Generation Y and Z Customers’ Satisfaction and Loyalty in Jago Syariah mobile banking Rafifah Rismawati; Mohammad iqbal Irfany
Halal Studies and Society Vol. 2 No. 2 (2025): May 2025
Publisher : IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/hass.2.2.31-36

Abstract

The rapid expansion of internet access and the growth of Indonesia’s digital economy have accelerated the adoption of digital financial services, particularly mobile banking. In this increasingly competitive environment, Islamic digital banking providers face a dual challenge: ensuring Sharia compliance while delivering a seamless user experience (UX) that meets modern customer expectations. This study examines the effect of UX on Customer Satisfaction (CS) and Customer Loyalty (CL) among Generation Y and Z users of Jago Syariah mobile banking in Jabodetabek. A quantitative design was employed using an online survey (May–June 2025) with purposive sampling, yielding 203 valid responses from active users aged 17–44. UX was measured using the User Experience Questionnaire (UEQ) with six dimensions (attractiveness, perspicuity, efficiency, dependability, stimulation, and novelty), while CS and CL were assessed using established indicators. Data were analyzed through descriptive statistics and Partial Least Squares Structural Equation Modeling (PLS-SEM) using SmartPLS 4. The measurement model met validity and reliability criteria (AVE > 0.50; HTMT < 0.90; CR > 0.70). Structural results showed that UX positively and significantly influenced CS (β = 0.817; t = 21.176) and CL (β = 0.498; t = 6.716), and CS also positively affected CL (β = 0.443; t = 5.529), confirming the mediating role of satisfaction. The model explained 66.5% of variance in CS and 80.3% in CL. These findings highlight UX as a critical driver of satisfaction and loyalty in Islamic mobile banking, emphasizing the need for continuous improvements in usability, reliability, and feature performance to sustain customer retention and advocacy among digitally literate generations.
Co-Authors Aam Slamet Rusydiana Aam Slamet Rusydiana Aam Slamet Rusydiana, Aam Slamet Aceng Hidayat Achsani, Muhammad Nur Faaiz Fathah Afiana, Riyyun Ahmad Fadli Alghifari Ahmad Fauzan Ahmad Izzuddin Ahmad syahirul Alim Aisyah, Tasya Nur Al Muharram, Muhammad Shiddiq Al Zahroh, Dina Naba Albajili, Abi Nubli Alda Luthfiana Alfiasari Alghifari, Ahmad Fadli Amirah, Nurul Anggini, Karlita Anggraini, Lilik Asep Nurhalim Aulia Nur Cahyani Cahyaningrum, Laeli Dyah Tantri Camara, Bumi Daffa Aqomal Haq Daffa Aqomal Haq Daffa Aqomal Haq Daffa Aqomal Haq Danang Aria Nugroho Desvita Resti Faniqotuni&#039;mah Dharmarianti, Dian Putri Dwi Hastuti Edi Santosa Eka Maulidiya, Sherly Erliza Noor Euis Sunarti Fadhila Meithasari Nurtjahjo Fitri, Resfa Fitriyatustany Fitriyatustany Fuad Haryanti Handian Purwawangsa Haq, Daffa Aqomal Hasanah, Qoriatul Herlin, Herlin Hutajulu, Ivonia R. Ikhsana, Nadya Ramadhani Indah Sulistya Indriansyah, Albertty Intan Aulia Ardhani Irfan Syauqi Beik Isbayu, Muhammad Istiqlaliyah Muflikhati Izzah, Hanifah Nurul JAENAL EFFENDI Kintan Nur Ramadini Laily Dwi Arsyianti Lilik Noor Yuliati Luthfiana, Alda Maulidiya, Sherly Eka Mayadis, Diki Candra Melinda, Vera Melly Latifah Muhammad Afif Fathin Ridho Muhammad Afifuddin Abdurrosyid Kamil Muhammad Alifka Rahmat Muhammad Fikra Yafi Ulhaqqi Muhammad Fikra Yafi Ulhaqqi Muhammad Fikra Yafi Ulhaqqi Muhammad Wildan Syakuro Muslich, Muhammad Ayyub Mustika Mustika Mustika Mustika Muthohharoh, Marhamah Muti’ah Hajar Izzati Nadiya Ulfa Neneng Hasanah Neneng Hasanah Ningsih, Sri Rahayu Noer Azam Achsani Nur Wulan Nuraeni Nuraeni Nursyamsiyah, Tita Nurul Amirah Oktaviona, Winda Prima Gandhi Priyanto, Anindia Meil Probokawuryan, Mutiara Putri, Fatimah Iskandar Putri, Syifa Izzati Anzania Putri, Uly Anggraeni Qoriatul Hasanah Rachma Ardia Putri Rafifah Rismawati Rafki, Muhammad Rahmawati, Nur Fajri Ramadhini, Fiona Ramadini, Kintan Nur Ramdhani, Arlita Ranti Wiliasih Resfa Fitri Rezkyarta, Alif Rosmala, Novia Setiawan, Alfianto Hendry Shatrie, Firly Mariska Sherly Eka Maulidiya Siti Rahmawati Sofina Mujadiddah Sri Rahayu Sri Rahayu Ningsih Susanto, Astiani Sutito, Yolanda M. M. Suwandi, Syifa Damaianti Syamsul Hidayat Pasaribu Tamaulina Br Sembiring Tiara Early Afifah Tieman, Marco Tin Herawati Tita Nursyamsiah Tita Nursyamsiah, Tita Tsany, Fadhlan Tsany, Fadhlan Muhammad Ulfa, Nadiya Ulhaqqi, Muhammad Fikra Yafi Vitriara Ahsana Nadya Widya Syafitri Yulina Eva Riany Zidan, Muhamad