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Green Investment in the Islamic Capital Market: Opportunities and Challenges toward a Green Economy Asri Jaya; A. Ifayani Haanurat; Vikram Singh; Nurlina, Nurlina
Jurnal Ar-Ribh Vol. 9 No. 1 (2026): April 2026
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/129z0n28

Abstract

The escalating challenges of climate change, environmental degradation, and sustainability risks have intensified the demand for financial systems that facilitate the transition toward a green economy. Green investment has emerged as a core pillar of sustainable finance, with capital markets playing a crucial role in mobilizing long-term funding for environmentally responsible activities. Within this context, the Islamic capital market is considered to have strong normative alignment with sustainability principles due to its emphasis on ethics, justice, and accountability. However, existing research integrating green investment, Environmental, Social, and Governance (ESG) frameworks, and Islamic finance remains limited and fragmented. This study aims to systematically examine the opportunities and challenges of green investment within the Islamic capital market in supporting the green economy. Employing a Systematic Literature Review (SLR) approach, this study analyzes peer-reviewed journal articles published between 2015 and 2025. The findings reveal that the Islamic capital market holds significant potential to promote green investment through instruments such as green sukuk, ESG-oriented portfolios, and the integration of ESG with maqasid al-shariah principles. Nevertheless, several challenges persist, including the absence of standardized Sharia–ESG frameworks, divergence in ESG ratings, data quality limitations, and the risk of greenwashing. This study contributes to the literature by offering a comprehensive synthesis and providing policy and research implications to strengthen the role of Islamic capital markets in advancing a sustainable and inclusive green economy.
The Impact of Cybercrime on Customer Trust in Bank Syariah Indonesia Rustan, Sriwahyuni; Haanurat, Ifayani; Nurlina, Nurlina
Jurnal Ekonomi & Bisnis Vol 5 No 1 (2026): Jurnal Ekonomi dan Bisnis
Publisher : Politeknik Baubau

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57151/jeko.v5i1.1079

Abstract

This study aims to analyze the influence of cybercrime on customer trust in Bank Syariah Indonesia (BSI). A quantitative approach was employed, using a survey method by distributing questionnaires to BSI customers who have used digital banking services. The research instrument was structured using a Likert scale and analyzed with the help of SPSS version 30.0. The results of the analysis indicate that cybercrime has a positive and significant effect on customer trust. This means that the higher the level of threat or experience related to cybercrime, the greater the impact on decreasing customer trust in the security and digital services provided by the bank. These findings also reveal that customers' perceptions of digital security greatly influence their confidence in conducting banking transactions. Therefore, banking institutions, particularly BSI, need to strengthen their cybersecurity systems, continuously educate customers about digital safety, and ensure transparency in handling security incidents to maintain and enhance customer trust. This research contributes to the existing literature on customer trust and highlights the importance of data protection in the era of banking digitalization.
Dynamics of Corporate Financial Performance in IDX Carbon Initial Trading Participation: A DuPont Five-Step Approach Maulana, Danil; Haanurat, A. Ifayani; Jaya, Asri
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9740

Abstract

Global warming and increasing greenhouse gas emissions are driving various countries to develop carbon trading mechanisms as an instrument for emission control, including in Indonesia through the launch of IDX Carbon on September 26, 2023. This research aims to examine the dynamics of companies' financial performance before, during, and after participation in the inaugural carbon trading transaction via IDX Carbon using the DuPont Five-Step Analysis approach. The research population includes 16 companies participating in the inaugural IDX Carbon transaction, with a sample of seven companies selected using purposive sampling based on the availability of financial statements and annual reports. The data used consists of quarterly financial statements for the 2022-2024 period. The research problem focuses on the differences in Return On Equity (ROE) before, during, and after participation, as well as changes in DuPont components and their correlation to ROE. The analysis methods include descriptive analysis, comparative analysis, and correlation testing of DuPont components consisting of tax burden, interest burden, operating profit margin, asset turnover, and financial leverage. The research results indicate that companies' participation in the inaugural IDX Carbon transaction was not followed by a significant change in ROE in the short term. However, there were adjustments in the ROE-forming structure, especially an increase in interest burden pressure and the important role of operational efficiency and asset utilization in maintaining profitability. This research concludes that the impact of carbon trading on companies' financial performance is transitional and is more reflected through the dynamics of DuPont components than through aggregate changes in ROE.
Does TQM affect Indonesian food sector production efficiently? Hendarto, Totok; Haanurat, A. Ifayani; Dhakal, Amrit
Revenue Journal: Management and Entrepreneurship Vol 1 No 1 (2023): Revenue Journal: Management and Entrepreneurship (June)
Publisher : CV. Bimbingan Belajar Assyfa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61650/rjme.v1i1.300

Abstract

Globalisation Parahadi helps each nation adjust its economic policy. Every Haruus destroyer may see the future orientation, and Haru Flexic data in any applicable Kamilan data is a mandate. An integrated quality management system like Total Quality Management (TQM) must be justified to generate high-quality products and services. This study uses qualitative methods literature studies on operational method management to investigate how Total Quality Management (TQM) affects food sector production efficiency in Indonesia. Qualitative and library research approaches to creating scientific articles delays. Google Scholar's literary section or related literary review section over the last ten years 2013-2023 discusses a collection of libraries. It will then bandage prior results or discoveries from Sebi Sebiman's Law on Results or Discoveries. Harzing publishes or finishes all quoted scientific articles from data search data. The delay affects production efficiency and product quality prices. TQM improves manufacturing cost efficiency, especially in food production. This article will explain how operational management uses TQM to cut gift production costs.
Instagram's impact on sharia economic law literacy in the digital age and Indonesia's sharia economy strengthening Haanurat, A. Ifayani; Vedianty, Adinda Syalsabilla Aidha; Tollentino, Sahay Amrita
Revenue Journal: Management and Entrepreneurship Vol 1 No 2 (2023): Revenue Journal: Management and Entrepreneurship (December)
Publisher : CV. Bimbingan Belajar Assyfa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61650/rjme.v1i2.317

Abstract

The emergence of the Fourth Industrial Revolution has revolutionized information accessibility, especially through social media platforms such as Instagram. This study investigates the role of Instagram in increasing Sharia economic law literacy and its subsequent impact on strengthening the Sharia economy in Indonesia. Using an ethnographic approach, this research explores four Instagram accounts dedicated to Contemporary Fiqh Muamalah and Maliyah, testing their effectiveness in educating users about Sharia economic principles before carrying out trading activities. Data was collected through systematic observation and documentation studies, followed by descriptive and qualitative analysis. The findings show that Instagram functions as an important tool in spreading Sharia economic law, thus making a significant contribution to the growth and stability of the Sharia economy in Indonesia. Furthermore, this research highlights the importance of digital literacy in Sharia financing to encourage peace and economic development in Indonesia.
Beyond Rational Piety: Herding Behavior and the Cognitive Architecture of Islamic Investment Decisions Jaya, Asri; Haanurat, A. Ifayani; Nurlina, Nurlina
Jurnal Minds: Manajemen Ide dan Inspirasi Vol 13 No 1 (2026): June
Publisher : Management Department, Universitas Islam Negeri Alauddin Makassar, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24252/minds.v13i1.63554

Abstract

This study examines how representativeness bias and emotion shape Islamic investment decisions through herding behavior among Indonesian Islamic stock investors. The study contributes to behavioral Islamic finance literature by positioning herding behavior as a cognitive-emotional mechanism in which representativeness bias acts as the dominant trigger while emotion amplifies collective investment tendencies. Using a quantitative approach and PLS-SEM, data were collected from 324 investors who actively transact in Islamic stocks in Indonesia. The findings reveal that representativeness bias significantly influences herding behavior and Islamic investment decisions, while emotion strengthens the relationship between representativeness bias and herding behavior. Herding behavior also mediates the influence of cognitive and emotional factors on investment decisions. These findings imply the importance of strengthening behavioral financial literacy and critical investment judgment to reduce irrational collective behavior in Islamic capital markets.
Analysis of the Effect of Financial Performance on Investment Policy in Telecommunication Companies Listed on the Indonesia Stock Exchange Muh. Saharulla; Andi Rustam; A. Ifayani Haanurat
Return : Study of Management, Economic and Bussines Vol. 3 No. 10 (2024): Return : Study of Management, Economic And Bussines
Publisher : PT. Publikasiku Academic Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57096/return.v3i10.278

Abstract

This study aims to analyze the influence of financial performance on investment policies in telecommunication companies listed on the Indonesia Stock Exchange (IDX) during the 2019-2023 period. In this study, four main financial ratios, namely Current Ratio (CR), Debt-to-Equity Ratio (DER), Return on Assets (ROA), and Working Capital Turnover (WCT) are used as independent variables to measure their impact on the company's investment policy. The data used is sourced from the company's annual financial statements available on the IDX. The analysis method used is multiple linear regression to see the relationship between financial variables and investment policy. The results show that the Current Ratio has no significant influence on investment policy and Return on Assets has a positive and significant influence on investment policy, while the Debt-to-Equity Ratio shows a significant positive influence. Working Capital Turnover does not have a significant influence on investment policy. This finding provides practical implications for company management in designing optimal investment policies based on the company's financial performance.