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All Journal IJIBE (International Journal of Islamic Business Ethics) The International Journal of Business Review (The Jobs Review) Al-Muamalat : Jurnal Ekonomi Syariah Jurnal Iqtisaduna Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Review of Islamic Social Finance and Entrepreneurship
Suryomurti, Wiku
Unknown Affiliation
Religion Agriculture, Biological Sciences & Forestry Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

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Mapping Researches of Green Sukuk: A Bibliometric Approach Fauza, Nurlia; Suryomurti, Wiku
Jurnal Iqtisaduna Vol.10 No.1 (2024)
Publisher : Universitas Islam Negeri Alauddin Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24252/iqtisaduna.v10i1.48050

Abstract

This study highlights the current state of green sukuk research, conducted through journals filled with descriptions of digital objects. This analysis focuses on the character and writing style of keywords, authors, and journals. The data analyzed amounted to 123 studies published in Dimensions (https:// dimension.ai). Descriptive statistical methods were used, and bibliometric analysis was performed using R Biblioshiny to determine bibliometric maps. The number of articles discussing the green sukuk theme has been quite large in recent years. Many journals have published articles on green sukuk, most of which is the Journal of Islamic Accounting and Business Research which contains several authors who investigate the topic with various keywords, the most prolific author is Musari K., and the most widely used keyword is "green, sukuk and Islam". This study provides an overview of trends in topics, keywords, journals, and authors in popular articles about green sukuk. It provides information for researchers focused on this area. Overall, green sukuk holds immense potential to emerge as a key instrument in financing sustainable projects in the future. With concerted support from all stakeholders, green sukuk can serve as a catalyst for achieving inclusive and environmentally responsible sustainable development on a global scale. This theme can be expanded for the future.
A Framework of Blue Economics Program Using Blue Sukuk as Socially Responsible and Sustainable Investment Suryomurti, Wiku; Akbar, Nashr
The International Journal of Business Review (The Jobs Review) Vol 6, No 1 (2023): The International Journal of Business Review. June 2023
Publisher : Fakultas Pendidikan Ekonomi dan Bisnis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/tjr.v6i1.57198

Abstract

Abstract. This paper explores the potential issuance of blue sukuk to finance the blue economy project in Indonesia. We first analyze current initiative of Indonesia’s Blue Economics program. Using the theory of change approach, we model the example of blue project and design the suitable sukuk structure to finance the project. We then develop a framework for financing the program using sukuk structures which previously designed for green sukuk.  It is hoped that by issuing the blue sukuk, it may support the SDG program for sustainable finance of blue economics program. Our framework is suitable for both sovereign and corporate blue sukuk. Furthermore, the project-based blue sukuk may support to alleviate the poverty of people who live along the coast and protect them from the impact of climate change. Finally, this study contributes to lay the foundations for further work on Blue sukuk in Indonesia and International as well.Keywords. Blue Sukuk, Blue Economics, Sustainable Finance, Socially Responsible Investment, Climate Change
The Influence of Sharia Financial Literacy and Fintech Lending Services on the Financial Behavior of Muslim Communities Fadillah, Aniva Nur; Suryomurti, Wiku
IJIBE (International Journal of Islamic Business Ethics) Vol 9, No 2 (2024): September 2024
Publisher : UNISSULA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30659/ijibe.9.2.77-93

Abstract

This study was conducted to find out how financial literacy and fintech lending services affect the financial management behavior of Muslim communities. This research uses a quantitative approach and surveys 272 respondents through electronic media. This research method uses the Structural Equation Model—Partial Least Square (SEM-PLS) equation by taking a case study of Muslim communities in Indonesia. The results show that financial literacy, ease of fintech lending services, and trust in fintech lending services have a positive and significant effect on Muslim communities' financial management behavior. Meanwhile, the benefits of fintech lending services do not have a significant influence on the financial management behavior of Muslim communities. However, information is crucial in determining and making decisions. In the context of fintech lending services, speed and convenience play an essential role in shaping a person's financial behavior. Furthermore, the policy and legality of fintech lending are critical in improving public trust in the use of these services. Increased public trust in fintech lending services will have an impact on people's financial habits.
Efficient Market Analysis of Jakarta Islamic Index (2019-2023) Sidik, Rahma Aulia; Suryomurti, Wiku; Ang, Soon Yong
Al-Muamalat: Jurnal Ekonomi Syariah Vol. 11 No. 2 (2024): July
Publisher : Department of Sharia Economic Law, Faculty Sharia and Law, UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/am.v11i2.35193

Abstract

This study aims to analyze the efficient market form of the Jakarta Islamic Index. The methodology used is an event study with a window period of 20 days, including ten days before and ten days after the announcement of composition changes held twice a year. The sample consists of 102, with 30 companies listed during the study period and 36 companies excluded and re-listed following the composition change announcements. The analysis technique used is the Paired Sample T-test. The findings reveal no differences in abnormal returns and trading volume activity before and after the announcement. This suggests that the market had already absorbed the announcement information before the event, resulting in a weak reaction and indicating that the announcement did not significantly impact the Jakarta Islamic Index. This implies that the index operates in a semi-strong form of market efficiency. Consequently, companies listed in the index may need additional strategies to improve their stock performance. To provide further insight, this study also examines the average stock trading activity of companies that enter and exit the composition of the Jakarta Islamic Index for the 2019-2023 periods.
Performance Analysis of Islamic Equity Mutual Funds and Conventional Equity Mutual Funds During 2019-2023 Period Shafwah, Naila Yumna; Suryomurti, Wiku
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 8 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i8.8089

Abstract

This study aims to analyze and compare the performance of Islamic equity mutual funds and conventional equity mutual funds in Indonesia during the 2019–2023 period, particularly throughout the pandemic and post-pandemic phases. The method employed is descriptive quantitative with a comparative approach involving 18 Islamic and 56 conventional mutual funds registered in Bareksa. Performance is assessed using three risk-adjusted return metrics: Sharpe Ratio, Treynor Ratio, and Jensen’s Alpha, based on monthly NAV data and benchmarked against JCI and ISSI. The findings reveal that, on average, both fund types showed negative performance under Sharpe and Treynor, while Islamic funds outperformed in Jensen’s Alpha, indicating superior excess returns beyond systematic risk expectations. T-test results indicate no significant differences between the two fund types across all three performance indicators. These findings imply that Islamic equity mutual funds can be a viable investment alternative, especially for investors seeking Sharia-compliant options.
Determinants of intention to become green waqf waqif in Indonesia Rachmad, Dedy; Akbar, Nashr; Suryomurti, Wiku; Maulida, Syahdatul
Review of Islamic Social Finance and Entrepreneurship Volume 4 Issue 2, 2025
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol4.iss2.art5

Abstract

Purpose – This study investigated the factors influencing Muslims’ intention to participate in green waqf in Indonesia. Specifically, it examines the role of knowledge within the Theory of Planned Behavior (TPB) framework to understand how knowledge, attitudes, subjective norms, and perceived behavioral control shape the intention to become a waqif (a person who endows waqf).Methodology – This study employed a quantitative design using survey data collected from 100 Muslim respondents in Indonesia. Data were analyzed with Structural Equation Modeling (SEM) using SmartPLS 3 to test the relationships between knowledge, attitudes, subjective norms, perceived behavioral control, and intention. Findings – The findings reveal that Knowledge positively influences attitude, and both attitude and perceived behavioral control significantly impact intention to become a waqif. However, subjective norms did not significantly affect intention. Implications – This study contributes to the existing literature by extending TPB in the context of green waqf and offers insights into the role of knowledge in shaping attitudes toward green waqf. Practically, this study highlights the need for increased awareness and structured initiatives to enhance participation in green waqf, particularly through education and government-driven campaigns. Originality – This research adds to the growing literature on green waqf by applying and extending TPB with knowledge, offering fresh insights into the behavioral determinants of waqf participation, and highlighting the link between Islamic philanthropy and environmental sustainability.
Co-Authors Ang, Soon Yong Fadillah, Aniva Nur Fauza, Nurlia Maulida, Syahdatul Nashr Akbar, Nashr Rachmad, Dedy Shafwah, Naila Yumna Sidik, Rahma Aulia