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Economica: Jurnal Ekonomi Islam
Published by Universitas Islam Negeri Walisongo Semarang
ISSN : 20859325     EISSN : -     DOI : -
Core Subject : Economy, Education, Social,
Economics, Econometrics & Finance Social Sciences Other
EEconomica: Jurnal Ekonomi Islam is a scientific journal in the field of Islamic economics studies published twice a year by the Institute of Islamic Economic Research and Development (LP2EI), Faculty of Islamic Economics and Business UIN Walisongo Semarang. The editors receive scientific articles in the form of conceptual script or unpublished research results or other scientific publications related to Islamic Economics themes which cover Islamic Finance, Islamic Banking, Islamic Accounting, Islamic Marketing, also Behavioral Economics, Management, and Human Resources in Islamic perspective.
Arjuna Subject : -
Articles 7 Documents
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Search results for , issue "Vol. 13 No. 2 (2022)" : 7 Documents clear
Comparative Analysis of Financial Performance in Indonesian Islamic Banks: The Impact of Spin-Offs, Mergers, and Conversion Rusmita, Sylva Alif; Salleh, Marhanum Che Mohd; Samad, Khairunnisa Abd
Economica: Jurnal Ekonomi Islam Vol. 13 No. 2 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2022.13.2.11262

Abstract

This study conducts a comparative analysis of Indonesian Islamic banks' performance before and after spin-off, merger, and conversion. Using a quantitative approach, the research applies paired t-tests and Wilcoxon tests to assess financial performance across six categories: liquidity, financing, efficiency, profitability, capital adequacy, and non-performing financing. Data from six Islamic banks over ten years were analyzed, comparing performance pre- and post-establishment. The findings reveal no significant differences in performance for banks that underwent pure spin-offs. However, banks formed through mergers demonstrated improvements in operational efficiency, return on assets (ROA), and capital adequacy (CAR), while conversions exhibited strong financing performance but faced capital risk and lower profitability. These results suggest that mergers offer a more efficient establishment method for enhancing bank performance, while conversions require careful capital management. The research highlights the importance of strategic decisions regarding the choice of establishment method for Islamic banks, with significant implications for bankers and policymakers aiming to optimize Islamic bank performance.
Attitude and Behaviour Intention of Muslim Z Generation to Save in Islamic Banks: The Role of Knowledge and Religiosity Purwanto, Purwanto; Dasuki, Ali Ibrahim; Ghofur, Abdul; Abdullah, Shodiq
Economica: Jurnal Ekonomi Islam Vol. 13 No. 2 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2022.13.2.11519

Abstract

This study aims to investigate the impact of knowledge and religiosity on attitudes toward Islamic banks and the saving intentions of Generation Z Muslims. Data were collected using a convenience sampling method from students at Islamic higher education institutions in Central Java, Indonesia. A total of 210 respondents aged 17-27 participated in the study. The data were analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS). The findings reveal that both knowledge and religiosity significantly shape attitudes toward Islamic banks among Generation Z Muslims. Knowledge emerged as the most influential factor shaping attitudes. Attitudes, in turn, significantly influence the saving intentions of Generation Z Muslims at Islamic banks. This study further demonstrates that attitudes are the strongest determinant of the saving intentions of Generation Z Muslims at Islamic banks. Practically, this research provides valuable insights for Islamic bank marketers in formulating strategies to attract Generation Z Muslims to save in Islamic banks. Theoretically, this study affirms the importance of integrating cognitive, affective, and spiritual dimensions in consumer behavior analysis to better understand and predict behavior.
Rethinking Human Development: Contributions of Mahbub Ul Haq, Amartya Sen, and Umer Chapra to Conventional and Islamic Indices Jannah, Nurul; Tarigan, Azhari Akmal; Helmi, Muhammad; Harahap, Fasthabiqul Ambiya
Economica: Jurnal Ekonomi Islam Vol. 13 No. 2 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2022.13.2.13576

Abstract

This study examines the evolution of human development measurements by comparing the Human Development Index (HDI) and the Islamic Human Development Index (IHDI). The HDI, developed by Mahbub Ul Haq and Amartya Sen, assesses life expectancy, education, and income but has been criticized for overlooking ethical and spiritual dimensions. In response, Umer Chapra proposed the IHDI, which integrates *maqasid al-shari'ah* (objectives of Islamic law), emphasizing religion, intellect, life, lineage, and wealth. Using a descriptive qualitative approach, this study analyzes literature on the HDI and IHDI, assessing their conceptual frameworks and applications. Findings indicate that while the HDI provides a broad measure of well-being, the IHDI offers a more holistic approach by incorporating ethical and spiritual values, though its implementation remains underdeveloped. The study highlights the growing need for development indices that reflect both material and non-material aspects of well-being, as human progress extends beyond economic indicators. To achieve a comprehensive measure of development, future research should explore the practical application of the IHDI, ensuring it effectively captures the multidimensional nature of human flourishing.
Reimagining Economic Wellbeing and Justice: The Wasaṭiyya Framework in Islamic Economics Azzuhri, Anggi; Fadhil, Haidar Masyhur
Economica: Jurnal Ekonomi Islam Vol. 13 No. 2 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2022.13.2.14139

Abstract

This article explores the foundations and instruments of Islamic economics, with a focus on the wasaṭiyya (moderation) mindset. The concept of Iqtiṣād, which signifies balance and fairness, lies at the core of Islamic economic principles, as reflected in the Qur’ān and developed by scholars such as Al-Ghazālī, Ibn Khaldūn, and Bāqir Al-Ṣadr. Bāqir Al-Ṣadr positions Islamic economics as a middle path between capitalism and socialism, advocating an ethical system that promotes justice and sustainable growth. The study examines key financial instruments—zakāt, waqf, kharāj, jizya, and sukūk—which are designed to reduce poverty, promote wealth circulation, and ensure fair resource distribution. It also addresses challenges such as economic crises, regulatory failures, and societal greed, which threaten the sustainability of wellbeing. Through an analysis of primary Islamic texts and the works of major scholars, this article compares Islamic economic thought with capitalist and socialist models, highlighting its unique approach to wellbeing and justice. Modern scholarly contributions further enhance the discussion, providing insights into the practical applications of these principles today. Ultimately, the wasaṭiyya framework is shown to offer a balanced and resilient framework for addressing contemporary economic challenges, positioning Islamic economics as a viable alternative to conventional systems in the pursuit of human wellbeing and economic justice.
Ethnomethodological Insights into Hybrid Contract Practices in Islamic Accounting Annurria, Wanti; Dahlifah, Dahlifah; Mais, Rimi Gusliana
Economica: Jurnal Ekonomi Islam Vol. 13 No. 2 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2022.13.2.14142

Abstract

This study aims to explore the implementation of Sharia accounting for hybrid contract financing at PT Bank Syariah Indonesia Tbk., where several contracts are not yet regulated under current Sharia Accounting Standards. The focus of this research is to identify how these hybrid contracts align with Sharia principles and the existing regulatory framework while assessing the practical challenges faced by Islamic financial institutions. The primary data sources include direct observations and in-depth interviews with informants, specifically employees of PT Bank Syariah Indonesia Tbk., who provide insights into the operationalization of Sharia accounting in practice. This research adopts a qualitative approach with an interpretive paradigm, utilizing the ethnomethodology method to conduct an in-depth analysis of indexicality, reflexivity, and accountability within the accounting processes. The findings reveal that the application of Sharia accounting in hybrid contract financing at PT Bank Syariah Indonesia Tbk. represents a form of innovation that consistently aligns with regulations, Sharia principles, and Sharia accounting standards. Despite the absence of comprehensive standards, the bank effectively adapts existing guidelines to manage these hybrid contracts realistically. To support the ongoing development of Islamic banking in Indonesia, it is imperative for regulators and standards boards to establish detailed rules and guidelines for Sharia accounting in hybrid contract financing, ensuring uniformity and transparency across the industry.
Developing Sustainable Hajj Funds: Innovative Cash Waqf Investment Models Fuadi, Nasrul Fahmi Zaki; Farida, Dessy Noor; Saadah, Naili; Ramadhani, Cintya Cindy Melania; Imron, Ali
Economica: Jurnal Ekonomi Islam Vol. 13 No. 2 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2022.13.2.19026

Abstract

The Indonesian Sharia Economic Masterplan (MEKSI) 2019-2024 presents a detailed plan for the growth of the Islamic financial industry. It focuses on combining the fiscal, commercial, and ZISWAF (Zakat, Infaq, Sadaqah, and Waqf) sectors to promote economic inclusivity. The objective of this study is to assess the management mechanism of the Hajj Fund by BPKH and investigate alternative investment models that make use of cash waqf to enhance the efficiency of fund management. The technique encompasses an extensive examination of existing literature, both qualitative and quantitative evaluations, interviews with relevant stakeholders, and a comparative analysis of successful models implemented in other countries. Financial modeling is utilized to simulate the effects of various asset allocation methods. The results suggest that integrating cash waqf into BPKH's current procedures can lead to considerable improvements. Cash waqf offers higher financial returns and larger social welfare benefits through targeted investments in Sharia-compliant financial instruments such as Sukuk. The iterative process of allocating and reinvesting income guarantees the long-term viability and expansion of Hajj funds. The study highlights the capacity of cash waqf to strengthen financial stability and social influence, in accordance with Islamic principles and promoting economic growth. These findings have significant ramifications for politicians and financial managers in enhancing the management of Hajj funds to more effectively cater to the needs of the Muslim community.
Modern Payment Solutions for Zakat Fitrah: a Shariah Legal Examination of Pay Later Systems in Marketplaces Saekhu, Saekhu; Musyafak, Najahan; Mahsun, Mahsun
Economica: Jurnal Ekonomi Islam Vol. 13 No. 2 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2022.13.2.28792

Abstract

This study examines the use of Pay Later systems offered by digital marketplaces, such as Gopay and Shopee, as a method for fulfilling zakat fitrah obligations. While financial technology has enhanced accessibility and efficiency in zakat management, its integration with credit-based instruments raises significant Shariah concerns. This study is contextualized from a qualitative approach that combines normative legal analysis with digital ethnography, exploring whether deferred payment models align with Islamic jurisprudence and the objectives of Shariah. We highlight findings that although Pay Later provides convenience for zakat payers, it introduces elements of debt that risk contradicting the principle of immediacy in zakat fitrah. Nonetheless, under certain circumstances, such as compliance with DSN-MUI regulations and avoidance of riba, Pay Later may be considered permissible as a means of fee. This paper contributes to the growing discourse on Islamic fintech by clarifying the legal and ethical boundaries of credit-based worship payments and offers practical recommendations for zakat institutions to collaborate with fintech providers while safeguarding the integrity of religious obligations.

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