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Economica: Jurnal Ekonomi Islam
ISSN : 20859325     EISSN : -     DOI : -
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 The editors receive scientific articles in the form of conceptual script or unpublished research results or other scientific publications related to Islamic Economics themes which cover Islamic Finance, Islamic Banking, Islamic Accounting, Islamic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 366 Documents
From Marginalization to Recognition: The Impact of Islamic Political Economy on Indonesia's Islamic Economy During the New Order Hamid, Ahmad Munir; Fitrianto, Achmad Room; Ahmed, Ishfaq
Economica: Jurnal Ekonomi Islam Vol. 15 No. 1 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2024.15.1.20305

Abstract

The New Order era (1966–1998) marks a pivotal period in Indonesia's political and economic history. This study examines the influence of Islamic political economy on the evolution of Islamic economy during this time, using a literature review to explore how political dynamics and economic policies shaped its development. The findings reveal that Islamic political economy faced significant challenges due to the New Order government's focus on capitalist and industrial-oriented policies, which often marginalized sharia-based economic systems. For instance, the Islamic banking sector struggled to expand as regulations were more favorable to conventional banks. Despite these obstacles, intellectual groups and scholars sought to integrate Islamic principles into national policies, with the establishment of Islamic financial institutions like Bank Muamalat Indonesia in 1991 serving as a milestone. By the end of the New Order era, there was a noticeable increase in public interest and awareness of Islamic economy, driven by political shifts and a growing desire for a fairer, Islamic-aligned economic system. Consequently, Islamic economics began to gain wider recognition, eventually becoming an integral part of the national economic framework.
Exploring Banking Reforms in Nigeria: Economic Impacts and Future Implications Muhammad, Auwalu Shuaibu; Fitrianto, Achmad Room
Economica: Jurnal Ekonomi Islam Vol. 15 No. 1 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2024.15.1.20357

Abstract

In the growing global economy, establishing a robust banking sector has become an essential concern for governments worldwide. Nigeria, like many other nations, has witnessed successive governments implementing economic reforms to navigate the challenges of the global market. Given the indispensable role of the financial sector, particularly banking industry, numerous reforms have been legislated over the past three decades. This paper examines these banking reforms and their profound impacts on the Nigerian economy. The primary objective of this study is to consolidate and synthesize the findings of previous empirical research regarding banking reforms and their effects on Nigeria's economy, as measured by Gross Domestic Product (GDP). This paper employed the Preferred Reporting Items for Systematic Reviews and Meta-Analysis (PRISMA). The analysis reveals that the banking reforms undertaken by successive Nigerian governments have significantly influenced the nation's economic growth. However, the persistent issue of high interest rates poses a deterrent to investors seeking loans and advances. Consequently, the study advocates for a strategic shift in lending practices within the real sector towards Islamic banks, where loans are structured based on profit and loss sharing rather than conventional interest-based mechanisms. Furthermore, the paper emphasizes the need for future banking reforms to address recurring inflationary pressures and foreign exchange market volatility in Nigeria.
Modeling Tourist Interest in Visiting Halal Tourist Destinations in West Nusa Tenggara (NTB): A Systematic Literature Review Primadona, Fitry; Hartoyo, Hartoyo; Yuliati, Lilik Noor; Arsyianti, Laily Dwi
Economica: Jurnal Ekonomi Islam Vol. 15 No. 1 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2024.15.1.20372

Abstract

Halal tourism is a growing market segment driven by the increasing demand for travel experiences that adhere to Islamic principles. As the global Muslim population continues to expand, the prospects for halal tourism are substantial, with significant market value and robust growth trends. Indonesia, with its diverse attractions like West Nusa Tenggara (NTB), plays a strategic role in this sector. This study investigates the factors influencing tourist intentions to visit NTB's halal destinations, employing a systematic literature review using the PRISMA technique. Key factors impacting tourist intentions include the availability of halal food, halal accommodation, halal tourism promotion, and the socio-cultural environment. Additionally, halal certification and effective promotional strategies serve as partial moderators, enhancing these influences on tourist decision-making. The findings provide valuable insights for policymakers and stakeholders, offering a model for attracting and retaining tourists in halal destinations. This research contributes uniquely by providing a comprehensive analysis of tourist intention factors within NTB's halal tourism context, supporting sustainable and inclusive tourism development.
Moderating Effects of Sharia Governance on Green Banking and Customer Loyalty in West Nusa Tenggara Wulandari, Widya Rizki; Qoyyum, Abdul
Economica: Jurnal Ekonomi Islam Vol. 15 No. 2 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2024.15.2.21819

Abstract

The primary objective of this research is to examine the influence of green banking on green loyalty in Sharia banking in NTB, utilizing stakeholder theory, legitimacy theory, and self-regulation theory. The study expands on three key variables as a framework for understanding green banking: green innovation, green finance, and environmental performance. Additionally, it investigates the role of Sharia governance as a moderating factor in the relationship between green banking and green loyalty. Using quantitative methods and the SmartPLS 3.0 software for data analysis, this research reveals that both green innovation and environmental performance positively impact green loyalty, while green finance does not have a significant effect. Sharia governance was found to strengthen only the relationship between green innovation and green loyalty. The findings aim to contribute to the Sharia banking sector and encourage customers to choose environmentally friendly, sustainable products.
The Impact of Foreign Debt on Economic Growth: An Analysis from Jasser Auda's Maqashid al-Shariah Perspective Wardhani, Jayanti Sukma; Fadhillah, Anessa
Economica: Jurnal Ekonomi Islam Vol. 15 No. 2 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2024.15.2.22039

Abstract

This study aims to analyze the impact of foreign debt on economic growth from the perspective of Jasser Auda’s Maqashid al-Syariah framework. The research adopts a quantitative approach, utilizing secondary time-series data spanning 11 years (2010–2021), sourced from the Central Government's Ministry of Finance Foreign Debt Statistics Report and the Ministry of Trade’s GDP Report. The analysis methods applied include the Vector Autoregression (VAR) technique, variance decomposition analysis, and Granger Causality test, all conducted via E-Views 10. This study employs a purposefulness and openness approach to examine the unidirectional relationship between foreign debt and economic growth. Results reveal a long-term unidirectional relationship between economic growth variables and foreign debt, evidenced by an F-statistic probability exceeding the 5% threshold (>0.05). This indicates that increased economic growth in a country is partly driven by foreign debt.
The Role of Fraud Pentagon Elements in Financial Statement Fraud: Evidence from Islamic Commercial Banks in Indonesia Kharimah, Khaerohtun Nurul; Nugraha, Nyata; Budiyono, Iwan; Arumsari, Vita
Economica: Jurnal Ekonomi Islam Vol. 15 No. 2 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2024.15.2.22299

Abstract

Islamic banks in Indonesia have experienced rapid growth relative to their conventional counterparts. However, this expansion is accompanied by challenges, notably the prevalence of fraudulent practices. This study aims to analyze the influence of the fraud pentagon on Financial Statement Fraud (FFR) in Islamic Commercial Banks in Indonesia from 2018 to 2023, both collectively and individually. The study population comprises all Islamic Commercial Banks in Indonesia registered with the Financial Services Authority (OJK) as of December 2023. Using a purposive sampling method, ten Islamic commercial banks were selected for analysis. The research employs a Multiple Linear Regression Analysis model, executed in EViews 13. The findings reveal that, collectively, the elements of Pressure (ROA), Opportunity (BDOUT), Rationalization (TACC), Capability (DCHANGE), and Arrogance (CEO PICTURE) significantly impact FFR. Individually, Pressure (ROA), Opportunity (BDOUT), and Rationalization (TACC) have a positive and significant effect on FFR, while Capability (DCHANGE) and Arrogance (CEO PICTURE) exhibit a positive but non-significant effect.
Environmentally Friendly Behavior of Islamic Bank Employees: The Role of Islamic Banks in Maintaining Sustainability Adhitya, Fajar; Farida, Dessy Noor; Singh, Malika
Economica: Jurnal Ekonomi Islam Vol. 15 No. 1 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2024.15.1.22479

Abstract

The challenges of climate change and the recent energy crisis have increased the importance of environmental sustainability, with green technology emerging as a key driver of sustainable growth. In response, Sharia-compliant banking has integrated green banking principles to promote environmental protection. This study examines the green behaviors of Islamic bank employees and their impact on the growth of green banking. Focusing on Islamic banks in Central Java, Indonesia, a sample of 100 employees was selected through purposive probability sampling. Data were collected using questionnaires, and multiple linear regression analysis was conducted using IBM SPSS to assess the relationships between variables. The findings reveal that behaviors such as conserving resources, working sustainably, avoiding harm, taking initiative, and influencing others significantly contribute to green banking growth. The results suggest that encouraging green behavior among bank employees plays a vital role in expanding green banking practices within Islamic banks, aligning the sector with sustainable development goals through environmentally responsible actions. However, the study is limited by the relatively small sample size of 100 respondents, which may affect the generalizability of the findings. Future research should consider a larger sample size to validate the results and provide broader insights into the role of employee behavior in green banking.
Islamic Sociopreneurship: Prophetic Principles and BAZNAS’s Approach in Empowering Mustahik Mundzir, Muhammad; Muttaqin, Zaenal; Nadia, Matsna Afwi; Muttaqin, Azka
Economica: Jurnal Ekonomi Islam Vol. 15 No. 2 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2024.15.2.22509

Abstract

The increasing unemployment and social inequality in Indonesia have prompted the investigation of creative strategies to improve welfare and social fairness. This study examines Islamic sociopreneurship—a business model derived on the ideas of the Prophet Muhammad—as a viable approach to tackle these difficulties by promoting self-sufficiency and generating social benefit. The research employs thematic and historical methodologies to analyze essential sociopreneurial principles drawn from the Prophet’s activities, encompassing capital management, resource usage, opportunity recognition, ethical decision-making, and innovation. These principles are used in effective zakat programs administered by BAZNAS, an Indonesian organization dedicated to poverty alleviation. The research indicates that BAZNAS’s initiatives substantially boost the livelihoods of mustahik (zakat recipients) by improving housing, augmenting income, and fostering the development of micro, small, and medium-sized enterprises (MSMEs). This research distinctly emphasizes the congruence of prophetic concepts with contemporary zakat practices, illustrating Islamic sociopreneurship as a viable framework for social empowerment and communal advancement.
Shariah Enterprise Theory in CSR Disclosure: A Path to Sustainable Reporting Makatita, Gamal Abdul Nasir; Makatita, Armin Rusli; Lamba, Jessika Gafur
Economica: Jurnal Ekonomi Islam Vol. 15 No. 2 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2024.15.2.22596

Abstract

This research examines the application of Sharia Enterprise Theory (SET) in Corporate Social Responsibility (CSR) disclosure to enhance sustainability reporting. Using a qualitative approach, this study analyzes secondary data, including relevant journal articles. Sharia Enterprise Theory posits that corporate social responsibility extends beyond specific individuals to include accountability to Allah SWT as the ultimate owner. The theory emphasizes that responsibility should address the interests of broader stakeholders, including God, humanity, and nature, with Allah as the highest stakeholder. The concept of sustainability reporting emerged to foster ethical accountability by incorporating environmental, social, and governance aspects alongside economic considerations. Continuous CSR disclosure in sustainability reports requires adherence to standardized guidelines to ensure comprehensive reporting on CSR activities.
Evaluating the Spin-Off Readiness of Sharia Business Units for Islamic Banking Expansion in Indonesia Dja’akum, Cita Sary; Huda, Nur; Ryandono, Muhamad Nafik Hadi; Mujibatun, Siti; Mursyidi, Ach Fatayillah
Economica: Jurnal Ekonomi Islam Vol. 15 No. 2 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2024.15.2.22696

Abstract

This study aims to evaluate the readiness of Sharia Business Units (SBUs) in Indonesia to undertake the mandated 2023 spin-off, which would result in these units operating independently from their parent banks. The research employs a qualitative approach, with data collected through documentation and literature review. The study focuses on 20 SBUs, which include one unit from a state-owned enterprise (BUMN), 13 units from regionally-owned enterprises (BUMD), and six units from private banks. Findings indicate that approximately 50% of these SBUs are not sufficiently prepared to separate from their parent institutions due to constraints in assets, capital adequacy, and health metrics. This lack of preparedness is compounded by deficiencies in infrastructure and human resources, which collectively affect the financial, operational, and human capital stability of these units. Consequently, the findings suggest that most SBUs are not ready for a spin-off by 2023. Policy implications: The findings underscore the need for regulatory and developmental support to strengthen SBUs prior to spin-off. The study recommends that future policy address the capital and human resource limitations in Islamic banking to ensure successful spin-offs and sustainable growth in the sector.