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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 The editors receive scientific articles in the form of conceptual script or unpublished research results or other scientific publications related to Islamic Economics themes which cover Islamic Finance, Islamic Banking, Islamic Accounting, Islamic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
Aligning Sharia-Based Empowerment with SDGs: Addressing Poverty and Inequality in Coastal Regions Suryanto, Tulus; Utami, Pertiwi; Ahmad, Roslizawati
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.2024.15.1.22935

Abstract

A significant portion of coastal communities in Indonesia continues to experience extreme poverty. Addressing poverty is a key priority of the Sustainable Development Goals (SDGs), yet achieving equality and social justice remains challenging due to various obstacles. This study employs a literature review to explore the relationship between the SDGs and efforts to achieve equality and social justice, focusing on approaches to alleviate extreme poverty in coastal communities through Sharia-based community empowerment. The first finding highlights that the SDGs can serve as a tool to secure equality and social justice for coastal communities. The second finding suggests that a Sharia entrepreneurship approach, emphasizing the potential of these communities, can be implemented through government support, Sharia banking, and Sharia social financial institutions. The study concludes that the SDGs play an important role in achieving equality and social justice, supported by Sharia-based community empowerment initiatives. These findings are intended to provide guidance for stakeholders in developing community-centered empowerment strategies. This requires not only focusing on funding programs and policies but also on enhancing the capacity of human resources, particularly in Islamic business ethics, technology, and institutional development.
The Relationship Between Donations and Individual Happiness: An Analysis of Prosocial Spending Effects Among Muslims in Indonesia Khoiriyah, Nur Faizah; Paksi, Girindra Mega
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.2024.15.1.22974

Abstract

Indonesia is renowned for its cultural diversity, with the tradition of gotong royong—symbolizing solidarity and mutual assistance—deeply embedded in its society. This tradition is mirrored in the country's high level of philanthropic activity, making Indonesia the most generous nation globally. This study investigates the relationship between charitable donations and the happiness of Indonesia’s Muslim population, using data from the 2014 Indonesian Family Life Survey (IFLS) wave 5, which represents about 83% of individuals living in 13 out of 33 provinces. The focus on the Muslim population reflects their substantial contribution to Indonesia’s global ranking in generosity. Four control variables—health, education, consumption (food and non-food), and social participation—are included in the analysis, which is conducted using binary logistic regression. The findings indicate that donations have a significant positive impact on the happiness of Muslims in Indonesia. Moreover, three control variables—health, education, and food consumption—also show positive and significant effects, while social participation, despite its theoretical relevance, does not exhibit a significant impact. Although non-food consumption is statistically significant, it presents an odds ratio of 1, suggesting no meaningful influence on happiness.
Influences of Religiosity, Capital Market Knowledge, and Information Technology on Sharia Investment Interest in Central Java, Indonesia Alfian, Ahmad Hijri; Ramdhani, Muhammad Iqbal; Nugrahini, Dian Essa
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.2024.15.2.23276

Abstract

A responsible government must establish stable economic conditions that foster societal well-being and expedite national prosperity. A strategic approach to achieving this is through the promotion and development of investment activities at district, city, and provincial levels. This research aims to investigate the factors influencing interest in sharia investment, with a particular focus on religiosity as a moderating variable. Utilizing primary data gathered through questionnaires from investors in Central Java Province, the study employs SEM-PLS analysis to assess the responses. The findings reveal that both knowledge of the sharia capital market and advancements in information technology positively impact interest in sharia investment. However, religiosity does not significantly moderate the effects of these two factors. Notably, the study identifies that religiosity directly influences interest in sharia investment. Policy implications suggest that in Central Java, interest in sharia investment is predominantly driven by knowledge and information technology; thus, further detailed information on sharia-compliant investment products is needed to align with investor interests.
Islamic Finance-Growth Nexus: Evidence from Malaysia Kazak, Hasan; Okka, Osman
Economica: Jurnal Ekonomi Islam Vol. 13 No. 1 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2022.13.1.9517

Abstract

For many years, a plethora of theoretical and empirical studies have illustrated the relationship between financial activities and economic growth. The impact of the Islamic financial system and its instruments on economic growth has begun to emerge in recent years, parallel with its development. This study is designed to contribute to the development of Islamic finance as well as contribute to the literature by revealing the causal relationship between the development of Islamic finance and economic growth. To serve this purpose, an examination in the context of Malaysia, which has progressed more than other countries in terms of Islamic financial development, has been carried out. In exploring the causal relationship between the development of Islamic finance and economic growth in Malaysia, four variables representing Islamic banking, Sukuk market, and Islamic stock market on the gross domestic product (GDP) are discussed through data from the first quarter of 2006 to the first quarter of 2020. To analyze the relationship of the variables within the framework of the VAR model, the Johansen cointegration test, impulse-response functions, and variance decomposition was used. This study corroborates the literature on the effect of the financial sector development on economic growth by taking Islamic finance into account.
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.
Mindring: Bridging Islamic Economic Principles and Business Practices in Indonesia’s Furniture Credit Industry Lailyah, Nurzahroh; Karatri, Rhealin Hening; Pattipeilhy, Shary Charlotte Henriette
Economica: Jurnal Ekonomi Islam Vol. 13 No. 1 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2022.13.1.11576

Abstract

This study examines strategies for utilizing halal tourism as a driver of sustainable economic development in Central Java, Indonesia, a pilot province for this niche market. With a focus on Muslim travelers seeking culturally and religiously appropriate experiences, the research integrates primary data from stakeholder interviews and secondary data from local tourism records. The findings highlight that while Central Java’s halal tourism sector shows considerable potential, it remains in its early stages, with significant opportunities for growth. Key strategies identified include categorizing tourist destinations into historical, nature, and cultural segments to better tailor marketing and improve visitor experiences. Additionally, creating regional tourist routes is suggested to enhance accessibility and navigation for tourists. The study emphasizes the importance of aligning halal tourism efforts with sustainable economic growth, particularly in the context of the G20 agenda. By linking halal tourism with broader economic strategies, the research provides actionable insights for policymakers and industry stakeholders to strengthen local business capacities and boost the economic resilience of the region. This approach positions halal tourism not only as a cultural offering but also as a pivotal component of Central Java’s long-term economic development strategy.
Mapping Zakat Potential at the City Level in Indonesia and Strategies for Optimizing Zakat Collection Zaenal, Muhammad Hasbi; Noor, Zainulbahar; Hartono, Nono; Choirin, Muhammad; Salihovic, Elnur
Economica: Jurnal Ekonomi Islam Vol. 13 No. 1 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2022.13.1.12323

Abstract

Zakat, a core pillar of Islam, serves as an essential tool for wealth redistribution and socio-economic welfare. Despite Indonesia being home to the largest Muslim population globally, research on its zakat potential remains underdeveloped. This study aims to map the zakat potential across 510 cities and districts in Indonesia and propose strategies for optimizing zakat collection. Using the Indicators for Zakat Potential Mapping (IPPZ) framework developed by PUSKAS BAZNAS in 2019, secondary data from various official sources were aggregated to estimate zakat potential by province and zakat object. The results show that DKI Jakarta has the highest potential, totaling IDR 64.5 trillion, followed by East Java and West Java. Zakat on agricultural products, livestock, cash, corporate zakat, and professional income are the key contributors to this potential, with regional variations. The study's novelty lies in its detailed local-level zakat mapping, offering fresh insights into regional zakat potential. Additionally, it presents innovative strategies for enhancing zakat collection through decentralized efforts at the village, sub-district, and city levels, contributing to more effective zakat management and socio-economic development in Indonesia.
The Resilience of Sharia Insurance in MENA During the COVID-19 Pandemic: An Analysis of Financial Performance Miranti, Titis; Meylianingrum, Kurniawati
Economica: Jurnal Ekonomi Islam Vol. 14 No. 1 (2023)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2023.14.1.12617

Abstract

The COVID-19 pandemic affects financial institutions worldwide, including Islamic financial institutions such as sharia insurance. This research focuses on sharia insurance in the Middle East and North Africa (MENA) that provide governance mechanisms and audit quality. The value of sharia insurance income in the MENA did not show a certain trend during the study period, although there were some extreme values during this COVID-19 pandemic. This study aims to examine the effect of the COVID-19 pandemic on sharia insurance earned in MENA. The quarterly data from 2010 to 2020 is used with panel regression as an analytical tool. As a result, the COVID-19 pandemic had no significant effect on sharia insurance earned in MENA. On the other hand, net income, long-term investment, assets have a significant effect. It shows that most sharia insurance in the MENA can survive during the COVID-19 pandemic. This study also confirms that Islamic financial institutions are still the best in their ability to stay during the COVID-19 pandemic. Moreover, sharia insurance is an alternative for welfare protection for residents in the MENA.
Theory of Motivation in Business Management: An Elaboration of Western and Islamic Worldviews Hakim, Usmanul; Nidzom, Muhammad Faqih; Mas'ud, Fuad; Anggara, Fajar Surya Ari; Hidayatullah, Rakhmad Agung
Economica: Jurnal Ekonomi Islam Vol. 13 No. 1 (2022)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2022.13.1.13013

Abstract

This article examines and compares Western and Islamic perspectives on work motivation. Western theories, such as those by Maslow, McGregor, and Herzberg, emphasize secular factors and do not account for worship as a motivation, whereas Islam views worship as the primary driver for work. This suggests that Islamic work motivation stems from a different worldview compared to Western models. The study, a literature review using content and comparative analysis, adopts a philosophical approach with worldview theory as its framework. It consists of two stages: de-westernization, which reviews Western motivation theories, and integration, comparing these theories with Islamic concepts. The findings reveal that Western theories are rooted in secularism, humanism, materialism, and atheism, while Islamic work motivation is based on a non-secular worldview, with God at its center. These differing worldviews result in distinct motivational frameworks in Islam and the West. This study aims to enhance human capital management, particularly in diverse business organizations with heterogeneous workforces.