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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 The editors receive scientific articles in the form of conceptual script or unpublished research results or other scientific publications related to Islamic Economics themes which cover Islamic Finance, Islamic Banking, Islamic Accounting, Islamic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 366 Documents
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The Impact of Intellectual Capital, Islamic Corporate Governance, and Zakat Disclosure on the Financial Performance of Islamic Commercial Banks in Southeast Asia Nasution, Qisti Marhamah; Haryono, Slamet
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.2023.14.1.19300

Abstract

Islamic commercial banks play a vital role in Southeast Asia’s financial sector, adhering to sharia principles that shape banking operations and performance. This study examines the impact of intellectual capital (VACA, VAHU, STVA), Islamic corporate governance (BOD, AC, BOC, DPS), and zakat disclosure (ZD) on financial performance. Using a quantitative approach, it analyzes secondary panel data from 2016–2022, with 81 observations, employing EViews 10. The findings reveal that VACA, STVA, BOD, AC, BOC, and DPS have no significant impact on financial performance. However, VAHU positively affects financial performance, while ZD has a significant negative effect. Collectively, all independent variables significantly influence financial performance, with an R² of 48%, indicating that 48% of financial performance is explained by these factors, while 52% is influenced by others. These results emphasize the importance of human capital efficiency and zakat transparency in shaping financial performance. Governance structures may require further refinement to enhance their impact. Future research should explore additional variables, extended study periods, and alternative methodologies to deepen the understanding of financial performance drivers in Islamic commercial banking.
Assessing Halal Investment Sensitivity to Cash Flow and the Impact of Capital Market Imperfections: The Case of Asian Countries Elseoud, Mohamed Sayed Abou
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.2023.14.1.19464

Abstract

The study empirically examines the relationship between Halal investment sensitivity and the cash flow, as well as the effect of capital market imperfections on sukuk-dependent enterprises in selected non-financial listed companies of the stock markets in six countries, which are Bahrain, KSA, UAE, Kuwait, Qatar, and Malaysia. The study adopts fixed effect model and conducted over the period of 2018-2022 for 240 non-financial listed companies on the stock markets. The study findings show that at the 5% level, cash flow has a significant and positive effect on investment sensitivity in both conventional and Islamic enterprises, where the coefficients of cash flows were 0.176 and 0.143, respectively; this means the effect is significantly greater in conventional enterprises that are more constrained. The coefficients of fund flows, institutional ownership, and the index of corporate governance variables have a significant and negative effect on the sensitivity of investment to cash flow in both types of enterprises. When these variables increase, the sensitivity of investment to cash flow will diminish due to decreasing in capital market imperfections. The implication of this study may help beneficiaries in making better policy decisions and provide guidance for corporate managers. 
Empowering Higher Education Funding through Cash Waqf: A Case Study of IPB University Furqon, Ahmad; Budiman, Achmad Arief; Septiana, Yunita Dewi; Hassane, Narong; Fuadi, Nasrul Fahmi Zaki
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.2022.13.1.20779

Abstract

This study explores the role of cash waqf as a financial source for universities, focusing on its management and impact at IPB. The institution overseeing cash waqf at IPB operates with principles of good governance, transparency, accountability, and professionalism. Fundraising is conducted both online and offline, with a consistent monthly auto-debit system from faculty and staff salaries. Additionally, IPB actively involves the community in waqf contributions. Investments of cash waqf funds occur in both financial and real sectors, including deposits and cash waqf-linked sukuk in collaboration with BWI. The allocation of cash waqf benefits is executed through direct and indirect mechanisms. Direct benefits include scholarships, community empowerment programs, infrastructure development, research funding, and social responsibility initiatives. Indirect benefits support character development, religious events, Covid-19 care programs, and educational assistance. Furthermore, IPB distributes waqf-generated resources through medical equipment donations, scholarship programs, water station installations, and burial support. These efforts highlight the strategic role of cash waqf in enhancing university sustainability, fostering social welfare, and strengthening educational institutions. The findings emphasize the significance of structured waqf management in optimizing its benefits and ensuring long-term impact within the academic and social domains.
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.
Spin-Off as a Strategy to Accelerate Islamic Banking Growth in Indonesia: Assessing the Readiness of Sharia Business Units 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

Islamic banking in Indonesia has grown significantly in recent years, supported by legal mandates encouraging structural separation between conventional and Sharia banking. This study aims to assess the readiness of Sharia Business Units (UUS) to implement the 2023 spin-off policy. A qualitative research approach was employed, with data collected through documentation and literature review. The study examined 20 Sharia Business Units, including one unit from a State-Owned Enterprise (Bank Tabungan Negara), 13 units under Regionally-Owned Enterprises (BUMD), and six units affiliated with private banks. The findings show that 50% of the assessed Sharia Business Units are not prepared to separate from their parent banks, particularly in terms of asset size, capital adequacy, and overall institutional health. Most UUS lack sufficient capital readiness, infrastructure, and qualified human resources to operate independently. When viewed holistically—across financial, operational, and HR dimensions—the majority of UUS included in this study were not ready for the 2023 spin-off. These findings provide valuable insights for regulators and stakeholders in the Islamic banking industry, particularly in shaping future policies and support mechanisms for Sharia Business Units transitioning toward independence.
From Secular Capitalism to Spiritual Balance: The Relevance of Naquib Al-Attas’s Vision in Contemporary Economic Thought Rosyidah, Rihadatul Izza; Riza, Ira Febriliana Dewi; Meldona, Meldona; Amaliah, Churil
Economica: Jurnal Ekonomi Islam Vol. 14 No. 2 (2023)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2023.14.2.20891

Abstract

The current capitalist economic system, rooted in secular Western ideology, has evolved beyond a market mechanism into a pervasive lifestyle that emphasizes materialism, autonomy, and human-centered progress. However, this system fundamentally contradicts Islamic teachings, which integrate worldly and spiritual life under divine sovereignty. This study employs a descriptive-analytical method to critically examine capitalism through the lens of Syed Muhammad Naquib Al-Attas’s thought. Al-Attas argues that capitalism leads to moral disintegration and spiritual alienation by detaching economic behavior from its metaphysical roots. As a corrective, he advocates for a return to an authentic Islamic worldview grounded in tawhid and adab. The findings suggest that addressing capitalism’s failures requires adopting a balanced path—one that harmonizes material well-being with spiritual fulfillment. Al-Attas’s vision, centered on the Islamization of knowledge, offers a transformative foundation for developing an Islamic economic system that is both ethically grounded and socially just.
Energy Waqf and the Environmental Crisis: Advancing Islamic Philanthropy for Sustainability Shahmi, Mohammad Aliman; Putra, Muhammad Deni; Fahlefi, Rizal; Arifah, Lidyana; Mansur, Muhammad
Economica: Jurnal Ekonomi Islam Vol. 16 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2025.16.1.23549

Abstract

This study examines energy waqf as an innovative Islamic philanthropic approach to addressing the growing environmental crisis. Using a literature review methodology, the research explores how religious beliefs, cultural values, and institutional trust influence community acceptance and participation in energy waqf initiatives. The findings reveal that strong religious commitment and cultural norms significantly motivate individuals to engage in such projects, which are widely perceived as acts of environmental stewardship and community service. Additional drivers of participation include emotional and psychological factors, awareness of waqf benefits, and confidence in the credibility of managing institutions. The study highlights the importance of public education and transparent governance in strengthening community involvement and ensuring the sustainability of energy waqf programs. These insights offer valuable guidance for policymakers, religious leaders, and development practitioners aiming to promote climate action through Islamic social finance. Energy waqf emerges not only as a philanthropic tool rooted in Islamic principles but also as a viable strategy for advancing renewable energy adoption and fostering environmentally conscious communities.
Toward Sustainable Islamic Banking: The Role of FinTech, Knowledge Management, Green Banking, and Sharia Compliance Nurcahyo, Satria Avianda; Ferdianto, Raditya; Arismaya, Anisa Dewi; Anis, Muhammad
Economica: Jurnal Ekonomi Islam Vol. 16 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2025.16.1.23752

Abstract

Islamic banking is facing increasing pressure to adopt sustainable business practices while maintaining compliance with sharia principles. In this context, Financial Technology (Fintech), Knowledge Management, Green Banking, and Sharia Compliance have emerged as critical factors influencing sustainability. This research aims to examine sustainable business models in Islamic banking in Central Java by analyzing the interrelations among these factors. A quantitative approach using Structural Equation Modeling Partial Least Squares (SEM-PLS) was applied to data from 515 sharia bank employees. The findings indicate that Fintech significantly influences Green Banking, Knowledge Management, and business sustainability, but does not directly affect Sharia Compliance. Green Banking significantly impacts both Sharia Compliance and business sustainability, while Sharia Compliance mediates the relationship between Green Banking and sustainability. These results highlight the need for deeper integration between Fintech and Islamic principles. Islamic banks are encouraged to develop strategies that synergize technological innovation, environmental responsibility, and religious compliance to achieve long-term, sustainable growth.
The Nexus between The Islamic Human Development Index (I-HDI), Unemployment, and Population Growth in Influencing Poverty Putri, Wafa Maharani; Santosa, Purbayu Budi; Zusak, M Bastomi Fahri; Mi'raj, Denizar Abdurrahman
Economica: Jurnal Ekonomi Islam Vol. 16 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2025.16.1.25152

Abstract

This research investigates the relationship between the Islamic Human Development Index (I-HDI), Unemployment, Population Growth, and their impact on Poverty in G20 countries from 2010 to 2021. A purposive sampling method was used to select eight countries: the United States, Indonesia, the United Kingdom, Italy, Germany, Canada, France, and Turkey. The I-HDI was calculated using five Maqasid Shariah indicators. Unemployment was measured by the national unemployment rate, and Population Growth was represented by the annual population growth rate. A total of 384 panel data points were analyzed using the Fixed Effect Model (FEM) regression technique. The findings reveal a robust negative relationship between I-HDI and the Poverty Rate, indicating that improvements in human development are key drivers in alleviating poverty. In contrast, Unemployment shows a significant positive association with the Poverty Rate, meaning that an increase in unemployment leads to a rise in poverty levels. However, Population Growth does not exhibit a significant effect on the Poverty Rate, suggesting that demographic changes alone are not adequate to explain fluctuations in poverty across the G20 countries. These results offer valuable insights for policymakers focused on enhancing human development and addressing unemployment to effectively combat poverty.
Green Human Resource Management in Islamic Finance: A Systematic Review of Sustainability Strategies in Indonesia Suherman, Usep Deden; Wirdyansyah, Danial Muhammad; Mighwar, Muhammad Al; Syaie, Akhmad Najibul Khairi
Economica: Jurnal Ekonomi Islam Vol. 16 No. 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2025.16.1.25197

Abstract

This study investigates the implementation of Green Human Resource Management (GHRM) within Indonesia’s Islamic finance industry through a systematic literature review of 375 academic publications from 2015 to 2024. Existing research has largely centered on conventional financial institutions, offering limited insight into GHRM’s role in the Islamic finance context. The review reveals that GHRM practices—such as green recruitment, sustainability training, and eco-friendly incentives—not only improve operational efficiency but also align with Maqasid al-Shariah objectives. FinTech integration further enhances green initiatives by increasing transparency and access in Islamic financial services. Nonetheless, regulatory limitations and inconsistent institutional support hinder broader adoption. A key recommendation is the introduction of Green Employee Sukuk: Shariah-compliant instruments issued by financial institutions to fund employee-led sustainability programs. Returns are tied to the performance of green investments, incentivizing employee engagement while reinforcing organizational environmental commitments. Strengthening regulatory frameworks and leveraging FinTech innovations are crucial for optimizing GHRM’s impact on sustainability in Indonesia’s Islamic finance sector.

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