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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 The editors receive scientific articles in the form of conceptual script or unpublished research results or other scientific publications related to Islamic Economics themes which cover Islamic Finance, Islamic Banking, Islamic Accounting, Islamic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
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.
Transforming Mosque Sustainability: Leveraging Islamic Economics and Finance for Community Empowerment Hidayat, Rahmat; Rodoni, Ahmad; Sukardi, Budi; Fachrurazi; Asmanto, Eko; Ismail, Nurizal
Economica: Jurnal Ekonomi Islam Vol. 16 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2025.16.2.28314

Abstract

This research focuses on the shift in mosque empowerment models, particularly in terms of financial sustainability, rooted in Islamic economics and finance. By exploring the correlation of Islamic economics (Y), Islamic finance (Y), and mosque sustainability (Z), this research can utilize the mixed method approach of quantitative analysis to survey 200 congregation members, conduct in-depth interviews with five key informants, and employ PLS-SEM. This is the first mosque sustainability performance study to provide a quantitative analysis, along with PLS-SEM, and to correlate finance and economics in the Islamic context. Findings indicate that Islamic finance intermediates the influence of Islamic economics on mosque sustainability (indirect β=0.527; p<0.001). Islamic economics is explained to have a considerable direct influence on Islamic finance (β=0.782; p<0.001) as well as Islamic finance being the greatest contributor to mosque sustainability (β=0.673; p<0.001). This research affirms the four-dimensional sustainability pillar and the anticipation of mosque management to respond to the SDGs. This provided strong financial governance, partnership with Islamic banking, trained financial governance, and Islamic financial literacy courses.
Social Assistance Policies Amid the 2024 Presidential Election Contestation: An Islamic Political Economy Perspective Suhirman, Suhirman; Mashilal, Mashilal; Sahala, Fika
Economica: Jurnal Ekonomi Islam Vol. 16 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2025.16.2.28024

Abstract

This research examines the dual function of social aid in Indonesia as a social safety net and as a political tool for the upcoming 2024 Presidential Election. This research used Fairclough's model of critical discourse analysis through the policymaking process of social assistance programmes, including articles in the online media, social aid (PKH, BPNT, KIP, and others), and the dynamics of public opinion from January to June 2024. The analysis of the data showed that in election years, the social aid budgets are increased. The social assistance is therefore politically motivated. However, these programmes help to some extent reduce poverty and improve access to education and health. Because of the political motivation, the assistance programmes lose their main social purpose. From the perspective of the Islamic political economy, the social assistance programmes should be based on maṣlaḥah al-‘āmmah. The underlying principle is the equitable social welfare of the people and the politically unmotivated equitable social wealth. This research demands that these assistance programmes and services be legally and politically unmotivated, and social welfare programmes be legally focused on the redistribution and social justice of the people, be oriented to the long-term social welfare of politically and legally unmotivated social welfare programmes.
Exploring the Link Between Islamic Philanthropy (ZIS) and Happiness: A Panel Data Analysis in Indonesia Berlyansyah, Seftyana Indica; Kafabih, An'im
Economica: Jurnal Ekonomi Islam Vol. 16 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2025.16.2.27477

Abstract

This study investigates the determinants of the Indonesian Happiness Index, specifically examining the impact of income and Islamic philanthropy (Zakat, Infaq, and Sedekah or ZIS). Utilizing panel data from 19 provinces for the years 2017 and 2021, the research employs a Random Effect Model (REM) to analyze the relationships between happiness and key socio-economic variables, including Gross Regional Domestic Product (GRDP), charitable giving, poverty, and health. The empirical findings reveal that charitable giving through ZIS has a positive and significant effect on happiness, suggesting that religiously motivated altruism is a key driver of well-being in Indonesia. In contrast, income demonstrates a significant negative relationship with happiness, aligning with the Easterlin Paradox which posits that economic growth does not necessarily lead to greater life satisfaction. Furthermore, health complaints significantly reduce happiness, whereas poverty levels show no statistically significant impact. These results imply that policymakers should prioritize strengthening philanthropic governance, as promoting ZIS offers a strategic pathway to enhance societal well-being beyond material economic measures
Arima Forecasting of Indonesia’s Sovereign Sukuk as a Sustainable Financing Instrument Hartono, Haryani Santo; Nurrachmi, Rininta; Salleh, Sharifah Nabilah Syed
Economica: Jurnal Ekonomi Islam Vol. 16 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2025.16.2.28256

Abstract

Sukuk development in Indonesia, along with SBSN (Surat Berharga Syariah Negara) sovereign securitization sukuk SBSN, sovereign securitization sukuk (SBSN), sustainable and diverse in-structure financing sukuk SBSN, is being balanced with the increasing usage of Sharia-compliant instruments for the financing of fiscal deficits and the management of sovereign debts, which continues to expand. An Autoregressive Integrated Moving Average (ARIMA) model is employed in this study, using monthly time series data for the period 2019 to 2024. Among the time series modeling techniques, ARIMA was chosen because explicit macroeconomic theories are not required for time series projection; thus, it is more suitable for modeling historical time series. The study has found that while the values of outstanding sukuk will no doubt increase, the uncertainty of longer-term forecasting will also increase. Forecasting in the present study lacks immediate quantification; however, the analyses provide a relevant and sustained policy framework for sovereign debt, and the analyses support the potentially strategic role of thematized instruments in fiscal management and for the sustainability of sukuk, in particular, focused sukuk, green sukuk, and retail sukuk. The research outlines strategic considerations for managing Shariah-compliant, long-term, and dynamic debt in Indonesia, thereby aligning financial innovation with national development interests.
Institutionalizing Waqf Literacy: A Critical Governance Analysis of the Indonesian Waqf Board’s Communication Strategies Furqon, Ahmad; Anwar, Khoirul; Fuadi, Nasrul Fahmi Zaki; Septiana, Yunita Dewi; Kacem, Fatma
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.2024.15.2.31140

Abstract

Public understanding of waqf in Indonesia remains limited, constraining its socio-economic potential, and is often treated as a mere educational deficit rather than a governance issue. This study examines the role of the Indonesian Waqf Board (BWI) in enhancing waqf literacy by analyzing how literacy initiatives are designed, implemented, evaluated, and institutionally mediated within Indonesia’s waqf governance system. Using a qualitative, document-based descriptive review that integrates a conceptual–normative approach with comparative institutional analysis, the research draws on BWI Annual Reports (2019–2023), the BWI Strategic Plan (2020–2024), and peer-reviewed literature. The findings show that BWI emphasizes productive waqf, multi-channel digital dissemination, and empowerment-oriented narratives, yet evaluates effectiveness primarily through output-based indicators that undercapture comprehension, engagement, and trust formation. Literacy outcomes are further shaped by regulatory overlap, digital asymmetry, resource allocation patterns, and limited participatory mechanisms. The study concludes that waqf literacy is institutionally mediated and governance-driven, underscoring the need for stronger accountability design, evaluative reform, and regulatory coherence.