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Jurnal Ekonomi & Keuangan Islam
Published by Universitas Islam Indonesia
ISSN : 2088996     EISSN : 26146908     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
AIMS Jurnal Ekonomi dan Keuangan Islam (JEKI) covers in detail a large number of topics related to Islamic Economics and Islamic Finance, comprising the latest empirical studies, country-specific studies, policy evaluations on Islamic economics and comparative international Islamic finance. This journal provides a forum for scientific exchange for academicians, practitioners, keen observers, and independent researchers, by publishing high-quality theoretical, empirical, and policy contributions. SCOPE Jurnal Ekonomi dan Keuangan Islam (JEKI) promotes the exchange of ideas and information among researchers around the world and strives to keep the economists updated on the latest research related to Islamic economics and Islamic finance. Scientists with an interest in Islamic economics and Islamic finance may rely on this journal as one of their essential sources.
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Articles 15 Documents
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Search results for , issue "volume 12 no. 2, july 2026" : 15 Documents clear
Financial literacy and tech advances on Sharia investment intentions Oktari, Marina; Ratnasari, Ririn Tri; Rusgianto, Sulistya
Jurnal Ekonomi & Keuangan Islam Volume 12 No. 2, July 2026
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol12.iss2.art7

Abstract

Purpose – This study examines the impact of financial literacy and technological advancements on young investors’ investment intentions in the Sharia capital market. It also investigates the mediating impact of risk tolerance and moderating influence of income levels.Methodology – This study employs a quantitative methodology utilizing structural equation modeling with partial least squares (SEM-PLS). Data were gathered via an online questionnaire aimed at Muslim investors aged 18 to 40 years with expertise in Indonesia’s Sharia capital market. A five-point Likert scale was used to assess these factors. A total of 204 valid replies were examined using SmartPLS 4.Findings – The findings reveal that both financial literacy and technological advances have significant positive effects on investment intention. Technological advances also significantly increase risk tolerance, whereas financial literacy does not. Risk tolerance neither significantly predicts investment intention, nor mediates the effects of financial literacy or technology. Income level negatively moderates the relationship between financial literacy and investment intention as well as between technological advances and risk tolerance. No significant moderating effects of income were found in other relationships.Implications – This study provides valuable insights for financial institutions and policymakers aiming to enhance participation in the Sharia capital market through financial literacy programs and user-friendly digital investment platforms.Originality – This study contributes to the growing literature on Islamic finance by incorporating a behavioral model that includes both mediation and moderation effects, focusing specifically on millennials and Gen Z Muslim investors in a Sharia-compliant investment setting.
Determinants of consumer intention to adopt gold installment financing in Islamic banking Aziz, Imam Abdul; Jannah, Fatimah Wardatul; Ibnu, Adi Rahmannur
Jurnal Ekonomi & Keuangan Islam Volume 12 No. 2, July 2026
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol12.iss2.art14

Abstract

Purpose – This study investigates the effects of psychological, social, and marketing mix factors on customer interest in Bank Syariah Indonesia’s gold installment product.Methodology – This study employs a quantitative research approach using survey data collected from 180 existing and potential customers of Bank Syariah Indonesia in Bogor Regency, Indonesia. Data were gathered through structured questionnaires and analyzed using Structural Equation Modeling (SEM) with AMOS version 25 to examine the relationships among the studied variables.Findings – The findings of this study indicate that psychological, social, and marketing mix factors have a positive and significant effect on customer interest in BSI’s gold installment product. Among these variables, the marketing mix emerged as the most dominant factor influencing customer interest, followed by psychological and social factors.Implications – These results suggest that service quality, promotional strategies, and product accessibility are crucial in shaping customer interest in Sharia-compliant gold investment products. This research is useful for improving marketing strategies and service quality at Bank Syariah Indonesia and contributes empirical evidence to the literature on Islamic banking in Indonesia.Originality – This study uniquely applies SEM-AMOS to examine psychological, social, and marketing factors simultaneously, a rare approach in Islamic banking research in Indonesia, particularly in Bogor.
A multi-criteria approach to halal tourism growth: The ANP-BOCR framework in Indonesia Hasibuan, Ahmad; Trisniarti, Noviami; Mohd Shafiai , Muhammad Hakimi
Jurnal Ekonomi & Keuangan Islam Volume 12 No. 2, July 2026
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol12.iss2.art10

Abstract

Purpose – This study develops a structured decision-making framework to identify strategic priorities for halal tourism development in Aceh, Indonesia, by integrating the analytic network process (ANP) with the benefit, opportunity, cost, and risk (BOCR) model.Methodology – A mixed-methods approach was employed, combining a literature review, focus group discussions (FGDs), and the ANP within the BOCR framework. Data were collected from nine experts representing government agencies, Islamic financial institutions, academia, and tourism stakeholders in Aceh, Indonesia. Pairwise comparison judgments were analyzed using Super Decisions software to determine the relative priorities of the key criteria and strategic alternatives for halal tourism ecosystem development.Findings – The findings indicate that opportunity (52%) and benefit (24%) are the primary drivers of halal tourism development, whereas risk (14%) and cost (9%) exert comparatively lower influence on halal tourism development. Among the evaluated strategic alternatives, digital infrastructure development (0.257) emerged as the highest priority, followed by the expansion of cultural- and nature-based halal tourism (0.209). The robustness of these priorities was supported by a 78% consensus among experts.Implications – The findings offer practical guidance for policymakers and industry stakeholders by highlighting the importance of digital transformation, fintech integration, and AI-enabled tourism services in strengthening the Halal tourism ecosystem. They also underscore the need to enhance public–private collaboration and expand the role of Islamic financial institutions in promoting sustainable and competitive halal tourism development.Originality – This study advances the halal tourism literature by proposing an integrated ANP–BOCR decision-making framework that provides a systematic, data-driven, and empirically grounded approach to prioritizing halal tourism development strategies. The framework offers a practical decision-support tool that is particularly relevant for emerging halal tourism destinations in Islamic regions, such as Aceh.
Waqf signal model for digital connectivity in Indonesia’s 3T regions Hendriansyah, Hendriansyah; Tanjung, Hendri; Beik, Irfan Syauqi; Sumarwan, Ujang
Jurnal Ekonomi & Keuangan Islam Volume 12 No. 2, July 2026
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol12.iss2.art3

Abstract

Purpose – This study aims to develop and validate the "waqf signal model," a Sharia-compliant framework that integrates waqf assets with digital connectivity deployment in Indonesia’s frontier, outermost, and underdeveloped (3T) regions to alleviate digital inequality. It evaluates stakeholder roles, governance feasibility, Sharia alignment, operational sustainability, and the socio-economic impact of the model.Methodology – A qualitative exploratory approach was employed using a two-round Delphi technique with nine expert panelists representing telecommunications, Islamic finance, waqf management, mosque leadership, and local government. Additionally, a financial simulation was conducted to assess the operational viability of waqf-based Base Transceiver Station (BTS) deployment.Findings – The Delphi panel reached a strong consensus on the model's Shariah compatibility through contracts such as Ijarah Muntahiyah bi Tamlik (IMBT), Musyarakah, and Musharakah Mutanaqisah (MMQ). The panel underscored the necessity of multi-stakeholder governance involving nazhir, telecommunication operators, local authorities, and community wakif. A high consensus was also achieved regarding village digital outlets as dual-purpose hubs for commercial services and waqf benefit distribution. Conversely, revenue-sharing feasibility yielded mixed perspectives, highlighting the need for refined legal and contractual frameworks. Finally, the financial simulation demonstrated that operational sustainability could be achieved within approximately six years under stable market conditions.Implications – The proposed model offers a Sharia-aligned pathway for inclusive digital infrastructure, facilitating rural access to connectivity, digital financial services, and socio-economic empowerment while contributing to Sustainable Development Goals (SDGs) 9, 10, and 17.Originality – This study pioneers the application of waqf in telecommunications, establishing an innovative model that synthesizes waqf asset utilization, BTS infrastructure deployment, multi-stakeholder governance, and rural digital inclusion.
Group lending and the scope of outreach in Islamic Microfinance: Evidence from Indonesia Afriadi, Fiqih; Chasanah, Uswatun; Taufik, Moch; Sagantha, Fitri
Jurnal Ekonomi & Keuangan Islam Volume 12 No. 2, July 2026
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol12.iss2.art13

Abstract

Purpose – This study analyzes the scope dimension (service diversity) of outreach within group-based Islamic Microfinance Institutions (IMFIs) in Indonesia. Utilizing the group lending model, this study aims to assess how institutional adaptation and group mechanisms influence outreach scope and sustainability in the post-COVID-19 period.Methodology – An exploratory multiple-case study was conducted using documentary data from 11 Islamic microfinance institutions (IMFIs) and interviews/FGDs with practitioners from 16 group-based ones. Documentary sources included institutional reports, websites, and product publications, whereas primary data were obtained from managers, supervisors, and field officers. The data were analyzed to examine the outreach scope, group lending mechanisms, and their implications for outreach sustainability.Findings – The results show a structural asymmetry, and large IMFIs exhibit comprehensive diversification, enhancing resilience. Smaller IMFIs are product-constrained because of structural and regulatory vulnerabilities (e.g., BWM's deposit restriction). Furthermore, while the group lending model ensures outreach breadth, the weakening of peer monitoring and flexibilization of joint liability have shifted reliance to administrative enforcement. This erosion of social capital, evidenced by consumption-oriented borrowing, demonstrates the gap between financial access and genuine economic empowerment.Implications – The findings necessitate regulatory reform to support smaller IMFIs in service diversification and a critical need for institutions to restore the social accountability foundations of the group model to ensure a transformative impact.Originality – This research extends the microfinance literature by detailing the scope of Indonesian Islamic finance, offering novel empirical insights into the balance between operational flexibility and social cohesion required for sustainable post-crisis outreach.
Financing diversification and the stability of Islamic rural banks in Indonesia Lestari, Lutfi Bangun; Afandi, Akhsyim; Hakim, Abdul
Jurnal Ekonomi & Keuangan Islam Volume 12 No. 2, July 2026
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol12.iss2.art2

Abstract

Purpose – This study examines the relationship between financing diversification and the stability of Islamic Rural Banks (IRBs) in Indonesia.Methodology – The study employs panel data from 154 Indonesian Islamic Rural Banks covering 2015 to 2023. Financing diversification is measured using the Herfindahl Hirschman index (HHI), while bank stability is proxied by the Z-Score and risk adjusted return on assets (RAROA). Panel regression techniques were used to estimate the relationships.Findings – Financing diversification is positively associated with bank stability but exhibits an inverse U-shaped relationship. Moderate diversification enhances stability, whereas excessive diversification weakens it. Market power and the capital adequacy ratio (CAR) have positive and significant effects on stability, while bank size negatively affects it. The interaction between financing diversification and CAR is negative and significant, indicating that banks with concentrated financing portfolios remain vulnerable to stability pressures despite strong capital positions. Robustness tests confirm these findings across alternative model specifications.Implications – The findings highlight the importance of maintaining an optimal balance between financing diversification and capital adequacy to enhance IRBs stability. Bank managers should avoid excessive financing concentration and over-diversification while maintaining sufficient capital buffers to absorb risks. Regulators should strengthen supervision of larger IRBs due to their greater exposure to operational and financing risks.Originality – This study extends the literature by providing evidence from Indonesian Islamic Rural Banks, an underexplored sector. It examines the linear and non-linear effects of financing diversification on bank stability and assesses the moderating role of capital adequacy during the Covid-19 period.
Trust and behavioral intention toward blockchain-based mudharabah smart contracts in Islamic banking Fielnanda, Refky; Novida, Irma; Rahma, Sri; Anggraini, Dessy; Alwahidin , Alwahidin
Jurnal Ekonomi & Keuangan Islam Volume 12 No. 2, July 2026
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol12.iss2.art1

Abstract

Purpose – This study examines how perceived usefulness, perceived ease of use, and Sharia compliance shape trust in blockchain-based mudharabah smart contracts and how trust drives the behavioral intention to adopt them.Methodology – An online survey of 300 purposively selected Islamic bank customers in Indonesia, screened for familiarity with digital financial services and blockchain, was analyzed using partial least squares structural equation modelling (PLS-SEM), drawing on the technology acceptance model and the Sharia compliance perspective.Findings – Perceived usefulness (β = 0.707) and Sharia compliance (β = 0.234) significantly increased trust, whereas perceived ease of use did not (β = 0.041; p = 0.069). Trust strongly predicted behavioral intention (β = 0.889) and mediated the effects of perceived usefulness (β = 0.629) and Sharia compliance (β = 0.208), but not perceived ease of use. The model explains 91.9% of the variance in trust and 79.1% in the behavioral intention.Implications – Adoption depends more on demonstrable functional benefits and visible Sharia governance than on interface simplicity; therefore, Islamic banks and fintech developers should prioritize transparency and auditable Sharia assurance mechanisms in smart contract design.Originality – Prior Islamic fintech research has treated technology acceptance and Sharia compliance as separate explanations for adoption. This study jointly models them as antecedents of trust in a decentralized contract setting, where automation removes the human intermediary that conventionally guarantees Sharia conformity — a configuration not previously tested on Islamic banking customers.
Determinants of BSI mobile banking adoption in Aceh: An empirical investigation using the UTAUT model Afni, Naizatul; Najma, Siti
Jurnal Ekonomi & Keuangan Islam Volume 12 No. 2, July 2026
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol12.iss2.art11

Abstract

Purpose – This study examines the determinants of Bank Syariah Indonesia (BSI) mobile banking usage in Aceh Province using the Unified Theory of Acceptance and Use of Technology (UTAUT). As the only Indonesian province to fully implement an Islamic financial system under Qanun No. 11 of 2018, Aceh provides a distinctive regulatory and socio-religious context for examining digital banking adoption.Methodology – A quantitative approach was employed using data from 400 active BSI Mobile users in Aceh, selected through purposive sampling. Respondents were Aceh residents aged at least 17 years who had conducted mobile banking transactions within the previous three months. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4.Findings – Performance Expectancy, Effort Expectancy, and Social Influence positively and significantly affect Behavioral Intention, with Social Influence emerging as the strongest predictor. Behavioral Intention significantly influences Use Behavior, whereas Facilitating Conditions have no significant effect on actual mobile banking usage.Implications – The findings suggest that increasing mobile banking adoption in Aceh requires community-based strategies involving religious leaders, Islamic organizations, and educational institutions, as well as improvements in technological features and infrastructure.Originality – This study provides empirical evidence that social influence plays a prominent role in digital banking adoption within a highly regulated Islamic financial system and a strong communal culture. This study extends the applicability of the UTAUT to Islamic digital finance in a distinctive regulatory and socio-religious setting.
What drives people to invest in cash waqf linked sukuk with trust mediation? Arianty, Erny; Yustiani, Syanni; Indrawati, Iin; Balative, Muhammad Iqbal
Jurnal Ekonomi & Keuangan Islam Volume 12 No. 2, July 2026
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol12.iss2.art9

Abstract

Purpose – This study aims to examine the factors influencing Indonesians’ investment intentions toward cash waqf-linked sukuk (CWLS).Methodology – This study adopted a quantitative research design using structural equation modeling (SEM). Data were collected from Indonesian respondents who met the predetermined eligibility criteria, resulting in 106 valid response. The proposed model examines the determinants of investment intention toward cash waqf-linked sukuk (CWLS), with religiosity incorporated as a moderating variable.Findings – The results indicate that trust and religiosity have significant positive effects on investment intention toward CWLS. Trust also mediates the relationship between accountability and investment intention, as well as between information media and investment intention. In contrast, compatibility, social influence, intrinsic motivation, information media, and transparency do not significantly influence investment intentions. Furthermore, religiosity did not significantly moderate the relationship between exogenous variables and investment intention.Implications – The findings suggest that nazirs should strengthen accountability by improving the reporting and disclosure of CWLS fund utilization. The Ministry of Finance should expand financial literacy initiatives to increase public awareness and participation in the CWLS. In addition, relevant stakeholders should develop an integrated digital platform to improve transparency, facilitate public access, and encourage broader participation in the CWLS.Originality – This study extends the application of Social Cognitive Theory (SCT) by integrating compatibility, social influence, intrinsic motivation, perceived digitalization implementation, accountability, transparency, and trust into a comprehensive framework to explain investment intention toward CWLS. This study further contributes to the literature by examining the moderating role of religiosity within this integrated model.
Gen Z intention toward Sharia insurance apps: Extending UTAUT with Sharia compliance and trust Junaedi, Putri Adhriani; Faisal, Yudi Ahmad; Widianto, Dwi
Jurnal Ekonomi & Keuangan Islam Volume 12 No. 2, July 2026
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol12.iss2.art4

Abstract

Purpose – This study examines the factors influencing Generation Z’s intention to use Sharia insurance apps in West Java by extending the UTAUT framework with perceived Sharia compliance and trust. Methodology – A quantitative survey was conducted with 350 Gen Z respondents residing in West Java. Data were collected through an online questionnaire and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM).Findings – The results show that performance expectancy, effort expectancy, social influence, and facilitating conditions positively influence behavioral intention. Perceived Sharia compliance has a negative direct effect on behavioral intention, whereas trust positively mediates the relationship between perceived Sharia compliance and behavioral intention. Implications – The findings suggest that Sharia insurance providers should improve application usefulness, ease of use, social engagement, technical support, and transparency in Sharia compliance to strengthen users’ trust and adoption intention. Originality – This study contributes to digital Islamic financial service literature by integrating perceived Sharia compliance and trust into the UTAUT framework in the context of Sharia insurance apps among Gen Z.

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