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INDONESIA
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.
Arjuna Subject : -
Articles 171 Documents
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In search of sharia-compliant resolution framework for Islamic banks: The case of Indonesia Ronald Rulindo; Muhammad Rifqi
Jurnal Ekonomi & Keuangan Islam Volume 8 No. 2, July 2022
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol8.iss2.art10

Abstract

Purpose – This paper investigates Sharia concerns on existing bank resolution framework and propose recommendations on how to resolve those concerns in Sharia-compliant manners. It also assesses compatibility of resolution powers mandated by the FSB’s Key Attributes of Effective Resolution Regimes for Financial Institutions if applied to resolve failed Islamic bank, especially focusing on operational aspect of executing the resolution options. Methodology – We conduct a series of focus group discussion with various relevant stakeholders, including Indonesian Sharia scholars, regulators, professional associations, Islamic bankers and academics. The discussions were performed in group interviews format, with the authors took part as moderators. The discussions took place between July 2020 to January 2021, and were part of development of fatwa and regulations on the resolution for Islamic banks.Findings – In general, the existing bank resolution framework can be applied to Islamic banks. However, there are some resolution powers of the authority that possesses inherent sharia issues, but are still allowed according to Dewan Syariah Nasional (DSN) (the National Sharia Council). There should be clear measures attached to those powers prior to implementation. For some aspects, some adjustments to the resolution powers are also needed through establishment of infrastructures and regulations, particularly with regards to resolution options.Originality – The novelty of this study is the analysis of suitability of banking resolution issues from Sharia perspective. This paper also serves to enhance awareness on issues related to resolution of Islamic banks and promote wider implementation of Sharia approaches for bank resolution in other jurisdictions.
An analysis of market power and efficiency of Islamic banking in Indonesia and Malaysia Chajar Matari Fath Mala; M Nadratuzzaman Hosen; M Nur Rianto Al Arif
Jurnal Ekonomi & Keuangan Islam Volume 9 No. 1, January 2023
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol9.iss1.art1

Abstract

Purpose – This paper aims to investigate whether the Islamic banking industry in Indonesia and Malaysia is collusive or efficient. Indonesian Islamic banking is expected to meet the Qualified ASEAN Bank (QAB) to compete with other Islamic banks, including Malaysia.Methodology – The data used in this study was panel data on Islamic banking in Indonesia and Malaysia from January 2010 to December 2019. Data analysis employed static panel data regression.Findings – The findings of the study disclosed no collusive behavior from Islamic banking in Indonesia and Malaysia to increase profitability. Meanwhile, market share has been shown to boost profitability in terms of equity, despite the fact that there is an endogeneity problem. Technical efficiency and scale efficiency in Islamic banking in Indonesia have been shown to significantly increase market share, but not profitability and market power. This study concludes that if Islamic banking market in Indonesia and Malaysia are opened and state boundaries are lifted, Indonesian Islamic banking still will not be able to compete since it has not been able to acquire economies of scale.Implications – Islamic banking in Indonedia needs to establish Islamic-Finance-Friendly Regulations. It is expected to pave the way for the value-added character of Islamic banking, it is the most important strategy to boost market share of Indonesian Islamic banking.Originality – This study seeks to fill the validation gap of endogeneity test in Islamic banking. There is the limitation on studies of Islamic banks since the validation of endogeneity test deal only with conventional banking studies.
The strategy for mitigating risk in sharia hotels based on the DSN-MUI Fatwa regarding the service and restaurant operational aspects Dwila Sempi Yusiani; Elisa Kusrini; Eley Suzana Kasim
Jurnal Ekonomi & Keuangan Islam Volume 9 No. 1, January 2023
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol9.iss1.art2

Abstract

Purpose – The study aims to develop a risk mitigation approach based on the operational aspects of services and restaurants in sharia hotels.Methodology – A series of semi structured interviews was conducted with various relevant participants consisting of lecturers and Indonesian Ulema Council (MUI) employees. The interviews aimed to elicit information pertaining to the identification of risks and risk handling priorities in halal certification sharia hotels.Findings – In general, risk identification and risk handling were proposed to provide recommendation to sharia hotels in mitigating risks to obtain halal certificate. The findings indicate that numerous risk factors made it difficult for hotels to obtain halal certification. Therefore, the hotel needs to know potential hazards in their operational activities of the given services so that appropriate risk mitigation can be implemented.Implications – This study's findings can be applied to improve research in the field of sharia hotels, specifically certification and implementation criteria. With the exact terms and circumstances of each criterion, it will be easier for the hotel to prepare to become a sharia hotel that adheres to Islamic sharia principles, particularly in growing halal tourism in various regions of Indonesia.Originality – This research contributes significantly to the area of halal tourism. In addition, this paper investigates risk analysis based on Indonesian regulations that are hardly ever discussed. Therefore, the findings of this study can assist hotel management, sharia tourism practitioners, and policymakers with relatively new information.
Biased behavior in borrowing from loan sharks Novita Rahayu Pratiwi; Nur Khusniyah Indrawati; Risna Wijayanti
Jurnal Ekonomi & Keuangan Islam Volume 9 No. 1, January 2023
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol9.iss1.art3

Abstract

Purpose – This study aims to explore and understand how the mindset of merchant women in Montong Traditional Market so choose loan sharks as their loan source, which refers to the perspective of behavior and financial literacy.Methodology – This qualitative research with a Schutz phenomenological design, takes the research setting in Montong Traditional Market, Tuban. Data were collected through observation, interviews, and documentation.Findings – The results of the study show five biased of merchant women towards loan sharks, namely confirmation bias, framing, herding effect, hindsight bias, and representativeness. 'Agamis' in the merchant women in Montong Traditional Market does not guarantee that she is free from loan sharks. Implications – The results of this study indicate that related parties, such as religious leaders, the society leader, and cooperatives in Montong Traditional Market, Tuban, are expected to be able to increase education related to financial literacy through existing programs effectively and efficiently. Banks and cooperatives in the Montong Traditional Market area should be able to pick up the ball by providing door-to-door services to merchant women in Montong Traditional Market as a maximum effort to eradicate loan shark practices.Originality – This study explores the mindset of merchant women on loan sharks, whereas previous studies related to loan sharks have only explored them from an economic perspective.
Analysis of the problems of Islamic financial literacy for Muslim scholars Nawir Yuslem; Nurhayati Nurhayati; Ahmad Fauzul Hakim Hasibuan
Jurnal Ekonomi & Keuangan Islam Volume 9 No. 1, January 2023
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol9.iss1.art4

Abstract

Purpose – This study aims to investigate the problem of the literacy level on Islamic financial among the Ulama. This study uses data from scholars engaged in the field of da'wah Islamic community organizations, including Nahdatul Ulama, Muhammadiyah, Al-Washliyah, and the Indonesian Ulama Council located in North Sumatra.Methodology – This study employs descriptive qualitative approach with a case study as the research methods. In addition, the Analytic Network Process (ANP) technique with a weighted questionnaire given to informants is also used as the analytical technique. Weighting is done through comparison between criteria and sub-criteria.Findings –The results showed that problem of Islamic financial knowledge (at 29.80 percent) is the highest Islamic financial literacy problem. It then was followed by Islamic financial belief at 25.75 percent, financial attitudes at 16.97 percent, Islamic financial behavior at 17.69 percent, and the lowest was financial skill by 9.77 percent. Furthermore, the rate of agreement value of all respondents at 27 percent implies that the respondent's level of agreement on the priority order of Islamic financial literacy issues in the form of Islamic financial knowledge orientation, Islamic financial beliefs, financial attitudes, Islamic financial behavior, and financial skills is 27 percent.Implications – This research is a reference for regulators in formulating policy strategies to increase Islamic financial literacy in Indonesia.Originality – The novelty of this study is that it identifies the problems of Islamic financial literacy among scholars in North Sumatra by analyzing the opinions of experts from various groups of scholars and stakeholders of Islamic finance.
Halal Food Literacy: Conceptual Framework, Dimension, and Scale Development Miftakhul Khasanah; Basu Swastha Dharmmesta; Bayu Sutikno
Jurnal Ekonomi & Keuangan Islam Volume 9 No. 1, January 2023
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol9.iss1.art6

Abstract

This study aims to develop the Halal Food Literacy scale (HFL) concept and measurement. The concept of HFL in this study is based on the concept of literacy for consumers. In this case, the SDGs are the theoretical basis for building the HFL concept. Cognitive aspects related to Bloom's concept of Taxonomy were used as the basis for compiling this concept. The study includes four stages: developing, compiling, and describing the concept of Halal Food Literacy based on literature studies, interviews, discussions with experts and scholars, drafting items, testing the validity of the contents, and lastly, data testing with exploratory factor analysis. The results of the scale test revealed that there are four HFL factors, namely Halal awareness, Halal knowledge, Behavioral beliefs, and halal-related label beliefs. These four factors contributed 69.758% of the general variant and 57.828% of the variance from 11 items.
Intention to use cryptocurrency: Social and religious perspective Noorfaiz Athallah Koeswandana; Fakhruddin Amanullah Sugino
Jurnal Ekonomi & Keuangan Islam Volume 9 No. 1, January 2023
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol9.iss1.art7

Abstract

Purpose – This study tries to find out what factors influence the intention to use cryptocurrency from a social and religious perspective using Self Determination Theory (SDT) and Theory of Planned Behavior (TPB).Methodology – Respondents were chosen using purposive sampling targeting z generation and analyze using Structural Equation Modeling - Pooled Least Square (SEM-PLS). 100 respondents took part in this study and analyze using SmartPLS 3.2.9 Software.Findings – The result of this study indicates that FoMO and Islamic financial literacy does not have influences on intention to use cryptocurrency while Attitude has a positive effect on intention to use cryptocurrency. The other finding of this study is religiosity and subjective norms has influence on attitude while higher level of religiosity will increase the Islamic financial literacy.Implications – Theoretically, this study contributes to financial behavior and financial technology study. Practically, this study can be used by developer of sharia investment platform to optimize their product. Because even all of our respondents are a moslem, majority of them didn’t investing in sharia product but also don’t have intention to engage in Cryptocurrency. Originality – We believe this study is the first empirical study that investigates the intention to use cryptocurrency from a religious perspective, specifically Islamic financial literacy.
Volunteers’ well-being with the maqashid shariah approach: Evidence from charitable organizations in Indonesia Dzuliyati Kadji; Dwi Retno Widiyanti
Jurnal Ekonomi & Keuangan Islam Volume 9 No. 1, January 2023
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol9.iss1.art5

Abstract

Purpose – This study aims to analyze the influence of the five dimensions of Maqashid Sharia on the life satisfaction of Muslim volunteers of charitable organizations di Indonesia.Methodology – This study used data from the World Value Survey Wave 7 with a sample of 504 muslim volunteers who are active members of charitable organizations in Indonesia. The data were analyzed using logit and probit regression.Findings – The results of this study reveal that both the logit and probit methods consistently show that from the five Maqashid Syariah dimensions, the dimensions of faith, life and wealth positively influence the life satisfaction of volunteers. In contrast, the intellectual and descendants dimensions are not significant to the life satisfaction of volunteers. Furthermore, the wealth dimension has the greatest tendency toward the life satisfaction of Muslim volunteers from charitable organizations in Indonesia. Implications – This research has implications for developing empirical analysis of individual well-being in Indonesia and the research on the subjective well-being of volunteers, which is part of a national and international analysis of economic happiness linked with the Islamic economy, specifically maqashid sharia as an essential part of Muslim individuals. Originality – This research is expected to fill in the existing research gap regarding welfare analysis of volunteer life satisfaction from an Islamic economic point of view through the Dimension of Maqashid Sharia. This study employs volunteers as objects because Indonesian volunteers are the most numerous in the world, contributing to Indonesia's position as the most generous country in the world.
The indexing of resources toward nazhir waqf Setiawan bin Lahuri; Raditya Sukmana; Ainun Amalia Zuhroh; Anwar Fatoni
Jurnal Ekonomi & Keuangan Islam Volume 9 No. 1, January 2023
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol9.iss1.art8

Abstract

Purpose – This paper aims to find the factors for designing an index of the quality of developing human resources as nadzir waqf to control and to be the reference for waqf management in every waqf institution.Methodology – This study used a qualitative method with the Analytic Network Process. The data analysis shows the most dominant influence and determines the priority order, and decision-making. The data analysis will be the weighted sum for the performance ratings for each alternative across all attributes using the Simple Additive Weighting method and at the end, the Nazhir Wakaf Index (INW) value will be obtained.Findings – The research finds the factors in the internal and external resolutions bringing experts into the field by monitoring, and synergies with the government. The Nazhir Waqf Index that tried implemented is low with a score of 40.731. From the table and figure, it can be concluded that the highest variable design score of the Nazhir Wakaf Index (INW) at Pondok Modern Gontor is the assignment with a score of 100. With that assignment, the nadzir waqf has the autonomy to develop his competencies and abilities.Implications – If approached the index one would be the solution to the development. By offering a preliminary index and delivering informative advertising nadzir waqf resources will ensure the ability to provide efficient management.Originality – This research takes an important research gap to analyze the competence of nadzir waqf by making measurements in the development of nadzir waqf resources that can be used by any waqf institution.
The The effect of a countercyclical Covid 19 policy on the main financial ratios in Islamic rural banks Rizki Maulana; Jaka Sriyana
Jurnal Ekonomi & Keuangan Islam Volume 9 No. 1, January 2023
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol9.iss1.art9

Abstract

Purpose – This study aims to evaluate the impact of financial services authority's regulation (POJK) regarding the implementation of Covid-19 Countercyclical in Islamic rural banks.Methodology – This study uses time-series data taken from Financial Services Authority (OJK)'s database covering the period from March 2020 - March 2022. Cointegration test show that there is no cointeggration and the variable is not stationary at the same order/degree, therefore the VAR method is used.Findings – This study reveals that POJK have significant impact on CAR, EAQ, and REO ratios and integrated in the long term. Moreover, this study also find that POJK have a causal or reciprocal effect on CAR and REO which occur in one direction. Futhermore, this study portrays that POJK have a positive impact in returning CAR, EAQ and REO ratios to a positive condition at least 10 months since POJK published, except for CR that before pandemic was in a positive condition.Implications – It is necessary for the BPRS to conduct a stress test on the implementation of the said restructuring and its impact on the finances and ratios of the BPRS as the first step for the BPRS to carry out mitigation if things that are not desired by the BPRS occur. Originality – This paper examines the effect of the implementation of POJK Number 11/POJK.03/2020 which is further amended through POJK Number 48/POJK.03/2020 concerning national economic stimulus as a countercyclical policy impact of the spread of coronavirus disease 2019 on the Islamic rural bank soundness level during Covid 19 pandemic.

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