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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.
Arjuna Subject : -
Articles 171 Documents
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Measuring the level of muzakki satisfaction on Zakat institution performance Lahuri, Setiawan bin; Ahmad, Rusyda Afifah; Zahroturrosyidah, A’isa; Maulana, Hartomi; Affandi, Muchammad Taufiq
Jurnal Ekonomi & Keuangan Islam Volume 11 No. 1, January 2025
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol11.iss1.art10

Abstract

Purpose – This study aimed to measure muzakki satisfaction through institutional image zakat institutions’ performance and expectation disconfirmation theory.Methodology – This study uses Structural Equation Modeling Partial Least Squares (SEM-PLS) supported by SmartPLS 3.0, with a quantitative approach to measure muzakki satisfaction. Data were collected using a questionnaire, totaling 395 respondents from all branches of the Baitul Mal TAMZIS office.Findings – This study shows that institutional image, zakat institution performance, and desire disconfirmation have a significant positive effect on muzakki satisfaction, while expectation disconfirmation and perceived performance do not have a significant effect. This was supported by systematic programs and strategies, transparent reporting, and the use of electronic money to facilitate muzakki. Baitul Mal TAMZIS, with 42 branches spread across Wonosobo, Yogyakarta, Central Java, and West Java, continues to increase the collection and distribution of Zakat, Infaq, Sadaqah, and Waqf (ZISWAF) funds, with 70% of the muzakki becoming regular donors.Implications – The results of this study can be used by policymakers of Islamic Social Institutions such as Zakat Institutions, by paying attention to the image of the institution and the performance of zakat institutions.Originality – This study uses the theory of expectation disconfirmation, which is usually applied to non-profit institutions, to measure muzakki satisfaction in zakat institutions. The application of this theory in the context of zakat has not been widely explored, thus providing a new contribution to the literature on zakat management.
Antecedents of halal food consumer behaviour in Malang: The mediating effect of purchase intention Sani, Evina Nahdiya; Syafrial, Syafrial; Andriani, Dwi Retno
Jurnal Ekonomi & Keuangan Islam Volume 11 No. 2, July 2025
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol11.iss2.art1

Abstract

Purpose – The purpose of this research is to examine the factors that influence consumers’ purchase behavior for halal food. Additionally, this research aims to determine the influence of purchase intention mediation on purchasing decisions made at Chinese food restaurants in Malang.Methodology – This study employed a non-probability sampling method, specifically the purposive sampling technique. A total of 344 samples. The collected data were then analyzed using structural equation modeling partial least squares (SEM-PLS).Findings – The research findings indicate that attitudes, halal certification, and food safety exert a positive influence on purchase intention. In contrast, factors such as subjective norms, perceived behavioral control, and halal awareness did not have a significant impact. A positive attitude toward halal products, halal certification, and food safety has been shown to increase purchase intention, thereby influencing purchase decisions. However, this study reveals that purchase intention mediates only a part of the variables.Implications – The expanding halal food industry necessitates a heightened focus on consumer behavior by business actors. These findings suggest that companies can devise more efficacious marketing strategies by accentuating positive consumer attitudes toward halal products and ensuring the presence of valid halal certification and guaranteed food safety standards.Originality – This research proposes an extension to the theory of planned behavior, incorporating three novel variables: halal awareness, halal certification, and food safety. Furthermore, this research focuses on Chinese food restaurants that offer halal food in Malang.
Do cyberattacks and religiosity impact customers’ loyalty? Study on Bank Syariah Indonesia Koeswandana, Noorfaiz Athallah; Yulfiatmi , Mayang Yorindrafitri
Jurnal Ekonomi & Keuangan Islam Volume 11 No. 2, July 2025
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol11.iss2.art2

Abstract

Purpose – This study aimed to investigate the impact of cyberattacks on customer loyalty and satisfaction in the context of Islamic banking, particularly focusing on recent cyberattacks on Bank Syariah Indonesia (BSI).Methodology – Respondents were chosen using purposive sampling and analyzed using Partial Least Square - Structural Equation Modelling (PLS-SEM). 244 respondents participated in this study and were analyzed using SmartPLS 3.2.9 Software.Findings – The results showed that perceived vulnerability and perceived risk negatively influence customer satisfaction, while religiosity positively influences customer satisfaction. Religiosity also has a positive, direct effect on customer loyalty. Surprisingly, perceived severity did not show any significant influence on customer satisfaction after the cyberattacks.Implications – This study can be used by every bank in Indonesia to increase customer loyalty by minimizing the risk that customers might experience, especially in cybersecurity issues.Originality – This study contributes to the literature on customer loyalty after cyberattacks. This study incorporates the religiosity variable in combination with Protection Motivation Theory. Religiosity is expected to have a positive influence on both loyalty and satisfaction, as the research object is Bank Syariah, Indonesia, which offers Islamic financial products. Most customers choose Islamic banks because of the alignment of financial products with Islamic principles (Wijaya et al., 2020).
Does Sharia compliance reflect better environmental, social, and governance (ESG)? Evidence from Indonesia’s energy sector Awaludin, Azrul Afrillana; Prasetyo, Ari; Yusril, Yusril; Saputra, Deky Chandra
Jurnal Ekonomi & Keuangan Islam Volume 11 No. 2, July 2025
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol11.iss2.art3

Abstract

Purpose – This study aims to compare the environmental, social, and governance (ESG) performance of Sharia-labeled and conventional companies in the energy industry and examine the effect of the Sharia label on ESG performance. This study is important because Sharia-labelled companies are expected to adhere to Islamic values reflected in good corporate governance, demonstrate social responsibility, and participate in environmental conservation. Methodology – This study uses a quantitative approach with a fixed effect model panel data regression technique, involving financial and non-financial data from companies listed on the ISSI and non-ISSI in the 2016-2023 period.Findings – This study found that Sharia companies in the energy sector have lower sustainability (ESG) performance than conventional companies, especially in the environmental dimension. The Islamic dummy variable shows a negative effect on ESG performance, while control variables, such as total assets, DER, and leverage, play an important role in influencing performance. There is no significant difference in social and governance dimensions between Islamic and conventional companies. This study recommends that Islamic stock index screening include sustainability aspects more comprehensively. Implications – Policy makers, industry, and academics can use the findings of this study as recommendations to strengthen sustainable performance in Sharia-labelled companies.Originality – This study analyzes sustainability performance in each industrial sector using materiality-based ESG performance.
Examining profit-sharing financing dynamics in Indonesian Islamic banking: ECM and ARDL approaches Sandia, Sandi; Ascarya , Ascarya; Sulaeman, Sulaeman
Jurnal Ekonomi & Keuangan Islam Volume 11 No. 2, July 2025
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol11.iss2.art4

Abstract

Purpose – This study examines the key factors driving profit-sharing financing growth in Indonesian Islamic banks and offers insights into post-Covid-19 recovery strategies.Methodology – This study used the ECM and ARDL methods to analyze short-term adjustments and long-term dynamics in 35 Indonesian Islamic banks. Findings – The results indicate that money supply, liquidity ratio, and financial profitability drive both short- and long-term growth in profit-sharing financing. Conversely, inflation and financial risk negatively affect the long-term expansion of such financing. Meanwhile, exchange rates, interest rates, and operational efficiency do not have a significant influence. Additionally, the findings highlight that long-term relationships in profit-sharing financing remain stable, with temporary short-term imbalances.Implications – This study provides evidence for policymakers and Islamic bank management to develop strategies to enhance profit-sharing financing, support Islamic banking growth, and guide post-Covid-19 recovery policies. Insights highlight key areas for strengthening Islamic banking operations in Indonesia.Originality – This study builds on previous research by applying the ECM and ARDL frameworks, providing a more comprehensive analysis of profit-sharing financing determinants in Indonesian Islamic banking.
Mapping waqf research: A 15-year bibliometric study of Malaysia and Indonesia Misbah, Hanim; Johari, Fuadah
Jurnal Ekonomi & Keuangan Islam Volume 11 No. 2, July 2025
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol11.iss2.art7

Abstract

Purpose – This study conducted a comprehensive bibliometric analysis of waqf research from 2010 to 2024, focusing on publications from Malaysia and Indonesia. Methodology – Utilizing the Scopus database, the analysis covers 648 docu-ments sourced from 262 journals, books, and other publications, highlight¬ing the substantial academic interest in waqf. This study identifies key trends, influential authors, and thematic developments in waqf research. Findings – The results show an annual growth rate of 12.61% in waqf publi-cations, with a diverse range of topics, including governance, sustain¬ability, and the integration of waqf with modern financial instruments. Malaysia and Indonesia have emerged as leaders in waqf research, contributing significantly to global discourse. The analysis underscores the collaborative and international nature of waqf research and its integration within broader socioeconomic frameworks. Implications – This bibliometric study provides valuable insights into the evolution of waqf research, informing future studies and policy developments to enhance the socioeconomic impact of waqf initiatives.Originality – This study provides a unique comparative bibliometric analy¬sis of waqf research from Malaysia and Indonesia between 2010 and 2024. The originality lies in the detailed comparison of how these two countries contribute to the global waqf discourse. The analysis highlights both simi¬larities and differences in research focus, showing how each country's unique socioeconomic context shapes its waqf studies, thereby enriching the overall understanding of waqf within broader socioeconomic frameworks.
Factors affecting investment decision in Indonesia: Mediating role of intention to invest Maulana, Hartomi; Ulya, Alfina Zein Syarifa; Syahruddin, Syahruddin; Abadi, M. Kurnia Rahman; Hastuti, Ely Windarti; Harahap, Soritua Ahmad Ramdhani
Jurnal Ekonomi & Keuangan Islam Volume 11 No. 2, July 2025
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol11.iss2.art6

Abstract

Purpose – This study examines the effects of digital financial literacy and cognitive ability on investment decisions. The study also investigates how the intention to invest mediates the relationship between digital financial literacy, cognitive ability, and Sharia investors’ decisions.Methodology – The methodology used in this study is a quantitative approach with probability sampling techniques of the cluster sampling method. The sample determination was performed using the Slovin formula. As a result, 400 respondents from seven major cities in East Java were obtained. Partial Least Square - Structural Equation Modelling (PLS-SEM) was used as an analysis technique.Findings – The results indicate that digital financial literacy and cognitive ability have a significant effect on investment decisions. Investment intention has been proven to act as a mediating variable linking digital financial literacy and cognitive ability with investment decisions.Implications – It is important for investors to have a good level of digital financial literacy and adequate cognitive abilities to improve investment decision-making. Investment intention is an important factor mediating the influence of both variables on investment decisions.Originality – This study contributes significantly to the comprehension of the factors that influence investment decisions, as well as the contribution of investment intention to the process.
Building an optimal portfolio of Sharia-compliant stocks using the Markowitz model: A study of listed JII companies Ajuna, Luqmanul Hakiem; Dukalang, Hendra; Ardi, Muhammad
Jurnal Ekonomi & Keuangan Islam Volume 11 No. 2, July 2025
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol11.iss2.art10

Abstract

Purpose – This study analyzes the expected returns and risks associated with these stocks and identifies the optimal portfolio composition.Methodology – This study utilized operational data analysis and the Markowitz model to assess 30 stocks listed on the JII from 2017 to 2020. Through purposive sampling, 13 companies that met the specific sample criteria were selected for analysis.Findings – The analysis successfully identified an optimal portfolio composed of six stocks: ANTM (Aneka Tambang Tbk), ICBP (Indofood CBP Sukses Makmur), INCO (Vale Indonesia Tbk), KLBF (Kalbe Farma Tbk), PTBA (Bukit Asam Tbk), and UNTR (United Tractors Tbk). This portfolio demonstrates an expected rate of return ranging from 0.28% to 1.88%. Notably, the portfolio's overall risk value was calculated to be only 0.19%, which is significantly lower than the individual risk associated with any single stock within the portfolio.Implication – This study provides valuable insights for investors looking to build a balanced and Shariah-compliant investment portfolio, improving their understanding of expected returns and associated risks in Islamic financial markets.Originality – The abstract does not explicitly state the originality section. However, the unique combination of focusing on JII-listed Sharia stocks and applying the Markowitz model to identify an optimal portfolio can be inferred as the original contribution of this study. The context of Islamic financial markets distinguishes it from that of a general investment study.
Competency-based curriculum in Shariah accounting study program in Indonesia Violita, Evony Silvino; Siswantoro, Dodik; Abdullah, Wasilah; Nurhayati, Sri
Jurnal Ekonomi & Keuangan Islam Volume 11 No. 2, July 2025
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol11.iss2.art9

Abstract

Purpose – This study aimed to evaluate the curricula of the Study Program in Shariah Accounting in Indonesia. This research also proposes a particular curriculum for study programs on Shariah accounting in Indonesia.Methodology – The curricula are evaluated using a competency-based approach towards some study programs. For this purpose, this study conducts a comparative research method by comparing the expectations of the industry with the curricula of six (6) undergraduate study programs in Shariah account-ing. This step is followed by conducting several interviews with the head of the study programs as well as the practitioners to support the qualitative analysis.Findings – The research finds that existing curricula need some improvement to meet the expectations of the industry. Some new subjects offered for the proposed competency-based curriculum are related to risk management, management control systems, the digital economy, leadership, Islamic entrepreneurship, ethics and governance, data analytics, and personal financial planning.Implications – Study programs in developing curricula should consider the comprehensiveness of the curricula and balance the aspects of knowledge, skills, ethics, and governance. Discussion forums among study programs in Indonesia can produce a curriculum that can be used as a standard or benchmark for their own study programs.Originality – Evaluating the existing curricula of the Shariah accounting program in Indonesia has not yet been conducted or discussed in the literature more intensely. This study analyzed curricula based on competencies. Hence, it can align graduates’ competencies with the needs of the industry.
The Nexus between risk and bank stability in the Indonesian Islamic Rural Bank Hendri, Zul; Arshad, Noraziah Che; Rahmany, Sri; Wiharto, Slamet; Sintarini, Fitriasari
Jurnal Ekonomi & Keuangan Islam Volume 11 No. 2, July 2025
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol11.iss2.art8

Abstract

Purpose – This study examines the relationship between bank risk and stability in the case of the Islamic Rural Bank (IRB) of Indonesia.Methodology – This study analyzes 154 Islamic Rural Banks (IRBs) from 2015 to 2023 using quarterly data. It employs a static panel data regression with unbalanced data. The final regression model was selected using the F-test, LM test, and Hausman test to compare the common, fixed, and random effect methods.Findings – Liquidity and financing risks have a negative relationship with IRB stability. The negative impact of financing risk on IRB stability decreased during Covid-19. The negative effects of liquidity risk on IRBs' stability of IRBs increased for IRBs on Java. In contrast, the negative impact of financing risk on stability decreased for IRB located in and outside Java.Implications – First, IRB must effectively manage their liquidity risk to maintain bank stability. Second, IRBs must reduce non-performing financing (NPF) to encourage bank stability. Third, banks’ operational and capital efficiencies must be improved.Originality – This study aims to fill the existing research gap by analyzing the effect of liquidity and financing risks on the stability of the Islamic Rural Bank as a small Islamic bank. Furthermore, this study includes the Covid-19 variable as a moderating variable that affects the effect of liquidity and financing risks on IRB stability.

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