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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 182 Documents
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Bridging the gap between NFT public perspectives and its Islamic finance principles Rahmatia, Alfina; Saputra, Arief Dwi
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.art5

Abstract

Purpose – Non-Fungible Tokens (NFT), one of the latest innovations in the financial world, have succeeded in triggering debate among the public, especially in terms of Islamic financial principles. Therefore, this study seeks to explore the gap between public societies’ perspectives on NFT on Twitter and the discourse conveyed by experts in research articles or journalists in popular articles. Methodology: This study combines two analyses, namely sentiment analysis, using the R Studio application to categorize public opinion into positive, neutral, and negative sentiments. Discourse analysis uses the NVivo 12 application to identify critical themes in scientific writing.Findings – The results show various perceptions of positive sentiments often associated with NFT and innovation. By contrast, negative sentiments focus on speculation, lack of clarity, and the potential to conflict with the principles of Islamic finance. These findings convey concerns about the speculative nature of the NFT and its compliance with Sharia law. However, some scholars argue that NFT can be structured according to Islamic ethics if proper guidelines are followed. Implications – This study contributes to bridging the gap between public perception and scholars, so that insights arise regarding NFT as perceived within the framework of Islamic finance. Originality – We believe this study is the first qualitative study to investigate public sentiment about NFT from Twitter/X and discuss it with the principles of Islamic finance.
Extending UTAUT3 with Sharia value to predict SOTS adoption among Gen Z Afifa, Ulfia Nur; Ratnasari, Ririn Tri
Jurnal Ekonomi & Keuangan Islam Volume 12 No. 1, January 2026
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol12.iss1.art3

Abstract

Purpose – This study analyzes the influence of behavioral intention and use behavior on the use of the Sharia Online Trading System (SOTS) among Generation Z investors in Indonesia by extending the UTAUT3 model through the Sharia value variable.Methodology– This study employed structural equation modeling (SEM) using SmartPLS 4.1 software. Data were collected from 250 Generation Z investors across Indonesia through a purposive random sampling technique based on specific criteria.Findings – Effort expectancy, price value, and Sharia value had a significant positive impact on behavioral intention. Similarly, habit, performance expectancy, sharia value, and effort expectancy significantly influenced use behavior. In contrast, social influence, facilitating conditions, and hedonic motivation did not significantly affect either intention or use behavior. Notably, there was an unexpected negative relationship between behavioral intention and use behavior, indicating a complex dynamic that requires further investigation.Implications – This study reinforces the UTAUT3 model within the context of sharia digital finance and emphasizes the importance of effort expectancy, price value, and religious compliance in driving adoption. From a practical perspective, SOTS providers should focus on enhancing effort expectancy and integrating Sharia values to attract young Muslim investors.Originality – Sharia values are integrated into the UTAUT3 model to examine Generation Z’s adoption of the Sharia Online Trading System (SOTS). This integration addresses a research gap concerning behavioral factors in Sharia fintech within emerging markets.
Contractual-based Islamic crowdfunding model for sustainable agricultural financing Fahlevi, Rizal; Hosen, Muhammad Nadratuzzaman; Amalia, Euis
Jurnal Ekonomi & Keuangan Islam Volume 12 No. 1, January 2026
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol12.iss1.art2

Abstract

Purpose – This study develops a Sharia-compliant crowdfunding model based on digital technology that integrates four principal contracts in Islamic jurisprudence (salam, istisna’, muzara’ah, and musaqah) to enhance the relevance and effectiveness of agricultural financing in Indonesia.Methodology – Using a qualitative exploratory approach, we combine relevant literature and content analyses of agricultural crowdfunding campaigns. The model’s internal validity is reinforced through triangulation involving Islamic legal theory, and nationally recognized Sharia regulatory guidelines issued by the Indonesian National Sharia Council (DSN-MUI). Empirical campaign data. were obtained from 15 agricultural crowdfunding campaigns published during 2021-2024 period and validated through thematic analysis and triangulation across documents and campaign reports.Findings – The findings reveal that most existing campaigns rely on single contracts, such as salam or murabahah, which are inadequate for the seasonal and high-risk nature of agriculture. The proposed multi-contract model offers a more equitable and Sharia-aligned financing framework that accommodates joint risk sharing and production-based returns. Furthermore, digital integration allows for the development of more inclusive, adaptive, and dynamic contracts.Implications – Theoretically, this study contributes to the Islamic finance literature by introducing a risk-sharing, partnership-oriented financing framework tailored to the agricultural sector. Practically, the model provides actionable insights for Sharia-compliant crowdfunding platforms and financial regulators to promote inclusive and sustainable agricultural finance.Originality – This study contributes to the literature by proposing a conceptual model of multi-contract agricultural crowdfunding, a novel approach that bridges normative Sharia principles with empirical evidence in the context of Islamic digital financial innovation.
Valuing what matters in Islamic microfinance: Sharia-based ethics and limits of murabahah Yunita, Anggraeni; Rosalina, Erita; Sumar, Sumar; Wardhani, Rulyanti Susi
Jurnal Ekonomi & Keuangan Islam Volume 12 No. 1, January 2026
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol12.iss1.art4

Abstract

Purpose – This study examines the effect of murabahah financing on the net business income of small-scale fishermen in coastal Sumatra and tests whether Sharia value added (SVA), a maqāṣid al-sharīʿah-oriented multidimensional construct, mediates this relationship.Methodology – A structured survey was administered to 310 fishermen selected through clustered sampling across 31 coastal sub-districts in Sumatra. The proposed model was analyzed using partial least squares structural equation modeling (PLS-SEM) to estimate the direct and indirect effects of murabahah implementation, SVA, and net business income.Findings – Murabahah implementation had a positive and significant direct effect on fishermen’s net business income. Murabahah implementation also significantly affected SVA. However, SVA does not have a significant direct effect on net business income. Despite this, the indirect effect of murabahah implementation on income through SVA was statistically significant, indicating the mediating role of SVA. Implications – The results suggest that assessing Islamic microfinance solely through profitability or repayment metrics is insufficient. Evaluation frameworks should incorporate value-based indicators reflected in SVA, such as perceived fairness, ethical orientation, and social benefits, when designing and assessing murabahah-based financing programs for marginalized coastal communities.Originality – This study provides field-based evidence from the fisheries sector by empirically positioning SVA as a mediating mechanism linking murabahah implementation to financial performance, offering a value-oriented perspective that goes beyond procedural contractual compliance.
Sustainability disclosure and firm value: The intervening role of financial performance Baroroh, Hilmy; Usholikhah, Nisa’ul
Jurnal Ekonomi & Keuangan Islam Volume 12 No. 1, January 2026
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol12.iss1.art5

Abstract

Purpose – This study examines the extent to which non-financial reporting affects firm value.Methodology – This study employs panel data regression analysis using Generalized Least Squares (GLS) and Sobel tests to examine the mediation relationship between variables. The sample consists of companies listed on the IDX Sharia Growth database from 2020 to 2023, with an effective constituent period of December 2023 to May 2024.Findings – The results show that sustainability reports have a negative and significant effect on financial performance, while risk management and intellectual capital have positive and significant effects on financial performance. Sustainability reports do not affect firm value, while risk management and intellectual capital have a negative and significant effect on firm value, while financial performance has a positive and significant effect on firm value. Financial performance negatively mediates the relationship between sustainability reports and firm value. Implications – This research can provide insights for academics and various stakeholders in their efforts to increase firm value, from a management, investment, policy, or social responsibility perspective. Academics can explore how these factors interact in other industries or countries as well as how changes in regulation or market conditions affect these relationships.Originality – This study fills this gap by exploring the factors that influence firm value in the IDX Sharia Growth. It also used additional intervening variables to provide more comprehensive results.
Does effective governance matter for Islamic social finance? Evidence from mosques in Yogyakarta Nasution, Prayudi Ibrahim; Hardiyanti, Wida Reza; Sambodo, Novat Pugo; Pailis, Eka Armas
Jurnal Ekonomi & Keuangan Islam Volume 12 No. 1, January 2026
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol12.iss1.art1

Abstract

Purpose – This paper examines how effective governance influences Islamic social finance management, using mosques in Yogyakarta as a case study during and after the Covid-19 crisis. Methodology – This study employs a survey with a sample of 360 mosques in Yogyakarta using a quantitative approach with ordinary least squares (OLS) and logit regression models. Findings – The findings indicate that an increase in the effective governance index score has a positive and significant effect on the fundraising index and zakat distribution, resulting in increases of 0.14 standard deviations and 6.5 percent, respectively. Furthermore, effective governance had a positive and significant effect on the probability of mosques having a financial management system, with a marginal effect of 7.3 poin percentage.Implication – The government should offer financial management training and support the digitalization of reporting systems as a means of strengthening mosque governance.Limitations – First, the data used were cross-sectional, which may restrict researchers' ability to identify long-term causal relationships. Second, despite efforts to address endogeneity using several variables, the instruments are theoretically valid but statistically insignificant. Original – This study is the first to present micro-level empirical evidence from mosques in Yogyakarta, an area that has rarely been explored in Islamic financial governance literature. Furthermore, we used a multidimensional effective governance index that ranges from 0 to 1. The index was then standardized using a z-score to ensure comparability and balance across mosques.
An empirical analysis of profit-and-loss sharing financing in Indonesian Islamic banks Suman, Agus; Supriani, Indri; Rajasa, Muhammad Attar Indra; Anisa, Vera Novia
Jurnal Ekonomi & Keuangan Islam Volume 12 No. 1, January 2026
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol12.iss1.art6

Abstract

Purpose – This study examines the determinants of profit-and-loss sharing (PLS) financing adoption in Indonesia by incorporating bank-specific, macroeconomic, and religiosity variables.Methodology – Utilizing monthly time-series data from October 2014 to October 2023, this research employs the Autoregressive Distributed Lag (ARDL) approach to model both long-run and short-run relationships. The analyzed variables include PLS financing, non-performing financing (NPF), capital adequacy ratio (CAR), total assets (TA), Zakat, Infaq, and Shadaqah (ZIS), the Islamic financing rate, the exchange rate, inflation, and the Industrial Production Index (IPI).Findings – The results indicate that in the short run, PLS financing is significantly influenced by CAR, TA, ZIS, and IPI. In the long run, however, PLS financing is predominantly determined by internal banking factors, specifically CAR and TA. Bank capitalization and asset size are critical to PLS financing dynamics, ensuring stability and responsiveness to internal financial conditions, thereby enhancing its viability within Indonesia’s dual banking system.Implications – The findings suggest that Indonesian regulators and bank policymakers should focus on enhancing the long-term availability of PLS-based financing, establishing standardized monitoring frameworks, and improving financial transparency. Furthermore, fostering innovation in Sharia-compliant products and investing in capacity-building initiatives that integrate Islamic jurisprudence with modern finance are recommended to strengthen the sustainability and competitiveness of PLS financing.Originality – This study contributes to the literature by providing an integrated empirical analysis of both internal bank-specific and external macroeconomic determinants of PLS financing in Indonesia, a comprehensive approach rarely explored in prior research.
Gen Z’s preference for Sharia fraudulent investments: A moral hazard view Fuadi, Hamdan; Kornitasari, Yenny; Yuana, Pusvita
Jurnal Ekonomi & Keuangan Islam Volume 12 No. 1, January 2026
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol12.iss1.art7

Abstract

Purpose – This study aims to determine the influence of Islamic financial literacy, profit, religiosity, and affinity variables on Generation Z's preferences in Sharia fraudulent investment practices and to understand whether Generation Z tends to be involved in such practices.Methodology – This research used 200 Generation Z respondents and analyzed them using the Structural Equation Modeling - Partial Least Squares (SEM-PLS) method. This method was used to test the relationships among the variables studied.Findings – The results of the analysis show that low Sharia financial literacy has a significant positive effect on Generation Z's preference for fraudulent investment practices. On the other hand, profit, religiosity, and affinity do not have a significant influence on Generation Z's preferences in Sharia fraudulent investment practices.Implications – These findings imply that the low financial literacy of Generation Z can increase their vulnerability to fraudulent investment practices. Therefore, efforts are needed to increase Sharia financial literacy, especially among Generation Z, to reduce the risk of falling into fraudulent investments. In addition, regulators and related parties must increase the supervision of illegal investment practices that take advantage of religious sentiments. Originality – This research makes an original contribution by examining Generation Z's preferences for fraudulent Sharia investment practices, which is a new phenomenon that takes advantage of the high number of Muslims in Indonesia. This research also integrates the variables of Sharia financial literacy, religiosity, and affinity, which have not been widely explored in the context of Sharia fake investment.
Beyond access: Islamic financial literacy and women’s empowerment Sukoco, Bambang; Utami, Cahyaning Budi; Ivantri, Madha Adi; Awdalkrem, Alhussain
Jurnal Ekonomi & Keuangan Islam Volume 12 No. 1, January 2026
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol12.iss1.art10

Abstract

Purpose – This study examines the effect of Islamic financial literacy on women’s empowerment using Islamic financial inclusion as a mediating variable. In addition, digital financial literacy was examined to capture its complementary role in expanding women’s financial participation.Methodology – Using data of 140 female who were or had been married, this group reflects household decision-making roles and provides valuable insights into women’s empowerment. The relationships among the variables were analyzed using structural equation modeling-partial least squares (SEM-PLS). Findings – The results show that both Islamic financial literacy and digital financial literacy significantly enhance Islamic financial inclusion and women’s empowerment. However, Islamic financial inclusion does not significantly mediate the relationship between literacy (Islamic and digital) and women’s empowerment. Implications – The findings emphasize the need to strengthen financial literacy programs, both digital and Islamic, as part of broader efforts to advance women's empowerment in OIC (Organization of Islamic Cooperation) member countries. Financial institutions and policymakers should integrate literacy initiatives with inclusion strategies to ensure that women fully benefit from Sharia-compliant financial services.Originality – This study provides new evidence linking Islamic financial literacy, digital financial literacy, and Islamic financial inclusion to explain women’s empowerment. This offers insights into the pathways through which literacy and inclusion interact, particularly in the context of Islamic finance.
A data envelopment analysis of Sharia stock listed companies on the Jakarta Islamic Index Suryomurti, Wiku; Surur, Miftakhus; Akbar, Nashr; Maulida, Syahdatul
Jurnal Ekonomi & Keuangan Islam Volume 12 No. 1, January 2026
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol12.iss1.art8

Abstract

Purpose – This study analyzes the efficiency of companies listed on the Jakarta Islamic Index (JII) during the 2020–2023 period. Method – This study applies data envelopment analysis (DEA) using total assets, equity, and operational expenses as input variables, with market capitalization and earnings per share (EPS) as output variables. Market capitalization is employed to capture a firm’s ability to convert internal resources into market-recognized value as shaped by investor perception.Findings – The results indicate that most JII companies operate inefficiently, with efficiency scores below 0.2. Several benchmark firms form the efficiency frontier: Adaro Energy Indonesia (2022), Indo Tambangraya Megah (2022), Bumi Resources Minerals (2021), Unilever Indonesia (2021), and Aspirasi Hidup Indonesia (2021). The sector-wise analysis indicates that the financial sector exhibits the highest and most consistent scale efficiency. In contrast, from an industrial perspective, the transportation and energy sectors demonstrate the most optimal efficiency performance. Regarding ownership structure, state-owned enterprises consistently achieve higher scale efficiency than privately owned companies. Further analysis suggests that efficiency improvements are primarily driven by output performance, particularly market capitalization, highlighting the relevance of an output-oriented approach to long-term efficiency strategies. Implications – This perspective suggests that efficiency in Sharia Stock Listed Companies depends not only on internal management performance, but also on external market perceptions that determine their market value. Originality – This study offers originality by employing DEA approach to assess the efficiency of Sharia stock-listed companies in the JII, integrating sectoral, industrial, and ownership perspectives that have received limited attention in prior research.

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