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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 197 Documents
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Efficiency and improvement potential of Sharia insurance: Implications of the financial sector strengthening law Sunarmo, Sunarmo; Widuhung, Sisca Debyola; Arsyad, Aisyah Tiar; Nasywaa, Nasywaa
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.art9

Abstract

Purpose – To compare efficiency conditions and potential improvements in the Sharia insurance company and examine its consistency with the law on strengthening and developing the financial sector.Methodology – The research sample included 21 Sharia life and 20 general insurance companies. The secondary data used were sourced from the financial statements of Sharia insurance companies registered with the Financial Services Authority (OJK) and the Indonesian Sharia Insurance Association (AASI) for 2017–2023. The research method used a Data Envelopment Analysis (DEA) approach.Findings – Sharia life insurance in Indonesia shows inefficient conditions, reflected in the low ratio of output to input due to the lack of business income, investment, and tabarru funds. In contrast, the general segment of Sharia was relatively more efficient, but burdened by high assets, liabilities, claims, and operational costs. The potential for improvement towards efficiency could be achieved by optimizing business income and Tabarru funds, as well as controlling inputs proportional to output. The Development and Strengthening of the Financial Sector Law (PPSK Law) policy played a strategic role in strengthening capital and implementing the Sharia unit spin-off obligations expected to form a more independent and competitive institutional structure.Implications – The results have policy implications for regulators and industry players to strengthen the competitiveness of national Sharia insurance.Originality – This research offers a major novelty, namely, comparing the efficiency performance of life insurance and general Sharia, as well as linking efficiency results and potential improvements with the implementation of the PPSK Law.
Do profit-and-loss sharing and regional growth buffer credit risk in Islamic rural banks? Nisa, Chaerani; Ichwani, Tia; kurniawati, Dewi
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.art11

Abstract

Purpose – This study investigates how credit risk, profit-and-loss sharing (PLS) financing, and regional economic growth shape the profitability of Islamic rural banks in Indonesia and whether PLS portfolios and local conditions buffer the adverse effect of non-performing financing (NPF) on profitability through a moderating effect.Methodology – The analysis uses a balanced panel of 135 Islamic Rural Banks (IRBs) for 2019–2024, combining bank-level data with Gross Regional Domestic Product (GRDP) per capita growth. Fixed-effects panel regressions with two- and three-way interactions between NPF, PLS measures (total PLS, mudharabah, musharakah), and regional growth were estimated, controlling for size, capital adequacy, efficiency, funding structure, and time effects.Findings – The results demonstrate a robust negative association between non-performing financing (NPF) and return on assets (ROA). Mudharabah-based profit-and-loss sharing (PLS), rather than aggregate PLS or Musharakah alone, attenuates the impact of NPF. Similarly, higher regional growth weakens the marginal effect of credit risk. A negative and significant triple interaction indicates that Mudharabah intensity and favorable regional growth act as substitutes rather than complements, with the strongest mitigation of the NPF effect observed at low to moderate levels of both variables.Implications – The evidence suggests that IRB managers and regulators should calibrate PLS portfolios for regional macroeconomic conditions. Understanding local growth environments can guide the PLS configurations that are most appropriate for promotion within supervisory areas.Originality – This study is among the first to jointly examine the roles of PLS contract composition and regional economic growth in the credit-risk–profitability nexus of IRBs, showing how risk-sharing finance and local business cycles interact in shaping Islamic bank performance.
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.

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