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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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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.
Implementation of Islamic values in the Quadruple Helix for circular creative economy Mawadah, Sokhikhatul; Ningsih, Tri Widyastuti; Kurniawan, Anugallakata Nea Sasgapata
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.art15

Abstract

Purpose – This study examines the potential of culinary micro, small, and medium-sized enterprises (MSMEs), the roles of Quadruple Helix (QH) stakeholders (government, academia, business, and community), the implementation of the QH model in circular economy–based food waste management, and the integration of Islamic values within this framework.Methodology – A descriptive-exploratory qualitative approach was employed using in-depth interviews with representatives from government institutions (the MSME office and the environmental agency), 16 culinary MSMEs, academics and community stakeholders. Participants were purposively selected to represent the four QH sectors: Data were collected through structured interviews and analyzed via triangulation.Findings – Semarang’s culinary MSMEs possess considerable economic and cultural potential but continue to face structural constraints, including limited access to capital, licensing barriers, and unequal business capacity issues. Collaboration among QH stakeholders remains fragmented, project-based, and insufficiently coordinated to support food waste management and innovation. Although circular economy initiatives have been introduced, they have not been systematically integrated into MSME development. Islamic values, particularly halal–thayyib, anti-israf, and amanah, provide a strong ethical foundation for sustainable food waste management but have not been consistently translated into collaborative practice. Consequently, the QH ecosystem has yet to evolve into an integrated and sustainable innovation system in China.Practical Implications – Strengthening coordination among QH stakeholders and developing MSME-focused policies are essential for improving circular economy implementation. Integrating Islamic ethical values into collaborative governance can further support sustainable food waste management in the Muslim community.Originality/Value – This study offers a novel perspective by integrating the QH model, circular economy principles, and Islamic ethical values to explain food waste governance in culinary MSMEs, highlighting the role of multi-stakeholder collaboration and faith-based ethics in promoting sustainable waste management.
The impact of productive and consumptive waqf on empowerment: Examining Aceh's regulatory support role effects Salsabila, Salsabila; Taufiq, Taufiq
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.art12

Abstract

Purpose – This study aims to identify the effect of consumptive and productive waqf on community economic empowerment in Aceh Province by analyzing the moderating effect of regulatory support. This study was conducted to empirically understand the contribution of both types of waqf to economic empowerment.Methodology – This study employs a quantitative approach through structural equation modeling-partial least squares (SEM-PLS), which evaluates the relationships between consumptive waqf, productive waqf, regulation support, and community economic empowerment. Data were collected using a questionnaire distributed to 200 participants from Aceh Province from December 2025 to May 2026. The participants included Muslims, individuals who knew about waqf, and people who had an understanding of waqf management.Findings – The results show that consumptive and productive waqf have a considerable positive impact on community economic empowerment. Similarly, regulatory support has a considerable positive impact on economic empowerment and the association between consumptive waqf and economic empowerment. However, regulatory support does not considerably moderate the link between productive waqf and economic empowerment.Implications – The above findings show that there is a need for an improved regulatory framework, governance of institutions, and waqf management for maximum socioeconomic benefits from the waqf. The findings offer useful lessons on how to develop empowerment programs sustainably.Originality – This paper contributes to the waqf literature through its integrated model, which examines the consumption and production aspects of waqf, as well as the regulation in relation to the economic empowerment of the community. This study differs from previous studies in its focus on productive waqf management because it recognizes the significance of both consumption and production waqf aspects.
Islamic and conventional monetary transmission on MSME financing in Indonesia and Malaysia Nuraeni, Nuraeni; Pasaribu, Syamsul Hidayat; Irfany, Mohammad 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.art8

Abstract

Purpose – This study examines the effectiveness of conventional and Islamic monetary policy transmission in promoting MSME financing in Indonesia and Malaysia. It analyzes both financing channels, the contribution of monetary and macroeconomic variables, and their effectiveness across the two banking systems.Methodology – Quarterly data for Indonesia and Malaysia from 2014Q2 to 2025Q4 were analyzed using a vector error correction model (VECM), complemented by Granger causality, impulse response function (IRF), and forecast error variance decomposition (FEVD). The variables include the policy rate, M2, conventional credit, Islamic financing, investment, and GDP.Findings – Indonesia relies more on the conventional credit channel, which shows a stable response to monetary and macroeconomic shocks. Malaysia demonstrates more balanced transmission between conventional and Islamic channels, with Islamic financing showing stronger real-sector linkages. Transmission effectiveness has two complementary dimensions: IRF indicates that Indonesia’s conventional channel is more effective in response stability, whereas FEVD shows that Islamic financing is more sensitive to monetary shocks. Malaysia exhibits balanced and complementary transmission across both channels.Implications – Indonesia should strengthen Islamic financing through deeper Islamic money markets, improved monetary instruments, and stronger MSME bank intermediation. Malaysia should maintain the integration of both channels to support inclusive and sustainable MSME financing. The findings are limited to Indonesia and Malaysia and may not be generalizable to other dual banking systems.Originality – This study introduces a two-dimensional perspective on monetary transmission effectiveness by jointly interpreting IRF and FEVD, demonstrating that response stability and shock contribution provide complementary measures of effectiveness in dual banking systems.
Financial health, productive financing, and efficiency: Evidence from Islamic microfinance institutions Shafrani, Yoiz Shofwa; Sulasih, Sulasih; Amaludin, Asep
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.art6

Abstract

Purpose – This study examines the effect of liquidity and solvency on Islamic microfinance institution (IMFI) efficiency and tests whether productive financing distribution strengthens these relationships. Methodology – This study uses a quantitative explanatory design with survey data collected from 97 Islamic microfinance institutions in Central Java between March and May 2026. The data were analyzed using partial least squares structural equation modeling (PLS-SEM). The assessment covered indicator reliability, convergent validity, internal consistency, discriminant validity, common method bias, explanatory power, and bootstrapped path significance.Findings – Liquidity has a significant positive effect on efficiency, whereas solvency has no significant direct effect. Productive financing distribution significantly moderates both the liquidity and solvency efficiency relationships. These results show that financial health improves efficiency when liquid funds and capital strength support income-generating financing rather than remaining as passive buffers. Implications – Islamic microfinance managers should integrate liquidity planning, capital management, productive financing selection and repayment monitoring. Supervisors should support portfolio risk control, reporting discipline and managerial capacity building. Originality – Unlike prior Islamic microfinance studies that mainly examine direct financial ratios, outreach, or efficiency scores, this study positions productive financing distribution as a moderating mechanism. It clarifies when financial health becomes an efficiency-enhancing resource for small Islamic financial intermediaries
Risk perception as a mediator of gold investment decisions among Muslim investors Fachrozi, Fachrozi; Slamet, Slamet; Yuliana, Indah
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.art5

Abstract

Purpose – This study examines the effects of institutional trust, price spread, and religiosity on gold investment decisions among Muslim investors and investigates the mediating role of risk perception in explaining these relationships.Methodology – A quantitative, cross-sectional research design was employed using survey data collected from 314 Muslim investors in Lombok, Indonesia. Respondents were selected through purposive sampling, and the proposed research model was analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4.Findings – The results reveal that institutional trust, price spread, and risk perception have significant positive effects on gold investment decisions, with risk perception emerging as the strongest predictor of investment behavior. Institutional trust, price spread, and religiosity also significantly influence investors’ risk perceptions. Furthermore, risk perception significantly mediates the relationships between institutional trust, price spread, religiosity, and gold investment decisions, indicating that institutional, market-related, and religious factors primarily affect investment behavior through investors’ subjective evaluation of uncertainty.Implications – The findings suggest that Islamic financial institutions and gold investment providers should strengthen institutional credibility, improve pricing transparency, and reinforce Sharia-compliant practices to reduce perceived investment risk and encourage greater participation in gold investment among Muslim investors.Originality – This study extends the behavioral finance literature by integrating institutional, market-related, psychological, and religious factors into a single framework. Unlike previous studies that have examined these determinants separately or primarily in conventional financial settings, this research demonstrates that risk perception serves as the key psychological mechanism linking these factors to gold investment decisions among Muslim investors in an emerging Islamic financial market.

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