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INDONESIA
Syi'ar Iqtishadi
Published by Universitas Sultan Ageng Tirtayasa
ISSN : -     EISSN : 25980955     DOI : -
Core Subject : Economy, Education,
Economics, Econometrics & Finance Other
Merupakan Jurnal berkala ilmiah mempublikasi hasil-hasil kajian teoritis dan empiris dalam bidang ilmu ekonomi yang berlandaskan hukum Islam (syar’i), baik dalam praktek bisnis, organisasi, keuangan dan perbankan.
Arjuna Subject : -
Articles 122 Documents
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Predicting Interest in Islamic Banking Services: The Roles of Islamic Financial Literacy, Religiosity, and Perception with Accounting Information as a Moderator Anjani, Retno; Maulana, Agus
Syi`ar Iqtishadi : Journal of Islamic Economics, Finance and Banking Vol 9, No 2 (2025)
Publisher : FEB Universitas Sultan Ageng Tirtayasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35448/jiec.v9i2.32482

Abstract

Drawing on the Theory of Reasoned Goal Pursuit (TRGP), this study examines how Islamic financial literacy, religiosity, and perception shape customer interest in Islamic banking services, and assesses whether accounting information moderates these relationships. This research addresses a gap in prior studies that have rarely integrated TRGP with cognitive and religious factors while also considering the role of accounting information. Data were collected from 233 Islamic bank customers in Jabodetabek and analyzed using SEM-PLS with SmartPLS 4. The results show that Islamic financial literacy, religiosity, and perception positively influence interest in Islamic banking, whereas accounting information does not moderate these effects. The study contributes theoretically by extending TRGP into the context of Islamic financial behavior and empirically by providing evidence from a major Indonesian region. Practical implications highlight the need for Islamic banks to strengthen financial literacy initiatives and enhance customer perceptions to increase interest in Islamic banking services.
A Hybrid Review on Islamic Business Model Literatures: Implications for Government, SMEs and Future Research Studies Najmudin, Najmudin; Fatoni, Ahmad; Suja'I, Suja'I; Utami, Kurnia Dwi Sari; Najib, Mohamad Ainun
Syi`ar Iqtishadi : Journal of Islamic Economics, Finance and Banking Vol 9, No 2 (2025)
Publisher : FEB Universitas Sultan Ageng Tirtayasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35448/jiec.v9i2.36807

Abstract

This study aims to draw lessons from the Islamic Business Model literature through a Bibliometric and Systematic Literature Review. This study systematically examined a sample of 212 articles from the Scopus Q1 and Q2 databases to critically explore patterns of research development in the scope of Islamic business models from 1999 to 2025. The results of this study show that the current focus of Islamic business model research is on several elements, namely ethical governance and spiritual values, the development of Islamic business based on the Islamic financial system, Islamic entrepreneurship to achieve sustainable development, and finally Islamic marketing and Islamic branding in promoting the success of Islamic business. In developing elements of the Islamic business model, several elements that need to be targeted in future studies are the development of an integrated Islamic business model framework, evaluation of sharia social finance innovation, sustainable halal business digitalization strategies, integration of MSMEs in the global halal value chain, design of pro-sharia business ecosystem public policies, development of sharia-based business performance indicators, measurement of the social impact of Islamic fintech, Islamic fintech in supporting financial inclusion for disadvantaged groups, and data security and privacy protection in Islamic fintech.
Shariah-Compliant Equity Liquidity - A Systematic Review of Concepts, Methods, and Empirical Findings Marlia, Sri; Atiah, Isti Nuzulul
Syi`ar Iqtishadi : Journal of Islamic Economics, Finance and Banking Vol 9, No 2 (2025)
Publisher : FEB Universitas Sultan Ageng Tirtayasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35448/jiec.v9i2.37069

Abstract

One of the most important criteria for assessing equities in the capital market is liquidity, which investors take into account when choosing which investments to make. However, restrictions based on Islamic principles are frequently linked to possible decreases in liquidity in the context of Islamic capital markets because of issuer leverage levels and sector constraints. This study uses a systematic literature review approach to map the evolution of research on Islamic stock liquidity. Using inclusion criteria that restrict the selection to journal articles focusing on Islamic equities, liquidity or market-quality dimensions, available in English or Indonesian, and offering empirical or conceptually relevant insights, 30 Scopus-indexed articles published between 2010 and 2025 were selected. The results indicate that market microstructure, resilience, indirect liquidity factors, and linkages between liquidity and volatility are receiving more scholarly attention. Shariah screening and structural market characteristics give Shariah-compliant stocks their partial safe-haven qualities, higher volatility resistance, and stable price-adjustment mechanisms, despite their generally reduced liquidity.
The Impact Of Islamic Work Motivation On The Connection Between Employee Performance And Religiosity Mukti Khadafi, Maulana; Itang, Itang; Rujikartawi, Erdi; Syarifudin, Efi
Syi`ar Iqtishadi : Journal of Islamic Economics, Finance and Banking Vol 9, No 2 (2025)
Publisher : FEB Universitas Sultan Ageng Tirtayasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35448/jiec.v9i2.36519

Abstract

Islamic work motivation as a mediating component in the relationship between employee performance and religiosity. Using Islamic work motivation as an intervening variable, this study attempts to ascertain if religiosity has an impact on employee performance at the Bank Muamalat Serang Branch Office. The study's variables include employee performance as the dependent variable, Islamic work motivation as the intervening variable, and religion as the independent variable. Descriptive and causal research are two quantitative methodologies used in this study. The Structural Equation Model (SEM) in SmartPLS Software version 3.2.9 was used to evaluate data from the three variables. In this study, the sample used was a saturated sample, namely the total number of employees, amounting to 33 respondents. Based on the results of data analysis, it shows that religiosity has a negative and insignificant effect on employee performance, Islamic work motivation has a positive and significant effect on employee performance, religiosity has a positive and significant effect on Islamic work motivation, and Islamic work motivation is able to mediate the relationship between religiosity and employee performance at Bank Muamalat Serang Branch Office.
Analisis Komparasi Kinerja Perbankan Syariah Sebelum dan Pasca Covid-19 Abiyyu, Samy; Salama, Sri Cahyaning Umi; Aprilianto, Fitrian
Syi`ar Iqtishadi : Journal of Islamic Economics, Finance and Banking Vol 9, No 2 (2025)
Publisher : FEB Universitas Sultan Ageng Tirtayasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35448/jiec.v9i2.33392

Abstract

This study compares the performance of Bank Muamalat Indonesia and Bank Panin Dubai Syariah before and after the Covid-19 pandemic using the CAMEL analysis and Paired T-Test. The results show that Bank Muamalat experienced an increase in the CAR ratio during the pandemic, followed by a slight decline post-pandemic, while Panin Dubai Syariah showed more fluctuating CAR trends. In terms of NPF, Bank Muamalat showed asset quality improvement, whereas Panin Dubai Syariah faced a slight increase in credit risk. Other indicators such as BOPO and NPM also varied across both banks. These findings highlight the influence of internal and external factors on Islamic banks' performance and underscore the importance of adaptive strategies in responding to economic changes
Assessing The Role Of Islamic Financing And Regional Economic Growth In Reducing Income Inequality: Evidence From Indonesia Suhartini, Nani; Badina, Tenny; Fadhilah, Nurul; Saputri, Windiya; Oktafiani, Nurlatifah Umi
Syi`ar Iqtishadi : Journal of Islamic Economics, Finance and Banking Vol 9, No 2 (2025)
Publisher : FEB Universitas Sultan Ageng Tirtayasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35448/jiec.v9i2.36358

Abstract

This study aims to analyse the impact of Zakat, Infak, and Sadaqah (ZIS) distribution, Islamic financing, and Gross Regional Domestic Product (GRDP) on income inequality in Indonesia during the period 2019–2023. A quantitative approach was employed, utilising secondary data from the annual reports of BAZNAS, Islamic Banking Statistics published by the Financial Services Authority (OJK), as well as GRDP and Gini ratio data from The Global Economy. A panel data econometric model with the Fixed Effect Model (FEM) was applied to estimate the effects of the variables. The analysis included classical assumption tests to ensure model validity and coefficient estimation to capture the impact of each variable on the primary outcome. The distribution of ZIS funds had no significant effect on the Gini ratio (p-value: 0.8848), whereas Islamic financing (p-value: 0.0128) and GRDP (p-value: 0.0083) had a significant negative effect, indicating their contribution to reducing inequality. The model explained 96.01% of the variation in income inequality. Islamic financing and inclusive economic growth play a significant role in reducing income inequality, while optimisation of zakat management remains necessary. Strengthening access to Islamic financing, ensuring transparency in ZIS management, and fostering inclusive economic growth are essential to achieve sustainable social and economic justice.
Integrating Zakat and Waqf for Sustainable Food Security: An Islamic Social Finance Perspective from Indonesia Mohamad Ainun Najib; Efy Setiawati Atanjuani; Nurul Fadhilah
Syi`ar Iqtishadi : Journal of Islamic Economics, Finance and Banking Vol 10, No 1 (2026)
Publisher : FEB Universitas Sultan Ageng Tirtayasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35448/jiec.v10i1.40793

Abstract

This study examines food security as a systemic and institutional issue and analyzes the role of Islamic social finance, particularly zakat and waqf, as an integrated solution within the Indonesian context. This research employs a qualitative approach based on library research using food systems and institutional economics perspectives. The analysis draws upon classical and contemporary literature on food security, zakat, and waqf relevant to Indonesia. The study finds that food insecurity in Indonesia is primarily driven by unequal access, institutional weaknesses, and the limitations of market-based financing rather than by insufficient food production alone. Zakat functions as a social protection instrument that safeguards food access and consumption among vulnerable groups, while waqf serves as a long-term asset-based financing mechanism that supports food production, stability, and sustainability. Therefore, sustainable food security cannot be achieved through zakat or waqf independently, but rather through their institutional integration. This study reconceptualizes Islamic social finance from a philanthropic approach into a strategic institutional framework for sustainable food security.
Bank Soundness and Internal Factors Influencing Profitability: Evidence From Bank Muamalat Indonesia Ahmad Fatoni; Muhamad Nadratuzzaman Hosen; Rahmawati Rahmawati; Kurnia Dwi Sari Utami
Syi`ar Iqtishadi : Journal of Islamic Economics, Finance and Banking Vol 10, No 1 (2026)
Publisher : FEB Universitas Sultan Ageng Tirtayasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35448/jiec.v10i1.38449

Abstract

This study aims to analyze the health of Bank Muamalat Indonesia and examine the effect of internal factors on the bank's profitability. The bank health analysis was conducted using the CAMEL, RGEC, and Altman Z-Score approaches for the 2020-2024 period, while the analysis of the influence of internal factors on profitability used the Autoregressive Distributed Lag (ARDL) model with quarterly time series data for the 2017-2024 period, where Return on Assets (ROA) is used as the dependent variable and Financing to Deposit Ratio (FDR), Capital Adequacy Ratio (CAR), Operating Expenses to Operating Income (BOPO), and Non-Performing Financing (NPF) as independent variables. The results of the bank health analysis show that Bank Muamalat Indonesia is in a strong and stable financial condition, with relatively stable capital, liquidity, and financing risk, as well as a Z-Score that is consistently in the safe zone, although its profitability performance is still relatively low. The ARDL estimation results show that FDR has a negative effect in the short term but a significant positive effect in the long term on ROA, while CAR, BOPO, and NPF have a significant negative effect on ROA. These findings indicate that although Bank Muamalat has strong financial stability, increasing profitability is highly dependent on optimizing intermediation functions, improving operational efficiency, and managing financing quality.
Semi-Strong Form Market Efficiency and Resilience of Indonesian Sharia Stocks: An Event Study of the Hamas–Israel Conflict Ajeng Qurrota A’yun; Windiya Saputri; Anggita Nurcahyani; Nurlatifah Umi Oktafiani; Muhammad Faiz Andeaz Fawwaz
Syi`ar Iqtishadi : Journal of Islamic Economics, Finance and Banking Vol 10, No 1 (2026)
Publisher : FEB Universitas Sultan Ageng Tirtayasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35448/jiec.v10i1.40847

Abstract

This study investigates the market reaction of Indonesian sharia-compliant stocks to the Hamas–Israel conflict announcement on October 7, 2023, through an event study methodology with an event window of [−5, +5] trading days. Using a sample of 35 Indonesia Sharia Stock Index (ISSI) stocks, abnormal returns were analysed via One-Sample t-Tests, Paired Sample t-Tests, and the Wilcoxon Signed Rank Test. Normality tests confirmed non-normal distributions across all event days. Results indicate no significant abnormal returns on ten of eleven event days, supporting semi-strong form market efficiency. However, a statistically significant decline in mean abnormal returns was observed from the pre-event period (mean AR = 0.0325) to the post-event period (mean AR = −0.0611), confirmed by both parametric (t = 2.226, p = 0.033) and non-parametric tests (Z = −2.178, p = 0.029). These findings suggest that Indonesian sharia stocks are relatively resilient to external geopolitical shocks.
UNRAVELING THE CONTRIBUTION OF ISLAMIC FINANCE TO ECONOMIC GROWTH WITH INFLATION AS A MEDIATOR Irfan Aji Pratama; Moh. Mukhsin; Nani Suhartini
Syi`ar Iqtishadi : Journal of Islamic Economics, Finance and Banking Vol 10, No 1 (2026)
Publisher : FEB Universitas Sultan Ageng Tirtayasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35448/jiec.v10i1.32067

Abstract

Indonesia's economic growth over the past twelve years has stagnated between 4–6%, even falling to -2% in 2020. To escape the middle-income trap and achieve high-income status, Indonesia requires consistent growth of around 8% per year. This study examines the impact of SME financing, corporate sukuk, and sharia stocks on Indonesia’s economic growth, using inflation as an intervening variable. Employing a quantitative associative approach with path analysis on time-series data from 2012 to 2023, the study finds that Sharia Stocks and Inflation significantly influence Economic Growth. SME financing significantly affects Inflation, and Sharia Stocks also significantly influence Inflation. Notably, Inflation mediates the relationship between SME financing and Economic Growth, but does not mediate the impact of Corporate Sukuk or Sharia Stocks. These findings highlight the importance of optimizing sharia-compliant financial instruments and inflation management strategies to drive sustainable economic development in Indonesia.

Page 12 of 13 | Total Record : 122

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