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Riduan Mas'ud
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Institut Agama Islam Negeri Surakarta, Indonesia Jln. Pandawa No. 1, Pucangan, Kartasura, Central Java, Indonesia, 57168
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Shirkah: Journal of Economics and Business
Published by Institut Agama Islam Negeri Surakarta
ISSN : 2504235     EISSN : 25034243     DOI : 10.22515/shirkah.v7i1.403
Core Subject : Economy,
Economics, Econometrics & Finance
Syirkah: Jurnal Ekonomi dan Bisnis adalah jurnal peer-review yang diterbitkan tiga kali setahun (April, Agustus, dan Desember) oleh Fakultas Ekonomi Islam dan Bisnis Institut Agama Islam Negeri (IAIN) Surakarta Jawa Tengah Indonesia bekerja sama dengan Perhimpunan Indonesia Ekonom Islam (lihat naskah MoU ). Jurnal ini dimaksudkan untuk menjadi platform diseminasi artikel yang melaporkan hasil penyelidikan ilmiah tentang Ekonomi dan Bisnis Islam. Jurnal ini memfokuskan pembahasannya pada bidang keuangan Islam, filantropi Islam, pemikiran ekonomi Islam, dan pemasaran Islam (lihat Fokus & Ruang Lingkup ).
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 311 Documents
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Impact of Islamic Marketing Strategies on Firm Performance: Evidence from Jaiz Bank, Plc. Nigeria Ismaila Yusuf Mustapha; Abdulazeez Olamide AbdulQuadri
Shirkah: Journal of Economics and Business Vol. 10 No. 1 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i1.670

Abstract

The global business landscape has recently observed a notable increase in the adoption of specialized marketing strategies tailored to align with cultural, religious, and ethical principles. One prominent example of such a strategy is Islamic marketing, which caters to Muslim consumers' preferences and needs while upholding Islamic finance tenets. This study investigates the impact of Islamic marketing strategies on firm performance, focusing on Jaiz Bank, Nigeria's leading non-interest bank. Using a quantitative approach, this study analyzed secondary data from annual reports over a ten-year period (2012–2021) and apply linear regression to examine the relationship between Islamic marketing practices and key financial metrics: return on assets (ROA), dividend yields, and earnings per share (EPS). Results reveal a statistically significant impact of Islamic marketing on EPS, while its influence on dividend yields is limited, and its effect on ROA is not statistically significant. These findings suggest that while Islamic marketing strategies can enhance certain financial outcomes, they may require refinement or supplementation to drive comprehensive firm performance. This study contributes to the emerging field of Islamic marketing by offering empirical insights into its financial impacts, with implications for strategic development in Islamic financial institutions.
Revisiting the Nexus among Bank Specific Factors, Macroeconomic Factors, and Islamic Banking Performance: Three Measurement Models Razali Razali; Slamet Haryono; Ousmane Salifou Abdou; Munawar Rizki Jailani; Imamuddin Imamuddin
Shirkah: Journal of Economics and Business Vol. 10 No. 1 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i1.748

Abstract

Much of the research on Islamic banking performance relies on conventional metrics rather than Islamic metrics, warranting further exploration. This study provides an empirical analysis of bank-specific and macroeconomic factors on Islamic banking performance from 2016 to 2024 using three measurement models. Monthly data were processed using the ARDL approach and revealed that capital adequacy influences Islamic banking performance in the short term, but has no effect in the long term. Liquidity has an effect only in the long term. Financing Outstanding has a negative effect in the short and long term, while diversification has an effect in the short term but no effect in the long term. Bank size affects performance in the short term, but not in the long term, while macroeconomic factors show an inconsistent relationship. In the IPR model, inflation and exchange rates have no impact in either the short or long term. However, in the ROA and NOM models, these factors affect the long term, but not the short term. This study suggests that banks need to pay attention to financing and exchange rate risks, including the implementation of a strong risk-management system.
Factors Affecting Third-party Funds in Indonesian Sharia Banks: A Meta-analysis Rachma Indrarini; Novi Febriyanti
Shirkah: Journal of Economics and Business Vol. 10 No. 2 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i2.531

Abstract

While Indonesia, with its substantial Muslim population, holds promise for the advancement of Islamic banks, the current reality reveals that the volume of third-party funds for these banks in the country trails significantly behind that of conventional banks. This study aims to determine the determinants of third-party funds in Indonesian Islamic banks. This quantitative study used meta-analysis. The data were derived from accredited national journals and were subsequently processed using OpenMEE. The findings of this study indicate a positive correlation between third-party funds and various variables, such as inflation, exchange rates, BI Rate, GDP, SBI, JCI, FDR, CAR, NPF, BOPO, profit sharing and bonuses, promotional costs, ROA, LDR, money supply, service offices, and total assets. The results of this study can serve as a reference for practitioners of Islamic banks when formulating policies pertaining to the increase in third-party funds.
Factors Influencing Customer Satisfaction with Halal Cosmetics: An Online Purchasing Study of Generation Z Muslim Women Bayu Arie Fianto; Bena Mutiara Dwi Ulfa; Zhahirah Adriana Rahmadany
Shirkah: Journal of Economics and Business Vol. 10 No. 2 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i2.673

Abstract

Customer loyalty in the beauty product sector, particularly for halal cosmetics, has been underexplored despite its importance in marketing research. This study explores the determinants of customer satisfaction and loyalty towards halal cosmetics in Indonesia. Data were collected from 215 Generation Z Muslim women who have made multiple purchases from the official online store of a halal cosmetic brand through an online questionnaire. The data were further analysed by employing Structural Equation Modelling-Partial Least Square (SEM-PLS). The results showed that overall quality and perceived value significantly influence customer satisfaction, which in turn affects loyalty. However, perceived risk did not significantly impact satisfaction. It was further revealed that customer satisfaction has a significant influence on the customer loyalty to halal cosmetics. These findings highlight the need for brands to consistently deliver high-quality products and enhance perceived value to foster lasting customer relationships. Given Generation Z's potential as customers but known brand-switching tendencies, this study offers insights into their loyalty and satisfaction when purchasing halal cosmetics online. Strategic emphasis on satisfaction-building efforts can ultimately strengthen brand loyalty among Generation Z consumers in the competitive halal cosmetics market. Hence, understanding the factors that drive customer satisfaction and loyalty in online purchases is essential for halal cosmetic companies to develop effective retail strategies.
Navigating Faith and Finance: The Role of Islamic Literacy and Scepticism in Shaping Cryptocurrency Investment Intention Fuad Hasyim; Ririn Tri Ratnasari; Sri Herianingrum; Arroyan Ramly; Wakhid Musthofa
Shirkah: Journal of Economics and Business Vol. 10 No. 3 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i3.682

Abstract

Despite the rapid global adoption of cryptocurrencies, the lack of a unified Sharia ruling creates profound ethical uncertainty for faith-conscious investors. The present study analyses how investors integrate spiritual considerations and the complexities of Islamic Finance to formulate investment intentions in cryptocurrencies. Building on the Decomposed Theory of Planned Behaviour (DTPB), the model incorporates Islamic Financial Literacy and Sharia Scepticism. Shariah Scepticism and Islamic Financial Literacy reflect the Islamic value-embedded attitude towards finance and investment. For this study, the authors collected and analysed survey data from Java’s urban areas' 213 Muslims using PLS-SEM. Results demonstrate that people’s investment intentions are shaped by the compatibility of values, ease of use, and perceived usefulness of the investment. Financial Literacy in Islam bolsters confidence in Shariah-compliant digital assets, and Shariah Scepticism raises theological and ethical considerations. Despite the limited impact of perceived behavioural control, subjective norms exerted the most significant influence on behavioural intentions. This study adds to the Islamic behavioural finance literature the first faith-based model to explain investment intentions in cryptocurrencies within Muslim populations.
Identifying Key Determinants of Islamic Customer Perceived Value: A Mixed-Method Study Yayuk Sri Rahayu; Fitriyah Fitriyah; Guntur Kusuma Wardana
Shirkah: Journal of Economics and Business Vol. 9 No. 3 (2024)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v9i3.710

Abstract

The concept of customer perceived value is crucial for businesses to understand consumer behavior and gain a competitive edge; however, research on Muslim consumers remains scarce. This study seeks to identify the indicators and factors that shape Islamic customer perceived value, particularly within tertiary education institutions. A mixed-methods approach was employed, beginning with qualitative research using focus group discussions and interviews, followed by quantitative analysis through principal component analysis. The focus groups included students, lecturers, and experts, while 118 respondents completed the questionnaires. The findings uncovered 21 indicators and 6 key factors, namely: Islamic academic standards, Islamic attitudes, Islamic performance, Islamic physical attributes, Islamic organizational values, and Halal food and beverage offerings. These results advance the understanding of Islamic marketing and provide valuable insights for universities when formulating marketing strategies aligned with Islamic principles.
The Role of Dividend Policy and Investment Decisions in Shaping Firm Value: Evidence from Indonesian Islamic Capital Market Tajus Subqi; Maksum Maksum; Atep Hendang Waluya; Anna Zakiyah Hastriana; Rustam Rustam
Shirkah: Journal of Economics and Business Vol. 10 No. 3 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i3.725

Abstract

While the previous studies have mentioned the effect of dividend policy and investment choice on the value of a firm, the effect of these variables on the value of a firm in the Islamic Capital Market of Indonesia has not been studied. Responding to this gap, the present study assesses the effect of dividend policy and investment choice on the value of a firm and examine how the dividend policy and investment choice affect the relationships of ownership structure, capital structure, profitability and corporation growth on the value of a firm. The study employed a quantitative method and collected data from 71 companies registered under the Indonesian Sharia Stock Index (ISSI) from 2016 to 2021. Using the software SmartPLS, the researchers did a Partial Least Squares (PLS) analysis to derive the required data. The results disclose that investment and dividend policies mediate the impact of capital structure on firm value but do not mediate the influence of ownership structure. Specifically, investment choice positively affects profitability, while dividend choice has a negative effect; furthermore, only dividend choice mediates corporate growth. Overall, both policies significantly determine firm value, particularly through their connection to capital structure and corporate growth. Managers and policymakers in the Indonesian Islamic capital market should strategically align dividend and investment policies with capital structure and growth considerations to enhance firm value in a Sharia-compliant context.
“When Money Matters”: Unpacking the Role of Broad Money in Strengthening Islamic Bank Financing and Economic Growth Aqwa Naser Daulay; Nawir Yuslem; Nurlaila Nurlaila
Shirkah: Journal of Economics and Business Vol. 10 No. 2 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i2.745

Abstract

Islamic banking plays an increasingly vital role in promoting inclusive and Sharia-compliant financial services amid economic expansion in Indonesia. This study aims to examine the moderating effect of the ratio of broad money (RBM), as an indicator of financial deepening, on the relationship between Gross Domestic Product (GDP) and Islamic bank financing. Employing a quantitative research design, this study utilizes secondary time-series data and applies moderated regression analysis (MRA) across three models to evaluate the direct and interactive effects of GDP and RBM on Islamic bank financing. The findings reveal that while GDP positively influences Islamic bank financing, the inclusion of RBM as a moderating variable significantly strengthens this relationship, as demonstrated by the significance of the interaction term in the third model. This indicates that financial deepening, reflected in a higher RBM, enhances the capacity of Islamic banks to channel funds into the real economy during periods of economic growth. The study emphasizes the strategic importance of managing broad money supply to support Islamic finance performance and broader macroeconomic goals. Theoretically, the findings contribute to the understanding of how monetary aggregates interact with Islamic financial systems, while practically, they inform policymakers and Islamic financial institutions about the need to align monetary policies with the growth of Islamic banking. Future research should consider additional macroeconomic factors and a broader institutional context to further refine these insights.
Do Political Risks Influence Sharia Bank Stability? The Case of Southeast Asia Zulfa Muasaroh Binti Rahmawati; Titis Miranti; Ulfi Kartika Oktaviana; Yenny Kornitasari
Shirkah: Journal of Economics and Business Vol. 10 No. 2 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i2.752

Abstract

The present study examines the influence of political risk on the stability of Sharia banks in Southeast Asia, a region characterized by rapid economic growth alongside significant political uncertainties. This study aims to fill a gap in the existing literature, which has largely focused on other regions like the Middle East and North Africa. This study employs a quantitative methodology, utilizing panel data regression with a Fixed Effects Model to analyze data from 17 of the largest Sharia banks in Southeast Asia over the period of 2018-2022. The data for the study were obtained from the annual financial reports of these banks. The key findings indicate that political risk has a significant negative impact on the stability of Sharia banks in the region. In contrast, the quality of regulation and the total assets of the banks were found to have a significant positive influence on their stability. Other internal factors, such as the Capital Adequacy Ratio (CAR), Non-Performing Financing (NPF), Financing to Deposit Ratio (FDR), and Return on Assets (ROA), did not show a statistically significant effect on bank stability in the context of this study. The results emphasize the importance for policymakers and regulators in Southeast Asian nations to actively manage political risks and continuously improve the quality of financial regulations to ensure the resilience of the Sharia banking sector. This research contributes valuable insights for academics, bankers, and government authorities by highlighting the crucial role of the political and regulatory environment in maintaining the stability of Islamic financial institutions.
Driving Halal Tourism in Lombok: The Role of Demographics, Islamic Lifestyles, and Vacation Preferences Mukhlishin Mukhlishin; Ahadiah Agustina; Sahman Z.; Fathurrohman Husen; Mohamad Handi Khalifah
Shirkah: Journal of Economics and Business Vol. 10 No. 2 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i2.820

Abstract

Despite the growing global demand for halal tourism, destinations such as Lombok (one of Indonesia’s prominent tourist regions) continue to face challenges in maximizing engagement within this niche market. This study addresses the critical gap by examining how demographic characteristics, Islamic lifestyles, and vacation preferences influence Muslim tourists’ interest in halal tourism in Lombok, West Nusa Tenggara. Using a quantitative survey design, data were collected from 235 Muslim tourists and analyzed through multiple regression using SPSS version 24. The findings indicate that all three variables significantly affect interest in halal tourism. Notably, vacation preferences emerged as the most influential factor, suggesting that Muslim tourists prioritize travel experiences that integrate leisure with faith-based values. Islamic lifestyle and demographics also demonstrated meaningful contributions, reinforcing the role of religious identity and sociodemographic traits in shaping travel behavior. These results underscore the need for tourism stakeholders to develop culturally aligned, spiritually fulfilling, and experience-driven tourism offerings. The study contributes theoretically to the growing body of literature on halal tourism behavior and offers practical insights for policymakers and destination managers seeking to enhance the appeal of Muslim-friendly tourism experiences.

Page 30 of 32 | Total Record : 311

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