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Ihtifaz: Journal of Islamic Economics, Finance, and Banking
Published by Universitas Ahmad Dahlan
ISSN : 26224755     EISSN : 26225798     DOI : 10.12928
Core Subject : Economy, Social,
Economics, Econometrics & Finance Social Sciences
The Ihtifaz, Journal of Islamic Economics, Finance, and Banking published by Department of Islamic Banking, Ahmad Dahlan University, is a peer-reviewed open access international journal published twice in a year (June and December). The Ihtifaz aims to provide an international forum for researchers and professionals to share their ideas on all topics related to Islamic Economics, Finance, and Banking. It publishes its issues in an online (e-ISSN 2622-5798) and a printed (p-ISSN 2622-4755) version.
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Articles 111 Documents
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Does Productive Zakat Affect the Growth of Mustahiq Micro Business? Case Study Lazismu DIY Dwi Santosa Pambudi; Rofiul Wahyudi; Alung Prasetya; Ketina Widiana; Rasyid Bimo Radithyo; Dhea Arsy Ramadhini; Inda Dwi Kartika
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 7 No. 2 (2024)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v7i2.12002

Abstract

Introduction: State the problem statements of the article briefly and concisely. One of the pillars of Islam that has an economic dimension is zakat, where the funds collected can be utilized with the aim of increasing the growth of the mustahiq business. In contemporary treasures, it is called the utilization of productive zakat. Purpose: The purpose of this study is to explore the relationship between the utilization of productive zakat in increasing the growth of Mustahiq Business in the Muhammadiyah Amil Zakat Institute (LAZISMU) Yogyakarta. Methodology: This study uses a quantitative method with a descriptive approach and data analysis using linear regression. Data was collected from mustahiq who received productive zakat from LAZISMU Yogyakarta. Findings: The finding is that the utilization of productive zakat has a significant and positive impact on the growth of mustahiq businesses, both partially and simultaneously. Paper Type: Research Article or General Review Keywords: Growth; Lazismu; Micro Business; Productive Zakat
Corporate Governance Strategies for Navigating the VUCA Era: A Case Study of BPRS Barokah Dana Sejahtera Yogyakarta Edi Sunarto; Riduwan, Riduwan; Aftoni Sutanto
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 8 No. 1 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v8i1.12918

Abstract

Introduction: Governance is a crucial aspect of financial institutions, including Islamic rural banks (BPR Syariah), to ensure sustainability and competitiveness. PT. BPR Syariah Barokah Dana Sejahtera faces challenges in governance implementation, particularly in the VUCA (Volatility, Uncertainty, Complexity, and Ambiguity) era. Several obstacles, such as inconsistency, insufficiently comprehensive governance guidelines, and lack of intensive socialization, hinder the effectiveness of governance practices. Purpose: This study aims to examine the implementation of governance at PT. BPR Syariah Barokah Dana Sejahtera and formulate strategies to optimize governance practices in response to the challenges of the VUCA era. Methodology: This research employs a qualitative approach with a case study method. Data were collected through observations, document analysis, and interviews. The analysis process follows a structured approach, including data collection, data reduction, data presentation, and conclusion verification. Findings: The study identifies key challenges in governance implementation, including inconsistency, incomplete governance guidelines, and inadequate socialization efforts. Strategies to strengthen governance in the VUCA era are explored, covering aspects such as self-assessment results, governance strengthening, technology and digitalization strategies, risk management, competitiveness enhancement through product innovation, collaboration and synergy strategies, as well as strategies for adapting to regulations and the business environment. Paper Type: Research Article. Keywords: BPR Syariah; Digitalization; Governance; Risk Management; Vuca.
Adonara Island NTT: Preservation Of Weaving Traditions and Sustainable Halal Tourism Destinations Windu Baskoro
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 8 No. 1 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v8i2.12128

Abstract

Introduction to The Problem: Adonara Island, located in East Flores Regency, East Nusa Tenggara (NTT), possesses rich cultural potential through its traditional woven fabrics that reflect a strong local identity and cultural values. However, its potential as a cultural-based tourism destination remains underexplored. Purpose/Objective Study: This study aims to evaluate the potential of Adonara Island as a tourist destination based on the weaving industry by integrating aspects of the creative economy, cultural preservation, and halal tourism development. Design/Methodology/Approach: The research employed a qualitative descriptive approach, focusing on actual field conditions. Primary data was collected through interviews with local stakeholders, while secondary data was obtained from literature, government reports, and community documentation. Data analysis was conducted using SWOT analysis supported by IFAS and EFAS matrices. Findings: The results indicate that Adonara Island holds significant potential as a leading destination for cultural tourism. The SWOT analysis places Adonara Island in the first quadrant (growth strategy), suggesting strong opportunities for development. The recommended strategy includes improving accessibility, developing Muslim-friendly facilities, and empowering local communities through training and incentives. Branding efforts are encapsulated under the name “Adonara Tenun Island,” targeting both domestic and international markets. Sustainable tourism principles are applied by integrating environmental and cultural conservation. Collaboration between government, private sector, and local communities is essential for building an inclusive tourism ecosystem.
The Implementation of Zakat Funds in Disaster Risk Reduction in Indonesia: Evidence in BAZNAS Disaster Resilient Village Edo Segara Gustanto; Anton Priyo Nugroho
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 8 No. 1 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v8i2.12633

Abstract

Introduction to The Problem: Indonesia is a country prone to natural disasters, and the need for effective disaster risk reduction strategies is increasingly urgent. At the same time, zakat as a form of Islamic philanthropy remains underutilized in structured disaster mitigation efforts. Purpose/Objective Study: This study aims to examine how zakat funds are implemented in the Disaster Resilient Village (Katana) program and assess their effectiveness in reducing disaster risks through community empowerment and infrastructure development. Design/Methodology/Approach: The research employs a qualitative descriptive approach using data from case studies, institutional reports, and previous literature. Data collection includes interviews and documentation from relevant zakat institutions and disaster mitigation actors. Findings: The findings reveal that zakat funds, when properly managed and integrated, can significantly contribute to disaster resilience by supporting economic empowerment, infrastructure development, and preparedness efforts. Challenges include limited coordination between government and private zakat institutions. The study recommends stronger collaboration across stakeholders and greater public education to enhance understanding of zakat’s potential in disaster mitigation.
Exploring Halal Tourism as Indonesia’s Super-Priority Destination: Muslim Travelers’ Needs in Labuan Bajo Cahyania Nursyabani; Muhammad Azmi Nurkarim; Nur Fatwa; Nova Rini
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 8 No. 1 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v8i2.13315

Abstract

Introduction to The Problem: Labuan Bajo is considered one of the potential destinations for the development of halal tourism in Indonesia. However, the predominance of a non-Muslim population in the region presents a distinctive challenge in the implementation and promotion of halal tourism practices. Purpose/Objective Study: Explore the needs of Muslim travelers who visit the Super Priority Destination of Labuan Bajo, one of the tourist destinations where most population is non-Muslim. Design/Methodology/Approach: The approach used is qualitative, with data collected through in-depth interviews with Muslim Traveler informants who have visited Labuan Bajo. The in-depth interview questions are based on the extension of the theory of travel. Findings: The research results show that the main motivations for Muslim travelers visiting this place are recreation and work, where natural beauty and ease of access are the main factors attracting Muslim tourists to visit this place. However, there are still many challenges that need to be addressed, such as the limited availability of prayer facilities in some island destinations, the lack of halal-certified food options, and the insufficient communication between tour providers and tourists. This study concludes that Labuan Bajo is a Muslim-friendly destination, but the improvement of worship facilities and halal food must be optimized. This research is expected to serve as a foundation for the development of halal tourism in predominantly non-Muslim destinations that are inclusive and sustainable.
Epistemology of Khidmah in Islamic Marketing and the Impact on Consumer Satisfaction Chairunnisa; Annisah Budiwati
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 8 No. 2 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v8i2.12675

Abstract

Introduction : The Concept of Khidmah in Sharia Marketing emphasizes the values of sincere service, honesty, and fairness while ensuring that products remain halal and beneficial. This approach fosters both material and spiritual consumer satisfaction while building long-term harmonious relationships. This article employs descriptive qualitative research methods with descriptive procedures and techniques, focusing on data sources from literature, particularly relevant references to the object of study. The findings of this study indicate that the concept of Khidmah in Islamic marketing plays a crucial role in establishing harmonious relationships between business practitioners and consumers. Sincere, responsive, and ethical services not only enhance consumer satisfaction and loyalty but also create blessings and long-term benefits, positioning Islamic marketing as a sustainable solution for business success and societal well-being. Purpose: This article aims to explore the concept of Khidmah in Islamic marketing and its impact on consumer satisfaction, emphasizing the values of sincere service, honesty, and fairness in business practices. Methodology: This research adopts a descriptive qualitative approach, with data collection sourced from literature and descriptive analysis to understand the relationship between the concept of Khidmah and consumer satisfaction. Findings: The findings of this study indicate that the application of the concept of Khidmah in Islamic marketing plays a significant role in building harmonious relationships between business practitioners and consumers. This not only enhances consumer satisfaction and loyalty but also creates blessings and long-term benefits for all parties involved.  
Legal Analysis of Metaverse Banking from the Perspective of Islamic Economics Redi Hadianto; Aulia Aniatun Nisa
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 8 No. 2 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v8i2.13692

Abstract

Introduction to The Problem: The emergence of the metaverse banking concept is a consequence of advances in virtual world technology. However, its implementation raises various legal issues that still lack clarity, particularly in the context of Islamic economics. Therefore, in-depth research is needed to ensure that future digital banking services align with the principles of Sharia. This study includes important issues such as ownership of digital assets, clarity of the legal status of virtual transactions, and the extent to which these activities conform to Islamic teachings. Purpose/Objective Study: In order to implement metaverse banking in Indonesia, this research aims to develop a legal framework that complies with sharia provisions, identify potential violations of sharia principles in virtual banking operations, and analyze the legal aspects of metaverse banking from the perspective of sharia economics. Design/Methodology/Approach: State the article’s design/methodology/approach used in the paper. This research uses a qualitative methodology that combines normative analysis and library research techniques. The Quran, Hadith, fatwas from DSN-MUI, regulations, and scientific works related to sharia economics and metaverse banking are studied to gather data. A comparative method between metaverse banking practices and sharia principles is used to conduct the analysis. Findings: The findings of this study indicate that if metaverse banking meets the requirements of transparency, avoids usury and uncertainty, and guarantees halal underlying assets, then it can comply with the principles of Islamic economics. However, the unique nature of virtual transactions and the need for strict oversight of security features and consumer protection in the metaverse environment require additional regulatory modifications.
The Green Banking Operations and Their Role In Achieving Sustainable Banking Performance In Babil Governorate Jadah, Hamid Mohsin; Al-Husainy, Noor Hashim Mohammed
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 8 No. 2 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v8i2.13947

Abstract

Introduction to The Problem: The concept of green banking has gained significant importance. Green banking operations refer to banking practices focused on environmental sustainability and social responsibility. These practices not only benefit the environment but also have a positive influence on overall sustainable banking performance. Purpose: This study aims to examine the nature of green banking operations and their impact on banking performance. Design/Methodology/Approach: A quantitative study was conducted using a structured questionnaire distributed to a sample of customers of three banks in Hilla city (Baghdad, National Bank of Iraq, and International Development Bank) during the period from April 15 to May 15, 2025. 100 questionnaires were distributed, and 10 were excluded for incompleteness, leaving 90 questionnaires valid for statistical analysis. Design/Methodology/Approach: A quantitative research method was employed, utilizing a structured questionnaire distributed over a 30-days period (15 April 2025 - 15 May 2025). The study targeted commercial banks operating in Babil Governorate, specifically the Hilla branch. A Likert‑scale questionnaire was distributed across these banks, with a total of 100 questionnaires handed out. Of these, 90 valid responses were analyzed, while 10 were excluded due to invalidity. Findings: Present the article’s results indicate that adopting green banking practices such as energy conservation, paper reduction, digital banking systems, and financing environmentally positive projects directly enhances operational efficiency, lowers costs, boosts customer satisfaction, and, ultimately, improves the overall performance indicators of the banking institution
Revisiting Waqf Intention Prediction in Sumatera Utara Khairunnisa, Khairunnisa; Ismail, Abdul Hadi; Shafitri, Olivia
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 8 No. 2 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v8i2.14156

Abstract

Introduction to The Problem: Despite North Sumatra’s large Muslim population and economic capacity, its Waqf Index ranking remains among the lowest in Indonesia. This paradox raises questions about the underlying behavioral, institutional, and social factors that shape individual intention to participate in cash waqf. Purpose/Objective Study: This study aims to investigate the determinants of waqf behavioral intention by examining the influence of the Theory of Planned Behavior (TPB), Institutional Theory (IT), and Social Exchange Theory (SET). Design/Methodology/Approach:Using regression-based path analysis, this research analyzes responses from 100 individuals in North Sumatra collected via Google Form. Each construct (TPB, IT, SET) is operationalized through its subdimensions. Behavioral intention serves as the dependent variable. Findings: The results reveal that TPB significantly predicts waqf behavioral intention, while IT and SET do not show direct significance. TPB alone accounts for the most substantial influence, suggesting that attitudes, perceived social norms, and perceived behavioral control are key drivers of waqf participation in the region.
Digital Islamic Finance In Indonesia: Challenges and Opportunities From A Public Policy Perspective Ben Gharbi, Houria
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 8 No. 2 (2025)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v8i2.14727

Abstract

Introduction to The Problem: Digital Islamic finance is increasingly recognized as a strategic tool for promoting inclusive, ethical, and sustainable financial systems worldwide. In Indonesia, as the largest Muslim-majority country, Shariah-compliant digital finance plays a central role in national agendas for financial inclusion and sustainable economic development. Purpose/Objective Study: This study aims to examine the progress and institutional dynamics shaping digital Islamic finance in Indonesia from a public policy perspective, focusing on regulatory frameworks and the roles of key national institutions. Design/Methodology/Approach: Employing a qualitative content analysis approach, this research analyzes relevant laws, policy documents, and institutional reports to identify major developments, governance structures, and implementation challenges within the sector. Findings: The findings reveal significant advancements, including the enactment of Law No. 4/2023, the Digital Sharia Banking Roadmap (RP3SI), and initiatives led by the Financial Services Authority (OJK) and the National Committee for Islamic Economy and Finance (KNEKS). These efforts have strengthened financial literacy, expanded green sukuk instruments, and supported inclusive digital finance pilot programs. However, persistent challenges remain, such as rural infrastructure disparities, limited integration between ESG and Shariah principles, and fragmented regulatory oversight, which collectively hinder broader societal impact.

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