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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 117 Documents
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The Role of Zakat in Poverty Alleviation: A Socio-Economic Analysis Muhammad Aiman; Munkhotilah Rifki Nurhidayat
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.v8i2.15072

Abstract

Introduction to The Problem: Poverty continues to be a major issue in Muslim-majority countries across Southeast Asia, the Middle East, and Africa. Despite government programs, inequality and wealth distribution gaps are still increasing. Zakat offers a structured mechanism for redistribution, but its implementation is often limited by weak governance, low public awareness, and poor integration into national development frameworks. Purpose/Objective Study: This study aims to analyze the role of zakat in poverty alleviation from a socio-economic perspective. It seeks to identify zakat’s contribution to reducing poverty, assess the effectiveness of management and distribution, examine institutional challenges, and provide recommendations to strengthen the zakat system for greater social welfare impact. Design/Methodology/Approach: The study adopts a qualitative approach using a literature review of academic journals, Islamic economics books, institutional zakat reports, and empirical research. Previous findings are compared across local, national, and international contexts to understand patterns, weaknesses, and opportunities in zakat management. Findings: The findings show that zakat significantly reduces poverty when managed transparently and professionally. Zakat supports mustahik by meeting basic needs and funding empowerment programs such as business capital assistance, skills training, and scholarships. Digital zakat platforms enhance collection and distribution efficiency, but obstacles remain, including regulatory inconsistencies, low muzakki participation, and weak long-term planning.
The Influence of Third-Party Funds and MSME Financing on the Growth of Islamic Bank Assets in Indonesia Lazavardi Alfarisy; Ruspita Rani Pertiwi
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 9 No. 1 (2026)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v9i1.15427

Abstract

Problem Introduction: The growth of Islamic banking assets in Indonesia has shown a positive trend over the last five years; however, its market share remains relatively low compared to conventional banking. This condition raises questions regarding the effectiveness of internal banking factors in driving asset growth. Previous studies mainly focus on profitability and financial stability, while empirical evidence explaining Islamic bank asset growth using comprehensive internal variables remains limited. Study Objectives/Goals: This study aims to analyze the influence of Third-Party Funds (DPK), MSME Financing, Non-Performing Financing (NPF), Capital Adequacy Ratio (CAR), and Profit Sharing Ratio (PSR) on the growth of Islamic commercial bank assets in Indonesia, with the Financing to Deposit Ratio (FDR) as a control variable. Design/Methodology/Approach: This research employs a quantitative explanatory approach using panel data regression. The data consist of secondary data from Islamic Commercial Banks in Indonesia for the period 2020–2024, obtained from Islamic Banking Statistics published by the Financial Services Authority (OJK) and banks’ annual reports. Model selection was conducted through Chow and Hausman tests, resulting in the Fixed Effect Model as the most appropriate estimation method. Findings: The results indicate that Third-Party Funds (DPK) and Profit Sharing Ratio (PSR) have a positive and significant effect on Islamic bank asset growth. In contrast, MSME financing has a negative and significant effect, suggesting that financing risk and efficiency challenges may suppress asset expansion. Meanwhile, NPF and CAR do not show a significant influence on asset growth. The Financing to Deposit Ratio (FDR) as a control variable negatively and significantly affects asset growth, indicating potential liquidity pressure due to excessive intermediation.
The Application of the Islamicity Disclosure Index in Measuring Sharia Compliance and Corporate Governance at Bank Aceh and Bank Syariah Indonesia Shafia Windy Nabila; Syifa Lutfi Afia; Muhammad Wafi Dhiya'ulhaq; Muhammad Rafi Saefullah
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 9 No. 1 (2026)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v9i1.15516

Abstract

Introduction to The Problem: Transparency and accountability are fundamental principles in Islamic banking, ensuring compliance with Sharia principles and good corporate governance. The Islamicity Disclosure Index (IDI) has been widely recognized as a comprehensive framework for evaluating the extent of Sharia-related disclosures in Islamic financial institutions. However, empirical comparisons of IDI implementation among Islamic banks in Indonesia remain limited, particularly between national and regional Islamic banks. Purpose/Objective Study: This study aims to analyze and compare the level of Islamicity Disclosure Index (IDI) disclosure between Bank Syariah Indonesia (BSI) and Bank Aceh Syariah during the 2023–2024 period as an indicator of Sharia compliance and corporate governance quality. Design/Methodology/Approach: This study employed a quantitative descriptive approach using content analysis of the annual reports of Bank Syariah Indonesia and Bank Aceh Syariah for the 2023–2024 period. The assessment was based on three main dimensions of the Islamicity Disclosure Index, namely Shariah Compliance, Corporate Governance, and Social/Environmental Disclosure, with respective weights of 50%, 30%, and 20%. The disclosure scores were calculated and compared to evaluate each bank's level of compliance and transparency. Findings: Both banks achieved a very high level of Islamicity disclosure. Bank Aceh Syariah recorded an IDI score of 87.30% in both 2023 and 2024, while Bank Syariah Indonesia achieved higher scores of 96.67% in 2023 and 96.88% in 2024. Bank Syariah Indonesia demonstrated superior performance, particularly in the Shariah Compliance dimension. In contrast, Bank Aceh Syariah exhibited relatively lower disclosure regarding non-halal income, non-halal investments, and several aspects of corporate governance structure. Nevertheless, both banks performed consistently well in the Social/Environmental Disclosure dimension. These findings indicate that although both institutions have maintained a high level of Sharia disclosure, Bank Syariah Indonesia demonstrates greater consistency and comprehensiveness in its implementation of the Islamicity Disclosure Index
Concept of Buying and Selling In The Perspective of Al-Qur'an: Study Of Credit Ahmad Afan Zaini
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 9 No. 1 (2026)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v9i1.15553

Abstract

Introduction: Buying and selling is an economic activity that is clearly regulated in the Al-Qur'an as part of the Islamic muamalah. Along with the development of the modern economy, the practice of buying and selling credit is increasingly being used, but it has given rise to debate regarding its suitability with sharia principles, especially in terms of usury and transaction fairness. Therefore, this article examines the concept of buying and selling from the perspective of the Koran with a focus on the practice of buying and selling credit. Purpose: The purpose of this article is to examine and analyze the concept of buying and selling from the perspective of the Qur'an, especially in relation to the practice of credit transactions, by examining the normative foundations, principles of justice, the prohibition of usury, and muamalah ethics which form the basis for the validity and application of credit buying and selling in the Islamic economic system. Methodology: This research uses a qualitative approach with library research methods. Data was obtained from the Al-Qur'an, tafsir books, as well as Islamic economic literature that is relevant to the concept of buying and selling and credit. Data analysis was carried out descriptively-analytically with a thematic interpretation approach, namely examining verses from the Al-Qur'an related to buying and selling and credit transactions to understand the principles and provisions of sharia in the practice of buying and selling credit. Findings: This research found that the Qur'an allows the practice of buying and selling on credit (bai' bi at-taqsith) as part of a valid muamalah, as long as it meets the principles of justice, clarity of the contract and the willingness of the parties. The Koran, especially in QS. Al-Baqarah verses 275 and 282, emphasize the fundamental difference between buying and selling and usury, as well as providing legitimacy to non-cash transactions provided that there is clear recording and a price agreement at the beginning of the contract. This research also found that adding prices in credit buying and selling is not automatically classified as usury, as long as it is not exploitative, does not contain elements of gharar, and does not occur unilaterally after the contract has been agreed. Thus, the concept of buying and selling credit from the perspective of the Qur'an emphasizes aspects of ethics, transparency and protection for both parties, so that it can become a normative basis for contemporary sharia financing practices.
The Moral and Financial Dimensions of Debt in Islam: A Systematic Literature Network Analysis Salwa Rasyidah Muthmaina; Achmad Faqihuddin
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 9 No. 1 (2026)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v9i1.16083

Abstract

Introduction to The Problem: Debt in Islam is not only a financial instrument but also a moral responsibility that influences individual and social behavior. Purpose/Objective Study: This study aims to map the development of academic research on debt in Islamic perspective and identify major research themes.. Design/Methodology/Approach: This research employs Systematic Literature Network Analysis (SLNA) combining systematic review and bibliometric network analysis using Scopus data (2015–2025), PRISMA procedure, and VOSviewer. Findings: The results reveal four main research orientations: debt as financial necessity, moral responsibility, institutional Islamic finance practice, and Islamic social solidarity. Paper Type: Research Article Keywords: Islamic debt; Islamic finance; moral responsibility; bibliometric analysis; SLNA
The Effect of Financial Performance, Firm Size, and Islamic Social Reporting on Tax Avoidance in Islamic Commercial Banks in Indonesia Fita Firnita; Umiyati
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 9 No. 1 (2026)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v9i1.16221

Abstract

Introduction to The Problem: This study analyzed the effects of financial performance proxied by profitability (ROA) and leverage (DER), firm size, and Islamic Social Reporting (ISR) on tax avoidance (ETR) in Islamic Commercial Banks in Indonesia. As corporate entities, Islamic commercial banks in Indonesia are obligated to comply with taxation regulations while simultaneously adhering to the ethical principles of Islamic business conduct. Purpose/Objective of the Study: The objective of this study is to examine Islamic Commercial Banks in Indonesia. Specifically, the research seeks to determine whether financial performance significantly affects the level of tax avoidance, whether larger Islamic banks exhibit different tax avoidance behavior compared to smaller institutions, and whether greater disclosure of Islamic Social Reporting reduces the tendency to engage in tax avoidance. Design/Methodology/Approach: This research employs a quantitative approach using secondary data derived from the annual reports of Islamic Commercial Banks for the period 2018–2024. The sampling technique applied is purposive sampling, resulting in a sample of eight banks. The data were analyzed using panel data regression with the assistance of EViews 12.0 and Microsoft Excel. Findings: The results of the study indicate that, simultaneously, profitability (ROA), leverage (DER), firm size, and Islamic Social Reporting (ISR) have a significant effect on tax avoidance. Partially, firm size and Islamic Social Reporting are found to influence tax avoidance, whereas profitability and solvency do not have a significant effect on tax avoidance in Islamic Commercial Banks.
Sharia Banking and Sustainable Development: A Sharia-Based Strategic Framework Dwi Santosa Pambudi; Nor Hakimah binti Haji Mohd Nor; Noor Aimi binti Mohamad Puad; Khairul Anuar bin Ahmad
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 9 No. 1 (2026)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v9i1.16949

Abstract

Introduction to The Problem Amid growing global momentum toward the Sustainable Development Goals (SDGs), Islamic financial institutions face intensifying pressure to anchor their operations within Sharia principles and corporate social responsibility frameworks. This alignment is theoretically synchronized; yet, in practice, the operational integration of SDGs and maqashid al-shari'ah (the objectives of Islamic law) within the banking sector remains structurally fragmented. This disconnect is particularly pronounced at the regional level, where localized economic policies often eclipse systemic sustainability mandates Purpose/Objective Study This study investigates the strategic nexus between Islamic banking operations and the realization of Sustainable Development Goals (SDGs) within the Special Region of Yogyakarta. Specifically, it evaluates the empirical efficacy of these institutions' contributions while critically identifying the systemic challenges that hinder their optimal performance. By addressing these operational bottlenecks, this research ultimately formulates a novel, maqashid-based strategic framework designed to fortify the sector's long-term role in fostering sustainable developmen Design/Methodology/Approach: Methodologically, this study adopts a qualitative design anchored in a document-based research approach. To ensure data triangulation and analytical depth, empirical materials were systematically harvested from multifaceted institutional outputs, including corporate annual and sustainability reports, regulatory framework papers, and strategic policy documents issued by the Financial Services Authority (OJK) and the National Committee for Islamic Economy and Finance (KNEKS). This internal corporate data is further complemented by publications from industry associations and peer-reviewed academic literature. Subsequently, the gathered qualitative data underwent a rigorous thematic content analysis, executed through a structured five-stage process: data familiarization, initial coding, theme development, conceptual review, and contextual interpretation. Findings: Empirical findings demonstrate that Islamic banking actively drives SDG acceleration through a multifaceted approach: scaling productive financing, expanding financial inclusion, bolstering Micro, Small, and Medium Enterprises (MSMEs), and mobilizing Islamic social finance instruments. Although these channels yield measurable benefits for poverty alleviation, inclusive economic growth, and social welfare, several operational bottlenecks persist. Specifically, the overall developmental efficacy is hindered by the superficial integration of sustainability indicators into institutional performance matrices, weak social impact assessment tools, and fragmented stakeholder cooperation. To resolve these issues, this study introduces a maqashid-based strategic framework that focuses on intensifying sustainability governance, hardcoding SDGs into financing policies, expanding multi-stakeholder networks, and advancing impact-measurement frameworks. By doing so, this research significantly enriches the existing literature, offering a functional framework that synthesizes SDGs with maqashid al-shari'ah within banking operations. Beyond its theoretical merits, the study provides strategic, actionable blueprints for regulators, policymakers, and corporate executives seeking to propel sustainable finance within the Islamic financial ecosystem.

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