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Iqtishoduna: Jurnal Ekonomi Islam
Published by Institut Agama Islam Syarifuddin Wonorejo Lumajang
ISSN : 22525661     EISSN : 24430056     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
The focus of the Journal of Syari'ah Economics and Islamic Business all aspects of scientific discussions about Islamic Economics, Syari'ah Banking and Islamic Economic Management ideas covering: 1) research article, 2) conceptual idea, 3) review of the literature, and 4) practical experience.
Arjuna Subject : -
Articles 28 Documents
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Search results for , issue "Vol. 14 No. 2 (2025): October" : 28 Documents clear
Model Return Sharia Shares of Companies Registered in Jakarta Islamic Index (JII) for the 2012-2022 Ika, Desi; Soemitra, Andri; Nurlaila; Al-Mahdi
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 14 No. 2 (2025): October
Publisher : Program Studi Ekonomi Islam Fakultas Ekonomi dan Bisnis Islam Institut Agama Islam Syarifuddin Lumajang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v14i2.2977

Abstract

This study develops a return model for Sharia-compliant stocks listed in the Jakarta Islamic Index (JII) from 2012 to 2022 examining the influence of macroeconomic and corporate governance factors. Specifically, it investigates the roles of Inflation, the Bank Indonesia Sharia Certificate Rate (SBIS), Islamic Corporate Governance (ICG), and Islamic Corporate Social Responsibility (ICSR) on firm profitability and Sharia stock returns. It also analyzes the mediating effect of profitability on stock returns. This research addresses a global concern regarding sustainable and ethical investment in Islamic capital markets, offering insights into how Sharia-compliant companies perform under financial and social governance standards. Employing a quantitative approach with Structural Equation Modeling (SEM) via SmartPLS, the study examines eight consistently listed companies in the JII over 11 years using purposive sampling. Results reveal that ICG and ICSR significantly enhance both profitability and stock returns, affirming their strategic value in Islamic equity markets. Inflation and SBIS, however, show no significant direct or indirect effect on profitability or returns. This model contributes novel empirical evidence on return behavior in Islamic equities, supporting global efforts toward ethical finance. Future research should expand the dataset and explore cross-country comparisons within Islamic stock indices.
The Role of Digital Religiosity and Consumer Awareness in Ethical Purchasing: A Study on the Global Boycott Movement Against Politically Affiliated Brands Zulkifli; Susono, Juhasdi; Anwar, Desy Rahmawati; Ista, Akram; Che Noh, Mohd Aderi
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 14 No. 2 (2025): October
Publisher : Program Studi Ekonomi Islam Fakultas Ekonomi dan Bisnis Islam Institut Agama Islam Syarifuddin Lumajang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v14i2.3503

Abstract

This study aims to examine the influence of religiosity, social media engagement, and product knowledge on consumer participation in boycotts against products affiliated with Israel. Using a quantitative approach and Structural Equation Modeling-Partial Least Squares (SEM-PLS) for data analysis, the research surveyed Muslim consumers to assess how religious values, digital exposure, and awareness drive ethical consumption decisions. The findings demonstrate that religiosity, social media, and product knowledge each have a positive and statistically significant impact on boycott behaviour. These results underscore the increasing significance of faith-driven economic actions, particularly in an era where social media amplifies collective consciousness and mobilization across borders. The implications of this study extend beyond consumer behaviour, reflecting a broader trend in the global Islamic economy, where purchasing choices are increasingly guided by ethical, spiritual, and political considerations. This behaviour fosters a sense of economic solidarity among Muslim communities and reinforces the importance of aligning market actions with Islamic values. For businesses and policymakers, the findings underscore the importance of understanding and responding to the ethical expectations of Muslim consumers. Furthermore, the research encourages consumers to critically evaluate information on social media before making economic decisions, promoting informed activism and reinforcing accountability in global supply chains.
Exploring the Role of Islamic Value Proposition, Digital Customer Experience, and Trust on Customer Satisfaction in Islamic Banking: Evidence from Indonesia's Emerging Market Danarhuda, Admiral; Solekah, Nihayatu Aslamatis
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 14 No. 2 (2025): October
Publisher : Program Studi Ekonomi Islam Fakultas Ekonomi dan Bisnis Islam Institut Agama Islam Syarifuddin Lumajang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v14i2.2997

Abstract

Customer satisfaction remains a crucial determinant of competitiveness in the Islamic banking sector, particularly within Indonesia's rapidly expanding emerging market. Despite continuous growth, many Islamic banks still face challenges in maintaining consistent service quality and aligning customer experience with Sharia-based values. This study examines the impact of Islamic value proposition, digital customer experience, and trust on shaping customer satisfaction at Bank Syariah Indonesia (BSI). Positioned within the broader discourse on ethical and Sharia-compliant marketing, this research employs a quantitative descriptive design, using purposive sampling to survey 150 BSI customers through structured questionnaires. Data were analysed using multiple linear regression with SPSS 23 to assess both individual and joint effects of the variables. The findings reveal that the Islamic value proposition and digital customer experience have a significant influence on customer satisfaction, while trust shows no direct effect. Collectively, these variables exert a positive and significant impact, highlighting the importance of integrating Islamic ethical values and digital innovation to strengthen customer loyalty in Islamic banking.
Unraveling The Influence of Halal Certification Logos on Consumer Choises: A Meta-Analysis in The Indonesian Market Sofyan, Syaakir; Sofyan, A. Syathir; Ahmed, Ishfaq; Rusanti, Ega; Noval, Noval; Syamsu, Nur
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 14 No. 2 (2025): October
Publisher : Program Studi Ekonomi Islam Fakultas Ekonomi dan Bisnis Islam Institut Agama Islam Syarifuddin Lumajang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v14i2.2886

Abstract

The aim of this research is to examine the development of research on the influence of halal logos on purchasing decisions for halal products in Indonesia. The method used is meta analysis by reviewing 33 studies published in 2013-2023 with the help of the OpenMEE application. The results of this research show that there is a positive influence of the logo on decisions with a p-value obtained <0.001 and an estimated value of 0.415, which indicates that the strength of the relationship is in the medium category. The influence of the halal cosmetics industry is greater than that of the halal food industry. In terms of sample type, the student sample effect is greater than the general public sample effect. Meanwhile, in the location group, the effect of the provincial capital is greater than the effect of location in the district. Theoretically, this study strengthens the Theory of Planned Behavior (TPB) by confirming the role of halal logos as external cues that influence consumer attitudes and intentions. It also highlights the halal logo as a trust signal that shapes purchasing behavior across different contexts. Study limitations include limited sample size and lack of adequate moderators to explain within-subgroup variation. Therefore, future research needs to consider testing other important aspects, such as participant groups, countries/regions, and other variables.
Empowering Indonesia's Halal Cosmetics: Strategies for Industry Development Nursyabani, Cahyania; Nurwahidin
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 14 No. 2 (2025): October
Publisher : Program Studi Ekonomi Islam Fakultas Ekonomi dan Bisnis Islam Institut Agama Islam Syarifuddin Lumajang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v14i2.3057

Abstract

The halal cosmetics industry is experiencing significant growth and increasing consumer demand for products that meet halal standards. With the majority of Indonesia's population being Muslim, Indonesia has great potential to become a global leader in the production of halal cosmetics. Meanwhile, existing research primarily focuses on consumer behaviour in the halal cosmetics market. This study aims to formulate strategies to accelerate Indonesia's halal cosmetics industry. Literature studies from various scientific sources relevant to the research objectives are analysed using the SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis framework. The results showed that five strategies could be implemented to accelerate the halal cosmetics industry in Indonesia, including 1) Clarifying regulations, standardisation, and policies; 2) Developing and empowering the halal cosmetics industry; 3) Performing product differentiation and marketing; 4) Developing human resources; and 5) Increasing public literacy. With the implementation of appropriate strategies, Indonesia's halal cosmetics industry is expected to accelerate significantly in the next few years.
Measuring the Dimensions of Success in Halal Food Business Sustainability: E-commerce Adoption, Halal Food Certificates, and Islamic Entrepreneurship Spirituality Anggraeni, Erike; Normasyhuri, Khavid; Kusuma, Tri Atmaja Pramudita Wisnu
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 14 No. 2 (2025): October
Publisher : Program Studi Ekonomi Islam Fakultas Ekonomi dan Bisnis Islam Institut Agama Islam Syarifuddin Lumajang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v14i2.2202

Abstract

The sustainability of the halal food business is faced with several crucial challenges. E-commerce adoption is a vital aspect that is often hampered by infrastructure limitations. Food certification is often hampered by complex bureaucratic processes that take a long time. Islamic entrepreneurial spirituality has not been deeply integrated into business practices. This study aims to examine the correlation between e-commerce adoption aspects, halal food certifications, and Islamic entrepreneurial spirituality in promoting the sustainability of the Halal Food Business in Lampung Province, Indonesia. The research methodology used in this research is quantitative, using SmartPLS 3.0 software. Primary data collection was carried out by taking a sample of respondents, namely Halal Food MSME business actors in Lampung Province, Indonesia, using a purposive sampling method. A total of 300 samples were used for this research. Data was obtained through the use of a Google Form, with indicator assessment carried out using a Likert scale. Research findings show that there is a relationship between the dimensions of e-commerce adoption, halal food certificates and Islamic entrepreneurial spirituality on the sustainability of halal food businesses in Lampung Province, Indonesia.
Gerakan Ekonomi Islam Konservatif-Politik, Wajah Konstruktivisme Kewirausahaan Komunitas Hijrah Indonesia Kunaifi, Aang; Djamaluddin, Burhan; Fauzia, Ika Yunia; Ritonga, Iskandar; Nurhayati; Syam, Nur; Widiastuti, Tika; Ahsan, Muhamad
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 14 No. 2 (2025): October
Publisher : Program Studi Ekonomi Islam Fakultas Ekonomi dan Bisnis Islam Institut Agama Islam Syarifuddin Lumajang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v14i2.3192

Abstract

One can interpret the hijra community's economic impact in Indonesia as both beneficial and detrimental. The purpose of this paper is to elucidate the typology of the Indonesian Islamic entrepreneurial movement and the hijrah community movement's compromise model for economic rules. Observations at community business locations, interviews with entrepreneurs in 10 communities, documentation in the form of brochures, photos of activities, and information on Facebook, Instagram, and WhatsApp groups were used in the research, which followed a case study methodology. Three of the 22 informants who were thoroughly questioned were expert informants. The regions of origin of the informants included Java, Sumatra, Bali, NTB, Sulawesi, and Kalimantan. To generate fresh hypotheses, data were examined using theoretical PPIM and Carter and Banker's hijra community typology propositions. The study's findings demonstrate the political conservatism of the hijra community's Islamic economic movement. Specifically, the dominant economic system, the Islamic economic movement, aims to replace conventional or ribawi economics, or is portrayed as such in the dual system notion.
Financial Health and Financial Distress: The Moderating Role of Firm Size in Islamic Banks (2021–2023) Adilah, Isna Putri; Maesarach, R. Melda
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 14 No. 2 (2025): October
Publisher : Program Studi Ekonomi Islam Fakultas Ekonomi dan Bisnis Islam Institut Agama Islam Syarifuddin Lumajang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v14i2.3442

Abstract

The purpose of this study is to use the Risk Profile, Good Corporate Governance, Earnings, and Capital (RGEC) technique to examine the financial health of Indonesian Islamic commercial banks from 2021 to 2023. Firm size is used as a moderating variable for financial distress. Using secondary data from Islamic commercial banks' annual financial reports, the investigation looked at the correlations between the variables using moderation regression methods. The findings indicate that while the Operational Cost to Operational Income Ratio (CIR) has a large favorable impact on financial hardship, the Capital Adequacy Ratio (CAR) has a considerable negative impact. However, as their values are below the table, Non-Performing Financing (NPF), Good Corporate Governance (GCG), Financing to Deposit Ratio (FDR), and Return on Assets (ROA) have no discernible impact. The association between financial hardship and NPF, GCG, and ROA is moderated by firm size, but not by other factors. The model well describes the variability of financial hardship, as evidenced by the determination coefficient of 91.6%. This study highlights the importance of firm size in mitigating financial distress and offers insights for regulators and bank management to enhance financial performance and reduce financial distress risks.
Financial Crime Early Prevention Strategy: The Utilization of Whistleblowing System and Risk Management In Sharia Bank Idrawahyuni; Andayangsih, Sri; Adiningrat, Andi Arifwangsa; Adil, Muhammad; Winarsih, Endang
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 14 No. 2 (2025): October
Publisher : Program Studi Ekonomi Islam Fakultas Ekonomi dan Bisnis Islam Institut Agama Islam Syarifuddin Lumajang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v14i2.2915

Abstract

This study examined the effects of using a whistleblowing system and risk management as prevention strategies for financial crimes at PT Bank Syariah Indonesia in South Sulawesi, Indonesia. This type of research used an associative quantitative approach with a population of 46 PT Bank Syariah Indonesia in South Sulawesi, Indonesia. The sample in this study comprised 230 respondents, selected using purposive sampling. The data were analyzed using multiple linear regression in SPSS 26. The results showed that the whistleblowing system cannot yet be used as an early prevention strategy for financial crime. In comparison, risk management has a positive and significant effect on the early prevention of financial crimes. It is hoped that the results of this research will make additional contributions to the literature on early prevention strategies for economic crimes in Sharia banking, focusing on whistleblowing systems and risk management. In addition, practitioners can provide input to management at PT Bank Syariah Indonesia in South Sulawesi on improving fraud prevention by increasing the effectiveness of the whistleblowing system and strengthening risk management as a prevention strategy against fraud.
Customer Lived Experiences in Islamic Home Financing: Towards a Maqashid-al-Shariah-Oriented Financing Model Januari, Anas Tania; Ridwan , Muhtadi; Djalaluddin, Ahmad
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 14 No. 2 (2025): October
Publisher : Program Studi Ekonomi Islam Fakultas Ekonomi dan Bisnis Islam Institut Agama Islam Syarifuddin Lumajang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v14i2.3076

Abstract

This study explores the lived experiences of customers utilizing Islamic home financing in Malang City, Indonesia, focusing on how they perceive the practice beyond its financial transactions. While Indonesia's Islamic banking sector continues to expand, limited research examines how customers internalize ethical and spiritual values within financing schemes such as murābaḥah and mushārakah mutanāqiṣah. Using Husserl's descriptive phenomenology, in-depth interviews were conducted with clients of Islamic banks in Malang. The analysis revealed four key themes: (1) religious, economic, and practical motivations influencing financing decisions; (2) the conceptualization of home ownership as a symbol of dignity, familial trust, and intergenerational security; (3) experiences of financial challenges and adaptive strategies for fulfilling obligations; and (4) spiritual meanings of home financing as a path to divine blessing (barakah) and worship. These findings demonstrate that Islamic home financing functions not merely as a financial instrument but also as a multidimensional lived experience that integrates material and spiritual aspirations. Theoretically, this research enriches Islamic finance literature through phenomenological insights, while practically offering implications for Islamic financial institutions and regulators to strengthen ethical service delivery, product innovation, and consumer literacy aligned with the maqāṣid al-sharī‘ah framework.

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