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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 384 Documents
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Individual Investor Behavior in Sharia-Compliant Stock Investment Decisions on the Indonesia Stock Exchange Ahmad Zikri Dwiatmaja; Rika Dwi Ayu Parmitasari; Nasrullah Bin Sapa
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 1 (2026): April (on progress)
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v15i1.3490

Abstract

Sharia-compliant stock investment is increasingly popular, particularly among Generation Z and millennial investors. However, investment decisions are influenced not only by rational considerations, such as fundamental and technical analysis, but also by psychological factors and investor behavior. This study aims to analyze the effects of overconfidence, financial attitude, and risk tolerance on Sharia stock investment decisions on the Indonesia Stock Exchange, with Islamic financial literacy as a moderating variable. This study employs a quantitative approach using a survey method, in which data were collected through questionnaires distributed to Sharia stock investors. The data were analyzed using Structural Equation Modeling (SEM) to examine the relationships among variables. The results indicate that overconfidence, financial attitude, and risk tolerance have a positive and significant effect on investment decisions. Islamic financial literacy is found to moderate the relationships between financial attitude and investment decisions, as well as between risk tolerance and investment decisions, but does not moderate the relationship between overconfidence and investment decisions. These findings suggest that a strong understanding of Islamic financial literacy can help mitigate overconfidence bias in investment decision-making, enabling investors to behave more rationally when selecting Sharia-compliant stocks. Therefore, enhancing Islamic financial literacy through education and training is essential to support more prudent decision-making and to help investors avoid high-risk investments
The Potential of Waqf and Zakat–Infaq–Sadaqah (ZIS) in Promoting Sustainable Economic Growth Across Indonesian Provinces (2021–2023) Raden Ajeng Entaresmen; Nuraini Chaniago; Windhy Puspitasari; Risa Nurmala Dewi; Azizah Amelia Eka Susanti; Suryani; Itang
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 1 (2026): April (on progress)
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v15i1.3516

Abstract

This study examines whether Waqf, Zakat and Infaq/Sadaqah actually promote sustainable economic growth in Indonesia, or whether this is merely an assumption. The 2021–2023 period was not chosen at random: this is the post-pandemic recovery period when inter-provincial disparities in the collection and distribution of Islamic social funds are most evident, and simultaneously the implementation period of the 2020–2024 National Medium-Term Development Plan (RPJMN), which provides verifiable SDG benchmarks. Secondary data from 35 provinces were analysed using panel regression. The results were mixed. Zakat and Infaq/Sedekah were found to have a positive and significant impact on social welfare and poverty alleviation. Wakaf, however, showed the opposite trend — a negative relationship with development indicators — which points more to governance issues than to weaknesses in the instrument itself. The direct implication is that the management of Wakaf needs to be institutionally reformed, rather than merely expanded. Meanwhile, the existing distribution mechanisms for Zakat and Infaq/Sedekah need to be maintained and strengthened. This study fills an empirical gap that has been largely overlooked in the literature on Islamic social finance, namely the differences in impact across provinces at the regional level.
Brand Communication Ecosystem and Purchase Intention: The Mediating Role of Halal Brand in Islamic Consumer Markets Rusdiyanto; Budi Santoso; Riyanto Setiawan Suharsono; Nursaid; Zainudin bin Hassan
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 1 (2026): April (on progress)
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v15i1.3451

Abstract

This study aims to examine the effects of firm-created communication and user-generated communication on purchase intention through halal brand among halal product consumers in East Java. A quantitative survey design was employed in this research. The population consisted of halal product consumers in East Java Province, and purposive sampling was applied based on halal consumption experience criteria. A total of 500 eligible respondents were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The findings reveal that firm-created communication and user-generated communication have positive and significant effects on halal brand and purchase intention. Halal brand also positively affects purchase intention and mediates the effects of both communication variables on purchase intention. Practically, these findings highlight the importance of transparent and credible halal communication strategies and digital consumer engagement in strengthening halal brand perception and enhancing consumer purchase intention. Theoretically, this study extends the Theory of Planned Behavior by integrating the perspective of halal consumption behavior, positioning halal brand as a religious trust mechanism in shaping purchase intention. The novelty of this study lies in developing an integrated model that simultaneously examines firm and consumer communication effects on purchase intention through halal brand within the Islamic economics context.
Bridging the Islamic Banking Literacy Gap: The Role of Islamic Economics Education in Shaping Public Understanding of Islamic and Conventional Banking Hasriadi; Zahru Ramadhan; Tarmizi Tahir; Ahmad Rijal Amiruddin; Ummul Wafiyah; Juhasdi Susono
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 1 (2026): April (on progress)
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v15i1.3504

Abstract

This study discusses Islamic Economics Education in Improving Public Understanding of the Differences Between Conventional and Islamic Banks. The problems in this study are: (1) What is the level of public understanding regarding the differences between conventional banks and Islamic banks? (2) What forms of Islamic economics education can be used to improve public understanding of these differences? (3) How does Islamic economics education affect public understanding of the differences between conventional and Islamic banks?. This research is a qualitative study focused on document analysis. It employs educational, Islamic economic, and comparative approaches to analyze data obtained from literature or existing reference sources. These approaches aim to facilitate the comparison and evaluation of the collected data to gain a deeper understanding of the research subject. The research findings show that: (1) The level of public understanding regarding the differences between conventional and Islamic banks is still low. Therefore, this study suggests that Islamic economics education is a relevant solution as it significantly contributes to improving public understanding of the differences between the two banking systems. (2) Forms of Islamic economics education include Android-based applications, promotional education, YouTube education, mosque-based programs, lectures, and even educational games. (3) With Islamic economics education, public understanding—previously limited or nonexistent—improves regarding the distinctions between conventional and Islamic banks.
Halal Market Dynamics, Sharia-Oriented Dynamic Capabilities, and Innovation Performance in Muslim Fashion SMEs: Evidence from an Islamic Economic Perspective Mirhamida Rahmah; Karina Ananda Putri; Dinda Fatmah; Yusriyah Rahmah; Zakiyah Zulfa Rahmah; Chamdan Purnama
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 1 (2026): April (on progress)
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v15i1.3541

Abstract

This paper investigates how external dynamics moderate the relationships between human capital, business strategy, financial outcomes, and innovation capability within Muslim Fashion SMEs in Indonesia. Grounded in Dynamic Capabilities Theory, Organizational Learning Theory, Contingency Theory, and Islamic business perspectives, the study examines how environmental uncertainty influences SMEs’ strategic capacity to innovate within the halal fashion ecosystem. Using a quantitative approach and Structural Equation Modeling (SEM), the findings reveal that external dynamics strengthen the positive effects of human capital and business strategy on innovation capability, while weakening the influence of financial outcomes. These results indicate that financial strength alone is insufficient to sustain innovation without adaptability, strategic responsiveness, and competent human capital. The study contributes to the Islamic economics and halal business literature by demonstrating that innovation in Muslim Fashion SMEs is shaped not only by economic factors but also by Islamic values, halal orientation, and ethical entrepreneurship. Furthermore, the findings highlight the importance of innovation capability in supporting sustainable halal industry growth, strengthening Muslim entrepreneurship, and enhancing the competitiveness of Islamic SMEs in dynamic digital markets.
Optimizing University Endowment Funds through Cash Waqf Schemes: An Islamic Social Finance Approach to Sustainable Development in Indonesia Niswatun Hasanah; Iskandar Ritonga; Siti Maghfirotul Ulyah
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 1 (2026): April (on progress)
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v15i1.3651

Abstract

This study aims to reconstruct the endowment fund collection system of the Sepuluh Nopember Institute of Technology (ITS) in Indonesia and to establish the rationale for allocating the endowment fund to a Cash Waqf-Linked Sukuk private placement. This research employed a qualitative approach with a holistic single-case study design at the Institut Teknologi Sepuluh Nopember in Surabaya. Data were obtained through interviews, documentation, and observation. This research design was used because this study examines a single unit of analysis comprehensively. The initial research findings indicate that ITS's endowment fund collection is conducted through an integration of donations and waqf, supported by both internal and external funding sources. Fundraising is developed through strengthening alumni networks, digital platforms, collaboration with the Indonesian Waqf Board (BWI), naming rights programs, and strengthening a culture of philanthropy on campus. ITS's endowment fund collection leverages social capital in the form of networks, norms, and trust developed within the academic community. The collected funds were placed in a Cash Waqf Linked Sukuk (CWLS) instrument through a private placement mechanism because it offers investment security, competitive and stable returns, characteristics aligned with the endowment fund philosophy, and guarantees of professional and sharia-compliant governance by BWI as nazir. This study highlights CWLS as an innovative model for integrating university endowments, productive waqf, and sustainable higher education financing.
The Al-Attas Concept of Justice in Sharia Economic Law: Countering Patronage Culture through an Islamic Political Economy Approach to Economic Sustainability in Indonesia Nur Majdina; Taufiq Ramadhan; Firda Inayah; Ratih Ayu Mufliha
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 1 (2026): April (on progress)
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v15i1.3671

Abstract

This study investigates the implementation of Syed Muhammad Naquib al-Attas' concept of justice within Islamic economic law as a strategy to overcome the culture of patronage for the sustainability of the Indonesian economy. It aims to fill a literature gap by integrating al-Attas philosophical framework into an analysis of Indonesia's economic system. The research employs a systematic literature review (SLR) guided by the PRISMA protocol, with searches conducted in the Scopus database using relevant keywords. From 238 identified articles, 73 met the inclusion criteria for thematic analysis. The results reveal three primary findings. First, al-Attas' concept of justice, which emphasizes distributive justice, transparency, and the avoidance of exploitation, provides a robust philosophical foundation for Islamic economic law. Second, the deeply ingrained patronage culture acts as a major structural obstacle to realizing these justice principles, fostering social and economic inequality. Third, integrating Islamic values with sustainability principles such as the circular economy offers a holistic solution to contemporary challenges. The discussion underscores the need for interdisciplinary approaches and the leveraging of digital technology to enhance accountability and public participation. In conclusion, applying al-Attas' concept of justice holds significant potential for fostering a more inclusive and sustainable economic system. The practical implications call for policy reforms that align Sharia principles with sustainable development goals. However, this review is limited by its reliance on a single database (Scopus) and the predominance of conceptual rather than empirical studies, which may restrict the generalizability of the findings Future research should empirically test this framework using quantitative methods and further explore the role of technology in strengthening Islamic economic governance.
Integrating Religious Ethics and Waste-to-Energy Systems: Toward a Sustainable Economic Framework for Green Islamic Boarding Schools in Indonesia Lailatul Maghfiroh; Ahmad Musadad; Alfa Zaidanil Fauzi; Hawa Gazani; Moh Miqdad Ilmi; Shadi Emad A Alhaleh
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 1 (2026): April (on progress)
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v15i1.3799

Abstract

Islamic boarding schools (pesantren) face significant challenges in waste management due to the high intensity of daily activities among students. At the same time, pesantren hold a strategic role as centers of character formation based on religious values, making them potential models for integrating spiritual piety with ecological awareness. The concept of the green pesantren has thus emerged as an effort to combine environmental independence with sustainable development. This study aims to analyze waste management practices in Islamic boarding schools by emphasizing the synergy between renewable energy initiatives and Islamic values. A qualitative case study approach was employed, using in-depth interviews, participatory observations, and documentation as data collection techniques. The findings indicate that collaboration between pesantren and universities plays an essential role in enhancing students’ ecological awareness, generating simple innovations in waste utilization, and strengthening pesantren as agents of environmental change. Specifically, Al Hikam Boarding School in Bangkalan, as one of the research samples, demonstrates the potential of adopting a waste-to-energy program as a model for developing eco-pesantren grounded in ecological piety.
Mobilizing Religious Social Capital for Sharia-based Women’s Economic Empowerment in East Java Pesantren: The Agency of Nyai Moh. Mardi; Khurin In Ratnasari
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 1 (2026): April (on progress)
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v15i1.3317

Abstract

Despite patriarchal structures in many pesantren, Nyai, female religious authorities within pesantren communities, often function as strategic actors in community economic development. This article analyzes how Nyai mobilizes religious social capital to advance Sharia-based women’s economic empowerment in East Java pesantren. Using an integrative literature review, the study synthesizes scholarly works on pesantren economies, Islamic social entrepreneurship, women’s empowerment, and social capital to identify the mechanisms through which Nyai convert religious legitimacy, trust, kinship ties, alumni networks, and community reciprocity into economic agency. The findings indicate that Nyai’s economic role is not merely supportive or domestic; it operates as a form of faith-based economic governance that strengthens entrepreneurship, cooperative practices, and community resilience. The study contributes to Islamic economics by proposing Nyai’s religious social capital as a culturally grounded model of women’s empowerment within pesantren economies. This model broadens discussions of Sharia-based socio-economic empowerment by linking gender agency, local religious authority, and inclusive economic development in emerging Muslim economies.
Operationalizing Maqāṣid al-Sharī‘ah for Sustainable MSME Development: A Comparative Study of Fresh Maggot Farming and Pellet Feed Diversification in Indonesia Dewi Kumalasari; Muhammad Ahmad Fulka Sa'dibih; Alimatul Farida; Beny Arihakam
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 1 (2026): April (on progress)
Publisher : Department of Sharia Economics Faculty of Islamic Economics and Business, Universitas Islam Syarifuddin Lumajang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54471/iqtishoduna.v15i1.3476

Abstract

This study analyzes the financial performance and sustainability implications of fresh maggot farming and diversification into animal feed pellets among micro-scale enterprises in Mojokerto, Indonesia. The study addresses the limited integration of maqāṣid al-sharī‘ah in agribusiness sustainability analysis by linking Islamic sustainability dimensions with measurable business indicators. A qualitative case study approach was employed through in-depth interviews, observation, financial documentation, and comparative financial analysis. Business performance was assessed using Return on Investment (ROI), Revenue-Cost Ratio, and payback period, while sustainability was evaluated through maqāṣid-based indicators: hifz al-mal (profitability stability), hifz al-bi’ah (waste reduction), and maslahah (stakeholder benefit). The findings reveal that fresh maggot farming generates higher ROI because of lower operational costs, whereas pellet diversification provides greater nominal profit, product durability, and long-term income stability. The study contributes to Islamic economics literature by operationalizing maqāṣid al-sharī‘ah into measurable sustainability indicators for MSME-based agribusiness development and sustainable business decision-making.

Page 38 of 39 | Total Record : 384

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