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Contact Name
Nurhafid Ishari
Contact Email
hafid.ishari@gmail.com
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INDONESIA
Iqtishoduna: Jurnal Ekonomi Islam
ISSN : 22525661     EISSN : 24430056     DOI : -
Core Subject : Economy,
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 372 Documents
Individual Investor Behavior in Sharia-Compliant Stock Investment Decisions on the Indonesia Stock Exchange Dwiatmaja, Ahmad Zikri; Parmitasari, Rika Dwi Ayu; Sapa, Nasrullah Bin
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
English English Entaresmen, Raden Ajeng; Chaniago, Nuraini; Puspitasari, Windhy; Dewi, Risa Nurmala; Susanti, Azizah Amelia Eka; 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.