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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 404 Documents
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Waqf-Based Human Capital and Institutional Sustainability: An Ethnographic Study of Waqf Basyari in Indonesian Pesantren Eko Nur Cahyo; Usmanul Khakim; Muhammad Faqih Nidzom; Khurun’in Zahro’; Nurita Binti Juhdi
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 1 (2026): April
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.v15i1.3700

Abstract

Despite extensive studies on voluntarism in Islam and fiqh-based analyses of waqf, self-devotion (waqf basyari) has never been examined as waqf-based human capital nor linked to institutional sustainability within Islamic economics. This study fills this gap by examining waqf basyari and institutional sustainability at Pondok Modern Darussalam Gontor (PMDG), a century-old Indonesian pesantren. Framed within Islamic economics and waqf-based institutional economics, this ethnographic study employs participant observation, interviews, and document analysis. The findings reveal three results. First, the waqf basyari tradition at PMDG has developed over nearly 100 years from the founders' devotion movement. Second, devoted cadres (kader wakaf) realize institutional sustainability across five Panca Jangka dimensions: education, cadre formation, infrastructure, khizanatullah (asset expansion), and family welfare. Third, these cadres possess six attributes—readiness, time commitment, duty acceptance, evaluation openness, prioritizing the pesantren, and institutional defense—that operationalize waqf-based human capital. This study contributes theoretically to Islamic economics by introducing waqf-based human capital as a new analytical category and demonstrating its causal link to institutional sustainability. The findings offer a replicable model for Islamic educational institutions seeking sustainability beyond lineage-based succession.
Transformational Leadership, Self-Efficacy, and Employee Performance: The Mediating Role of Innovative Work Behavior and the Moderating Effect of Islamic Work Ethics Rendra Adi Dharma; Arik Susbiyani; Mohammad Thamrin; Nurul Qomariah; Mutiara Sari Dewi
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 1 (2026): April
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.v15i1.3408

Abstract

Employee performance remains a key determinant of organizational effectiveness, particularly in public sector institutions that are expected to deliver high-quality public services while maintaining ethical standards. Although previous studies have extensively examined the effects of transformational leadership and self-efficacy on employee performance, limited empirical evidence explains how innovative work behavior mediates these relationships and how Islamic work ethics strengthen their effectiveness. This study investigates the direct effects of transformational leadership and self-efficacy on employee performance, examines the mediating role of innovative work behavior, and evaluates the moderating effect of Islamic work ethics. A quantitative explanatory research design was employed using a census approach involving 98 employees of the Regional Development Planning Agency (BAPPEDA) of Jember Regency, Indonesia. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with WarpPLS 8.0. The findings indicate that transformational leadership and self-efficacy significantly enhance innovative work behavior and employee performance. Innovative work behavior partially mediates the relationships between transformational leadership, self-efficacy, and employee performance. Furthermore, Islamic work ethics strengthen the positive influence of transformational leadership and innovative work behavior on employee performance, highlighting the importance of ethical values in improving organizational outcomes. This study extends the organizational behavior literature by integrating leadership, psychological capability, innovation behavior, and Islamic work ethics into a comprehensive framework for enhancing employee performance in public sector organizations.
Sharia-Based Transformational Leadership and Employee Loyalty: The Mediating Role of Psychological Empowerment in Indonesian Public Sector Organizations Tamriatin Hidayah; Hamzah Fansuri Yusuf; Pawestri Winahyu
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 1 (2026): April
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.v15i1.3485

Abstract

Employee loyalty has become an increasingly important challenge in Indonesian public sector organizations, particularly among non-civil servant employees who experience employment insecurity, limited career advancement opportunities, and disparities in organizational benefits. Although transformational leadership has been widely recognized as a determinant of employee loyalty, limited empirical evidence explains how Sharia-Based Transformational Leadership, grounded in Islamic ethical values, influences employee loyalty through psychological empowerment. This study aims to examine the direct effects of Sharia-Based Transformational Leadership, compensation, and perceived organizational support on employee loyalty and psychological empowerment, as well as the mediating role of psychological empowerment. A quantitative explanatory design was employed using survey data collected from 477 non-civil servant employees in local government organizations in Jember Regency, Indonesia. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings indicate that Sharia-Based Transformational Leadership, compensation, and perceived organizational support significantly enhance psychological empowerment and employee loyalty. Psychological empowerment also serves as a significant mediator between the antecedent variables and employee loyalty. These findings extend Social Exchange Theory by integrating Islamic ethical leadership principles and suggest that strengthening Sharia-based leadership practices, equitable compensation, and organizational support can foster sustainable employee loyalty in Indonesian public sector organizations.
Mardatilah Values and Islamic Ethical Governance: A Conceptual Framework for Measuring Civil Servant Work Integrity in Muslim-Majority Public Sectors Endang Sarwiningsih; Emiliana Pudjiarti
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 1 (2026): April
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.v15i1.3583

Abstract

This study develops and empirically tests the Mardatilah Curiosity Motivation model as an Islamic value-based governance framework for enhancing sustainable performance among civil servants in Muslim-majority public sectors. Mardatilah, derived from Arabic al-marḍāh (المرضاة) meaning "seeking Allah's pleasure," is integrated with curiosity motivation theory to construct a spiritually grounded intrinsic motivation framework applicable to public organizations. A quantitative design was employed involving 274 civil servants selected via stratified random sampling, with data analyzed using Structural Equation Modeling with AMOS 24.0. The model demonstrated acceptable fit (GFI = 0.918; CFI = 0.991; RMSEA = 0.020). Mardatilah Curiosity Motivation exerted the strongest influence on Civil Servant Sustainable Performance (β = 0.425, p < 0.001), exceeding the effect of Workplace Agility (β = 0.325, p < 0.001). At the same time, Ethical Work Climate significantly predicted both Workplace Agility (β = 0.338, p < 0.001) and Mardatilah Curiosity Motivation (β = 0.268, p < 0.001). These findings advance Islamic Organizational Theory by demonstrating that spiritually grounded motivation is an empirically measurable predictor of sustainable public-sector performance and offer a culturally responsive governance model for Muslim-majority bureaucracies.
Beyond Banking: Innovating Sharia-Compliant Housing Finance for Sustainable Homeownership Mutiah Khaira Sihotang; Uswah Hasanah; Salman Nasution; Mohd Shahid Mohd Noh
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 1 (2026): April
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.v15i1.3913

Abstract

Access to affordable and Sharia-compliant housing finance remains a major challenge for many Muslim households, particularly those excluded from formal banking services. While Islamic banking has expanded significantly, existing financing schemes often remain inaccessible to unbanked consumers and may not fully address concerns regarding affordability, flexibility, and compliance with Islamic legal principles. This study explores an innovative non-bank Sharia-compliant housing finance model as an alternative pathway toward sustainable homeownership. Using a qualitative descriptive approach, data were collected through in-depth interviews, field observations, and document analysis across four non-bank Islamic housing projects involving developers, administrative personnel, and homeowners. The findings reveal that the financing model operates through direct murabahah and istisna' contracts without bank intermediation, interest, late-payment penalties, property repossession, or conventional credit screening. Beyond improving financial accessibility, the model promotes ethical financing by integrating transparency, mutual consent, flexible restructuring, and character-based risk assessment to mitigate default while preserving social trust. However, deferred property title transfers remain a significant legal challenge requiring stronger regulatory safeguards. This study contributes to the Islamic finance literature by proposing a sustainable non-bank housing finance framework that integrates Sharia compliance, financial inclusion, and risk governance. The findings offer practical insights for policymakers, regulators, and Islamic property developers seeking to strengthen alternative housing finance ecosystems that support inclusive and sustainable homeownership.
Investor Overconfidence and Transaction Losses: Behavioral Challenges for Sustainable Islamic Capital Markets in Indonesia Winda Rika Lestari; Arif Darmawan; Edi Pranyoto; Heru Wahyudi
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 1 (2026): April
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.v15i1.3155

Abstract

High overconfidence among investors, reflected in a high degree of calculation error, can distort price perceptions and lead to suboptimal investment decisions in the Sharia capital market. This study aims to examine the relationship between investor overconfidence and the accuracy of stock price predictions in the Indonesian Sharia capital market, positioning itself within behavioral finance by addressing the gap in experimental evidence in Islamic contexts. The research employs a laboratory experimental approach by observing investor reactions after receiving relevant information, with participants classified into three groups based on their level of self-confidence. The experimental design includes two market conditions: markets exposed to negative information and markets without information. The findings reveal that highly overconfident investors tend to overestimate the accuracy of their knowledge, resulting in higher prediction values and greater pricing errors compared to less overconfident investors, indicating a tendency toward self-deception. However, the results also show that higher prediction errors do not always translate into transaction losses. These findings suggest the need to strengthen Islamic investor education to encourage more rational and informed decision-making in Sharia capital markets.
Peran Religiusitas dalam Konteks Multikultural Preferensi Muslim terhadap Bank Islam Budiyono Santoso; Ahmad Djalaluddin; Aunur Rofiq
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 1 (2026): April
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.v15i1.3416

Abstract

Islamic banking continues to face challenges in attracting and retaining Muslim consumers despite the growing demand for Sharia-compliant financial services. This study examines the role of intrinsic and extrinsic religiosity in shaping Muslim consumers’ preferences for Islamic banking in Indonesia, with consumer knowledge, awareness, and attitudes considered within the proposed relationship. Using a quantitative research design, data were collected through an online survey of 162 Islamic bank customers in Indonesia and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings show that extrinsic and intrinsic religiosity significantly influence consumer awareness, while intrinsic religiosity also significantly influences consumer attitudes. Consumer awareness, knowledge, and attitudes significantly affect consumer preferences. Extrinsic religiosity has a significant negative direct effect on consumer preferences, whereas the direct effect of intrinsic religiosity on preferences is not statistically significant. These findings indicate that religiosity influences Islamic banking preferences through different pathways, particularly through consumer awareness and attitudes. The study contributes to Islamic banking literature by distinguishing the effects of intrinsic and extrinsic religiosity and provides practical implications for strengthening consumer awareness and communication strategies in Islamic banking.
Beyond Sharia Compliance: Explaining the Ijārah Theory–Practice Gap in Islamic Banking through Bourdieu’s Theory of Practice Muhammad Noval; La Ode Sabaruddin
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 1 (2026): April
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.v15i1.3392

Abstract

The persistent gap between the normative principles of ijārah and its implementation in Islamic banking is commonly framed as a problem of Sharia compliance, yet the institutional mechanisms sustaining this divergence remain underexplored. This conceptual study explains why ijārah practices continue to depart from normative expectations by applying Pierre Bourdieu’s theory of practice. Using an analytical review, the study integrates fiqh-based critiques, Islamic banking literature, DSN-MUI provisions, and illustrative empirical observations from Bank Muamalat Indonesia and Bank Syariah Indonesia. The analysis identifies three relational mechanisms underlying the theory–practice gap. First, the field of financial competition pressures Islamic banks to prioritise profitability, product diversity, and stakeholder expectations. Second, organisational habitus reproduces cognitive and operational schemas inherited partly from conventional leasing practices, encouraging adaptation rather than strict replication of classical ijārah. Third, capital constraints arise because Islamic banks operate as financial intermediaries rather than real-sector service or asset providers, generating structural dependence on third parties. The study therefore argues that the ijārah gap is systemic rather than merely incidental or attributable to individual non-compliance. Its originality lies in reframing ijārah implementation through a Bourdieusian institutional-relational lens, offering a theoretical framework for understanding persistent tensions between Sharia principles, banking structures, and market imperatives.
Empowered by Design: Mustahik, Productive Zakāt, and the Politics of Staged Empowerment in BAZNAS Maluku, Indonesia Aisa Manilet; Syafiq Mahmadah Hanafi; Muhammad Tanthowi
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 1 (2026): April
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.v15i1.3615

Abstract

The distribution of productive zakāt by BAZNAS Maluku Province reflects an institutional effort to promote the socio-economic transformation of mustahik through an empowerment-oriented approach. This study examines the implementation, outcomes, constraints, and development prospects of productive zakāt programmes at the local level. Employing a qualitative ethnographic approach, data were collected through field observations and in-depth semi-structured interviews with 21 purposively selected informants, including productive zakāt beneficiaries, BAZNAS administrators, and amil across Maluku Province, West Seram, Central Maluku, East Seram, and Ambon City. The findings reveal substantial variation in programme implementation, particularly between regions with established coordination mechanisms and those affected by institutional dysfunction. Empowerment outcomes are likewise uneven: some mustahik achieve business growth and stronger economic capacity, while others remain vulnerable because of weak mentoring, limited market support, and inadequate follow-up evaluation. Programme effectiveness is influenced by community support, the flexibility of field actors, resource availability, and inter-institutional synergy. More importantly, empowerment emerges not as a linear intervention but as a socially negotiated and staged process. Three interconnected phases are identified: awareness, through religious engagement and productive consciousness; capacity building, through training and community-based learning; and power deployment, through access to capital, business facilities, and market networks. This study contributes to the literature by proposing a contextual, replicable staged empowerment model that positions mustahik as active subjects within a locally responsive zakāt ecosystem. It demonstrates that sustainable socio-economic transformation requires not only financial assistance, but also continuous mentoring, institutional coordination, and market-oriented support tailored to beneficiaries’ evolving local economic contexts.
Strengthening the Halal Blue Economy through Festival-Based Tourism: A Maqasid Sharia Framework for the Gresik Milkfish Festival Lilik Rahmawati; Nur Syam; Kusaeri; Muhammad Najmuddin bin Ibrahim; Nur Maulidah Dini Rahmani; Eliya Najma Muntazeri
IQTISHODUNA: Jurnal Ekonomi Islam Vol. 15 No. 1 (2026): April
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.v15i1.3635

Abstract

The implementation of the milkfish festival tourism in Gresik can help  strengthen the halal blue economy, especially since Gresik has strong  fishery  and marine potential. As a result, many people in Gresik depend on these marine products for their livelihoods. This study aims to analyze efforts to strengthen the halal blue economy through the Gresik milkfish festival from the perspective of maqasid sharia. The approach used  descriptive qualitative. Data were collected through the interview and observation, and analyzed using the maqasid sharia theory of al-Ghazali and al-Shatibi. The results found that all blue economy indicators at the Gresik milkfish festival align completely  with all aspect of maqasid sharia, namely hifdz al-Din, hifdz al-Nafs, hifdz al-Nasl, hifdz al-Aql, and hifdz al-Maal. These Blue-economy indicators are classified as daruriyyat and hajiyyat. Specifically, efforts to create a sustainable fishery future, manage coastal and marine assets, and combat plastic pollution from land to the sea fall under the dharuriyat level. Meanwhile, the development of Indonesia's tourism potential, the existence of integrated policies, and the integration of fishery, ecosystem, tourism, and waste data are aspects of maqasid sharia at the hajiyyat level. The implication of this research is finding a priority scale to strengthen the blue economy in Gresik using a maqasid sharia perspective. Practically, this research also provides useful information for the local government to prioritize their activities in strengthening the halal blue economy.

Page 39 of 41 | Total Record : 404

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