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INDONESIA
JESI (Jurnal Ekonomi Syariah Indonesia)
Published by Universitas Alma Ata Yogyakarta
ISSN : 20893566     EISSN : 25031872     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
JESI: Jurnal Ekonomi Syariah Indonesia adalah jurnal ekonomi yang memberikan kajian ekonomi syariah, lembaga keuangan syariah, dan bisnis syariah. Jurnal JESI berupaya untuk menyajikan hasil karya ilmiah, dalam bentuk tulisan yang mengulas pokok permasalahan perekonomian yang berlandaskan syariah islam.
Arjuna Subject : -
Articles 7 Documents
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Search results for , issue "Vol. 15 No. 1 (2025)" : 7 Documents clear
Investment Decision Making for Indonesian Gen Z in the Islamic Capital Market Anisa Risqi Cahya Ningrum; Ragil Satria Wicaksana; Farah Nur Syafi'ah Wijayanti; Ratih Purbowisanti
JESI (Jurnal Ekonomi Syariah Indonesia) Vol. 15 No. 1 (2025)
Publisher : Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/jesi.2025.15(1).16-37

Abstract

Introduction: The rapid growth of Indonesia’s Islamic capital market, particularly in the Special Region of Yogyakarta (DIY), is driven by technological advancements, improved investment literacy, and psychological factors such as financial self-efficacy. As digital natives, Generation Z holds significant potential to become Sharia-compliant investors. This study examines the effects of technological advancement, investment knowledge, and financial self-efficacy on investment decisions in the Islamic capital market, with investment interest serving as a mediating variable, grounded in the Theory of Planned Behavior (TPB).Methods: A causal-associative quantitative approach was employed, involving 100 Generation Z respondents in DIY who had prior experience in Islamic capital market transactions. Respondents were selected through purposive sampling, and data were collected via an online questionnaire. Data analysis utilized Partial Least Squares Structural Equation Modeling (PLS-SEM) to evaluate both direct and indirect relationships between variables.Results: Findings indicate that technological advancement, investment knowledge, and financial self-efficacy each have a significant positive effect on investment decisions. Technological advancement and financial self-efficacy also significantly and positively influence investment interest, while investment knowledge does not significantly affect investment interest. Moreover, investment interest mediates the relationship between technological advancement and financial self-efficacy with investment decisions, but not between investment knowledge and investment decisions. Measurement model assessment confirmed reliability and validity, with composite reliability exceeding 0.7 and Average Variance Extracted (AVE) values above 0.5.Conclusion: Technological advancement and financial self-efficacy are key drivers of both interest and decision-making among Generation Z investors in the Islamic capital market. In contrast, investment knowledge tends to directly influence decisions without enhancing interest. These findings highlight the importance of leveraging technology and strengthening financial confidence through practical education. Market regulators and industry players can use these insights to design targeted literacy programs and campaigns aimed at engaging young investors. 
Measurement of Return of Islamic Knowledge Mobility (IROKM) on Women Entrepreneurs who are members of Bueka Aisyiyah Pringsewu Regency Arum Arupi Kusnindar; Ainur Rosidah; Kholid Hidayatullah; Sekar Arum Sari
JESI (Jurnal Ekonomi Syariah Indonesia) Vol. 15 No. 1 (2025)
Publisher : Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/jesi.2025.15(1).1-15

Abstract

Introduction/Main Objectives: Islamic Knowledge Mobility (IROKM) is a key driver of women entrepreneurs’ performance in BUEKA Aisyiyah, Pringsewu Regency. This study examines its role in promoting business sustainability and well-being within a Sharia-based business context. The main problem addressed is how IROKM influences the sustainability and performance of women-led business, and to what extent moderating factors such as risk tolerance and knowledge-sharing transparency strengthen this relationship. This paper uniquely combines quantitative PLS-SEM analysis with qualitative NVivo insights to examine IROKM’s role in business performance—an area that has received limited attention, particularly in the context of women entrepreneurs operating under Islamic business principles in Indonesia.Methodology: This study used a mixed-method approach with PLS-SEM to measure IROKM’s impact on business performance and NVivo to analyze entrepreneurs’ perceptions, based on surveys and interviews with BUEKA Aisyiyah women entrepreneurs in Pringsewu Regency.Finding/Results: Results show IROKM significantly boosts business performance (path coefficient = 0.958), especially in revenue, sustainability, and networks, with risk tolerance and knowledge-sharing enhancing the effect. Qualitative data confirm Islamic values foster customer trust and loyalty. Conclusion: IROKM significantly boosts women entrepreneurs’ performance in an Islamic economic context, calling for targeted training, stronger Aisyiyah support, and wider Sharia-compliant financing to advance sustainable Sharia-based business models in Indonesia.
Performance of Murabahah Financing in Islamic Commercial Banks in Indonesia: Analysis of Influencing Factors Diyah Ariyani; Fitria Wahyuningtyas
JESI (Jurnal Ekonomi Syariah Indonesia) Vol. 15 No. 1 (2025)
Publisher : Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/jesi.2025.15(1).69-90

Abstract

Introduction: The importance of the role of Islamic banks in Indonesia makes Islamic banks need to improve their performance so that banking with Islamic principles remains healthy and efficient. with good performance accompanied by Islamic governance, it will increase public trust in banks so that the financing distributed will increase. This study aims to test: (1) the effect of NPF, FDR, CAR. and ROA on Murabahah Financing, (2) the effect of ICG as a moderating variable of the relationship between NPF, FDR, CAR and ROA on Murabahah Financing.Reseach Methods: This study uses quantitative data types, the population used is all Islamic Commercial Banks registered with the OJK in 2015-2023. In this study, the sampling technique was determined using purposive sampling and 10 bank samples were obtained during 2015-2023, and the data source used was secondary data. This study uses multiple linear regression analysis techniques.Finding: The results of this study show: (1) the influence of NPF and FDR has a negative but insignificant influence on Murabahah Financing, (2) the influence of CAR has a positive but insignificant influence on Murabahah Financing, (3) the influence of ROA has a negative but significant influence on Murabahah Financing, (4) ICG is unable to moderate the relationship between NPF and FDR on Murabahah Financing, (5) ICG is able to moderate the relationship between CAR and ROA on Murabahah Financing.Conclusion: These results confirm that certain financial performance and sharia governance play an important role in influencing the distribution of murabahah financing in Sharia Commercial Banks in Indonesia.
Bibliometric Analysis of 14 Years of Research on Islamic Grameen Replicator Institutions in Indonesia Fiqih Afriadi; Uswatun Chasanah
JESI (Jurnal Ekonomi Syariah Indonesia) Vol. 15 No. 1 (2025)
Publisher : Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/jesi.2025.15(1).38-59

Abstract

Introduction : This study examines the development of academic literature on Islamic Grameen Replicator institutions in Indonesia using a bibliometric analysis approach. The Islamic Grameen Replicator, which integrates Islamic finance principles with the Grameen model, has become increasingly relevant in efforts to empower low-income communities.Research Methods : The method employed in this study is a systematic literature review using VOSviewer software as the primary analytical tool. A total of 386 scholarly publications from 2009 to 2022 were collected from four major databases—Scopus, Google Scholar, CrossRef, and ProQuest—covering 21 Islamic Grameen Replicator institutions.Findings/Results : The results indicate a consistent upward trend in publications, with Micro Wakaf Bank (29%) and BTPN Syariah (18%) identified as the most frequently studied institutions. Airlangga University contributed the most to this body of work, and Jurnal Ekonomi Syariah Teori dan Terapan emerged as the most cited journal. Thematic analysis revealed four dominant areas of focus: financial services products, social performance, financial performance, and institutional management. Keyword co-occurrence analysis showed distinctive emphases across institutions, such as empowerment and qardhul hasan for BWM, and financial ratios and murabaha for BTPN Syariah.Conclusion : The study reveals a significant rise in literature on Islamic Grameen Replicators in Indonesia from 2009 to 2022, with BWM (29%) and BTPN Syariah (18%) as primary focuses. Research on BWM emphasized empowerment and qardhul hasan, while BTPN Syariah centered on financial ratios and murabaha financing, with financing-related topics dominating most publications.
Financial Determinants of Stock Prices in the Jakarta Islamic Index: Evidence from DER, PER, and DPS Latifur Rohmah; Muhammad Fadhli Dzil Ikram; Nuryana Nurul Hasanah
JESI (Jurnal Ekonomi Syariah Indonesia) Vol. 15 No. 1 (2025)
Publisher : Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/jesi.2025.15(1).60-68

Abstract

Introduction: Understanding how financial indicators drive stock prices in Sharia-compliant markets is essential for guiding informed and ethical investment decisions. This study examines the influence of three key financial performance measures—Debt to Equity Ratio (DER), Price Earning Ratio (PER), and Dividend per Share (DPS)—on the stock prices of companies listed in the Jakarta Islamic Index (JII). As one of Indonesia’s premier Islamic indices, JII offers a distinctive setting where conventional financial metrics interact with the principles of Islamic finance. Methodology: A quantitative explanatory approach was employed using panel data from 20 companies consistently listed in JII between 2019 and 2023. Firms were selected based on consistent dividend distribution, complete financial reporting, and compliance with Sharia screening criteria. The Fixed Effect Model was chosen following Chow and Hausman tests. Model validity was confirmed through classical assumption tests, showing normality, no multicollinearity, no heteroskedasticity, and no autocorrelation. Results: The analysis reveals that PER (β = 62.43, p = 0.002) and DPS (β = 4.15, p < 0.001) exert a significant positive influence on stock prices, indicating that profitability expectations and dividend policies are decisive factors for investors. Conversely, DER (β = –305.78, p = 0.039) has a significant negative effect, suggesting that higher leverage is viewed unfavorably in Sharia markets due to restrictions on interest-based financing. The adjusted R² of 0.709 reflects strong explanatory power. Conclusion: Dividend policy and profitability expectations emerge as primary drivers of stock prices in JII-listed firms, while excessive leverage undermines market valuation. These findings offer practical guidance for corporate managers, policymakers, and investors aiming to strengthen Sharia-compliant investment strategies. Future studies may integrate macroeconomic variables or compare across global Islamic indices to broaden the insights.
Optimizing Government Sukuk to Minimize Foreign Debt: A Qualitative Study on Indonesia’s Fiscal Policy Shift Fahmaninda Listiyani; Dewi Wulansari
JESI (Jurnal Ekonomi Syariah Indonesia) Vol. 15 No. 1 (2025)
Publisher : Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/jesi.2025.15(1).106-125

Abstract

Introduction: Foreign debt has increased the burden on the State Revenue and Expenditure Budget (APBN), leading to unsustainability. Islam, a religion of charity, provides solutions for all aspects of human life, including the fiscal economic system. State sukuk, also known as state Sharia Securities (SBSN), is a sophisticated Islamic financial product that can alleviate issues caused by interest-bearing foreign debt.Methodology: This work uses a qualitative methodology such as in-depth interviews and literature reviews.Results: This research paper results such challenges on enhancing the development of SBSN in Indonesia, such as lack of human resources’ understanding of the Islamic economic system, limited knowledge of the public regarding sharia investment instruments, the main economic drivers that are not yet the primary focus of state sukuk, inapplicability and inflexibility od SBSN, lack of SBSN issuance volume results in high issuance costs. Thus, based on some experts  concluded in this research, it is concluded that there are several policy variables suggested, including increasing human resources, enhancing investor awareness, expanding financing to strategic sectors, developing SBSN innovations, and increasing SBSN issuance volume. Moreover, due to the numerous adverse impacts of foreign debt in accordance with Islamic best practices, this research proposes a transition from foreign loans to sukuk as the primary means of fiscal financing.Conclusion : Fiscal policies that cooperate with Islamic financial institutions are also necessary to help the government fund the national budget deficit and prevent usury. In result, The Ministry of Finance or Bank Indonesia should have an integrated system to address macroeconomic issues, not only based on conventional fiscal tools but also it need to adopt Islamic fiscal tools.
Financial Habits and Their Impact on Consumer Financing Quality in Islamic Banking Institutions Muhammad Sofyan; Asrid Juniar
JESI (Jurnal Ekonomi Syariah Indonesia) Vol. 15 No. 1 (2025)
Publisher : Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/jesi.2025.15(1).91-105

Abstract

Introduction: This study examines the impact of financial habits on the quality of consumer financing in Islamic banking institutions in Banjarmasin, Indonesia. This topic is crucial as customer financial behavior directly influences the health and stability of an Islamic bank's financing portfolio. Despite its importance, the specific mechanisms through which financial habits influence financing quality, particularly with the involvement of product selection, remain underexplored.Methodology: A quantitative approach was employed, collecting data through a survey of 332 consumer financing customers in Banjarmasin. Data analysis was conducted using Partial Least Squares - Structural Equation Modeling (PLS-SEM), encompassing the evaluation of the outer model, inner model, and mediation analysis. Result: The empirical findings indicate that financial management habits significantly influence financing product selection, which in turn significantly impacts financing quality. Importantly, product selection mediates the relationship between financial management habits and financing quality. Furthermore, both installment payment habits and saving habits directly and significantly influence the quality of consumer financing.Conclusion: This research concludes that customers' financial habits, particularly financial management, installment payment, and saving, are critical determinants of consumer financing quality in Islamic banking, with financing product selection playing a significant mediating role. The main take-home message is that Islamic banks should integrate comprehensive assessments of customers' financial behaviors into their financing selection processes to strategically improve portfolio quality and effectively minimize default risks.

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