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Kab. bantul,
Daerah istimewa yogyakarta
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 5 Documents
 1 
Search results for , issue "Vol. 15 No. 3 (2025)" : 5 Documents clear
The Effect of Tourist Attractions and Islamic Attributes on Muslim Tourist Visiting Decisions with Destination Image as a Mediating Variable at Tondok Bakaru Tourism Village Muhammad Akbar; Rita Yunus; Nurfadilah Sindika Sari; Efriza Pahlevi Wulandari; Rizkiani Iskandar
JESI (Jurnal Ekonomi Syariah Indonesia) Vol. 15 No. 3 (2025)
Publisher : Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/jesi.2025.15(3).216-239

Abstract

Introduction: Indonesia has enormous potential in developing halal tourism, yet its implementation faces challenges in regions where Muslims are not the majority, such as Tondok Bakaru Tourism Village in West Sulawesi. Although the village offers stunning natural landscapes and rich cultural heritage, its ability to attract Muslim tourists remains uncertain due to limited Islamic attributes. This study aims to analyze the influence of tourism attractions and Islamic attributes on Muslim tourists’ visiting decisions, with destination image acting as a mediating variable.Methodology: A quantitative approach was employed using Structural Equation Modeling–Partial Least Squares (SEM-PLS). Data were collected through an online questionnaire from 39 Muslim tourists who had previously visited Tondok Bakaru.Results: Findings reveal that Islamic attributes significantly enhance destination image, which in turn positively influences visiting decisions. Conversely, tourism attractions do not directly affect visiting decisions but contribute indirectly by shaping destination image.Conclusion: Islamic attributes and destination image are essential for attracting Muslim tourists to destinations in non-Muslim majority areas. Tourism managers should prioritize improving Islamic facilities such as prayer spaces and halal food availability and develop a Muslim-friendly destination image to strengthen competitiveness in the growing halal tourism industry. These efforts will help position Tondok Bakaru as an inclusive and appealing destination for Muslim travelers.
Integration of Zakatnomics in Social Community Philanthropy for Improving the Welfare of Low- Income Communities (Study: Teman Peduli Community, Subang Regency) Febri Ramadhani; Suharto Suharto
JESI (Jurnal Ekonomi Syariah Indonesia) Vol. 15 No. 3 (2025)
Publisher : Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/jesi.2025.15(3).297-311

Abstract

Introduction: Subang is one of the regencies located in West Java Province. The majority of the area consists of plantations and rice fields. However, unfortunately, the potential of Subang Regency is not accompanied by strong socio-economic capabilities, as evidenced by the still high unemployment and poverty rates. A solution for improving the welfare of low-income communities is to integrate it with Zakatnomics. One of the management approaches is through philanthropic institutions such as the Teman Peduli social community. This study aims to explore the role of Zakatnomics in increasing the income of low-income communities.Method : The method used is a qualitative approach with in-depth interviews. The interview results are analyzed using the explanation building technique.Result : The results of the study are that the Teman Peduli aims to increase income and empower low-income communities through two programs: consumptive programs such as help sick people and mass circumcision, and productive programs such as the help grocery store, smart kids program, and assistance in obtaining a health cards These three aspects—economy, education, and health—can serve as indicators in achieving a decent standard of living and contribute to the formation of empowered communities.Conclusion :Zakatnomics implemented by the Teman Peduli community is able to increase income and empower low-income communities. 
Sharia Investment and Zakat Distribution Effects on Poverty Reduction in Indonesian Provinces (2020-2024) Ulfia Nur Afifa; Sulistya Rusgianto
JESI (Jurnal Ekonomi Syariah Indonesia) Vol. 15 No. 3 (2025)
Publisher : Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/jesi.2025.15(3).240-259

Abstract

Introduction: This study aims to analyze the effects of Islamic investment, zakat distribution, gross regional domestic product (GRDP) per capita, and unemployment on poverty levels across Indonesian provinces. The objective is to assess how Islamic finance and macroeconomic indicators contribute to welfare improvement.Methodology: The method applies a static panel data regression using the Random Effect Model (REM) for the 2020–2024 period. Panel estimation captures both cross-sectional and time variations, while the Hausman test confirms the appropriateness of REM. Data are sourced from OJK, BAZNAS, BPS, and the Ministry of Manpower. The data are sourced from the Financial Services Authority of Indonesia (OJK), the National Board of Zakat (BAZNAS), the Central Statistics Agency (BPS), and the Ministry of Manpower.Result: The results show that Islamic investment significantly reduces poverty, emphasizing its role as an effective instrument for welfare. GRDP per capita also has a negative impact on poverty, highlighting the importance of regional economic growth. In contrast, zakat distribution and unemployment are not statistically significant in this model.Conclusion: The novelty of this study lies in combining Islamic social finance and investment variables with conventional macroeconomic factors in a single panel framework. This integration offers a more comprehensive perspective on poverty alleviation, particularly in the Indonesian context after 2020.
Evaluating the Predictive Power of the Fama-French Three-Factor Model in Islamic Capital Markets: Evidence from JII70 Stocks Yasir Maulana; Munir Nur Komarudin; Nurul Siti Jahidah; Herma Wiharno
JESI (Jurnal Ekonomi Syariah Indonesia) Vol. 15 No. 3 (2025)
Publisher : Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/jesi.2025.15(3).260-276

Abstract

Introduction: Stock returns are a crucial aspect on forming portfolio investing. For investors, they serve as an indicator for measuring the level of profit or loss generated from an investment over a specific period. The purpose is to examine the applicability of the Fama-French Three-Factor Model in predicting excess returns for Jakarta Islamic Index (JII70) stocks within a Sharia-compliant equity universe.Method: We analyze JII70 stocks for the period 2019-2023. The Factors included are market risk premium, firm size proxied by SMB, and book-to-market proxied by HML. Building a portfolio, SMB, and HML, and analyzing it with data panel regression. After the portfolio was built, the factor analysis was conducted by ordinary least squares regression using risk, size, and book-to-market factors on Fama-French Model.Results: The results reveal that only the book-to-market factor (HML) consistently and significantly influences excess stock returns. In contrast, the market risk premium and size factor do not show meaningful effects across the sample. These findings indicate that value-related characteristics still play a role in Islamic stock pricing, whereas risk and size dimensions may behave differently due to Sharia screening.Conclusion: The model's predictive power is weak in Islamic markets, implying the need for additional factors. Suggests refinement of Islamic asset pricing frameworks. Investors and portfolio managers in Indonesia's Islamic capital market should integrate additional factors such as momentum, liquidity, or ESG to enhance predictive accuracy. The unique characteristics of Sharia-compliant stocks necessitate tailored asset pricing models, while regulators can use these insights to refine Sharia index methodologies.
Visualizing the Evolution of Islamic Finance Regulation: A Bibliometric Analysis with Graphical Mapping Using Scopus Data Muhammad Rayhandi Isral; Muthoifin Muthoifin
JESI (Jurnal Ekonomi Syariah Indonesia) Vol. 15 No. 3 (2025)
Publisher : Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/jesi.2025.15(3).277-296

Abstract

Introduction: This study examines the global development of Islamic financial regulation by mapping publication trends, thematic structures, and scholarly networks from 1992 to 2025. Despite the rapid growth of the Islamic finance industry, regulatory fragmentation, diverse Shariah interpretations, and inconsistent supervisory practices remain persistent challenges. This study addresses the question: How has Islamic financial regulation evolved in academic literature, and what thematic patterns shape its development? The novelty lies in offering the first bibliometric analysis focusing specifically on Islamic financial regulation. Methodology: Data were retrieved from the Scopus database on July 12, 2025, resulting in 230 journal articles. Bibliometric analysis was performed using Biblioshiny for descriptive metrics, VOSviewer for co-authorship and keyword mapping, and Excel for data organization. The workflow consists of three stages: document identification and screening, data cleaning, and bibliometric and network analysis. Results: The findings reveal consistent publication growth and strong contributions from Malaysia, Indonesia, the United Kingdom, and the United States. Network visualization identifies four dominant clusters: Islamic financial regulation, Shariah governance and compliance, Islamic banking regulation, and Islamic fintech. Highly cited works emphasize regulatory harmonization, supervisory strength, and emerging issues such as digital finance and sustainability.Conclusion: This study concludes that Islamic financial regulation has developed into a dynamic and expanding research field shaped by governance reforms and technological innovation. The results offer valuable insights for academics, regulators, and practitioners by providing a comprehensive overview of research trajectories and future directions.

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