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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 200 Documents
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Performance of Murabahah Financing in Islamic Commercial Banks in Indonesia: Analysis of Influencing Factors Ariyani, Diyah; Wahyuningtyas, Fitria
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.
Measurement of Return of Islamic Knowledge Mobility (IROKM) on Women Entrepreneurs who are members of Bueka Aisyiyah Pringsewu Regency Kusnindar, Arum Arupi; Rosidah, Ainur; Hidayatullah, Kholid; Sari, Sekar Arum
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.
Investment Decision Making for Indonesian Gen Z in the Islamic Capital Market Cahya Ningrum, Anisa Risqi; Wicaksana, Ragil Satria; Wijayanti, Farah Nur Syafi'ah; Purbowisanti, Ratih
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. 
Optimizing Government Sukuk to Minimize Foreign Debt: A Qualitative Study on Indonesia’s Fiscal Policy Shift Listiyani, Fahmaninda; Wulansari, Dewi
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 Sofyan, Muhammad; Juniar, Asrid
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.
Assessing the Alignment of Indonesia’s Green Sukuk with Maqasid Al-Shariah and ESG Principles Munir, Ayesha; Razaie, Azada
JESI (Jurnal Ekonomi Syariah Indonesia) Vol 15, No 2 (2025)
Publisher : Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/jesi.2025.15(2).147-159

Abstract

Introduction: This study examines Indonesia’s sovereign green sukuk issued between 2018 and 2023, focusing on their alignment with Maqasid al-Shariah and Environmental, Social, and Governance (ESG) principles. As the first sovereign issuer of green sukuk, Indonesia provides a unique case to explore the intersection between Islamic ethical finance and global sustainability frameworks.Methodology: The research adopts a qualitative case study approach using secondary data, including Ministry of Finance allocation and impact reports, Shariah fatwas, sukuk frameworks, and third-party sustainability reviews. A hybrid analytical framework was applied, integrating Maqasid al-Shariah, ESG indicators, the Quadruple Bottom Line (QBL), and Sustainable Development Goals (SDGs).Results: The findings reveal that Indonesia’s green sukuk substantially align with Islamic ethical values and sustainability targets. Projects financed through these sukuk avoided an estimated 12.2 million tons of CO₂-equivalent emissions, added more than 15 MW of renewable energy capacity, and restored over 10,000 hectares of degraded land. Socially, the sukuk program benefited approximately 4.2 million people through access to clean water, disaster-resilient facilities, and sustainable transport. Governance mechanisms such as annual reporting and Second Party Opinions ensure transparency, while spiritual compliance is maintained through continuous supervision by DSN-MUI.Conclusion: Indonesia’s sovereign green sukuk demonstrate the potential of Shariah-compliant instruments in advancing climate finance. However, challenges remain in addressing regional equity, enhancing participatory governance, and integrating long-term spiritual and social indicators. Strengthening these aspects could position Indonesian green sukuk as a global model for Islamic sustainable finance.
Islamic Banking Research in Indonesia: A Bibliometric Mapping Using Scopus and Biblioshiny Mainata, Dedy; Pratiwi, Angrum
JESI (Jurnal Ekonomi Syariah Indonesia) Vol 15, No 2 (2025)
Publisher : Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/jesi.2025.15(2).196-215

Abstract

Introduction: Islamic banking in Indonesia is an expanding scholarly domain. This study maps the development of Islamic banking research by analyzing Scopus-indexed publications. Despite rising output, comprehensive bibliometric assessments of Indonesia’s Islamic banking literature remain limited; the study asks what thematic trends, author productivity, and future research directions characterize the field. Using biblioshiny, the paper delivers a consolidated, Scopus-based national mapping that visualizes how the domain has evolved within Indonesia’s academic context. Methodology: We analyze 201 Scopus-indexed documents with RStudio’s Biblioshiny, applying descriptive statistics, co-occurrence analysis, thematic evolution, and clustering to reveal patterns, author networks, keyword trends, and intellectual structures. Results: Publications show steady growth with a marked post-2015 surge. Core themes include Islamic finance, Sharia compliance, and Islamic fintech, alongside identifiable key authors, journals, and institutions. The field is shifting from conceptual discussions to empirical and application-oriented work, consistent with Price’s Law and Kuhn’s “normal science.”Conclusion: The study clarifies knowledge growth in Indonesia’s Islamic banking scholarship and offers guidance for future research agendas, policymaking, and industry engagement, emphasizing collaboration among academics, regulators, and practitioners to strengthen the ecosystem and support inclusive, sustainable financial development.
Financial Literacy and Payment Methods in Enhancing Interest in Cash Waqf: Evidence from UNIDA Gontor Aisia, Galih; Rizqon, Abdul Latif; Hidayatullah, Nurus Shefrilianti
JESI (Jurnal Ekonomi Syariah Indonesia) Vol 15, No 2 (2025)
Publisher : Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/jesi.2025.15(2).160-175

Abstract

Introduction: The development of Islamic philanthropy, especially cash waqf, is gaining momentum in higher education institutions through the support of zakat and waqf management bodies. LAZISWAF UNIDA Gontor plays an important role in providing tuition assistance through waqf funds. However, the factors influencing individuals’ interest in contributing to cash waqf, particularly financial literacy and payment methods, remain underexplored. This study aims to examine (1) the effect of financial literacy on interest in cash waqf, (2) the effect of payment methods on interest in cash waqf, and (3) the combined effect of financial literacy and payment methods on interest in cash waqf at LAZISWAF UNIDA Gontor.Methodology: This study used a quantitative research approach was used with multiple regression analysis. The study involved 132 respondents selected through purposive sampling, comprising students who had knowledge or experience related to cash waqf. Data analysis was conducted using EViews 12 to assess relationships among the independent variables (financial literacy and payment methods) and the dependent variable (interest in cash waqf).Findings/Results: The results show that both financial literacy and payment methods significantly influence interest in cash waqf, both separately and together.Conclusion: A better understanding of waqf principles and the accessibility of digital payment options positively affect individuals' willingness to participate in cash waqf. The theoretical contribution of this study lies in its integrated approach by combining financial literacy and payment method variables to explain interest in cash waqf. This model provides practical insights for Islamic philanthropic institutions to enhance engagement strategies and improve waqf fundraising.
The Effect of Compensation and Islamic Corporate Governance on Fraud Prevention with Islamic Organizational Culture as A Moderating Variable Faisal, Yusuf; Yanti, Lupita Putri; Sari, Egi Gumala
JESI (Jurnal Ekonomi Syariah Indonesia) Vol 15, No 2 (2025)
Publisher : Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/jesi.2025.15(2).176-195

Abstract

Introduction : This study aims to obtain empirical evidence regarding the influence of compensation and Islamic Corporate Governance on fraud prevention, with Islamic Organizational Culture as a moderating variable. It focuses on Islamic values in corporate governance and organizational culture and represents a novel approach to connecting these elements in the context of fraud prevention within Islamic financial institutions. Theoretically, this research enriches academic literature by presenting a comprehensive model that integrates compensation, Islamic Corporate Governance, and fraud prevention.Methodhology : This research uses a quantitative approach. Data were collected through questionnaires distributed to staff in Islamic Financial Institutions. Out of 200 distributed questionnaires, 112 valid responses were obtained from three regions. Data analysis was carried out using PLS SEM Version 3.0.Result : The findings indicate that compensation has a positive and significant effect on fraud prevention, while Islamic Corporate Governance does not. Islamic Organizational Culture moderates the relationship between compensation and fraud prevention but does not moderate the relationship between Islamic Corporate Governance and fraud prevention.Conclusion : The study highlights the importance of compensation structures aligned with Islamic values in preventing fraud within Islamic financial institutions. From a managerial perspective, fair compensation, strong ethical culture, and effective supervision are essential to enhance employee integrity and reduce fraud. From a policy perspective, regulatory frameworks are needed to support performance-based compensation and promote Islamic values in the workplace, including the provision of worship facilities, to foster a high-integrity organizational environment.
The Dynamic Influence of Religiosity and Knowledge Mediated by Attitude on Consumer Intentions to Buy Halal Products in Indonesia Sani, Ageng Asmara; Sakifah, Sakifah; Hidayat, Deny
JESI (Jurnal Ekonomi Syariah Indonesia) Vol 15, No 2 (2025)
Publisher : Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/jesi.2025.15(2).126-146

Abstract

Introduction : This study examines the dynamic influence of religiosity and knowledge, mediated by attitude, on consumer intentions to buy halal products in Indonesia, where the growing Muslim population has increased the demand for halal goods. Understanding the factors that shape this intention is essential for building consumer trust and strengthening the development of the halal sector. The research addresses how religiosity and knowledge affect purchase intention for halal products, with attitude acting as a mediating variable. This paper contributes by testing the indirect impact of religiosity and knowledge on purchase intention through attitude, a relationship that has not been fully examined in the Indonesian halal consumption context.Methodology: A quantitative method was applied using data from 180 respondents in six provinces across Java. Structural Equation Modeling (SEM) was conducted using LISREL, with Confirmatory Factor Analysis (CFA) employed for model validation.Results: Religiosity and knowledge influence purchase intention only indirectly through attitude (T = 2.56 and 2.87), while attitude itself has a direct significant effect (T = 3.79). Goodness-of-fit indices indicate a well-fitting model (GFI = 0.90, RMSEA = 0.051, Chi-Square = 165.64, df = 113).Conclusion: Attitude plays a critical mediating role between internal values and consumer intention. Stakeholders should focus on strengthening consumer attitudes through education and value based campaigns to boost halal product adoption.

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