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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 219 Documents
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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.
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.
The Dynamic Influence of Religiosity and Knowledge Mediated by Attitude on Consumer Intentions to Buy Halal Products in Indonesia Ageng Asmara Sani; Sakifah Sakifah; Deny Hidayat
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.
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.
Assessing the Alignment of Indonesia’s Green Sukuk with Maqasid Al-Shariah and ESG Principles Ayesha Munir; Azada Razaie
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.
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.
Islamic Banking Research in Indonesia: A Bibliometric Mapping Using Scopus and Biblioshiny Dedy Mainata; Angrum Pratiwi
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.
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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