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Journal of Economicate Studies
Published by Islamicate Institute
ISSN : -     EISSN : 25984799     DOI : -
Core Subject : Economy, Education,
Economics, Econometrics & Finance Education Other
Journal of Economicate Studies (JoES) is a publication dedicated to and focused on the scholarly study of all aspects of Economicate studies. This journal receives articles from lecturers and researchers who have the new and progressive issues on scholarly study of all aspects of Economicate related, but not limited to, microeconomics, macroeconomics, managerial economics, monetary economics, fiscal policy, public sector economics, development economics, economics of education, economics of health, labor economics, economics of philanthropy, and religion based economics, as well as ethical questions related to the economics available in the societies all around the world.
Arjuna Subject : -
Articles 99 Documents
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Islamic Financial Instruments and the Dynamics of the Islamic Stock Exchange Ratna, Ai
Journal of Economicate Studies Vol. 3 No. 2 (2019): Journal of Economicate Studies
Publisher : Islamicate Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32506/joes.v3i2.375

Abstract

This study investigates the structuring and implementation of Islamic financial instruments within stock exchanges, emphasizing their alignment with sharia principles and evaluating their practical challenges. Drawing on Islamic jurisprudence and modern finance theory, the research applies a qualitative-descriptive method supported by document analysis. Findings indicate that Islamic instruments—such as sukuk, mudharabah, and musharakah—are grounded in ethical, risk-sharing, and asset-backed principles. However, operational and regulatory issues, including fragmented compliance standards, limited liquidity, and investor literacy gaps, hinder their full effectiveness. The study also identifies key strategies to improve the sustainability of Islamic stock exchanges, including regulatory harmonization, technological innovation, and capacity-building initiatives. The research contributes theoretically by bridging Islamic legal frameworks with institutional finance models and practically by offering policy recommendations. These insights affirm that Islamic stock exchanges can serve as ethical and competitive alternatives in global capital markets when adequately supported by institutional reform and public engagement.
Evaluating the Contribution of Sukuk to Sustainable Infrastructure Financing in Indonesia Ambarwati, Wulan Sulistya
Journal of Economicate Studies Vol. 9 No. 2 (2025): Journal of Economicate Studies
Publisher : Islamicate Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32506/joes.v9i2.551

Abstract

Infrastructure development plays a vital role in a country’s overall progress and competitiveness. According to the 2019 Global Competitiveness Report, Indonesia ranks 50th out of 141 countries, with infrastructure remaining one of its weakest indicators. This highlights the urgent need to accelerate infrastructure improvements. However, such development requires substantial financial resources that exceed the capacity of the state budget. To address this challenge, the Indonesian government has adopted sukuk (State Sharia Securities) as an alternative financing instrument. Since their initial issuance in 2008 through January 2020, sukuk issuances have reached IDR 1,230.44 trillion, with an outstanding value of IDR 738.37 trillion, financing 2,939 infrastructure projects across 34 provinces. These achievements demonstrate the significant and growing role of sukuk as a strategic instrument in supporting sustainable infrastructure development in Indonesia.
Legal Challenges in the Trading of Sharia-Compliant Stocks in Indonesia: A Juridical and Sharia Perspective Sarah Syakira
Journal of Economicate Studies Vol. 9 No. 2 (2025): Journal of Economicate Studies
Publisher : Islamicate Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32506/joes.v9i2.558

Abstract

This article examines the legal challenges associated with the trading of Sharia-compliant stocks in Indonesia from both juridical and Sharia perspectives. The study highlights the complexities arising from the intersection of Islamic law principles and national capital market regulations. Using a qualitative descriptive approach, the research analyzes regulatory frameworks, fatwas issued by the National Sharia Council–Majelis Ulama Indonesia (DSN-MUI), and provisions from the Financial Services Authority (OJK). The findings reveal that despite the existence of a Sharia capital market framework, several legal ambiguities remain—particularly regarding compliance verification, investor protection, and dispute resolution mechanisms. The study emphasizes the need for harmonization between positive law and Sharia principles to strengthen legal certainty and investor confidence in Indonesia’s Islamic capital market. The paper contributes to the ongoing discourse on aligning financial innovation with Sharia compliance within the national regulatory structure.
Sharia Capital Market as an Investment Instrument for Indonesia’s Economic Development Herawati, Popi
Journal of Economicate Studies Vol. 3 No. 2 (2019): Journal of Economicate Studies
Publisher : Islamicate Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32506/joes.v3i2.562

Abstract

This study investigates the Sharia capital market’s function as a tool for ethical investment and its macroeconomic impact in Indonesia. Drawing upon Islamic economic theory and qualitative document analysis, the research explores how instruments such as Sukuk and Sharia mutual funds facilitate religiously compliant investments and promote economic growth. Findings indicate that these instruments align with national development objectives by enhancing financial inclusion, capital formation, and infrastructure financing. The study also reveals that while the market offers stability and ethical transparency, structural challenges remain, including limited product diversity and secondary market depth. Policy recommendations include aligning Islamic finance with development planning, enhancing investor literacy, and diversifying financial instruments. The research contributes theoretically by integrating Islamic finance principles with endogenous growth and stakeholder theory. Practically, it provides guidance for optimizing the Sharia capital market’s role in sustainable economic development. The study positions Islamic finance as a viable mainstream strategy for inclusive growth in Indonesia.
Sharia Financial Services Products Based on Muḍārabah Contract as a Form of Investment Sofwan, Camelia
Journal of Economicate Studies Vol. 9 No. 2 (2025): Journal of Economicate Studies
Publisher : Islamicate Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32506/joes.v9i2.668

Abstract

This study explores sharia-based investment options, focusing on customer preferences for financial service products that utilize the muḍārabah contract as a form of investment. Employing a qualitative research approach, the data were sourced from scholarly publications related to muḍārabah-based investments. The data, presented in theoretical narratives, were analyzed using a descriptive-interpretive method to identify patterns and implications in Islamic financial practice. The findings reveal that muḍārabah-based investment products primarily operate through Sharia financial institutions, particularly in the form of muḍārabah savings and muḍārabah deposits. These instruments facilitate capital flow between surplus and deficit units in a profit-and-loss sharing framework, offering an ethical and Sharia-compliant investment alternative. This study underscores the importance of muḍārabah in promoting equitable, risk-sharing financial growth within the Islamic financial system.
Halal Tourism and Destination Identity: A Conceptual Discussion on the Integration of Islamic Values in Tourism Branding Riki Maulana
Journal of Economicate Studies Vol. 10 No. 1 (2026): Journal of Economicate Studies
Publisher : Islamicate Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32506/joes.v10i1.915

Abstract

This conceptual paper explores how Islamic values can be integrated into destination branding to shape a distinct halal tourism identity. While halal tourism has grown as a global phenomenon, especially in Muslim majority countries such as Indonesia, its conceptual foundations remain fragmented. This article argues that halal tourism branding should move beyond functional aspects (e.g., halal certification, facilities) toward embedding Islamic values such as trust (amanah), honesty (ṣidq), and hospitality (ḍiyāfah) into the core of destination identity. Drawing from destination branding theory, consumer trust models, and Islamic value frameworks, this paper develops a conceptual lens for understanding how spiritual, ethical, and cultural dimensions co create a destination’s halal identity. The study contributes to the theoretical enrichment of halal tourism research and offers insights for policymakers, destination marketers, and tourism practitioners in Muslim contexts.
Faith, Trust, and Technology: Conceptual Insights into Sharia Financial Literacy and Digital Security in Islamic Fintech Neng Cahya; Mohamad Anton Athoillah
Journal of Economicate Studies Vol. 10 No. 1 (2026): Journal of Economicate Studies
Publisher : Islamicate Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32506/joes.v10i1.924

Abstract

The rapid development of Islamic financial technology (Sharia Fintech) presents new opportunities and challenges in combining faith-based principles with digital innovation. This conceptual paper explores the intersection between Sharia financial literacy and digital security perception as key dimensions shaping user trust in Islamic fintech ecosystems. Drawing on Islamic ethical frameworks and technology acceptance theories, this study argues that faith-oriented literacy and perceptions of security co-construct the moral and psychological foundations of user confidence in Sharia-compliant digital platforms. The paper proposes a conceptual linkage where faith serves as the moral compass, trust as the mediating psychological mechanism, and technology as the enabler of financial inclusion. The insights presented aim to contribute to theoretical discussions on ethical digital finance and provide a foundation for future empirical research in the field of Islamic fintech.
Developing an Extreme Multidimensional Poverty Indicator in Indonesia: A Positive-Theoretical Inquiry and an Integrated Shariah Perspective Agung Pardini
Journal of Economicate Studies Vol. 10 No. 1 (2026): Journal of Economicate Studies
Publisher : Islamicate Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32506/joes.v10i1.925

Abstract

This study develops a comprehensive theoretical framework for measuring extreme multidimensional poverty in Indonesia, arguing that conventional monetary indicators such as US$2.15 and US$3.00 PPP are inadequate to capture the full scope of deprivation. By integrating Amartya Sen’s capability approach, basic-needs theory, human rights–based development, and principles of distributive justice in Islamic economics, the research conceptualizes extreme poverty as a multidimensional condition involving economic hardship, limited access to essential services, social vulnerability, and restricted individual agency. Using qualitative literature analysis, the study proposes an indicator framework encompassing health, education, housing, energy access, economic security, and spiritual capability aligned with maqāṣid al-sharī‘ah. The findings highlight the need for poverty measurement systems that combine economic, moral, and institutional dimensions, offering important implications for improving poverty policy, targeting mechanisms, and the integration of Islamic economic instruments in Indonesia, while also laying the groundwork for future empirical validation and policy experimentation.
Analyzing the Effects of Inflation, Islamic Financing, and the Maqasid al-Sharia Index on Indonesia’s Economic Growth Muhamad Gunawan; Setia Mulyawan
Journal of Economicate Studies Vol. 10 No. 1 (2026): Journal of Economicate Studies
Publisher : Islamicate Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32506/joes.v10i1.930

Abstract

This study aims to analyze the influence of inflation, Islamic financing, and the Maqosid Al Syariah Index on economic growth in Indonesia during the 2020-2025 period. The background of this research is based on the aspect of macroeconomic stability and the role of the Islamic financing system in supporting the equitable distribution of sustainable economic development. Inflation is an indicator of price stability, Islamic financing as an intermediary instrument of financing based on Islamic values, and the Maqosid Al Sharia Index as a measure of the achievement of sharia goals in economic development, are the main variables in this study. The method used is a quantitative approach with a double linear regression analysis technique. Secondary data is taken from official publications of Bank Indonesia, the Financial Services Authority, the Central Statistics Agency, and the Maqosid Al Syariah index which are then developed by related institutions. This study examines the relationship between independent variables (inflation, islamic financing, and the Maqosid Al Syariah index) and the dependent variable, namely Gross Domestic Product (GDP) growth as an indicator of economic growth. The results show that inflation has a significant negative influence on economic growth, which shows that price increases in general can reduce purchasing power and hinder economic activity. On the other hand, Islamic financing has a significant positive effect, reflecting the active role of Islamic financial institutions in supporting the real sector and increasing productivity. Meanwhile, the Maqosid Al Sharia Index also shows a positive influence, showing that the achievement of sharia goals such as the protection of life, intelligence, property, heredity, and religion also contributes to inclusive and sustainable economic development. This study concludes that the integration between macroeconomic policies and strengthening the Islamic financial system based on Maqosid Al Sharia can be an effective strategy in encouraging Indonesia's economic growth in the future. These findings are expected to serve as a reference for policy makers, academics, and practitioners of sharia economics in designing policies that are more responsive and oriented towards community welfare.

Page 10 of 10 | Total Record : 99

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