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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 94 Documents
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Syaria Factoring: A Shariah-Compliant Trade Finance Solution for SMEs Al-farishi, Salman
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.v3i2.17

Abstract

This study investigates Syaria factoring as a shariah-compliant alternative to conventional factoring for small and medium enterprises (SMEs). Drawing from Islamic commercial jurisprudence and institutional finance, it constructs a conceptual model using wakalah, murabahah, and ijarah contracts to provide liquidity while maintaining shariah integrity. Unlike conventional factoring, which involves interest and risk transfer, Syaria factoring offers ethical, transparent, and risk-sharing mechanisms. Through qualitative documentary analysis, the research compares Syaria and conventional models, identifies operational structures, and evaluates its impact on SME financing and the Islamic finance sector. Findings confirm that Syaria factoring supports financial inclusion, aligns with maqasid al-shariah, and strengthens the Islamic finance ecosystem. The study concludes with policy and institutional recommendations to standardize, regulate, and promote Syaria factoring as a key ethical finance innovation. It contributes to bridging theoretical, practical, and regulatory gaps in Islamic financial product development.
Islamic Hedging Mechanisms for Exchange Rate Risk: A Shariah-Compliant Perspective Abdurohman, Dede
Journal of Economicate Studies Vol. 3 No. 1 (2019): Journal of Economicate Studies
Publisher : Islamicate Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32506/joes.v3i1.18

Abstract

This paper explores the development and application of Islamic hedging mechanisms to mitigate exchange rate risk in accordance with Shariah principles. Conventional derivatives, often embedded with interest and speculation, are not permissible in Islamic finance. This study investigates alternative tools—such as wa’d-based forwards, Islamic currency swaps, and tahawwut instruments—by examining their jurisprudential foundations, operational models, and institutional frameworks. Using qualitative data from verified academic and institutional sources, the study finds that Shariah-compliant hedging tools are both viable and necessary for effective risk management. However, their broader adoption is hindered by legal diversity, documentation challenges, and regulatory inconsistencies. Opportunities for standardization, technology integration, and educational outreach are identified as pathways for improvement. This research contributes to the discourse by offering a cohesive framework for understanding Islamic hedging and providing actionable insights for regulators, scholars, and practitioners seeking ethical financial risk management solutions.
TATO and ROA Influence on Stock Returns: Evidence from the Jakarta Islamic Index Oktasaputra, Wahyu
Journal of Economicate Studies Vol. 3 No. 1 (2019): Journal of Economicate Studies
Publisher : Islamicate Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32506/joes.v3i1.67

Abstract

This study examines how Total Asset Turnover (TATO) and Return on Assets (ROA) influence stock returns in companies listed on the Jakarta Islamic Index (JII). Within Islamic capital markets, conventional financial ratios are used cautiously, as they must align with Shariah principles. Using a qualitative and conceptual method, the study reviews relevant academic, regulatory, and doctrinal sources to assess the role of these indicators in a Sharia-compliant context. Findings show that ROA consistently correlates positively with stock performance, indicating its robustness as a profitability measure within Islamic frameworks. TATO, by contrast, shows a more variable influence, dependent on industry and asset deployment. The study proposes that these financial indicators must be interpreted through ethical filters to reflect compliance and value-based performance. Implications include the need for Islamic-adjusted financial metrics and enhanced investor education to ensure both profitability and religious conformity in stock evaluation.
Dividend Payout Ratio and Investor Behavior in Shariah-Compliant Firms: The Case of PT. Semen Indonesia Adiwiguna, Muhamad Yuga Prawira
Journal of Economicate Studies Vol. 3 No. 1 (2019): Journal of Economicate Studies
Publisher : Islamicate Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32506/joes.v3i1.71

Abstract

This study investigates the impact of the Dividend Payout Ratio (DPR) on investor interest in PT. Semen Indonesia, a leading state-owned firm listed in the Jakarta Islamic Index. Using a qualitative method, the study analyzes how dividend consistency influences investor confidence in Shariah-compliant environments. The findings demonstrate that DPR serves as both a financial signal and an ethical indicator, particularly valued by Muslim investors who prioritize al-amanah and al-maslahah. Internally, profitability and retained earnings shape dividend decisions, while externally, state ownership and Islamic financial regulations set expectations for ethical conduct. The research concludes that optimizing DPR requires balancing financial performance with religious values. This study contributes to both corporate finance and Islamic economics by proposing a framework that harmonizes dividend policy with maqāṣid al-sharīʿah, offering practical strategies for corporate managers and regulators in Islamic markets.
Legal Implementation of Consumer Protection in Sharia and Conventional Pawn Services in Indonesia Farid, Diana
Journal of Economicate Studies Vol. 3 No. 1 (2019): Journal of Economicate Studies
Publisher : Islamicate Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32506/joes.v3i1.169

Abstract

This research investigates the implementation of consumer protection laws in Indonesia’s dual pawn service systems: Sharia-based (rahn) and conventional pawnshops. Using a normative juridical approach and document analysis, the study evaluates legal enforcement, transparency, and consumer fairness in both contexts. Sharia pawnshops exhibit stronger ethical alignment, guided by maqasid al-shariah principles like fairness (‘adl) and wealth preservation (hifz al-mal), yet suffer from weak institutional oversight. In contrast, conventional pawnshops follow statutory regulations but often lack meaningful enforcement, leading to transparency and compliance issues. The study identifies systemic gaps due to fragmented regulation and low legal literacy among consumers. It proposes harmonizing legal and ethical standards through contract standardization, unified oversight, and legal codification of Islamic ethical obligations. The findings offer novel insights into regulatory pluralism and contribute to the formulation of equitable, consumer-centric financial governance policies in Indonesia.
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/ge7jm237

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.
Syariah Capital Market Instruments: Structures, Compliance, and Market Relevance Karamillah, Abdussalam
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.v3i2.386

Abstract

This study investigates the instruments available in the Syariah capital market, focusing on their structural foundations, compliance with Islamic legal principles, and market relevance. Using a qualitative, document-based approach, the research examines core instruments including sukuk, Syariah-compliant stocks, Islamic mutual funds, and Islamic real estate investment trusts (i-REITs). These instruments are structured to comply with Syariah prohibitions on riba, gharar, and maysir, and support risk-sharing and ethical investment. Findings reveal that these tools play a critical role in broadening financial inclusion, aligning investment with Islamic ethics, and supporting economic development. The study also identifies key regulatory and technological challenges while highlighting opportunities for standardization and global integration. By synthesizing theoretical, legal, and institutional dimensions, this research offers new insights into the future direction of Islamic financial instruments and their potential to serve both faith-based and ethical investors worldwide.
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/nxaf6243

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.
The Aligning Human Development Index with Maqāṣid al-Sharī’ah Principles Muttaqin, Rizal
Journal of Economicate Studies Vol. 5 No. 1 (2021): Journal of Economicate Studies
Publisher : Islamicate Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32506/joes.v5i1.646

Abstract

This study reinterprets the Human Development Index (HDI) through the lens of Maqāṣid al-Sharī’ah, an Islamic framework emphasizing the preservation of religion, life, intellect, progeny, and wealth. While HDI focuses on quantifiable metrics such as health, education, and income, it omits spiritual, ethical, and communal dimensions vital to Islamic worldviews. Using qualitative methods and document analysis, this research explores the theoretical and operational compatibilities between HDI indicators and Maqasid objectives. The findings reveal that HDI’s core indicators align with key Maqasid principles but lack the ethical depth required for holistic development in Muslim contexts. By proposing an integrative framework, the study contributes a culturally grounded alternative to conventional development metrics. This model not only enhances HDI’s relevance in Islamic societies but also bridges empirical and spiritual paradigms, offering practical insights for policymakers, scholars, and development practitioners committed to faith-based governance.
The Consept of the Capital Market According To Conventional and Islamic Perspevtives Izazi, Muhamad Izazi Nurjaman
Journal of Economicate Studies Vol. 6 No. 2 (2022): Journal of Economicate Studies
Publisher : Islamicate Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32506/joes.v6i2.664

Abstract

This research discusses the concept of capital market in conventional and sharia glasses. Using qualitative research methods that are theoretical narratives, this study found the fact that the concepts of conventional capital markets and sharia capital markets have significant similarities and differences. The similarity can be seen from the regulations that become the legal umbrella of the implementation of its operations. The difference is can be seen from the stock index, the instrument of its products and the mechanism of its activities. Similarities and differences in capital market concepts, can provide an overview of the limitations and conditions carried out by investors. So that investors can consider investment activities that not only provide profit but the level of business achievement that is blessing in achieving benefits and fairness in order to carry out investments in accordance with the criteria of sharia principles.

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