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Ade Nur Rohim
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Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jakarta Jl. RS Fatmawati No. 1, Pondok Labu, Jakarta Selatan 12450
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Journal of Islamic Economics and Finance Studies
Published by Universitas Pembangunan Nasional Veteran Jakarta
ISSN : 27236730     EISSN : 27236749     DOI : -
Core Subject : Religion, Economy, Social,
Religion Economics, Econometrics & Finance Social Sciences
Journal of Islamic Economics and Finance Studies (JIEFeS) is a peer-reviewed journal published twice a year, in June and December by the Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jakarta, Indonesia. The journal accepts scientific articles in the form of research results and theoretical or conceptual papers, written in standard Indonesian or English. JIEFeS particularly focuses on the main issues and studies in Islamic Economics and Finance areas. It covers Islamic Economics, Islamic Banking and Finance, Islamic Microfinance, Islamic Philanthropy (Zakah and Waqf), and Halal Economy.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 10 Documents
 1 
Search results for , issue "Vol 4 No 1 (2023): JIEFeS, June 2023" : 10 Documents clear
The Contribution of Zakat, Infaq, Sadaqa, and Waqf (Ziswaf) Strategic Management in Developing the Prosperity of Ummah
Journal of Islamic Economics and Finance Studies Vol 4 No 1 (2023): JIEFeS, June 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i1.5698

Abstract

As a country with the largest muslim population in the world, Indonesia is still far behind in developing the potential of zakat, infaq, sadaqa, and waqf (ziswaf) which should be optimized. This requires a mature strategy in managing to maximize the potential of ziswaf. This study aims to examine the development of ziswaf strategic management at the Baitul Al-Qur'an Social Fund Institution (LDSBQ) which has a vision and mission based on Islamic sharia and aims to prosper the Ummah. This research uses a qualitative approach with a descriptive analysis method, while the data collection instruments use interviews, observation, and documentation. Sources were taken from various references related to the topic of the problem, namely journals, books, and other articles. The results showed that the three main programs of LDSBQ are First, scholar smile; engaged in education. Second, smile healthy; is engaged in the health sector. Third, independence smile; which is a movement for community independence in the economic field, and is supported by social-religious activities such as waqf and da'wah programs. While the fundraising strategy uses a potential network of student and teacher guardians, a network of Gontor alumni colleagues, program socialization through social media, online and offline donation services, and program-based waqf. With a real sector-based movement, social community activities can have a significant impact on the welfare of the ummah to gain happiness in this world and the hereafter.
Measuring the Potential Integration of Indonesian Sharia Capital Market with the OIC Member Countries Anita; Asep Dadan Suganda; Ratu Humaemah
Journal of Islamic Economics and Finance Studies Vol 4 No 1 (2023): JIEFeS, June 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i1.5765

Abstract

The Indonesian Composite Index (ICI) experienced a critical session, the data showed the ICI fell by 6.58% which was the biggest decline in the last 9 years. The prevailing notion was that this pressure stemmed from the prevalence of the Covid-19 concern and is anticipated to be alleviated once Covid-19 disseminates further. The purpose of this study is to determine the causality and long-term cointegration relationship between sharia stock in Indonesia and the Organization of Islamic Cooperation (OIC) member countries, as well as to determine the contribution of shares of OIC member countries, such as Egypt, Oman, Saudi Arabia, Kuwait, Turkey, Bahrain, and Malaysia in the collapse of the Islamic capital market in Indonesia. The method used in this research is quantitative by using secondary data in the form of daily prices of the Sharia index sourced from the website www.investing.com. The population of the countries related to this research is 56 members of the OIC that are active until 2021. For data analysis, several tests were conducted, such as; Testing Time Series Data, Vector Autoregressive (VAR), Granger Causality Test, Johansen Model Cointegration Test, and Contagion Effect Test. The study found that; has not been able to prove the existence of cointegration between the Indonesian Islamic stock exchange and the stock exchanges of OIC member countries other than the Malaysian stock exchange. However, this study proves the interdependence between the Malaysian and Indonesian Islamic stock exchanges, but in the long term, the contribution of the Indonesian stock exchange is greater than the Malaysian Islamic stock index. In addition, another finding was that during the Covid-19 shock, the Malaysian stock position index showed more independence, whereas the decline that occurred at the beginning of the pandemic was caused without the JII or ISSI intervention index.
Shareholder or Investment Account Holder Interest: Which One Does Management of Islamic Banks Pay Attention to? Sepky Mardian
Journal of Islamic Economics and Finance Studies Vol 4 No 1 (2023): JIEFeS, June 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i1.5790

Abstract

Governance and performance studies are often viewed from the perspective of shareholders, including in Islamic banks. However, the Investment Account Holders (IAH) are equally important stakeholders. Profit-sharing contracts, the absence of representation in the Annual General Meeting, and larger fund amount place the IAH at greater risk. In reality, the impact of governance should also prioritize protecting their interests. This study examines the effect of implementing corporate governance on the performance of Islamic banks from the perspective of shareholders and IAHs. This study tabulates data from the annual reports of 14 Indonesian Islamic banks. This research has found that Islamic bank governance has no effect on performance from the perspective of IAHs. On the other hand, governance can significantly influence performance from a shareholder perspective. From the perspective of stakeholder theory, these findings explain that Islamic banks have not made IAHs the main party to pay attention to. Business policies and strategies that are overseen by corporate governance have not had an impact on wider stakeholders. The IAHs in Islamic banks should also be categorized as key stakeholders.
The Effect of Inflation, Exchange Rate, and BI Rate on the Indonesian Sharia Stock Index
Journal of Islamic Economics and Finance Studies Vol 4 No 1 (2023): JIEFeS, June 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i1.5804

Abstract

Islam strongly advises against investment, as mentioned in lines 46–49 of the Surah Yusuf. The Islamic stock market, which offers Islamic stocks as one of its components, is one place where somebody can invest. Several macroeconomic and microeconomic factors, as well as equity investment, have an impact on Islamic stocks. This study examined the impact of inflation, exchange rates, and the BI Rate on the Indonesian Sharia Stock Index (ISSI) throughout the years 2017–2021. Statistical data on the market capitalization of the Indonesian Sharia Stock Index (ISSI) given at the Financial Services Authority (OJK), as well as other variables like inflation, currency rates, and the BI, were used in the quantitative research technique. Analysis of the research data was carried out through multiple linear regression modeling. The results showed that the Inflation variable (X1) had no effect on the Indonesian Sharia Stock Index (ISSI), the Exchange Rate variable (X2) had a significant negative effect on the Indonesian Sharia Stock Index (ISSI) and the BI Rate variable (X3) had an effect significantly positive to the Indonesian Sharia Stock Index (ISSI). The macroeconomic variables used in this study have an impact on the movement of the Islamic stock index, which causes the movement of the ISSI to vary quite a bit.
Islamic Banks: Study of Financial Literacy, Digital Marketing, Accessibility, Age, and Education Dhidhin Noer Ady Rahmanto; Irsyad Syaiful Muhammad; Feni Nurwiyanti; Al Haq Kamal; Ageng Asmara Sani
Journal of Islamic Economics and Finance Studies Vol 4 No 1 (2023): JIEFeS, June 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i1.5805

Abstract

The emergence of the Islamic banking Industry in Indonesia up to now has not escaped from challenges and problems, among the main ones is how Islamic banks are leading the market share by increasing customer interest in using Islamic banking services. Quantitative methods were used in this research with a sample of 100 respondents of Islamic bank customers who lived in a special region of Yogyakarta which was selected by using a purposive sampling approach, and multiple linear regression by using SMART PLS 2.0. applied as the tools of analysis. The result shows that financial literacy does not affect the interest in becoming Islamic customers. Meanwhile, digital marketing and accessibility do affect the interest in becoming Islamic bank customers. Then, age and education as moderating variables are not able to moderate financial literacy, digital marketing, on interest in becoming Islamic bank customers. The practical implications of this research suggest that marketers can make more informed decisions, such as intensifying promotional efforts on digital platforms and enhancing customer accessibility. Additionally, this study recommends further research to address the limitations by including cybersecurity perceptions as a moderating variable. By doing so, the research will be able to provide a more comprehensive understanding of the subject matter. 
Comparative Analysis of Sharia Stock Prices and Returns in the Health Sector Before and During the Covid-19 Pandemic Elif Pardiansyah; Mohamad Ainun Najib; Muhammad Abduh
Journal of Islamic Economics and Finance Studies Vol 4 No 1 (2023): JIEFeS, June 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i1.5813

Abstract

Determining the Covid-19 pandemic as a national non-natural disaster in Indonesia impacts all sectors, including the Islamic capital market. The covid-19 pandemic can send a negative signal to investors, it is expected to cause a decrease in stock prices, trading volume, and abnormal stock returns. This study aims to analyze the impact of the Covid-19 pandemic on price changes and Islamic stock returns of PT. Kalbe Farma, Tbk. The analysis technique used is the paired sample T test for normally distributed data and the Wilcoxon signed rank test for abnormally distributed data. The results of the study show that the price of sharia stocks in the health sector did not experience a significant difference either before or during the Covid-19 pandemic. Likewise, the statistical test results show that Islamic stock returns did not experience a significant difference before and during the Covid-19 pandemic, meaning that this variable did not react negatively to the Covid-19 pandemic. The implication of this research is that PT. Kalbe Farma, Tbk is expected to try to maintain stock price stability in order to maintain investor confidence and interest because a stable stock price value can increase stock returns. Share prices are influenced by the demand and supply of services or products traded by the company so PT. Kalbe Farma, Tbk can maximize performance, product innovation, and momentum to achieve optimal returns. It is hoped that this research can become additional literature material on the topic of Islamic stock analysis during the Covid-19 pandemic.
Ethical Dimensions of Islamic Finance: Lessons from the CSR Model of Indonesian Islamic Banks Aminudin Ma'ruf; Khairunnisa Nurul Fikri
Journal of Islamic Economics and Finance Studies Vol 4 No 1 (2023): JIEFeS, June 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i1.5823

Abstract

The Islamic financial system is regarded as a financial system that bases its operations on the valuesof Islam. However, the practice of the Islamic financial industry has been criticized as it deviates fromthe theory. This paper aims to explore and analyze the ethical values of Islamic finance and theirimplementation in Indonesian Islamic commercial banks. The study employs a qualitative researchmethod with the literature study approach and assessment of the annual reports of 14 IndonesianIslamic commercial banks. The literature study explores and analyses Islamic values embedded withinthe Islamic financial system. In contrast, the exploration and assessment of Indonesian Islamiccommercial banks’ annual reports provide the study with the practical implementation of the values.The paper found that Indonesian Islamic commercial banks have contributed to facing the currentsocial and environmental issues through some initiatives in their CSR implementations. All IndonesianIslamic commercial banks have been actively participating in CSR programs. However, a number ofIslamic banks need to enhance their CSR practices to tackle the ongoing environmental issues.Therefore, the paper comes with some limitations and policy recommendations.
Determinants of the Profitability of Islamic Rural Banks During Covid-19 in Indonesia Deni Lubis; Dini Arsyi Anjani; Tita Nursyamsiah
Journal of Islamic Economics and Finance Studies Vol 4 No 1 (2023): JIEFeS, June 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i1.5861

Abstract

The Return on Asset (ROA) value of Islamic rural banks (BPRS) keeps decreasing during the Covid-19 pandemic, specifically from 2020 to 2021. The ROA value of Sharia Commercial Bank and Sharia Business Unit also decreased in 2020 but increased in 2021. During the pandemic, many financial institutions were in trouble, but BPRS was still able to survive in the midst of a crisis. This phenomenon attracted some scholars to study the factors that made BPRS survive during a pandemic. This study aims to analyze the effect of internal and external factors on Islamic rural banks’ profitability from the second quarter of 2020 to the first quarter of 2022. The sample used consisted of 134 Islamic rural banks with complete data to be analyzed. This study used panel data regression with ROA as the dependent variable. The result of regression shows that partially, FDR has a positive impact on ROA, whereas NPF and OER hurt ROA. On the other hand, CAR, GDP, and CPI have no impact on ROA. The finding shows that the internal factors of the BPRS have an important role in dealing with crises during a pandemic. The government is expected to support the digital transformation of BPRS in order to increase the efficiency and convenience of BPRS, so the public is attracted to join BPRS.
Determinants of Islamic Bank Employee Performance through Job Satisfaction Mohammad Rizal; Arini Fitria Mustapita
Journal of Islamic Economics and Finance Studies Vol 4 No 1 (2023): JIEFeS, June 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i1.5923

Abstract

The Indonesian banking world is experiencing very rapid development, more and more new banks are popping up such as Islamic banks, so that business in the banking world is increasingly competitive. The research objective was to determine the effect of religious culture, and Islamic leadership on employee performance through job satisfaction. This research is causal associative research and examines the effect of intervening variables using path analysis. The research was conducted in 2022, from a saturated sample, a sample of 80 respondents was obtained. The results of this study are that religious culture and Islamic leadership partially have a significant effect on employee performance. Religious culture has no significant effect on job satisfaction. Islamic leadership has a significant effect on job satisfaction. Job satisfaction has a significant effect on employee performance. Religious culture has a significant influence on employee performance through job satisfaction. Islamic leadership has a significant influence on employee performance through job satisfaction. In the Sobel test, job satisfaction cannot mediate the relationship between religious culture and employee performance. Job satisfaction can mediate the relationship between Islamic leadership and employee performance. The implications of this research are that employees at Bank Syariah Indonesia feel high job satisfaction and have an understanding that working well for a living is worship. Leaders need to improve employee performance by implementing a culture of religiosity and increasing solidarity among employees to achieve optimal job satisfaction.
Analysis of the Contribution of Islamic Social Capital to Increasing MSMEs Isna Khairani; Imsar; Nasution, Muhammad Lathief Ilhamy
Journal of Islamic Economics and Finance Studies Vol 4 No 1 (2023): JIEFeS, June 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i1.8923

Abstract

MSMEs often face various problems that hinder their business growth. MSMEs run by students from the Faculty of Economics and Islamic Business, North Sumatra State Islamic University (FEBI UINSU) experience limited capital, limited market access and a lack of managerial knowledge. Islamic social capital, which consists of trust (X1), norms (X2), networks (X3), and religiosity (X4), can play an important role in overcoming these challenges. This research aims to discuss the contribution of Islamic social capital to improving MSMEs run by FEBI UINSU students. The method used is multiple linear regression with a questionnaire survey as a data collection instrument. The research sample is students who actively manage MSMEs on the FEBI UINSU campus. The results of data analysis show that Islamic social capital has a significant positive influence on increasing UMKM FEBI UINSU students. These findings show that Islamic social capital plays an important role in building networks, improving service quality, and supporting the growth of MSMEs. This research is expected to provide practical implications in helping students understand the importance of utilizing Islamic social capital to improve the performance and sustainability of their businesses, as well as providing theoretical implications that can enrich understanding of the role of social capital in the context of Islamic economics.

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