Garuda - Garba Rujukan Digital

Reforming the Monetary System: Should it be the Core Motivation of Sharia-compliant CBDC? Hichem Hamza
Journal of Islamic Economics and Finance Studies Vol 6 No 2 (2025): JIEFeS, December 2025
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v6i2.12341

Throughout the Islamic history of money, Fulūs (copper coins) and paper money emerged in Muslim societies as a monetary phenomenon, alongside with gold (Dinars) and silver (Dirhams) as sovereign Islamic currencies under Sharia terms. In recent years, this phenomenon has been extended to digital currencies, precisely central bank digital currency (CBDC), which raises questions about its role and functions in the monetary system. In the literature, the motivations of CBDC are essentially the financial system efficiency, the financial inclusion, and the confrontation of cryptocurrencies' widespread use; however, these motivations are secondary compared to the need for reforming the current monetary system. This paper aims to demonstrate that the core motivation of the CBDC should be the reform of the monetary system. In this regard, this research examines the core and primary motivation of CBDC theoretically as a new currency, aiming to fulfill an effective economic and monetary role in accordance with a reformist Islamic perspective. Fundamentally, the core motivation of CBDC could be the opportunity to reform the monetary system in Muslim societies, which is deeply rooted in interest rates, money creation, and excessive indebtedness. This paper employs a descriptive-analytical methodology grounded in a normative approach to examine the challenges associated with the use of CBDC in promoting monetary sovereignty, stability, and fulfilling the functions of money in accordance with Sharia. The core motivation of CBDC is based on two main axes: the reinforcement of monetary sovereignty and the rethinking of the money functions in compliance with the principles of Sharia, allowing a strong connection of the financial sector with the real sector. This study concludes that the optimal Sharia- compliant CBDC is conditioned on being fully sovereign, legal, society-accepted, gold-backed, Zakāh-based, hoard-free, interest-free, investment-based, publicly available, fully reserve-based, and non-subject to maturity transformation.

Halal Fashion Purchase Intention Through Tokopedia: A Dual-Model Perspective Najmudin; Sahraman D. Hadji Latif; Syihabudin; Ma’zumi; Isti Nuzulul Atiah; Suja’i
Journal of Islamic Economics and Finance Studies Vol 6 No 2 (2025): JIEFeS, December 2025
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v6i2.12150

The increase in the Muslim population, especially among the younger generation, has driven a global increase in halal fashion products. In Indonesia, fashion products have become the most popular category in e-commerce, in line with the growing awareness of religion and increasing digital penetration. Tokopedia, one of the biggest e-commerce platforms in the country, has become a promising channel for distributing halal fashion products. However, studies pertaining to the purchase intention of these products via online are still limited. This research establishes the impact of the Theory of Consumption Values (TCV) and Technology Acceptance Model (TAM) on attitudes toward halal fashion products and their impact on the purchase intentions of Muslim Generation Z (Gen Z) through the Tokopedia app. This research employs a quantitative approach comprising 266 Gen Z respondents from various provinces in Indonesia. Data collection was conducted through an online questionnaire, and the analysis was performed utilizing Partial Least Squares Structural Equation Modeling (PLS-SEM). The results demonstrated that Functional Value (FV), Social Value (SV), and Emotional Value (EV) in TCV possess a substantial influence on attitudes toward halal fashion products. However, Epistemic Value (EPV) and Conditional Value (CV) show no significant effect. Meanwhile, in TAM, Perceived Ease of Use (PEOU) and Perceived Usefulness (PU) do not influence attitudes. Positive attitudes toward halal fashion products have been observed to play a substantial influence on Gen Z's intention to purchase halal fashion products through the Tokopedia App. Therefore, halal fashion practitioners need to highlight quality, comfort, inclusivity, attractive designs, and clear benefits on digital platforms. The government must also strengthen halal education, provide a trusted marketplace, and support Halal Fashion Micro, Small Medium Enterprise (MSMEs) and exports to advance the industry. Pertumbuhan populasi Muslim, khususnya dari kalangan generasi muda, mendorong peningkatan permintaan global terhadap produk fesyen halal. Di Indonesia, produk ini menjadi kategori terlaris di e-commerce, seiring meningkatnya kesadaran religius dan penetrasi digital. Tokopedia, sebagai salah satu platform e-commerce terbesar di Indonesia, menjadi saluran potensial untuk distribusi produk fesyen halal. Namun, kajian mengenai niat beli produk ini secara online masih terbatas. Penelitian ini bertujuan untuk menganalisis pengaruh Theory of Consumption Values (TCV) dan Technology Acceptance Model (TAM) terhadap sikap pada produk fesyen halal dan dampaknya terhadap intensi beli Generasi Z (Gen Z) Muslim melalui aplikasi Tokopedia. Penelitian ini menggunakan pendekatan kuantitatif dengan melibatkan 266 responden Gen Z dari berbagai provinsi di Indonesia. Data dikumpulkan melalui penyebaran kuesioner online, dan dianalisis menggunakan Structural Equation Modeling (SEM). Temuan penelitian menunjukkan bahwa nilai fungsional, sosial, dan emosional dalam TCV berpengaruh signifikan terhadap sikap pada produk fesyen halal, sedangkan nilai epistemik dan kondisional tidak berpengaruh. Sementara itu, dalam TAM, persepsi kemudahan dan kegunaan tidak berpengaruh terhadap sikap. Sikap positif terhadap produk fesyen halal terbukti berpengaruh signifikan terhadap intensi Gen Z untuk membeli produk fesyen halal melalui Tokopedia. Dengan demikian, Praktisi fesyen halal perlu menonjolkan kualitas, kenyamanan, inklusivitas, desain menarik, dan manfaat jelas di platform digital. Dan, pemerintah harus memperkuat edukasi halal, menyediakan marketplace tepercaya, serta memberi dukungan pada UMKM dan ekspor fesyen halal untuk memajukan industri ini.

Analysis of Sharia and Conventional Monetary Policy Transmission in the SBY-Jokowi Era Nabila Adenina Zidni Maulida; Slamet; Eko Suprayitno
Journal of Islamic Economics and Finance Studies Vol 6 No 2 (2025): JIEFeS, December 2025
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v6i2.12660

This research is motivated by the role of monetary policy in the sustainability of a country's financial system, which is carried out through the transmission of monetary policy in order to achieve an output of economic stability. In Indonesia, the monetary policy transmission system is more complex due to the implementation of a dual financial system, consisting of conventional and sharia systems. In this study, the focus of the study is directed at the path of asset prices as a link between monetary policy, economic growth, and inflation. The main purpose of this study is to examine the short-term and long-term relationship between conventional monetary instruments (BI7DRR) and sharia (SukBI) on asset prices (JCI, SUN, JII, SBSN) as well as macroeconomic output by comparing the government systems of President Susilo Bambang Yudhoyono (2004–2014) and President Joko Widodo (2014–2024). The method used is causal-comparative design with a quantitative approach through the Vector Error Correction Model (VECM) model and the Chow test to determine the structural differences between the two governments. The results showed that there was a long-term cointegration relationship in the two systems, but the transmission patterns differed structurally between periods. The conventional system affects inflation faster, while the Islamic system shows a long-term influence on economic growth. These findings confirm the need to optimize sharia instruments in maintaining national macroeconomic stability. Penelitian ini dilatarbelakangi oleh peran kebijakan moneter dalam keberlangsungan system keuangan suatu negara, yang dilakukan melalui transmisi kebijakan moneter agar tercapat suatu output kestabilan ekonomi. Di Indonesia system transmisis kebijakan moneter lebih kompleks karena diterapkannya sistem keuangan ganda, yang terdiri atas sistem konvensional dan syariah. Dalam Penelitian ini Fokus kajian diarahkan pada jalur harga aset sebagai penghubung antara kebijakan moneter, pertumbuhan ekonomi, dan inflasi. Tujuan utama penelitian ini adalah menguji hubungan jangka pendek dan jangka panjang antara instrumen moneter konvensional (BI7DRR) dan syariah (SukBI) terhadap harga aset (IHSG, SUN, JII, SBSN) serta output makroekonomi dengan mengkomparasi sistem pemerintahan Presiden Susilo Bambang Yudhoyono (2004–2014) dan Presiden Joko Widodo (2014–2024). Metode yang digunakan adalah causal-comparative design dengan pendekatan kuantitatif melalui model Vector Error Correction Model (VECM) dan uji Chow untuk mengetahui perbedaan struktur antar kedua pemerintahan. Hasil menunjukkan adanya hubungan kointegrasi jangka panjang pada kedua sistem, namun pola transmisi berbeda secara struktural antarperiode. sistem konvensional lebih cepat memengaruhi inflasi, sementara system syariah menunjukkan pengaruh jangka panjang terhadap pertumbuhan ekonomk. Temuan ini menegaskan perlunya optimalisasi instrumen syariah dalam menjaga stabilitas makroekonomi nasional.

From Merger to Market Value: Short, Medium, and Long-Term Evidence from Bank Syariah Indonesia Mira Rahmi; Nugraha; Toni Heryana; Maya Sari
Journal of Islamic Economics and Finance Studies Vol 6 No 2 (2025): JIEFeS, December 2025
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v6i2.12711

The ability of bank mergers to generate sustained market value remains uncertain in emerging Islamic banking systems due to integration complexity, governance constraints, and heterogeneous investor expectations. To address this problem, this study examines whether the consolidation of three state-owned Islamic banks into Bank Syariah Indonesia (BSI) in 2021 succeeded in creating value across different time horizons. Using an event study approach with the CAR method, short-term market reactions to the merger announcement are evaluated, while the BHAR framework is used to assess medium- and long-term performance. The findings show that firm size has a significant positive effect on short-term market reactions, suggesting that larger Islamic banks are perceived as more capable of managing integration risk and realizing early synergy gains. In contrast, medium- and long-term value creation is driven primarily by the interaction between GCG and operational efficiency. These results imply that while short-term value creation is heavily influenced by investor perceptions and institutional scale, sustained performance depends on governance quality and the effectiveness of post-merger integration efforts. This study provides new empirical evidence on the temporal dynamics of value creation following the largest Islamic bank merger in Indonesia. Scientifically, the study advances the literature by demonstrating how synergy realization, governance mechanisms, and efficiency improvements jointly shape performance across multiple horizons. Practically, the findings offer guidance for regulators and practitioners by underscoring the importance of strong governance and disciplined integration strategies to maintain investor confidence and long-term stability in Islamic banking mergers. Kemampuan merger perbankan dalam menciptakan nilai pasar yang berkelanjutan masih menjadi ketidakpastian dalam sistem perbankan syariah di negara berkembang, terutama karena kompleksitas integrasi, keterbatasan tata kelola, serta perbedaan ekspektasi investor. Untuk menjawab permasalahan tersebut, penelitian ini menguji apakah konsolidasi tiga bank syariah milik negara menjadi Bank Syariah Indonesia (BSI) pada tahun 2021 berhasil menciptakan nilai pada berbagai rentang waktu. Dengan menggunakan pendekatan event study melalui metode Cumulative Abnormal Return (CAR), penelitian ini mengevaluasi reaksi pasar jangka pendek terhadap pengumuman merger, sedangkan kerangka Buy-and-Hold Abnormal Return (BHAR) digunakan untuk menilai kinerja jangka menengah dan jangka panjang. Hasil penelitian menunjukkan bahwa ukuran bank berpengaruh positif secara signifikan terhadap reaksi pasar jangka pendek, mengindikasikan bahwa bank syariah berukuran besar dipandang lebih mampu mengelola risiko integrasi dan mewujudkan sinergi awal. Sebaliknya, penciptaan nilai pada jangka menengah dan panjang terutama didorong oleh interaksi antara Good Corporate Governance (GCG) dan efisiensi operasional. Temuan ini mengimplikasikan bahwa meskipun nilai jangka pendek lebih dipengaruhi oleh persepsi investor dan skala institusi, kinerja berkelanjutan sangat bergantung pada kualitas tata kelola serta efektivitas proses integrasi pascamerger. Penelitian ini memberikan bukti empiris baru mengenai dinamika temporal penciptaan nilai setelah merger bank syariah terbesar di Indonesia. Secara ilmiah, studi ini memperkaya literatur dengan menunjukkan bagaimana realisasi sinergi, mekanisme tata kelola, dan peningkatan efisiensi membentuk kinerja pada berbagai horizon waktu. Secara praktis, temuan ini memberikan panduan bagi regulator dan praktisi mengenai pentingnya tata kelola yang kuat serta strategi integrasi yang disiplin guna menjaga kepercayaan investor dan stabilitas jangka panjang dalam merger perbankan syariah.

Circular Economy Philosophy Based on Hifz al-Bi'ah for Economic Justice Prima Dwi Priyatno; Ahmad Hasan Ridwan; Nurrohman Syarif
Journal of Islamic Economics and Finance Studies Vol 6 No 2 (2025): JIEFeS, December 2025
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v6i2.12741

This study develops a comprehensive conceptual framework that integrates the principle of al-‘adl (economic justice) within the circular economy (CE), moderated by Hifz al-Bi'ah (environmental protection) based on Maqasid Shariah, to create a just and sustainable economy. The research uses a qualitative-conceptual method, combining a systematic literature review and thematic synthesis to analyze how Islamic principles can be integrated into CE practices. The findings indicate that incorporating al-‘adl and Hifz al-Bi'ah into CE practices helps to achieve equitable resource distribution, protect vulnerable groups, and ensure intergenerational justice. This integration also promotes ethical governance and accountability in resource management, ensuring that economic activities contribute not only to immediate economic growth but also to long-term environmental and social sustainability. Furthermore, this approach aligns with the objectives of Maqasid Shariah, particularly in safeguarding public welfare (maslahah ‘ammah) and ensuring that environmental stewardship is prioritized. By combining these principles with circular economy practices like eco-design, zero waste, and circular supply chains, the study highlights the potential for creating a more inclusive and sustainable development model that reflects Islamic values of justice, moderation, and ecological balance. Penelitian ini mengembangkan kerangka konsep yang mengintegrasikan prinsip al-‘adl (keadilan ekonomi) dalam ekonomi sirkular (CE), dimoderasi oleh Hifz al-Bi'ah (perlindungan lingkungan) berdasarkan Maqasid Shariah, untuk menciptakan ekonomi yang berkeadilan dan berkelanjutan. Penelitian ini menggunakan metode kualitatif-konseptual, yang menggabungkan tinjauan pustaka sistematis dan sintesis tematik untuk menganalisis bagaimana prinsip-prinsip Islam dapat diintegrasikan ke dalam praktik-praktik CE. Hasil penelitian menunjukkan bahwa pengintegrasian al-‘adl dan Hifz al-Bi'ah dalam praktik CE membantu mewujudkan distribusi sumber daya yang adil, melindungi kelompok rentan, dan memastikan keadilan antargenerasi. Integrasi ini juga mendorong tata kelola yang etis dan akuntabilitas dalam pengelolaan sumber daya, memastikan bahwa aktivitas ekonomi tidak hanya berkontribusi pada pertumbuhan ekonomi jangka pendek tetapi juga pada keberlanjutan sosial dan lingkungan jangka panjang. Selain itu, pendekatan ini sejalan dengan tujuan Maqasid Shariah, terutama dalam melindungi kesejahteraan publik (maslahah ‘ammah) dan memastikan bahwa perlindungan lingkungan menjadi prioritas. Dengan menggabungkan prinsip-prinsip ini dengan praktik ekonomi sirkular seperti eco-design, zero waste, dan rantai pasokan sirkular, penelitian ini menunjukkan potensi untuk menciptakan model pembangunan yang lebih inklusif dan berkelanjutan yang mencerminkan nilai-nilai Islam tentang keadilan, moderasi, dan keseimbangan ekologis.

Quality of Life of the Guguk Palembang Malay Community from the Perspective of Islamic Economics Erdah Litriani; Maya Panorama; Mohammad Syawaludin
Journal of Islamic Economics and Finance Studies Vol 6 No 2 (2025): JIEFeS, December 2025
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v6i2.12714

Quality of life is commonly assessed through material indicators such as education and income; however, perceptions of well-being are also strongly influenced by cultural factors that remain underexplored, particularly in traditional urban communities. This study examines the influence of education, income, and culture on perceived quality of life within the Guguk Palembang Malay community from an Islamic economic perspective. A mixed-methods approach was employed, combining a quantitative survey of 500 respondents with qualitative in-depth interviews. The analysis explores the relationships between socio-economic variables, cultural dimensions, and quality-of-life perceptions. The findings indicate that education and income significantly affect material aspects of quality of life, including employment opportunities, income stability, and access to healthcare. Beyond material conditions, culture manifested in social cohesion, local traditions, and cultural identity plays a critical role in shaping perceptions of well-being. Individuals and communities with a stronger attachment to local cultural heritage report more positive evaluations of their quality of life. Additionally, age and social status contribute to variations in these perceptions. From an Islamic economic perspective, quality of life encompasses both material and non-material dimensions aligned with the principles of maqāṣid al-sharīʿah, including the protection of life, intellect, lineage, and wealth. The study underscores the importance of integrating cultural considerations into development policies alongside educational and economic improvements. To enhance quality of life in accordance with maqāṣid al-sharīʿah, policy efforts should focus on three key areas: integrating Islamic values into equitable education systems, promoting inclusive financial programs and fair employment, and preserving cultural heritage through education and culturally based economic initiatives. This culturally sensitive approach is essential for holistic development in traditional urban communities.

Productive Zakat Model for Livestock-Based Economic Empowerment: A Fiqh al-Iqtișād Examination of BAZNAS Livestock Centers Djaenab; Muhammad Alqadri Burga; Rozita Uji Mohammed; Bolu Hasan Basri
Journal of Islamic Economics and Finance Studies Vol 6 No 2 (2025): JIEFeS, December 2025
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v6i2.12964

Although productive zakat has been acknowledged as an instrument for mustahik empowerment, there is still no comprehensive, empirically grounded conceptual model for implementing livestock-based productive zakat, including its multidimensional impact assessment—particularly regarding the transformation of mustahik toward sustainable economic self-reliance. This study aims to analyze the BAZNAS Livestock Center program in Barru Regency, focusing on its implementation mechanism, its contribution to poverty alleviation, and the supporting and inhibiting factors that influence its effectiveness. This qualitative research employs a case study approach, with purposively selected informants comprising mustahik beneficiaries and BAZNAS administrators. Data were collected through observation, interviews, and documentation, and analyzed using descriptive techniques. The findings indicate that the BAZNAS Livestock Center program effectively promotes mustahik economic empowerment through livestock asset provision, capacity-building training, and continuous mentoring. The program has improved beneficiaries' incomes, financial literacy, and business independence, though several challenges remain, including livestock risks and limited managerial capacity among the mustahik. This study implies the strategic importance of livestock-based productive zakat as a sharia-compliant social investment instrument rather than merely short-term consumptive assistance. However, this study does not measure long-term impact due to its limited scope and non-longitudinal design; future studies employing mixed-method approaches are recommended. Meskipun zakat produktif telah diakui sebagai instrumen pemberdayaan mustahik, belum tersedia model konseptual berbasis bukti empiris yang komprehensif mengenai implementasi zakat produktif berbasis peternakan beserta pengukuran dampaknya secara multidimensional, khususnya terkait transformasi mustahik menuju kemandirian ekonomi berkelanjutan. Penelitian ini bertujuan untuk menganalisis program Balai Ternak BAZNAS di Kabupaten Barru yang difokuskan pada: mekanisme pelaksanaan program, kontribusi program terhadap pengentasan kemiskinan, dan faktor pendukung dan penghambat keberhasilan program. Penelitian kualitatif ini menggunakan pendekatan studi kasus dengan informan purposive yang terdiri atas mustahik dan pengurus BAZNAS. Data dikumpulkan melalui observasi, wawancara, dan dokumentasi, lalu dianalisis menggunakan teknik analisis deskriptif. Hasil penelitian menunjukkan bahwa program Balai Ternak BAZNAS efektif mendorong pemberdayaan ekonomi mustahik melalui pemberian aset ternak, pelatihan, dan pendampingan usaha. Program ini meningkatkan pendapatan, literasi keuangan, dan kemandirian usaha, meskipun masih menghadapi tantangan seperti risiko ternak dan kapasitas manajerial mustahik. Penelitian ini berimplikasi pada pentingnya pengembangan zakat produktif berbasis peternakan sebagai instrumen investasi sosial berbasis syariah, bukan sekadar bantuan konsumtif. Namun, penelitian ini belum mengukur dampak jangka panjang karena keterbatasan cakupan dan desain non-longitudinal, sehingga diperlukan studi lanjutan berbasis mixed methods.

Strengthening Halal Tourism Through Local Wisdom: A Maqashid Syariah Analysis of the Yogyakarta Palace Setiawan bin Lahuri; Inaya Zuhrifa; Ainun Amalia Zuhroh
Journal of Islamic Economics and Finance Studies Vol 7 No 1 (2026): JIEFeS, June 2026
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v7i1.12968

Abstract The Yogyakarta Palace (Karaton Ngayogyakarta Hadiningrat) is a key cultural tourism spot. However, the global growth of halal tourism has highlighted some issues related to its application at heritage sites. There are limited halal facilities, and there are worries about cultural commodification. This situation creates a need to examine how the palace's local wisdom relates to Shariah principles. While earlier research mainly looked at halal tourism from regulatory, marketing, or destination management perspectives, this study provides a fresh take. It combines local wisdom in cultural heritage tourism with a Maqashid Syariah framework. The study focuses on halal tourism development strategies based on local wisdom and evaluates them through the lens of Maqashid Syariah. Researchers used a qualitative approach, including cultural observation, in-depth interviews, and thematic analysis based on the Miles and Huberman model. The findings indicate that tourism practices at the palace meet the standards set by DSN-MUI Fatwa No. 108/2016 and national halal tourism strategies. Five dimensions of local wisdom customs, architecture, arts, traditional attire, and the Javanese language embody Islamic values and foster public welfare, character development, and economic empowerment. This study adds to theory by showing how Maqashid Syariah can be an evaluative tool to balance cultural preservation with halal tourism growth in heritage sites. Combining these elements offers a sustainable and culturally grounded model for halal tourism development that can be applied to other heritage tourism contexts. Abstrak Karaton Ngayogyakarta Hadiningrat merupakan destinasi wisata budaya yang banyak diminati, namun tren pariwisata halal global masih menghadapi ambiguitas penerapan pada situs heritage, termasuk keterbatasan fasilitas halal dan kritik terhadap komodifikasi budaya. Kondisi ini menimbulkan kebutuhan untuk menilai sejauh mana kearifan lokal karaton dapat selaras dengan prinsip syariah. Penelitian ini bertujuan menganalisis strategi pengembangan pariwisata halal berbasis kearifan lokal di Karaton Ngayogyakarta dan mengevaluasinya melalui perspektif Maqashid Syariah. Metode yang digunakan adalah pendekatan kualitatif melalui observasi budaya, wawancara mendalam, dan analisis tematik Miles Huberman. Hasil penelitian menunjukkan bahwa praktik wisata karaton telah sesuai dengan Fatwa DSN-MUI No. 108/2016 serta strategi halal Kemenparekraf. Lima dimensi kearifan local adat, arsitektur, kesenian, busana adat, dan bahasa Jawa merefleksikan nilai Islam dan mendukung kemaslahatan, pendidikan karakter, serta pemberdayaan ekonomi. Integrasi ini menawarkan model pengembangan pariwisata halal berbasis budaya yang berkelanjutan.

Integrating Neuroeconomic Insights into the Islamic Economic Decision-Making Model Alfina Rahmatia; Arief Dwi Saputra
Journal of Islamic Economics and Finance Studies Vol 7 No 1 (2026): JIEFeS, June 2026
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v7i1.13315

Abstract Neuroeconomics integrates economics, neuroscience, and psychology to offer empirical insights into human decision-making processes by linking neural activity with preference and risk assessment. Despite its rapid development in conventional economics, its synthesis with Islamic economic principles remains profoundly underexplored. This study aims to bridge this gap by mapping the global neuroeconomic research trends from 2004 to 2024 and integrating these empirical findings into an Islamic economic decision-making model. Employing a mixed-methods design, this study conducts a bibliometric analysis of 718 Scopus-indexed documents using VOSviewer and a sentiment analysis via NVivo 12, supplemented by an interpretive qualitative synthesis. The empirical findings reveal a fluctuating publication trend peaking in 2010, alongside a dominant narrative characterized by cautious skepticism regarding methodological boundaries. The qualitative integration demonstrates that neurobiological mechanisms governing bounded rationality, risk aversion, and prosocial reward systems strongly reinforce Islamic moral imperatives. Specifically, altruistic acts like Zakat activate neural reward pathways, validating the biological basis of maslahah (public interest). This study provides a novel conceptual framework that aligns frontline neuroscience with an ancient ethical system, offering policy implications for designing culturally congruent and socially responsible Islamic financial products. Abstrak Neuroekonomi mengintegrasikan ekonomi, ilmu saraf, dan psikologi untuk menawarkan wawasan empiris tentang proses pengambilan keputusan manusia dengan menghubungkan aktivitas saraf dengan preferensi dan penilaian risiko. Terlepas dari perkembangannya yang pesat dalam ekonomi konvensional, sintesisnya dengan prinsip-prinsip ekonomi Islam masih sangat kurang dieksplorasi. Studi ini bertujuan untuk menjembatani kesenjangan ini dengan memetakan tren penelitian neuroekonomi global dari tahun 2004 hingga 2024 dan mengintegrasikan temuan empiris ini ke dalam model pengambilan keputusan ekonomi Islam. Dengan menggunakan desain metode campuran, studi ini melakukan analisis bibliometrik terhadap 718 dokumen yang diindeks Scopus menggunakan VOSviewer dan analisis sentimen melalui NVivo 12, dilengkapi dengan sintesis kualitatif interpretatif. Temuan empiris mengungkapkan tren publikasi yang berfluktuasi yang mencapai puncaknya pada tahun 2010, bersamaan dengan narasi dominan yang dicirikan oleh skeptisisme yang hati-hati mengenai batasan metodologis. Integrasi kualitatif menunjukkan bahwa mekanisme neurobiologis yang mengatur rasionalitas terbatas, penghindaran risiko, dan sistem penghargaan prososial sangat memperkuat imperatif moral Islam. Secara khusus, tindakan altruistik seperti Zakat mengaktifkan jalur penghargaan saraf, memvalidasi dasar biologis Maslahah (kepentingan umum). Studi ini menyediakan kerangka konseptual baru yang menyelaraskan ilmu saraf terdepan dengan sistem etika kuno, menawarkan implikasi kebijakan untuk merancang produk keuangan Islam yang sesuai secara budaya dan bertanggung jawab secara sosial.

Explanatory Research on Zakat Model for Enhancing Disabled Persons' Socio-Economic Quality of Life Hariya Toni; Reno Diqqi Alghazali; Muhammad Hisyam Syafii; Khairuddin; Muhlasin; Rafdeadi
Journal of Islamic Economics and Finance Studies Vol 7 No 1 (2026): JIEFeS, June 2026
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v7i1.13505

Abstract Individuals with disabilities have multifaceted obstacles that restrict their socioeconomic engagement, especially in developing nations where poverty rates surpass 68% within this demographic. This study looks at how well a productive zakat intervention works to make life better for persons with disabilities in Sungai Penuh City, Indonesia. The study employed a quasi-experimental design featuring pretest and posttest measurements, involving a registered population of 374 individuals with physical, auditory, and visual disabilities, from whom 35 participants met the purposive sampling criteria and underwent a three-month empowerment program comprising skills training, financial support for business ventures, social assistance, spiritual education, and continuous monitoring. The WHOQOL-BREF tool was used to measure quality of life in terms of physical health, mental health, social interactions, and the environment. Results indicated substantial enhancements in all domains, with an overall quality of life increase of 31.5% and effect sizes ranging from 1.45 to 2.17. The amount of money a household made went up by 121.6%, but the amount of debt they had went down by 52.9%. The results show that productive zakat is a transformative Islamic social finance tool that helps people who are economically disadvantaged while also encouraging psychological resilience, social reintegration, and more environmental options for people who are on the margins. Abstrak Penyandang disabilitas memiliki berbagai hambatan yang membatasi keterlibatan sosial ekonomi mereka, terutama di negara berkembang di mana angka kemiskinan melebihi 68% di kalangan demografis ini. Studi ini meneliti seberapa efektif intervensi zakat yang produktif dalam meningkatkan kualitas hidup penyandang disabilitas di Kota Sungai Penuh, Indonesia. Studi ini menggunakan desain kuasi-eksperimental yang menampilkan pengukuran pra-uji dan pasca-uji, melibatkan populasi terdaftar sebanyak 374 individu penyandang disabilitas fisik, pendengaran, dan penglihatan, di mana 35 peserta memenuhi kriteria pengambilan sampel bertujuan dan menjalani program pemberdayaan selama tiga bulan yang terdiri dari pelatihan keterampilan, dukungan keuangan untuk usaha bisnis, bantuan sosial, pendidikan spiritual, dan pemantauan berkelanjutan. Alat WHOQOL-BREF digunakan untuk mengukur kualitas hidup dalam hal kesehatan fisik, kesehatan mental, interaksi sosial, dan lingkungan. Hasil menunjukkan peningkatan yang signifikan di semua domain, dengan peningkatan kualitas hidup secara keseluruhan sebesar 31,5% dan ukuran efek berkisar antara 1,45 hingga 2,17. Jumlah uang yang dihasilkan rumah tangga meningkat sebesar 121,6%, tetapi jumlah utang mereka menurun sebesar 52,9%. Hasil penelitian menunjukkan bahwa zakat produktif adalah alat keuangan sosial Islami yang transformatif yang membantu orang-orang yang kurang mampu secara ekonomi sekaligus mendorong ketahanan psikologis, reintegrasi sosial, dan pilihan lingkungan yang lebih baik bagi orang-orang yang terpinggirkan.

Home Page

OAI Link

Editorial Team

Contact

Reviewer

Google Scholar

Contact Name
Ade Nur Rohim

Contact Email
adenurrohim@upnvj.ac.id

Phone
+6285259575940

Journal Mail Official
jiefes@upnvj.ac.id

Editorial Address
Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jakarta Jl. RS Fatmawati No. 1, Pondok Labu, Jakarta Selatan 12450

Location
Kota depok,

Jawa barat

INDONESIA

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Home Page

OAI Link

Editorial Team

Contact

Reviewer

Google Scholar

Contact Name Ade Nur Rohim

Contact Email adenurrohim@upnvj.ac.id

Phone +6285259575940

Journal Mail Official jiefes@upnvj.ac.id

Editorial Address Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jakarta Jl. RS Fatmawati No. 1, Pondok Labu, Jakarta Selatan 12450

Location Kota depok, Jawa barat INDONESIA

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Contact Name
Ade Nur Rohim

Contact Email
adenurrohim@upnvj.ac.id

Phone
+6285259575940

Journal Mail Official
jiefes@upnvj.ac.id

Editorial Address
Faculty of Economics and Business, Universitas Pembangunan Nasional Veteran Jakarta Jl. RS Fatmawati No. 1, Pondok Labu, Jakarta Selatan 12450

Location
Kota depok,

Jawa barat

INDONESIA