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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 93 Documents
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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.
Why do Zakah Institutions in Sri Lanka Underperform? Mohammed Arafath Careem Mohammed Jiffry; Abdulhamid Mohammed Ali Zaroum; Muhammad Amanullah; Ataollah Rahmani
Journal of Islamic Economics and Finance Studies Vol 4 No 2 (2023): JIEFeS, December 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i2.6157

Abstract

Zakah as a compulsory worship obligation of Muslims has been practiced for several decades in an institutionalized form in Sri Lanka. Although the institutionalized mechanism contributes to some improvements in socioeconomic conditions, recent research highlighted that the impact of such a model is yet below the expected level. The institutional zakah practice in Sri Lanka has remained essentially informal lacking any state recognition or zakah specific regulation. This paper examined the contemporary challenges and root causes of the zakah institutions’ underperformance in Sri Lanka. This paper took a qualitative methodology and collected primary and secondary data through official documents, interviews, and published literature. The empirical findings of the paper reveal a threefold challenge that contributes to the inefficient institutional zakah performance, namely low collection, ineffective disbursement, and external hurdles. The paper suggests that the prolonged dominant informal and individualist zakah culture of Sri Lankan Muslims fails to actualize the designated goals of zakah and this in turn has contributed to the contemporary challenges. The paper highlights the need for developing an alternative jurisprudential methodology that has the potential to offer sensible remedies to the contemporary identified challenges. The paper suggests that zakah institutions must thoroughly re-evaluate existing zakah applications to improve the effectiveness and efficiency of their zakah management systems. It is also suggested that it would be helpful to establish a National Zakah Consultative Body that can advise the government on adopting effective regulations or guidance relevant to zakah management for the Sri Lankan Muslim minority.
Revitalizing Communities: Proposing Mosque-Driven Circular Economy Empowerment Model Mutmainah, Lu'liyatul; Andani, Listia; Susilawati, Ela
Journal of Islamic Economics and Finance Studies Vol 5 No 1 (2024): JIEFeS, June 2024
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v5i1.6301

Abstract

The mosque has so far been known only as a place of worship such as prayer and recitation by Muslims. History records that during the time of the Prophet, the mosque was also the center of government, economic center, education center, and others. Some mosques are also tourist areas that provide more economic value so that they can improve people's welfare. However, tourist areas often cause problems related to waste, water use, and others. Understanding of the circular economy that can provide sustainable benefits is still not widely known and implemented, including for managing mosques. This study aims to analyze and propose an optimization model for mosque-based circular economic empowerment to achieve a sustainable economy. The research uses a qualitative approach with literature studies and in-depth interviews with related parties. The results of the study show that empowering mosques based on a circular economy will not only have a positive impact on places of worship but also the economic, social, and environmental sectors. For example, managed mosque waste can provide economic value. In addition, the use of ablution water can be reused for land irrigation and fish farming. The synergy between the government, universities, communities, and the industrial world can be carried out to implement this mosque-based circular economy. The results of this study can be used as a basis for recommendations and a pilot project for implementing mosque-based circular economic empowerment.
Analysis of Zakat Management with Institutional Isomorphic Theorizing Approach Mufti Afif; Ahmad Agus Hidayat; Ahmad Suminto; Taufiqul Alvin Abidin; Fahmi Akhyar Al Farabi
Journal of Islamic Economics and Finance Studies Vol 4 No 2 (2023): JIEFeS, December 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i2.6333

Abstract

The potential of zakat in East Java is significant, reaching Rp547.4 billion. However, the collection results of ZIS by Baznas of East Java, both collected by Baznas at the provincial level and in districts/cities in East Java in 2021, only reached Rp122 billion. This means that only about 25 percent of ZIS potential could be collected. The objective of this study is to investigate how zakat institution applies institutional isomorphic theory to governance and administration. The research was conducted in Laznas Yatim Mandiri Ponorogo that employed in-depth interviews, observations, and documentation. Meanwhile, data sources were drawn from various references including journals, books, and other articles. The findings of the study demonstrate that the Laznas Yatim Mandiri in Ponorogo, Indonesia has managed in a coercive manner, within compliance with the shariah law and the 1945 Constitution. Through mimetic features, the Laznas Yatim Mandiri's administration has embraced many of the governance practices of other charitable institutions, particularly in the areas of information collecting, distribution, and transparency. In addition, the administration of the Laznas Yatim Mandiri through the normative aspect has served its purpose as an institution that adheres to the principles of good corporate governance, which include transparency, accountability, responsibility, independence, fairness, and equality.   Potensi zakat di Jawa Timur cukup besar yakni mencapai Rp547,4 miliar. Namun hasil penghimpunan ZIS yang dilakukan Baznas Jatim, baik yang dihimpun Baznas tingkat provinsi maupun kabupaten/kota di Jatim pada tahun 2021, hanya mencapai Rp122 miliar. Artinya, potensi ZIS yang bisa dihimpun baru sekitar 25 persen. Tujuan dari penelitian ini adalah untuk menyelidiki bagaimana lembaga zakat menerapkan teori isomorfik kelembagaan dalam tata kelola dan administrasi. Penelitian dilakukan di Laznas Yatim Mandiri Ponorogo dengan menggunakan wawancara mendalam, observasi, dan dokumentasi. Sedangkan sumber data diambil dari berbagai referensi antara lain jurnal, buku, dan artikel lainnya. Temuan penelitian menunjukkan bahwa Lembaga Zakat Yatim Mandiri di Ponorogo, Indonesia telah melakukan pengelolaan secara korosif, sesuai dengan hukum syariah dan UUD 1945. Melalui ciri-ciri mimesis, penyelenggaraan Lembaga Zakat Yatim Mandiri telah banyak mengadopsi praktik tata kelola lembaga amal lainnya, khususnya di bidang pengumpulan, distribusi, dan transparansi informasi. Selain itu, penyelenggaraan Lembaga Zakat Yatim Mandiri melalui aspek normatif telah mencapai tujuannya sebagai lembaga yang berpegang teguh pada prinsip-prinsip tata kelola perusahaan yang baik yang meliputi transparansi, akuntabilitas, tanggung jawab, independensi, kewajaran, dan kesetaraan.
The Role of Halal Center in Increasing Sustainable Economy in the Halal Industry Sector Rahmat Husein Lubis; Fatwa Syibromalisi
Journal of Islamic Economics and Finance Studies Vol 4 No 2 (2023): JIEFeS, December 2023
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v4i2.6465

Abstract

The role of the Indonesian Ulama Council (MUI) in halal labeling is still considered ineffective. So, the government enacted Law Number 3 of 2014 concerning Halal Product Guarantees. Through this regulation, the authority for halal certification is given to BPJPH, through the Halal Center. The role of the Halal Center in improving the halal economy also has various challenges in terms of human resources, producer compliance, and the need for cooperation with related institutions. This research aims to determine the role of halal centers in boosting the halal economy in the Indonesian halal industrial sector. This research is a qualitative descriptive type of research. The research sources used come from books, scientific journals, encyclopedias, literature, works of scientists, and relevant websites. The object of this research is the role of halal centers in improving a sustainable halal economy in the halal industrial sector. The results of this research can conclude that the role of halal centers through certification, education, product innovation, and supervision is considered effective in improving the halal economy in the halal industrial sector in Indonesia. It is proven that in 2020, the number of halal certification registrations was 11,103, and in 2023 the number increased to 155,451.   Peran Majelis Ulama Indonesia (MUI) dalam pelabelan halal masih dinilai belum efektif. Sehingga pemerintah menetapkan UU Nomor 3 Tahun 2014 tentang Jaminan Produk Halal. Melalui aturan tersebut, wewenang sertifikasi halal diberikan kepada BPJPH,  melalui Halal Center. Peran Halal Center dalam meningkatkan ekonomi halal juga memiliki berbagai tantangan baik dari sisi sumber daya manusia, kepatuhan produsen, serta perlunya kerja sama dengan intitusi yang berkaitan. Tujuan dari penelitian ini adalah untuk mengetahui peran dari halal center dalam mendongkrak ekonomi halal pada sektor industri halal Indonesia. Penelitian ini berjenis deskriptif kualitatif. Sumber-sumber penelitian yang digunakan berasal dari buku, karya ilmiah jurnal, ensiklopedia, literatur, karya ilmuan, serta website yang relevan. Objek pada penelitian ini yaitu mengenai peran halal center dalam meningkatkan ekonomi halal yang berkelanjutan di sektor industri halal. Hasil penelitian ini dapat disimpulkan bahwa peran dari halal center melalui sertifikasi, pendidikan, inovasi produk, dan pengawasan dinilai efektif dalam meningkatan ekonomi halal dalam sektor industri halal di Indonesia. Terbukti pada tahun 2020, jumlah pendaftaran sertifikasi halal sebanyak 11,103 dan pada tahun 2023 jumlahnya meningkat menjadi 155.451.

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