Journal of Islamic Economics and Finance Studies
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.
Articles
93 Documents
<![CDATA[Factors that Influence the Profits of Takaful Companies in Indonesia and Malaysia ]]>
<![CDATA[Haniatur Rofika]]>;
<![CDATA[Kurniawati Meylianingrum]]>
<![CDATA[ Journal of Islamic Economics and Finance Studies Vol 5 No 1 (2024): JIEFeS, June 2024 ]]>
Publisher : <![CDATA[Universitas Pembangunan Nasional Veteran Jakarta ]]>
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DOI: 10.47700/jiefes.v5i1.7436
<![CDATA[Islamic Financial Institutions were established as an application of Muslims' understanding of several principles in Islamic economic law and are developing every year. Takaful contributed 2 percent of total sharia financial assets in 2021; however, in 2019–2020, the development of takaful assets decreased compared to the previous year due to the COVID-19 pandemic. There are several factors that influence profit instability in takaful industry. This study will examine the factors that influence the level of profit in takaful in Indonesia and Malaysia throughout 2017–2022, acquired a sample of 11 firms and obtained secondary data for this study from the official websites of Bank Negara Malaysia (BNM) and the Financial Services Authority (OJK). Utilizing methods for quantitative research, specifically a purposive sampling approach and panel data regression modeling. The research results show that the variables premium, return on investment, risk-based capital, and claims expenses have a major favorable impact on takaful profitability, while liquidity has a major negative impact on the same. Simultaneously, the premium variables, investment returns, risk-based capital, liquidity, and claims costs simultaneously influence the profitability of takaful.]]>
<![CDATA[Behavioral Interest in Purchasing Halal Products: Exploring an Extended Theory of Planned Behavior Effect ]]>
<![CDATA[Najmudin]]>;
<![CDATA[Ahyakudin]]>
<![CDATA[ Journal of Islamic Economics and Finance Studies Vol 5 No 1 (2024): JIEFeS, June 2024 ]]>
Publisher : <![CDATA[Universitas Pembangunan Nasional Veteran Jakarta ]]>
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DOI: 10.47700/jiefes.v5i1.7627
<![CDATA[Indonesia has a large Muslim population reaching 209.1 million people or around 13.1 percent of the world's Muslim population, with the millennial generation as the largest generation, reaching 34 percent of Indonesia's population, in terms of buying behavior, the millennial generation is the subject of this study, they have a wishy-washy buying behavior, more likely to see the brand than see the halal label, so that sales of products not labeled halal are higher than products labeled halal. This study aims to determine the effect of attitude, perceived controlled behavior, subjective norms, and trust on the purchase intention behavior of halal products. The method used in this research is quantitative, with a population of millennial people in Banten Province who have consumed halal products, with a sample of 170 respondents, and the data collection technique using a questionnaire. The data was processed using Smart PLS 3.2.9 software and analyzed using the structural equation modeling (SEM) method with a partial least square (PLS) approach. The results of this study indicate that attitude and perceived controlled behavior have a significant positive effect on the purchase intention behavior of halal products, while subjective norms and trust have no effect on the purchase intention behavior of halal products. The implication of this research is that the marketing strategy for halal products must focus on increasing positive attitudes and perceived controlled behavior of consumers. Efforts to build strong brands and facilitate access to halal products are more important than relying on subjective norms and trust. Marketing policies and campaigns should emphasize personal benefits and ease of obtaining halal products to increase purchase intention among consumers.]]>
<![CDATA[Compliance of Sharia Audit in Islamic Banks and Islamic Financial Institutions in Palestine: A Literature Review ]]>
<![CDATA[Faza', Mustafa]]>;
<![CDATA[Badwan, Nemer]]>
<![CDATA[ Journal of Islamic Economics and Finance Studies Vol 5 No 1 (2024): JIEFeS, June 2024 ]]>
Publisher : <![CDATA[Universitas Pembangunan Nasional Veteran Jakarta ]]>
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DOI: 10.47700/jiefes.v5i1.7712
<![CDATA[Sharia audits are required to make sure that Islamic financial institutions adhere to Islamic sharia standards in their financial and operational activities, and that the goods and services they provide to international financial institutions do not contravene any Islamic laws. This study aims to accomplish its objectives and provide answers to its questions. To accomplish the primary objective of this research, a systematic literature review, content analysis, and descriptive techniques were employed. This study used a systematic literature review methodology to locate, evaluate, and consolidate the extant literature on the analytical topic. This study analyses the differences in the roles of internal and external auditors between (IFIs) and (IBs) while considering the subject matter of internal sharia audits and the credentials of sharia auditors. This analysis is conducted through a literature review and examination of the existing literature on sharia audit compliance and governance. Consequently, the advantages of sharia compliance audits will be increased, and upcoming legal amendments will be put in place to minimize or eliminate the danger of sharia's noncompliance. This study provides a literature review and a theoretical and conceptual understanding of sharia audit compliance in Islamic financial institutions and banks. This study proposes a theoretical framework to evaluate the importance of sharia audit governance and identifies the basic elements that affect compliance, quality, and effectiveness in Islamic banks and financial institutions in Palestine. Compliance with the Islamic sharia audit can lead to optimal benefits, and future legislative changes can be implemented to minimize or eliminate the dangers of non-compliance with sharia.]]>
<![CDATA[The Role of Religiosity, Consumer Animosity, and Ethnocentrism in Explaining the Boycott Motivation ]]>
<![CDATA[Lestari, Puji]]>;
<![CDATA[Jazil, Thuba]]>
<![CDATA[ Journal of Islamic Economics and Finance Studies Vol 5 No 1 (2024): JIEFeS, June 2024 ]]>
Publisher : <![CDATA[Universitas Pembangunan Nasional Veteran Jakarta ]]>
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DOI: 10.47700/jiefes.v5i1.7755
<![CDATA[The protracted conflict between Israel and the Palestinian Hamas group, culminating with an Israeli offensive in October 2023, has caused significant suffering to the Palestinian people. The response to the attack, including international support and a fatwa from the Indonesian Ulema Council (MUI), has prompted Indonesians to boycott products linked to Israel. This study aims to investigate the effect of religiosity, animosity and ethnocentrism on the motivation for boycotting Unilever Indonesia products related to the company's commitment to Israel, focusing on these factors. This type of research is quantitative descriptive with the SEM-PLS approach. The application used is SmartPLS version 4.0.0 with sample data used by 162 respondents through the distribution of questionnaires. The results show that the variables religiosity, consumer animosity and ethnocentrism have a positive and significant influence on the motivation to boycott Unilever Indonesia products. These findings highlight the importance of paying attention to psychological and social factors in the analysis of consumer behavior and their impact on companies and society at large. It also suggests that companies must take into account the social and political implications of their policies, as well as understand the values and beliefs underlying consumers' motivations for boycotting.]]>
<![CDATA[Zakat vs Tax: A Maqasid Sharia Perspective ]]>
<![CDATA[Pratama, Muhammad Rifky]]>;
<![CDATA[Mukhlisin, Murniati]]>;
<![CDATA[Azid, Toseef]]>
<![CDATA[ Journal of Islamic Economics and Finance Studies Vol 5 No 1 (2024): JIEFeS, June 2024 ]]>
Publisher : <![CDATA[Universitas Pembangunan Nasional Veteran Jakarta ]]>
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DOI: 10.47700/jiefes.v5i1.7846
<![CDATA[This study explores the comparison between zakat and tax within the framework of maqasid sharia perspective. Specifically, this study compares zakat and tax in terms of how effectively each system fulfills the objectives (maqasid ) of sharia such as hifz al-mal (protection of wealth), islah (rectification), hifz al-nafs (salvation of the soul), and 'adl (social justice). It aims to evaluate the extent of the impact of zakat and tax implementation on wealth distribution, poverty elimination, and the establishment of a just economic structure. Through a comprehensive analytical approach, this study evaluates the contribution of each instrument towards the realization of these objectives. A qualitative approach and a thematic literature review is adopted to explore evidences related to zakat vs tax from a maqasid sharia perspective. The result shows that zakat proves to be an effective tool in supporting equitable wealth distribution and social safety, while taxes provide consistent funding for public services. However, challenges such as compliance, transparency and fairness remain a critical focus. This research provides important insights into how the implementation of zakat and tax can be optimized to achieve the desired balance within the maqasid sharia framework.]]>
<![CDATA[Optimization of Cash Waqf-Based Crowdfunding: An Alternative Finance for Quality Education ]]>
<![CDATA[Lahuri, Setiawan Bin]]>;
<![CDATA[Lutfiah, Asti]]>
<![CDATA[ Journal of Islamic Economics and Finance Studies Vol 5 No 1 (2024): JIEFeS, June 2024 ]]>
Publisher : <![CDATA[Universitas Pembangunan Nasional Veteran Jakarta ]]>
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DOI: 10.47700/jiefes.v5i1.7918
<![CDATA[Education in Indonesia still has significant problems such as the lack of adequate learning facilities, the low quality of education, the high cost of education and the large number of students who drop out of school. The main problem of Indonesian education is the high cost of education, making it difficult for students with middle to lower economy to continue their education. Waqf as an Islamic philanthropy can be a solution to education financing, supported by the MUI Fatwa with the provision of waqf developed with sharia securities through crowdfunding platforms. The regulation of cash waqf through the MUI (Indonesian Ulema Council) Fatwa was developed following the times in Fatwa No. 140/DSN-MUI/VIII/2021 which explains waqf as one of the sharia securities as financing waqf. However, the collection of waqf funds for education financing is still not optimal. So, this research aims to provide an alternative to waqf as an Islamic social financing system that can develop the quality of education in Indonesia with the aim of SDGs (Sustainable Development Goals) in creating quality education. This research method uses library research method with literature study analysis through MUI fatwa approach. The results of this study explain the contract scheme that can make it easier for waqif to waqf through crowdfunding in the form of education financing investment, namely the wakalah bil istismar contract and the syirkah contract. However, crowdfunding for education financing is not widely applied for.]]>
<![CDATA[Trends and Developments in Contemporary Zakat Administration ]]>
<![CDATA[Muhammad, Aliyu Dahiru]]>
<![CDATA[ Journal of Islamic Economics and Finance Studies Vol 5 No 1 (2024): JIEFeS, June 2024 ]]>
Publisher : <![CDATA[Universitas Pembangunan Nasional Veteran Jakarta ]]>
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DOI: 10.47700/jiefes.v5i1.7952
<![CDATA[Zakat is a third pillar of Islam and has been considered as the mainstay of Islamic economics. It comes at the center of the five pillars of Islam, which some scholars interpret as providing balance between ibadat (worship) and muamalat (day to day human transactions). Historically it provides solutions to economic problems of the Muslims society. However, its application is reduced to individual levels with limited impact in many parts of the world. In the recent times, there is revival of the institution of zakat. Thus, the paper examines the contemporary developments on zakat particularly its potential and applications in Muslim countries and communities. The methodology adopted is content analysis with critical review of the literature. Secondary data were sourced from reports covering 2014 to 2020. The data was specifically analyzed based on the trends and potentials of zakat in Asia, Sub-Saharan Africa, North Africa and the Russian Federation. The paper finds that, zakat in many Muslim jurisdictions has the potential of alleviating poverty and drastically reducing income inequality based on international standards. The implication of the study is that Muslim countries and communities should revive zakat and apply it in their mainstream economic system to solve their socio-economic problems.]]>
<![CDATA[The Impact of Islamic Monetary Policy on Indonesia's Economic Growth ]]>
<![CDATA[Marpaung, Taufik Arnanda]]>;
<![CDATA[Imsar]]>;
<![CDATA[Tambunan, Khairina]]>
<![CDATA[ Journal of Islamic Economics and Finance Studies Vol 4 No 2 (2023): JIEFeS, December 2023 ]]>
Publisher : <![CDATA[Universitas Pembangunan Nasional Veteran Jakarta ]]>
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DOI: 10.47700/jiefes.v4i2.8034
<![CDATA[Indonesia is a Muslim-majority country with relatively low economic growth. Therefore, the success of monetary policy does not only depend on conventional instruments, but also on Islamic instruments. Islamic monetary policy instruments tend to be more related to real activities and real assets. So that increasing public awareness of Islamic principles will cause the effectiveness of Islamic monetary instruments to become stronger, which will also be followed by increased economic growth. This research aims to determine the effect of PUAS, FASBIS, and SBIS on GDP using secondary data in the form of monthly time series from 2018-2022. Data was collected using the Purposive Sampling technique, with the Quantitative Associative method. The data was processed using Eviews 9 and then analyzed using the VAR VECM method to see the long-term and short-term effects of PUAS, FASBIS, and SBIS on GDP. The results show that there is a two-way causal relationship between PUAS and FASBIS, FASBIS and GDP, SBIS and PUAS, as well as a one-way relationship between GDP and SBIS. There is a significant relationship between SATISFIED and GDP, in the long term. Meanwhile, in the short term, all variables do not have a significant effect on GDP. In the long term, the variable that is strong and dominant in influencing GDP is PUAS and has the largest composition that contributes to the GDP variable. This research provides practical and theoretical implications to increase scientific insight in the field of economics and references in making policy decisions to improve technological infrastructure and regulations that support the development of Sharia financial markets.]]>
<![CDATA[Analysis of the Contribution of Islamic Social Capital to Increasing MSMEs ]]>
<![CDATA[Isna Khairani]]>;
<![CDATA[Imsar]]>;
<![CDATA[Nasution, Muhammad Lathief Ilhamy]]>
<![CDATA[ Journal of Islamic Economics and Finance Studies Vol 4 No 1 (2023): JIEFeS, June 2023 ]]>
Publisher : <![CDATA[Universitas Pembangunan Nasional Veteran Jakarta ]]>
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DOI: 10.47700/jiefes.v4i1.8923
<![CDATA[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.]]>
<![CDATA[Does Macroeconomics and Human Development Index Affect Zakat Performance? ]]>
<![CDATA[Faris Shalahuddin Zakiy]]>;
<![CDATA[Anik Gita Yuana]]>;
<![CDATA[Alifya Nurul Falach]]>;
<![CDATA[Fitria]]>
<![CDATA[ Journal of Islamic Economics and Finance Studies Vol 5 No 2 (2024): JIEFeS, December 2024 ]]>
Publisher : <![CDATA[Universitas Pembangunan Nasional Veteran Jakarta ]]>
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DOI: 10.47700/jiefes.v5i2.7717
<![CDATA[Macro variables and the Human Development Index are among the influential factors affecting the amount ZIS collection in Indonesia. The impact has been that the realization and potential of ZIS collection are not balanced when compared to the number of Muslim populations in Indonesia. This research aims to examine the impact of macroeconomics and human development index on zakat performance in Indonesia. Zakat performance is measured using the natural log of the total receipt of ZIS obtained from 39 zakat management organizations from 2011 to 2022, totaling 206 observations. The independent variables in this study are proxied by macroeconomics (i.e., inflation and number of employed people) and human development index. The data were analyzed using a panel data estimation technique as known pooled least square. The empirical results of this study found that inflation has a negative and insignificant effect on zakat performance. Number of employed people do not affect zakat performance. Meanwhile, human development index has a positive and significant effect on zakat performance. Synergy and coordination among zakat management organizations and the socialization of zakat literacy become essential factors in realizing the potential of zakat that has not been optimally collected. Additionally, the government can create a policy-making zakat mandatory for muslim communities by implementing good governance.]]>
