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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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NPF of Islamic Rural Banks in Indonesia: Do Socio-Economic Factors and Bank Performance Matter? Aprilian, Rifky Zahrul; Sudarmawan, Barianto Nurasri
Journal of Islamic Economics and Finance Studies Vol 5 No 2 (2024): JIEFeS, December 2024
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v5i2.10307

Abstract

This study focuses on the analysis of socio-economic factors and bank characteristics that affect non-performing financing (NPF) in Islamic Rural Banks (BPRS) in Indonesia. The main problem raised is the high level of NPF which can threaten the financial stability of BPRS, even though financial inclusion continues to increase. The study uses the Panel Data Regression method, utilizing a sample of 139 BPRS registered with the Financial Services Authority (OJK) during the period 2015-2024. The results of the study show that economic inequality and operational efficiency have a significant effect on NPF, while the unemployment rate, GDP, and Financing to Deposit Ratio (FDR) do not show a significant effect. Capital Adequacy Ratio (CAR) and Return on Assets (ROA) are proven to have a significant impact on reducing the risk of non-performing financing. This finding emphasizes the importance of managing these variables to support the sustainability of BPRS in supporting financial inclusion and preventing the risk of bankruptcy.   Penelitian ini berfokus pada analisis faktor-faktor sosial ekonomi dan karakteristik bank yang memengaruhi pembiayaan bermasalah (Non-Performing Financing/NPF) pada Bank Pembiayaan Rakyat Syariah (BPRS) di Indonesia. Permasalahan utama yang diangkat adalah tingginya tingkat NPF yang dapat mengancam stabilitas keuangan BPRS, meskipun inklusi keuangan terus meningkat. Penelitian menggunakan metode Regresi Data Panel, dengan memanfaatkan sampel dari 139 BPRS yang terdaftar di Otoritas Jasa Keuangan (OJK) selama periode 2015-2024. Hasil penelitian menunjukkan bahwa ketimpangan ekonomi dan efisiensi operasional memiliki pengaruh signifikan terhadap NPF, sementara tingkat pengangguran, GDP, dan Financing to Deposit Ratio (FDR) tidak menunjukkan pengaruh signifikan. Capital Adequacy Ratio (CAR) dan Return on Assets (ROA) terbukti memiliki dampak signifikan dalam mengurangi risiko pembiayaan bermasalah. Temuan ini menegaskan pentingnya pengelolaan variabel-variabel tersebut untuk mendukung keberlanjutan BPRS dalam mendukung inklusi keuangan dan mencegah risiko kebangkrutan.
Concept of Taqiyuddîn Al-Nabhâni and Abd Al-Qadîm Zallûm on Zakat Management for National Prosperity Fahrurrozie, Rendra; Misno
Journal of Islamic Economics and Finance Studies Vol 6 No 1 (2025): JIEFeS, June 2025
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v6i1.7956

Abstract

This study explores the zakat management concepts of Taqiyuddîn Al-Nabhâni and Abd Al-Qadîm Zallûm in the context of national prosperity. It addresses two primary questions: (1) How does Al-Nabhâni conceptualize zakat for state welfare? and (2) How does Zallûm view zakat within a state framework? Utilizing a qualitative approach through library research and content analysis of their primary works, the study finds that both scholars emphasize the state's role in the collection and distribution of zakat through a centralized bait al-mal institution. While national priorities are acknowledged, the majority of zakat is intended for localized distribution to the eight eligible categories (asnaf) as outlined in Islamic law. The findings suggest that integrating classical Islamic frameworks into modern zakat administration can enhance public trust and governance. This model presents a potential alternative for improving zakat management in Indonesia, combining sharia compliance with institutional accountability and social impact.
An Analysis of Productive Zakat Implementation from the Perspective of Shariah Enterprise Theory: A Case Study of Baznas Sukabumi City Ulum, Wildan Fathul; Sujatna , Yayat
Journal of Islamic Economics and Finance Studies Vol 6 No 1 (2025): JIEFeS, June 2025
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v6i1.9435

Abstract

Zakat as a form of worship is governed by Sharia law, and its management must prioritize adherence to Sharia principles over purely economic considerations. This study aims to analyze the implementation of productive zakat for micro, small, and medium enterprises (MSMEs) by Baznas (National Zakat Agency) of Sukabumi City, using the framework of Sharia Enterprise Theory (SET). A descriptive qualitative approach was employed, utilizing interviews, observations, and document analysis. The data analysis process involved data reduction, data display, and conclusion verification. The findings reveal that the productive zakat program is implemented in six distinct stages. Among these, the verification and field review stages, as well as the monitoring and mentoring stages, emerged as the most critical. The study concludes that the program fulfills all dimensions of the Sharia Enterprise Theory, namely accountability to Allah SWT, to direct stakeholders, to indirect stakeholders, and to the environment. However, the research also identifies areas for improvement, particularly in accountability to indirect stakeholders. This is reflected in the limited progress of mustahik-run businesses and the suboptimal dissemination of Baznas reports. Website accessibility and public engagement efforts, such as outreach in open community spaces, remain limited. The study underscores the need to strengthen accountability mechanisms for indirect stakeholders, especially mustahik (beneficiaries) who receive microenterprise funding. It also highlights the importance of enhancing the visibility of Baznas' reporting activities through improved utilization of digital platforms—such as websites and social media—and through regular public outreach initiatives.
Integration of Maqashid Shariah Values and SDGs in Food Management: A Qur'an-Based Conceptual Study Rofiq, Mokhammad Ainur; Khusnudin
Journal of Islamic Economics and Finance Studies Vol 6 No 1 (2025): JIEFeS, June 2025
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v6i1.10121

Abstract

Food security remains a critical challenge both globally and in Indonesian, marked by persistent hunger, unequal distribution, and environmental degradation. Maqashid shariah, the ultimate objective of Islamic law, provides a holistic framework through the preservation of life (hifz an-nafs), wealth (hifz al-mal), and the environment (hifz al-bi'ah). This study explores how the core of Qur'anic-based maqashid shariah values - halal-thayyib, equitable distribution, and sustainability - align with the Sustainable Development Goals (SDGs), specifically Zero Hunger (SDG 2) and reducing inequality (SDG 10). Employing a thematic interpretation (mawdu'i) approach, Qur'anic verses and commentaries from classical and Indonesian scholars the findings reveal that maqashid shariah underpin the foundation of an ethical food system by promoting instruments such as zakat, infaq, and sadaqah, which facilitate equitable access and ecological balance. The study proposes a conceptyal model integrating hifz an-nafs, hifz al-mal, and hifz al-bi'ah with the multidimensional aspect of food security, grounded in Qur'anic directives on food access, wealth redistribution, and environmental stewardship. This research offers a novel framework for sustainable food systems in Indonesia and presents practical implications for zakat-based food programs and sustainable agriculture policies, especially through stakeholders such as the National Zakat Agency (BAZNAS).
The Impact of Liquidity and Profitability on Shareholders’ Equity: Evidence from the Iraqi Stock Exchange Sangawi, Shakhawan Saeed; Salih, Kaiwan Hasan; Ahmad, Kadhm Kamal
Journal of Islamic Economics and Finance Studies Vol 6 No 1 (2025): JIEFeS, June 2025
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v6i1.10222

Abstract

Despite the extensive body of research on shareholder value in equilibrium markets, the relationship between liquidity, earnings volatility, and shareholder returns in the Iraqi Stock Exchange remains understudied. This market is characterized by economic sanctions, currency fluctuations, and sectoral imbalances. To address this research gap, this study investigates the impact of liquidity and earnings on shareholders’ equity, focusing on manufacturing companies listed on the Iraqi Stock Exchange during the period 2018–2022. A quantitative research design was employed, utilizing purposive sampling to select 10 Iraqi manufacturing companies whose annual audited financial statements were publicly available on the stock exchange. The analysis was conducted using panel multiple linear regression (EGLS) in EViews 12. The findings reveal that working capital management has a significant positive effect on shareholders’ equity. This suggests that effective working capital management can enhance shareholder value by improving profitability, liquidity, and operational efficiency, thereby increasing the firm’s overall value. Conversely, the study finds that profit does not have a significant impact on shareholders’ equity, indicating that short-term liquidity efficiency may exert a more immediate influence on stock performance than profitability levels. Moreover, the current ratio shows a significant positive effect on shareholders’ equity, which may reflect excessive liquidity resulting from overinvestment in unprofitable or idle assets—an effect that could potentially reverse in the future. The research model explains 93.86% of the variance in shareholders’ equity as accounted for by the independent variables. In conclusion, this study provides a comprehensive understanding of the financial management strategies and techniques that influence shareholder value in emerging and volatile markets such as Iraq.
Convergence or Divergence: Comparative Analysis of Sustainable Development Goals (SDGs) and Islamic Economic Principle Yusuf, Jamiu Adeniyi; Araoye, Sikiru Okunlade; Ayuba , Ismail Aderole; Oladapo, Rauf Mumini; Tunde , Muhammed Azeem; Bolaji, Akinola Abdulbaaki
Journal of Islamic Economics and Finance Studies Vol 6 No 1 (2025): JIEFeS, June 2025
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v6i1.10373

Abstract

This study investigates the convergence and divergence between the Sustainable Development Goals (SDGs) and Islamic economic principles, with a focus on their shared priorities and areas of tension. The primary objective is to analyze how the ethical and operational frameworks of Islamic economics align with the global SDG agenda, particularly in the domains of poverty alleviation, environmental sustainability, and social justice. A case study methodology was employed, incorporating qualitative thematic analysis using NVivo software alongside theoretical comparative analysis to provide a comprehensive perspective. The findings reveal substantial alignment in ethical foundations, exemplified by the emphasis on equitable wealth distribution through instruments such as zakat and waqf, which correspond to SDG Goal 1 (No Poverty) and Goal 10 (Reduced Inequalities). However, notable divergences emerge, particularly regarding gender equality (Goal 5) and environmental governance frameworks (Goal 13). Key challenges identified include regulatory constraints, varying cultural interpretations, and a lack of empirical data on the impact of Islamic finance in advancing SDG targets. The study concludes that while Islamic economic principles offer significant potential for supporting SDG implementation, their scalability and effectiveness require strategic partnerships, contextual adaptation, and the development of robust data frameworks. Policy recommendations include fostering interfaith and policy dialogues, strengthening institutional capacities, and integrating Islamic financial instruments into national development strategies.
Use of Istijrar Contract as Financing Model for Islamic Banks in Türkiye Gürler, Safiye Sena Baytan; Kayadibi, Saim
Journal of Islamic Economics and Finance Studies Vol 6 No 1 (2025): JIEFeS, June 2025
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v6i1.10646

Abstract

This research examines the istijrar contract as a potential solution to the operational and Shariah compliance challenges commonly encountered in murabahah-based financing, particularly in scenarios involving continuous and repeated purchases. Such flexible purchasing arrangements often generate complexities and elevate compliance risks. To address these issues, the study adopts a structured literature review methodology, implemented in three stages. First, it reviews scholarly debates concerning the Shariah compliance of the istijrar contract. Second, it assesses existing global practices. Third, it analyzes Turkish practices and legal regulations, critically examining the discussions and models at each stage to identify the most suitable adaptation for implementation in Türkiye. Key findings highlight the absence of standardized frameworks in both global and Turkish contexts, along with the limited practical application of istijrar in Türkiye’s Islamic banking sector. In response, this research synthesizes these insights to develop a structured and independent istijrar model specifically tailored to the Turkish Islamic banking environment. It is anticipated that this model will enable Islamic banks to more effectively finance customers engaged in production and trade activities, thereby supporting the growth of the real economy.
Equitable and Sustainable Economy: A Study on the Relevance of the Low-Carbon Economy to Maslahah Mursalah Ulya, Husna Ni'matul; Humaidi, Muchtim; Abdullah, Umar; Frafika Sari, Ima
Journal of Islamic Economics and Finance Studies Vol 6 No 1 (2025): JIEFeS, June 2025
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v6i1.10754

Abstract

This study examines the environmental consequences of unsustainable economic growth by exploring the alignment between low-carbon economic initiatives and the Islamic principle of maslahah mursalah. The research is motivated by widening the gap between environmental degradation and ethical responsibility in economic development. The objective is to analyze how low-carbon policies correspond with Islamic economic objectives grounded in the pursuit of public benefit. This study employs a qualitative research approach, using documentary analysis, of policy documents, academic literature, and reports on low-carbon economic policies and maslahah mursalah. Through content analysis, this study investigates the relationship between low-carbon economic objectives and maslahah mursalah by identifying key themes and patterns in the literature. The findings reveal that low-carbon policies, which aim to reduce emissions and foster sustainable growth are consistent with maslahah mursalah as they prevent environmental harm that threatens human week-being. These policies address maslahah across the levels of dharuriyah (necessities), hajiyyat (complementary needs), and tahsiniyyat (enhancements). Furthermore, transitioning to a low-carbon economy supports   long-term economic resilience and ecological balance, thereby reinforcing the ethical obilation to safeguard the welafare of future generations. This study contributes to the field of Islamic economic by demonstrating the applicability of maslahah mursalah in confronting contemporary environmental and developmental challenges.
Digital Transformation in Indonesian Halal Industrial Zones Suganda, Asep Dadan; Euis Amalia; Muhammad Maksum; Nur Rohim
Journal of Islamic Economics and Finance Studies Vol 6 No 1 (2025): JIEFeS, June 2025
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v6i1.10834

Abstract

Digital transformation has become a strategic imperative for enhancing the competitiveness of Indonesia’s halal industrial zones in an increasingly dynamic and transparency-driven global market. This study investigates the application of digital technologies—namely Blockchain, the Internet of Things (IoT), and Artificial Intelligence (AI)—within halal industrial areas, while identifying key challenges, emerging opportunities, and strategic development pathways. Adopting a qualitative exploratory approach, the research involved semi-structured interviews with five key informants, including industrial zone managers, officials from the Halal Product Assurance Agency (BPJPH), and representatives of halal-oriented small and medium enterprises (SMEs). Additional data were collected through on-site participant observation and document analysis of relevant policies and technical reports. Thematic analysis was employed to examine the qualitative data, followed by interpretation through a SWOT framework, which was subsequently integrated into a TOWS matrix to formulate strategic recommendations. The findings highlight three primary challenges: digital inequality among industrial zones, resistance to technology adoption, and inadequate infrastructure. These issues underscore the urgent need for regulatory harmonization by the government, increased investment in infrastructure and digital literacy by industry stakeholders, and enhanced academic engagement in Shariah-compliant digitalization research. The study proposes several actionable recommendations, including the establishment of public–private partnerships (PPPs), the implementation of certified digital training programs for halal SMEs, the creation of halal technology incubators, and the development of national standards for halal-related digital technologies. Overall, this research contributes to the discourse on building a digitally integrated, transparent, and sustainable halal industrial ecosystem in Indonesia.
Liquidity and Leverage Impact on Islamic Bank Value: A Test on Multigroup Moderated Mediation Effect Ahmad, Yusuf Falaqi; Ekowati, Vivin Maharani; Meldona
Journal of Islamic Economics and Finance Studies Vol 6 No 1 (2025): JIEFeS, June 2025
Publisher : Universitas Pembangunan Nasional Veteran Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47700/jiefes.v6i1.10869

Abstract

Firm value is a critical indicator for evaluating a company's performance and future prospects in the market. Factors such as liquidity, leverage, and dividend policy can influence firm value, particularly in the Islamic banking sector, which is characterized by distinct financial management principles. This study aims to examine the impact of liquidity and leverage on firm value, with profitability serving as a mediating variable and dividend policy as a moderating variable. The analysis focuses on Islamic Commercial Banks in Indonesia, Pakistan, and Bangladesh over the period 2019–2023. A quantitative research approach is employed, utilizing Moderated Regression Analysis (MRA) and Path Analysis. The sample comprises financial statement data from Islamic Commercial Banks in the three countries. The independent variables are liquidity, measured by the Current Ratio (CR), and leverage, measured by the Debt to Equity Ratio (DER). The dependent variable is firm value, proxied by the Price to Book Value (PBV). Profitability, measured by Return on Assets (ROA), functions as the mediating variable, while the Dividend Payout Ratio (DPR) represents the moderating variable. he findings reveal that both liquidity and profitability have a significant positive effect on firm value, while leverage exerts a significant negative effect. Profitability mediates the relationship between leverage and firm value but does not mediate the relationship between liquidity and firm value. Additionally, dividend policy does not moderate the effect of either liquidity or leverage on firm value. These results suggest that Islamic bank management should prioritize enhancing liquidity and profitability to improve firm value, while also exercising caution in managing leverage due to its adverse impact. Furthermore, as dividend policy does not function effectively as a moderating mechanism, strategies aimed at increasing firm value should focus more on strengthening fundamental financial performance.

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