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Eko Fajar Cahyono
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Islamic Economics Departement Faculty Of Economics and Bussines Universitas Airlangga Jl. Airlangga No. 4-6, Surabaya 60286, Indonesia Telp. 031-5033642, 031-5036584 ext. 144, Fax 031 026288
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Airlangga International Journal of Islamic Economics and Finance
Published by Universitas Airlangga
ISSN : 25799169     EISSN : 26158205     DOI : 10.20473/aijief.v3i2.23878
Core Subject : Economy,
Economics, Econometrics & Finance
Airlangga International Journal of Islamic Economic and finance (AIJIEF) publishes quality and in-depth analysis of current issues within Islamic finance and Islamic economics. The journal welcomes robust evidence-based empirical studies and results-focused case studies that share research in product development and clarify best practices. The central theme of the paper received in Airlangga International Journal of Islamic Economics and finance (AIJIEF) is the study of international Islamic economics and international Islamic finance. What is meant by the theme is a case study of Islamic economics and Islamic finance in the Asia Pacific region, especially Southeast Asia, or a case study of Islamic economics and Islamic wear that occurs in member countries of the Islamic Conference Organization. All the main themes mentioned in the previous paragraph Airlangga International Journal of Islamic Economic and Finance (AIJIEF) also accept papers with the themes of Islamic economics and Islamic finance. The spread of Islamic finance and Islamic economics include: 1. Islamic finance: Fundamentals, trends, and opportunities in Islamic Finance Islamic banking and financial markets Risk Management Corporate finance Investment strategy Islamic Sosial Finance Financial Planning Housing Finance Legal and regulatory issues 2. Islamic economics: Islamic Microeconomy Islamic Macroeconomy Islamic Monetary Economy Zakah, Waqf and Sadaqoh Economics of Natural Resource and Environment in Islamic Economics
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 80 Documents
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HOW DO GEN Z MUSLIM CONSUMERS DECIDE TO PURCHASE UMAMA SCARF HIJABS ONLINE? Sayuti, Vina Nur Anis; Subagio, N. Ari; Amijaya, Rachmania Nurul Fitri
Airlangga International Journal of Islamic Economics and Finance Vol. 8 No. 01 (2025): JANUARY-JUNE 2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v8i01.66284

Abstract

The large number of Muslim populations in Indonesia provides a large consumer potential for the business world. This can be seen from the many businesses that are now trying to meet consumer needs for sharia products and services, one of which is wearing the hijab. The purpose of this study was to analyze the significant influence of electronic word of mouth, influencer marketing, sales promotion and price on the purchasing decisions of generation Z Muslim consumers on the Umama Scarf hijab product. The sampling technique in this study used purposive sampling. The population in this study were generation Z Muslim consumers in Jember Regency who had made online purchases of the Umama Scarf hijab product twice. This study used multiple linear regression analysis methods. The results showed that the variables electronic word of mouth, influencer marketing, sales promotion and price had a significant effect on increasing purchasing decisions. This shows that generation Z pays attention to the intensity, content, and reviews of consumers who have purchased the Umama scarf hijab online. Purchasing decisions are influenced by the needs factor felt by generation Z in terms of decisions and how consumers experience information about the Umama Scarf hijab product from influencers. By offering discounts, free coupons to create better prices to increase purchasing decisions.
CORPORATE SUKUK INDONESIA RESPONSE ON MACROECONOMIC CHANGES Toni Prihandoko; Sunaryati
Airlangga International Journal of Islamic Economics and Finance Vol. 8 No. 01 (2025): JANUARY-JUNE 2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v8i01.68249

Abstract

This study investigates the short-term and long-term responses of changes in macroeconomic variables including exchange rate (EXC), interest rate (IR), inflation (CPI), money supply (JUB), and world oil price (WTI), to the outstanding value of corporate sukuk in Indonesia (SKK) from January 2011 to December 2022. The regression method used is with the Error Correction Model (ECM). The results obtained in this study that in the short term exchange rates, interest rates, inflation, the amount of money in circulation, and the world oil prices have no influence on the outstanding value of Indonesian companies. In the long run, it was found that the exchange rate had a significant negative effect, the money supply had a significant positive influence, while interest rates, inflation and world oil prices did not affect the outstanding value of Indonesian company sukuk.
ANALYSIS OF INTERNAL FACTORS ON THE STABILITY OF THE SHARIA BANKING SYSTEM IN INDONESIA Vadilla, Putri; Zainuri
Airlangga International Journal of Islamic Economics and Finance Vol. 8 No. 01 (2025): JANUARY-JUNE 2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v8i01.68532

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh rasio pembiayaan bermasalah atau biasa disebut NPF dan rasio pembiayaan terhadap dana pihak ketiga yang diterima perbankan atau biasa disebut FDR terhadap stabilitas perbankan syariah di Indonesia. Metode analisis yang digunakan adalah analisis regresi data panel dengan menggunakan STATA 15 dan Aggregate Financial Stability Index sebagai proksi stabilitas. Hasil penelitian menunjukkan bahwa rasio pembiayaan bermasalah memiliki pengaruh negatif dan signifikan terhadap stabilitas perbankan syariah di Indonesia. Sementara itu, rasio pembiayaan terhadap dana pihak ketiga yang diterima perbankan tidak memiliki pengaruh terhadap stabilitas perbankan syariah di Indonesia .
EFFECTIVENESS OF USING THE SYARIAH PAYMENT GATEWAY LINKAJA SYARIAH PLATFORM IN INCREASING DIGITAL REVITALIZATION AND PROFITS OF MSMES Walid In'am Ahmad; Achmad Fageh
Airlangga International Journal of Islamic Economics and Finance Vol. 8 No. 01 (2025): JANUARY-JUNE 2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v8i01.70806

Abstract

This study aims to analyze the benefits of using a Sharia payment gateway in encouraging digitalization, especially for MSMEs, through the LinkAja Syariah application. The method used is a qualitative approach based on literature studies from various journals and relevant articles. The results of the study show that the adoption of the Sharia digital payment system has increased significantly, reflected in the growth of LinkAja Syariah users by 1.6 million from 2020 to 2024, with a total reaching 10 million users. This digitalization supports time efficiency, and more accurate financial records, and facilitates QRIS payments, Sharia bank transfers, and ziswaf payments. Even without primary data, the increase in indicators such as cash deposit and withdrawal transactions (53–65%) and the increase in LinkAja Syariah revenue by 23% in 2023 show the potential for increasing MSME profitability through the use of this technology.
FAITH FINANCE AND THE FUTURE: THE UNFOLDING STORY OF PARTICIPATION BANKING IN TÜRKİYE Bayram , Orkun; ADIGÜZEL, SELMİNAZ
Airlangga International Journal of Islamic Economics and Finance Vol. 8 No. 01 (2025): JANUARY-JUNE 2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v8i01.71275

Abstract

Participation banking is a banking transaction that doesn’t generate profit or loss, provides economic financing for commercial transactions, financing for production activities, shares its profit and loss with the customer, and conducts all banking transactions except interest. Islamic Finance is a system where economic activities are carried out in accordance with Sharia law (Islamic law) and businesses and individuals collect capital in accordance with Islamic rules. Riba, gharar, and gambling are prohibited in this financial system. Obtaining income from illegal sales of pornography, lethal weapons, alcohol, and pork, which are not approved by Sharia law, is legal. Ethical, social responsibility work and transactions that will provide social benefit are carried out in accordance with Sharia law. The prohibition of interest in Islamic belief has led to the establishment of interest-free banks. Participation banks, which evaluate the funds they receive from entrepreneurs in investment transactions, share their equity capital, profit and loss with their customers. The purpose of this research is to conduct research on the emergence of the idea of participation banking in Türkiye and participation banks operating in Türkiye. The concept of banking, various banking, the emergence of participation banking and participation banks operating in Türkiye will be discussed in the research.
DOES ZAKAT AS AN ISLAMIC SOCIAL FINANCE INSTRUMENT, MAINTAIN PUBLIC PURCHASING POWER? Fitriani, Fitriani; Wahab, Abd.; Herianingrum, Sri
Airlangga International Journal of Islamic Economics and Finance Vol. 8 No. 02 (2025): July-December 2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v8i02.71229

Abstract

The decrease in public purchasing power within Indonesian society in 2024 has emerged as a critical issue that may precipitate a broader economic crisis. This study aims to examine the function of zakat in enhancing public purchasing power and fostering economic stability through wealth redistribution. Zakat, as an Islamic social financial mechanism, has the potential to mitigate income inequality by augmenting the financial resources of marginalized groups, thereby increasing their aggregate expenditure. This study utilizes a literature review approach, adhering to the PRISMA model to systematically identify and analyse relevant articles. The findings suggest that productive zakat, which prioritizes economic empowerment through the allocation of business capital and training, exerts a substantial influence on the long-term economic independence of its beneficiaries. Moreover, zakat operates as an automatic stabilizer within the economy, aiding in the maintenance of public purchasing power, particularly during periods of economic strain. This study corroborates the hypothesis that zakat functions as a mechanism for income redistribution and has a multiplier effect that increases demand for goods and services, thereby promoting inclusive economic growth. Therefore, zakat has the potential to function as a strategic solution for enhancing public purchasing power, maintaining economic stability, and strengthening overall socio-economic resilience. Keywords: Zakat, Purchasing Power, Economic Stability, Economic Empowerment, Islamic Economics.
DIGITAL TRANSFORMATION OF ISLAMIC FINANCIAL SERVICES: THE DIRECT IMPACT OF ISLAMIC DIGIBANK AND FINTECH ON TRUST AND INVESTMENT INTEREST Masalingi, Abdurrahman; Sopingi, Imam
Airlangga International Journal of Islamic Economics and Finance Vol. 8 No. 02 (2025): July-December 2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v8i02.74868

Abstract

This study investigates the influence of Islamic Digital Banking and Islamic Fintech on trust and investment interest, while also testing the mediating role of trust within these relationships. Employing a quantitative approach with path analysis through the Partial Least Squares (SmartPLS) method, the research involved 123 student members of the Islamic Economic Studies Forum (FoSSEI) in East Java as respondents. The results indicate that both Islamic Digital Banking and Islamic Fintech significantly enhance trust and directly increase investment interest, with trust functioning as a crucial mediator that connects the adoption of sharia-based digital financial services with investment behavior among young Muslims. Theoretically, these findings enrich the body of knowledge in Islamic digital finance by illustrating the interaction between technological innovation and spiritual values in shaping financial decision-making, while practically, they provide recommendations for regulators, financial institutions, and fintech developers to prioritize sharia digital literacy and design inclusive, ethical, and youth-oriented financial platforms. Despite these contributions, the study is limited by its relatively small and localized sample and by the use of cross-sectional data, which may restrict the generalizability of results and prevent observation of behavioral changes over time. Accordingly, future research is encouraged to adopt larger and more diverse samples, employ longitudinal or experimental methods, and consider additional variables such as religiosity, literacy, or risk perception to deepen understanding of Islamic digital finance. Overall, the research highlights that trust serves as a strategic cornerstone in linking Sharia-compliant financial technology with sustainable investment participation. Keywords: Investment Interest, Islamic Digital Banking, Islamic Fintech, Path Analysis, Trust
OPTIMIZING SHARIA INVESTMENT PORTFOLIOS USING MODERN PORTFOLIO THEORY: A CASE STUDY OF ICBP AND SIDO IN INDONESIA STOCK MARKET Rinaima, Chetrine Alya; Fauziyah, Nur; Kamilah, Athia Nur
Airlangga International Journal of Islamic Economics and Finance Vol. 8 No. 02 (2025): July-December 2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v8i02.74926

Abstract

This study evaluates the benefits of portfolio diversification by examining the relationship between the returns of Sido Muncul Tbk (SIDO) and Indofood CBP Sukses Makmur Tbk (ICBP) using Modern Portfolio Theory (MPT). Daily closing prices from October 1, 2023, to September 30, 2024, were analyzed. Daily returns were calculated and assessed using descriptive statistics, Pearson correlation, and mean–variance optimization to construct the efficient frontier and identify the optimal allocation. The results show ICBP offers a lower return (6.25%) and lower risk (1.92), while SIDO provides a higher return (7.35%) with slightly higher risk (1.97). Portfolio optimization suggests a 50/50 allocation yields the most balanced outcome, minimizing risk (1.46) while maintaining a solid return (6.80%). The low correlation (0.13) between the two stocks highlights significant diversification benefits. Practical implications include providing Shariah-compliant investors with empirical guidance to build efficient portfolios that balance return and risk. The study is limited by its use of only two stocks and a one-year observation period, which may affect the generalizability of results to broader market conditions. Keywords: Modern Portfolio Theory, Portfolio Optimization, Efficient Frontier, Islamic Investment, Investment Decision-Making
DO SHARIA MUTUAL FUNDS, SHARIA BONDS (SUKUK), AND SHARIA STOCKS AFFECT INDONESIA'S ECONOMIC GROWTH? Khoirunisa, Nabilla; Amijaya, Rachmania Nurul Fitri; Santoso, Edy
Airlangga International Journal of Islamic Economics and Finance Vol. 8 No. 02 (2025): July-December 2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v8i02.76697

Abstract

The growth of investment instruments is not always in line with national economic growth. This phenomenon raises questions about how much real influence Islamic capital market instruments have on Indonesia's economic growth. This study aims to examine the influence of sharia mutual funds, sharia bonds (sukuk), and sharia stock on Indonesia's economic growth from 2011-2024. This study uses a quantitative approach with Ordinary Least Squares (OLS) methods, multiple linear regression. The data used is quarterly time series data, with the sharia mutual fund indicator represented by the Net Asset Value (NAB), sukuk by the total issuance of corporate sukuk, and sharia stocks by the market capitalization of the Jakarta Islamic Index (JII). The results of the study show that, partially, sharia mutual funds and sharia stocks have a positive and significant effect on economic growth. However, Islamic bonds (sukuk) do not have a significant impact on economic growth. Keywords: Sharia Mutual Funds, Sharia Bonds, Sukuk, Sharia Stocks, Economic Growth
HOW SHARIA MICROFINANCE INFLUENCES INFORMAL SECTOR ENTREPRENEURSHIP IN INDONESIA? Arsyad, Ahmad; Ramadhanty, Rifka Putri; Ryandono, Muhammad Nafik Hadi; Timur, Yan Putra
Airlangga International Journal of Islamic Economics and Finance Vol. 8 No. 02 (2025): July-December 2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v8i02.78719

Abstract

This study examines the impact of Islamic microfinance on informal businesses in Indonesia, controlling for conventional bank credit, education, population density, and per capita income. Using panel data from 34 provinces (2013–2024) and a Fixed Effects regression model, the analysis shows that Islamic microfinance has a positive but insignificant effect on informal business numbers. Conventional credit also has an insignificant negative effect, while higher education significantly promotes informal entrepreneurship. Population density has a negative but insignificant impact. The findings suggest that education is the key driver of informal sector dynamics, whereas financial access—both Islamic and conventional—faces structural limitations. Strengthening human capital, expanding inclusive financing, and supporting the formalization of informal enterprises are crucial for inclusive development in line with Islamic economic principles. Keywords: Islamic Microfinance, Informal Sector, Education, Population Density

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