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AL-ARBAH: Journal of Islamic Finance and Banking
Published by Universitas Islam Negeri Walisongo Semarang
ISSN : 27163946     EISSN : 27162575     DOI : 10.21580/al-arbah
Core Subject : Economy,
Economics, Econometrics & Finance
AL-ARBAH: Journal of Islamic Finance and Banking is a peer-reviewed journal, published biannually by Department of Sharia Banking, Faculty of Islamics Economics and Business, Universitas Islam Negeri (UIN) Walisongo Semarang Indonesia. This journal is peer-reviewed journal by English language published twice a year (October and April) and specializes in Islamic Finance, Islamic Banking, and Islamic Finance Institutions.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Keuangan
Articles 7 Documents
 1 
Search results for , issue "vol. 8 no. 2 (2026)" : 7 Documents clear
Carbon Credit Project Financing through Productive Waqf and Corporate Social Responsibility Syahrir Akbar; Rehan Perdana Putra; Novriyanti
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 8 No. 2 (2026)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2026.8.2.29909

Abstract

Purpose - This study aims to develop an alternative financing model that integrates productive waqf and CSR to support sustainable carbon credit projects as a response to the climate crisis. Method - The study adopts a qualitative descriptive approach using a literature review. Data are analyzed through thematic analysis, SWOT analysis, and meta-synthesis to identify key patterns, strategic positioning, and conceptual integration of carbon credit financing. Result - The findings indicate that Indonesia’s carbon credit ecosystem has substantial growth potential, particularly for NbS projects. Carbon credit projects can be classified based on their characteristics and emission reduction capacity. Integrating productive waqf instruments, such as CWLS and CWLD, with CSR funding offers a sharia-compliant and sustainable financing model. Although challenges remain, including bureaucratic complexity and public trust issues, strong government support and Indonesia’s large waqf potential provide significant implementation opportunities. From a sharia perspective, the application of ba’i al-huquq al-ma’nawiyah supports the permissibility of carbon trading. Implication - This model offers strategic guidance for governments, CSR-oriented firms, financial authorities, and nazir institutions to mobilize Islamic social finance for environmental protection and climate mitigation. Originality - This research proposes a carbon credit financing model by uniquely integrating productive waqf with CSR in a practical and sustainable ecosystem. Keywords: Carbon Project, Productive Waqf, Corporate Social Responsibility, Finance
Dynamic Impact of Stokvel Savings and Banking Sector Size in South Africa: an ARDL Approach Lindiwe Ngcobo
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 8 No. 2 (2026)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2026.8.2.31528

Abstract

Purpose - The study examined the impact stokvel savings and banking sector size using ARDL bound test approach to cointegration. Method  - Using quarterly time series secondary data ranging from 2009Q4 to 2020Q2. Data were subjected to unit root analysis to ensure that they were integrated of order zero (I(0)) before regressing the variables in the specified models. Result - The F-statistic value for the linear ARDL and the asymmetric ARDL, bounds test result shows evidence of cointegration among dependent variables because the computed asymmetric ARDL F-statistic values exceed the tabulated value of the upper bound at the 5% level of significance. Therefore, there is no cointegration between the dependent and the independent variables. Therefore, the study failed to reject the null hypothesis of no cointegration amongst the variables in the lower bound. The negative coefficient of the ECT(-1) shows that the relationship between stock savings and banking sector size are cointegrated.  It is evident that there is an inconclusive debate on the drivers of banking sector’s size. Implication - This study contributes to this debate by introducing variable, stokvel savings. A similar study can be conducted with inclusion of all banks that make up the banking sector and their impact on South Africa’s economic growth. Originality - The objective of the study examined the impact of stokvel savings and banking sector size using ARDL bound test approach to cointegration. Keywords: Stokvel savings, Banking sector size, Gross domestic product, Money supply, ARDL, South Africa
The Impact of Islamic Finance Development on Economic Performance: A Driscoll-Kraay Panel Analysis of 30 Countries Eko Gondo Saputro
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 8 No. 2 (2026)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2026.8.2.31545

Abstract

Purpose - This study investigates the relationship between Islamic finance development and economic performance in 30 countries during the period 2014 to 2023. Method  - This study employs a panel regression approach, utilizing Driscoll-Kraay standard errors to address cross-sectional dependence, heteroskedasticity, and autocorrelation. Economic performance is proxied by real GDP at constant prices, while Islamic finance development is measured using the Islamic Finance Country Index (IFCI). Additionally, FDI net inflows, unemployment rate, and the HDI serve as control variables. Result - The findings reveal a significant positive link between Islamic Finance development (IFCI) and economic performance in both models. HDI has a strong positive effect in both models, while the unemployment rate affects only model 2 negatively. FDI is not significant in either model. Implication - This study suggests stronger institutional and regulatory support for Islamic finance development. Clear policy, strong governance, and readiness help to maximize Islamic finance development's positive impact on economic performance. Originality - This study extends the literature by employing the Islamic Finance Country Index (IFCI) as a comprehensive indicator of Islamic finance development across countries. Furthermore, it provides novel cross-country evidence on the relationship between Islamic finance development and economic performance in 30 countries. Keywords: Economic Performance, Islamic Finance Development, Islamic Finance Country Index (IFCI), Panel Regression Model, Driscoll-Kraay
Factors that Influence Usage of Financial Services in South Africa Loyiso Maciko
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 8 No. 2 (2026)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2026.8.2.31791

Abstract

Purpose - The differential factors that influence access to and usage of financial services in rural and urban South Africa were examined in this study, highlighting the distinct challenges faced by each population. Method  - Drawing on data from FinScope surveys conducted across nine South African provinces from 2012 to 2017, binomial logistic regression was used to investigate how various factors affect financial inclusion. Result - The findings indicate marked differences between rural and urban areas. Rural residents are more likely to encounter barriers associated with geographic isolation, larger household sizes, lower levels of educational attainment and greater distance from financial institutions. By contrast, urban residents benefit from closer proximity to services, yet disparities in the usage of financial services persist, particularly in relation to gender, employment status and perceptions of banking costs. Implication - The results underscore that financial inclusion strategies cannot be applied uniformly across rural and urban areas. Targeted interventions are required to address the specific barriers faced by each group. Originality - The originality of this study lies in its integrated framework, which simultaneously analyses traditional factors and emerging factor. This comprehensive approach moves beyond fragmented analyses found in prior research by offering a holistic understanding of financial service usage in South Africa. Keywords: Financial inclusion, Financial literacy, Access, Usage
Sustainability Practices and Profitability of Islamic Commercial Banks in Indonesia Nur Hafidhoh Nur Hafidhoh; Wasyith Wasyith; Nur Fatoni Nur Fatoni
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 8 No. 2 (2026)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2026.8.2.31635

Abstract

Purpose - This study aims to examine the influence of green banking practices, banking zakat, and Corporate Social Responsibility (CSR) disclosures on the Return on Assets (ROA) of Islamic Commercial Banks (Bank Umum Syariah/BUS) in Indonesia during the 2021–2024 period. Method - A quantitative approach is employed using secondary data collected through documentation methods, encompassing sustainability reports, annual reports, and audited financial statements published by each sampled Islamic Commercial Bank. Panel data regression analysis was performed using EViews 12, with model selection guided by the Chow test, Hausman test, and Lagrange Multiplier test. Result - Green banking and Corporate Social Responsibility (CSR) do not exert a statistically significant influence on ROA. In contrast, banking zakat demonstrates a positive and significant effect on ROA. Jointly, the three independent variables do not significantly explain variation in ROA, as indicated by the relatively low coefficient of determination (R² = 17.82%). Implication - The findings offer practical insight for Islamic banking managers and regulators regarding the limited short-term financial impact of green banking and CSR initiatives, while underscoring the strategic value of zakat management as a profitability-enhancing instrument. Originality - This study contributes to the literature by simultaneously testing green banking, banking zakat, and CSR against Islamic Commercial Bank profitability over the most recent available period (2021–2024), revealing a differentiated impact structure in which only banking zakat yields a significant positive effect on ROA. Keywords: Green Banking, Banking Zakat, Corporate Social Responsibility, Return on Assets, Islamic Commercial Banks, Triple Bottom Line; ESG, Panel Data
Fiscal Policy and Economic Growth in Iraq: An ARDL Analysis of an Oil-Dependent Economy (2004 2024) Thaer Mohammed Nsaif; Akram Salih Yousif; Mamon Adam Maarof
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 8 No. 2 (2026)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2026.8.2.31977

Abstract

Purpose - This study explores how fiscal policy influences economic growth in Iraq during the period 2004–2024, with a particular focus on the challenges faced by oil-dependent economies. Method - To achieve this objective, the study applies the ARDL model to examine both short-term adjustments and long-term relationships using annual time-series data. The analysis includes key macroeconomic variables such as GDP, government expenditure, oil revenues, tax revenues, money supply, and exchange rate. The Phillips–Perron test is used to ensure data stationarity. Result - The results indicate that economic growth in Iraq is closely tied to fluctuations in oil revenues, which largely drive fiscal activity. Government spending follows oil income patterns but shows limited independent impact in the long run. In contrast, non-oil fiscal tools, particularly taxation, play a relatively weak role, reflecting the narrow fiscal base of the economy. Implication - These findings suggest that improving fiscal policy effectiveness requires reducing reliance on oil revenues, strengthening the tax system, and enhancing the efficiency of public spending. Originality - This study presents a comprehensive assessment by combining numerous financial variables within a unified economic model, giving a clearer understanding of how fiscal policy works in a resource-based economy like Iraq. Keywords: Fiscal policy, Economic growth, Oil-dependent economy, ARDL, Iraq
Islamic Shariah Principles for Investment in the Indian Stock Market Sulaiman H
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 8 No. 2 (2026)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2026.8.2.32146

Abstract

Purpose - The purpose of this study is to examine the scope of Shariah-compliant investment opportunities in the Indian stock market and to evaluate the principles, ethical criteria, and screening mechanisms used to identify permissible investment options under Islamic finance. Method - The study adopts a descriptive and analytical research approach based on secondary data collected from scholarly articles, financial reports, regulatory publications, and established Shariah screening frameworks. The analysis focuses on sector-based exclusions, financial ratio screening, and ethical investment criteria applied in stock selection. Result - The findings reveal that the Indian stock market provides meaningful opportunities for Shariah-compliant investing, particularly through screened equities and ethical mutual funds. However, the study identifies several barriers to wider adoption, including limited investor awareness, regulatory challenges, and restricted availability of diversified Shariah-compliant financial products. Implication - The study implies that strengthening institutional support, enhancing regulatory facilitation, and improving investor education can significantly promote the growth of Shariah-compliant investment in India. It also highlights the potential of Islamic finance as an ethical investment alternative within emerging financial markets. Originality - This study contributes to the existing literature by specifically analyzing the Indian stock market from the perspective of Shariah-compliant investment opportunities, integrating Islamic financial principles with practical stock screening mechanisms, and addressing the challenges affecting the expansion of halal investment options in the Indian context. Keywords: Islamic Finance, Shariah Investment, Halal Stocks, Indian Stock Market, Ethical Investing

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