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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 125 Documents
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Analysis of Factors Influencing Customers Decisions in Taking Murabahah Financing at Bank Muamalat Indonesia Rahmah, Mutiara; Muhlis, Muhlis; Vanni, Kartika Marella
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 7 No. 1 (2025)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2025.7.1.26811

Abstract

Purpose - To study in more depth by identifying the factors that influence customer decisions in taking murabahah financing at Bank Muamalat Indonesia. Methods - The methods used are quantitative research with data collection through distributing questionnaires. Method - The method used in this study is qualitative, which is a research approach used to understand social phenomena in depth, from a complex and contextual perspective. In qualitative research, data is collected in a way that allows researchers to explore the feelings, thoughts, and experiences of respondents, and to understand the context in which the phenomenon occurs. Result - The results obtained are that the margin variables, customer knowledge and financing procedures, both partially and simultaneously, have a significant positive influence on customer decisions in taking murabahah financing at Bank Muamalat Indonesia. Implication - By understanding the factors that influence customer decisions, banks can expand the inclusion of sharia financing to unreached groups, especially in areas with low sharia financial literacy. Efficient and targeted murabahah financing can encourage the growth of the real sector and support an economy based on Islamic ethics. Originality - Specifically examines customer decisions on murabahah products at Bank Muamalat Indonesia as the first Islamic bank in Indonesia using a combination of relevant and contextual variables combined with the use of actual primary data based on direct customer experience. With the hope of filling the gap in previous research that has not linked these factors comprehensively in Islamic financial institutions. Keywords:                     Murabahah Financing, Margin, Customer Knowledge, Financing Procedure.
Systematic Literature Review: The Role of Insurance The journey of Sharia in Increase Protection Muslim Tourists Marshanda Ridia Amelia; Taufiqur Rahman
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 7 No. 1 (2025)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2025.7.1.26822

Abstract

Purpose - This article aims to examine and analyze the role of Islamic travel insurance in improving protection for Muslim tourists. Specifically, this study focuses on understanding the mechanism of Islamic insurance, as well as the extent to which this insurance is able to answer the needs and challenges of Muslim travelers in the context of halal travel.. Method - In this study, data search was conducted using the Systematic Literature Review (SLR) Method by summarizing findings from previous studies that are relevant to the research topic. The keywords from Indonesian used to search for data for this study are "Sharia Travel Insurance" and "Protection for Muslim Tourists". Result - Islamic travel insurance, based on the principle of takaful, provides protection for Muslim travelers through sharia-compliant mechanisms, such as tabarru and wakalah bil ujrah contracts. However, travelers still face various obstacles, such as a lack of understanding of takaful, limited coverage, and constraints in regulations and claim procedures. They need insurance coverage that covers important aspects, such as legal certainty that is free from gharar, maysir, and usury, as well as access to halal food and prayer facilities during the trip. Case studies reveal that defaults in Islamic travel insurance claims for Umrah pilgrims often occur due to a lack of transparency in the claim procedure. To increase traveler confidence, the insurance industry needs to design more inclusive products, improve regulations that support sharia compliance, and improve financial literacy so that protection for Muslim travelers is more optimal. Implication - This study used data from Google Scholar to identify related articles, with a total of 1,010 articles found in the initial stage. After a screening process based on the relevant year range, 270 articles were identified from journals published in the period 2020–2025 as the basis for initial selection. Further screening was carried out using the Open Refine application by considering the inclusion criteria that had been set. From the results of this process, 27 articles were obtained that were relevant to the research topic, with 8 of them having a high level of relevance to the research title. Originality - This study examines the mechanism of Islamic travel insurance and its role in meeting the needs and overcoming the challenges of Muslim travelers in halal travel. The discussion covers fundamental aspects, coverage, as well as regulatory barriers and claim procedures. In addition, this study evaluates innovative strategies in product development and increasing understanding of Islamic finance to ensure more effective protection for Muslim travelers. Keywords:                     Sharia Insurance, Insurance Sharia Travel, Protection Muslim Tourists.
Implementation of sharia principles in the insurance industry in Indonesia: Systematic Literature Review Hikmah Hidayah, Isnaini; Rahman, Taufiqur
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 7 No. 2 (2025)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2025.7.2.26829

Abstract

Purpose - Aims to examine in depth the implementation of sharia principles in the insurance industry in Indonesia. The main focus is to evaluate the extent to which principles such as monotheism, justice, ta'awun, and cooperation are implemented through sharia contracts such as tabarru', tijarah, mudharabah musytarakah, and wakalah bil ujrah in sharia insurance practices. Method - The method used in this study is Systematic Literature Review (SLR). Data were collected from 500 articles filtered through Google Scholar with the keywords "sharia principles" and "insurance industry" in the period 2020-2025. After going through the selection and data cleaning stages, the seven most relevant articles were analyzed in depth to identify key findings and academic trends related to the topic. Result - The results of the study show that although sharia insurance has a strong basis in Islamic principles, its implementation still faces several major challenges. Among them are low public literacy, lack of standardization in the implementation of contracts, weak regulations from the government, and less than optimal services comparable to conventional insurance. In addition, there was a gap in understanding between industry players and customers regarding sharia contracts. Implication - emphasizes the need to strengthen education, improve service systems, and formulate regulations that are more supportive of the development of the sharia insurance industry. This study also recommends increasing the role of the Sharia Supervisory Board in ensuring operational compliance with sharia values. Originality - This study provides an original contribution through a systematic literature approach, by integrating various dimensions of sharia (theological, managerial, social, and digital) in its analysis. This study is expected to be a theoretical and practical reference for academics, regulators, and industry players in strengthening the sharia financial system in Indonesia. Keywords:                     Sharia insurance , Sharia principles, Insurance industry.
The non-linear impact of stokvel savings and banking sector development in South Africa Ngcobo, Lindiwe
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 7 No. 2 (2025)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2025.7.2.26598

Abstract

Purpose - The study investigated the non-linear impact of stokvel savings and banking sector development in South Africa. Method - The study applied the unit root break-even test, bounds F-test or cointegration and the nonlinear autoregressive distributed lag (NARDL) model for short- and long-run asymmetric impact with economic time series data ranging from 2009Q4 to 2020Q2. Result - The results of the break-even unit root tests reveal that variables were found to be I(0) and I(1), thus confirming that variables that are I(2) were not present. The findings of NARDL bounds F-test cointegration that there is a long-run relationship between banking sector size and the selected predictors. The short- and long-run multipliers portray adjustment to a new equilibrium after positive and negative shock. Implication - The empirical results demonstrates that NARDL is not the best model to detect long-run relationship between banking sector size and its predic. Originality - This study investigated the impact of stokvel savings and banking sector size in South Africa using the non-linear autoregressive distributed lag (NARDL) bound testing approach technique. Keywords: Non-Linear Autoregressive Distributed Lag, stokvel savings, banking sector size, gross domestic product, money supply, South Africa
The Influence of Cross-Selling Marketing and Service Quality on the Decision to Use Murabahah Financing Products with Member Trust as a Moderating Variable Mazro'atul, Himmah; Huda, Nur; Istiariani, Irma
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 7 No. 2 (2025)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2025.7.2.27214

Abstract

Purpose - This study aims to analyze the influence of cross-selling marketing and service quality on the decision to use murabahah financing products with member trust as a moderating variable at KSPPS Nusa Ummat Sejahtera KC Sudirman, Semarang City. Method - This study used a quantitative approach, collecting data through questionnaires distributed to members using murabahah financing products at KSPPS Nusa Ummat Sejahtera KC Sudirman. Data analysis was conducted using multiple regression and moderated regression analysis to test the proposed hypothesis. Result - The results of the study indicate that cross-selling marketing and service quality have a positive and significant influence on the decision to use murabahah financing products. The results of the study using moderated regression analysis showed that cross-selling marketing had a negative and significant influence, service quality had a positive and significant influence, trust had a positive and significant influence and strengthened cross-selling marketing relationships, trust had a negative and significant influence and weakened service quality on the decision to use murabahah financing products. Implication - This study identifies the use of murabahah financing products at KSPPS Nusa UMmat Sejahtera KC Sudirman, Semarang City. Originality - The originality of this research lies in its specific focus, namely the Sharia Savings and Loans and Financing Cooperative (KSPPS) as the object of research and also highlights the important role of member trust as a moderating variable between cross-selling marketing, service quality and Murabahah financing decisions. Keywords: Cross Selling Marketing, Service Quality, Trust, Murabahah Financing, Savings and Loan Cooperatives, Sharia Financing.  
The Effect of Profitability, Leverage, and Liquidity on Firm Value with Firm Size as a Moderating Variable Alfarisy, Muhammad Salman; Hartono, Setyo Budi; Nurudin, Nurudin
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 7 No. 2 (2025)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2025.7.2.27961

Abstract

Purpose - For know influence profitability, leverage and liquidity to mark company with size company as variables moderation in companies listed on the Jakarta Islamic Index (JII) for the 2021-2023 period. Method - Study this use approach quantitative with using secondary data. Population as many as 20 companies and samples study chosen through purposive sampling method so that acquired 15 companies. Result - Profitability and leverage have an impact positive and significant to mark Company liquidity has no effect on firm value. Firm size weakens the relationship between leverage and firm value. Firm size is unable to moderate the relationship between profitability and liquidity on firm value. Implication - This research serves as information for sharia investors in selecting companies on the Jakarta Islamic Index that are expected to have good financial performance and have investment opportunities, because financial performance in the good category will have a positive impact on both companies and investors in the future.. Originality - The increase in sharia-compliant issuers, in line with the increase in sharia investors, necessitates research into the sharia-compliant stock index category. The JII was chosen because it comprises 30 of the most liquid sharia-compliant stocks, classified by the IDX. The JII serves as a reference for investors seeking sharia-compliant investments in accordance with Islamic law. Keywords: Profitability, Leverage, Liquidity, Value, Size  
The Influence of Marketing Strategy and Brand Image on Customer Loyalty with Customer Satisfaction as a Mediating Variable among Customers of BSI Bank, Kedaton Branch sulfan basten, sulfan; Eliza, Any; Malik, Anas
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 7 No. 2 (2025)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2025.7.2.28209

Abstract

Purpose - This study aims to analyze the influence of marketing strategies and brand image on customer loyalty, with customer satisfaction as a mediating variable at BSI Bank Kedaton Branch. Method - The research uses a quantitative approach with a survey method. Data were collected through questionnaires distributed to 100 respondents selected using purposive sampling. The respondents are customers of conventional services and active users of the BSI Mobile application. Result - The results of the study showed that marketing strategies and brand image affect BSI bank customer loyalty. Marketing strategies and brand image are able to influence BSI bank customer satisfaction, and customer satisfaction as a mediating variable is able to mediate marketing strategies and brand image on BSI bank loyalty. Implication - This study provides practical insights for Islamic banking institutions to increase customer loyalty by improving their marketing strategies and strengthening brand image through customer satisfaction. Originality - The novelty of this research lies in its integrated analysis of customer satisfaction as a mediating variable between marketing strategies and brand image toward customer loyalty in the context of a newly merged Islamic bank, BSI. Keywords:                     Marketing strategy, brand image, customer loyalty, customer satisfaction.
Analysis Effectiveness Advertisement Bank Sharia Indonesia Through Network Social Instagram as a Promotional Media Rosmeisya, Icha; Angraini, Dewi Manda
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 7 No. 2 (2025)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2025.7.2.28578

Abstract

Purpose - This study aims to analyze the effectiveness of Bank Syariah Indonesia (BSI) advertisements through Instagram as a promotional medium among Islamic Banking students, Class of 2021, UIN Bukittinggi. The research is motivated by the rapid growth of digital platforms that require companies to be more creative in marketing products. Method - A descriptive qualitative approach was applied using the AIDA (Attention, Interest, Desire, Action) model. Data were collected through in-depth interviews with students of the Islamic Banking Class of 2021. Result - The findings indicate that the effectiveness of BSI advertisements on Instagram varies across the AIDA stages. At the Attention stage, ads were very effective, with 100% of respondents having seen them. At the Interest stage, ads were considered effective by 70% of respondents. At the Desire stage, only 50% were motivated to seek further information, mainly due to promotional offers. At the Action stage, effectiveness was low, with only 30% engaging directly through likes or shares. Implication - The study suggests BSI should optimize Instagram strategies by enhancing emotional appeal, unique messages, and interactive tactics to encourage real actions. Originality - This research highlights the evaluation of Islamic bank advertising effectiveness using the AIDA model, focusing on student perceptions as an important target segment. Keywords: AIDA, advertising effectiveness, Instagram, Islamic banking, Bank Syariah Indonesia.
Artificial Intelligence: Making crime easier in the world of finance? Hasan, Zulfikar; Marisna, Diska Sendi
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 6 No. 2 (2024)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2024.6.2.22187

Abstract

Purpose – This paper explores the dual role of artificial intelligence (AI) in the realm of finance, examining its potential to both enhance efficiency and exacerbate vulnerabilities to criminal activitiesMethod – The research methodology for this study focuses on exploring the relationship between artificial intelligence (AI) and its potential role in facilitating financial crimes. This section outlines the research design, data collection methods, data analysis techniques, and ethical considerationsResult – As AI technologies become increasingly integrated into financial systems, they offer unprecedented opportunities for streamlining operations, optimizing decision-making processes, and enhancing customer experiences. However, this digital transformation also presents new challenges, particularly in terms of security and fraud preventionImplication – By leveraging advanced algorithms and machine learning techniques, malicious actors may exploit AI-powered systems to perpetrate financial crimes with greater sophistication and scaleOriginality – This paper evaluates the implications of this evolving landscape, highlighting the need for robust regulatory frameworks, proactive risk management strategies, and ongoing collaboration between industry stakeholders and law enforcement agencies to mitigate the risks associated with AI-enabled financial crime
Detection of Sharia and Non-Sharia Stock Price Volatility Through Financial Performance and Firm Size Analysis (Comparative Study of LQ45 and JII30) Nani, Nani; Syarifudin, Efi; Mabruroh, Ahda Inayati
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 6 No. 2 (2024)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2024.6.2.22206

Abstract

Purpose - This research aims to estimate the magnitude of the influence of assets measured using firm size and company profits measured by financial performance on the volatility of Sharia and non-sharia stock prices. Through this research, it is hoped that investors will be able to assess the company's achievements and anticipate investment failures in the future.Method - Quantitative research using a regression analysis approach by comparing two research subjects, namely non-shariah shares LQ45 and sharia shares JII30. This data collection is complemented by library research.Result - The results obtained are that Financial Performance and Firm Size have an influence on share price volatility, in both Sharia and non-sharia stocks. In general, these two stocks found fluctuating data on Financial Performance and Firm Size, followed by rises and falls in share prices. This study is proven by theoretical results, statistical analysis results, and financial data recapitulation results.Implication - The existence of a significant relationship between these variables provides information for investors in making investment decisions, where fundamental analysis can be carried out by looking at the financial reports of the target company (issuer) without forgetting the analysis of Financial Performance and Firm Size data.Originality - Research comparing Sharia and non-sharia stock indices is still rarely done because many previous studies only focused on one index.

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