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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 196 Documents
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The Influence Of Macroeconomics And Financial Risks On Islamic Corporate Social Responsibility Diclosure Through Earnings At Sharia Commercial Banks In Indonesia Lu’lu’il Maknuun
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 5 No. 2 (2023)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2023.5.2.18068

Abstract

Purpose - This study aims to analyze the effect of Macroeconomics and Financial Risk on Islamic Corporate Social Responsibility Disclosure (ICSRD) through Earning in Islamic Commercial Banks in Indonesia.Method - This study uses a quantitative method using secondary data in the form of financial risk data, earnings and ICSRD from annual financial reports at Islamic Commercial Banks and published macroeconomic data at the Central Bureau of Statistics from 2017 -2021. The analytical method used is SEM analysis using the SmartPLS 2.0 analysis tool.Result - The results showed that macroeconomics had a significant effect on ICSRD but did not have a significant effect on earnings. Financial risk has a significant effect on ICSRD but does not have a significant effect on earnings. Earning has no significant effect on ICSRD. Earning is not able to mediate Macroeconomics on ICSRD but is able to mediate financial risks on Islamic Corporate Social Responsibility Disclosure (ICSRD) at Islamic Commercial Banks.Implication - This research utilizes data from Islamic commercial banks in Indonesia and the Central Statistics Agency for the years 2017-2021.Originality - This research discusses the profits obtained by companies used for the disclosure of social responsibility of Islamic commercial banks in Indonesia to society, taking into account internal and external factors of the company, namely macroeconomics and financial risk.
Human Resources Development Program in Islamic Commercial Banks Mardhiyaturrositaningsih Mardhiyaturrositaningsih
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 5 No. 2 (2023)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2023.5.2.18106

Abstract

Purpose - This study aims to explore competency development programs to improve sustainable finance in Islamic Commercial Banks.Method - This research is using qualitative research methods to explore human resource management in Islamic Commercial Banks. This research is an exploratory study of the human resource development program at Islamic Commercial Banks during the Covid-19 pandemic. The research identifies the structure, training and development costs and human resource development strategies.Result - The results of this research indicate that each bank has a diverse strategy in developing employee competency through training and development programs. The employee structure of Sharia Commercial Banks also varies according to organizational needs. However, in the educational aspect there are similarities in that the majority are dominated by undergraduate education levels. The allocation of training and development funds at several banks has decreased due to the Covid-19 pandemic.  Implication - This study implies the important role of human resources in an organization and the need for strategies to increase employee competency.Originality- This paper provides information regarding the employee structure of Islamic Commercial Banks and the policies developed at each Islamic Commercial Bank in Indonesia. 
Market Orientation and Sharia Product Knowledge on Business Performance: Innovation Capability as an Intervening Variable in Sharia Banking Industry MA Irfan Rahmana; Satria Avianda Nurcahyo; Ari Pranaditya
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 8 No. 1 (2026)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2026.8.1.28643

Abstract

Purpose - This study investigates the influence of market orientation and Sharia product knowledge on business performance in the Sharia banking industry, with innovation capability as an intervening variable. Method - Quantitative approach, the research employs Structural Equation Modeling Partial Least Squares (SEM PLS) to analyze data collected from a saturated sample of 213 permanent employees of PT Bank Muamalat, Central Java Regional Office. Result - The findings reveal that both market orientation and Sharia product knowledge significantly and positively impact business performance. Furthermore, innovation capability also demonstrates a positive and significant effect on business performance. The results confirm that innovation capability effectively serves as an intervening variable, strengthening the relationship between market orientation, Sharia product knowledge, and business performance. All five hypotheses tested in the study were supported, indicating the critical role of market orientation and Sharia product knowledge in enhancing innovation capability, which in turn improves business performance in the Sharia banking sector. Implication - These findings highlight the importance of aligning market strategies with Sharia principles and leveraging innovation to achieve competitive advantages in the dynamic banking industry. Originality - This research contributes to the growing literature on Sharia banking by providing empirical evidence of the interplay between market orientation, Sharia product knowledge, and innovation capability. It underscores the necessity for Sharia banks to prioritize knowledge dissemination and innovative practices to sustain performance in a competitive market. Future research is recommended to explore other potential variables that may mediate or moderate these relationships. Keywords: Market Orientation, Sharia Product Knowledge, Business Performance, Innovation Capability, Sharia Banking
Transforming Customer Loyalty: The Synergy of Experience, Corporate Image, and Digital Marketing at BPRS Dana Amanah Surakarta Ananda Rizki Akbar; Sokhikhatul Mawadah; Ahmad Furqon
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 8 No. 1 (2026)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2026.8.1.28785

Abstract

Purpose - This study aims   to determine the effect of customer experience variables, company image, and digital marketing on customer loyalty. Method - This research uses quantitative research methods. The data used is primary data with a sample of 100 samples. Sampling is done by accidental sampling technique which is a sampling technique based on coincidence and availability if the sample encountered is suitable as a data source. Result - The results of this study indicate that customer experience variables, company image, and digital marketing have a significant positive effect on customer loyalty. Implication - This study examines the influence of customer experience variables, company image, and digital marketing on customer loyalty at BPRS Dana Amanah Surakarta. Originality - These findings provide a basis for BPRS Dana Amanah Surakarta to always pay attention to service excellence to customers because it will affect the experience when transacting, maintaining the image of BPRS Dana Amanah. Keywords: Customer Experience, Corporate Image, Digital Marketing, and Customer Loyalty
Modeling the Short-Run Consumption Function in Iraq: The Role of Income and Government Expenditure (1981–2021) Bahram Mahmood Salih
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 8 No. 1 (2026)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2026.8.1.30669

Abstract

Purpose - This study examines the drivers of short-run household consumption in Iraq, testing whether income or government expenditure dominates demand dynamics in a rentier economy. Method - Using annual data (1981–2021), we employ Structural Vector Autoregression (SVAR) with impulse response functions and forecast error variance decomposition alongside OLS regressions. Variables include household consumption, GDP, and government expenditure, all I (1) integrated with one cointegrating relationship. Result - Fiscal shocks produce immediate and sustained consumption increases, while GDP effects are weak or negative (coefficient: –0.46, p<0.05 versus +0.98, p<0.01 for government expenditure). Variance decomposition reveals government spending explains 17% of consumption volatility in year one, rising to 55% by year ten. GDP shocks remain minor throughout all horizons. Implication - Iraq's consumption dynamics reflect fiscal dominance rather than conventional income-driven patterns. Policymakers should prioritize stable, household-targeted expenditure and establish fiscal buffers against oil price volatility to stabilize household welfare across economic cycles.. Originality - This is the first long-horizon SVAR analysis of Iraq's consumption function, challenging Keynesian income-centric models and providing structural evidence of fiscal transmission channels in resource-dependent, post-conflict economies where state redistribution substitutes for private income generation. Keywords: consumption function, fiscal policy, government expenditure, structural VAR, Iraq, rentier economy
Sharia Financial Literacy, Religiosity, and MSME Loan Decisions at BSI in Genteng District Dita Nazillatul Hidayah; Rachmania Nurul Fitri Amijaya; Moch. Shulthoni
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 8 No. 1 (2026)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2026.8.1.30694

Abstract

Purpose - The purpose of this study is to examine the effect of Islamic financial literacy and religiosity on MSMEs’ decisions to apply for People’s Business Credit (KUR) financing in Banyuwangi Regency. Method - To achieve this purpose, the study uses a quantitative approach with a logistic regression analysis model to test the hypotheses. The number of respondents in this study was 100 MSME owners who had been running their businesses for at least 6 months and were located in Genteng District, Banyuwangi Regency. This study aims to determine the influence of Islamic financial literacy and religiosity on the decision to apply for a loan at Bank Syariah Indonesia's KUR program. Result - The findings of this research show that Islamic financial literacy has a positive effect on the decision to apply for KUR, and religiosity also has a significant positive effect on KUR application decisions among MSMEs in the area studied. Implication - The findings imply that improving Islamic financial literacy and strengthening sharia-based values can increase MSMEs’ willingness to access KUR financing. Therefore, Islamic banks and policymakers should prioritize financial education and value-based outreach to enhance MSME access to sustainable capital and support local economic development. Originality - This study is original in that it simultaneously examines Islamic financial literacy and religiosity as determinants of MSMEs’ decisions to apply for sharia-based KUR financing, using a logistic regression approach in a regional MSME context. Furthermore, there is a specific research gap, namely the limited empirical evidence that comprehensively analyzes how Islamic financial literacy and religiosity influence MSMEs' actual decisions to apply for Sharia-based KUR financing at the district level, particularly using a binary outcome-based dependent variable design (apply or not apply). Most previous studies have focused more on interests, perceptions, or preferences, rather than on quantitatively observed real-world decisions. Keywords: Islamic financial literacy, religiosity, Sharia KUR, MSME financing,, logistic regression, Bank Syariah Indonesia, Banyuwangi
Robust Wavelet-Quantile Regression for Forecasting Iraq's Oil Revenues and Government Expenditure (2004–2024): A Proposed Hybrid Statistical Model Nasradeen Albarwari
AL-ARBAH: Journal of Islamic Finance and Banking Vol. 8 No. 1 (2026)
Publisher : Universitas Islam Negeri (UIN) Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/al-arbah.2026.8.1.31470

Abstract

Purpose - This study aims to develop and validate a hybrid Wavelet-Quantile Regression (W-QR) model for forecasting Iraq’s oil revenues and government expenditure over the period 2004–2024, addressing the limitations of conventional linear approaches in capturing non-stationarity, distributional asymmetry, and multi-scale volatility in petroleum-linked fiscal series. Method - The model integrates Discrete Wavelet Transform (Db4, level 3, Universal Soft thresholding) for multi-resolution signal denoising with Quantile Regression estimated at five quantile levels (τ = 0.10, 0.25, 0.50, 0.75, 0.90). Stationarity is assessed via ADF tests, and diagnostics include Breusch-Pagan, Jarque-Bera, and CUSUM procedures. Result - The W-QR model achieves MSE = 93.17, representing a 70.2% improvement over OLS and 52.9% over standalone QR, with R² = 0.942 and MAPE = 2.76%. A significant structural break is identified in 2014, and quantile slope coefficients confirm pro-cyclical fiscal behavior. Implication - The findings provide policymakers with quantile-specific fiscal projections for stress-testing under varying oil revenue scenarios, supporting fiscal consolidation and revenue diversification strategies in oil-dependent economies. Originality - This study is the first to combine wavelet denoising with quantile regression specifically calibrated for petroleum-fiscal time series in Iraq, offering a synergistic hybrid framework that surpasses both individual methods and standard econometric models. Keywords: Wavelet-Quantile Regression, Oil Revenue Forecasting, Fiscal Policy, Iraq Economy, Structural Break
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

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