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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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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
Analysis of the Sharia Compliance Level of Murabaha Contracts on Non-Financial Performance in Sharia Banks Kartini; Masriani; Niluh Anik Sapitri
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.2026.8.1.30952

Abstract

Purpose - This study aims to analyze the influence of the level of sharia compliance in the implementation of murabaha contracts on the non-financial performance of Islamic banks, especially in shaping customer trust, customer loyalty, and institutional reputation. Method - This study adopts a qualitative-descriptive approach using library research methods. Data was collected from indexed national and international academic journals, authoritative regulations, and related fatwas issued by the National Sharia Council of the Indonesian Ulema Council (DSN-MUI) published in the last five years. Data were analyzed using content analysis techniques to identify patterns, theoretical-practical gaps, and conceptual relationships between research variables. Result - Findings show that substantive sharia compliance in Murabaha contracts characterized by real ownership of transaction objects, transparency of pricing and profit margins, and active supervision by the Sharia Supervisory Board has a significant positive effect on customer trust, customer loyalty, and reputation of Islamic banks. On the other hand, compliance that is only administrative tends to weaken the integrity felt by Islamic banking institutions. Implication - These results highlight the importance of strengthening sharia governance, increasing the active role of the Sharia Supervisory Board, and improving customer sharia literacy as a strategic effort to maintain the non-financial performance of sharia banks. Practically, the findings provide valuable insights for regulators and practitioners in improving the quality and consistency of murabaha contract implementation. Originality - The originality of this research lies in its conceptual mapping that integrates sharia murabaha compliance with non-financial performance from a value-based perspective, thus contributing theoretically and reflectively to the development of sharia banking studies based on maqashid al-sharia. Keywords: Sharia Compliance, Murabaha Contracts, Non-Financial Performance, Sharia Banking, Customer Trust
Determinants of Generation Z Interest in Using Bank Jago Syariah: Financial Literacy, Brand Trust, and Price Saving Orientation Alifatul Afwah; Arif Afendi; Mardhiyaturrositaningsih Mardhiyaturrositaningsih; Muhammad Rasyidin
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.2026.8.1.31524

Abstract

Purpose - This study aims to examine the effect of financial literacy, brand trust, and price-saving orientation on Generation Z’s intention to use Bank Jago Syariah in Semarang City. Method - The research method used in this study was quantitative. Data were collected through questionnaires distributed to 100 Generation Z respondents in Semarang using purposive sampling. The data were analyzed using multiple linear regression with SPSS version 26. Result - The results indicate that financial literacy, brand trust, and price-saving orientation have a positive and significant effect on Generation Z’s intention to use Bank Jago Syariah. Implication - These findings suggest that digital Islamic banks need to enhance financial education, strengthen brand credibility, and provide competitive financial benefits to attract younger users. Originality - This study contributes to the literature by examining the combined role of financial literacy, brand trust, and price-saving orientation in influencing Generation Z’s intention to use Islamic digital banking services. Keywords: Financial Literacy, Brand Trust, Price-Saving Orientation, Intention to Use, Generation Z
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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