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INDONESIA
Jurnal Ilmu Ekonomi dan Bisnis Islam
Published by Institut Agama Islam Negeri Palu
ISSN : 29620872     EISSN : 26866633     DOI : https://doi.org/10.24239/jiebi
Core Subject : Economy,
Economics, Econometrics & Finance
Jurnal Ekonomi dan Bisnis Islam menerima naskah asli bidang Ekonomi Islam, antara lain laporan penelitian, laporan kasus, penerapan teori, kajian kritis, dan tinjauan pustaka. Penyebaran Ekonomi Islam meliputi (namun tidak terbatas pada): Keuangan Syariah dan Pasar Modal, Perbankan Islam, Manajemen Bisnis, Kewirausahaan, dan Pariwisata Islam, Akuntansi Islam dan Pelaporan Islam, Manajemen Risiko Syariah dan Asuransi Syariah, Keuangan Sosial Islam dan Industri Halal.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 91 Documents
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Reconciling Scalping With Islamic Principles: A Qualitative Study on Stock Trading In Malaysia Nazri, Hanafi; Nik Abdul Ghani, Nik Abdul Rahim
Jurnal Ilmu Ekonomi dan Bisnis Islam Vol 7 No 1 (2025)
Publisher : Program Studi Ekonomi Syariah, FEBI UIN Datokarama Palu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24239/jiebi.v7i1.355.105-122

Abstract

Scalping, a high-frequency trading strategy characterized by rapid buy-and-sell transactions to capture small price movements, has become increasingly common in modern stock markets. Its legitimacy under Islamic commercial jurisprudence (fiqh muʿāmalāt), however, remains debated due to potential elements of maysir (gambling), gharar (excessive uncertainty), and bayʿ al-najash (deceptive bidding). Addressing the lack of focused research on this issue within Malaysia’s Islamic capital market, this study employs a qualitative descriptive approach through document analysis of classical jurisprudential texts, contemporary academic literature, and regulatory fatwas issued by recognized Shariah authorities. Using the takyīf fiqhī method, the analysis examines the ethical and legal dimensions of scalping to determine whether it conforms to Shariah principles. The findings reveal that although scalping carries speculative elements, it may be considered conditionally permissible (mubāḥ) when conducted transparently, guided by informed analysis, and devoid of manipulative intent. The study concludes that scalping is not inherently prohibited in Islam but requires ethical discipline and regulatory oversight to prevent exploitation. The research contributes to refining Shariah-compliant trading practices, offering practical implications for Muslim investors, Shariah scholars, and regulators in strengthening ethical governance within Malaysia’s dynamic Islamic financial system.
Transforming Personal Selling Through Qur'anic Ethical Principles In Marketing Communication Syarifuddin, Syarifuddin
Jurnal Ilmu Ekonomi dan Bisnis Islam Vol 7 No 1 (2025)
Publisher : Program Studi Ekonomi Syariah, FEBI UIN Datokarama Palu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24239/jiebi.v7i1.358.59-74

Abstract

Personal selling plays a central role in marketing communication, particularly in building long-term relationships with customers. However, existing approaches often emphasize transactional goals over ethical engagement, creating a gap between persuasive communication theory and its practical application in the field. This study aims to address this gap by integrating Qur’anic ethical principles qaulan baligha (effective speech), qaulan layyina (gentle speech), and qaulan karima (noble speech) into personal selling strategies. Using a qualitative approach based on library research and thematic interpretation of selected Qur’anic verses, the research constructs an ethical framework for communication in marketing. The findings demonstrate that each principle offers distinct communicative value: qaulan baligha enhances clarity and emotional depth, qaulan layyina fosters empathy and polite persuasion, and qaulan karima emphasizes dignity and respect. These values are mapped systematically to the stages of the personal selling process, from prospecting to follow-up, offering a structured and ethical alternative to conventional selling tactics. The study concludes that integrating Qur’anic principles into personal selling not only improves communicative effectiveness but also aligns marketing practices with spiritual and ethical values. This contributes to the development of Islamic marketing theory and provides practical guidance for marketers seeking to build trust, customer loyalty, and sustainable business relationships rooted in ethical communication. Future research is recommended to empirically validate the proposed model across different market contexts.
Waqf and Microfinance Integration Strategy In Improving Welfare Through Community Economic Empowerment Siti Darajatun; Makhrus
Jurnal Ilmu Ekonomi dan Bisnis Islam Vol 7 No 1 (2025)
Publisher : Program Studi Ekonomi Syariah, FEBI UIN Datokarama Palu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24239/jiebi.v7i1.359.75-90

Abstract

Poverty and economic inequality remain persistent challenges in Indonesia, particularly in underdeveloped regions. Although waqf and microfinance have individually contributed to poverty alleviation, limited studies have examined their integrated application for sustainable community empowerment. This study addresses that gap by investigating how the Al-Qur’an Waqf Agency (BWA) and the Micro Waqf Bank (BWM) integrate waqf and microfinance to improve community welfare. The objective is to analyze the strategies, outcomes, and sustainability of their programs in supporting micro and small enterprises. Using a qualitative field research method, data were collected through purposive sampling and in-depth interviews with institutional stakeholders and beneficiaries. Inductive analysis was employed to identify key themes and patterns. The findings indicate that the integration of waqf and microfinance enhances access to capital, improves financial literacy, and strengthens microenterprises, particularly in remote areas. Offline initiatives such as da’wah campaigns are complemented by digital platforms, significantly expanding outreach and public engagement. The study concludes that combining Islamic philanthropy and microfinance offers an effective model for inclusive and sustainable economic development. The implications highlight the need to strengthen digital infrastructure, enhance financial education, and foster multi-stakeholder collaboration. This research contributes to policy formulation and practical strategies for leveraging Islamic social finance to address structural poverty and build resilient local economies.
Short-Term Shocks and The Resilience of Islamic Stocks: Evidence From The Dow Jones Islamic Turkey Index Eşref Devabe
Jurnal Ilmu Ekonomi dan Bisnis Islam Vol 7 No 1 (2025)
Publisher : Program Studi Ekonomi Syariah, FEBI UIN Datokarama Palu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24239/jiebi.v7i1.362.91-104

Abstract

This study examines how internal factors exchange rates, interest rates, and inflation and external variables global oil and gold prices, the 2008 financial crisis, and the COVID-19 pandemic affect the performance of Shariah-compliant stocks listed on the Dow Jones Islamic Turkey Index. Although Islamic equity markets are gaining prominence, limited research addresses their response to macroeconomic shocks, particularly in emerging economies. This study aims to fill that gap by evaluating both short-term and long-term effects of selected variables using monthly data from January 2007 to September 2024. The Autoregressive Distributed Lag (ARDL) model is employed to identify cointegration and dynamic relationships. The results indicate a long-run equilibrium among variables but show no significant long-term effects on index performance. In contrast, short-term analysis reveals that exchange rate fluctuations and the COVID-19 pandemic significantly and negatively affect Islamic stock performance, with respective impacts of 48% and up to 14%. The findings suggest that while Islamic stocks demonstrate resilience over time, they remain vulnerable to short-term shocks. This highlights the critical role of exchange rate volatility and pandemic-driven uncertainty in shaping investor confidence. The study contributes to Islamic finance literature by offering empirical insights into how macroeconomic dynamics influence Islamic stock indices and provides practical guidance for investors and policymakers aiming to enhance risk management and develop resilient investment strategies in Shariah-compliant markets.
Rethinking Money and Budget Lines: A Comparative Study of Secular and Islamic Economic Rationality Luluk Latifah; Salameh alkhazaleh
Jurnal Ilmu Ekonomi dan Bisnis Islam Vol 6 No 2 (2024)
Publisher : Program Studi Ekonomi Syariah, FEBI UIN Datokarama Palu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24239/jiebi.v6i2.363.190-210

Abstract

This study addresses the fundamental differences between secular and Islamic economic concepts of money and its usage, highlighting a research gap in understanding these paradigms. The objective is to analyze the concept of money from both perspectives and link it to rational Islamic solutions for achieving optimal welfare. Employing a qualitative methodology through library research, the study illustrates the application of these concepts with case examples. Findings reveal that in secular economics, money is viewed as a commodity that serves as a store of wealth and capital. In contrast, in Islamic economics, money is regarded as a public good that should facilitate productive transactions under Sharia principles. The research concludes that rationality in Islamic economics emphasizes not only utility maximization but also the maximization of social welfare, where optimal consumption occurs when the Sharia-compliant budget line intersects with the highest iso-maslahah curve. This study contributes to a deeper understanding of the differences in economic paradigms and their implications for Islamic financial policy, asserting that the Islamic economic system offers solutions based on values of blessing and social welfare. The findings encourage further exploration of the practical application of Sharia budget lines in contemporary economic decision-making.
Al-Ḥisbah and Sharia Market Supervision: A Qualitative Study From Traders’ and Consumers’ Perspectives Adriansyah, Henry Martin; Winario, Mohd
Jurnal Ilmu Ekonomi dan Bisnis Islam Vol 7 No 2 (2025)
Publisher : Program Studi Ekonomi Syariah, FEBI UIN Datokarama Palu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24239/jiebi.v7i2.387.123-136

Abstract

This study examines the role of al-ḥisbah as a market supervisory institution from the perspectives of traders and consumers, addressing the limited empirical evidence on dual-actor perspectives in contemporary Sharia markets. It focuses on the functions of al-ḥisbah in ensuring transactional fairness, preventing fraudulent practices, and upholding Sharia principles in trading activities. Using a qualitative descriptive approach, data were collected through fieldwork at the Ulul Albab Sharia Market in Kampar Regency, Indonesia, involving in-depth interviews with five traders and five consumers, participatory observation, and documentation. Data analysis followed an interactive model comprising data reduction, data display, and conclusion drawing. The findings reveal that al-ḥisbah is perceived as a moral overseer and regulator of market ethics, playing a crucial role in fostering trust between traders and consumers. Traders associate its presence with fair competition and price transparency, while consumers perceive stronger protection against fraud and product quality manipulation. Nevertheless, the implementation of al-ḥisbah faces challenges related to limited human resources, insufficient socialization, and the need to adapt supervisory mechanisms to modern trade systems. This study underscores the importance of strengthening institutional capacity and integrating digital technologies into market supervision to enhance the effectiveness and sustainability of al-ḥisbah in the digital era.
Optimization and Transparency of Village Fund Management: An Islamic Economic Perspective Wilda Marjana; Cut Dian Fitri; Desiana, Rina
Jurnal Ilmu Ekonomi dan Bisnis Islam Vol 7 No 2 (2025)
Publisher : Program Studi Ekonomi Syariah, FEBI UIN Datokarama Palu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24239/jiebi.v7i2.393.190-203

Abstract

Optimizing and ensuring transparency in the management of Village Funds is essential for promoting community development and social well-being; however, these efforts are frequently undermined by misuse and corruption. Although Islamic economics offers a robust ethical framework grounded in justice, trust, and public interest, existing studies largely examine village fund management from a general perspective and rarely integrate Islamic economic principles, particularly within the specific context of Aceh Province. This descriptive qualitative study aims to analyze the optimization and transparency of village fund allocation from an Islamic economic perspective in Lampisang Dayah Village, Aceh Besar. Data were collected through direct observation, document analysis, and in-depth interviews with nine village officials and five community members selected using snowball sampling. The findings indicate that village fund management in Lampisang Dayah Village has reached an optimal and transparent level consistent with Islamic economic principles. Optimization is reflected in participatory planning processes that involve the community, including women, as well as in the implementation of pro-welfare programs such as Direct Cash Assistance and food security initiatives that support the public good. Transparency is realized through regular financial reporting to local authorities and the provision of accessible project information boards for the public. Nevertheless, challenges remain in expanding fund capacity for long-term infrastructure development and strengthening women’s active participation. This study contributes theoretically and practically to the discourse on equitable and sustainable village fund management and offers a contextual model that may be replicated in other villages.
Empowering Women Through Islamic Philanthropy: An Exploration on Islamic Social Finance Towards Women’s Employment In Nigeria Tijjani Muhammad; Fahd Al-Shaghdari
Jurnal Ilmu Ekonomi dan Bisnis Islam Vol 7 No 2 (2025)
Publisher : Program Studi Ekonomi Syariah, FEBI UIN Datokarama Palu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24239/jiebi.v7i2.397.137-153

Abstract

Women’s unemployment remains a critical challenge in many Muslim-majority regions, including Northern Nigeria, where socio-cultural barriers and limited access to financial resources constrain women’s economic participation. Despite growing discourse on Islamic social finance, empirical evidence on its effectiveness in promoting women’s employment remains limited, particularly at the regional level. This study examines the impact of Islamic philanthropic instruments, Zakat, Waqf, and Sadaqah, on women’s employment outcomes in Northern Nigeria. Using a quantitative approach, primary data were collected from 400 women beneficiaries of Islamic social finance programs and analyzed with Ordinary Least Squares (OLS) regression. The findings indicate that access to Zakat, participation in Waqf initiatives, and receipt of Sadaqah have positive and statistically significant effects on women’s employment rates. Education level and household income are also strongly associated with improved employability. These results suggest that Islamic social finance serves not only as a redistributive mechanism but also as a strategic tool to enhance women’s labor market participation and economic empowerment. This study contributes to the literature on Islamic economics and development by providing empirical evidence from an underexplored context and explicitly linking Islamic philanthropy to employment outcomes. Furthermore, the findings offer policy-relevant insights for governments, religious institutions, and philanthropic organizations in designing gender-responsive Islamic social finance initiatives to support sustainable employment and inclusive economic development
Visual Analysis of The ḤQM Model And Prospects for Authentic Innovation In Islamic Finance Belabes, Abderrazak
Jurnal Ilmu Ekonomi dan Bisnis Islam Vol 7 No 2 (2025)
Publisher : Program Studi Ekonomi Syariah, FEBI UIN Datokarama Palu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24239/jiebi.v7i2.398.177-189

Abstract

The aim of this study is to show, through the conceptual system ḤQM (Ḥ: ḥukm, Q: qāʿidah, M: maqṣad), the need to deepen our understanding of authentic innovation in Islamic finance. This study argues that prevailing debates on Islamic financial products are dominated by dichotomous notions grounded in linear modes of thinking, which constrain substantive discussion and hinder the development of credible and sustainable solutions. The main findings reveal that when the teleological discourse on the purposes of Sharīʿah is itself framed within linear reasoning, it cannot legitimately be regarded as the highest intellectual achievement of Islamic civilization. Furthermore, incorporating the dimension Q (qāʿidah) enables the dismantling of rigid categorization and hierarchization that characterizes much of the literature polarized between Ḥ and M. By emphasizing the two-dimensional nature of graphs, distinct from the linearity of written discourse, the graphical visualization of the ḤQM conceptual model opens new analytical possibilities, particularly in the domain of data visualization and non-linear reasoning. In addition, the science of jurisprudential maxims allows the formulation of general rules whose epistemological significance lies in the dynamic interaction between parts and wholes. The dominance of linear approaches in the financial industry has produced adverse outcomes, including mimetic and constrained innovation, excessive reliance on standardized products, and the suppression of proactive and systemic innovation. Accordingly, this study concludes that genuinely innovative Islamic finance requires a non-linear approach that integrates interaction, shared risk, and real asset backing, while coherently aligning injunctions, maxims, and the higher objectives of Sharīʿah.
Robo-Advisor Model Adoption: A Digital Transformation To Accelerate Continuance Usage of Islamic Banking Product Furwanti, Reni; Lestari, Dini Maulana; Wibisono, Dhika Dzulkarnain
Jurnal Ilmu Ekonomi dan Bisnis Islam Vol 7 No 2 (2025)
Publisher : Program Studi Ekonomi Syariah, FEBI UIN Datokarama Palu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24239/jiebi.v7i2.412.154-176

Abstract

As Islamic banking becomes one of vital sectors in driving National economic growth, accelerating its development is prominent. The use of Robo-Advisor in this sector can help Islamic banking increase its existence and market share to compete in a global financial market. This research aims to conduct a model for the adoption of Robo-Advisor in Islamic banking sector to accelerate continuance intention usage of Islamic banking product in Indonesia by exploring the role of sharia financial literacy and halal awareness as mediating variables. This is explanatory research with quantitative and survey method. This research picks Islamic banking users in Indonesia, using quota sampling technique to achieve a representative sample in each province of Indonesia, resulting in 403 respondents. Structural Equation Model (SEM-PLS) is used to analyze the data and the relationship among variables. Empirically, the result revealed that the Robo-Advisor model adoption significantly accelerates the continuance intention usage of Islamic banking product in Indonesia. This research contributes in broadening horizon in terms of Islamic banking continuance usage by proposing integrated model. Furthermore, this research recommends the implementation of Robo-Advisor as a digital transformation for Islamic banking sector to support the growth of Islamic financial industry in Indonesia, remembering that Robo-Advisor is currently not used in either Islamic or conventional banking sectors.

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