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Fitra Rizal
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Fakultas Ekonomi dan Bisnis Islam IAIN Ponorogo Kampus II Jenangan Ponorogo Jawa Timur Indonesia 63492 Telp. (0352) 3576565 Fax. (0352) 3591451 E-mail: etihad@iainponorogo.ac.id
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Etihad: Journal of Islamic Banking and Finance
Published by Institut Agama Islam Negeri Ponorogo
ISSN : 2807730X     EISSN : 28076915     DOI : https://doi.org/10.21154/etihad
Core Subject : Religion, Economy, Humanities, Social,
Religion Humanities Economics, Econometrics & Finance Social Sciences
Etihad: Journal of Islamic Banking and Finance accepts original manuscripts in Islamic banking and finance (covering bank and non-bank financial institutions), manuscripts in the form of research reports, case reports, theory application, critical studies and literature reviews.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 109 Documents
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Marketing Communication Strategy for Gold Installment Products to Increase the Number of Customers at Bank Syariah Aminuddin, Luthfi Hadi; Wulandari, Samrotul Farida Agustina
Etihad: Journal of Islamic Banking and Finance Vol. 5 No. 2 (2025)
Publisher : UIN Kiai Ageng Muhammad Besari Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/etihad.v5i2.12033

Abstract

Introduction: This study aims to analyze the marketing communication strategy of gold installment products in Islamic banking to increase the number of customers. Research Methods: The research method used is qualitative, with data collection techniques through in-depth interviews, observations, and document review. Results: The study results show that an effective marketing communication strategy combines traditional and digital media, sharia-based product education, and a personal approach that builds customer trust. The strategic advantages include compliance with sharia principles, product innovation relevant to market needs, responsive service, and consistent communication. These findings enrich the previous literature by providing empirical evidence that the success of gold installment products is determined by the attractiveness of gold investments and the effectiveness of marketing communication strategies that can build customer understanding and loyalty. Conclusion: This study recommends improving Islamic financial literacy, enhancing digital promotion, and building strategic partnerships to expand the market. These efforts are expected to make gold installment products competitive and sustainable Sharia investment instruments in the modern financial industry.
Value-Based Intermediation in Islamic Finance in Malaysia: An Overview on Strategy, Issues and Challenges Mohd Yunus, Saidatolakma; Rizal, Fitra
Etihad: Journal of Islamic Banking and Finance Vol. 5 No. 2 (2025)
Publisher : UIN Kiai Ageng Muhammad Besari Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/etihad.v5i2.12275

Abstract

Introduction: This study looks into how Value-Based Intermediation (VBI) is framed and implemented in the context of Islamic finance in Malaysia, especially through the efforts of Bank Negara Malaysia (BNM). VBI, which was introduced by BNM in 2017, is an initiative that aims to bring Islamic banking back to its original ethical foundations. It focuses on achieving the higher objectives of Shariah (Maqasid al-Shariah) by promoting practices that generate real, positive impact on the economy, society, and environment without sacrificing financial performance. Research Methods: The research uses qualitative methods, mainly by analysing documents such as the VBI strategy paper and other related guidelines issued by BNM. Results: The study identifies the VBIAF and VBI Scorecard as key instruments that support the integration of value-based principles in Islamic financial institutions. Despite this progress, challenges remain, particularly in shifting the industry’s profit-oriented mindset. The findings also confirm that VBI aligns closely with Maqasid al-Shariah and the United Nations Sustainable Development Goals (SDGs). Conclusion: The study highlights VBI’s potential to transform Malaysia’s Islamic finance landscape toward a more sustainable, value-driven, and impactful system.
A World on Fire, Markets in Turmoil: Uncovering the Resilience of Islamic Stocks Amid Global Conflict Hasyim, Fuad; Sukardi, Budi; Astuti, Yuni
Etihad: Journal of Islamic Banking and Finance Vol. 5 No. 2 (2025)
Publisher : UIN Kiai Ageng Muhammad Besari Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/etihad.v5i2.11942

Abstract

Introduction: Geopolitical conflicts that have occurred since 2023, especially between Israel and Palestine, and Israel and Iran, have created significant pressure on global financial market stability. This study evaluates and compares the response and volatility of Islamic stock indices (the Dow Jones Islamic Market) and conventional stock indices (the MSCI World) to those of two major geopolitical events. Research Methods: Using the event-based EGARCH(1,1) model and daily data for the period from January 2023 to June 2025, this study also included macroeconomic control variables such as VIX, USDX, gold prices, and oil prices in the analysis. Results:The results show that DJIM tends to be more responsive to global risk indicators (such as VIX and USDX), but relatively stable to the direct impact of conflict, while the MSCI World shows greater sensitivity to oil price fluctuations. Both indices show persistent and asymmetric volatilities. However, DJIM exhibits a stronger stability in the face of external uncertainty. Conclusion: This study makes an important contribution to the understanding of the resilience of the Sharia market and offers a new methodological approach for examining the dynamics of global conflict. These findings are relevant for investors, regulators, and policymakers to build more resilient and ethical investment strategies.
Identifying Measurable Impact of Islamic Banking on the Indonesian Economy Haryani Santo Hartono; Rininta Nurrachmi
Etihad: Journal of Islamic Banking and Finance Vol. 5 No. 2 (2025)
Publisher : UIN Kiai Ageng Muhammad Besari Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/etihad.v5i2.12113

Abstract

Introduction: This study investigates the short- and long-term relationship between Islamic banking development and Indonesia’s economic growth. Despite Indonesia operating a dual banking system, empirical research on Islamic finance and growth remains limited. Understanding this connection is crucial for leveraging Islamic finance as a driver of sustainable development. Research Methods: Using quarterly data from 2015 to 2024, the study examines the dynamic links among Islamic financing, GDP, and gross fixed capital formation (GFCF). The ARDL bounds testing approach, cointegration analysis, and error correction model (ECM) are employed to identify both short- and long-run relationships. Model stability is validated using CUSUM and CUSUMSQ tests. Results: The results reveal a strong long-term relationship between Islamic financial development, capital accumulation, and economic growth, supporting the supply-leading hypothesis. Short-term effects are positive but statistically insignificant. Model stability tests confirm structural consistency over time. Conclusion: These findings emphasize the potential of Islamic finance to promote sustainable economic development and provide guidance for policymakers seeking to enhance financial inclusion and resilience.
Green Banking: A Bibliometric Analysis of Research Trends, Collaboration, and Future Opportunities Fatih Nurrochman; Muhamad Subhi Apriantoro
Etihad: Journal of Islamic Banking and Finance Vol. 5 No. 2 (2025)
Publisher : UIN Kiai Ageng Muhammad Besari Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/etihad.v5i2.12400

Abstract

Introduction: This study aims to map the development, trends, and future research directions of Green Banking by analyzing all publications indexed in the Scopus database from 1933 to 2024. Research Methods:  A total of 1,252 documents were identified through a Boolean search, and after filtering for English-language journal articles, 698 documents were analyzed. Data were processed using Excel and RStudio, while visualization of keyword co-occurrence and citation networks was conducted using VOSviewer. Results: The findings reveal an annual publication growth rate of 5.2%, with a significant surge in 2022 (101 papers) and 2024 (175 papers). China emerged as the leading contributor with the highest number of publications, while Tsinghua University was the most prolific institution. Zhang B. was identified as the most productive author. Conclusion: This study provides a comprehensive overview of the evolution of Green Banking literature and can serve as a foundational reference for future research in sustainable finance.
Comparative Analysis of the Financial Performance of BPRS Adeco and BPRS Serambi Mekkah in Langsa City (2019–2024) Zefri Maulana; Alfian; Muhammad Ikhwan bin Mauluddin; Nadiya Ulfa
Etihad: Journal of Islamic Banking and Finance Vol. 6 No. 1 (2026)
Publisher : UIN Kiai Ageng Muhammad Besari Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/etihad.v6i1.13798

Abstract

Introduction: This study compares the financial performance of BPRS Adeco and BPRS Serambi Mekkah during 2019–2024 using ROA, BOPO, NPF, and FDR indicators. The study is important to evaluate the effectiveness and financial health of Islamic rural banks. Research Methods: This research uses a quantitative descriptive comparative approach. Secondary data were collected from the financial reports of both banks and analyzed using financial ratio analysis and the Mann-Whitney U Test with SPSS version 25. Results: The results show significant differences in ROA, BOPO, and FDR (p < 0.05), where BPRS Adeco demonstrates better profitability, operational efficiency, and liquidity management than BPRS Serambi Mekkah. However, there is no significant difference in NPF performance (p > 0.05), indicating similar financing quality between the two banks. Conclusion: BPRS Adeco has better financial performance compared to BPRS Serambi Mekkah. The findings highlight the importance of efficient operations and balanced liquidity management in maintaining the sustainability of Islamic rural banks.
The Moderating Role of Bank Size in Intellectual Capital, Leverage, and Financial Performance: Indonesian Islamic Commercial Banks 2019–2023 Dhidhin Noer Ady Rahmanto; Ardila Septi Priwanda
Etihad: Journal of Islamic Banking and Finance Vol. 6 No. 1 (2026)
Publisher : UIN Kiai Ageng Muhammad Besari Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/etihad.v6i1.13933

Abstract

Introduction: This study examines the effects of intellectual capital efficiency and leverage on the financial performance of Indonesian Islamic commercial banks, with bank size as a moderating variable. It addresses inconsistent prior findings by testing whether bank scale explains differences in the performance effects of intangible resources and financial structure. Research Methods: Using balanced panel data from nine Islamic commercial banks during 2019–2023, this study analyzes 45 bank-year observations. Financial performance is proxied by lnROA, intellectual capital by VAIC, leverage by DER, and bank size by ln(total assets). The data are analyzed using panel-based moderated regression. Results: The Random Effect Model shows that VAIC positively affects financial performance (β = 0.5449; p < 0.001), while DER has no significant direct effect (β = -0.0418; p = 0.5927). Bank size does not moderate the VAIC-performance relationship (β = 0.1626; p = 0.2663), but negatively moderates the DER-performance relationship (β = -0.2780; p < 0.001). Conclusion: The study contributes by applying panel-based moderation analysis to Islamic bank performance. Islamic banks should strengthen intellectual capital and manage leverage prudently as bank scale increases.
Global Research Trends in Islamic Social Finance for Sustainable Development Goals (SDGs): A Bibliometric Analysis Arlinta Prasetian Dewi; Majdy Kasheem
Etihad: Journal of Islamic Banking and Finance Vol. 6 No. 1 (2026)
Publisher : UIN Kiai Ageng Muhammad Besari Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/etihad.v6i1.13777

Abstract

Introduction: This study aims to analyze global research trends in Islamic Social Finance (ISF) related to the Sustainable Development Goals (SDGs) and identify emerging themes, collaboration patterns, and future research directions within this field. Research Methods: This study employed a quantitative bibliometric approach using the PRISMA framework. Data were collected from the Scopus database covering publications from 2020 to 2026. Following a systematic screening process, 123 publications were analyzed using VOSviewer. Results: The dominant research themes include sustainability, poverty alleviation, financial inclusion, zakat, waqf, and Islamic microfinance, while recent studies show a shift toward technology-driven themes such as Islamic fintech, blockchain, crowdfunding, ESG integration, and digital transformation. Conclusion: This study provides a comprehensive bibliometric mapping of global ISF research, highlighting the growing integration of Islamic Social Finance with digital technology, ESG frameworks, and sustainable finance, while identifying blockchain-based waqf, digital zakat ecosystems, and Islamic fintech for SDGs as promising directions for future research and policy development.
Assessing the Role of Zakat and Murabahah Financing in Improving Islamic Bank Performance Dama Mustika; Anis Mahmudah Dariati
Etihad: Journal of Islamic Banking and Finance Vol. 6 No. 1 (2026)
Publisher : UIN Kiai Ageng Muhammad Besari Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/etihad.v6i1.13904

Abstract

Introduction: Financial performance is a key indicator of the sustainability and competitiveness of Islamic Commercial Banks in Indonesia. Previous studies have reported inconsistent findings on the effects of zakat and murabahah financing on bank profitability, while limited research has simultaneously examined their impacts on Return on Assets (ROA) and Return on Equity (ROE) using legitimacy theory. This study investigates their influence on Islamic bank performance. Research Methods: A quantitative approach was employed using panel data regression analysis on eight Islamic Commercial Banks selected through purposive sampling during 2019–2023. Results: Zakat (β = 0.000214; p = 0.0421) and murabahah financing (β = 0.000543; p = 0.0158) positively and significantly affect ROA but have no significant effect on ROE. The ROA model explains 45.20% of the variation in profitability, whereas the ROE model explains only 6.50%. Conclusion: Zakat and murabahah financing improve asset utilization efficiency and strengthen organizational legitimacy, although their contribution to shareholder return efficiency remains limited.

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