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Muhammad Zakiy
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Fakultas Agama Islam, Universitas Muhammadiyah Yogyakarta, Gedung F6 Lantai 2, Jl. Brawijaya, Geblagan, Tamantirto, Kasihan, Bantul, Yogyakarta, 55183
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Journal of Islamic Economic and Business Research
Published by Universitas Muhammadiyah Yogyakarta
ISSN : 27981207     EISSN : 27981304     DOI : https://doi.org/10.18196/jiebr
Core Subject : Religion, Economy,
Religion Economics, Econometrics & Finance
Journal of Islamic Economic and Business and Research is a scientific journal which has specialization of research in Islamic Economic and Business Research. Islamic Economic and Business Research is strategic issues in the world because its role and benefit to societies. Therefore, this issue need more deelpy extractive through a research. We hope that JIEBR can collect all of researchers or academicians to contribute their ideas as a solution to increase the developing of Islamic Economic and Business research in this world. Research publications in JIEBR covers various topics about Islamic Economics, Islamic Philanthropy, Halal Industry, Islamic Finance, Islamic Business Management, Entrepreneurship, and other relevant topics.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 10 Documents
 1 
Search results for , issue "Vol. 5 No. 2: December 2025" : 10 Documents clear
Solving Socio-Financial Challenges of Contemporary Muslims in Nigeria Using Cash Waqf Adenigba Atanda, Sikiru; Fatai Akanni, Adigun
Journal of Islamic Economic and Business Research Vol. 5 No. 2: December 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jiebr.v5i2.240

Abstract

Cash Waqf is an integral part of the Islamic Social Financial System, and its uniqueness significantly enhances the scope of Waqf practice in both the banking and non-banking sectors in Nigeria. It is one of the socio-financial tools used to address the challenges facing contemporary Muslims. There are problems of socio-financial issues among contemporary Muslims, which lead to poor health care, insecurity, poor access to education, etc. This paper aims to address the socio-financial challenges faced by contemporary Muslims in Nigeria using the concept of Cash Waqf. Qualitative and analytical methods are employed in the research to present facts and conduct an objective analysis. The qualitative method was employed to review existing works on the subject in sequence, while the analytical method helps to conduct proper analysis of Islamic financial models. The finding revealed that the Cash Waqf is viable and innovative, as it provides opportunities for many individuals to invest in the hereafter by finding holistic solutions to human problems. It makes available modern Models of Waqf in cash form that can be adopted by the Islamic Finance Sector and beyond. The paper concludes that there is a need to work on the Waqf institution, as it may provide humankind with many other career opportunities in the near future. It is recommended that the application of Cash Waqf and its models, in line with the principles, be made known to the general Muslim community while also raising awareness of the opportunities available. Additionally, the training of Waqf Managers should be enhanced to ensure effective utilization of the model.
Sustainable Impact of Zakat, Infaq, and Sadaqah on Multidimensional Poverty and Enhancing Economic Growth in 34 Indonesia Provinces Suci Wulandari Siregar; Jasman, Zahra Ramadani; Indarningsih, Nur Aisyah; Hasbi
Journal of Islamic Economic and Business Research Vol. 5 No. 2: December 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jiebr.v5i2.350

Abstract

This research delves into the crucial role of Zakat, Infaq, and Sadaqah (ZIS) in alleviating multidimensional poverty and enhancing economic growth across Java's provinces in Indonesia during the period from 2013 to 2022. Utilizing the Panel Vector Error Correction Model (PVECM), the study explores the causal relationships between ZIS and key socio-economic indicators, including Gross Regional Domestic Product (GRDP), multidimensional poverty indices, and overall economic growth. The results indicate that ZIS significantly reduces poverty, as evidenced by its negative impact on the percentage of the poor population (P0), the poverty depth index (P1), and the poverty severity index (P2). In addition to its effectiveness in poverty alleviation, ZIS also exerts a positive and significant influence on economic growth, highlighting its dual role as both a redistributive mechanism and an economic catalyst. These findings suggest that, when effectively managed, ZIS can play a vital role in addressing both immediate social needs and long-term economic development goals. The study underscores the importance of optimizing ZIS management to maximize its impact on poverty reduction and economic sustainability. Moreover, the research suggests that targeted and productive use of ZIS can lead to more inclusive economic growth, benefitting a broader segment of society. This study contributes to the growing body of literature on the economic and social impacts of ZIS, providing empirical evidence of its potential to drive meaningful change in Indonesia's socio-economic landscape.
The Power of Global Economic Forces on Islamic Stock Returns in Indonesia: Storm or Opportunity? Nurmasari, Nuraini Desty; Ansari, Rizal
Journal of Islamic Economic and Business Research Vol. 5 No. 2: December 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jiebr.v5i2.364

Abstract

This study examines the effect of U.S. monetary policy, risk aversion, and foreign capital flows on stock returns in the Indonesian Islamic Stock Market for the period 2017-2021using the Autoregressive Distributed Lags (ARDL) approach. The results of this study indicate that the U.S. monetary variable is positive in the short term and negative in the long term. Expansionary U.S. monetary policy positively affects the increase in stock returns, but in the extended run, stock returns fall along with contractionary U.S. monetary policy shocks. Risk aversion in the short term is insignificant but positively significant in the long term. Meanwhile, short- and long-term foreign capital flows positively affect stock returns. Foreign investors will first analyze the risk before investing in the ISSI index. Global risk aversion is the main factor driving the increase in foreign capital inflows into the ISSI index. This research is expected to provide recommendations for investors and policymakers. Investors must closely observe essential macroeconomic indicators since these exert substantial long-term influence on ISSI performance, whereas short-term implications may be less relevant. For policymakers, ensuring macroeconomic stability primarily through regulating currency rates and money supply is crucial for cultivating a stable investment climate and promoting the expansion of the Islamic financial industry.
Islamic Values, Digital Marketing, and Purchase Intention: Their Impact on the Preservation of Local Wisdom in Halal MSMEs in Aceh Diana; Mariana; Yudhy Widya Kusumo; Yeni Irawan; Rahmad; Muhammad Arifai
Journal of Islamic Economic and Business Research Vol. 5 No. 2: December 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jiebr.v5i2.392

Abstract

This study examines the role of integrating Islamic values and digital marketing strategies in enhancing Muslim consumers' purchase intention for halal-certified MSME products in Aceh and its impact on preserving local wisdom. Using a quantitative approach, the research employs an explanatory design, collecting data from 215 respondents through purposive sampling. Primary data is obtained through questionnaires, supported by secondary data for contextual analysis. The findings reveal that the application of Islamic values plays a fundamental role in shaping consumer purchase intentions, emphasizing the importance of ethical principles in influencing purchasing behavior. Digital marketing strategies also positively contribute to consumer interest, though their influence is smaller compared to Islamic values. Additionally, the study highlights a strong relationship between consumer purchase intentions and the preservation of local wisdom in Aceh. It underscores the importance of a balanced approach that integrates value-based strategies with digital promotion to maximize consumer interest while preserving local traditions. The research advocates for holistic marketing strategies that align with Islamic principles and cultural preservation efforts, enabling MSMEs to thrive and sustain Aceh’s heritage in the era of globalization.
Development of Islamic Economic Concepts in Mohammad Hatta's Thoughts on People's Economy: An Analytical Study of Cooperatives and Society Malahayatie; Ramadhana, Safna; Rizki, Munawar
Journal of Islamic Economic and Business Research Vol. 5 No. 2: December 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jiebr.v5i2.427

Abstract

This study analyzes the development of Islamic economic principles within Mohammad Hatta’s concept of the people’s economy, with a focus on the cooperative system as a foundational instrument for achieving economic justice and social welfare. Using a qualitative library research methodology, the analysis focuses on Hatta’s major economic works, which discuss the structure, objectives, and ethical foundations of cooperatives in relation to Islamic economic values. The purpose of this study is to explore how Hatta conceptualizes the people’s economy and to examine the extent to which his ideas align with and contribute to the development of Islamic economic thought. The findings reveal that Hatta’s model of the people’s economy emphasizes collective ownership, social solidarity, self-help, and economic democracy through production, credit, and consumption cooperatives, all of which reflect principles of fairness, mutual assistance, and moral responsibility. The study further finds that the values embedded in Hatta’s economic vision are consistent with Islamic principles such as Tawhid, Mashlahah, justice, cooperation, and voluntary consent in transactions. However, certain cooperative practices, particularly in consumption and credit structures, require reform to eliminate debt-based mechanisms and penalties that conflict with sharia provisions on leniency and prohibitions against exploitation. This study concludes that Hatta’s people’s economy presents a strong philosophical and practical foundation for the advancement of Islamic economics, offering a model that integrates ethical values with social empowerment and economic inclusivity.
Innovation in Islamic Philanthropy Development in Increasing the Inclusiveness of Cash Waqf in Indonesia Fatkhur Rohman Albanjari; Fajriansyah Abdillah; Nugraheni Fitroh Rezqi Syakarna; Mazuri Binti Abd Ghani
Journal of Islamic Economic and Business Research Vol. 5 No. 2: December 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jiebr.v5i2.486

Abstract

This research aims to explore innovations in Islamic philanthropy to enhance the inclusiveness of cash waqf in Indonesia. This research method employs a descriptive qualitative approach, utilizing data collection techniques that include interviews with five resource persons: the head of the institution, the cash waqf manager, the digital administrator, the waqf nadzir who collaborates with the foundation, and the waqif. Additionally, observation and documentation techniques were employed in this study. Data analysis was conducted using data reduction, field data presentation, and conclusion drawing. The results showed that, first, the importance of innovative and sustainable efforts in managing cash waqf. The innovation of access to cash waqf services in Yayasan Edukasi Wakaf Indonesia (YEWI) is demonstrated through various features and excellent programs, including collective, endowment, term, and tabarru' waqf, as well as Nazir Incubator Services, which enable communities to become part of the official waqf system. Second, the implementation of digitalizing cash waqf at YEWI has been carried out systematically and structurally through the Pasifamal.id platform, which encompasses the processes of collecting, managing, and distributing cash waqf. This digitalization makes transactions easier, faster, more transparent, and accountable. The platform offers a range of modern payment methods, including bank transfers, QRIS, and e-wallets, as well as real-time data on fund collection and comprehensive financial reports. This research gap demonstrates the importance of digital-based waqf, sustainable innovation, and collaboration in building an inclusive concept within Islamic philanthropy. These factors can build public trust and expand the reach of waqif to various levels of society.
Sharia Crowdfunding Securities Development Model with Analytical Network Process (ANP) Approach Muhammad Ikhsan Harahap; Nurhayati; Marliyah; Yusrizal; Ilhamy Nasution, Muhammad Lathief; Ramil Abbasov
Journal of Islamic Economic and Business Research Vol. 5 No. 2: December 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jiebr.v5i2.501

Abstract

This research aims to develop a model for Islamic securities crowdfunding in Indonesia. Respondents consisted of 9 experts, including regulators, SCF operators, academics, MSMEs, and representatives of the Islamic fintech association, selected through purposive sampling. This research uses the Analytical Network Process (ANP) approach model. The results indicated that the problems encountered in the development of Islamic crowdfunding securities comprise five key aspects: literacy, public trust, management, regulatory, and technological. The level of agreement (rater agreement) is W=0.3753086, indicating 37.5% sufficient agreement in determining the problem priority issues among informants. The most prioritized Islamic crowdfunding securities development solution is the literacy solution, followed by the public trust solution, the technology solution, the management solution, and finally the regulatory solution. The informants’ agreement level is W = 0.2938272. This means that the level of agreement among informants on the priority order of Islamic SCF development solutions is 29.3%, indicating a sufficient level of agreement. Alternative strategies for developing the most prioritized Islamic crowdfunding securities include increasing literacy, building ecosystems, securing government support, improving technology, and implementing business sustainability strategies. The level of agreement (rater agreement) is W = 0.3101343, indicating that the priority order of Islamic SCF development strategies is 31% agreement, which is a sufficient level.
Development of Muslim Women Entrepreneurship: Islamic Perspective and Transformation of Social Roles Haruni Ode; Reni Rosari; Rika Fatimah; Heru Kurnianto Tjahjono
Journal of Islamic Economic and Business Research Vol. 5 No. 2: December 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jiebr.v5i2.522

Abstract

This study develops a conceptual understanding of Muslim women's entrepreneurship by emphasizing how Islamic values ​​shape their motivations, decision-making processes, and social roles in business activities. Despite the continued growth of research on women's entrepreneurship, a theoretical gap remains regarding how Islamic religiosity, sharia norms, and religious social constructions simultaneously integrate to shape Muslim women's entrepreneurship models. Existing literature tends to highlight socio-cultural aspects or gender barriers separately, without providing an integrated conceptual framework that explains the interplay between Islamic values, religious identity, and the structural dynamics faced by Muslim women. This study offers a theoretical contribution by proposing a values-based perspective on Muslim women's entrepreneurship that integrates Islamic business ethics, principles of justice, and the demands of domestic and social roles. The findings demonstrate that Muslim women's entrepreneurship is not simply an economic response, but a practice negotiated religiously, culturally, and structurally. Thus, this article provides a conceptual foundation for understanding Muslim women's entrepreneurship as a phenomenon that cannot be explained solely through conventional entrepreneurship theories, but requires an approach rooted in Islamic values ​​and epistemology.
Implementation of Muhammadiyah Islamic Economic Thought in University Economic Governance: A Multiple Case Study at UMY and Unismuh Makassar Mas'udi, Mohammad; Azhari, Susiknan; Mahmadah Hanafi, Syafiq
Journal of Islamic Economic and Business Research Vol. 5 No. 2: December 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jiebr.v5i2.529

Abstract

This research aims to understand how Muhammadiyah's Islamic economic thought is implemented in economic management at Muhammadiyah universities, specifically at Universitas Muhammadiyah Yogyakarta (UMY) and Universitas Muhammadiyah Makassar (Unismuh). This study is motivated by Muhammadiyah's commitment to building an economic system that is just and based on Islamic values, as well as the important role of universities as centers for the development of Islamic economic thought and practice. Using a qualitative multi‑case study design, data were collected through in‑depth interviews with 12 informants, consisting of university leaders, directors of business units, lecturers, and Muhammadiyah council representatives. Data analysis followed an inductive thematic approach supported by coding, categorization, and cross‑case comparison, while validity was ensured through triangulation of sources and member checking. The research findings conclude that the implementation of Muhammadiyah's Islamic economic thought in both universities is reflected in three main aspects: (1) institutional policies oriented toward the values of justice and economic independence, (2) integration of Islamic economic values into the curriculum and academic activities, and (3) development of campus-based Islamic business units as a form of equitable economic practice. Despite differences in local context, both universities show similarities in the spirit of Muhammadiyah economic da'wah, which emphasizes ethics, justice, and social welfare. This research contributes to enriching the discourse on the application of Muhammadiyah Islamic economic thought in Islamic higher education and provides recommendations for strengthening the institutionalization of Islamic economics in Muhammadiyah universities in Indonesia.
Trend Research Analysis of Economic Growth Theory for Developing an Islamic Perspective Theory Siti Murtiyani; Nunung Nurlaela
Journal of Islamic Economic and Business Research Vol. 5 No. 2: December 2025
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jiebr.v5i2.534

Abstract

The formulation of the theory of economic growth is still a serious debate and continues to develop towards its maturity. This study aims to map the evolution of economic growth theory and to reposition Islamic economic growth, particularly those related to nexus theory, wellbeing economy, and Beyond GDP frameworks. The study employs a bibliometric analysis of scholarly articles on economic growth theory published between 2000 and 2024, using Google Scholar as the primary database and VOSviewer for keyword co-occurrence and thematic clustering. The bibliometric findings are complemented by a conceptual analysis to develop an Islamic economic growth framework that engages with recent theoretical developments. The results reveal a significant shift in economic growth research from GDP-centered models toward nexus-based and post-GDP paradigms. The bibliometric analysis identifies key thematic clusters related to energy–growth nexus, inclusive growth, inequality, and wellbeing economy. Building on these trends, the study proposes an Islamic economic growth framework that functions as a corrective mechanism by integrating poverty and income inequality into growth assessment. This study contributes to the literature by reframing Islamic economic growth as a parsimonious corrective framework. By retaining GDP as a measure of productive capacity while correcting it through distributive indicators, the proposed approach bridges Islamic economic principles with contemporary growth debates and offers a conceptually grounded and policy-relevant contribution. This study is conceptual in nature and does not empirically test the proposed correction framework. Future research may empirically examine the applicability of the model across countries and refine the weighting of poverty and inequality indicators to enhance contextual relevance.

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