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Nurul Azizah Azzochrah
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Kunuz: Journal of Islamic Banking and Finance
Published by Institut Agama Islam Negeri Manado
ISSN : 2807680X     EISSN : 2807615X     DOI : 10.30984/kunuz
Core Subject : Economy,
Economics, Econometrics & Finance
Kunuz: Journal of Islamic Banking and Finance mainly focuses on Islamic banking and finance, with various approaches of normative, philosophy, history, sociology, anthropology, theology, psychology, economics and is intended to communicate the original researches and current issues on the subject. Detailed scopes of articles accepted for submission to Kunuz: Journal of Islamic banking and finance are: • Finance: 1. Financial systems 2. financial accounting 3. Financial management 4. financial analysis models and their applications, and 5. Financial Technology • Banking: 1. Banking Systems 2. Banking management 3. Monetary institutions 4. Banking concepts and their structures 5. Banking operational management 6. Banking financial management 7. Islamic banking its concepts and practices.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 55 Documents
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Fintech Regulation and Its Impact on The Islamic Banking Industry in Indonesia Husein, Moh. Hidayatullah A. K.; Soleman, Moh Rafiq; Hasan, Jamaludin; Elvia, Evi Eka
Kunuz: Journal of Islamic Banking and Finance Vol 5 No 2 (2025)
Publisher : Program Study Islamic Banking, Faculty of Economics and Bussiness Islam, State Islamic Institute of Manado (IAIN) Manado

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30984/kunuz.v5i2.1688

Abstract

This study examines the impact of the development of Islamic financial technology (Islamic fintech) on the Islamic banking industry in Indonesia by analyzing the challenges and opportunities arising in the digital era within the existing regulatory framework. The study aims to assess the implementation of Islamic fintech based on regulations issued by the Financial Services Authority (Otoritas Jasa Keuangan), Bank Indonesia, and the Indonesian Council of Ulama, particularly in fostering fair competition within the Islamic financial industry. Employing a qualitative approach with a normative juridical method, this research analyzes relevant laws, regulations, and policy documents governing Islamic fintech and Islamic banking in Indonesia. The findings indicate that digital transformation through strategic collaboration between Islamic banks and Islamic fintech institutions has become an essential requirement for Islamic banks to remain competitive in the rapidly evolving digital financial landscape. The study highlights the importance of developing a hybrid innovation model that integrates conventional Islamic banking services with Islamic fintech solutions, including the digitalization of financing processes, the utilization of big data and artificial intelligence for risk management, and the development of platform-based digital products and services that remain compliant with Sharia principles. This study contributes to the existing literature by providing a comprehensive regulatory and strategic perspective on the transformation of Islamic banking in response to the growth of Islamic fintech in Indonesia
Financial Statement Fraud in Sharia-Compliant Companies: The Predictive Relevance of Fraud Hexagon Theory Wahyuni, Nella; Afandi, Ahmad; Maarif, Muhammad Ariful
Kunuz: Journal of Islamic Banking and Finance Vol 5 No 2 (2025)
Publisher : Program Study Islamic Banking, Faculty of Economics and Bussiness Islam, State Islamic Institute of Manado (IAIN) Manado

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30984/kunuz.v5i2.1741

Abstract

This study examines the influence of factors within the Fraud Hexagon theoretical framework on the occurrence of financial statement fraud among companies listed on the Jakarta Islamic Index (JII). The study applies the fraud hexagon model, where financial targets and financial stability proxy the stimulus factor; nature of industry and ineffective monitoring represent opportunity; auditor changes reflect rationalization; changes in the board of directors capture capability; CEO education level represents ego; and political connections proxy collusion. Financial statement fraud is detected using the Beneish M-Score Model. The research population comprises all firms listed on JII during the 2020–2024 period, with a final sample of 26 companies and 130 firm-year observations selected through purposive sampling. Logistic regression analysis is employed using SPSS version 29. The results indicate that financial stability has a positive and significant effect on financial statement fraud, while financial targets and nature of industry exhibit negative and significant effects. In contrast, ineffective monitoring, auditor changes, changes in directors, CEO education level, and political connections do not show a significant influence on financial statement fraud.
Islamic Social Finance, Shariah-Aligned Ethical Investment and Financial Empowerment: Evidence from Kibuli Slums, Uganda Hakimu Buyondo; Jamil Serwanga; Lateef Wale Adeyemo
Kunuz: Journal of Islamic Banking and Finance Vol 6 No 1 (2026)
Publisher : Program Study Islamic Banking, Faculty of Economics and Bussiness Islam, State Islamic Institute of Manado (IAIN) Manado

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30984/kunuz.v6i1.2081

Abstract

Islamic social finance is normatively associated with wealth redistribution, social justice, and poverty alleviation; however, Shariah legitimacy alone does not guarantee measurable financial empowerment at the individual level. Existing evidence remains inconclusive regarding whether Islamic social-finance instruments and Shariah-aligned financial capabilities translate into empowerment through direct or complementary pathways. This study examines the relationships among Islamic social finance (ISF), Shariah-aligned ethical investment (EI), and financial empowerment (FE) among residents of Kibuli, Kampala, Uganda. Guided by a positivist philosophy and deductive approach, the study employed a cross-sectional explanatory quantitative design. Data were collected from 299 valid respondents selected through proportionate stratified and simple random sampling across Kakungulu, Lubuga, and Agip Zones and analysed using SmartPLS 4. The measurement model demonstrated satisfactory reliability, convergent validity, and discriminant validity. The structural model explained 43.3% of the variance in FE. EI was positively and significantly associated with FE (β = 0.584, p < 0.001), whereas ISF exhibited a positive but statistically insignificant association (β = 0.045, p = 0.642). The EI × ISF interaction was negative and statistically insignificant (β = −0.025, p = 0.506), providing no support for the hypothesised complementary effect. The findings suggest that resident-level engagement with Shariah-aligned ethical finance is more closely associated with financial empowerment than the measured experience of Islamic social-finance provision. The study contributes by distinguishing the normative objectives of Islamic finance from the mechanisms through which they may translate into financial capability in a Muslim-minority urban context
Institutional De-Risking of Cross-Border Finance: CPTPP and Singapore-Sourced FDI in Vietnam's High-Technology Manufacturing Ecosystem Fathur Rahman; Wiwiek Rukmi Dwi Astuti
Kunuz: Journal of Islamic Banking and Finance Vol 6 No 1 (2026)
Publisher : Program Study Islamic Banking, Faculty of Economics and Bussiness Islam, State Islamic Institute of Manado (IAIN) Manado

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30984/kunuz.v6i1.2217

Abstract

This study examines how the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) shaped the institutional risk environment for Singapore-sourced foreign direct investment (FDI) within Vietnam’s manufacturing and industrial ecosystem during 2019–2024. The study conceptualizes FDI as a long-horizon cross-border capital-allocation decision and examines three dimensions: investment scale, capital composition, and ecosystem formation. A qualitative explanatory case-study design combines process tracing of CPTPP Chapter 9 and Vietnam’s domestic investment reforms with official registered FDI data and corporate disclosures from Sembcorp Development, Mapletree Logistics Trust, and Ascendas/CapitaLand. The findings show that Singapore-sourced registered FDI increased from USD 4.50 billion in 2019 to USD 10.21 billion in 2024, representing a 126.9% increase between the endpoints. However, the annual trajectory was non-monotonic and materially influenced by large individual transactions. The analysis identifies investor protection, capital-transfer provisions, rules-based dispute settlement, and enhanced market access through regional production networks as principal channels through which the CPTPP may mitigate selected forms of institutional investment risk. Corporate cases further indicate an ecosystem mechanism whereby industrial parks, logistics facilities, and business parks mobilize cross-border capital into real assets, support manufacturing activities, and potentially strengthen project bankability. Nevertheless, aggregate source-economy statistics cannot establish the extent to which Singapore-sourced investment was allocated specifically to high-technology manufacturing, and no reviewed corporate disclosure directly attributes an investment to a specific CPTPP provision. The study concludes that the CPTPP functioned as a conditional institutional de-risking architecture that strengthened the enabling environment for Singapore-linked investment rather than an independent cause of FDI expansion.
The Influence of Digital Service Convenience (Tring) And Service Quality On Customer Satisfaction At Pegadaian Syariah Ar-Hakim Medan Yulia Sari; Dahrani Dahrani
Kunuz: Journal of Islamic Banking and Finance Vol 6 No 1 (2026)
Publisher : Program Study Islamic Banking, Faculty of Economics and Bussiness Islam, State Islamic Institute of Manado (IAIN) Manado

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30984/kunuz.v6i1.2225

Abstract

The growing digitalization of financial services at Pegadaian Syariah has increased the importance of both user-friendly digital platforms and high-quality service delivery in shaping customer experiences. This study examines the effects of digital service convenience through the Tring application and service quality on customer satisfaction at Pegadaian Syariah Ar-Hakim Medan, both individually and jointly. A quantitative approach with an associative research design was employed. Primary data were collected through questionnaires from 120 customers and analyzed using multiple linear regression. The findings indicate that digital service convenience has a positive and statistically significant association with customer satisfaction (B = 0.251, β = 0.407, t = 5.282, p < .001). Service quality likewise exhibits a positive and statistically significant association with customer satisfaction (B = 0.318, β = 0.440, t = 5.708, p < .001). When considered jointly, digital service convenience and service quality significantly explain variations in customer satisfaction (F = 84.180, p < .001), accounting for 59.0% of the variance in customer satisfaction (R² = 0.590; Adjusted R² = 0.583). The findings suggest that customer satisfaction at Pegadaian Syariah is associated with the interaction between technological convenience and service quality. Accordingly, digital transformation should be accompanied by continuous improvements in platform usability and responsive, reliable, and customer-oriented service delivery. The study highlights the importance of integrating digital service development with service-quality enhancement in strengthening customer satisfaction within Islamic financial service institutions.

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