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INDONESIA
Muslim Business and Economic Review
Published by Universitas Islam Internasional Indonesia
ISSN : 28292499     EISSN : 29626471     DOI : https://doi.org/10.56529/mber
Core Subject : Economy,
Economics, Econometrics & Finance
Focus: the journal welcomes strong empirical studies and results-focused case studies that share research in current progress of Islamic Economics, Banking, Finance, and sustainable development. Scope: 1) Islamic economics, Digital economy, Political economy; 2) Trends and opportunities in Islamic Finance, Islamic banking and financial markets; 3) Islamic social finance (ZISWAK), Corporate social responsibility, governance; 4) Sustainable Development, Green economy, and SDGs; and 5) Halal and creative Industry (food, fashion, tourism).
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 7 Documents
 1 
Search results for , issue "Vol. 2 No. 1 (2023)" : 7 Documents clear
The Impact of Foreign Direct Investment, Economic Growth, Trade, and Covid-19 on Unemployment: Evidences from MENA Azhar, Neng Zulfa
Muslim Business and Economics Review Vol. 2 No. 1 (2023)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v2i1.111

Abstract

The objective of this study is to investigate the influence of foreign direct investment, economic growth, international trade, Covid-19 pandemic on unemployment rates in six developing Middle Eastern and North African (MENA) countries, as well as members of the Organization of Islamic Cooperation (OIC), over period 2010 to 2021. Quantitative approaches using panel regression fixed effect model are utilized. According to the findings of this study, all of the variable used include foreign direct investment, economic growth, international trade and the Covid-19 pandemic simultaneously have a substantial impact on unemployment rate in six MENA countries. While partially, foreign direct investment, economic growth and international trade have a strong influence in declining unemployment in six MENA countries, while the Covid-19 pandemic variable has a positive relation and insignificant effect on the unemployment rate which indicates that statistically there is no significant difference of the unemployment rate in the years before and during Covid-19 pandemic. In conclusion, since the MENA countries has experienced a high concentration of unemployment particularly among youth for a long time, the government ought to concentrate more on facilitating skills training support for young people. This will ensure that the young people have added value and are qualified in the sectors and fields offered, particularly in foreign direct investment, allowing the FDI to absorb domestic workers. The youth can so, collectively, escape unemployment and enhance productivity in a country, which will also raise the GDP of the country
Realizing the SDGs through Zakat: The Maqāsid al-Syari'ah Perspective at Zakat Institutions in Indonesia Isman, Ainul Fatha; Mansyur, Abdurrahman; Wardani, Ali
Muslim Business and Economics Review Vol. 2 No. 1 (2023)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v2i1.153

Abstract

Zakat is one of the essential instruments in sustainable development, and its implementation is considered relevant to the concept of Maqāṣid al-Sharī'ah, which aims to achieve benefit. The purpose of this study is to analyze the realization of Zakat on the achievement of SDGs from the perspective of Maqāṣid al-Sharī'ah, which includes hifẓ al-din, hifẓ al-nafs, hifẓ al-māl, hifẓ al-naṣl and hifẓ al-aql. This research is descriptive quantitative research with horizontal analysis and comparative analysis. The sampling technique in this study is purposive sampling. The research samples are BAZNAS, LAZ Rumah Zakat, LAZ Dompet Dhuafa, LAZ Inisiatif Zakat Indonesia, LAZ Yatim Mandiri, LAZ The Panti Yatim Indonesia Foundation, LAZ Baitulmal Muamalat and LAZ Mizan Amanah. The data collected in this study were from the Annual Report and the financial reports of zakat institutions from 2016-2019. The results show that all zakat institutions have realized Zakat on the achievement of SDGs from the Maqāṣid al-Sharī'ah perspective, which includes hifẓ al-dīn, hifẓ al-nafs, hifẓ al-māl, hifẓ al-naṣl and hifẓ al-aql. Zakat institutions have realized Zakat on the achievement of SDGs from a Maqāṣid al-Sharī'ah perspective which includes hifẓ al-dīn, hifẓ al-nafs, hifẓ al-māl, hifẓ al-naṣl, and hifẓ al-aql. Overall, the realization of Zakat on SDGs from the perspective of Maqāṣid al-Sharī'ah is most significant in the hifẓ al-māl dimension. The most dominant LAZ Rumah Zakat is the realization of Zakat from the hifẓ al-māl perspective on the SDGs. Meanwhile, from the standpoint of hifẓ al-naṣl, hifẓ al-nafs, and hifẓ al-aql towards SDGs is greatest at Laz Dompet Dhuafa. As for the realization of Zakat on the hifẓ al-din dimension, the highest is BAZNAS. Thus, the Zakat is allocated more to the SDGs to end poverty. This research implies that zakat institutions remain consistent in realizing their funds towards sustainable development goals from the perspective of Maqāṣid al-Sharī'ah and increasing their performance to make a significant contribution to welfare.
Sustainable Value Chain Innovation for Strengthening The Indonesian Halal Beef Industry Mahbubi, Akhmad
Muslim Business and Economics Review Vol. 2 No. 1 (2023)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v2i1.154

Abstract

This study aims to examine the product, process, and business model value innovation of halal beef in Indonesia. This study uses quantitative and qualitative data. Through purpose sampling, the survey involved 425 middle-class Muslim consumers, 100 beef retailers, 25 beef processors, and 100 mid-to-large-scale cattle farmers. It finds that product value innovation steer halal beef producers and suppliers should eliminate the fat content of halal beef. Suppliers should reduce their focus on the attributes of size, grade, taste, nutritional value, production origin, beef availability, packaging, shopping location, display in the shop, ease of preparation, traceability, price, and the presence of a Muslim shop owner. Instead, they should improve the attributes of newness, appearance, halal labels, texture, aroma, hygiene, and residue free. They should create online services and ensure halal certification of their stores. Meanwhile, process value innovation should take the form of beef producers eliminating aging and deboning activities. In essence, Each actor should keep doing the same activities but also take more seriously how their activities impact values and emissions. Cattle farmers should improve cattle feed management to earn higher, and beef retailers should create online services for their customers. Furthermore, business model value innovation should change relationship patterns from collaborative transactions to collaborative processes. Digital resources can be used as new distribution channels and online services. Finally, business model value innovation will shift from the red ocean to the blue ocean competition.
Cash Waqf Behavior: Explaining Financial Consciousness and The Moderating Role of Religiosity Lestari, Irna Puji; Pambekti, Galuh Tri; Annisa, Arna Asna
Muslim Business and Economics Review Vol. 2 No. 1 (2023)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v2i1.155

Abstract

The role of cash waqf in empowering the economy of Muslims needs to be continuously improved. This study assesses individuals’ behavior towards cash waqf from a behavioral finance perspective by proposing four elements of financial consciousness: financial locus of control, financial capability, financial willingness, and financial sophistication in encouraging cash waqf behavior. This study also investigates the moderating role of religiosity as a Muslim-specific internal factor. Data was collected from a questionnaire of 337 Muslim government employees in the Ministry of Religious Affairs of Indonesia. The Partial Least Square was used to analyze the data. The findings show that financial locus of control, financial capability, financial willingness, financial sophistication, and religiosity have a significant positive influence on individual behavior towards cash waqf. The findings also suggest that religiosity moderates the financial locus of control, as well as financial sophistication, on cash waqf. This implies that initiatives to increase Muslim participation in cash waqf should be embedded in behavioral finance patterns through a combination of financial consciousness and religiosity.
Challenges of Halal Standards and Halal Certification for Islamic Marketing Islam, Mohammad Mominul; Ab Talib, Mohamed Syazwan; Muhamad, Nazlida
Muslim Business and Economics Review Vol. 2 No. 1 (2023)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v2i1.156

Abstract

Halal standards and certification continue to pose challenges for Islamic marketing. Resolving this is critical for the sector. This study uses the critical literature review (CLR) and systematic literature review (SLR) approaches by reviewing 76 published articles from Scopus-indexed journals between the years 2012 and 2023. Further, it analyses qualitative Quranic verses and content through the use of Stakeholder Theory (ST) and the ATLAS.ti qualitative data analysis software. Findings show that challenges facing halal standards and certification comprise heterogeneity, questionable raw materials, unethical practices, poor understanding of Islamic theology, communication gaps, acceptance variability, human resource management problems, supply chain obstacles, and improper Islamic marketing orientation. In addition to these common challenges, marketing problems, and poor brand positioning decisively hinder the growth potential of the halal industry. Importantly, the qualitative Quranic verses must satisfy Islamic scholars, certification boards, producers, halal marketers, and researchers to resolve the halal standards and certification-based challenges. All stakeholders must comprehend the insights arising from the general and special challenges facing the halal industry to synthesize the relevant and prescriptive Quranic verses as strategic tools. Stakeholders must further ponder future challenges regarding standards and certification on halal price, place, and promotion since current certification only focuses on products.
Economic Growth, Income Inequality, Government Integrity, and Spending towards SDG 1 on Poverty Eradication: An Empirical Study from Twenty Muslim-Majority Countries Sulaeman, Sulaeman; Sukmana, Raditya
Muslim Business and Economics Review Vol. 2 No. 1 (2023)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v2i1.157

Abstract

The objective of the study is to experimentally investigate the link between economic development, wealth disparity, governmental integrity, and spending on eradicating poverty, in line with Sustainable Development Goal (SDG) 1, in twenty Muslim-majority countries. This study employs pooled OLS, fixed effects, and random effects in its static panel data model analysis. According to empirical research, government expenditure, government spending integrity, and economic growth all significantly affect the rate of poverty reduction. Additionally, inequality of income contributes to rising poverty in nations with Muslim majorities. This study supports the notion that governments promote increasing per capita income in order to achieve economic growth, even though population growth has no bearing on the eradication of poverty. In fact, the two most crucial policy recommendations for the government are to carry out its duties as a government of integrity and distribute funds to sectors necessary for economic and social development, such as infrastructure, health, and education. To ensure fair economic distribution in Muslim communities, governments must also maximize the capacity of Islamic social funds such as zakat and waqf.
The Trade Development Among OIC Countries: Exploring Challenges, Opportunities, and the Impact of the Covid-19 Pandemic Bhatti, M. Ishaq; Ghouse, Ghulam
Muslim Business and Economics Review Vol. 2 No. 1 (2023)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v2i1.158

Abstract

This paper investigates the factor determining the impact of trade development, challenges, and opportunities among various OIC countries. It studies the impact of socioeconomics, geo-political and cultural, factors using data between 2014 to 2022. The selected OIC countries from diverse regions, namely South and Southeast Asia, South America, Europe, Africa, and Central Asia. The study’s sample includes 50 countries out of a total of 57 OIC member nations. The paper employs a two-step GMM model to address endogeneity issues related to institutional variables. To account for the impact of the Covid-19 pandemic on trade, we have included a Covid-19 dummy variable in the model. Our results reveal that the Covid-19 dummy variable is significant in all models, indicating its significant impact on trade. Furthermore, most of the variables included in the study are found to be significant in all models. Overall, this study provides valuable insights into the factors that influence trade in OIC countries and the impact of the Covid-19 pandemic on trade.

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