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M. Luthfi Hamidi
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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. 5 no. 1 (2026)" : 7 Documents clear
Navigating the Digital Shift: Key Drivers of Zakat Reporting Effectiveness in Indonesia Aisha Putrina Sari; Syifa Aziza; Yuna Adeptia; Igres Ariresa; Ahmad Fauzi; Syukri Yandi; Iklimah Dalhudah
Muslim Business and Economics Review Vol. 5 No. 1 (2026)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v5i1.391

Abstract

Digital transformation in zakat reporting is essential to enhance transparency, accountability, and efficiency in managing zakat, infaq, and sadaqah in Indonesia. Indonesia’s National Zakat Board (BAZNAS) developed the Zakat Information Management System (SIMBA) system to support standardized, real-time reporting across national and regional zakat institutions. However, adoption remains limited due to challenges such as low digital literacy, insufficient technical infrastructure, and organizational readiness gaps, especially in Eastern Indonesia. This study identifies key factors influencing the implementation of SIMBA and provides a model to improve compliance in digital zakat reporting in Indonesia. Using the Analytic Hierarchy Process and Multi-Stage Weighted Index method, the study analyzes data from 207 respondents, including experts and practitioners from BAZNAS and zakat management institutions. The findings highlight six critical dimensions affecting SIMBA’s adoption: organizational readiness, ease of use, compliance and regulation, user attitudes and perceptions, external factors, and motivation and incentives. Organizational readiness emerged as the most influential factor, followed by technological usability and institutional motivation. The study concludes that effective SIMBA implementation requires strong leadership, technical support, and structured incentives. These insights can help close the digital gap in zakat reporting and ensure Indonesia’s zakat ecosystem is transparent and accountable.
Sharia Peer to Peer Financing Innovation in Indonesia: Insights from Prospective Investors Roisatun Kasanah; Sulistya Rusgianto
Muslim Business and Economics Review Vol. 5 No. 1 (2026)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v5i1.392

Abstract

Sharia peer-to-peer (P2P) financing offers a sharia-compliant investment alternative that addresses increasing demand in Indonesia, with substantial growth potential. This study identifies the factors influencing investors' intentions to use sharia P2P financing services in Indonesia. Drawing on the theory of reasoned action and the extended valence framework, this research examines perceived benefit, perceived risk, trust, social influence, and sharia financial knowledge. This study seeks to enrich the literature on sharia investment by focusing on the psychological aspects of investors, particularly trust, perceived benefits, and perceived risks. Using a quantitative methodology and Partial Least Squares analysis, data were gathered from 219 respondents through online surveys. The results indicate that all variables, except perceived risk, significantly influence investment intention, with trust being the most impactful factor. These findings provide valuable insights for service providers and regulators to enhance investment activities through better understanding and strategic improvements.
Assessing Renewable Energy Project Efficiency through Green Sukuk: Evidence from Indonesia and Malaysia Sri Ulfa; Tri Wahyuningsih; Rani Surya Resiana
Muslim Business and Economics Review Vol. 5 No. 1 (2026)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v5i1.412

Abstract

Amidst global climate challenges, green sukuk has emerged as a shariah-compliant instrument to finance renewable energy projects, supporting the Sustainable Development Goals (SDGs) in Organisation of Islamic Cooperation (OIC) countries such as Indonesia and Malaysia. This study examines the impact of green sukuk structures on the efficiency of renewable energy projects. While existing literature has broadly discussed the effects of green sukuk, a significant gap remains in their quantitative assessment of efficiency, particularly in an approach that integrates both financial cost-effectiveness and operational performance. This study explicitly addresses this gap by developing a novel framework that integrates cost-effectiveness analysis (CEA) and data envelopment analysis (DEA) to evaluate four prominent green sukuk: Indonesia’s Green Sovereign Sukuk 2018 and 2019, and Malaysia’s Tadau Energy Sukuk 2017 and Quantum Solar Park Sukuk 2018, using data from official reports and prospectuses. Results show the Green Sovereign Sukuk 2018 as the most efficient (2.90 MW/USD million, 1,600-ton CO₂/USD million, DEA score 1.0000), driven by large-scale implementation and centralized governance, whereas Quantum Solar 2018 scored lowest (0.61 MW/USD million, 808.08-ton CO₂/USD million, DEA score 0.5051) due to project fragmentation. Ijarah contracts enhance governance, whereas mudharabah fosters adaptability but increases risk. The study concludes that hybrid contracts (e.g., musharakah-murabahah) and balanced regulations can optimize the efficiency of green sukuk, offering a scalable model for OIC countries to advance sustainable financing aligned with ESG and SDG objectives.
Educational Reforms and Economic Growth in Bangladesh: Insights for OIC Nations Tarekol Islam Maruf; Motia Mannan
Muslim Business and Economics Review Vol. 5 No. 1 (2026)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v5i1.589

Abstract

Educational reforms are essential for influencing a nation's economic development by augmenting human capital, increasing labor productivity, and promoting innovation. This research examines the impact of education system changes on the economic development of Bangladesh, with the potential to provide other members of the Organisation of Islamic Cooperation (OIC) with valuable insights. This research utilizes a mixed-method approach, incorporating qualitative insights from policy studies and expert interviews alongside quantitative data. A quantitative cross-sectional survey with a standardized questionnaire was undertaken in multiple locations across Bangladesh, yielding 335 responses. To measure the validity of the predicted relationships and mediation effects, researchers employed structural equation modelling. Quantitative analysis shows that changes such as updating the curriculum and expanding technical and vocational education and training (TVET) have led to higher literacy rates, an increase in employment, and a reduction in poverty. Consequently, statistical analysis indicates that skill development significantly impacts economic growth, emphasizing the importance of targeted workforce training. Although literacy had a positive effect, it is not statistically significant, and quality and relevance are more crucial than availability. Science, technology, engineering, and mathematics (STEM) education was found to not directly affect growth, suggesting gaps in implementation. However, it aligns with the labor market, preparing workers. Labor market alignment is the best predictor of economic development, highlighting the need for education policies based on demand. Overall, the study finds it is important to keep the economy growing by ensuring that education matches the needs of the job market through skill development, literacy improvement, and integrated STEM education. These findings underscore the importance of holistic education policy in driving sustainable economic development, particularly for developing countries in the OIC.
Economic Growth and Environmental Sustainability: Empirical Investigation of Bangladesh, India, and Pakistan Ajibu Jonas; Imran Ali
Muslim Business and Economics Review Vol. 5 No. 1 (2026)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v5i1.590

Abstract

This paper examines the long- and short-term relationships between economic growth, trade, industrialization, renewable energy consumption, and environmental degradation in Bangladesh, India, and Pakistan from 1990 to 2022. It uses a panel autoregressive distributed lag (ARDL) approach and employs correlation analysis, panel cointegration tests, and pooled ARDL to capture the dynamic interactions among variables. The results indicate a positive long-term relationship between gross domestic product growth and carbon dioxide emissions, supporting the Environmental Kuznets Curve hypothesis. Trade and industrial growth also have a significant positive impact on emissions in the long run. Conversely, renewable energy consumption consistently shows a negative relationship with carbon dioxide emissions in both the short and long term, highlighting its importance in reducing environmental degradation. The agriculture sector displays a mixed impact, contributing to emissions primarily through land-use changes. The error correction term from the panel ARDL model is statistically significant, confirming long-run equilibrium relationships. The study finds robust evidence of cointegration among the variables, suggesting that the countries are on a convergent path in terms of balancing economic growth and environmental sustainability. Policy recommendations include the enforcement of stricter environmental regulations, promotion of renewable energy, and sustainable trade practices to mitigate environmental harm while fostering economic growth.
Artificial Intelligence, Firm Heterogeneity, and Labor Market Adjustment: Evidence from Service and Industrial Tech Sectors in Italy Ebrima K. Ceesay; Mamadou Salieu Jallow; Cosimo Magazzino; Alasana Gitteh; Baseedy Bojang
Muslim Business and Economics Review Vol. 5 No. 1 (2026)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v5i1.591

Abstract

This study assesses how changes in AI patent stock affect employment, wages, productivity, and labor cost shares. It compares pooled estimates with firm-specific effects for UniCredit and Zerynth in Italy, representing the banking services and industrial tech sectors, respectively. Using a firm-level panel dataset from 2005 to 2024, the study applies task-based and skill-biased technological change frameworks to analyze how exposure to Artificial Intelligence (AI), proxied by AI patent stock, affects labor-market dynamics in the Italian economy. Our empirical strategy used fixed-effects regressions. The results show a dual pattern of technological adjustment. In pooled models, AI-related innovation has a positive and statistically significant effect on labor-market outcomes. However, when firms are analyzed separately, the effects diverge. For UniCredit, AI patent stock reduces employment and labor cost shares while raising productivity growth, with wage effects remaining small or insignificant. On the other hand, for Zerynth, AI patent stock produces consistently negative and significant effects on employment, wages, and labor cost shares. Overall, the findings highlight strong task-level substitution but heterogeneous firm-level outcomes, underscoring the need for targeted reskilling and labor-augmenting innovation policies in Italy’s digital transition.
Beyond Informality: Housing Quality and Tenure Insecurity in Tanzania’s Secondary Cities Asia Khamis Nyange
Muslim Business and Economics Review Vol. 5 No. 1 (2026)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v5i1.592

Abstract

Sub-Saharan Africa is experiencing high rates of urbanisation that have driven the housing deprivation problem into dense informal settlements, but the link between tenure status and housing quality is yet to be fully examined in secondary cities in Tanzania. This study examines the impact of tenure on housing quality and examines whether household wealth, education, and migration status mediate the relationship between tenure and housing quality. The analytical sample consists of 2,411 households from the Tanzania National Panel Survey (NPS) Wave 5 (2020–2022) in secondary cities. A standardised Housing Quality Index (HQI) was built using the seven structural and service indicators and ordinary least squares regression with cluster-robust standard errors and interaction terms. The results show that there is a significant difference between informal and formal owners in terms of the reduction in HQI (β = −0.42, p = 0.003), which supports the tenure penalty hypothesis. On the other hand, the housing quality of households in other tenure arrangements (employer-provided or free accommodation) shows a significant positive value (β = +0.25, p = 0.027). Wealth and education have independent positive effects on housing quality, but there are interaction effects between wealth and informal tenure (β = 0.286, p = 0.008), and between education and informal tenure (β = 0.036, p = 0.058). Migration status does not have any significant interaction effects. Robustness checks (Ramsey RESET test, Cook's distance, and VIFs) validate the model and confirm its reliability. The study concludes that tenure insecurity is a 'structural constraint' not easily mitigated by household resources, and calls for enhancing informal tenure recognition, increasing hybrid housing forms, and including the poor in terms of their wealth in informal housing in policy agendas at the secondary city level.

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