cover
Article Per Year (5 Year)
All
Home Page
OAI Link
Editorial Team
Contact
Reviewer
Google Scholar
Contact Name
M. Luthfi Hamidi
Contact Email
submit.mber@uiii.ac.id
Phone
-
Journal Mail Official
submit.mber@uiii.ac.id
Editorial Address
Jl. Raya Bogor, Cisalak, Kec. Sukmajaya, Kota Depok, Jawa Barat 16416
Location
Kota depok,
Jawa barat
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 63 Documents
 3   4   5   6   7 
Hybrid Financial Innovation: A Sustainable Economic Recovery Model for OIC Nations Md Sajidur Rahman MD SAJIDUR RAHMAN; Tarekol Islam Maruf; Noor Adila Binti Abd. Raub; Maniyarasi Gowindasamy
Muslim Business and Economics Review Vol. 4 No. 2 (2025)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

ABSTRACT Global financial shocks, such as COVID-19 and other systematic vulnerabilities, dramatically threaten the world's economic resilience. These recessional events have revealed economic weakness, especially in OIC and other developing nations. resulting in a massive amount of job losses, disturbance in manufacturing, fiscal imbalances, recessions, and deflationary issues. Existing economic recovery strategies fail to ensure long-term financial sustainability and equitable development. This study examines a comprehensive framework to disclose a resilient economic recovery model that mitigates shocks and leads to sustainability in OIC countries. This study proposes a hybrid financial innovation model that ascertains government-backed crisis funds with Islamic financing mechanisms. Which can ensure sustainable agricultural funding and promote long-term economic resilience. It will save a shocked economy from recessions by its model mechanism. Observing Pakistan, Indonesia, Saudi Arabia, Turkey, Bangladesh, Egypt, Iran, and Malaysia, this finding acknowledged why fund liquidity is the origin of origins. This qualitative research approach will combine sustainable economic modeling and a consistent funding framework which adaptable to OIC nations. These findings will work as a practical roadmap for policymakers, ensuring that agricultural financing remains stable during economic shocks and recessional periods by the support of universal financial strategies. Additionally, this research offers a model that contributes to long-term resilience and economic stability. The findings provide policymakers with a definitive framework for alleviating future crises, guaranteeing fiscal sustainability, and enabling OIC states to convert economic weaknesses into strategic advantages. Keywords: Hybrid financial model, sustainable funding, Islamic Finance, OIC Nations, Universal Shock Fund.
Trump 2.0: Unpacking the Potential Economic Impacts on OIC Economies Riadhus Shufa Al Khairi; Muhammad Ali Mustofa
Muslim Business and Economics Review Vol. 4 No. 2 (2025)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Donald Trump's trade policies during his presidency were characterized by protectionist measures, including tariff increases and trade disputes with major economies. Following his re-election, similar policies could resurface, impacting global trade dynamics. This paper aims to analyze the potential economic consequences of Trump's second leadership on OIC (Organization of Islamic Cooperation) economies, focusing on three key policies: (1) a tariff on steel and aluminum, (2) a trade war with China, and (3) geopolitical tensions with BRICS nations. The GTAP (Global Trade Analysis Project) model is employed to simulate the short-run effects of these policies on GDP, trade balance, and welfare in OIC countries. The results suggest that increased tariffs and trade conflicts may lead to shifts in global trade patterns, with potential negative spillover effects on OIC economies, particularly those with strong trade ties to the US, China, and BRICS. Trade diversion effects are also observed, indicating possible shifts in export flows. The findings provide insights into how OIC nations might navigate the uncertainties of a renewed Trump administration's economic policies. Keywords: Donald Trump, OIC economies, Tariff, GTAP.
State Religion and Corruption in Islamic Countries: An Empirical Examination Arif Rahman Hakim; Putro Samudro
Muslim Business and Economics Review Vol. 4 No. 2 (2025)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Corruption remains pervasive in many Islamic countries, despite the ethical values and integrity often associated with religious norms. This study investigates the state religion's impact on corruption levels in member countries of the Organisation of Islamic Cooperation (OIC). Utilizing cross-sectional data from 53 OIC countries and employing the Ordinary Least Squares (OLS) regression method, the study finds that the percentage of the Muslim population has a negative but statistically weak effect on the Corruption Perceptions Index (CPI). Conversely, the adoption of Islam as a state religion significantly increases corruption, suggesting that religious institutionalization may undermine governance quality. These results challenge prior assumptions that religiosity inherently reduces corruption. Instead, the study highlights that institutional framework, rather than religious adherence, shape governance outcomes. The findings underscore the need for anti-corruption efforts in Islamic countries to prioritize institutional reforms and economic policies that enhance transparency and accountability, rather than relying solely on religious values. Keywords: Corruption, Islam, State Religion, OIC
Islamic Financial Development, Country Risk, and Human Development: Do They Shape Income Inequality in OIC Countries? Hapid Durohman; Fajar Andrian Sutisna; Danial Muhammad Wirdyansyah
Muslim Business and Economics Review Vol. 4 No. 2 (2025)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Income inequality remains a persistent development issue across member countries of the Organization of Islamic Cooperation (OIC), irrespective of their income level. The Islamic financial system, built upon Shariah principles of fairness, risk-sharing, and ethical finance, offers a viable alternative to conventional systems in addressing inequality. This study investigates the long-run effects of Islamic financial development, human development, and country risk on income inequality in OIC countries and empirically tests the Islamic Financial Kuznets Curve (IFKC) hypothesis. Using balanced panel data from 13 OIC member states over the period 2013–2023, the analysis applies Fully Modified Ordinary Least Squares (FMOLS) and Dynamic Ordinary Least Squares (DOLS) estimators using STATA17. The results confirm that Islamic financial development significantly reduces income inequality and follows a non-linear (inverted U-shaped) relationship, validating the IFKC hypothesis. Human development exhibits a mixed effect: while DOLS and non-linear models suggest an equalizing impact, FMOLS results indicate that early gains may benefit elite groups disproportionately, reflecting institutional asymmetries. Country risk consistently exacerbates inequality across all models. Moreover, interaction effects reveal that institutional quality moderates the relationship between human development, country risk, and inequality. In some cases, even stronger institutions may fail to ensure equity when they lack inclusivity. These findings highlight the importance of aligning Islamic financial expansion with inclusive governance and social development policies. For OIC policymakers, achieving sustainable and inclusive growth requires synergy between financial deepening, human development, and institutional transformation Keywords: Islamic financial development, Income inequality, Human development, Country risk, Islamic Financial Kuznets Curve
ESG Controversies and Bank Risk-taking: Islamic vs Conventional Banks Kemala Putri Ayunda; Yunice Karina Tumewang
Muslim Business and Economics Review Vol. 4 No. 2 (2025)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v4i2.529

Abstract

Environmental, social, and governance (ESG) controversies have gained increasing attention due to their potential financial and reputational risks, particularly within the banking sector. As regulatory pressures and stakeholder expectations escalate, understanding the impact of ESG controversies on banks' risk-taking behavior is critical for financial stability and sustainable banking practices. This study investigates the relationship between ESG controversies and bank risk-taking, comparing Islamic and conventional banks within the Organisation of Islamic Cooperation (OIC) countries. Using a panel dataset covering 35 Islamic banks and 68 conventional banks across 11 OIC countries between 2013 and 2022, we apply a fixed-effects regression model to assess the influence of ESG controversy exposure on bank risk. The results demonstrate that Islamic banks are significantly less exposed to ESG controversies than conventional banks, reflecting the normative ethical underpinnings of Islamic finance. However, Islamic banks exhibit higher risk levels compared to their conventional counterparts. The regression analysis also reveals that, in both the full sample and the conventional bank sub-sample, fewer ESG controversies are significantly associated with lower risk-taking, thereby enhancing bank stability. However, this effect is absent in Islamic banks. These results highlight the critical role of institutional, cultural, and regulatory contexts in shaping how ESG controversies influence bank behavior. While ESG controversies may act as effective risk control signals in conventional banking systems, their impact appears attenuated in Islamic banks, where ethical principles are already embedded in financial practices.
ESG on Stability and Bank Performance: The Moderating Role of Diversity and Inclusion in OIC Countries Muhammad Irsyad; Fauziah Chairiyati
Muslim Business and Economics Review Vol. 4 No. 2 (2025)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v4i2.530

Abstract

This study analyses the impact of environmental, social and governance (ESG) performance on the stability and performance of Islamic banks, considering the moderating role of diversity and inclusion. Using panel data from 60 Islamic banks in 11 Organisation of Islamic Cooperation (OIC) countries during the period 2014-2023, the research finds that ESG performance positively affects the stability and performance of Islamic banks, confirming the role of sustainability in enhancing the financial resilience of the Islamic banking sector. However, this study also finds that diversity and inclusion weakens the positive impact of ESG performance on the stability and performance of Islamic banks. Additional analysis shows that these results are consistent only in the environmental and social pillars. These findings highlight the importance of managing diversity and inclusion to enhance ESG implementation in Islamic banks. Poorly managed diversity and inclusion efforts may weaken ESG effectiveness, hindering performance and stability. For stakeholders, including investors and regulators, fostering inclusion is essential to support sustainability and long-term stability.
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.

Page 6 of 7 | Total Record : 63

 3   4   5   6   7 

Filter by Year

2022 2026


Reset
Filter By Issues
All Issue Vol. 5 No. 1 (2026) Vol. 4 No. 2 (2025) Vol. 4 No. 1 (2025) Vol. 3 No. 2 (2024) Vol. 3 No. 1 (2024) Vol. 2 No. 2 (2023) Vol. 2 No. 1 (2023) Vol. 1 No. 2 (2022) Vol. 1 No. 1 (2022)