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INDONESIA
Indonesian Journal of Islamic Economics and Finance
Published by Institut Agama Islam Sunan Giri Ponorogo
ISSN : -     EISSN : 28081102     DOI : https://doi.org/10.37680/ijief
Core Subject : Economy, Social,
Economics, Econometrics & Finance Social Sciences
Indonesian Journal of Islamic Economics and Finance E-ISSN (28081102) is a journal wich is biannually issued and publishes new editions in June and December. The journal publisher is Institut Agama Islam Sunan Giri (INSURI) Ponorogo and managed by Departement of Islamic Economics INSURI. The publication of this journal is tightly-peer with a double bind reviewed process using Open Journal System (OJS) for the magazine. The journal can be accessed openly on the website.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 216 Documents
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Determinants of Employee Commitment: The Role of Organizational Culture Adaptability and Motivation in a Digital Media Firm Nadia Meiswa Nur’aulia; Siti Maryam
Indonesian Journal of Islamic Economics and Finance Vol. 6 No. 1 (2026)
Publisher : Institut Agama Islam Sunan Giri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37680/ijief.v6i1.9605

Abstract

This study examines the influence of organizational culture adaptability and motivation on employee commitment at CV Queensha Media Group, a digital media company operating in a highly dynamic and competitive environment. Despite extensive research on employee commitment, studies focusing on medium-sized digital media firms remain limited, particularly in the context of organizational adaptability and work motivation. Using a quantitative associative approach, data were collected from 120 employees through structured questionnaires and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The findings reveal that organizational culture adaptability and motivation both have a positive and significant effect on employee commitment. Motivation emerged as the strongest predictor, indicating that employees' commitment is highly influenced by both intrinsic and extrinsic motivational factors. Furthermore, the model demonstrates strong explanatory power, suggesting that organizational culture adaptability and motivation jointly play an important role in shaping employee commitment. This study contributes to the human resource management literature by extending empirical evidence from the digital media industry, a sector that has received limited scholarly attention compared to manufacturing and large-scale organizations. Practically, the findings highlight the importance of fostering a flexible organizational culture and strengthening employee motivation to sustain commitment and organizational competitiveness in rapidly changing business environments.
The Role of Islamic Pawnshops in Expanding Financial Access for Low-Income Communities Through Microfinancing with Murabahah and Mudharabah Contracts in Binjai City Desi Elisa Fitri; Waizul Qarni; Nurul Inayah
Indonesian Journal of Islamic Economics and Finance Vol. 6 No. 1 (2026)
Publisher : Institut Agama Islam Sunan Giri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37680/ijief.v6i1.9707

Abstract

This study examines how Islamic pawnshops (Pegadaian Syariah) in Binjai City employ a dual-contract microfinance model combining murabahah and mudharabah to advance financial inclusion among low-income and unbanked communities. Using a qualitative descriptive approach, data were gathered through in-depth interviews with four purposively selected informants (two institution employees and two financing customers), supplemented by institutional documentation and triangulation. Three key findings emerge. First, Pegadaian Syariah functions as a bridging institution, providing accessible financing that conventional banks cannot easily reach, as evidenced by consistent annual customer growth of 20–30%. Second, murabahah dominates the financing portfolio due to its transparency and fixed-installment structure, while mudharabah is deployed selectively for profit-sharing partnerships with clients whose businesses demonstrate stability a differentiation that reflects risk-sharing theory in Islamic finance. Third, financing access produces measurable welfare improvements increased inventory, income growth, and business expansion though income volatility and administrative barriers remain constraints. The study’s primary contribution is an empirically grounded dual-contract inclusion model applicable to local Islamic financial institutions. Practical implications are offered for institutional strategy, financial literacy programming, and regional policy on Islamic microfinance.
Islamic Social Capital in Cooperative-Based Community Empowerment (Case Study of Makmur Mandiri Cooperative, Padangsidimpuan City) Anggi Rizkina Sari Siregar; Marliyah Marliyah; Juliana Nasution
Indonesian Journal of Islamic Economics and Finance Vol. 6 No. 1 (2026)
Publisher : Institut Agama Islam Sunan Giri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37680/ijief.v6i1.9709

Abstract

Cooperative-based community empowerment depends not only on financial capital but also on the quality of social relations embedded in institutional practices. This study examines the role of Islamic Social Capital in community empowerment at the Makmur Mandiri Savings and Loan Cooperative, Padangsidimpuan City. Using a qualitative case study approach, data were collected through interviews, observation, and documentation. Findings reveal that the cooperative has operated stably and delivered tangible economic benefits through flexible capital access. Three core Islamic values underpin its social fabric: amanah (trustworthiness), reflected in transparent and accountable management; ukhuwah (brotherhood), expressed through sustained social bonds between managers and members; and ta‘awun (mutual assistance), manifested in economic and social support during hardship. Theoretically, this study extends Islamic Social Capital theory by demonstrating its operational mechanisms within a cooperative institution. Practically, it provides a replicable model for embedding Islamic values into cooperative governance to enhance sustainable member empowerment. These findings contribute to the limited literature on Islamic social capital in savings and loan cooperatives, particularly in the local context of North Sumatra.
Marketing Strategy Analysis of Multipurpose Motorcycle Financing Products to Achieve Sharia Banking Sustainability at Bank Sumut KCP Syariah Rantauprapat Nurul Syafriani; Kamilah Kamilah; Aqwa Naser Daulay
Indonesian Journal of Islamic Economics and Finance Vol. 6 No. 1 (2026)
Publisher : Institut Agama Islam Sunan Giri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37680/ijief.v6i1.9710

Abstract

This study aims to analyze the marketing strategy of Multipurpose Motorcycle Financing products in achieving Islamic banking sustainability at Bank Sumut KCP Syariah Rantauprapat. The research employed a descriptive qualitative approach using primary data collected through interviews, observations, questionnaires, and documentation. Informants consisted of branch management, financing officers, administrative staff, and customers selected through purposive sampling. Data were analyzed using SWOT analysis supported by the IFAS, EFAS, IE Matrix, and Cartesian SWOT Diagram. The results show that the bank is positioned in Quadrant I (aggressive growth strategy) with an IFAS score of 3.43 and an EFAS score of 3.49. Key strengths include the implementation of murabahah contracts in accordance with sharia principles, a strong institutional image, and quality customer service. Major opportunities arise from a clear target market, cross-selling potential, and digital marketing utilization. However, challenges remain, including limited marketing personnel, restricted customer segmentation, and low public literacy regarding Islamic finance. Based on the SWOT analysis, the recommended strategies include optimizing cross-selling activities, strengthening murabahah-based differentiation, enhancing service quality, and integrating digital marketing with Islamic financial literacy programs. These strategies are expected to strengthen financing growth, expand market share, and support the long-term sustainability of Islamic banking operations.
Determinants of Taxpayer Compliance: The Role of Coretax, Socialization, Sanctions, and Risk Preference Moderation Nadya Nurkhasanah; Agung Yulianto; Nelia Fariani Siregar
Indonesian Journal of Islamic Economics and Finance Vol. 6 No. 1 (2026)
Publisher : Institut Agama Islam Sunan Giri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37680/ijief.v6i1.9731

Abstract

This study investigates how Coretax, tax socialization, and tax sanctions influence individual taxpayer compliance, while also assessing the potential moderating role of risk preference in these relationships. Employing a quantitative approach, data were obtained from questionnaires completed by 379 individual taxpayers registered at KPP Pratama Indramayu, and the resulting data were analyzed through Structural Equation Modeling–Partial Least Squares (SEM-PLS) using SmartPLS 4. The results indicate that Coretax utilization and tax socialization have positive and significant effects on taxpayer compliance, whereas tax sanctions do not significantly influence compliance. Furthermore, risk preference is also found to significantly weaken the positive relationships between Coretax utilization and compliance, as well as between tax socialization and compliance, although it does not moderate the link between tax sanctions and compliance. This research adds to the taxation literature by extending the Theory of Planned Behavior through the incorporation of risk preference as a behavioral factor influencing the effectiveness of digital taxation systems and tax education initiatives. The findings also provide practical insights for tax authorities in designing more targeted compliance strategies.
Determinants of Tax Compliance in Digital Tax Systems: The Roles of Readiness, Literacy, Ethics, and Trust Ernie Riswandari; Theresia Olivia; Jennifer Enny Leticia; Rini Kus Tresno Ningsih
Indonesian Journal of Islamic Economics and Finance Vol. 6 No. 1 (2026)
Publisher : Institut Agama Islam Sunan Giri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37680/ijief.v6i1.9732

Abstract

Digital transformation in Indonesia’s taxation system is essential to enhancing administrative effectiveness, transparency, and taxpayer compliance. However, the adoption of digital tax services continues to face challenges related to digital readiness, tax literacy, and ethical considerations. Although these elements have been studied separately in the past, little study has looked at their combined influence on trust in digital taxation systems and tax compliance. This investigation looks into the consequences of ethical perceptions, digital tax literacy, and digital readiness on taxpayers’ trust in digital taxation systems and examines the mediating role of trust in promoting tax compliance. The study’s novelty lies in integrating these factors into a single conceptual model with trust as a mediator. A quantitative approach was employed using an online survey of taxpayers utilizing digital tax services in Jakarta. The data were analysed using Structural Equation Modelling (SEM) with SmartPLS. The results reveal that digital readiness and digital tax literacy positively influence tax compliance, whereas ethical perceptions do not have a significant direct effect. Moreover, trust in the digital taxation system does not mediate the correlations between the tax compliance and the independent variables. These findings contribute to the development of digital models of tax compliance and provide useful information for legislators seeking to enhance taxpayers’ digital capabilities.
Determinants and Theoretical Perspectives of Stock Investment Decisions: A Systematic Review Rifa Haenun Alya; Suhendi Suhendi; Muchamad Bachtiar
Indonesian Journal of Islamic Economics and Finance Vol. 6 No. 1 (2026)
Publisher : Institut Agama Islam Sunan Giri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37680/ijief.v6i1.9756

Abstract

Background: Stock investment decision-making is a complex process influenced not only by rational economic considerations but also by psychological, behavioral, and contextual factors. Although numerous studies have examined various determinants of investment decisions, the existing literature remains fragmented and lacks an integrated synthesis that systematically maps the key factors and theoretical frameworks influencing investor behavior. Purpose: This study aims to systematically identify, synthaResearch on stock investment decisions continues to evolve, yet existing findings remain scattered and address determining factors in isolation. This study aims to identify, map, and synthesize the factors that influence stock investment decisions. The method used is a Systematic Literature Review (SLR) following the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines. Data were obtained from the Scopus database, yielding 97 articles that met the inclusion criteria for analysis. The results indicate that stock investment decisions are influenced by six main dimensions: behavioral biases, financial literacy, psychological characteristics, external and contextual factors, demographic characteristics, and values and religiosity. The findings also suggest that the Behavioral Finance perspective dominates the literature in explaining investor behavior. The contribution of this study is the development of an integrated conceptual framework that unifies the various determinants of stock investment decisions, which were previously fragmented in the literature. The research results can serve as a foundation for the development of theory and further research on investment behavior.esize, and map the major determinants and theoretical perspectives influencing stock investment decisions by integrating findings from previous empirical studies. Design/methodology/approach: This study employs a Systematic Literature Review (SLR) based on the PRISMA framework. Literature was retrieved from the Scopus database using structured keyword queries, resulting in 97 peer-reviewed articles published between 2015 and 2026 included in the analysis. Findings/Result: The findings reveal that stock investment decisions are shaped by a complex interaction of multiple determinants. The review identifies six major dimensions that consistently influence investment decisions: behavioral biases, financial literacy and knowledge, psychological and personal traits, external and contextual factors, demographic variables, and values and religiosity. Among these, behavioral biases particularly overconfidence, herding behavior, and heuristic-driven decision-making emerge as dominant determinants. The results also highlight a growing research trend integrating digital and social influences, such as social media and online investor communities, into the analysis of investment behavior. Conclusion: The study concludes that stock investment decisions are multidimensional and context-dependent, extending beyond traditional rational financial models. Understanding the interaction between psychological, informational, and socio-cultural factors is essential for explaining investor behavior and improving the quality of investment decision-making in modern capital markets. Originality/value (State of the art): This study contributes to the literature by providing a comprehensive synthesis and conceptual mapping of determinants influencing stock investment decisions through a systematic review of recent research. By integrating behavioral, psychological, and contextual perspectives into a unified framework, this research offers a holistic understanding of investor behavior and highlights emerging research directions, particularly the role of digital ecosystems and social influences in shaping investment decisions.
Strategy for Developing Halal-Certified MSMEs (Case Study of MSMEs in Percut Sei Tuan District) Nur Hamidah; Muhammad Ikhsan Harahap; Imsar Imsar
Indonesian Journal of Islamic Economics and Finance Vol. 6 No. 1 (2026)
Publisher : Institut Agama Islam Sunan Giri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37680/ijief.v6i1.9772

Abstract

Halal certification is a crucial instrument for the development of Micro, Small, and Medium Enterprises (MSMEs), particularly in the culinary sector. This study aims to evaluate the MSME development approach based on halal certification in Percut Sei Tuan District using descriptive qualitative methods. The study involved five culinary MSME actors and one halal certification facilitator as key informants, with data collected from October 2024 to January 2025. Information was collected through observation, interviews with MSMEs and halal certification facilitators, and document review. Data processing was conducted using a SWOT analysis approach to identify internal and external factors influencing the implementation of halal certification. The findings of this study indicate that MSMEs have advantages in the form of using halal raw materials and existing consumer trust, but still have weaknesses in terms of administrative understanding and limited resources. On the other hand, increasing public awareness of halal products and support from government policies can present valuable opportunities, although business competition and legal changes remain challenges. This study concludes that halal certification plays a role not only in fulfilling regulations but also as a strategic step to increase the competitiveness and sustainability of MSMEs if supported by mentoring and capacity building for business actors.
Analysis of the Implementation of Green Financing at PT Bank Syariah Indonesia Tbk in Supporting the National Net Zero Emission Target Muhammad Aldi Pratama; Tuti Anggraini; Wahyu Syarvina
Indonesian Journal of Islamic Economics and Finance Vol. 6 No. 1 (2026)
Publisher : Institut Agama Islam Sunan Giri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37680/ijief.v6i1.9773

Abstract

Indonesia's commitment to achieving Net Zero Emission (NZE) by 2060 requires the active involvement of all sectors, including the financial sector. Islamic banking has a strategic role through the implementation of green financing that aligns with sustainability principles and the maqashid of Sharia. This study aims to analyze the implementation of green financing in Bank Syariah Indonesia in supporting the national net zero emission target. The research method used is qualitative descriptive with a case study approach. The data obtained in this study consisted of documentation studies of annual reports, sustainability reports, sustainable financing policies, and official publications available on the BSI website for the period 2023-2025. The results of the study indicate that Bank Syariah Indonesia has implemented green financing through the provision of sustainable financing in the renewable energy sector, eco-efficient products, sustainable land management, as well as financing for environmentally-oriented micro, small, and medium enterprises. This study concludes that the implementation of green financing at Bank Syariah Indonesia plays an important role in supporting national net-zero emission targets, although there are still various challenges in its implementation.
Anchovy Business Development Strategy: Islamic Economic Review (Case Study of Pasar Teradam Village, Barus District) Nurbaiti Tanjung; Atika Atika; Nur Ahmadi Bi Rahmani
Indonesian Journal of Islamic Economics and Finance Vol. 6 No. 1 (2026)
Publisher : Institut Agama Islam Sunan Giri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37680/ijief.v6i1.9810

Abstract

This study explores the development strategies of the anchovy business in Pasar Terandam Village, Barus District, Central Tapanuli Regency, from the perspective of Islamic economics. Although the business has great potential due to abundant marine resources and stable market demand, it still faces various challenges, such as limited capital, the absence of cooperatives, traditional processing technology, and the lack of application of Islamic economic principles. In addition, external factors such as climate change, market competition, and shifting consumer preferences pose further threats. This research employs a qualitative approach with SWOT analysis to identify strengths, weaknesses, opportunities, and threats, which are then integrated with Islamic economic values such as justice, solidarity, welfare, and sustainability. The findings indicate that relevant strategies include establishing Islamic cooperatives, improving access to Sharia-compliant financing, providing business management training based on Islamic values, innovating products and digital marketing, and applying fair profit distribution. These strategies are expected to support sustainable development of the anchovy business while enhancing the welfare of the local community.

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