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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 219 Documents
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Analysis of the Principles of Trust and Fund Accounting in Encouraging Transparency and Accountability in Zakat Management: A Case Study of BAZNAS Medan Diah Hanifah Daulay; Juliana Nasution; 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.v6i1.9959

Abstract

This study examines the integration of the amanah principle and Fund Accounting in enhancing transparency, accountability, and public trust in zakat management at BAZNAS Medan. Using a qualitative case study approach, data were collected through in-depth interviews, observations, and documentation, then analyzed using the Miles and Huberman model with source and method triangulation to ensure validity. The findings reveal that the amanah principle is implemented not only as a moral and spiritual value but also through institutional practices, including strict standard operating procedures, dual control mechanisms, internal audits, and transparent reporting. Transparency is applied gradually, with some reports published online and others provided upon formal request. The implementation of Fund Accounting enables the clear separation of zakat, infaq, sadaqah, amil, and other social funds in accordance with PSAK 109, PSAK 401 and PSAK 409, thereby strengthening financial accountability. The synergy between amanah and Fund Accounting has increased muzakki trust, improved financial supervision, and supported the effectiveness of zakat distribution programs in enhancing mustahik welfare. Although challenges remain in human resources and information technology, BAZNAS Medan demonstrates good zakat governance. Nevertheless, the study identifies a critical transparency gap, wherein the tiered disclosure policy requiring formal requests for certain financial reports represents an institutional limitation that constrains the achievement of full public trust and demands strategic digitalization to bridge the gap between procedural accountability and substantive transparency in the modern era.
The Role of Digital Mindset in Mediating the Relationship Between Dynamic Managerial Capabilities and Strategic Leadership in Indonesian Startups Vincentia Heryani Septyaningrum; Siti Aulia Chairunisa; Dony Nickolas
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.v6i1.9960

Abstract

High failure rates among Indonesian startups often stem from weak strategic planning and an inability to navigate rapid technological shifts. This study investigates the mediating role of a digital mindset in the relationship between dynamic managerial capabilities and strategic leadership. A quantitative explanatory design was employed, utilizing data from 100 startup managers collected via LinkedIn and Google Forms. Analysis using multiple regression and the PROCESS Macro reveals that while dynamic managerial capabilities do not directly impact strategic leadership significantly, they exert a profound influence on developing a digital mindset. Digital mindset serves as a full mediator, effectively translating managerial resources into impactful leadership behaviors and explaining 50.9% of the variation in strategic leadership. These findings contribute to the Upper Echelons Theory by highlighting that managerial skills in the digital era remain latent unless filtered through a technology-oriented cognitive framework. Practical results offer a roadmap for founders to prioritize mental adaptability and digital experimentation to ensure long-term organizational sustainability
The Influence of Seafaring Experience, Fishermen's Productive Assets and Livelihood Diversification on Fishermen's Welfare in Singkuang Village, Mandailing Natal Regency Willia Wahyuni; Imsar Imsar; M. Syahbudi
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.v6i1.10007

Abstract

This study examines the effects of seafaring experience and productive assets on fishermen’s welfare, with livelihood diversification serving as an intervening variable. A quantitative approach was employed using Partial Least Squares Structural Equation Modeling (PLS-SEM). Data were collected through questionnaires administered to 98 fishermen in Singkuang Village, Mandailing Natal Regency. The findings reveal that seafaring experience and productive assets have positive and significant effects on livelihood diversification and fishermen’s welfare. Livelihood diversification also has a positive and significant effect on fishermen’s welfare (β = 0.293, p < 0.001). Furthermore, productive assets significantly influence livelihood diversification (β = 0.347, p < 0.001) and fishermen’s welfare (β = 0.441, p < 0.001), while seafaring experience significantly affects livelihood diversification (β = 0.392, p < 0.001) and fishermen’s welfare (β = 0.366, p < 0.001). The structural model demonstrates substantial explanatory power, with an R² value of 0.440 for livelihood diversification and 0.794 for fishermen’s welfare, indicating that the model explains 79.4% of the variance in fishermen’s welfare. These findings suggest that enhancing fishermen’s work experience, strengthening productive assets, and promoting livelihood diversification are effective strategies for improving the sustainable welfare of coastal fishing households.
The Influence of Price Perception, Religiosity, and Halal Label on Online Purchase Decisions of Skintific Halal Skincare (Case Study on UINSU Students) Wafiyahningrum Wafiyahningrum; Marliyah Marliyah; Nurul Jannah
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.v6i1.10010

Abstract

This study aims to examine the influence of price perception, religiosity, and halal labels on the online purchasing decisions of Skintific halal skincare products among students at Universitas Islam Negeri Sumatera Utara (UINSU). This research employed a quantitative approach using a survey method. The study involved 100 active UINSU students selected through purposive sampling, consisting of respondents who had purchased Skintific halal skincare products online. Data were collected using a structured questionnaire and analyzed through multiple linear regression with the assistance of SPSS 25 software. The findings indicate that price perception, religiosity, and halal labels have a positive and significant effect on online purchasing decisions, both partially and simultaneously. Price perception emerged as the most dominant predictor of purchasing decisions, as indicated by the highest regression coefficient (B = 0.427) and the largest t-value (t = 12.241; p < 0.001), followed by religiosity (B = 0.272; t = 7.352) and halal labels (B = 0.243; t = 7.003). Furthermore, the coefficient of determination (R² = 0.797) indicates that 79.7% of the variance in purchasing decisions is explained by the three independent variables, while the remaining 20.3% is influenced by other factors outside the research model. These findings suggest that online purchasing decisions for halal skincare products are shaped by a combination of economic considerations, religious values, and trust in halal certification. The study provides practical implications for halal skincare producers and marketers to strengthen competitive pricing strategies, maintain credible halal certification, and develop marketing approaches that align with the religious values of Muslim consumers.
Digital-Based Business Sustainability Strategy for MSMEs in Medan City Abdu Rahman Hakim; Muhammad Ikhsan Harahap; 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.v6i1.10021

Abstract

This study evaluates digital-based business sustainability strategies among Micro, Small, and Medium Enterprises (MSMEs) in Medan City and identifies internal and external factors affecting business resilience. Using a qualitative descriptive approach, data were collected through in-depth interviews with five MSME owners/managers, supported by observations and documentation. Data validity was ensured through source triangulation and member checking. The analysis employed SWOT analysis along with the Internal Factor Evaluation (IFE) and External Factor Evaluation (EFE) matrices. The results indicate that digital adoption among MSMEs is still developing. While most businesses utilize social media and online marketplaces, digital technology has not yet been fully integrated into comprehensive business strategies. The IFE score of 2.50 reflects a moderate internal condition, with strengths in product innovation and operational flexibility, but weaknesses in digital literacy and human resource capabilities. The EFE score of 2.95 shows that MSMEs are relatively responsive to external opportunities, particularly the rapid growth of e-commerce and evolving consumer behavior. SWOT analysis places MSMEs in Quadrant II (Weakness–Opportunities), indicating that significant external opportunities are not yet supported by adequate internal capacities. Accordingly, a turnaround (WO) strategy is recommended, emphasizing the utilization of digital opportunities to address internal weaknesses through improving digital literacy, enhancing workforce competencies, and integrating technology into business operations. The study concludes that digitalization is a key driver of business sustainability. However, its effectiveness depends on strengthening internal capabilities and implementing adaptive strategies that enable MSMEs to achieve long-term sustainable growth and maintain competitiveness in an increasingly digital business environment.
The Influence of Halal Labels and Product Quality on Food Product Consumption Decisions with Trust as an Intervening Variable (Case Study of Tembung Champion Meatballs) Putri Winanda; Nur Ahmadi Bi Rahmani; Atika Atika
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.v6i1.10052

Abstract

This study aims to analyze the influence of halal labels and product quality on food product consumption, with consumer trust serving as an intervening variable, at Bakso Urat Juara Tembung. A quantitative approach was employed using Structural Equation Modeling (SEM) based on Partial Least Squares (PLS). The sample consisted of 100 Muslim consumers who had previously consumed the product. Data were collected through a Likert-scale questionnaire and analyzed using SmartPLS. The findings indicate that halal labels and product quality do not have a significant direct effect on food product consumption. However, both variables significantly influence consumer trust, which in turn has a significant positive effect on consumption behavior. Trust also mediates the relationship between halal labels, product quality, and food product consumption. The R-Square value for Trust was 0.905 (adjusted R² = 0.903), indicating that 90.5% of consumer trust is explained by halal labels and product quality. The R-Square value for Food Product Consumption was 0.801 (adjusted R² = 0.795), showing strong explanatory power. Importantly, trust functions as a full mediator. The direct effects of Halal Label (coefficient = -0.109; p = 0.434) and Product Quality (coefficient = 0.362; p = 0.069) on consumption were insignificant, while their indirect effects through Trust were significant (Halal Label: coefficient = 0.236; p = 0.016; Product Quality: coefficient = 0.395; p = 0.007). These results suggest that consumer trust serves as the key psychological mechanism linking sellers’ claims and product attributes to actual consumption decisions. Therefore, obtaining official halal certification and implementing transparent business practices are recommended to strengthen trust and encourage sustainable consumption.
Analysis of the Implementation of the Principle of Honesty (Shiddiq) in Islamic Business Ethics in Herbal Business (Case Study of Harokah Herbal Shop Medan) Muhammad Fathi Farhat; Muhammad Syukri Albani Nasution; Muhammad Ikhsan Harahap
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.v6i1.10053

Abstract

This study aims to analyze the implementation of the principle of honesty (shiddiq) in Islamic business ethics at Toko Harokah Herbal Medan and its implications for consumer trust and business sustainability. The study used a qualitative approach with a case study design. Informants consisted of 1 business owner, 3 senior agents (who had partnered for more than 2 years), and 5 loyal consumers (who had experienced the complaint-return process), selected through purposive sampling techniques. Data were collected through in-depth interviews, observation, and documentation, then analyzed using the Miles and Huberman model, which includes data reduction, data presentation, and conclusion drawing. The results show that the principle of shiddiq has been consistently implemented through product information transparency, price transparency and agency systems, responsible product quality management, and honest handling of consumer complaints. A distinguishing aspect found is that Toko Harokah Herbal demonstrates the 'cost of honesty': when the business honestly disclosed during a supply shortage that stock was limited, rather than losing customers, this action actually strengthened agent loyalty through increased trust. The implementation of honesty contributes to reducing information asymmetry, increasing consumer and business partner trust, and strengthening customer loyalty. This study concludes that the principle of shiddiq is not only a moral value in Islamic business ethics but also an effective business strategy in creating competitive advantage and sustainable business growth in sharia-based MSMEs.
The Application of the Principles of Transparency, Accountability, and the Concept of the Value of Money in the Financial Management of the Pujimulio Sunggal Village Government Nazwa Sabina Nasution; Nur Ahmadi Bi Rahmani; Annio Indah Lestari 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.v6i1.10227

Abstract

This study aims to analyze the implementation of the principles of transparency, accountability, and Value for Money in the financial management of the Pujimulyo Village Government, Sunggal Subdistrict. Effective village financial governance is essential to ensure responsible public administration, strengthen public trust, and optimize the utilization of public resources for community welfare. This research employed a descriptive-analytical method with a predominantly qualitative approach, supported by quantitative budget data analysis. Secondary data were collected from the Village Revenue and Expenditure Budget (APBDes), the Village Government Work Plan (RKPDes), and publicly available financial documents for the 2024–2025 fiscal years. The analysis was conducted by first calculating the Value for Money ratios (economy, efficiency, and effectiveness) and subsequently interpreting the results qualitatively to evaluate the implementation of transparency, accountability, and governance practices in village financial management. The findings indicate that the economic and efficiency ratios improved from 103.98% in 2024 to 92.22% in 2025, reflecting better budget control and resource utilization. The effectiveness ratio remained stable at 90%, indicating that most development programs were implemented according to plan. Although transparency has been demonstrated through the publication of village financial infographics and accountability has generally been reflected in the implementation of planned programs, the completeness of financial information and the quality of performance reporting still require improvement. Overall, the study concludes that the principles of transparency, accountability, and Value for Money have been implemented reasonably well in the financial management of Pujimulyo Village, although further improvements are needed to strengthen governance quality and maximize public value.
Implementation and Effectiveness of Risk Management for Organizing Umrah Worship in an Era of Global Economic Uncertainty: Case Study of Travel Maha Tour Mutia Salwa Hutauruk; Ahmad Perdana Indra; Tuti Anggraini
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.v6i1.10236

Abstract

This study examines the implementation and effectiveness of risk management in organizing Umrah pilgrimage services amid global economic uncertainty through a case study of Travel Maha Tour. Global economic challenges, including exchange rate volatility, inflation, rising international transportation costs, and changes in cross-border policies, have significantly influenced the Umrah travel industry and increased operational risks. A qualitative case study approach was employed, with data collected through in-depth interviews, observation, and documentation. The informants consisted of the Operational Manager and Financial Manager of Travel Maha Tour, who were directly involved in managing operational and financial risks. Data were analyzed using descriptive techniques involving data reduction, data presentation, and conclusion drawing, while validity was ensured through source and method triangulation. The findings reveal that Travel Maha Tour has implemented comprehensive risk management by identifying key operational and financial risks, including currency fluctuations, flight schedule changes, visa delays, rising operational costs, and challenges related to pilgrims’ Umrah savings programs. To mitigate these risks, the company adopted several strategies, such as prudent budget management, reserve fund allocation, diversification of business partners, flexible payment policies, and strengthened internal communication and coordination. The implementation of these measures proved effective in maintaining service quality and operational sustainability. During the period of economic uncertainty from 2022 to 2024, Travel Maha Tour consistently fulfilled its departure quotas without imposing additional costs on pilgrims despite significant Rupiah exchange rate fluctuations. These findings indicate that effective risk management plays a crucial role in ensuring business resilience and protecting pilgrims’ financial interests during periods of global economic instability.
Factors Affecting Sharia Insurance Acceptance Among the Community in Mandailing Natal Sandi Nugraha; Muhammad Ikhsan Harahap; Tri Inda Fadhila Rahma
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.v6i1.10266

Abstract

Sharia insurance is a type of financial safeguard that adheres to Islamic principles. Despite Mandailing Natal Regency having a significant Muslim demographic and various Islamic financial entities, there is still a relatively modest interest in sharia insurance among the populace. This research aims to analyze how religion and knowledge of Islamic finance influence the acceptance of sharia insurance within the community of Mandailing Natal Regency. The study employs a quantitative approach, utilizing purposive sampling with 100 participants. For data evaluation, techniques such as validity, reliability, classical assumptions, multiple linear regression, t-test, F-test, and determination coefficient are conducted using SPSS software. The study's results indicate that both religiosity and Islamic financial literacy considerably and positively affect the acceptance of sharia insurance, both independently and collectively. Additionally, the impact of Islamic financial literacy is shown to be greater than that of religiosity, suggesting that comprehension of sharia insurance's concepts, agreements, advantages, and processes is crucial for enhancing public acceptance. These findings imply that enhancing education and literacy regarding Islamic finance should be prioritized by insurance companies, Islamic financial institutions, and local authorities to promote greater acceptance of Islamic insurance offerings.

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