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Journal of Islamic Economics and Business
Published by UIN Sunan Gunung Djati Bandung
ISSN : 27988562     EISSN : 27984834     DOI : https://doi.org/10.15575/jieb
Core Subject : Religion, Economy, Social,
Religion Economics, Econometrics & Finance Social Sciences
The Journal of Islamic Economics and Business (JIEB) is open access, peer-reviewed journal dedicated to publishing original research papers on Islamic economic and business issues. This journal is likewise committed to making the articles it publishes available to international academicians, researchers, practitioners, regulators, and public societies for free. The journal accepts rigorous empirical or theoretical research papers using any methodologies or approaches relevant to the Indonesian economy and business topics, as long as the research falls into one of three primary disciplines: economics, business, accounting, management and finance.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 65 Documents
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Behavioral Finance in Sharia Investment: An Empirical Study on Indonesian Millennials Rozak, Abdul; Nugraha; Sari, Maya; Purnamasari, Imas; Zainol, Fakhrul Anwar
Journal of Islamic Economics and Business Vol. 4 No. 2 (2024): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

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Abstract

The increasing participation of millennials in Indonesia’s Islamic financial markets underscores the importance of understanding the behavioral factors that influence their investment decisions. This study aims to analyze the impact of behavioral biases specifically representativeness, overconfidence, and herding on Sharia-compliant investment behavior among millennial investors. Despite the growing relevance of behavioral finance, empirical research on cognitive biases in Islamic investments remains limited, particularly in emerging economies. This study fills that gap by employing Structural Equation Modeling–Partial Least Squares (SEM-PLS) to examine data collected from 300 millennial users of the Bibit Sharia investment platform in West Java. The findings reveal that overconfidence (β = 0.235, p < 0.05) and herding (β = 0.198, p < 0.05) significantly influence investment decisions, whereas representativeness bias has no significant effect (p > 0.05). These results highlight the critical role of self-confidence and social influence in shaping millennial Sharia investment behavior. The study recommends enhancing targeted financial literacy programs that address behavioral biases and promote ethical, independent decision-making among young Muslim investors. Future research is encouraged to include broader regional samples and explore additional behavioral factors within Islamic financial contexts.
Capital Structure and Speed of Adjustment in Indonesian Listed Firms: Does Sharia Compliance Affect the Adjustment Speed? Bandawaty, Euis; Anglia Banda Sutomo, Woro; Herawati, Heny; Lestari, Sri; Juliana; Halim, Mohd; Hendayana, Yayan
Journal of Islamic Economics and Business Vol. 4 No. 2 (2024): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

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Abstract

This study investigates how Sharia compliance and Islamic debt constraints influence capital structure and its adjustment speed among non-financial firms listed on the Indonesia Stock Exchange (2013–2023). Challenging the assumption that Sharia-compliant firms are always more conservative in debt usage, this research integrates Sharia-based variables into a dynamic Partial Adjustment Model (PAM) using the Generalized Method of Moments (GMM). The model incorporates target leverage, adjustment speed, and Sharia principles through compliance status and debt-to-equity ratio (DER) thresholds. Empirical results reveal that Sharia-compliant firms, while maintaining DER within the 45% limit, tend to use more debt and adjust faster toward target leverage. These findings suggest that Sharia norms enhance rather than constrain financial efficiency. The study underscores the strategic role of sukuk and values-based financing in promoting disciplined and adaptive capital structures, with key implications for regulators, firms, and investors.
Strategic Development of Campus-Based Social Entrepreneurship and Islamic Philanthropy: A Business Model Canvas (BMC) Perspective Chandra, Dicky; Nuryadi Wijiharjono; Puspo Dewi Dirgantari; Rahayu, Agus; Adi Wibowo, Lili; Hadiyazid Rachman, Nur
Journal of Islamic Economics and Business Vol. 5 No. 1 (2025): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/jieb.v5i1.45276

Abstract

Universities remain underutilized in addressing pressing issues of poverty, unemployment, and inequality. This study aims to develop a structured framework that integrates social entrepreneurship and Islamic philanthropy into academic moral responsibility. Using a qualitative method, the research combines Critical Literature Review (CLR) and Soft Systems Methodology (SSM) through a case study of the Islamic Philanthropreneurship Lab (LKSFI). Findings reveal two key outcomes: (1) a theoretical-philosophical foundation for embedding social entrepreneurship and philanthropy in higher education, and (2) a redesigned Business Model Canvas adapted for university-based philanthropic ventures. This framework offers a strategic tool to enhance universities' social missions and institutional alignment.
Examining The Mediation Of Trust and Reputation In the Relationship Between Transaction Security And Purchase Intention Wulandari, Anna; Mulyanto, Heru
Journal of Islamic Economics and Business Vol. 5 No. 1 (2025): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

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Abstract

This study explores the mediating roles of trust and reputation in the relationship between transaction security and purchase intention on Shopee. As online shopping becomes increasingly common, understanding how security influences consumer behavior is essential for e-commerce growth. The research investigates how transaction security affects purchase intention through trust and reputation, addressing the question: How does transaction security influence purchase intention via trust and reputation on Shopee? This study offers novelty by analyzing trust and reputation simultaneously as mediators an approach rarely explored together in existing research. Using a quantitative method and structural equation modeling (SEM), data were collected from 161 Shopee users. The results show that transaction security significantly increases both trust and reputation. However, while reputation positively affects purchase intention, trust alone does not show a significant direct influence.  The findings imply that improving transaction security must be accompanied by strong reputation management to effectively drive consumer purchasing decisions. For platforms like Shopee, integrating security measures with visible, trustworthy reputation systems is key to enhancing user confidence and boosting engagement. The study concludes that robust transaction security must be complemented by effective reputation management to increase purchase intention. Ecommerce platforms like Shopee should prioritize both security protocols and user reputation systems to foster consumer confidence and drive engagement.
Strategic Approaches of Islamic Banks in Developing Digital Murabahah: Evidence from Mandailing Natal Kholijah, Siti
Journal of Islamic Economics and Business Vol. 5 No. 1 (2025): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

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Abstract

This paper examines the adoption of Digital Murabahah in Mandailing Natal within the broader context of digital transformation in Islamic banking, emphasizing its potential to enhance financial accessibility while maintaining Sharia compliance. Although digital initiatives have rapidly advanced in major Islamic financial institutions, limited attention has been given to their development in regional and rural contexts, creating a significant research gap in understanding localized implementation challenges. Addressing this gap, the study investigates the key barriers and strategic solutions for developing Sharia-compliant digital financing at the regional level. This study contributes novelty by focusing on regional Islamic banking dynamics, an area often overlooked in existing research dominated by large-scale banking contexts. Using a qualitative approach, this research draws on secondary data from Islamic banking reports, regulatory documents, and recent academic studies, supported by comparative case analyses of Islamic banks implementing Digital Murabahah. The findings reveal that limited digital infrastructure, low customer literacy, and complex regulatory frameworks impede adoption, with larger Islamic banks advancing faster than regional ones. The study contributes to existing literature by providing a region-specific analysis of digital Islamic finance transformation and proposing a strategic framework that integrates fintech collaboration, customer education, and adaptive regulatory support. It concludes that a gradual transition through hybrid banking models—aligned with technological readiness and regulatory reform—is crucial for strengthening financial inclusion and ensuring the sustainable growth of Islamic banking in regional economies.
The Moral Foundations of Islamic Economics: An Analysis of Al-Maududi’s Thought Jamarudin, Ade; Said, Muh.; Syafi'ah, Syafi'ah; Komarudin, Didin; Sucipto, Imam
Journal of Islamic Economics and Business Vol. 5 No. 1 (2025): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

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Abstract

This study analyzes the contribution of Abu al-A'la al-Maududi's thought related to Islamic morality in the Islamic economic system. The background of this study departs from the failure of the conventional economic system that is materialistic and independent of moral values, so that the concept of Islamic economics that integrates ethics and spirituality is needed. With the method of literature study and the approach of Maqāṣid al-Syarī'ah, this study examines al-Maududi's works and compares them with relevant literature. The results of the study show that morality in al-Maududi's thought is not just an additional norm, but the main foundation of Islamic economics that emphasizes justice, balance, and social responsibility. These findings confirm the fundamental differences between Islamic and conventional economics, while providing practical implications that the implementation of modern Islamic economics must prioritize the integration of moral values in economic policies and practices.
Green Intellectual Capital as a Mediator of Good Corporate Governance and Firm Value: A Sharia Perspective Ryad, Ahmad; Prasetyo, Yoyok
Journal of Islamic Economics and Business Vol. 5 No. 1 (2025): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

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Abstract

This study aims to examine the influence of the mechanism of good corporate governance (GCG) on the value of the company (FV), with Green Intellectual Capital (GIC) as a mediating variable in telecommunication companies listed on the Indonesia Stock Exchange (IDX) during the period 2016–2022. This research fills a gap in the literature related to the contribution of GIC in strengthening the relationship between GCG and FV, especially in sectors facing the pressures of digital transformation and environmental sustainability. The method used is Partial Least Squares–Structural Equation Modeling (PLS-SEM) with the help of Smart PLS 3 software. Data was obtained through purposive sampling from 15 telecommunication companies. The results of the study show that GCG has a significant effect on GIC and company value, and that GIC mediates significantly the influence of GCG on company value. However, the direct influence of GCG on company value is more dominant than the indirect influence through GIC. These findings emphasize the importance of strengthening human resource capacity and knowledge-based sustainability strategies to improve the company's competitiveness in a sustainable manner.
Bridging Trust and Capital for Islamic Cooperatives: Challenges and Opportunities in Rural Islamic Communities in Indonesia Hakim, Abdul; Andriani, Fauziah; Utami, Tiara Amelia Ayu; Pranata, Faris Husein; Sundawa, Fadia Al Aulia; Sahidudin, Ahmad; Fadillah, Chelsy Kamei
Journal of Islamic Economics and Business Vol. 5 No. 1 (2025): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

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Abstract

This study examines the dynamics of cooperative development in Wanasari Village, Sumedang Regency, with a focus on the interaction between women's groups, agricultural collectives, community trust, capital mobilization, and participatory education. The main issue raised is why many cooperatives in rural Indonesia are difficult to form and maintain. The uniqueness of this research lies in the integration of gender-based approaches and participatory education that are rarely empirically studied in rural contexts. The research uses a qualitative approach through Participatory Rural Appraisal (PRA), focused group discussions (FGDs), semi-structured interviews, field observations, and participatory SWOT analysis. The findings show that women's and peasant groups are actively promoting social cohesion and local economic activities, but are still faced with obstacles in the form of low community trust due to previous institutional failures, difficulties in mobilizing capital, and competition with Badan Usaha Milik Desa (BUMDes). Participatory education improves understanding of cooperatives, but it is not yet enough to overcome structural barriers. In conclusion, the formation of sustainable cooperatives requires continued participatory engagement, transparent governance, innovative financial strategies, and synergies with existing local entities.
Assessing Customer Satisfaction in Islamic Rural Banks: An Importance-Performance Analysis of BPRS Amanah Bangsa Hidayat, Yayat Rahmat; Srisusilawati, Popon; Eprianti, Nanik; Ibrahim, M. Andri
Journal of Islamic Economics and Business Vol. 5 No. 1 (2025): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

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Abstract

This study measures customer satisfaction at BPRS Amanah Bangsa using Importance-Performance Analysis (IPA). While previous research has mainly examined Islamic commercial banks, this study extends the application of IPA to Islamic rural banks, offering micro-level insights into service quality attributes often overlooked in the literature. Results show an average conformity level of 106.47% and a Customer Satisfaction Index (CSI) of 66.24%, indicating customers are generally satisfied. However, gaps remain in promotional tools, service responsiveness, and customer data privacy. The findings contribute by highlighting critical service areas for improvement in BPRS and demonstrating the applicability of IPA in strengthening the competitiveness of small-scale Islamic financial institutions.
The Impact of Board Diversity on Sustainability Finance: The Mediating Role of Green Intellectual Capital in Indonesian Manufacturing Firms Kustinah, Siti; Susyani, Novi; Marlina
Journal of Islamic Economics and Business Vol. 5 No. 1 (2025): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

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Abstract

This research examines the influence of board diversity on sustainability finance with green intellectual capital as a mediating variable. This topic is important because it supports companies' efforts to achieve sustainable development goals (SDGs) through a financial approach that considers environmental and social aspects. The main issue being examined is whether board diversity affects sustainable finance, and whether green intellectual capital can mediate that relationship. This research offers a new contribution by integrating three main concepts board diversity, green intellectual capital, and sustainability finance within the context of manufacturing companies in Indonesia, which have not been simultaneously studied in the previous literature. This research uses a quantitative method with a verification approach. The sample consists of 20 manufacturing companies purposively selected from the IDX for the period 2018–2022. Data analysis was conducted using Partial Least Square (PLS). The results show that board diversity has a significant negative impact on green intellectual capital, but does not have a significant impact on sustainability finance. GIC also does not mediate that relationship. The diversity of the board needs to be managed strategically to avoid conflicts that could hinder the company's sustainable financial performance.

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