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INDONESIA
Journal of Islamic Economics Lariba
Published by Universitas Islam Indonesia
ISSN : 24774839     EISSN : 25283758     DOI : https://doi.org/10.20885/jielariba
Core Subject : Religion, Economy, Social,
Religion Economics, Econometrics & Finance Social Sciences
Journal of Islamic Economics Lariba provides a platform for academicians, researchers, lecturers, students, and others having concerns about Islamic economics, finance, and development. The journal welcomes contributions on the following topics: Islamic economics, Islamic public finance, Islamic finance, Islamic accounting, Islamic business ethics, Islamic banking, Islamic insurance, Islamic human resource management, Islamic microfinance, Islamic capital market, and other relevant Islamic economic and financial studies.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 15 Documents
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Search results for , issue "Vol. 9 No. 2 (2023)" : 15 Documents clear
Factors influencing customer satisfaction and loyalty in Sharia-compliant hotels in Yogyakarta, Indonesia Suhud, Diar Melati; Andriansyah, Yuli; Putra, Bintang Paula
Journal of Islamic Economics Lariba Vol. 9 No. 2 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol9.iss2.art12

Abstract

IntroductionSharia-compliant hospitality is gaining prominence globally, particularly in Indonesia, where Islamic values increasingly influence consumer preferences. Despite the growing demand for Sharia-compliant hotels, research on the factors driving customer satisfaction and loyalty in this niche remains limited.ObjectivesThis study investigates the relationships between key factors—self-satisfaction, aesthetics, price, prestige, transactional value, hedonic value, and quality—and customer satisfaction and loyalty in Sharia-compliant hotels in Yogyakarta. It aims to identify which factors most significantly impact these constructs and how satisfaction translates into loyalty.MethodThe study employed a quantitative approach, collecting data from 113 customers of three Sharia-compliant hotels in Yogyakarta using a structured questionnaire. Structural Equation Modeling (SEM) was used to analyze the relationships among variables and test hypotheses.ResultsThe findings revealed that self-satisfaction, price, transactional value, hedonic value, and quality significantly enhance customer satisfaction, while satisfaction strongly predicts loyalty. Aesthetics and prestige, however, did not exhibit significant effects. These results suggest that customers prioritize adherence to Islamic principles, fair pricing, and service quality over visual appeal or social status.ImplicationsThe study underscores the importance of integrating Sharia principles with high-quality services and transparent transactions to meet customer expectations and foster loyalty. It provides actionable insights for practitioners seeking to differentiate their offerings in the competitive Islamic hospitality sector.Originality/NoveltyThis study contributes to the body of knowledge on Islamic hospitality by integrating service quality frameworks with Sharia principles, offering a nuanced understanding of customer satisfaction and loyalty in this context.
Performance measurement analysis of Sharia commercial banks in Indonesia with Maqashid Index and Sharia Conformity and Profitability (SCnP) Asmar, Mohd. Dimasqi Abandi; Andriansyah, Yuli; Masuwd, Mowafg
Journal of Islamic Economics Lariba Vol. 9 No. 2 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol9.iss2.art13

Abstract

IntroductionSharia-compliant banking plays a vital role in Indonesia's Islamic financial sector, balancing ethical principles and market competitiveness. However, assessing the performance of these banks requires tools that capture both financial viability and alignment with maqasid al-shariah, or the higher objectives of Sharia.ObjectivesThis study evaluates the performance of Indonesian Sharia-compliant banks using the Maqashid Index, which measures ethical contributions, and the Sharia Conformity and Profitability framework, which integrates financial outcomes with Sharia compliance. The research aims to identify key strengths and gaps in these banks' performance and compare the insights provided by these two frameworks.MethodA quantitative approach was adopted, analyzing data from five prominent Sharia-compliant banks in Indonesia over the 2010–2018 period. The Maqashid Index assessed contributions to education, justice, and public welfare, while the Sharia Conformity and Profitability framework evaluated financial performance and compliance with Islamic principles. Comparative analysis was employed to identify areas of alignment and divergence between the frameworks.ResultsThe findings revealed that while Bank Syariah Mandiri and Bank BNI Syariah excelled in both frameworks, others displayed significant gaps in education and public welfare contributions despite high Sharia compliance. Divergences between financial profitability and ethical objectives underscore the need for integrated performance metrics.ImplicationsThis study emphasizes the importance of balancing financial and ethical dimensions in Islamic banking. It provides actionable insights for policymakers and practitioners, suggesting a roadmap for enhancing both societal impact and financial sustainability.Originality/NoveltyThis study advances knowledge in Islamic banking by applying a dual-framework evaluation approach, highlighting the complementary roles of the Maqashid Index and Sharia Conformity and Profitability framework in assessing Sharia-compliant bank performance.
Product development strategies in Yogyakarta’s Muslim fashion industry: Innovation and ethics Putri, Nurul Elisa; Andriansyah, Yuli; Badjie, Fatou
Journal of Islamic Economics Lariba Vol. 9 No. 2 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol9.iss2.art15

Abstract

IntroductionThe Muslim fashion industry has become a significant contributor to Indonesia’s creative economy, blending Islamic values with modern aesthetics to meet growing consumer demand. Yogyakarta, as a hub for small- and medium-sized enterprises in this sector, provides a unique context for exploring the interplay between innovation, market responsiveness, and adherence to Islamic principles.ObjectivesThis study investigates the product development strategies of Muslim fashion businesses in Yogyakarta, focusing on how they balance market demands with Islamic values. The research examines the practices of four businesses—Gamis Amika, Dafh Hijab, Koppi Holic, and Distro Gamis Nibras—and evaluates their alignment with ethical and religious principles.MethodUsing a qualitative approach, the study employs semi-structured interviews, field observations, and document analysis to collect data. A thematic analysis framework was applied to identify recurring patterns and insights into product design, digital marketing strategies, ethical practices, and the challenges faced by these businesses.ResultsThe findings reveal that businesses integrate customization, innovation, and traditional elements into their products to meet consumer preferences. Digital platforms, such as e-commerce and social media, play a critical role in expanding market reach. While all businesses align with Islamic principles in sourcing and pricing, smaller enterprises struggle with resource constraints and scalability.ImplicationsThe study underscores the importance of innovation and adherence to Islamic values in sustaining competitiveness in the Muslim fashion industry. It provides actionable recommendations for entrepreneurs and policymakers to address challenges such as market competition and resource limitations.Originality/NoveltyThis study contributes to the growing body of literature on Islamic business practices by highlighting the strategies and ethical considerations unique to the Muslim fashion industry. It offers insights into how businesses can navigate the balance between innovation and tradition to foster sustainable growth.
Determinants of profitability in Indonesian Islamic banks: Financial and macroeconomic insights Nisa', Khilyatun; Andriansyah, Yuli; Hasan, Barham Bakr
Journal of Islamic Economics Lariba Vol. 9 No. 2 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol9.iss2.art14

Abstract

IntroductionProfitability is a crucial indicator of financial sustainability and competitiveness in the banking industry. For Islamic banks, profitability is influenced by both internal financial management and external macroeconomic factors, shaped by their adherence to Sharia principles. Indonesian Islamic banks operate in a dynamic financial environment that presents unique challenges and opportunities for sustaining profitability.ObjectivesThis study examines the determinants of profitability in Indonesian Islamic banks, focusing on the effects of internal financial ratios—Financing to Deposit Ratio (FDR), Capital Adequacy Ratio (CAR), Non-Performing Financing (NPF), and operating efficiency (BOPO)—as well as external factors such as interest rates and inflation.MethodA quantitative approach was employed, analyzing secondary data from 12 Islamic banks in Indonesia over the 2014–2018 period. Multiple regression analysis was used to evaluate the relationships between these variables and profitability, measured by Return on Assets (ROA). Diagnostic tests ensured the robustness and validity of the statistical model.ResultsThe findings reveal that FDR positively influences profitability, while NPF and BOPO have significant negative effects. CAR and inflation show no significant impact, and interest rates indirectly affect profitability despite the interest-free nature of Islamic banking. These results highlight the interplay of internal management practices and macroeconomic factors in shaping financial performance.ImplicationsThis study emphasizes the need for Islamic banks to enhance credit risk management, optimize operational efficiency, and adapt to macroeconomic conditions to sustain profitability. The findings provide actionable insights for policymakers, regulators, and practitioners aiming to strengthen the financial sustainability of Islamic banking in Indonesia.Originality/NoveltyThis research integrates internal and macroeconomic determinants to offer a comprehensive analysis of profitability in Indonesian Islamic banks. By bridging gaps in the literature, it contributes to the development of strategies for financial performance optimization in Sharia-compliant banking.
Customer data protection mitigations: Building Baitul Mal wa Tamwil transaction data security system in Lampung Ambarwati, Diana; Hermanita, Hermanita
Journal of Islamic Economics Lariba Vol. 9 No. 2 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol9.iss2.art8

Abstract

IntroductionData security is a critical issue in today's digital age, exacerbated by the rampant online buying and selling of consumers’ personal data. This study focuses on the strategies employed by microfinance institutions, specifically Baitul Maal wa Tamwil (BMT), to protect member data and manage the associated risks.ObjectivesThe objective of this study is to describe mitigation strategies for data protection and risk management implemented by BMTs in Lampung. MethodThis field research employs qualitative methods, including observation and interviews, which are analyzed using the inductive thinking paradigm. Data collection focuses on BMTs' risk management practices and their cooperation with commercial banks to transfer risk.ResultsThe findings reveal that BMTs in Lampung have implemented effective risk-management strategies for data protection. Some BMTs transfer risk to commercial banks, a strategy known as risk transfer. Others adopt risk reduction and acceptance strategies by enhancing data security, training employees on system use, and managing existing risks to minimize business impact. ImplicationsThis study highlights the importance of robust data protection and risk management strategies to maintain customer trust in microfinance institutions. Effective risk mitigation ensures customer data security, thereby enhancing the credibility and sustainability of BMTs.Originality/NoveltyThis study contributes to the understanding of data security practices in microfinance institutions, particularly in the context of Islamic microfinance, by exploring practical mitigation strategies and their implementation.
The role of Islamic banks in developing a sharia-based economy in the digital era in Indonesia Irawan, Heri
Journal of Islamic Economics Lariba Vol. 9 No. 2 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol9.iss2.art9

Abstract

IntroductionThe financial industry, including Islamic banks, has been significantly affected by the digital era in Indonesia. Islamic banks operate based on Islamic Sharia principles, offering banking services that comply with Islamic law such as the prohibition of usury (interest) and other Sharia principles. They provide various types of financing, including mudharabah and musyarakah, as well as financial products, such as savings accounts, current accounts, and deposits.ObjectivesThis study examines the role of Islamic banks in developing a sharia-based economy in Indonesia, focusing on the challenges and opportunities presented by the digital era. MethodThis study uses a literature review to investigate the role of Islamic banks in the development of a sharia-based economy. This research involves searching, processing, and analyzing data from various relevant and reliable literature sources. Thematic analysis was used to identify patterns and key themes based on previous research findings.ResultsIslamic banks play a crucial role in sharia-based economic development and contribute significantly to Indonesia's economic growth. They enhance the investment sector through third-party funds (DPK) and increase financing through the distribution of funds to the public (PYD). Shariah principles, such as murabahah, mudharabah, and musyarakah, form the basis of financing offered by Islamic banks. Key opportunities include increased accessibility, product innovation and operational efficiency. However, challenges such as Shariah compliance, customer awareness, and cybersecurity were also analyzed. ImplicationsThe results suggest that Islamic banks can design strategies to optimize the benefits of the digital era while addressing its challenges. The findings emphasize the importance of adapting to digital advancements to maintain competitiveness and relevance in the financial industry.Originality/NoveltyThis study provides insights into the integration of Islamic principles with modern banking practices in the digital era. This highlights the dynamic role of Islamic banks in promoting economic growth while adhering to Sharia principles.
The influence of education level, halal awareness, and halal certification costs on halal certification decisions with religiosity as a moderating variable: A case study of MSMEs in Kudus Regency Amalia, Widya Faidatul; Andni , Riyan
Journal of Islamic Economics Lariba Vol. 9 No. 2 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol9.iss2.art10

Abstract

IntroductionCurrently, halal certification is crucial for Micro, Small, and Medium Enterprises (MSMEs). Halal certification, issued by BPJPH based on a fatwa from the Indonesian Ulema Council, acknowledges a product's halal status. Despite high education levels, strong halal awareness, and affordable certification costs, only a few MSMEs in the Kudus Regency have obtained halal certification. This study aims to analyze the influence of education level, halal awareness, and halal certification costs on the halal certification decisions of MSMEs in the Kudus Regency, with religiosity as a moderating variable.ObjectivesThe objective of this research is to analyze the effects of education level, halal awareness, and halal certification costs on halal certification decisions and to examine the role of religiosity as a moderating variable in these relationships. MethodThis quantitative study utilized data from 144 MSMEs in the Kudus Regency, which have not yet obtained halal certification. The data were analyzed using multiple linear regression with moderating effects using EViews. This study tested hypotheses regarding the direct and moderating effects of education level, halal awareness, and certification costs on halal certification decisions.ResultsThe findings indicate that educational level, halal awareness, and halal certification costs significantly influence halal certification decisions. However, religiosity did not moderate the relationship between these variables and halal certification decisions. Higher education levels bring greater awareness of the importance of halal certification, while increased halal awareness positively affects certification decisions. Certification costs are also a significant factor, with lower costs encouraging MSMEs to seek certification. ImplicationsThese results suggest the need for broader educational campaigns focused on the importance of halal certification in increasing MSME awareness. Governments and related institutions should consider providing subsidies or financial assistance to reduce certification costs. Enhancing educational and training programs on halal certification can also drive market demand for halal products.Originality/NoveltyThis research contributes to the understanding of the factors influencing halal certification decisions among MSMEs, highlighting the roles of education, awareness, and cost, while questioning the moderating effect of religiosity. It provides practical recommendations for policymakers to support MSMEs in achieving halal certifications.
Problem and solution of stock waqf practice in Indonesia: Stakeholder's point of view Niswah, Farokhah Muzayinatun; Hakimi, Fifi; Fathurochman, Sarrah Fitrianni; Hafizah, Iffah; Indrawan , Imam Wahyudi
Journal of Islamic Economics Lariba Vol. 9 No. 2 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol9.iss2.art11

Abstract

IntroductionThe flexibility of the cash waqf enables this Islamic social financial instrument to enter various sectors. Along with technological developments, various forms of cash waqf, such as stock waqf, have emerged. However, stock waqf practices in Indonesia face numerous challenges, leading to limited public awareness. This study aims to identify the primary problems and solutions in the practice of stock waqf in Indonesia.ObjectivesThe objective of this research is to examine the key problems and propose solutions for the practice of stock waqf in Indonesia by leveraging the Analytic Network Process (ANP) for data analysis. MethodThis study combines literature data with in-depth interviews involving stock waqf stakeholders, including the Indonesia Waqf Board (BWI), Indonesia Stock Exchange, waqf issuers, and stock waqf investors. The ANP method was used to analyze the data and identify priority issues and solutions.ResultsThe research reveals that the primary issue in stock waqf practice is low literacy about stock waqf, with the solution being the socialization of stock waqf and enhancing Sharia stock literacy. Additionally, the study identifies the low literacy of productive waqf, public doubts about the sharia compliance of stock waqf, nazir's limited understanding of stock waqf, and the lack of detailed regulations as significant challenges. Corresponding solutions include the socialization of productive waqf, education on Islamic capital market investments, improved nazir training, and the establishment of specific regulations for stock waqf. ImplicationsThe findings suggest that increasing public awareness and education about stock waqf and Sharia stocks, along with better training for nazir and clear regulations, are essential for optimizing the development of stock waqf in Indonesia. This study provides valuable references for BWI and the Indonesia Stock Exchange to enhance the practice and management of stock waqf.Originality/NoveltyThis study offers a comprehensive analysis of the problems and solutions for stock waqf in Indonesia from the perspective of stakeholders. This study contributes to the limited literature on individual stock waqf and employs the ANP method to propose practical solutions for improving stock waqf practices.
An analysis of musharakah agreement due to the bank's negligence in implementing prudential banking principle: The case of jurisprudence at the Supreme Court Cassation Verdict Number 624 K/Ag/2017 Armaini, Sri; Said, Muhammad
Journal of Islamic Economics Lariba Vol. 9 No. 2 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol9.iss2.art6

Abstract

This study analyzed the Supreme Court Cassation Verdict Number 624 K/Ag/2017, regarding the musyarakah agreement between the customer and PT. Bank Sumut Padangsidimpuan Branch, in which the latter had disbursed financing to the customer before the issuance of a life insurance policy letter. The focus of the research was to investigate the settlement of the musharakah agreement due to the negligence of the bank which resulted in the customer’s obligation to pay the remaining debt based on the Supreme Court Cassation Verdict Number 624 K/Ag/2017. The study used a qualitative research approach with a case approach, statute approach, and conceptual approach. This study concludes that based on the Compilation of Sharia Economic Law (Kompilasi Hukum Ekonomi Syariah or KHES) Articles 209-210 if one of the parties in the agreement dies, the contract ends, and the loss caused by the death of the mudharib is borne by the owner of the capital. Therefore, even though in a musyarakah contract there is a mix of assets of both customers and Islamic banks. However, because the bank was negligent in their prudential banking principles practice and this action was against the law, then in regards to the legal protection theory, the losses experienced from the musyarakah contract should have been borne by the bank as a form of punishment for the unlawful act due to negligence in implementing the prudential banking principle.
Determinant of Murabaha financing in Indonesian Sharia banking: The ARDL and NARDL approach Widarjono, Agus; Misanam, Munrokhim
Journal of Islamic Economics Lariba Vol. 9 No. 2 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol9.iss2.art7

Abstract

IntroductionMurabaha financing accounts for the largest portion of Sharia bank financing, and many previous studies have analyzed this topic using symmetric impact. However, studies using the asymmetric link, a common phenomenon in economic theory, are limited.ObjectivesThis study explores the determinants of Murabaha financing with symmetric and asymmetric approaches. MethodThe explanatory variables are the bank-specific variables in the form of the Murabaha financing rate, the cost of borrowing money, and the macroeconomic conditions in the form of the Industrial Production Index, which is a proxy of domestic output. The period of study is from 2010 to 2021 using monthly data. The method is Autoregressive distributed lag (ARDL) for symmetric analysis and non-linear ARDL (NARDL) for asymmetric analysis.ResultsThe symmetric effect method indicates that the Murabaha financing rate negatively affects Murabaha financing, but the Industrial Production Index has no effect on Murabaha financing. The asymmetric effect method suggests that the Murabaha financing rate and Industrial Production Index asymmetrically affect Murabaha financing. ImplicationsMurabaha financing will experience a drastic fall if there is a rise in the Murabaha financing rate, but a fall in the Murabaha financing rate will not have an impact on an increase in Murabaha financing. Economic upturns boost Murabaha financing, but economic downturns have no impact on Murabaha financing.Originality/NoveltyThe main contribution of our research is evidence of the asymmetric response of Murabaha financing to bank-specific variables as well as macroeconomic conditions in which Sharia banks are resilient to the business cycle.

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