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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 237 Documents
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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.
Factors influencing user interest in using Sharia-compliant Fintech services: A case study of SyarQ in Yogyakarta, Indonesia Yuniati, Tri; Andriansyah, Yuli; Martins, José Duarte Moleiro
Journal of Islamic Economics Lariba Vol. 10 No. 1 (2024)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol10.iss1.art27

Abstract

IntroductionThe rapid growth of financial technology has led to the emergence of sharia-compliant services like SyarQ, an Islamic-based online installment platform. Understanding the factors that influence consumer interest in such services is essential for their adoption and success.ObjectivesThis study aims to analyze the factors affecting users' interest in using SyarQ's services by integrating the Technology Acceptance Model (TAM) and the Theory of Planned Behavior (TPB).MethodA quantitative and exploratory research design was employed, utilizing online questionnaires distributed to 100 verified SyarQ users. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to test the proposed hypotheses and examine the relationships between variables.ResultsThe findings reveal that user attitude has a positive and significant effect on the interest in using SyarQ services. Perceived behavioral control positively influences perceived ease of use but does not significantly affect interest directly. Perceived ease of use positively affects both attitude and perceived usefulness. Subjective norms have a positive and significant impact on perceived usefulness but do not significantly influence interest. Perceived usefulness does not have a significant effect on attitude or interest.ImplicationsThe study suggests that enhancing user attitudes and simplifying the user experience can increase consumer interest in Sharia-compliant fintech services like SyarQ. Providers should focus on improving the ease of use and addressing factors that positively influence user attitudes to attract and retain customers.Originality/NoveltyThis research contributes to the existing literature by combining TAM and TPB to examine user interest in a Sharia-compliant fintech platform. It offers valuable insights into consumer behavior within Islamic financial services, a relatively underexplored area.
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.
Sources and use of Indonesia’s foreign debt from an Islamic economic perspective based on Siddiqi’s theory Sumantri, Nur Adnan Tamalia Ali; Andriansyah, Yuli; Nayak, Venkatesha
Journal of Islamic Economics Lariba Vol. 10 No. 1 (2024)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol10.iss1.art28

Abstract

Introduction Foreign debt has been a significant factor influencing Indonesia's economic growth, both positively and negatively. Despite its role as a critical source of funding, mismanagement has led to dependency and economic challenges. Research on foreign debt from the perspective of Islamic economics remains limited, especially concerning its sources, utilization, and compliance with Islamic principles.Objectives This study aims to analyze the sources and uses of Indonesia’s foreign debt from an Islamic economic perspective, utilizing M. Nejatullah Siddiqi's theory. It also seeks to assess how foreign debt aligns with Islamic principles and its implications for the country's economy.Method A qualitative research methodology was employed, focusing on a literature review of previous studies, policy documents, and secondary data related to Indonesia’s foreign debt from 2009 to 2018.Results The study identifies that Indonesia's foreign debt is sourced through bilateral and multilateral loans and used primarily for infrastructure and public services. However, significant inefficiencies and interest-based practices conflict with Islamic principles, particularly the prohibition of riba (usury). Misallocation of funds and rising debt levels have further exacerbated economic disparities and dependency on external creditors.Implications To reduce dependency on foreign debt and align financial practices with Islamic principles, policy recommendations include optimizing domestic resource management, implementing Sharia-compliant financing models, and improving accountability in public expenditure.Originality/Novelty This study provides a comprehensive analysis of Indonesia's foreign debt within the framework of Islamic economics, offering practical insights for policymakers to ensure sustainable and ethical economic practices while addressing the country’s financial challenges.
SWOT analysis of fire insurance product marketing strategy at PT Chubb Life Insurance Indonesia Medan Branch: An Islamic perspective Romadhon , Fauzi Ahmad; Rahma, Tri Inda Fadhila; Syahriza, Rahmi
Journal of Islamic Economics Lariba Vol. 10 No. 1 (2024)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol10.iss1.art1

Abstract

IntroductionIndonesian people are familiar with and use many sharia insurance products. However, research specifically discussing fire insurance products is still limited.ObjectivesThis study carries out a SWOT analysis of fire insurance products from the marketing strategy aspect and Islamic perspective.MethodThis study used a quantitative approach with a sample of PT. Chubb Life Insurance (Persero) Medan Branch, Indonesia. Data collection was carried out using interviews and questionnaires. This study uses SWOT Analysis to evaluate internal and external factors that influence a company to identify strengths and weaknesses.ResultsThe research results show that the strengths of PT. Chubb Life Insurance were in its principles that are not usury, its brand is strong and its policies and claims services are well served. The opportunity can be found around office buildings that requires fire insurance. The weaknesses faced are low market share and human resources. The threat is the large number of competing companies that have similar products and the public's lack of understanding about insurance.ImplicationsThis study shows a strong internal position and indicates that the company responded well to existing opportunities and avoided threats in the market.Originality/NoveltyThis study contributes to the study of fire insurance as part of Islamic insurance in Indonesia.
How should Bank Syariah Indonesia respond to cyber-attacks? Churn, sentiments, and emotions analysis with machine learning Timur, Yan Putra; Ridlwan, Ahmad Ajib; Fikriyah, Khusnul; Susilowati, Fitriah Dwi; Canggih, Clarashinta; Nurafini, Fira
Journal of Islamic Economics Lariba Vol. 10 No. 1 (2024)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol10.iss1.art24

Abstract

IntroductionThis study aims to identify the most popular topics and words in Twitter conversations regarding cyber-attacks on Bank Syariah Indonesia that occurred in May 2023. It also seeks to analyze the sentiments, emotions, and potential customer churn of netizens following cyber-attacks.ObjectivesThe objective of this study is to investigate the public's response to cyber-attacks on Bank Syariah Indonesia, focusing on identifying key topics, analyzing sentiments and emotions, and estimating potential customer churn.MethodThis study uses a qualitative method with a sentiment analysis approach utilizing Orange Data Mining software. The data comprises tweets collected from May 10, 2023, to May 24, 2023, using keywords such as “BSI” and “Bank Syariah Indonesia,” resulting in 30,014 tweets. Sentiment and emotion analyses were conducted to categorize tweets and identify the prevalent sentiments and emotions.ResultsThe analysis reveals that the words “BSI,” “Data,” and “Lockbit” are most frequently mentioned, indicating the relevance of the cyber-attackers who targeted Bank Syariah Indonesia. The sentiment analysis showed that 56% of the tweets were neutral and dominated by emotions of joy. The study also identifies a short-term potential churn rate of 1.60% for Bank Syariah Indonesia's total customer base, indicating the risk of customers switching to other banks.ImplicationsThe results highlight the importance of robust cybersecurity measures and quick response strategies for maintaining customer trust and satisfaction. Financial institutions, particularly banks, must prioritize information and technology security to prevent customer churn and ensure the continuity of their services.Originality/NoveltyThis study provides insights into public reactions to cyber-attacks on Islamic banks, emphasizing the role of sentiment and emotion analysis in understanding customer behavior. This offers practical implications for improving risk management and customer retention strategies in the banking sector.
The effect of liquidity and leverage on financial performance with company size as a moderating variable: A study on companies listed in Jakarta Islamic Index 30 Cahyani, Fatma Intan; Santoso, Suryo Budi; Hariyanto, Eko; Setyadi, Edi Joko
Journal of Islamic Economics Lariba Vol. 10 No. 1 (2024)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol10.iss1.art2

Abstract

IntroductionThe Jakarta Islamic Index is an index on the Indonesia Stock Exchange which contains companies that contribute to the halal industry in Indonesia. However, research on financial performance specifically using liquidity, leverage and company size is still limited.ObjectivesThe research aims to examine the effect of liquidity and leverage on performance financial with company size as a moderating variable. This research aims to find out which companies in the Jakarta Islamic Index 30 are influenced by factors that can improve their financial performance so that they have a more positive impact on companies and investors.MethodThe subject of this research companies listed on Jakarta Islamic Index 30 for 2020 – 2022. Data collection techniques used in this study were purposive sampling and with a sample size of 114 samples. While the data analysis techniques used in this study is classic multiple regression analysis with interaction.ResultsThe analysis show that liquidity has a significant effect on financial performance, leverage has no effect on financial performance, company size moderates liquidity on financial performance but does not moderate leverage to financial performance.ImplicationsCompanies registered on Jakarta Islamic Index 30 can utilize their debt policy to obtain additional capital as long as the use is reasonable and does not burden the company.Originality/NoveltyThis study contributes to broaden the knowledge on financial performance of companies listed in Jakarta Islamic Index 30.
Interaction analysis of sharia financial institution assets, sharia investment and exports on gross domestic product in Indonesia Nasyaa, Sultan Rasy; Imsar, Imsar; Harahap, Muhammad Ikhsan
Journal of Islamic Economics Lariba Vol. 10 No. 1 (2024)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol10.iss1.art3

Abstract

IntroductionIn macroeconomics, one of the key indicators influencing a country's economic success is its economic growth. An essential factor in determining a nation's economic growth is the Gross Domestic Product (GDP).ObjectivesThis research aims to analyze the level of interaction between Islamic financial institutions, Sharia investments, and export activities in Indonesia, examining their impact on the Gross Domestic Product (GDP) over the short and long term, spanning the period 2017-2022.MethodThe study employs a quantitative research approach, specifically utilizing the Vector Error Correction Model (VECM) method.ResultsThe results of the Vector Error Correction Model (VECM) reveal two significant variables in the long term. The causality test results indicate a significant relationship between Indonesian exports and Sharia investment. The Variance Decomposition analysis reveals that Sharia Financial Institution Assets contribute 2.7 percent, followed by Sharia Investment at 0.3 percent, and Indonesian Exports at 0.03 percent to the variation in GDP.ImplicationsThis suggests that Indonesian exports significantly impact Sharia investment, and vice versa. However, concerning Gross Domestic Product (GDP), none of the variables exhibit significance. The development of income across various institutions and economic activities in Indonesia indicates a significant increase in the last three years.Originality/NoveltyThese findings provide valuable insights into the economic dynamics of Indonesia, offering a basis for further research and policymaking.
Pre- and post-merger efficiency of Islamic state-owned bank: A case study of Bank Syariah Indonesia Hakimi, Fifi; Maf'ula, Faricha; Gultom, Rifyal Zuhdi
Journal of Islamic Economics Lariba Vol. 10 No. 1 (2024)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol10.iss1.art25

Abstract

IntroductionThe increased development of Islamic banks in Indonesia is one way the government promotes state financial inclusion. On January 27, 2021, the Financial Services Authority (Otoritas Jasa Keuangan) formally granted permission for corporate mergers. Subsequently, on February 1, 2021, BRI Syariah, Bank Syariah Mandiri, and BNI Syariah, three state-owned Islamic banking companies, were officially merged to form Bank Syariah Indonesia. This study evaluates the performance efficiency of these three Islamic banks before and after the merger and compares it to other state-owned conventional banks using the Data Envelopment Analysis (DEA) approach with the BCC model framework.ObjectivesThis study aims to compare Bank Syariah Indonesia's efficiency levels before and after the merger and assesses its performance relative to other state-owned conventional banks.MethodThis research utilizes the DEA method with the BCC model to analyze quarterly financial data from March 2019 to March 2023. The inputs considered are total deposits, personal expenses, and fixed assets, whereas the outputs are financing (loans) and income.ResultsThe results indicate that Bank Syariah Indonesia is more efficient than other conventional state-owned banks after the merger. However, pre-merger, BRI Syariah and BNI Syariah ranked first in efficiency compared to conventional state-owned banks. The post-merger analysis shows a stable and high-efficiency level for Bank Syariah Indonesia despite fluctuations.ImplicationsThe findings suggest that the merger improved Bank Syariah Indonesia's performance efficiency, making it a benchmark for state-owned banks. The study highlights the importance of mergers in enhancing efficiency and suggests areas for further improvement, such as risk-mitigation strategies during economic downturns.Originality/NoveltyThis study provides additional literature on the impact of mergers on the efficiency of Islamic banks in Indonesia. It extends previous studies on Islamic bank mergers by offering insights into performance differences before and after the merger, using Bank Syariah Indonesia as a case study.

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