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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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The mediating role of financial performance in the relationship between green accounting, leverage, and firm value in basic materials sector companies listed on Indonesia Sharia Stock Index Idayanti, Rini; Nurlia, Nurlia
Journal of Islamic Economics Lariba Vol. 12 No. 1 (2026)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol12.iss1.art2

Abstract

IntroductionIn recent years, the growing emphasis on sustainability and ethical investment has prompted firms to integrate green accounting and financial management practices into their business strategies. However, evidence regarding the impact of green accounting and leverage on firm value, particularly within Islamic capital markets, remains inconclusive. This study investigates how green accounting and leverage affect firm value, with financial performance acting as a mediating variable, among basic materials firms listed on the Indonesia Sharia Stock Index (ISSI).ObjectivesThis research aims to analyze the direct and indirect effects of green accounting and leverage on firm value through financial performance. It also seeks to determine whether sustainability-oriented accounting practices contribute to firm valuation and to evaluate the mediating role of profitability in shaping these relationships within an Islamic financial context.MethodA quantitative research design was employed using panel data from six basic materials firms listed on the ISSI during 2019–2023. Green accounting was measured using environmental cost disclosure, leverage by the debt-to-equity ratio, financial performance by return on assets, and firm value by Tobin’s Q. Data were analyzed using path analysis and the Random Effect Model, supported by classical assumption and Sobel tests to assess mediation effects.ResultsThe findings indicate that green accounting and leverage do not have significant direct effects on either financial performance or firm value. However, financial performance significantly mediates the relationship between green accounting and firm value, suggesting that sustainability initiatives enhance firm valuation indirectly through profitability. In contrast, financial performance does not mediate the relationship between leverage and firm value. These results demonstrate that environmental accountability contributes to firm value when translated into financial efficiency but not through debt-financed strategies.ImplicationsThis study highlights the need for firms to integrate environmental expenditures as strategic investments rather than operational costs. It underscores the importance of aligning sustainability initiatives with financial management and governance frameworks to optimize firm value. Policymakers should strengthen regulatory incentives for environmental reporting and enhance investor awareness to bridge the gap between sustainability performance and market valuation.Originality/NoveltyThis study contributes to sustainability accounting and Islamic finance literature by empirically establishing the mediating role of financial performance in the relationship between green accounting and firm value. It provides new insights into how environmentally responsible practices create value in emerging Islamic capital markets.
The influence of Sharia implementation, financing access, and managerial capacity on MSME performance in Medan City, Indonesia Hasibuan, Muhammad Zulkifli; Ramon, Herdi; Samio, Samio; Nurjannah, Nurjannah; Rijal, Rijal
Journal of Islamic Economics Lariba Vol. 12 No. 1 (2026)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol12.iss1.art3

Abstract

IntroductionMicro, Small, and Medium Enterprises (MSMEs) play a vital role in Indonesia’s economy, contributing significantly to national income and employment. Within this sector, Shariah-compliant MSMEs have emerged as strategic actors that integrate ethical, transparent, and socially responsible business principles aligned with Islamic law. However, limited empirical research has analyzed how Shariah implementation, access to Shariah-based financing, and managerial capacity collectively influence MSME performance, particularly at the city level in Medan.ObjectivesThis study aims to examine the effects of Shariah implementation, access to Shariah-compliant financing, and managerial capacity on MSME performance in Medan, Indonesia. It further investigates the mediating role of managerial capacity in translating Shariah compliance into business growth and employment generation, providing theoretical and practical insights into the development of Shariah-based MSMEs.MethodA mixed-methods sequential explanatory design was employed. The quantitative phase involved a survey of 389 Shariah-compliant MSMEs across key sectors in Medan, analyzed using multiple regression and bootstrap mediation tests. The qualitative phase comprised 20 semi-structured interviews to explore managerial experiences and ethical practices. Triangulation ensured reliability and validity of results, while thematic analysis supported contextual interpretation.ResultsThe findings indicate that Shariah implementation, access to Shariah financing, and managerial capacity each have significant positive effects on MSME revenue and employment growth. Managerial capacity partially mediates the relationship between Shariah implementation and business performance, underscoring its central role in operationalizing ethical values. Qualitative evidence reveals that ethical governance and financial literacy enhance innovation, resilience, and stakeholder trust among Shariah-compliant MSMEs.ImplicationsThe study demonstrates that integrating Shariah principles with managerial competence strengthens MSME sustainability and competitiveness. Policymakers and financial institutions should expand Shariah-compliant financial access, reinforce managerial training, and promote digital Islamic finance to foster inclusive, ethical entrepreneurship.Originality/NoveltyThis research offers empirical evidence linking Islamic ethical principles with measurable business performance, validating managerial capacity as a mediating mechanism. It contributes to Islamic economic literature by presenting a city-level model for sustainable, value-based MSME development that bridges faith, ethics, and economic growth.
Evaluating the effectiveness of social assistance programs for poverty reduction: Evidence from Baramamase Village, Indonesia Jewed, Fauziah; Abdullah, Muh. Ruslan; Ishak, Ishak
Journal of Islamic Economics Lariba Vol. 11 No. 2 (2025)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol11.iss2.art16

Abstract

IntroductionIndonesia continues to face the challenge of multidimensional poverty despite multiple government initiatives. Social assistance programs such as food aid, conditional cash transfers, health insurance subsidies, and direct village fund transfers have been implemented nationwide. However, concerns about mistargeting, weak management, and limited long-term impact persist. This study examines the implementation and effectiveness of social assistance in Baramamase Village to understand how these programs contribute to welfare improvement at the local level.ObjectivesThe study aims to evaluate whether the design and implementation of social assistance programs in the village achieve their intended goals, to identify the factors that influence their effectiveness, and to assess the extent to which they improve household welfare beyond short-term relief.MethodA qualitative descriptive method was employed using observation, interviews with program implementers and beneficiaries, and documentation. Data were analyzed using the Context, Input, Process, and Product (CIPP) framework to capture institutional settings, resources, implementation mechanisms, and welfare outcomes. NVivo software was used to organize and analyze interview data.ResultsThe findings reveal that program effectiveness depends heavily on local governance, accurate data, and active community participation. Health insurance subsidies show the most consistent positive impact on welfare protection and sustainability, while conditional cash transfers improve education and health outcomes for children. Food aid contributes to short-term consumption but offers limited long-term benefits, and village fund cash transfers are valued by recipients but face distributional challenges. Beneficiaries report immediate relief and satisfaction, yet also express concerns about adequacy and continuity.ImplicationsThe results suggest that social assistance plays a vital role in protecting poor households from shocks and ensuring access to basic needs. Nevertheless, its transformative effect on long-term welfare is constrained without complementary empowerment strategies. Policy improvements are needed in data accuracy, transparency, inter-institutional coordination, and the integration of skill-building and livelihood support to reduce dependency.Originality/NoveltyThis study provides a localized and comprehensive assessment of social assistance effectiveness using the CIPP evaluation framework. By highlighting the interplay between management quality, data integrity, and beneficiary participation, it contributes to policy discourse on how to transform social assistance from temporary relief into a sustainable path toward welfare enhancement.
Unlocking idle waqf assets through institutionalized pentahelix collaboration: Evidence from North Sumatra, Indonesia Lubis, Irma Suryani; Muhammad Ramadhan; Marliyah, Marliyah
Journal of Islamic Economics Lariba Vol. 11 No. 2 (2025)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol11.iss2.art17

Abstract

IntroductionWaqf, an Islamic endowment intended for perpetual public benefit, remains one of the least-leveraged instruments of regional development in Indonesia. In North Sumatra a large share of endowed land is legally uncertified and economically idle, reflecting weak managerial capacity and fragmented multi-stakeholder coordination.ObjectivesThis study investigates whether an institutionalized Pentahelix governance framework, uniting academia, business, community, government, and media, can transform dormant waqf assets into productive ventures that advance sustainable socio-economic goals.MethodA sequential-exploratory case-study design combined forty semi-structured interviews, extended participatory observation in five waqf institutions, and systematic document analysis of legal records, financial reports, and policy papers. Data were coded thematically using Miles and Huberman’s interactive model, displayed in cross-stakeholder matrices, and triangulated to strengthen analytic credibility.ResultsFive mutually reinforcing bottlenecks emerged: limited public literacy, low professional competence among nazhir (waqf managers), protracted land-title certification, the absence of an integrated digital registry, and ad-hoc stakeholder collaboration. Universities and government agencies show relative engagement, whereas businesses and media remain peripheral, leaving community actors to operate in isolation. A five-lever blueprint, regional synergy forum, professional certification pathways, province-wide digital ledger, targeted fiscal incentives for corporate waqf, and sustained media literacy campaigns, offers an actionable route to align legal certainty, data transparency, and participatory governance.ImplicationsImplementing the proposed blueprint would unlock latent economic value, strengthen public trust, and align North Sumatra’s waqf sector with national Islamic-finance reforms and the United Nations Sustainable Development Goals. The model balances religious legitimacy with market discipline, demonstrating how social-justice mandates can coexist with competitive financial performance.Originality/NoveltyBy integrating “hard” infrastructural prerequisites, secure certification and digital systems, with “soft” relational capital generated through Pentahelix collaboration, the research extends existing theory and supplies a replicable governance template for Islamic social finance.
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.
Tax incentives during the Covid-19 pandemic: An Islamic economics perspective Triwibowo, Ananto; Sugeng, Anggoro; Baidhowi, Muhammad Mujib
Journal of Islamic Economics Lariba Vol. 9 No. 1 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol9.iss1.art9

Abstract

IntroductionThe economic impact of Covid-19 virus is also felt by the state revenue sector due to tax incentives.ObjectivesThis study aims to analyze the tax incentive policies implemented by the government during the Covid-19 pandemic in terms of objectives, impacts, and the concept of convenience from an Islamic economics perspective. MethodThis study uses a normative-juridical approach by examining tax incentive policies in the context of Islamic economic theory from philosophical and juridical perspectives.ResultsFrom an Islamic economic perspective, the existence of tax incentives seen from the objective of the results and benefits is appropriate because it creates maslahah in the midst of an emergency or critical situation. In addition, the convenience provided by the government in tax incentives if seen from Islamic law is rukshah, or convenience and understanding for citizens due to certain conditions, namely the Covid-19 pandemic. ImplicationsThis study contributes to the development of theoretical research in the field of macroeconomic policy from an Islamic perspective. This study can also be used as a reference by the government to provide tax incentives in times of similar crises.Originality/NoveltyThis study is unique in that it examines the problem of tax incentives from an Islamic perspective. As a country with the world's largest Muslim population, this study will enrich Islamic macroeconomic studies for policymaking in Indonesia.
Why do people pay zakah, infaq, and sadaqah (ZIS) through donation-based crowdfunding? The influence of Technology Acceptance Model and Social Presence Theory Aulia, Defrina; Pimada, Laila Masruro
Journal of Islamic Economics Lariba Vol. 9 No. 1 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol9.iss1.art10

Abstract

IntroductionIndonesia has the largest Muslim population in the world and a large potential for zakat, infaq, and sadaqah (ZIS). However, in reality, ZIS revenue is only 5% of its potential. Crowdfunding was built to encourage the acceptance of ZIS to reach its potential by using only gadgets connected to the Internet. However, not all individuals are willing to use crowdfunding because of their individual considerations and preferences.ObjectivesThis study aims to identify the decision preferences of muzakki and donors to pay zakat, infaq, and alms using a crowdfunding platform. MethodThis study uses quantitative methods with PLS-SEM analysis tools with preference measurements using the Technology Acceptance Model and social presence theory framework.ResultsThe results of this study indicate that perceived usefulness, perceived ease of use, social presence, and trust have a significant positive effect on the preference decision to pay ZIS with crowdfunding. The trust variable also significantly mediates the relationship between social presence and the decision to pay ZIS through crowdfunding. ImplicationsThis research is expected to be a consideration for zakat management organizations (OPZ) for the development of a better platform to encourage community participation in channel funds to pay ZIS.Originality/NoveltyThis study is unique in its approach to crowdfunding in Indonesia’s ZIS context. It contributes to the body of knowledge on the maximization of ZIS potential in Muslim societies.
The intention of university students to donate at zakat institution through digital payment Rakhmawati, Rakhmawati; Rizky, Ayu Winda
Journal of Islamic Economics Lariba Vol. 9 No. 1 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol9.iss1.art12

Abstract

IntroductionTechnological developments have led to several changes, one of which is the massive use of digital payments as a payment method. LAZIS Unisia has the potential to raise funds from stakeholders, including lecturers, students, alumni, and partners.ObjectivesThis study analyzes factors influencing university students' intention to donate through digital payments at LAZIS Unisia. MethodThe convenience sampling technique is used to collect primary data via an online questionnaire. The respondents are 104 students of the Faculty of Islamic Studies, Universitas Islam Indonesia (UII), one of the internal stakeholders at UII. The method of data analysis is PLS-SEM using the SEMinR package in R software.ResultsThis study found that social influence and price values significantly affect the UII students' interest in donating through digital payments at LAZIS Unisia, while the rest of the independent variables are not. This study also found that intention significantly relates to actual behavior. Respondents outside the university also need to be considered for similar research. ImplicationsThe results of this study can be suggestions for LAZIS Unisia to improve engagement on donation from stakeholders in UII.Originality/NoveltyThis study is a pioneer in understanding the stakeholders' intention, especially students as internal stakeholder, to donate through digital payment at the stakeholders' institution. In addition to the UTAUT2 model, this study adds brand awareness and perceived security as independent variables.
Halal agriculture as an effort to strengthen the global halal value chain in order to increase international trade Mutmainah, Siti; Romadhon, Muhammad Ryan
Journal of Islamic Economics Lariba Vol. 9 No. 1 (2023)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol9.iss1.art11

Abstract

IntroductionIndonesia as an agricultural country with a Muslim-majority society has great potential to develop halal agriculture. The halal agricultural sector must be strengthened so that agricultural products can be exported abroad.ObjectivesThe purpose of this study is to strengthen the global halal value chain to increase international trade through the halal agriculture sector. MethodThis study employed qualitative methods using a descriptive approach. The data collection method used literature studies from various reference journals, agency reports, and online media.ResultsThis research concludes that the development of halal agriculture has great potential for development in Indonesia, so that it can increase international trade by improving the global halal value chain. With the development of halal agriculture in Indonesia, it is expected to be able to bring Indonesia to become a country with food security and the center of the halal industry in the world. ImplicationsThe results of this study can be guidelines for policymakers to improve contribution of halal agriculture in Indonesian export. Furthermore, it can contribute to further studies in global halal value chain for agriculture-based products.Originality/NoveltyThis study contributes to body of knowledge of global halal value chain with emphasize on agricultural sector in Indonesia.

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