cover
Contact Name
Andi Amri
Contact Email
andiamri@uhamka.ac.id
Phone
+6281314476931
Journal Mail Official
jei.uhamka@gmail.com
Editorial Address
Program Studi Perbankan Syari’ah, Fakultas Agama Islam Universitas Muhammadiyah Prof. DR. Hamka Jl. Limau II, Kebayoran Baru, JAKARTA 12130
Location
Kota adm. jakarta timur,
Dki jakarta
INDONESIA
Jurnal Ekonomi Islam
ISSN : 20877056     EISSN : 25277081     DOI : -
Focus and Scope of Journal of Muhammadiyah University Prof. Dr. Hamka: Ekonomi Islam The focus and scope of the journal include: 1. To develop the emerging paradigm of Islamic economics on scientific lines through publishing original works in this field that pass its peer review process. 2. To promote dialogue and discussion on current issues in the fields of Islamic economics and finance among the international community of scholars. 3. To encourage empirical research on Islamic finance, takaful, zakah, awqaf and other Islamic institutions including case studies from Muslim economies. 4. Contemporary global economic issues viewed from an Islamic perspective. To publish book reviews of important works published in the field, including books in conventional economics, business and finance having some connection with Islamic economics and/or finance.
Articles 224 Documents
DETERMINANTS OF CONSUMER PARTICIPATION IN BOYCOTTS OF PRO-ISRAELI PRODUCTS: EVIDENCE FROM INDONESIA Zahra, Qiny Shonia Az; Nurhasanah, Elis; Aisyah, Iis
Ekonomi Islam Vol. 16 No. 2 (2025): Jurnal Ekonomi Islam Fakultas Agama Islam UHAMKA
Publisher : Universitas Muhammadiyah Prof DR HAMKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22236/jei.v16i2.20960

Abstract

Research aims: This study explores the determinants of consumer boycott participation of pro-Israel products in Indonesia, a context in which political conflicts strongly shape consumption behavior. Design/Methodology/Approach: A quantitative descriptive method was used, data collection was conducted in 2024 using purposive sampling technique involving 230 respondents and used Structural Equation Modeling, specifically Partial Least Squares (SEM-PLS), to examine how religiosity, consumer animosity, and consumer affinity affect boycott actions. Research findings: The findings revealed that consumer animosity was the strongest predictor of boycott participation (β = 0.619, p < 0.001). In contrast, religiosity (β = –0.024, p = 0.641) and consumer affinity (β = 0.173, p = 0.090) did not have significant effects. The R-square of the boycott participation variable was 0. 558.The results highlight that socio-political emotions, especially animosity, influence boycott behavior more than religious beliefs. Theoretical Contribution/Originality: This study adds to the consumer behavior field by focusing on actual participation instead of just intentions, showcasing evidence from an emerging economy. Practitioners/Policy Implications: Socio-political content-based public awareness campaigns through social media and influencers, and providing databases or applications that contain a list of products affiliated with Israel, can be a practical strategy to build more consistent and impactful boycott participation. Research Limitations/Implications: This study is limited by the concentration of respondents in Java, which may not fully capture the diversity of consumer behavior across Indonesia. Future research should expand the sample to other regions to provide more representative insights.
EXAMINING THE EFFECTS OF REGULATION, HALAL AWARENESS, AND BELIEF ON MSME INTENTIONS IN MEDAN CITY TO OBTAIN HALAL CERTIFICATION Lubis, Ilham Akbar Lubis; Sugianto, Sugianto; Imsar, Imsar
Ekonomi Islam Vol. 16 No. 2 (2025): Jurnal Ekonomi Islam Fakultas Agama Islam UHAMKA
Publisher : Universitas Muhammadiyah Prof DR HAMKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22236/jei.v16i2.21474

Abstract

Research aims: This study examines how regulation, halal awareness, and belief influence the intention of Micro, Small, and Medium Enterprises (MSMEs) in Medan City to register for halal certification. Although mandated by Law No. 33 of 2014, many MSMEs continue to delay certification due to limited understanding, perceived financial burdens, and assumptions that their products are inherently halal. Design/Methodology/Approach: A quantitative approach using multiple linear regression was applied. Data were collected from 91 MSMEs in East Medan District through a structured questionnaire, supported by validity, reliability, and classical assumption testing. Research findings: The results show that regulation, halal awareness, and belief significantly shape MSME intentions, explaining 90.4% of the variation. Although MSMEs recognize the importance of certification for legality and consumer trust, challenges related to procedures and limited knowledge remain. Theoretical Contribution/Originality: This study enriches the literature by illustrating how regulatory and cognitive–religious factors influence MSME certification decisions. Practical/Policy Implications: Stronger government support, wider socialization, and simpler procedures are needed to increase MSME participation. Research Limitations/Implications: The findings are limited to East Medan District and a quantitative approach; future studies should compare regions or use mixed methods for deeper insights.
THE IMPACT OF SHARIA FINTECH ON FINANCIAL LITERACY AND INCLUSION AMONG GENERATION Z IN INDONESIA: A TAM-BASED ANALYSIS Silmy Nurvianty Juliana; Siti Ridha Farida; Yulistyne Kusumaningrum; An Bao Minh Phan
Ekonomi Islam Vol. 17 No. 1 (2026): Jurnal Ekonomi Islam Fakultas Agama Islam UHAMKA
Publisher : Universitas Muhammadiyah Prof DR HAMKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22236/jei.v17i1.20423

Abstract

Research aims: This study aims to analyze the impact of Sharia fintech on financial literacy and financial inclusion among Generation Z in Indonesia, using the Technology Acceptance Model (TAM) as the underlying theoretical framework. Design/Methodology/Approach: This study adopts a quantitative explanatory approach. The population comprises Generation Z residing in West Java Province. Data were collected using purposive sampling techniques. A linear regression analysis was conducted using STATA version 17. Research findings: The results indicate that Sharia fintech has a positive and significant effect on both financial literacy and financial inclusion among Generation Z in Indonesia. These findings suggest that increased utilization of Sharia fintech contributes to improving financial understanding as well as access to financial services. Theoretical Contribution/Originality: This study provides empirical evidence that Sharia fintech makes a tangible and significant contribution to improving Generation Z’s ability to understand and manage personal finances. Moreover, Sharia fintech plays a positive role in facilitating access to financial products and services. Practitioners/Policy Implications: The findings in this study provide implications for Sharia fintech service providers to enhance their efforts in innovating, particularly by offering educational features integrated with Sharia values. Research Limitations/Implications: This research is still limited to the population scope in West Java province, thus requiring further studies to obtain more representative results with a broader geographical scope.
THE CONCEPT OF TAWAZUN IN ENVIRONMENTAL MANAGEMENT: INTEGRATION OF SOCIAL, ECONOMIC, AND ECOLOGICAL BALANCE Mega Oktaviany; Marningot Tua Natalis Situmorang; Rahimah Embong; Mitra Sami Gultom; Mujakir; Muhammad Alif
Ekonomi Islam Vol. 17 No. 1 (2026): Jurnal Ekonomi Islam Fakultas Agama Islam UHAMKA
Publisher : Universitas Muhammadiyah Prof DR HAMKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22236/jei.v17i1.19020

Abstract

Research aims: This article examines the application of the concept of Tawazun in environmental management in Indonesia, focusing on the balance between social, economic, and ecological aspects to achieve sustainability. Design/Methodology/Approach: This research employs a qualitative approach, utilizing case studies to analyze policies and practices implemented, such as the Climate Village Program (Proklim) and Nirwasita Tantra, which reflect efforts to integrate the three aspects of natural resource management. Research findings: The results indicate that applying the Tawazun principle can enhance the effectiveness of environmental management by fostering cross-sectoral synergies among the government, the private sector, and the community. For example, the Proklim program, which focuses on community empowerment to mitigate the impact of climate change, has successfully integrated social, economic, and environmental conservation dimensions. Current data (as of 2024) shows Proklim covers over 6,500 locations across Indonesia, with 391 achieving the highest 'Lestari' category, reflecting sustained community-based mitigation and adaptation efforts. Similarly, the Nirwasita Tantra policy, which provides incentives for regions with the best environmental performance, also considers social and economic impacts. In 2023, this award was given to 11 Best Regional Leaders (Governors, Mayors, and Regents), demonstrating the policy's success in promoting integrated and balanced regional environmental governance. Theoretical Contribution/Originality: The concept of Tawazun, meaning balance or harmony, emphasizes the importance of integrating these three dimensions into any environmental management policy. Practitioners/Policy Implications: This research suggests the adoption of an inclusive and evidence-based approach to policy, involving all stakeholders from the planning to evaluation stages. Research Limitations/Implications: Significant challenges persist in implementing the Tawazun principle, including inadequate coordination between sectors, limited resources, and low community engagement. Sectoral coordination issues and socio-economic imbalances frequently hinder the attainment of an optimal balance.
REFRAMING CORPORATE SOCIAL RESPONSIBILITY: A THEOCENTRIC PERSPECTIVE THROUGH SHARIA ENTERPRISE THEORY Setiawan Bin Lahuri; Alfi Khilmi Khusnia; Muchammad Taufiq Affandi
Ekonomi Islam Vol. 17 No. 1 (2026): Jurnal Ekonomi Islam Fakultas Agama Islam UHAMKA
Publisher : Universitas Muhammadiyah Prof DR HAMKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22236/jei.v17i1.20466

Abstract

Research aims: This study aims to critically examine the conceptual relationship between Corporate Social Responsibility (CSR) and Sharia Enterprise Theory (SET) as a normative-conceptual inquiry, focusing on corporate accountability, ethical responsibility, and the theological foundations of CSR. The study further explores how SET reconstructs CSR through a more comprehensive theocentric framework beyond conventional stakeholder-oriented approaches. Design/Methodology/Approach: This study uses a qualitative literature review and conceptual analysis, synthesizing secondary sources to reconstruct the theocentric foundations of corporate accountability. Research findings: This study synthesizes existing literature to demonstrate that conventional CSR, while normative and stakeholder-focused, remains constrained by anthropocentric assumptions and economic rationality. In contrast, the conceptual framework of SET reorients the center of accountability toward Allah as the ultimate stakeholder, integrating vertical (divine) and horizontal (human and environmental) dimensions. This synthesis highlights an ontological transformation that redefines corporate purpose from profit and sustainability toward amanah (trust), maslahah (public welfare), and falah (comprehensive well-being), thereby offering a more holistic CSR framework aligned with Islamic ethical and maqasid principles. Theoretical Contribution/Originality: This research contributes theoretically by positioning SET as an ontological and normative meta-framework that reconstructs CSR. It clarifies the theocentric basis of corporate accountability, providing a paradigm that transcends secular legitimacy and instrumental ethics, and establishes a maqasid-based evaluative lens for corporate performance. Practitioners/Policy Implications: For practitioners and policymakers, the study highlights the potential of integrating SET into corporate governance to achieve ethical, social, and environmental objectives aligned with Islamic principles. It suggests CSR should be operationalized not merely as a reputational or strategic tool, but as a manifestation of divine trust (amanah), guiding corporate decisions toward equitable wealth distribution and ecological sustainability. Research Limitations/Implications: This study is limited to a normative-conceptual and literature-based analysis without empirical validation or operational measurement of SET-based CSR. Future research is recommended to develop maqasid-based CSR indicators and conduct empirical studies in specific sectors, such as Islamic banking, to test the practical implementation and impact of the proposed framework.
OPTIMIZING THE ROLE OF MICROFINANCE AND SPECIALIZED FINANCIAL INSTITUTIONS IN PROMOTING FINANCIAL INCLUSION AND PRODUCTIVE FINANCING IN NORTH SUMATRA Delima Afriyanti; Ahda Segati; Surya Tegar Widjiantoro; Nurlaili Janati; Rini Ariyanti
Ekonomi Islam Vol. 17 No. 1 (2026): Jurnal Ekonomi Islam Fakultas Agama Islam UHAMKA
Publisher : Universitas Muhammadiyah Prof DR HAMKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22236/jei.v17i1.21727

Abstract

Research aims: This study examines the roles of Lembaga Keuangan Khusus (LKK) and Lembaga Keuangan Mikro (LKM) in enhancing financial inclusion and productive financing in North Sumatra Province, Indonesia. Design/Methodology/Approach: This research employs a descriptive qualitative approach using secondary data from OJK, BPS, LPDB-KUMKM, and academic sources. The study evaluates LKK and LKM contributions to regional economic empowerment. Research Findings: Findings show that LKK, such as LPDB-KUMKM, support cooperatives and SMEs through revolving fund programs. Meanwhile, LKM, such as BWM and BMT, strengthen microfinance based on social and sharia principles. Although financial inclusion in North Sumatra has reached 77.24%, challenges related to literacy and digitalization still limit the optimal role of regional financial institutions. Theoretical Contribution/Originality: This study contributes to regional financial system literature by integrating the roles of LKK and LKM within inclusive and sharia finance. It highlights maqāṣid al-syarī’ah principles as a value foundation for building a fair and sustainable financial ecosystem. Practical/Policy Implications: This research recommends strengthening institutional synergy, accelerating digital transformation, and improving financial literacy programs to optimize the roles of LKK and LKM. Policymakers and practitioners are encouraged to adopt strategies aligned with local economic needs and sharia financial principles. Research Limitations/ Implications: This study relies on secondary data, limiting its ability to describe field conditions in depth. Future research should use primary data and empirical methods to obtain a comprehensive understanding of LKK and LKM effectiveness in regional financial development.
FEAR OF MISSING OUT AND COMPULSIVE BUYING IN LIVE STREAMING COMMERCE: A BIBLIOMETRIC REVIEW WITH INSIGHTS FROM ISLAMIC BUSINESS ETHICS Zul Fahmi; Yunia Wardi; Rino; Astri Yuza sari
Ekonomi Islam Vol. 17 No. 1 (2026): Jurnal Ekonomi Islam Fakultas Agama Islam UHAMKA
Publisher : Universitas Muhammadiyah Prof DR HAMKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22236/jei.v17i1.22314

Abstract

Research aims: This study aims to systematically map the intellectual structure, research trends, and thematic evolution of Fear of Missing Out (FoMO) and compulsive buying in live streaming commerce through a PRISMA-based bibliometric review, while examining ethical implications of FoMO-driven marketing practices from the perspective of Islamic business ethics. Design/Methodology/Approach: This study employs a PRISMA-guided systematic literature review combined with bibliometric analysis of Scopus-indexed journal articles published between 2020 and 2025. Data from Google Scholar were analyzed using VOSviewer to identify dominant themes, influential studies, and research clusters through co-occurrence and network mapping. Research findings: The findings reveal convergence between FoMO, live streaming features, and social media marketing in driving compulsive consumption, while ethical implications remain underexplored. From an Islamic business ethics perspective, FoMO-driven practices conflict with principles of moderation, rationality, and consumer well-being, underscoring the need for ethically grounded strategies. Theoretical Contribution/Originality: This study advances digital marketing literature by integrating PRISMA-based bibliometric mapping with Islamic business ethics. It extends FoMO and compulsive buying theory by introducing an ethical lens that challenges performance-driven perspectives, linking emotional consumption mechanisms with principles of moderation, rational decision-making, and consumer well-being. Practitioners/Policy Implications: Practitioners and policymakers should limit FoMO-based marketing strategies and promote ethical, transparent, and consumer-protective regulations to ensure sustainable practices. Research Limitations/Implications: This study relies on Scopus-indexed bibliometric analysis, limiting contextual depth; future studies should adopt empirical and cross-cultural approaches
A COMPARATIVE ANALYSIS OF THE ACCURACY OF ARBITRAGE PRICING THEORY ON SHARIA STOCKS IN THE INDONESIA STOCK EXCHANGE Erna Garnia; Neli Andriani; Siti Riyyan Lisaumi; Hasna Inatsan Layiza; Deshinta Arrova Dewi
Ekonomi Islam Vol. 17 No. 1 (2026): Jurnal Ekonomi Islam Fakultas Agama Islam UHAMKA
Publisher : Universitas Muhammadiyah Prof DR HAMKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22236/jei.v17i1.22402

Abstract

Research aims: This study examines and compares the predictive accuracy of the Arbitrage Pricing Theory (APT) model in forecasting Sharia-compliant stock returns listed in the Jakarta Islamic Index (JII) across two presidential periods: Susilo Bambang Yudhoyono (2004–2014) and Joko Widodo (2014–2024). It analyzes how macroeconomic factors influence Islamic stock performance under different political-economic regimes. Design/Methodology/Approach: This study employs quantitative panel data regression using Ordinary Least Squares (OLS) on 27 companies consistently listed in the JII from 2004 to 2021. Seven macroeconomic factors global index, macroeconomic conditions, world oil prices, China index, Arabia index, competitive resources, and inflation—are derived using Principal Component Analysis (PCA). Observations are classified into high-return and low-return groups. Difference-in-regression tests examine variations across periods, while Mean Absolute Deviation (MAD) evaluates prediction accuracy. Research findings: The results show that the seven macroeconomic factors jointly have a significant influence on Sharia stock returns. However, the significance and direction of individual factors vary across return groups and presidential periods. The APT model achieves the highest predictive accuracy during high-return periods under President Joko Widodo, indicated by the lowest MAD value of 0.489591. Theoretical Contribution/Originality: This study extends multifactor APT analysis across different political-economic regimes. Practitioners/Policy Implications: The findings provide insights for investors and policymakers in developing macroeconomic-sensitive investment strategies. Research Limitations/Implications: This study is limited to secondary data and a specific market context; future research should incorporate broader datasets and alternative models
NORMATIVE LEGAL ANALYSIS OF STOCK SPLIT REGULATION AS AN INSTRUMENT TO PREVENT PUMP AND DUMP PRACTICES IN INDONESIAN SHARIA CAPITAL MARKET Nur Faizah; H.M Ridlwan Hambali; Anwar Saleh Hasibuan; Murnee Sueree
Ekonomi Islam Vol. 17 No. 1 (2026): Jurnal Ekonomi Islam Fakultas Agama Islam UHAMKA
Publisher : Universitas Muhammadiyah Prof DR HAMKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22236/jei.v17i1.22407

Abstract

Research aims: This study aims to analyze the effectiveness of stock split regulation based on POJK Number 15 of 2022 and to assess market manipulation practices from the perspective of maqāṣid al-sharīʿah, especially ḥifẓ al-māl. Design/Methodology/Approach: This study employs a normative juridical method with an analytical approach, examining the stock split regulatory framework and evaluating its conformity with the principles of sharia economic law as stipulated in DSN-MUI Fatwa No. 40/2003 and No. 80/2011. Research findings: POJK No. 15/2022 is procedurally sufficient in establishing disclosure obligations, but it has not adequately addressed the speculative post-announcement market dynamics that leave retail investors vulnerable to manipulation driven by sentiment rather than fundamental analysis. From a sharia perspective, the exploitation of stock split momentum potentially contains elements of gharar and is contrary to the principle of justice (ʿadl). Theoretical Contribution/Originality: This study contributes an integrated analytical framework that combines capital market regulation with a maqāṣid-based Islamic legal approach to evaluate modern financial instruments. Practitioners/Policy Implications: The findings highlight the need for concrete coordination between the OJK, DSN-MUI, and the Indonesia Stock Exchange so that sharia principles can be effectively enforced rather than serving merely as ethical guidelines. Research Limitations/Implications: This study is limited to doctrinal normative analysis and does not involve empirical market data testing. Future research may validate these findings through quantitative or qualitative empirical approaches.
INDONESIA-MALAYSIA DIGITAL TAX TRANSPARENCY: MAQASID SHARIA APPROACH TO TAXPAYER RIGHTS AND JUSTICE Firdha Nur Alfiani; Shofa Robbani; Lisa Aminatul Mukaromah; Muhammad Nazir Alias
Ekonomi Islam Vol. 17 No. 1 (2026): Jurnal Ekonomi Islam Fakultas Agama Islam UHAMKA
Publisher : Universitas Muhammadiyah Prof DR HAMKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22236/jei.v17i1.22548

Abstract

Research aims: This study examines transparency and taxpayer rights protection in digital tax systems in Indonesia and Malaysia within conventional justice and maqasid sharia frameworks. It addresses the lack of integrated comparative analysis on how digital tax governance aligns with Islamic ethical principles in Muslim-majority countries. Design/Methodology/Approach: Using a qualitative normative-juridical comparative approach, this study analyzes Indonesia’s Core Tax Administration System (e-filing, e-billing, e-faktur) and Malaysia’s MyTax/LHDN Online. Data are drawn from tax regulations, OECD and IMF reports, academic literature, and Islamic legal sources. The analysis applies constitutional justice and maqasid sharia perspectives, focusing on hifdz al-mal and hifdz al-haq across daruriyyat, hajiyyat, and tahsiniyyat. Research findings: Malaysia shows stronger alignment between transparency mechanisms and hifdz al-mal, along with more structured taxpayer protection frameworks. Indonesia demonstrates progress in digitalization but faces challenges in ensuring transparency and rights protection. Both systems reveal limited integration of Islamic ethical principles, with gaps in algorithmic transparency, maqasid-based governance, and institutional coordination. Theoretical Contribution/Originality: This study integrates conventional tax justice theory with maqasid sharia to develop a comparative analytical framework. Practitioners/Policy Implications: It proposes a Maqasid-Based Digital Tax Justice Model to enhance transparency and taxpayer protection in digital tax systems. Research Limitations/Implications: The study is limited to a normative approach and secondary data; future research should incorporate empirical validation and broader comparative contexts.