cover
Contact Name
Elif Pardiansyah
Contact Email
elfardianzyah@untirta.ac.id
Phone
+6281391257400
Journal Mail Official
fauzanadim@iainkudus.ac.id
Editorial Address
Gedung Pascasarjana, Institut Agama Islam Negeri (IAIN) Kudus Jalan Conge Ngembalrejo Kotak Pos 51 Kudus 59322
Location
Kab. kudus,
Jawa tengah
INDONESIA
Equilibrium: Jurnal Ekonomi Syariah
Core Subject : Religion, Economy,
This journal encompasses original research articles, review articles, and short communications, including: Islamic Accounting, Islamic Bussines Management, Islamic Human Resource Management, Islamic Economics, Islamic Banking and Finance.
Articles 168 Documents
Analyze of Indonesian and Malaysian Students' Investment Intentions in Islamic Capital Market: The Application of The Theory of Planned Behavior
Equilibrium: Jurnal Ekonomi Syariah Vol 12, No 2 (2024): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v12i2.29455

Abstract

This research aims to identify the factors influencing the investment intentions of Indonesian and Malaysian students in the Islamic Capital Market. The study is based on the Theory of Planned Behavior as its framework. It employs non-probability sampling techniques, specifically purposive sampling, combined with a quantitative methodology. Data for the study was collected from 191 respondents, consisting of students from various universities in Indonesia and Malaysia, through a survey questionnaire. Data analysis was conducted using Structural Equation Modeling (SEM) with the SmartPLS 3.0 software. This research seeks to encourage Indonesian and Malaysian students, as representatives of two predominantly Muslim nations, to develop intentions to invest in the Islamic Capital Market.
The Influence of Zakat, Infak & Sedekah (ZIS) and Sukuk on Economic Growth
Equilibrium: Jurnal Ekonomi Syariah Vol 13, No 2 (2025): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v13i2.32716

Abstract

This study aims to analyze the short-term and long-term effects of the distribution of Zakat, Infaq, and Sedekah (ZIS) funds and sukuk on economic growth in Indonesia. The results show that ZIS has a significant negative effect on economic growth in the long term and no effect in the short term. This finding indicates that the distribution of ZIS funds is still consumptive rather than productive. Conversely, sukuk has a significant positive effect in both the short and long term on economic growth, indicating that sukuk plays a significant role in financing productive sectors such as infrastructure and public development. These results emphasize the importance of optimizing the distribution of ZIS funds for productive activities and strengthening the use of sukuk as a sharia financing instrument to support sustainable economic growth in Indonesia.
Islamic Consumption Behavior: The Student Lodgers Towards Packaged Food in Aceh
Equilibrium: Jurnal Ekonomi Syariah Vol 13, No 1 (2025): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v13i1.33785

Abstract

Consumption behaviour in Islam must pay attention to halal and tayyib (wholesome). Packaged food for student lodgers is relatively the leading choice. This research observes the influence of halal labelling, religiosity, and price on students' decisions to buy packaged food, and factors that influence students' choices of packaged food products from an Islamic economic perspective. The uniqueness of the research lies in the object of research which are the student lodgers towards packaged food in Aceh. Primary data is used through a mixed-method approach that combines quantitative and qualitative data. The quantitative respondents were 100 respondents taken using the non-probability sampling method and purposive sampling technique, using multiple linear regression. Qualitative is the result of interviews with three respondents who live in dormitories, boarding house, and rental house. Quantitative results show that the variables of the price and religiosity have a positive and significant effect on packaged food purchase decisions. But the halal labelling variable does not have a positive effect on packaged food purchase decisions. The results of qualitative research imply that the student lodgers in choosing packaged food are influenced by: expiration date, price, packaging, product efficiency, advertising, religiosity, and habit factors. Halal labelling is less considered because of the role of the government and ulama (Islamic scholar) to protect the halal food products.
E-Customer Relationship Management on Satisfaction of Millenial Zakat Users in Lampung Province
Equilibrium: Jurnal Ekonomi Syariah Vol 13, No 1 (2025): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v13i1.31964

Abstract

This study aims to analyze how the e-CRM feature affects muzakki (zakat payers) satisfaction and whether satisfaction contributes to loyalty behaviour in the context of collecting zakat, infaq, and non-profit alms. In addition, this study also included religiosity variables that are considered to moderate the relationship between e-CRM and loyalty behaviour as novelty. This study used a quantitative survey method. This study focuses on 500 millennial zakat payers in Lampung Province who utilize digital platforms for zakat payments, selected through purposive sampling to ensure a representative sample. The collected data was processed and analysed using Structural Equation Modeling (SEM) with LISREL. The findings of this study reveal that e-CRM on digital zakat platforms significantly increases muzakki satisfaction, but its impact on loyalty behavior remains low. The study identified that the pre-payment, during payment, and post-payment dimensions of e-CRM contribute to user convenience and service responsiveness, leading to higher satisfaction. However, muzakkis do not consistently use digital platforms for repeated zakat payments, indicating a gap between satisfaction and loyalty. In addition, religiosity strengthens the link between e-CRM and loyalty, but low zakat literacy remains a major challenge, preventing muzakki from fully embracing digital zakat platforms as part of their religious practices.
Harnessing the Power of Brand Attributes: The Impact on Corporate Brand Image and Customer Loyalty in Indonesian Islamic Banking
Equilibrium: Jurnal Ekonomi Syariah Vol 12, No 2 (2024): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v12i2.28437

Abstract

Despite Indonesia's significant potential for Islamic banking growth due to its large Muslim population, the sector encounters intense competition from conventional banks offering similar products. This necessitates a strong focus on differentiation, with a robust and distinct brand image crucial for the long-term sustainability of Islamic banking institutions. This study investigates factors influencing customer loyalty towards Indonesian Islamic banking. It was built upon prior research on functional, emotional, and spiritual brand attributes by introducing online brand attributes as a novel perspective. The digitalization and innovation phenomenon can act as critical drivers, enhancing competitiveness and broadening service reach through online channels for Islamic banks. Using a quantitative approach with 480 sharia banking customers in Indonesia, the research employed Partial Least Squares-Structural Equation Modeling (PLS-SEM) to examine the role of brand image in fostering customer loyalty. Findings reveal that online brand attributes exerted the most significant positive impact on corporate brand image (CBI). In turn, CBI has positive impacts on customer loyalty. Among the variables examined, core service, beliefs, sharia compliance, and security were found to have the most decisive influence on CBI in Indonesian Islamic Banking.
The Role of Trust, Literacy, Effectiveness, and Convenience in Online Zakat Payment
Equilibrium: Jurnal Ekonomi Syariah Vol 13, No 2 (2025): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v13i2.31319

Abstract

This study examines the factors that influence individuals' decisions to utilize the National Zakat Agency (BAZNAS) website for zakat (mandatory religious tax) payments in the Jabodetabek area of Indonesia, focusing on the roles of trust, zakat literacy, effectiveness, and convenience. It addresses a critical research gap concerning the under-explored synergistic interplay of psychosocial (trust and literacy) and technical (effectiveness/ perceived usefulness, convenience/ perceived ease of use) factors in shaping digital zakat adoption within Indonesia's mature digital ecosystem. While existing literature often isolates these variables, this paper offers originality by empirically testing their simultaneous correlations using advanced Structural Equation Modeling (SEM), contextualized for BAZNAS’s evolving platforms. A descriptive quantitative design was employed, with data collected through structured questionnaires distributed to a purposive sample of 100 Muslim respondents who had used the BAZNAS website. The findings reveal that effectiveness and convenience significantly impact payment decisions, whereas trust and zakat literacy do not have a significant impact. Respondents prioritize the perceived usefulness of BAZNAS’s programs, valuing their sustainable impact beyond financial aid, as well as the perceived ease of use provided by the website’s user friendly features, such as clear payment instructions. The non-significance of trust and literacy suggests that, within this mature digital context, they function as foundational prerequisites rather than dynamic influences, challenging initial assumptions. This study contributes to the digital zakat adoption literature by integrating behavioral and technological perspectives, extending the Technology Acceptance Model (TAM), and providing practical guidance for BAZNAS to enhance digital strategies by emphasizing program effectiveness and platform usability.
Implementation of Salam Contract in Sharia Contract Farming Model for the Welfare of Poor Farmers in Indonesia
Equilibrium: Jurnal Ekonomi Syariah Vol 13, No 2 (2025): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v13i2.33684

Abstract

Limited access to capital remains a structural problem for poor farmers. This study aims to explore the potential implementation of the Salam contract in a sharia contract farming scheme as a solution to limited access to capital for poor farmers and provide recommendations for its implementation based on comprehensive data. The data used are secondary data from available literature and the 2024 National Socioeconomic Survey (Susenas). Data were analyzed using descriptive statistical methods and literature studies. The results of this study indicate that the population working in the agricultural and plantation sectors reached 34.89 million people. There are 1.85 million poor farmers (9.26 percent) in the rice and secondary crops farming sector, 340.37 thousand poor farmers (7.29 percent) in the horticulture sector, and 601.68 thousand poor farmers (5.88 percent) in the plantation sector. More than 50 percent of farmers are aspiring middle-class residents who are highly vulnerable to falling into the vulnerable and poor classes. In terms of access to capital, only 4.71 percent of farmers have People's Business Credit (KUR). Access to other financial institutions, such as Rural Credit Banks (BPR), cooperatives, or alternative financing sources such as Village-Owned Enterprises (BUMDes), does not reach 1 percent. From the demand side, the largest consumption is rice, reaching nearly 22 million tons with a value of IDR 303.56 trillion, followed by kale (1.05 million tons), spinach (882.4 thousand tons), tomatoes (586.32 thousand tons), and shallots (8 million tons). The sharia contract farming model based on the salam contract can strengthen the bargaining power of poor farmers, who are still weak. Implementation can be carried out through two pilot project approaches: in areas with the highest number of poor farmers or for food commodities with high demand and sales value
Tracing the Trajectory of Islamic Stock Research (1989–2025): Insights from a Scopus-Based Bibliometric Analysis
Equilibrium: Jurnal Ekonomi Syariah Vol 13, No 1 (2025): EQUILIBRIUM
Publisher : Prodi Ekonomi Syariah Pascasarjana IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/equilibrium.v13i1.30925

Abstract

Research on Islamic stocks has grown significantly in recent decades, yet focused bibliometric analyses specifically using the term “Islamic stock” remain scarce. Existing studies often adopt broader themes like “Islamic finance” or “Islamic capital market,” which may overlook the nuanced evolution of Islamic stock research. This study aims to conduct a comprehensive bibliometric analysis of 1,050 documents indexed in Scopus between 1989 and 2025. The data were processed using Biblioshiny, VOSviewer, and Microsoft Excel to identify publication trends, citation dynamics, influential authors and sources, and thematic research clusters. The findings reveal a steady annual growth rate of 5.96%, with dominant contributions from Malaysia, Indonesia, and Saudi Arabia. Cluster analysis identified four main research themes: Islamic Stock Market, Banking and Economic Performance, Financial Markets and Investment, and Risk Management and Financial Assets. Recent research trends increasingly address topics such as bitcoin, COVID-19, and geopolitical risk, reflecting the expanding scope and relevance of Islamic stock research in global financial discourse. This study contributes to the literature by providing a focused thematic map of Islamic stock scholarship, highlighting knowledge gaps and potential future research directions for academics, policymakers, and ethical investors.