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Research of Islamic Economics (RIE)
Published by Santoso Academy Network
ISSN : 30254418     EISSN : 29887739     DOI : https://doi.org/10.58777/rie
Core Subject : Economy,
Economics, Econometrics & Finance
he Research of Islamic Economics (RIE) journal publishes theoretical and empirical research articles, review papers, and case studies on all major Islamic Economics and business topics. The Journals mission is to offer a forum for the growing scholarly research on Islamic financial institutions and the Sharia money and capital markets in which they operate. The Journal emphasizes theoretical advancements and their application and empirical, practical, and policy-oriented research in other local and international Islamic banking, financial institutions, and markets. The RIE examines various decisions, processes, and activities within Islamic finance, banking, policy, philanthropy, and technology. The RIE is published for executives, researchers, and scholars alike, and the journal aids the application of empirical research to practical situations and theoretical findings to the reality of the real business world.The Journals goal is to promote communication and collaboration between and among academic and other research groups, as well as policymakers and operational decision-makers at private and public institutions, national and global, and their regulators.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekomomi dan Ekonometrika
Articles 30 Documents
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The Impact of Basel Standards on Default Risk: A Case of Islamic Banks in Bangladesh Ahmed, Md. Adnan; Mahmud, Imran
Research of Islamic Economics Vol. 3 No. 1 (2025): JULY 2025
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rie.v3i1.460

Abstract

Default risk is a major concern for banks and is shaped by both internal and external factors. Regulatory frameworks like Basel III aim to mitigate such risks. This study investigates the impact of Basel III standards on the default risk of Islamic banks in Bangladesh, focusing on three key indicators: Capital Adequacy Ratio (CAR), Liquidity Coverage Ratio (LCR), and Net Stable Funding Ratio (NSFR). The research covers all Islamic banks in Bangladesh and utilizes secondary data from annual reports. Default risk is assessed using the z-score, where a higher score indicates a lower probability of insolvency. Control variables include credit risk, investment propensity, off-balance sheet exposure, economic growth, and lending rates. A Random Effects Model is employed, with Panel-Corrected Standard Errors (PCSE) applied to address heteroskedasticity, autocorrelation, and cross-sectional dependency. Findings reveal that CAR, LCR, and NSFR significantly reduce default risk, highlighting the effectiveness of Basel III measures in strengthening financial stability. This study uniquely emphasizes Islamic banks and explores the alignment between globally recognized regulatory standards and Sharia-compliant banking. The results offer valuable insights for regulators, policymakers, and bank managers striving to balance regulatory compliance with the principles of Islamic finance.
Wardah Digital Strategy: Analysis of Social Media Service Quality, Brand Image, and Price on Repurchase Interest Alfiani, Dinda Mharani Nur; Rahma Fadillah, Penny
Research of Islamic Economics Vol. 3 No. 1 (2025): JULY 2025
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rie.v3i1.468

Abstract

This study aims to determine how much influence Brand Image, Price Perception, Social Media Marketing, and Service Quality have on Repurchase Intention. Wardah cosmetic customers in South Jakarta are the research population; The sample is 200 Perceptions. Perceptions fill out a questionnaire used to collect data. The Statistical Product and Service Solutions (SPSS) method is used to analyze the data. The results of the study indicate that Repurchase Intention can be influenced by a model that takes into account Price Perception, Brand Image, Social Media Marketing, and Service Quality. However, the satisfaction of Repurchase Intention is not greatly influenced by Service Quality. On the contrary, Brand Image does not have a significant influence on Repurchase Intention, but Social Media Marketing has a beneficial and large influence. And Price Perception has a positive and significant effect on Repurchase Intention. Islam teaches that if a Muslim has a business, then he must follow the rules of doing business according to Islamic teachings, including those related to buying and selling. The managerial implications of these findings indicate that Wardah management needs to strengthen its social media marketing strategy by providing responsive, informative, and interactive services in order to build emotional closeness with consumers.
Unveiling the Power of Halal Labels, Brand Image, and Price: How Consumer Satisfaction Drives Purchase Decisions Abelmar, Ryan Farhan; Mansur, Amin
Research of Islamic Economics Vol. 3 No. 1 (2025): JULY 2025
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rie.v3i1.470

Abstract

This study was conducted with the aim of investigating the impact of halal labels, brand image, and price on purchasing decisions, with consumer satisfaction serving as a mediating factor. The study was designed as an explanatory research study. The study population consisted of individuals who use and have used Wardah cosmetic products, with a sample size of 100 respondents. Data was collected using questionnaires and interviews with some respondents. The results of the study indicate that halal labels, brand image and price can be used as models that influence purchasing decisions mediated by consumer satisfaction. Price has a positive and significant effect on consumer satisfaction. Consumer satisfaction has a positive and significant effect on purchasing decisions. Meanwhile, halal labels, brand image and price have a positive but insignificant effect on purchasing decisions. Consumer satisfaction can be a mediator that influences purchasing decisions, but halal labels and brand image are not significant factors. Managerial Implications: The results of this study provide implications for cosmetic companies, such as Wardah, to focus their marketing strategies on increasing consumer satisfaction, as satisfaction has been shown to play a significant role in mediating the influence of price on purchasing decisions.
Unveiling Beauty Choices: How Lifestyle, Halal Label and Prices Form Emina Cosmetics Purchases Dedldia, Desya; Hidayati, Rini
Research of Islamic Economics Vol. 3 No. 1 (2025): JULY 2025
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rie.v3i1.472

Abstract

This study examines the influence of lifestyle, halal labeling, and price on purchasing decisions for halal cosmetics. The sample consisted of 100 respondents from the Faculty of Economics and Business at YARSI University, selected through purposive sampling. Data were collected using a questionnaire with the Judgement Sampling method and analyzed using multiple regression analysis, t-tests for partial effects, F-tests for simultaneous effects, and the coefficient of determination. The findings indicate that lifestyle has a positive and significant impact on purchasing decisions. Conversely, halal labeling and price do not have a significant effect. However, when examined collectively, lifestyle, halal labeling, and price significantly influence purchasing decisions. These results carry managerial implications for Emina Cosmetics, suggesting the need to develop marketing strategies that align with the lifestyles of young consumers, particularly female students. Companies should focus on tailoring products, promotional strategies, and brand communication to resonate with the lifestyle trends of this demographic. The originality of this study lies in its focus on the Islamic economic perspective of halal cosmetic purchasing behavior among young Muslim consumers, an area that has received limited attention in prior research.
Islamic Social Reporting Index as a Model for Measuring the Social Performance of Islamic Banking Saputra, Ade; Putra, Purnama
Research of Islamic Economics Vol. 3 No. 1 (2025): JULY 2025
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rie.v3i1.474

Abstract

This study analyzes and compares the social performance of Islamic banking in Indonesia using the Islamic Social Reporting (ISR) Index. The ISR Index assesses the extent to which Islamic banks disclose social responsibilities in line with Islamic principles. This research focuses on two Islamic business units BTN Syariah and CIMB Niaga Syariah through content analysis of their annual and sustainability reports. Using a descriptive-comparative approach and secondary data, the study evaluates ISR dimensions such as environmental responsibility, social responsibility, Sharia compliance, and other relevant aspects. The findings reveal a difference in transparency between the two banks. CIMB Niaga Syariah scored higher in several ISR dimensions, indicating a stronger commitment to Sharia-compliant social reporting. Nonetheless, both banks show positive development in improving their social disclosure. These results have significant implications for Islamic banking practitioners and regulators, encouraging greater transparency, accountability, and the formulation of effective social reporting strategies aligned with Sharia values. Furthermore, the study serves as a useful reference for other Islamic financial institutions aiming to enhance their social performance and better meet stakeholder expectations through more comprehensive and responsive reporting practices.
Cash Waqf Nazhir: Efforts to Increase the Role of Islamic Banks in Supporting Cash Waqf Djalil, Noviendri; Rantaprasaja, Luthfi; Kurnia, Aan
Research of Islamic Economics Vol. 3 No. 2 (2026): JANUARY 2026
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rie.v3i2.488

Abstract

This study examines the potential of cash waqf as a strategic instrument to support government programs on community empowerment and national economic development. Cash waqf, when aggregated within a formal repository, can serve as a substantial source of business capital; however, its utilization remains suboptimal. Strengthening the role of Islamic banks as Nazhir is expected to optimize this potential by ensuring transparency, accountability, and effective distribution of waqf funds. Using a literature review and descriptive qualitative analysis, this study provides insights for policymakers to accelerate the establishment of a regulatory framework that enables Islamic banks to manage cash waqf. The findings imply that integrating Islamic banks into waqf management not only improves governance but also expands financing access for micro, small, and medium enterprises (MSMEs), thereby enhancing financial inclusion and reducing socio-economic disparities. The originality of this research lies in its emphasis on the institutional role of Islamic banks within the national waqf system, offering a novel paradigm that bridges Islamic social finance with the formal banking sector. This perspective contributes to the optimization of cash waqf as a structured and sustainable instrument for advancing the sharia economy
Aligning Shariah And Environmental, Social, And Governance Criteria In Islamic Finance Perspective Bochner, Rodrigo
Research of Islamic Economics Vol. 3 No. 2 (2026): JANUARY 2026
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rie.v3i2.475

Abstract

This study addresses a conceptual and practical gap in the literature regarding the systematic alignment between Shariah principles and Environmental, Social, and Governance (ESG) criteria within Islamic finance. Although both frameworks emphasize ethical conduct, social responsibility, and sustainable value creation, existing studies typically examine Shariah compliance and ESG performance in isolation, resulting in fragmented insights and a lack of an integrated analytical framework. This research aims to explain how Shariah principles can be aligned with ESG dimensions particularly governance and social responsibility and to identify challenges that hinder their effective integration into Islamic financial products. Using a qualitative research design, the study employs document and thematic analysis of prior empirical studies, regulatory standards, and institutional reports related to Islamic finance and ESG practices. The findings show that Shariah governance plays a key role in enhancing ESG performance; however, inconsistencies in interpretation, measurement, and regulatory harmonization remain significant obstacles. This study contributes an integrative perspective that positions Shariah as a normative framework capable of strengthening ESG objectives and advancing sustainable Islamic finance.
Islamic Consumer Ethics and Buying Behavior of Muslim Gen Z: The Influence of Service, Promotion, Price, and Product Quality Munawaroh, Munawaroh; Simon, Zainal Zawir; Heriyanto, Toto
Research of Islamic Economics Vol. 3 No. 2 (2026): JANUARY 2026
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rie.v3i2.564

Abstract

This study aims to analyze the influence of service quality, promotion, price perception, and product quality on McDonald's consumers' purchasing decisions in Jakarta, and to assess these marketing factors from an Islamic economic perspective. This research employs an exploratory quantitative approach and a purposive sampling technique. A total of 135 respondents participated through questionnaire-based surveys. The data were analyzed using multiple linear regression. The results indicate that service quality, promotion, and product quality each have a positive and significant effect on purchasing decisions. In contrast, price perception has a significant, adverse effect, suggesting consumer sensitivity to pricing at fast-food outlets. Simultaneously, all independent variables significantly influence purchasing decisions. From an Islamic perspective, the findings reflect the principles emphasized by Imam Al-Qurthubi on fairness, transparency, and the provision of ethical values in market transactions, suggesting that marketing practices should align with Sharia-compliant consumer ethics. This study contributes to strengthening the understanding of Muslim consumer behavior and highlights the importance of integrating Islamic moral values in fast-food industry marketing strategies.
The Relationship between Sharia Compliance and Profitability: A Study of Sharia Commercial Banks in Indonesia Azizah, Siti Fajriah; Rahmawati, Rafika; Putra, Purnama
Research of Islamic Economics Vol. 3 No. 2 (2026): JANUARY 2026
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rie.v3i2.568

Abstract

This study aims to analyze and compare the financial performance of Islamic Commercial Banks in Indonesia using the Sharia Conformity and Profitability (SCnP) method. Sharia Conformity measures a bank's level of compliance with sharia principles, while profitability assesses a bank's ability to generate profits. The data used are the financial performance reports of Islamic Commercial Banks registered with the Financial Services Authority (OJK) in 2023. SCnP indicators include sharia-compliant product structures and compliance with the National Sharia Council (DSN) fatwas, while profitability is assessed through Return on Assets (ROA) and Return on Equity (ROE). The results show that Bank Muamalat Indonesia and Bank Aceh Syariah are in the URQ quadrant, with Sharia Conformity levels of 75% and 79%, respectively. In terms of profitability, Bank Aceh Syariah performed 67.15% higher than Bank Muamalat Indonesia at 1.37%. This finding indicates a positive correlation between sharia compliance and profitability, where increased sharia conformity can strengthen financial performance. The implications of this research emphasize the importance of strategies that focus on sharia compliance to support the growth and competitiveness of sharia banks in Indonesia.
Evaluation of the Financial Performance of Indonesian Sharia Banks Pre and Post Merger Sidik, Jihad Sabililah; Adnan, Muhammad Akhyar; Gunawan, Andri
Research of Islamic Economics Vol. 3 No. 2 (2026): JANUARY 2026
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/rie.v3i2.570

Abstract

This research is motivated by the merger of three Islamic banks, namely Bank BNI Syariah, Bank BRI Syariah, and Bank Syariah Mandiri, into Bank Syariah Indonesia based on several ratios in SEOJK Number 10/SEOJK.03/2020 and the merger approval stated in the Decree of the Board of Commissioners of the Financial Services Authority Number 4/KDK.03/2021. The purpose of this study is to analyze the financial performance before and after the merger using financial ratios prescribed by the Financial Services Authority, with the expectation that the results will serve as a reference for evaluating the success of Bank Syariah Indonesia in implementing the merger. This study applies a comparative method using secondary data obtained from the annual financial statements of the three predecessor banks for 2019–2020 and the quarterly financial statements of Bank Syariah Indonesia for 2021–2022. The findings show that ROA, ROE, BOPO, and NOM improved after the merger, while CKPN, NI, and Profit-Sharing Financing to Total Financing recorded less favorable outcomes. The managerial implications highlight the importance of maintaining operational efficiency, optimizing assets, and improving post-merger integration. Management is also encouraged to reinforce credit risk controls and improve revenue structures to ensure long-term financial stability.

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