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Priyonggo Suseno
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Center for Islamic Economics and Development Studies (CIEDS) Faculty of Business and Economics, Universitas Islam Indonesia Jl. Prawiro Kuat, Ngringin, Condongcatur, Depok, Sleman Daerah Istimewa Yogyakarta, Indonesia, 55283
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INDONESIA
Review of Islamic Social Finance and Entrepreneurship
Published by Universitas Islam Indonesia
ISSN : -     EISSN : 2963847X     DOI : https://doi.org/10.20885/RISFE
Core Subject : Religion, Economy, Social,
Religion Economics, Econometrics & Finance Social Sciences
AIMS AND SCOPE Aims Review of Islamic Social Finance and Entrepreneurship covers in detail a large number of topics related to Islamic Social Finance, comprising the latest empirical studies, country-specific studies, policy evaluations on Islamic sosial finance and entrepreneurship. This journal provides a forum for scientific exchange for academicians, practitioners, keen observers, and independent researchers, by publishing high-quality theoretical, empirical, and policy contributions. Scope: Islamic social finance: - Zakat Management - Zakat Collection - Zakat Distribution - Development of zakat Institution - Global zakat system and sustainable zakat accounting - Islamic social finance in post-pandemic period - Building sustainable Islamic social finance ecosystem - The role of Fintech in optimizing the social function of Islamic finance - Sustainable development goals and Islamic finance - Cash waqf endowment for Sustainable development - Implication of Islamic accountability for waqf - Islamic social finance through waqf - Good government for Islamic endowment - Takaful overview, growth and models - Governance mechanism of takaful market - Takaful product, service and customer perception - Islamic microfinance, principles of performance and problems - Islamic microfinance for sustainable development - Islamic microfinance for female empowerment - The role of the banking sector in operationalizing - Islamic social finance in post-pandemic period - Building sustainable Islamic social finance ecosystem - The role of Fintech in optimizing the social function of Islamic finance - Sustainable development goals and Islamic finance Islamic entrepreneurship: - Innovativeness and risk-taking - Ethics and social responsibility - The Muslim entrepreneurs among micro/small entreprises - Women Entrepreneurship Development - Islamic entrepreneurship mind programming on entrepreneurial performance - Technological innovation and entrepreneurship - Social welfare services in the social entrepreneurship context - Human resource in the Islamic sector and academic entrepreneurship - The role of enterprise architecture in enterprise integration - Model of strengthening the entrepreneurship character - Islamic venture capital as financing alternative of Muslim entrepreneurs - Islamic entrepreneurship education model for higher education institution
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 46 Documents
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The efficiency of 20 years of Indonesian zakat institution: Data Envelopment Analysis (DEA) approach Aftuqa Sholikatur Rohmania; Erlinda Sholihah
Review of Islamic Social Finance and Entrepreneurship Volume 2 Issue 2, 2023
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol2.iss2.art4

Abstract

Purpose – This study aims to analyze the efficiency of BAZNAS performance for 20 years, during 2002-2021.Methodology – This research uses a quantitative approach with the Data Envelopment Analysis (DEA) method. The secondary data source is an annual report from the official National Amil Zakat Agency (Badan Amil Zakat Nasional, BAZNAS) website from 2002-2021. The analysis technique is assisted by maxDEA software.Findings – The results showed BAZNAS gained an average efficiency of over the period 2002 - 2021 worth 90.86%, meaning that over the 20 years, BAZNAS operated showed a level of inefficiency. Further analysis, during 2018-2021, BAZNAS has shown its productivity in improving performance efficiency by achieving an optimal efficiency level worth 100%. That implies BAZNAS needs to improve its management performance by considering the suitability of inputs and outputs.Implications – This research contributes to improving knowledge about BAZNAS performance efficiency. This research also provides insights for policymakers as an evaluation and decision-making in improving the performance of zakat institutions, especially BAZNAS.Originality – This research saw the efficiency of BAZNAS’ performance for 20 years or from its operation until now. It can show the level of public trust in BAZNAS in the management of zakat, infaq, and sadaqah (ZIS) in Indonesia.
Perceptions of the importance of philanthropy according to the classification of generations based on Beresford Research Endro Tri Susdarwono; S. Thoriqul Huda
Review of Islamic Social Finance and Entrepreneurship Volume 2 Issue 2, 2023
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol2.iss2.art3

Abstract

Purpose – This study aims to describe the perception of the importance of philanthropy in today's difficult times according to the classification of generations based on Beresford. Methodology – The approach in this study uses a mixed methods research type. The research sample included 400 respondents who traveled with their destination in Pemalang Regency from December to January 2023. The sampling technique used random sampling. While the instrument used in this research is a questionnaire. The data analysis technique uses hypothesis testing on signs and independence hypothesis testing through the Khai-Square distribution. Findings – Based on the hypothesis testing steps above, it is stated that for testing the hypothesis on the sign it is concluded that philanthropy as a part of Islamic social finance is important in today's difficult conditions. As for the independence test, it was concluded that there was no influence between the grouping of generations, according to Beresford Research on the importance of philanthropy as a part of Islamic social finance in difficult times.Implications – Philanthropy is a form of programmed social generosity and is aimed at alleviating social problems (such as poverty) in the long term. Originality – The fundamental difference between this study and previous research lies in using data analysis techniques using non-parametric statistical tests. So, it has a more scientific level of testing results.
The contribution of Islamic social finance to economic growth in Indonesia Siswantoro Siswantoro; Ihsanul Ikhwan
Review of Islamic Social Finance and Entrepreneurship Volume 2 Issue 1, 2023
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol2.iss1.art1

Abstract

Purpose – This study aims to identify the contribution of Islamic social finance (Zakat, Infaq, and Shadaqah or ZIS) to economic growth in Indonesia, both in the long-term and short-term models. Based on previous studies, government expenditure; investment; and trade openness are also included in the model as control variables.Methodology – Annual time series data for 21 years from 2002 to 2022 were analyzed using the Error Correction Model (ECM) approach to determine the long-term and short-term effects of independent variables on economic growth.Findings – The main findings of this study confirm that Islamic social finance (ZIS) is a financial instrument that benefits the economy. ZIS can be an alternative fund for overcoming various problems of the Muslim Ummah and revitalizing the economy, even more so in a country with a majority Muslim population like Indonesia where ZIS instruments such as Zakat are obligatory to be issued to able-bodied Muslims. The study results show that the effect of ZIS on economic growth in Indonesia is felt in the long term, while in the short term, it has no significant impact.Implication – This research provides insight for related parties (especially National Board of Zakat/Badan Amil Zakat Nasional, BAZNAS) further to optimize the potential of ZIS into productive sectors to improve the economy.Originality – Most previous studies used panel data with a limited period to estimate the effect of Islamic social finance on economic growth, while this research utilized time series data with the ECM approach for a longer period.
The effect of religiosity level on entrepreneurial sustainability of Muslim millennials: A case study of the Indonesian family life survey Moh Najikhul Fajri; Siti Munawaroh
Review of Islamic Social Finance and Entrepreneurship Volume 2 Issue 2, 2023
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol2.iss2.art1

Abstract

Purpose – This study aims to examine the relationship and influence of the level of religiosity (obedience and piety) on stable business success for millennial Islam in Indonesia.Methodology – This study uses multinomial logit qualitative response regression to estimate religiosity's impact on business success. This study uses 5,252 individuals who are Muslim and have their businesses in IFLS data. Religiosity is measured through the level of the piety of millennial Muslims, while business success is proxied by using profitability.Findings – The results show that the religiosity of the millennial generation has a significant positive effect on the profitability of medium and low-class businesses. Meanwhile, the religiosity level of the millennial generation was also found to have a significant adverse effect on the profitability of upper-level businesses. On the other hand, a better level of millennial education and asset ownership also contributes to one's chances of getting a much higher profit than others. Finally, Muslims in urban areas get better profits than those in rural areas.Implications – Most millennial Muslims in the upper-class profitability have lower religiosity than other classes. It indicates that more and more people are involved in businesses that have the potential to violate religious values and are sure to be less obedient to worship. It is highly correlated with the amount of acquisition he gets. Meanwhile, for other classes, for example, the profit obtained is much lower, correlated with the habit of worshiping and religious observance, but does not rule out daily work and business so that sustainability is still obtained.Originality – No previous research has discussed the influence of the level of religiosity associated with business success among Muslim millennials.
The sharing economy in a post-Covid-19 world: Insights from Islamic economic history Jamila Abubakar; Nasim Shah Shirazi
Review of Islamic Social Finance and Entrepreneurship Volume 2 Issue 2, 2023
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol2.iss2.art6

Abstract

Purpose – The Covid-19 and climate change crises have increased attention to building a more circular global economy. This paper analyses the insufficiency of the linear economy growth model in a post-Covid-19 world and sheds light on the role of the sharing/collaborative economy in the post-Covid-19 socio-economic recovery.Methodology – An explanatory approach is employed to broaden the theoretical idea of the Sharing Economy (SE) as a contemporary concept by delving into the historical applications and motivations of sharing and collaborative practices in the Islamic economy and hunter-gather societies.Findings – Although contemporary sharing economy platforms are credited with the sharing economy concept, history shows that pre-modern societies have used sharing concepts to maximize efficiency in allocating resources, and collaborative consumption predates the digital economy. The paper also finds that adopting Islamic economy ideologies for social solidarity could address contemporary sharing economy models' challenges.Implications – The paper fills a gap in the literature by learning from historical sharing practices and adopting Islamic economy ideologies for social solidarity; the sharing economy could contribute significantly to building a circular global economy.Originality – By delving into the historical applications and motivations of sharing and collaborative practices in the Islamic economy and hunter-gatherer societies, this paper brings a unique perspective that is rarely studied.
Understanding muzaki adoption of digital zakat payments in Indonesia Emiroh Arsyina Ahimsa; Heri Sudarsono; Muhammad Abdul Ghoni; Muchammad Taufiq Affandi
Review of Islamic Social Finance and Entrepreneurship Volume 2 Issue 2, 2023
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol2.iss2.art7

Abstract

Purpose – This study aims to analyze the influence of performance expectancy, effort expectancy, social influence, zakat literacy, and facility conditions on the intention of muzaki to pay zakat using a digital platform.Methodology – Primary data was collected through an online survey involving 144 Jawa. Muzaki has used various online channels to pay zakat and analyzed it using structural equation modeling as the empirical approach. This study used the extended unified theory of acceptance and use of technology (UTAUT) as the theoretical framework. The data analysis technique used in this study is partial least square (PLS) analysis.Findings – The findings indicate that performance expectancy, effort expectancy, social influence, and zakat literacy have a positive influence on the intention of Muslims to pay zakat through online platforms. Meanwhile, the intention to pay zakat and facility conditions have a positive influence on the use of online platforms to pay zakat.Implications – Zakat institutions need to improve digital facilities to make it easier for muzaki to pay zakatOriginality – The object of this research focuses on Muslim communities on the island of Java who have fulfilled the requirements as muzaki.
Public entrepreneurship, municipal performance, and political capacity's moderating role in Niger state Ahmed, Mohammed; Umar, Mohammed-Bello Habiba
Review of Islamic Social Finance and Entrepreneurship Volume 3 Issue 2, 2024
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol3.iss2.art4

Abstract

Purpose – This study investigates the moderating role of political capacity (PC) in the relationship between public entrepreneurship (PE) and local government performance (LGP) in Niger State, Nigeria, using structural equation Modelling (SEM).Methodology – This study is a quantitative research based on a sample of 1,396 employees from four local government areas in Niger State, Nigeria. A non-probability sampling method was utilized, and the data were analyzed using STATA version 17 to obtain descriptive statistics, perform a normality test, assess factor loadings, and conduct correlation and SEM analyses.Findings – The analysis revealed that the mean values of public entrepreneurship, political capacity, and local government performance were low. The SEM analysis found that political capacity significantly moderates the relationship between public entrepreneurship and local government performance and establishes a direct relationship between public entrepreneurship, political capacity, and the performance of local governments.Implications – This study suggests that political capacity should be considered in the administration of local governments, as it can lead to more effective management of municipalities.Originality – No previous research has explored the relationship between political capacity, public entrepreneurship, and local government performance using SEM in the context of local government administration.
Innovation in Islamic finance: Review of organized banking Tawarruq Dewaya, Muhammad Abdullah
Review of Islamic Social Finance and Entrepreneurship Volume 3 Issue 2, 2024
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol3.iss2.art7

Abstract

Purpose – This research aims to discuss innovation in Islamic finance and banking products by analyzing organized banking Tawarruq as a sample of innovation. Innovation in Islamic finance is to provide Sharī῾ ah-compliant solutions for the actual needs of the industry. Studying organized banking Tawarruq was essential because it was a practical solution for cash financing as an alternative to ribā-based loans. This approach helped identify the challenges and opportunities for the development of Sharī῾ah structures and set innovation boundaries, goals, and impacts. Methodology – This is an analytical qualitative study. It analyzed contemporary research papers from three major markets: Indonesia, Malaysia, and the GCC. The focus was on organized Tawarruq because its innovation was for liquidity and cash purposes, which is a vital matter for financing and a challenge for Islamic banks. Findings – The organized Tawarruq and international Commodity Murābaḥah detailed applications may vary in different regions. There have been attempts to improve these shortcomings and provide a remedy to Sharī῾ah non-compliance. Standardizing pragmatic filters to avoid non-Sharī῾ah compliance and focus on moral and ethical guidelines is necessary to preserve the growth and reputation of Islamic finance. Integrating Islamic finance and Islamic social finance can create new opportunities for socially responsible innovations.Implications – These calls for Islamic banks to invest more in innovation. Create R&D funds to provide innovative, viable, and Sharī῾ah compliant liquidity solutions. Originality – Evaluating the organized Tawarruq and commodity Murābaḥah from an innovation perspective is a unique approach to learn from existing shortcomings and avoid reproducing the same mistakes.
Enhancing loyalty in Islamic hospitals: Exploring customer experience as mediating variables Purnama, Chamdan; Rahmah, Mirhamida; Fatmah, Dinda; Hasani, Syaiful; Rahmah, Yusriyah; Rahmah, Zakiyah Zulfa; Mulyono, Sugeng; Anam, Chairul
Review of Islamic Social Finance and Entrepreneurship Volume 3 Issue 2, 2024
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol3.iss2.art2

Abstract

Purpose – This study investigates the impact of service quality and corporate image on customer experience and loyalty within health institutions.Methodology – Utilizing a correlation research design, data were collected from 80 hospital patients using a purposive sampling technique. Data were analyzed using regression analysis in SPSS version 25.Findings – The findings reveal that Service quality and corporate image significantly enhance customer experience. Moreover, while service quality directly influences loyalty, the impact of corporate image on loyalty is mediated by customer experience.Implications – The study suggests Hospitals should focus on improving service efficiency, communication, and patient satisfaction in order to strengthen patient loyalty. Additionally, cultivating a positive corporate image through patient interactions can further enhance the customer experience, leading to increased loyalty. Originality – This study introduces a novel conceptual model that integrates customer experience as a mediating variable to explain loyalty dynamics in health institutions. This study's contributions are particularly relevant for hospital management, although the relatively small sample size may limit the broader applicability of the results.
Integration of productive waqf in Sharia insurance: Enhancing investment and life protection Ahyani, Hisam; Solehudin, Ending; Mutmainah, Naeli; Adnan, Nurul Ilyana Muhd
Review of Islamic Social Finance and Entrepreneurship Volume 3 Issue 2, 2024
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol3.iss2.art5

Abstract

Purpose – This study investigates the integration of productive waqf into Sharia insurance in Indonesia and its contribution to investment benefits and life protection. It aims to explore how waqf can enhance the economic and social impacts of Sharia insurance products.Methodology – A qualitative approach was employed, involving a comprehensive review of the literature on waqf, Sharia insurance, and Islamic finance. Additionally, interviews were conducted with experts in Sharia insurance and waqf management to gather insights into the current practices and challenges.Findings – This study reveals that productive waqf initiatives within Sharia insurance have the potential to significantly improve investment returns and expand the scope of life protection benefits offered to participants. It identifies key areas in which waqf funds can be deployed effectively, such as long-term investment projects and social welfare programs.Implications – The findings have practical implications for policymakers, Sharia insurance providers, and waqf administrators in enhancing collaboration to maximize the socio-economic benefits of waqf. By integrating waqf into insurance products, stakeholders can foster sustainable development and financial inclusivity.Originality – This study contributes to the literature by offering insights into the innovative use of waqf within the dynamic context of Sharia insurance. It underscores the originality of leveraging waqf assets to address contemporary socioeconomic challenges and promote ethical finance principles.

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