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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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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 50 Documents
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Long term nexus between digitalization and macroeconomy on zakat collection in Indonesia Suprayitno, Aryadimas; Hawariyuni, Weni; Pratomo, Wahyu Ario; Hasibuan, Widya Sartika; Andrasari, Monika; Widiastuti, Tika; Susanto, Arva Athallah
Review of Islamic Social Finance and Entrepreneurship Volume 4 Issue 2, 2025
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol4.iss2.art4

Abstract

Purpose – This study aims to investigate the long-term and short-term impacts of digitalization and macroeconomic factors on zakat collections in Indonesia. It explores and validates the successful use of the Internet and a country's economic conditions to maximize zakat collection.Methodology – This study employs annual time series data from 1991 to 2024 to examine zakat collections in Indonesia, with digitalization and macroeconomic performance as the key exogenous variables. The selected period captures major economic disruptions, including the Asian Financial Crisis, 2008 global financial crisis, and post-pandemic recovery. The Autoregressive Distributed Lag (ARDL) model was applied to assess the long-short dynamic relationship effect among the variables.Findings – This study addresses hypothesis by empirically confirms that the integration of digitalization and macroeconomic improvements plays a pivotal role in enhancing zakat collections in Indonesia. The findings reveal a favorable long-term and short-term impact of digitalization on zakat collection, and long-term positive effects and short-term negative effects of macroeconomic conditions.Implications – This study provides critical insights for BAZNAS and other zakat institutions in designing and implementing sustainable digital strategy policies that enhance zakat mobilization and management efficiency. By integrating digital transformation initiatives with a forward-looking approach to future economic dynamics, zakat organizations can strengthen transparency and improve donor engagement.Originality – This research presents a unique contribution by addressing the scarcity of studies on zakat collections that incorporate both long-term and short-term analyses. Furthermore, research incorporating macroeconomics and digitalization as external factors in the study of zakat remains limited.
Green finance from the perspective of Islamic social finance: A case study of microfinance practices in Istanbul Hendra, Testru; Mustion, Seppi; Nasution, Karimaturrizky Syukri; Handra, Rana Nurulita
Review of Islamic Social Finance and Entrepreneurship Volume 4 Issue 2, 2025
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol4.iss2.art6

Abstract

Purpose – This study aims to explore and analyze the integration of green finance principles with Islamic microfinance practices in Istanbul, Turkey. Specifically, it examines how Islamic microfinance institutions incorporate environmental and social sustainability values into their operational activities and investigates the role of Islamic social finance instruments, such as zakat, infak, sedekah, waqf, and qard al-hasan, in supporting the achievement of the Sustainable Development Goals (SDGs).Methodology – Employing a qualitative research design with a case study approach, data were collected through in-depth interviews, participatory observations, and document analysis involving key stakeholders of Islamic microfinance institutions in Istanbul. The data were analyzed using thematic analysis to uncover recurring patterns and themes related to the adoption of green finance principles. The key variables examined included environmental sustainability, social sustainability, Sharia compliance, and the effectiveness of Islamic social finance tools.Findings – Findings indicate a positive but partial integration of green finance principles into Islamic microfinance practices, with notable contributions from zakat and waqf in promoting social welfare and environmental responsibility. However, challenges such as regulatory constraints, limited awareness, and difficulties in measuring impact have also been identified.Implications – These implications underscore the need for enhanced regulatory support, capacity building, and awareness programs to foster a more robust and sustainable Islamic microfinance sector.Originality – This study contributes both conceptually and practically to the literature on sustainable Islamic finance and provides strategic recommendations for policymakers, practitioners, and researchers. This study is expected to support the advancement of inclusive, ethical, and environmentally responsible microfinance models aligned with Sharia principles and global sustainability agendas.
It’s giving halal: Gen Z behavior bridging halal certification and MSMEs’ purchase intention Arumbinang, Nimas Ayu; Saifuloh, Nur Imam
Review of Islamic Social Finance and Entrepreneurship Volume 4 Issue 2, 2025
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol4.iss2.art2

Abstract

Purpose – This study evaluates the influence of halal certification and Islamic marketing strategies on the purchase intention of MSMEs culinary products, with Gen Z consumer behavior as a mediating variable. The Islamic marketing approach references the SGIE 2023 Halal Lifestyle Marketing Mix (HLMM), which integrates the principles of amanah, taqwa, ihsan, and adl into the 4Ps framework. Methodology – Primary data were collected from Muslim respondents aged 17–26 years in West Java, a province promoting halal tourism and MSMEs growth. Structural Equation Modeling (SEM) was employed to test the proposed model.Findings – Halal certification significantly enhances consumer behavior, which in turn drives purchase intention. However, a negative direct effect of halal certification on purchase intention suggests a full mediation effect, where halal certification for MSMEs boosts Gen Z purchase intention only when it shapes how they think and act. Islamic marketing strategies also show a positive, albeit smaller, effect on consumer behavior and purchase intention. Implications – Government efforts focusing solely on MSME certification could trigger consumer skepticism and discourage purchases. Therefore, initiatives must be coupled with Islamic marketing strategies that translate halal labels into meaningful consumer value.Originality – This study advances the Theory of Planned Behavior (TPB) by modeling consumer behavior as a second-order construct and operationalizing Islamic marketing through the Halal Lifestyle Marketing Mix (HLMM). Focusing on MSMEs offers a novel perspective on how enterprises with typically weak brand identities can leverage the halal label as a market signal that shapes consumer intention.
Social media influencers and sadaqah contribution among university students: Case of International Islamic University Malaysia Ariffin, Muhammad Irwan; Nasaruddin, Muhammad Ghazi Zufar; Maulana, Ahsan Yusuf; Ameer, Abdulbarry Sultan
Review of Islamic Social Finance and Entrepreneurship Volume 4 Issue 2, 2025
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol4.iss2.art3

Abstract

Purpose – This study examines how social media influencers shape students’ willingness to engage in sadaqah (voluntary charity) at the International Islamic University Malaysia (IIUM), using the theory of planned behavior (TPB) as the guiding framework.Methodology – A mixed-methods design was employed, combining a survey of 150 students with semi-structured interviews with three influencers active in charitable campaigns. A descriptive analysis of TPB constructs (attitude, subjective norm, perceived behavioral control, and behavioral intention) was conducted alongside thematic analysis of the interview data.Findings – Students reported high exposure to influencer-promoted campaigns, particularly on Instagram and TikTok. Attitudes toward sadaqah were positive, and subjective norms were influential, as many felt encouraged to donate when their peers participated. However, financial constraints and trust-related concerns limit donations and underscore perceived behavioral control as a barrier. Influencers have highlighted the importance of emotional storytelling, transparency, and alignment with Islamic values in motivating contributions.Implications – Campaigns should pair credible, value-congruent influencers with platforms that have clear Shariah governance, transparent fund allocation, and visible verification to build trust; lower behavioral frictions through micro and recurring donation options, simple payment flows, and salient security cues; and leverage subjective norms by embedding peer-sharing prompts and social proof. Universities and NGOs can co-create cause-fit content with emotional storytelling and real-time impact updates to convert intentions into actual donations.Originality – This study is among the first to explore influencer-led sadaqah campaigns in Malaysia by integrating TPB with insights from Islamic social finance and digital philanthropy.
Determinants of intention to become green waqf waqif in Indonesia Rachmad, Dedy; Akbar, Nashr; Suryomurti, Wiku; Maulida, Syahdatul
Review of Islamic Social Finance and Entrepreneurship Volume 4 Issue 2, 2025
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol4.iss2.art5

Abstract

Purpose – This study investigated the factors influencing Muslims’ intention to participate in green waqf in Indonesia. Specifically, it examines the role of knowledge within the Theory of Planned Behavior (TPB) framework to understand how knowledge, attitudes, subjective norms, and perceived behavioral control shape the intention to become a waqif (a person who endows waqf).Methodology – This study employed a quantitative design using survey data collected from 100 Muslim respondents in Indonesia. Data were analyzed with Structural Equation Modeling (SEM) using SmartPLS 3 to test the relationships between knowledge, attitudes, subjective norms, perceived behavioral control, and intention. Findings – The findings reveal that Knowledge positively influences attitude, and both attitude and perceived behavioral control significantly impact intention to become a waqif. However, subjective norms did not significantly affect intention. Implications – This study contributes to the existing literature by extending TPB in the context of green waqf and offers insights into the role of knowledge in shaping attitudes toward green waqf. Practically, this study highlights the need for increased awareness and structured initiatives to enhance participation in green waqf, particularly through education and government-driven campaigns. Originality – This research adds to the growing literature on green waqf by applying and extending TPB with knowledge, offering fresh insights into the behavioral determinants of waqf participation, and highlighting the link between Islamic philanthropy and environmental sustainability.
Analysis of the impact of zakat fund distribution on mustahik productivity in Indonesia Asya'bani, Nispia; Afifa, Ulfia Nur; Widiastuti, Tika; Mawardi, Imron; Soleh, Mochamad
Review of Islamic Social Finance and Entrepreneurship Volume 4 Issue 2, 2025
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol4.iss2.art7

Abstract

Purpose – This study examines the influence of zakat fund distribution on the productive behavior patterns of mustahiks in Indonesia, involving the moderating role of financial literacy. This study additionally examines the alterations in the behavior patterns of mustahiks following the receipt of zakat fund assistance.Methodology – This study employed a sequential explanatory mixed-methods design to examine the behavioral impacts of zakat distribution. In the quantitative phase, survey data were collected from 109 purposively selected mustahiks, using Likert-type items. The data were analyzed through Partial Least Squares Structural Equation Modeling (PLS-SEM) to estimate the effects of Zakat distribution on both productive and consumptive behavior, while also testing the moderating role of financial literacy.Findings – The results show that the variable of zakat fund distribution has a positive and significant effect on the productive and consumptive behavior of mustahik. The interplay of Sharia financial literacy as a moderating component can affect the connection between zakat fund distribution.Implications – The results of this research can be used as a reference for zakat institutions to monitor the impact of zakat fund distribution on beneficiaries and understand the factors influencing it.Originality – This research contributes to the existing literature by providing concrete evidence regarding the impact of zakat fund distribution on the behavior patterns of mustahiks, whether they receive productive or consumptive zakat. Additionally, there is an examination of the role of financial literacy, which acts as a factor that can strengthen or weaken that relationship.
Does qard financing fortify the trust of bank customers? Lessons from Islamic regional banks in Indonesia Widarjono, Agus; Hendri, Zul; Shuib, Mohd Sollehudin; Jaya, Yozar Putra
Review of Islamic Social Finance and Entrepreneurship Volume 5 Issue 1, 2026
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol5.iss1.art1

Abstract

Purpose – This study investigates the impact of Qard financing on customer trust in Islamic banks in Indonesia using a nonlinear approach.Methodology – We examine 123 Islamic regional banks (IRBs) from 2016 to 2023 using quarterly data. The estimation method is the dynamic panel regression method using the generalized methods of moments (GMM). The trust of IRBs’ customers is proxied by third-party funds (TPF).Findings – Moderate Qard financing strengthens customer confidence; however, as it exceeds the optimal level, the effect of Qard financing on TPF becomes negative. More importantly, the results indicate that the positive impact of Qard financing on customer confidence weakens as banks face high liquidity risk. Implications – First, Qard financing must be conducted in a measurable and optimal manner to avoid risk perceptions that are likely to weaken fund collections. Second, IRBs need to warrant that the expansion of Qard financing is balanced with prudent liquidity management. The Indonesian Financial Services Authority (OJK) likely includes Qard financing as one of the IRB performance indicators.Originality – Our study is a pioneer in investigating the role of social financing in customer trust using a non-linear approach.
AI in enhancing zakat’s role in collection and distribution: A model for digital transformation in Islamic philanthropy Wahab, Abdul; Mahdiya, Ilma; Afdhali, Muhammad Hasan
Review of Islamic Social Finance and Entrepreneurship Volume 5 Issue 1, 2026
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol5.iss1.art4

Abstract

Purpose – This study aims to develop a conceptual model for integrating artificial intelligence (AI) into zakat management to enhance the effectiveness of zakat collection and distribution while ensuring sustainability, transparency, and alignment with Sharia principles in the context of digital transformation of Islamic philanthropy.Methodology – This study adopts a qualitative conceptual approach based on a systematic literature review and theory building. The analytical framework integrates the technology organization environment (TOE), institutional theory, and maqasid al-Sharia approaches to map the relationships among key constructs influencing AI adoption and governance in zakat institutions.Findings – This study proposes a conceptual model of AI-enabled zakat management, indicating that technological readiness, organizational capabilities, environmental pressures, and institutional legitimacy are critical determinants of successful AI adoption in zakat governance. The findings also highlight that maqasid al-Sharia functions as an ethical anchor, guiding AI utilization toward distributive justice, wealth protection, and social welfare, rather than purely technical efficiency.Implications – Theoretically, this study expands the literature on digital zakat and values-based digital transformation by positioning AI as an institutional and ethical instrument. Conceptually, this model provides an analytical framework for zakat institutions, regulators, and Sharia technology developers to design legitimate, inclusive, and sustainable digital zakat governance.Originality – This study offers an original contribution by integrating the TOE framework, institutional theory, and maqasid al-Sharia into a single conceptual model, positioning AI not as a neutral technology but as a socio-technical system that must align with the normative objectives of zakat and Islamic ethics.
Developing a green accountability success index for zakat management organizations Azwar, Azwar; Andi Wawan Mulyawan
Review of Islamic Social Finance and Entrepreneurship Volume 5 Issue 1, 2026
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol5.iss1.art2

Abstract

Purpose – This study aims to develop the Green Accountability Success Index (GASI) as a standardized measurement instrument to assess the implementation of green accountability in Zakat Management Organizations (ZMOs). The index integrates Sharia principles with global sustainability and accountability frameworks in response to increasing demands for environmentally responsible Islamic social finance governance.Methodology – A mixed-methods approach was employed, combining qualitative and quantitative techniques. Variables and indicators were developed through a literature review and expert validation, while index weighting and computation used the multi-stage weighted index method to ensure systematic and proportional measurement.Findings – This study establishes a GASI framework consisting of six core variables: environmentally oriented financial accountability, sustainable governance, environmental awareness and action, mustahiq socio-economic sustainability, Sharia compliance and maqasid al Sharia, and technological innovation for green accountability. The index operates on a 0–1 scale and classifies performance into five levels, grouped into three implementation stages— traditional, developing, and advanced. This framework enables a comprehensive assessment of ZMO performance across zakat collection, distribution–utilization, and reporting activities.Implications – GASI serves as a practical evaluative tool for practitioners and regulators to design, monitor, and improve sustainable zakat governance, while supporting evidence-based policies that enhance transparency, environmental responsibility, and long-term socio-ecological impact. Academically, it provides a reference framework for future research on sustainability-oriented Islamic accountability.Originality – This study is among the first to operationalize green accountability in Islamic social finance through an integrated index-based framework, advancing both theory and practice.
Sharia principles in counternarratives of charity-based terrorism financing Khoirunnisa, Tsabita Afifah; Nurish, Amanah; Priyanto, Sapto
Review of Islamic Social Finance and Entrepreneurship Volume 5 Issue 1, 2026
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol5.iss1.art3

Abstract

Purpose – This study aims to formulate a sharia-based counternarrative framework to address charity-based terrorism financing while reducing the suspicion and stigmatization of Islamic philanthropic institutions within the Countering the Financing of Terrorism (CFT) regime. It seeks to bridge the gap between terrorism financing scholarship and Islamic philanthropy by offering a normative model that strengthens institutional legitimacy and enables the public to distinguish between credible charitable organizations and high-risk fundraising entities.Methodology – This qualitative library study draws on academic literature on terrorist financing and Islamic philanthropy, as well as relevant policy and regulatory frameworks in Indonesia. Through conceptual synthesis and normative analysis, the study integrates key Sharia principles governing zakat, infaq, and shadaqah into a structured counternarrative framework.Findings – The study finds that dominant approaches to countering terrorist financing largely emphasize legal compliance and risk-based regulation, whereas existing counternarrative frameworks—particularly religious moderation—focus on interfaith harmony and ideological tolerance. These approaches inadequately address how humanitarian appeals are exploited in charity-based terrorist financing. To respond to this gap, the paper formulates a normative model grounded in six sharia principles: ukhuwwah, ‘adalah, ri’ayah, maslahah, tawazun, and shumuliyah.Implications – Embedding these principles within counternarratives can strengthen public trust, reduce the stigmatization of Islamic charities, and support clearer differentiation between legitimate philanthropic institutions and exploitative fundraising entities.Originality – This study bridges terrorism financing research and Islamic philanthropic ethics by shifting the discourse from securitized compliance toward legitimacy-based counter-narrative construction in the Indonesian context.

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