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Muhammad Ghafur Wibowo
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INDONESIA
Jurnal Magister Ekonomi Syariah
Published by Universitas Islam Negeri Sunan Kalijaga Yogyakarta
ISSN : -     EISSN : 29639182     DOI : https://doi.org/10.14421/jmes
Core Subject : Economy,
Economics, Econometrics & Finance
Jurnal Magister Ekonomi Syariah is published by Program Studi Magister Ekonomi Syariah, Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sunan Kalijaga, Yogyakarta, Indonesia. This journal is designed to provide a forum for researchers or academicians and also practitioners who are interested in knowledge and in discussing ideas, issues, and challenges in the field of Islamic economics. Special topics of interest include: Islamic Business Economics, Islamic Finance, Islamic Banking Management, Islamic Philanthropy, Islamic Financial Technology, and Management of Other Financial Institutions.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 49 Documents
 1   2   3   4   5 
The Influence of Financing, Social Finance, and GCG On Islamic Bank Financial Stability in Indonesia Mahendra, Taufik Riza; Hanafi, Syafiq Mahmadah
Jurnal Magister Ekonomi Syariah Vol. 3 No. 2 Desember (2024): J-MES: Jurnal Magister Ekonomi Syariah
Publisher : Program Studi Magister Ekonomi Syariah, Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/jmes.2024.032-07

Abstract

The current development of banking has become a benchmark in determining Indonesia's economic growth. The benchmark for determining the development of banking can be seen from several conditions of the bank's financial performance. In maintaining its business activities, Islamic banks are required to uphold the stability of their institutions. This study examines and analyzes the influence of financing, corporate social responsibility (CSR), and audit committees on the financial stability of Islamic commercial banks in Indonesia. The method used in this study is quantitative-descriptive. The sample in this study used purposive sampling with samples from 2015-2022 in Indonesia. Thus, a sample of 56 data points was obtained. Based on the findings of this study, financing has a positive effect on the financial stability of Islamic commercial banks. This is because sound financing practices serve as a key mechanism for Islamic banks to generate profits and maintain financial stability. Corporate Social Responsibility (CSR) also has a positive impact on financial stability, as the implementation of CSR initiatives enhances the bank's public image and builds customer trust, thereby encouraging customers to choose Islamic banks. Furthermore, the audit committee significantly influences financial stability due to its crucial role in ensuring that the bank’s operations comply with prevailing regulations and governance standards.
Do ESG Performance Improve Bank Stability: Comparative Analysis Islamic vs Conventional Bank Irsyad, Muhammad; Chairiyati, Fauziah; Rachmadi, Erfan
Jurnal Magister Ekonomi Syariah Vol. 3 No. 2 Desember (2024): J-MES: Jurnal Magister Ekonomi Syariah
Publisher : Program Studi Magister Ekonomi Syariah, Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/jmes.2024.032-06

Abstract

This research examines the impact of ESG on the stability of conventional banks and Islamic banks in Indonesia and Malaysia. Using panel data from 140 conventional banks and 27 Islamic banks from 2014-2023, we found that ESG performance has a significantly positive impact on bank stability. The research results indicate that ESG significantly affects the stability of both Islamic and conventional banks. Furthermore, the research results also indicate that the environmental pillar has a more significant impact on the stability of conventional banks and the social pillar has a more significant impact on the stability of Islamic banks. The results of this research can be utilized by stakeholders to pay more attention to ESG performance as an effort to maintain the long-term stability of both conventional and Islamic banks.
Unlocking Economic Growth: Insights from Macroeconomic Indicators and Stock Markets Development in Key OIC Countries Zein, Nurafifah
Jurnal Magister Ekonomi Syariah Vol. 3 No. 2 Desember (2024): J-MES: Jurnal Magister Ekonomi Syariah
Publisher : Program Studi Magister Ekonomi Syariah, Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/jmes.2024.032-05

Abstract

Indonesia, Malaysia, Bangladesh, Qatar, Turkey and Kuwait show obvious differences in economic structure, level of development and implemented economic policies. The aim of this study is to analyze the impact of macroeconomic indicators and stock market developments on economic growth in OIC member countries in the period 2018-2022. Panel data is used to determine the impact of market capitalization and turnover ratio as indicators of stock market development, along with inflation and foreign direct investment (FDI) as indicators of macroeconomics, on economic growth.The results show that market capitalization has a negative effect on economic growth, while the turnover rate has a positive effect. On the other hand, inflation contributes positively to economic growth, while FDI has no effect on economic growth. Based on these findings, this study suggests that the governments of OIC countries should focus more on proper management of stock markets and macroeconomic variables to support economic growth.
The Impact of FDI, Unemployment, Carbon Emissions, and Inflation on Economic Growth in OIC Countries: Toward Long-Term Economic Resilience Elina, Riskiana
Jurnal Magister Ekonomi Syariah Vol. 3 No. 2 Desember (2024): J-MES: Jurnal Magister Ekonomi Syariah
Publisher : Program Studi Magister Ekonomi Syariah, Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/jmes.2024.032-04

Abstract

This study investigates the impact of Foreign Direct Investment (FDI), unemployment, carbon emissions, and inflation on economic growth in 18 selected OIC (Organization of Islamic Cooperation) member countries from 2014 to 2023. Employing static panel regression (Fixed Effect Model), dynamic panel regression (GMM), and Moderated Regression Analysis (MRA), the study examines both direct effects and the moderating role of inflation. The results reveal that FDI has a positive effect in static models but a negative effect in dynamic models, suggesting potential crowding-out effects. Unemployment consistently has a negative impact on economic growth, while carbon emissions show a positive association, indicating trade-offs between environmental sustainability and growth. Inflation positively influences growth and acts as a quasi-moderator. By integrating Neoclassical Growth Theory and the Resilience Economy framework, this study offers a comprehensive perspective for policymakers in OIC countries to formulate balanced strategies for sustainable development.
Macroeconomic Influence on Zakat Growth in 34 Indonesian Provinces Muslih, Bayu Setiaji
Jurnal Magister Ekonomi Syariah Vol. 3 No. 2 Desember (2024): J-MES: Jurnal Magister Ekonomi Syariah
Publisher : Program Studi Magister Ekonomi Syariah, Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/jmes.2024.032-08

Abstract

This study aims to evaluate the effect of macroeconomic variables on zakat growth in Indonesia using the Random Effect Model (REM). The data used is panel data from 2019-2023. The variables analyzed include Gross Regional Income (GRDP) per capita, Regency/City Minimum Wage (MSW), percentage of Muslim population, and Covid-19 pandemic. The regression results show that GRDP per capita and UMK do not have significant influence on zakat growth, with p-value greater than 0.05. In contrast, the percentage of Muslim population has a significant influence on zakat growth, with p-value <0.05, which indicates that the higher the percentage of Muslim population, the greater the potential for zakat growth. In addition, the condition of the Covid-19 pandemic does not show a significant influence on zakat revenue. This study found that demographic factors, especially the proportion of Muslim population, have more influence on zakat collection than economic indicators such as GRDP per capita and UMK. The findings of this study can be used to evaluate the performance of zakat collection by zakat management organizations in Indonesia and by policymakers in order to improve the realization of zakat collection more optimally.
The Effect of Inflation, Government Spending and Exports on Economic Growth in Indonesia Susilawati, Susilawati; Wibowo, Muhammad Ghafur
Jurnal Magister Ekonomi Syariah Vol. 3 No. 2 Desember (2024): J-MES: Jurnal Magister Ekonomi Syariah
Publisher : Program Studi Magister Ekonomi Syariah, Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/jmes.2024.032-03

Abstract

This study examines the effect of inflation, government spending, and exports on Indonesia's economic growth in the period 1990–2023. The data used are time series data from the Central Bureau of Statistics (BPS) and the International Monetary Fund (IMF). The analysis method used is Vector Autoregression (VAR) with estimation through Eviews 13 software. The results of the analysis show that inflation has a negative but insignificant effect on economic growth. Government spending shows a significant positive effect, while exports have an insignificant negative impact. Overall, the dynamics of the three variables do not have a significant impact simultaneously on economic growth. However, the finding that government spending has a significant positive effect indicates the importance of optimizing state spending, especially if it is directed to strategic sectors that can increase national productivity. Negative inflation indicates the need for policies to maintain price stability. Although exports have not shown a strong influence, efforts to increase the competitiveness of export products remain relevant within the framework of long-term development. The originality of this study lies in the integration of three main macroeconomic variables in one VAR model to analyze their dynamic relationships. This approach provides a new contribution to the study of Indonesian macroeconomics and provides empirical evidence that can be used by policymakers in formulating sustainable economic growth strategies.
Financial Literacy, Financial Attitudes, and Self-Control Towards Financial Management Practice in MSME In West Nusa Tenggara Zahari, Yudhi Kurniawan; Reza Arviciena Sakti; Abdul Basit; Oliver William Knight
Jurnal Magister Ekonomi Syariah Vol. 4 No. 1 Juni (2025): J-MES: Jurnal Magister Ekonomi Syariah
Publisher : Program Studi Magister Ekonomi Syariah, Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/jmes.2025.041-01

Abstract

This study aims to analyze the influence of financial literacy, financial attitude, and self-control on financial management behaviour among Micro, Small and Medium Enterprises (MSMEs) in West Nusa Tenggara Province. The background of this study stems from the persistent challenges of weak financial management among MSMEs, often caused by low financial literacy and poor financial attitudes. The research employs a quantitative method with a survey approach, using structured questionnaires to collect data from MSME actors across various districts and cities in the region. To test the proposed hypotheses, the data were analysed using multiple linear regression analysis, which allowed for the examination of the simultaneous influence of the independent variables on financial management behaviour. The results indicate that financial literacy, financial attitude, and self-control each have a positive and statistically significant effect on financial management behaviour. Specifically, financial literacy enhances the ability of MSME actors to budget, maintain accurate records, and plan effectively, while a positive financial attitude and strong self-control facilitate better financial decision-making. These findings underscore the importance of enhancing financial education and promoting behavioural competencies to improve financial practices among MSMEs. The study offers valuable implications for policymakers, financial institutions, and MSME stakeholders in designing empowerment strategies that incorporate both financial knowledge and behavioural reinforcement.
The Effect of Using QRIS in the Collection of Zakat, Infaq, and Alms on Economic Growth in Indonesia: An Econometric Analysis Sahyum, M. Yusril Kholik
Jurnal Magister Ekonomi Syariah Vol. 4 No. 1 Juni (2025): J-MES: Jurnal Magister Ekonomi Syariah
Publisher : Program Studi Magister Ekonomi Syariah, Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/jmes.2025.041-02

Abstract

This study analyzes the dynamic relationship between the use of QRIS, the collection of zakat, infaq, and alms (ZIS), and economic growth in Indonesia. It contributes to the empirical understanding of ZIS as a key transmission channel linking digital payment innovation to macroeconomic growth. A quantitative approach was employed using the Vector Autoregression (VAR) model, which utilized quarterly data from 2019 to 2024. The procedures included stationarity tests, optimal lag selection, Granger causality tests, Variance Decomposition (VDC), and Impulse Response Function (IRF) analyses to examine causal links, variable contributions, and short- and long-term dynamics. The results indicate that QRIS has a significant effect on ZIS (coefficient 0.004; t-statistic 2.140; p-value 0.036), and ZIS has a significant influence on economic growth (coefficient 0.012; t-statistic 2.025; p-value 0.044). However, the direct impact of QRIS on GDP is insignificant, suggesting that QRIS drives economic growth indirectly through the intermediation of ZIS. Granger causality tests confirm one-way causality from QRIS to ZIS and from ZIS to GDP. VDC analysis shows that ZIS’s contribution to GDP variation rises from 12.48% in the initial period to 31.29% in the long term, while QRIS’s direct contribution remains limited. The IRF results further reveal a positive and sustained ZIS response to QRIS shocks, as well as a robust GDP response to ZIS shocks. Overall, the effectiveness of QRIS in promoting growth depends on strengthening ZIS collection and productive distribution. Integrating Islamic financial digitalization with ZIS intermediation accelerate inclusive and sustainable economic development.
Open Banking Meets Islamic Finance: A Qualitative Content Analysis of Sharia – Compliant Digital Inclution Hassany, Egha Ezar Junaeka Putra
Jurnal Magister Ekonomi Syariah Vol. 4 No. 1 Juni (2025): J-MES: Jurnal Magister Ekonomi Syariah
Publisher : Program Studi Magister Ekonomi Syariah, Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/jmes.2025.041-03

Abstract

While the global financial sector has rapidly embraced data openness to enhance financial inclusion, the Islamic finance industry continues to face a significant technological adoption gap. Open banking, as a new paradigm in the financial industry, presents a substantial opportunity to bridge this gap through data transparency and inter-institutional collaboration enabled by Application Programming Interfaces (APIs). However, its implementation within Islamic finance requires strict alignment with Sharia principles such as justice, transparency, and trust. This study aims to examine how open banking can be ethically and effectively integrated into the Islamic financial system. Employing a descriptive approach and an inductive-based Qualitative Content Analysis (QCA), data were collected through literature review, policy document analysis, and in-depth interviews with regulators, academics, and Islamic finance practitioners. The open and axial coding processes revealed four central themes: (1) the ethics of Sharia-Compliant data exchange, (2) strategic collaboration between Islamic banks and fintech firms, (3) regulatory and fiqh-related challenges in the digital context, and (4) the potential of Sharia-based financial inclusion. The findings indicate that open banking can catalyze digital transformation in Islamic finance, provided it is supported by adaptive fatwas, clear regulatory frameworks, and enhanced digital and Sharia literacy. The integration of open banking and Islamic finance is not merely a matter of technological adoption, but a transformative process that involves values and structures, demanding an interdisciplinary approach. Their synergy holds the potential to create a financial system that is inclusive, transparent, and aligned with the objectives of Maqashid al-Sharia.

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