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Bulletin of Islamic Economics
Published by Universitas Islam Negeri Sunan Kalijaga Yogyakarta
ISSN : -     EISSN : 28299566     DOI : https://doi.org/10.14421/bie.
Core Subject : Economy,
Economics, Econometrics & Finance
Bulletin of Islamic Economics (BIE) 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. BIE aims to provide fast access to high-quality papers and a continual platform for sharing studies of academicians, researchers, and practitioners; disseminate knowledge and research in various fields of Islamic economics, Islamic Business Ethics and Entrepreneurship, Islamic Economic Thought, Islamic Moral Economy, Islamic Public Finance (Zakat, Infaq, Shodaqoh, and Waqf), Poverty Alleviation, Islamic Monetary Economics, Islamic Economic Development, Maqasid al-Shariah, Islamic Institutional Economics, Shariah Issues, and Regulatory Issues in Islam and other topics which related to this area.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 41 Documents
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The Influence of Foreign Direct Investment (FDI), International Tourism and Export Value on Economic Growth in Member Countries of the Organization of Islamic Cooperation (OIC) During 2010-2020 Imazzuman Siddiqi; Sunaryati
Bulletin of Islamic Economics Vol. 2 No. 2 (2023)
Publisher : Department of Islamic Economics, Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/bie.2023.022-05

Abstract

Studies the effect of FDI, international tourism, export on economic growth have various results. Therefore, this study aims to determine the effect of FDI, international tourism, and exports on economic growth in OIC member countries in the 2010-2020 period using the panel data regression method. The number of samples used in this study were 45 countries. Simultaneously, there is a significant influence between the variables of FDI, international tourism, and export value on economic growth in OIC member countries. While partially FDI shows negative and significant results. On the other hand, international tourism has a positive and significant effect and exports also have a positive and significant effect. This study is only limited to 11 periods and three independent variables. For future researchers, it is expected to develop the number of variables and can increase the observation time.
Analysis of the Determinants of International Trade of Countries in The Asia-Pacific Economic Region (APEC) Asnafi, Muhamad Faiz; Choiri, Miftakhul
Bulletin of Islamic Economics Vol. 3 No. 1 (2024)
Publisher : Department of Islamic Economics, Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/bie.2024.031-03

Abstract

International trade is the engine of growth for a country to increase its economic size. This study explores the determinants of trade flows between Asia-Pacific Economic Cooperation (APEC) member economies in the initial period of APEC formation in 1989 to 2020 using Newton's Universal Gravity theory approach. This study uses quantitative analysis method with the estimation technique used is Poisson Pseudo-Maximum Likelihood (PPML). This study uses ten independent variables: GDP of the home country and trading partner, geographical distance, population of the home country and trading partner, and several dummy variables including: common language, contiguous border, common colonial history, membership in the World Trade Organization (WTO), and regional trade agreement (RTA). The results show that trade flows between APEC economies are significantly influenced by GDP of home and trading partner countries, geographical distance, population of home and trading partner countries, and several dummy variables, including common language, contiguous borders, common colonial history, and membership in the WTO. Meanwhile, the Regional Trade Agreement (RTA) variable has no significant effect.
Analysis of Fiscal and Monetary Policies on Investment and Capital Markets in Indonesia Mohammad Fakhri Al-Farabi; Mohammad Wisnu Fajar; Liza tazkiyatin ni'mah
Bulletin of Islamic Economics Vol. 3 No. 1 (2024)
Publisher : Department of Islamic Economics, Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/bie.2024.031-02

Abstract

Government investment is important to increase the rate of economic growth. Many benefits will be achieved if the investment made by the government is successful. From this discussion, we are interested in discussing government investment. The research method you use is qualitative with a regression analysis method to analyze the relationship between fiscal and monetary policy with investment and the capital market. The result of the discussion is that infrastructure investment is the most relevant thing that the government can invest in, because this investment is useful for encouraging economic growth, improving the quality of life, attracting private investment, can create jobs, and is the government's own responsibility for the development and welfare of the people.
Sharia investment Challenges and Growth for Sustainable and Inclusive Financial Equality in Digital Innovation Kenneh, Mohammed
Bulletin of Islamic Economics Vol. 3 No. 1 (2024)
Publisher : Department of Islamic Economics, Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/bie.2024.031-01

Abstract

The article explores how Islamic finance aligns with sustainability goals converge and shows how Sharia finance can help promote a more equitable and environmentally friendly world. The research method used is a Systematic Literature Review with a descriptive approach. The (LSR) approach is a mixture of collecting relevant and legitimate academic literature from diverse sources. The finding of the research shows that various sustainability objectives are aligned with the basic principles of risk sharing, Socially Responsible Investment, Prohibition of Harmful Investments, Prohibition of Riba (Interest), and Avoidance of Gharar (Uncertainty). Infrastructure developments and renewable energy projects can be promoted by instruments like Islamic Bonds (Sukuk), Sharia-Compliant Funds, Islamic Loans and Islamic Insurance that satisfy Sharia law. These efforts are enhanced through innovations that allow mobile banking services or microfinancing solutions, reaching out even to marginalized groups by Islamic principles. Despite all these, the finding also shows that there are some challenges face by Islamic banking in various countries. The mean challenges faces are: Regulatory challenges, Interpretation of sharia law, Market Competitiveness, and Lack of Awareness. It is essential to have sharia interpretations and sound regulatory frameworks to enhance transparency and prevent malpractices. Furthermore, improving literacy and increasing access to technology is essential to help narrow the gap and ensure equal participation in financial sectors for inclusiveness. In this era of technological advancements, by addressing these challenges while leveraging the capabilities of instruments compliant with Shariah principles, Islamic investment products may drive sustainable inclusive finance.
Can Productive Zakat, Entrepreneurial Experience, and Information Technology Drive MSME and SME Performance? A Case Study of BAZNAS Sleman Regency Mohamad Salman Hidayat; Moh Shadam Taqiyyuddin Azka
Bulletin of Islamic Economics Vol. 3 No. 1 (2024)
Publisher : Department of Islamic Economics, Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/bie.2024.031-04

Abstract

This study investigates the impact of productive zakat, entrepreneurial experience, and information technology on the performance of Micro, Small, and Medium Enterprises (MSMEs) and Small and Medium Industries (SMIs). It focuses on 150 MSME and SMI actors funded by BAZNAS in Yogyakarta City and Sleman Regency, utilizing primary data collected via offline questionnaires. Multiple linear regression analysis, conducted using SPSS 27 and Microsoft Excel, reveals that productive zakat significantly enhances performance by increasing capital and providing sustainable support. Entrepreneurial experience also positively influences performance, offering practical skills and insights for overcoming business challenges. However, information technology shows no significant effect, attributed to low adoption and limited utilization. To bridge this gap, BAZNAS should implement targeted training on digital tools and e-commerce. The study highlights the need for integrated strategies combining financial, experiential, and technological support to drive sustainable growth among MSMEs and SMIs.
Prioritization of the Use of Individual Assets Based on the Ta’awun Economic Concept Luqmanulhakim, Luqmanulhakim
Bulletin of Islamic Economics Vol. 3 No. 1 (2024)
Publisher : Department of Islamic Economics, Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/bie.2024.031-05

Abstract

Wealth is God's gift to mankind. In Islam, humans are given the right to own property, but in some parts there are parts that are the rights of other people. The exercise of these rights is regulated in the zakat mechanism, and as a vehicle for increasing charity, infaq and alms are also available. Islam wants the realization of an economic system where people have an awareness of each other that comes from enlightenment in terms of helping each other (ta'awun), mutually guaranteeing each other so that overall there is a socio-economic building that strengthens each other. With the ta'awun economic framework, every Muslim individual needs to have a pattern of using assets that maximizes the usefulness of these assets for the benefit of the people. Every asset must be productive and especially in the form of money it must flow. After expenditures in the nature of daruriyah and hajiyat have been paid, a Muslim's assets need to be used to drive the economy with the concept of ta'awun economics. We tried to formulate economic activity in two measurement parameters, readiness for material profit and loss, by producing four quadrants as follows: tijarah activity, tijarah and tabarru’, high risk tabarru’, and low risk tabarru’.
Corporate Social Responsibility as a Moderator of Factors Influencing The Value of Mining Companies Listed in ISSI for The 2018-2022 Period Zaharani, Nada Tauhida; Lessy, Zulkipli
Bulletin of Islamic Economics Vol. 3 No. 2 (2024)
Publisher : Department of Islamic Economics, Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/bie.2024.032-01

Abstract

This study aims to examine the influence of liquidity, profitability, and leverage on firm value, and to test whether corporate social responsibility (CSR) can moderate these three variables. Liquidity, profitability, leverage, and CSR disclosure are factors that serve as the basis for investors in considering investments in a company. Firm value reflects the welfare of the company’s shareholders. The population in this study consists of 47 mining sector companies listed on ISSI from 2018 to 2022. Using purposive sampling, a sample of 10 companies meeting the criteria was selected. Data analysis was conducted with the aid of E-Views software. Based on the results of data analysis and hypothesis testing, it can be concluded that the liquidity variable (Current Ratio) has a positive effect on firm value (Tobin's Q), and CSR can moderate the effect of liquidity (Current Ratio) on firm value. Meanwhile, other variables, such as profitability (Return On Asset), leverage (Debt to Equity Ratio), profitability moderated by CSR, and leverage moderated by CSR, do not affect firm value (Tobin's Q).
The Impact of Green Tax Policy, Environmental Awareness and Religiosity on The Intention of Umkm to Adopt Circular Economy Practices Moderated by Monetary Value Maulana, Gilang Wirawan Wasis Tirta
Bulletin of Islamic Economics Vol. 3 No. 2 (2024)
Publisher : Department of Islamic Economics, Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/bie.2024.032-02

Abstract

This study aims to determine the effect of green tax policy, environmental awareness, religiosity and monetary value on the intention of MSMEs to adopt a circular economy system. The sampling technique used is purposive sampling, with a total of 120 samples determined using the G-power application. The data analysis method in this study uses partial least squares structural equation modeling (SEM-PLS). The results of the analysis show that the variables of green tax policy, religiosity and monetary value are proven to have a significant influence on the intention of MSMEs. However, the religiosity variable shows a negative value, so it is considered that the higher the value of one's religiosity, the lower the intention, while the environmental awareness variable is proven to have no significant influence on the intention of MSMEs. Meanwhile, the monetary value variable proved unable to moderate the green tax policy variable, environmental awareness and religiosity on MSME intentions.
Contribution of Stocks, Bonds, and Mutual Funds to Indonesia's Economic Growth: An Input-Output Approach Aiko, Hasna Zahra Rahimah; Fachriansyah, M.; Tarigan, Chairil Ihwan; Avriza, Muhammad
Bulletin of Islamic Economics Vol. 3 No. 2 (2024)
Publisher : Department of Islamic Economics, Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Kalijaga

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

Abstract

This study analyzes the impact of conventional investment on Indonesia's economic growth through the Input-Output approach. By analyzing secondary data from the Central Bureau of Statistics and the Financial Services Authority, this study aims to identify the contribution of capital market instruments such as stocks, bonds, and mutual funds to economic growth. The analysis results show that stocks, bonds, and mutual funds significantly drive economic growth, serving as the main driver in increasing the productivity of related sectors. This research provides important insights for policymakers and investors in promoting sustainable economic development.
Markov Chain Method to Predict The Sustainability of E-Money Use by Young People in Yogyakarta Najwa, Shofiatun; Haerunisa, Ia; Nabila, Asyifa Eka; Khaitsa, Qina
Bulletin of Islamic Economics Vol. 3 No. 2 (2024)
Publisher : Department of Islamic Economics, Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Kalijaga

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

Abstract

The rapid development of digital technology has significantly driven the widespread adoption of electronic money (e-money), particularly among young adults who are generally more adaptive to technological innovations in payment systems. This study aims to predict the sustainability of e-money usage using a Markov chain model approach. Primary data was obtained through a survey of 100 respondents aged 17-30 years, who described their preferences for three e-money services: Dana, Mobile Banking, and ShopeePay. The analysis results show that Mobile Banking has the highest retention rate (62%) and is likely to be the dominant service in the long run. The steady-state prediction indicates that 57.48% of users will continue to use Mobile Banking, while Dana and ShopeePay decline to 19.01% and 23.51% respectively. Although e-money usage is still high, there is a tendency for preference shifts as well as a potential decline in sustainability. Therefore, digital service providers need to respond to this dynamic with innovative strategies to maintain the engagement of young users. This research contributes both theoretically through the application of mathematical models in digital consumer behaviour, and practically for the development of technology-based financial business strategies.

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