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Islamic Economics and finance in Focus (IEFF)
Published by Universitas Brawijaya
ISSN : -     EISSN : 29641233     DOI : 10.21776/ub.ieff
Core Subject : Religion, Economy, Social,
Religion Economics, Econometrics & Finance Social Sciences
Publish all forms of quantitative and qualitative research articles and other scientific studies related to the field of Islamic Economics and finance.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 196 Documents
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The Influence of Intellectual Capital (IC) And Profit–Sharing Ratio on the Return on Equity (ROE) of Indonesian Islamic Banks Calantha Evelyn Radivie; Muljaningsih, Sri
Islamic Economics and finance in Focus Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The Islamic banking industry in Indonesia has grown significantly, particularly following the 2021 merger that established Bank Syariah Indonesia (BSI). However, the level of profitability, as measured by Return on Equity (ROE), remains less than optimal. Within the framework of Financial Intermediation Theory and Maqashid Shariah, financial performance in Islamic banks is influenced not only by conventional financial indicators but also by intangible assets such as Intellectual Capital (IC) and the application of profit- sharing financing systems. This study aims to analyze the effect of IC and Profit-Sharing Ratio on ROE in 13 Islamic Commercial Banks in Indonesia during the 2021–2024 period. The research applies a quantitative approach using multiple linear regression analysis on secondary data from annual financial reports. IC is measured using the VAIC™ method, while the Profit-Sharing Ratio is calculated from mudharabah and musyarakah financing contracts. The findings show that both IC and the Profit-Sharing Ratio significantly affect ROE, both partially and simultaneously. These results emphasize the strategic role of intellectual capital management and profit-sharing mechanisms in enhancing the profitability and sustainability of Islamic banking. This study contributes to the development of Islamic finance literature and offers practical implications for managerial decision-making in the Islamic banking sector.
The Influence of Zakat, Infaq, Sadaqah, Sukuk, and Islamic Financing on Economic Growth in Indonesia for the 2011-2024 Period Khalid Miftahuda; Galuh, Ajeng Kartika
Islamic Economics and finance in Focus Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study aims to investigate the influence of zakat, infaq, shadaqah (ZIS), sukuk, and Islamic financing on Indonesia's Gross Domestic Product (GDP). This research employs a quantitative approach. Research samples were collected from official government literature, namely the Central Statistics Agency (BPS), the Financial Services Authority (OJK), and the National Amil Zakat Agency (BAZNAS). The data analysis technique used in this study is the Vector Error Correction Model (VECM), implemented with EViews software. The research results indicate that ZIS affects economic growth in Indonesia in the short term due to the influence of income distribution, which increases the consumption of the poor, thereby affecting aggregate demand, and this aligns with Keynesian theory. Furthermore, Islamic financing affects economic growth in Indonesia in the short term because the dominant contract used is murabahah. However, sukuk and inflation do not affect economic growth in Indonesia. For future research, it is suggested to conduct comparative studies with other countries to understand the influence of Islamic economic variables more contextually. For the government, it is hoped that policies can be issued to maximize sharia economic instrument funds so that they can provide maximum benefits to the Indonesian people.
Analysis of Factors Influencing the Interest in Making Islamic Mutual Fund Investments Among Muslims of Malang City Padang, Yusman Ahmad Muzakki; Muttaqin, Aminullah Achmad
Islamic Economics and finance in Focus Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The study aims to analyze the influence of sharia financial literacy, technological advancement, and income level on the investment interest of the muslim community in Malang City toward islamic mutual fund. The background of this research is based on the phenomenon that considerable portion of the muslim community still allocates their funds to conventional mutual funds, which in practice may contain elements that are inconsistent with sharia principle. Using a quantitative approach, data was collected by distributing questionnaires through google form which will involve respondents from the people of Malang City that fulfill the criteria. The data were analyzed using the Partial Least Squares Structural Equation Modelling method, which includes testing the measurement model and examining the casual relationship among latent constructs within the structutal model. The results indicate that islamic financial literacy, technological advancement, and income have a positive influence on the interest in investing in islamic mutual funds among the Muslim community in Malang City. The findings are expected to provide valuable insights for stakeholders in the islamic capital market industry in designing effective strategies to enhance muslim community interest in islamic mutual funs products.
Effects of Halal Awareness, Halal Certification, Brand Im-age, and Product Quality on Shoe Purchase Decisions Santosa, Hadyan Jade; Muttaqin, Aminullah Achmad
Islamic Economics and finance in Focus Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study aims to analyze the influence of halal awareness, halal certification, brand image, and product quality on shoe purchasing decisions among Muslim consumers in Jakarta. Although awareness of halal products is increasing, attention to halalness in shoe products is still relatively limited. Therefore, this study was conducted to explore more deeply the factors that influence shoe purchasing decisions that are in accordance with sharia principles. The method used is a quantitative approach by distributing online questionnaires to respondents who are Muslim consumers in Jakarta who have purchased shoes in the past year. The sampling technique used purposive sampling with a total of 100 respondents. The data analysis technique used in this study is Structural Equation Modeling (SEM) based on Partial Least Squares (PLS) with the help of SmartPLS software. The results of this study are expected to provide theoretical contributions to the development of literature in the field of marketing, especially those related to Muslim consumer behavior in choosing halal fashion products. In addition, this study also provides practical insights for shoe industry players in developing marketing strategies that are in line with consumer religious values.
The Impact of Geopolitical Risks, GDP, and Inflation on Sukuk Trade Volume in Indonesia Tama, Muhammad Pryathama
Islamic Economics and finance in Focus Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

Sukuk has become an important financing instrument in Indonesia's financial system, supporting infrastructure development and economic growth. Sukuk offers an alternative source of financing for the state budget deficit and provides portfolio diversification for investors with relatively low risk due to the presence of underlying assets. This study aims to analyze the impact of geopolitical risk, Gross Domestic Product (GDP), and inflation on sukuk trading volume in Indonesia from 2011 to 2024 using the Autoregressive Distributed Lag (ARDL) method. The results indicate that geopolitical risk has a negative impact on sukuk trading volume, reflecting that geopolitical uncertainty can reduce investor interest in sukuk. GDP has a positive impact, indicating that stable economic growth encourages sukuk issuance. Inflation has a negative impact on sukuk trading volume, although its effect is not always significant, reflecting that high inflation can reduce investor purchasing power and diminish the appeal of sukuk. This study provides important insights for the government to maintain political stability and promote economic growth to keep the sukuk market attractive to investors. Meanwhile, issuers need to consider the timing of issuance and market conditions to optimize their financing strategies through sukuk.
Factors that Influence Generation Z Muslim Buying Behavior Towards Halal Culinary Product Febrianti, Putri; Trapsila, Aji Purba
Islamic Economics and finance in Focus Vol. 4 No. 4 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

The halal industry has become one of the fastest-growing business sectors in the global market. Indonesia, as the country with the second-largest Muslim population in the world, has significant potential for the development of the halal industry, particularly in the food and beverage sector. Although the government has enacted Law Number 33 of 2014 concerning Halal Product Assurance, the increasing interest in halal food products has not been accompanied by an equitable distribution of halal certification, especially among micro, small, and medium enterprises (MSMEs). This condition highlights the importance of examining the factors that influence purchase intention and purchasing behavior of halal culinary products, particularly among Generation Z. This study aims to analyze the factors influencing purchase intention of halal culinary products using the Theory of Planned Behavior (TPB) and to examine the effect of purchase intention on purchasing decisions. A quantitative approach was employed using primary data collected through questionnaires distributed to Muslim Generation Z consumers in Malang City. The data were analyzed using Structural Equation Modeling based on Partial Least Square (SEM-PLS). The results indicate that halal certification, attitude, subjective norms, and perceived behavioral control have a significant effect on purchase intention, while religiosity and halal awareness do not have a significant effect. Furthermore, purchase intention was found to significantly influence halal culinary product purchasing decisions.

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