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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 249 Documents
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Determinants of the Zakat Mal Compliance via Formal Institutions Among Generation Z and Millennials Gunawan, Maulidiya; Anggraini, Ika Khusnia
Islamic Economics and finance in Focus Vol. 5 No. 4 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/

Abstract

DKI Jakarta, as the country's economic center, has a large potential for zakat, especially zakat mal, but its collection has not been optimal. Low public compliance and trust in formal institutions, as well as limited understanding of zakat fitrah, are some of the caus-es. Previous studies have not examined zakat compliance through formal institutions in DKI Jakarta among Generation Z and Millennials. Therefore, this study aims to analyze the influence of religiosity, zakat literacy, social environment, system fairness, age, in-come, and gender on zakat compliance through formal institutions on the millennial gen-eration and Z generation in DKI Jakarta. The analytical method used is ordinary least square with multiple linear regression analysis to analyze the direct influence of each var-iable. This study found that religiosity, zakat literacy, social environment, system fair-ness, and age at a certain level have a positive and significant influence on zakat compli-ance through formal institutions. Meanwhile, income and gender were found to have no significant influence on compliance with zakat mal through formal institutions. These findings emphasize that Generation Z and Millennials in DKI Jakarta tend to consider aspects of religion, understanding, systems, and social influences in making decisions to comply with zakat mal through formal institutions.
The Influence of Environmental, Social, and Governance (ESG) Disclosure on The Financial Performance of Islamic Commercial Banks in Indonesia (The 2020–2024 Period) Saputro, Iman; Widiyanti, Dwi Retno
Islamic Economics and finance in Focus Vol. 5 No. 3 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/

Abstract

This study was motivated by the inconsistent findings of previous research regarding the impact of Environmental, Social, and Governance (ESG) disclosures on the financial performance of Islamic banks during the economic recovery period.  This study aims to analyze the effect of ESG disclosures on the financial performance of Islamic banks in Indonesia, as measured by ROE, during the 2020–2024 period. The study sample comprises 9 Islamic commercial banks using secondary data from financial statements and annual sustainability reports. The method used is panel data regression with the Common Effect Model (CEM) approach as the best model based on the Chow, Hausman, and LM tests. The results of the partial statistical tests indicate that only governance disclosure has a significant positive effect on ROE, while environmental and social disclosures do not show an effect. The leverage control variable was also found to have a significant negative effect on ROE. Simultaneously, all variables had a significant effect on financial performance. These findings underscore the importance of ESG for investors; this study provides a theoretical contribution to the development of sustainability indicators and their application in improving the financial performance of Islamic banking.
Zakat Core Principles and the Optimisation of Zakat Intermediation: Evidence from BAZNAS South Tangerang City Rohim, Ade Nur; Aina, Nurul
Islamic Economics and finance in Focus Vol. 5 No. 4 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/

Abstract

Zakat is one of the socio-economic instruments that plays a role in efforts to improve community welfare. Optimal zakat management requires a well-functioning intermediary function through zakat collection and distribution activities. This study aims to analyze the implementation of the Zakat Core Principles (ZCP) in the implementation of the zakat intermediary function at Baznas in South Tangerang City. This study uses a descriptive qualitative method with a case study approach. Research data were obtained through interviews, observations, and documentation studies, then analyzed using content analysis techniques. The results show that the implementation of the zakat intermediation function at Baznas in South Tangerang City has been carried out in accordance with the Basic Principles of Zakat (PPZ), particularly PPZ 9 and PPZ 10, which are reflected in the implementation of the zakat collection and distribution functions. The research shows that the implementation of PPZ supports the implementation of the zakat intermediation function at Baznas in South Tangerang City, but efforts are still needed to strengthen aspects of muzaki literacy, regional regulations, and program impact evaluation so that zakat management can run optimally and sustainably.
The Influence of Green Value, Halal-Thayyib, and Price on the Consumption of Culinary Msme Products (A Study of Universitas Brawijaya Students in Malang City) Prayoga, Adil Rafi Tajushshabirin; Sri Muljaningsih
Islamic Economics and finance in Focus Vol. 5 No. 4 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/

Abstract

Culinary micro, small, and medium enterprises (MSMEs) are central to Malang's urban economy, yet evidence remains limited on how environmental, Islamic, and price considerations relate to students' actual expenditure. This study examines the effects of green value, halal-thayyib principles, and price on culinary MSME consumption among Universitas Brawijaya students. A cross-sectional quantitative survey of 252 students was analyzed using multiple linear regression in IBM SPSS Statistics. Consumption was measured as monthly expenditure and log-transformed for estimation. Green value, halal-thayyib, and price jointly had a significant effect on consumption. Each predictor showed a significant negative coefficient; therefore, the positive hypotheses for green value and halal-thayyib were not supported, whereas the hypothesized negative price effect was supported. Greater ethical awareness may encourage more selective and moderate consumption, while price sensitivity constrains expenditure. The findings extend Islamic consumption research by examining actual spending rather than purchase intention and suggest that culinary MSMEs should combine credible halal-thayyib and environmental practices with prices affordable to student consumers.
Sukuk and Sustainable Development : Empirical Study of Economic, Social, and Environmental Aspects Putri, Aulia Rahma; Aji Purba Trapsila
Islamic Economics and finance in Focus Vol. 5 No. 4 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/

Abstract

The rapid expansion of Islamic financial markets has not automatically translated into higher-quality development outcomes, as economic growth can coexist with social inequality and environmental pressure, making it essential to evaluate sukuk financing beyond short-term output. This study examines the relationship between sukuk issuance and sustainable development across economic, social, and environmental dimensions. Using a balanced panel of eight countries (Indonesia, Malaysia, Saudi Arabia, the United Arab Emirates, Türkiye, Bahrain, Qatar, and Pakistan) from 2016 to 2022, sukuk issuance is specified as a one-period lag to allow time for sukuk-financed projects to be implemented and to generate measurable outcomes. Model selection relies on the Chow and Hausman tests, supplemented by the Lagrange Multiplier test, while final inference is based on cluster-robust standard errors following diagnostic evidence of serial correlation and heteroskedasticity. The results show that Lag Sukuk is not statistically significant for GDP per capita, but is positively and significantly associated with the Human Development Index and the Environmental Performance Index. Trade openness remains a significant driver of income, while FDI, inflation, and government expenditure lose significance once robust correction is applied. These findings imply that the measurable contribution of sukuk is more evident in social and environmental outcomes than in short-term economic performance, underscoring the need for stronger project selection and impact reporting. Keywords: lag sukuk, sukuk issuance, sustainable development, human development index, environmental performance index, gross domestic product per capita
Determinants of Digital Zakat Payment Behavior In Indonesia Through Muzakki Intention El-Hakim, Muhammad Luthfan; Pimada, Laila
Islamic Economics and finance in Focus Vol. 5 No. 4 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/

Abstract

The slow rate of zakat collection in Indonesia indicates that there are barriers and challenges for individuals in paying zakat through formal institutions. This study aims to analyze the factors that influence the actual use of digital zakat payments among the Muslim community in Indonesia, using the Unified Theory of Acceptance and Use of Technology (UTAUT) and zakat literacy. The research method employed a quantitative approach using quota sampling, with data collected through the distribution of questionnaires. The data were then analyzed using Structural Equation Modeling (SEM) with the Partial Least Squares (PLS) approach, encompassing testing of the measurement model (outer model) and the structural model (inner model). The results indicate that performance expectancy, effort expectancy, social influence, facilitating conditions, and zakat literacy have a significant positive effect on behavioral intention and actual use. These findings suggest that improved service performance, ease of use, social influence, availability of facilities, and a strong understanding of zakat can encourage both the intention and actual use of digital payment methods for zakat fulfillment. It is hoped that these research results can serve as a foundation for regulators and Zakat institutions to develop more optimal strategies.
Effect of Corporate Governance Mechanisms on Profitability of Islamic Banks in Indonesia Alfattah, Muhammad Rizki; Widiyanti, Dwi Retno
Islamic Economics and finance in Focus Vol. 5 No. 4 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/

Abstract

This study aims to analyze the effect of Corporate Governance (CG) mechanisms including the Board of Commissioners, Audit Committee, and Sharia Supervisory Board on the profitability of Islamic Commercial Banks (BUS) in Indonesia, proxied by Return on Assets (ROA). This study is motivated by fluctuating BUS profitability during 2016-2024 amid strengthening sharia governance regulation, while prior findings on the CG profitability relationship remain inconsistent. A quantitative approach is used with panel data from 12 BUS over 2016–2024, selected through purposive sampling. Governance quality is measured using a scoring-based index, with bank age (AGE), leverage (LEV), and non-performing financing (NPF) as control variables. Panel data regression using the Random Effect Model (REM) shows that the Board of Commissioners, Audit Committee, and Sharia Supervisory Board have no significant effect on ROA, while AGE and NPF have a significant negative effect and LEV has no significant effect. These results indicate that the effectiveness of governance mechanisms has not been optimally reflected in BUS financial performance, making the strengthening of all governance organs essential to improving BUS profitability in Indonesia going forward.
The Role of ZIS-DSKL, Economic Growth, and Social Assistance in Poverty Alleviation Surya, Baiq Tsabita Naura Fahira
Islamic Economics and finance in Focus Vol. 5 No. 4 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/

Abstract

Poverty remains a complex development challenge in Indonesia, highlighting the need for synergy between economic and social instruments to support poverty alleviation. This study aims to analyze the effects of ZIS-DSKL fund distribution, Gross Regional Domestic Product (GRDP) per capita, and social assistance funds on poverty rates during the 2018–2024 period. This study employs an explanatory quantitative approach using panel data regression involving seven selected provinces: DKI Jakarta, East Java, South Sulawesi, West Sumatra, West Nusa Tenggara, Papua, and East Kalimantan, comprising 49 observations. The sample was selected using purposive sampling based on poverty levels, Islamic philanthropy capacity, and regional representation across Western, Central, and Eastern Indonesia. Secondary data were obtained from BAZNAS, BPS (Statistics Indonesia), and the Directorate General of Fiscal Balance (DJPK) of the Ministry of Finance and processed using STATA 17. The estimation results indicate that the Fixed Effect Model (FEM) is the most appropriate model based on the Chow and Hausman tests. Partially, ZIS-DSKL fund distribution, GRDP per capita, and social assistance funds have negative effects on poverty rates, while simultaneously, all three variables significantly affect poverty. These findings highlight the importance of integrating Islamic philanthropy, inclusive economic growth, and social protection in Indonesia’s poverty alleviation strategy.
Carbon Waqf Ecosystem: An Islamic Climate Finance Model for Empowering Green MSMEs through Indonesia's Digital Carbon Market Damayanti, Tri
Islamic Economics and finance in Focus Vol. 5 No. 4 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/

Abstract

In recent years, Indonesia has developed its climate governance framework by implementing Carbon Economic Value (Nilai Ekonomi Karbon/NEK) and establishing IDX Carbon as the national carbon exchange. However, the benefits of carbon markets have not been fully utilized by green micro, small and medium enterprises (MSMEs) in mangrove restoration, agroforestry, social forestry, waste management, and other nature-based solutions. These MSMEs have significant financing challenges due to high upfront costs, long carbon asset development time, and uncertainty in carbon revenue realization. This study aims to develop the Carbon Waqf Ecosystem as an Islamic climate finance model to bridge the financing gap faced by green MSMEs and integrate them into the digital carbon market of Indonesia. This study applies qualitative descriptive analysis based on carbon market data and literature review to evaluate the mismatch between carbon asset development and existing financing mechanisms. The proposed model puts productive waqf as patient capital for the development of carbon assets and enables green MSMEs to monetize carbon credits through digital carbon market infrastructure. This study contributes to the literature by integrating Islamic social finance, carbon asset development, and digital carbon markets for green MSMEs and sustainable economic growth.
The Role of Religiosity Moderation on the Influence of Social Media Influencer Credibility and Brand Image on Purchase Intention of Lozy Hijab Products 25208011005, Dhiya Fauziyah; Jeihan Ali Azhar
Islamic Economics and finance in Focus Vol. 5 No. 4 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/

Abstract

This study aims to analyze the influence of social media influencer credibility and brand image on the purchase intention of Lozy Hijab products, as well as to examine the role of religiosity as a moderating variable. The research uses a quantitative approach with a survey method by distributing questionnaires to Muslimah consumers who use social media and are familiar with Lozy Hijab products. The data is analyzed using the Structural Equation Modeling (SEM) method. The research results are expected to show that the credibility of social media influencers and brand image positively influence purchase intention, and that religiosity can strengthen this relationship because Muslim consumers tend to consider Islamic values in their purchasing decisions for hijab products. This research is expected to contribute to the development of studies on Muslim consumer behavior and digital marketing strategies in the modest fashion industry.

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