Journal of Finance and Islamic Banking
Journal of Finance and Islamic Banking is a peer reviewed journal that is published by the Sharia Banking Department of UIN Raden Mas Said Surakarta in collaboration with the scholars association Ikatan Ahli Ekonomi Islam, published biannually in June and December. This journal publishes current, original research on Islamic finance and Islamic banking. The Journal of Finance and Islamic Banking openly welcomes scholars, postgraduate students, and practitioners to submit their best research articles that correspond to the topics.
Articles
104 Documents
<![CDATA[The Influence of Macroeconomic Factors on Murabahah Financing Performance at Bank Syariah Indonesia ]]>
<![CDATA[Ritonga, Khoirunnida]]>;
<![CDATA[Imsar]]>;
<![CDATA[Bi Rahmani, Nur Ahmadi]]>
<![CDATA[ Journal of Finance and Islamic Banking Vol. 8 No. 1 (2025) ]]>
Publisher : <![CDATA[Universitas Islam Negeri Raden Mas Said Surakarta ]]>
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DOI: 10.22515/jfib.v8i1.12154
<![CDATA[Purpose: This study aims to examine the impact of macroeconomic variables—namely inflation, the BI rate, and the exchange rate—on murabahah financing at Bank Syariah Indonesia (BSI), both in the short and long term. Method: Employing the Vector Error Correction Model (VECM), the study analyzes time-series data to assess long-run equilibrium and short-term dynamics. Results: The findings reveal that in the long term, inflation and the BI rate negatively affect murabahah financing, while the exchange rate exerts a positive influence. In contrast, none of the variables show significant short-term effects. The Granger causality test identifies bidirectional relationships between the BI rate and both financing and inflation. Variance Decomposition shows that while financing is initially self-driven, over time inflation emerges as the most influential factor, accounting for 16.74% of variation in murabahah financing. Implication: These results suggest that Bank Syariah Indonesia should develop adaptive financing strategies in response to macroeconomic fluctuations, particularly inflation. Originality: This study contributes to Islamic finance literature by applying a dynamic econometric framework (VECM) to murabahah financing, and by offering empirical evidence from the post-merger period of Indonesia's largest Islamic bank.]]>
<![CDATA[Marketing Adaptation in Sharia Based Cooperative Finance during a Global Health Crisis ]]>
<![CDATA[Ma'ruf, Aminudin]]>;
<![CDATA[Ahmad Athoillah Azzakiy]]>;
<![CDATA[Sausan Liski Aulia]]>;
<![CDATA[Shahbaz Alam]]>
<![CDATA[ Journal of Finance and Islamic Banking Vol. 8 No. 2 (2025) ]]>
Publisher : <![CDATA[Universitas Islam Negeri Raden Mas Said Surakarta ]]>
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DOI: 10.22515/jfib.v8i2.11604
<![CDATA[Purpose: This study aims to examine how Sharia based cooperatives adapted their marketing strategies for financing products during the COVID 19 pandemic, with a focus on Sharia cooperatives operating in Klaten City. The study also explores the key obstacles faced and the solutions adopted during the global health crisis. Method: This research employs a qualitative field research approach using inductive analysis. Data were collected through in depth interviews with managers of four Sharia cooperatives or Baitul Maal wat Tamwil institutions in Klaten City to capture institutional responses to pandemic related disruptions. Result: The findings show that Sharia cooperatives adapted their marketing strategies by targeting business sectors that remained active, applying the marketing mix strategy covering product price place and promotion, and strengthening marketing communication with members. However, several challenges emerged, including social distancing restrictions, intense institutional competition, and limited human resource capacity in Sharia financing and digital marketing. Implication: The study highlights the importance of adaptive marketing strategies and digital readiness to ensure the sustainability of Sharia cooperative finance during crisis conditions. Originality: This study provides empirical insights into marketing adaptation strategies of Sharia cooperatives during a global health crisis, contributing to the literature on Islamic cooperative finance and crisis management.]]>
<![CDATA[Digital Transformation in Islamic Banking: Examining User Adoption of BYOND BSI in Indonesia ]]>
<![CDATA[Defrangga Piyu Pramudita]]>;
<![CDATA[Rahmadani Aidil Fitrocahya]]>;
<![CDATA[Mochamad Fuad Marzuki]]>;
<![CDATA[Titis Miranti]]>;
<![CDATA[Tiara Juliana Jaya]]>
<![CDATA[ Journal of Finance and Islamic Banking Vol. 8 No. 2 (2025) ]]>
Publisher : <![CDATA[Universitas Islam Negeri Raden Mas Said Surakarta ]]>
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DOI: 10.22515/jfib.v8i2.12803
<![CDATA[Purpose: This study investigates the effects of perceived ease of use, perceived enjoyment, e service quality, and technostress on the decision to use the BYOND BSI super app within the digital transformation of Islamic banking in Indonesia, focusing on Islamic university students in the Malang Raya region. Method: A quantitative approach was applied using a structured questionnaire administered to 100 respondents. Data were analyzed using Partial Least Squares Structural Equation Modeling through SmartPLS 3.0 to assess the influence of digital factors on user adoption. Result: The findings show that perceived ease of use and technostress significantly affect the decision to use BYOND BSI, while e service quality has a moderate effect and perceived enjoyment is not significant. These results suggest that adoption behavior is primarily driven by functional convenience and technological pressure rather than hedonic motivation. Implication: The study extends the Technology Acceptance Model by incorporating technostress in the context of Islamic digital banking and highlights the need for simple system design reliable services and improved digital literacy to reduce user stress. Originality: This study contributes to Islamic fintech literature by empirically integrating technostress into the TAM framework and explaining user adoption behavior in Indonesia.]]>
<![CDATA[Artificial Intelligence and Machine Learning in Financial Industry Transformation: A Comparative Analysis of Conventional and Sharia Fintech in Indonesia ]]>
<![CDATA[Maman, Nurmansyah Extrasona]]>;
<![CDATA[Susila, Wahyu Dwi Agung Priyo]]>
<![CDATA[ Journal of Finance and Islamic Banking Vol. 8 No. 2 (2025) ]]>
Publisher : <![CDATA[Universitas Islam Negeri Raden Mas Said Surakarta ]]>
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DOI: 10.22515/jfib.v8i2.12901
<![CDATA[Purpose: This study examines the role of Artificial Intelligence (AI) and Machine Learning (ML) in transforming Indonesia’s financial industry by comparing their implementation in a conventional fintech company (JULO) and a Sharia-compliant fintech company (ALAMI). The study focuses on differences in AI adoption, value orientation, and their implications for operational efficiency and ethical compliance. Method: This research employs a qualitative comparative case study using secondary data sources, including corporate reports and relevant literature. The analysis is guided by the Technology–Organization–Environment (TOE) framework, Socio-Technical Systems Theory, and Maqasid al-Shariah. Result: The findings show that both companies utilize AI and ML to enhance decision-making and operational efficiency. However, JULO prioritizes speed and scalability, while ALAMI integrates Sharia principles such as justice, transparency, and the avoidance of riba. Implication: The study highlights the importance of aligning AI innovation with ethical and Sharia values in Islamic fintech development. Originality: This study offers a comparative, value-based analysis of AI-driven fintech from conventional and Sharia perspectives in Indonesia.]]>
<![CDATA[Institutional Roles of Islamic Microfinance in Countering Informal Moneylenders: Evidence from Rural Communities ]]>
<![CDATA[Yona Fitri]]>;
<![CDATA[Khaidar Rahmaini Jamila]]>;
<![CDATA[Yekti Mahanani]]>;
<![CDATA[Muslim Marpaung]]>
<![CDATA[ Journal of Finance and Islamic Banking Vol. 8 No. 2 (2025) ]]>
Publisher : <![CDATA[Universitas Islam Negeri Raden Mas Said Surakarta ]]>
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DOI: 10.22515/jfib.v8i2.13106
<![CDATA[Purpose: This study examines the role of PNM Mekaar Syariah in preventing the expansion of informal moneylending practices in rural communities, particularly among women micro entrepreneurs with limited access to formal financial services. It focuses on how Islamic microfinance mechanisms and group based empowerment reduce dependence on usurious lending. Method: A qualitative ethnographic approach was employed through participant observation, semi structured interviews, and field immersion within selected rural beneficiary groups. Data were thematically analyzed to capture patterns of financial behavior, social capital formation, and changes in borrowing practices. Results: The findings indicate that PNM Mekaar Syariah strengthens financial discipline, enhances entrepreneurial capacity, and builds trust based social capital through group financing structures. Beneficiaries demonstrate increased financial autonomy and a notable decline in reliance on informal moneylenders. Nevertheless, the study identifies the need for continuous financial education and digital payment integration to ensure long term sustainability. Implication: The study highlights Islamic microfinance as an effective community based strategy for preventing predatory lending and promoting sustainable financial inclusion in rural areas. Originality: This research offers ethnographic insights into Islamic microfinance by integrating social, behavioral, and religious dimensions in addressing informal moneylending practices in rural Indonesia.]]>
<![CDATA[Global Uncertainty in Moderating Macroeconomics on Banking Stability in Islamic Commercial Banks in Indonesia ]]>
<![CDATA[Putri Anggraeni, Novita]]>;
<![CDATA[Nurasri Sudarmawan, Barianto]]>
<![CDATA[ Journal of Finance and Islamic Banking Vol. 8 No. 2 (2025) ]]>
Publisher : <![CDATA[Universitas Islam Negeri Raden Mas Said Surakarta ]]>
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DOI: 10.22515/jfib.v8i2.13117
<![CDATA[Purpose: This study analyzes the role of the World Uncertainty Index (WUI) in moderating the influence of macroeconomic conditions namely GDP, inflation, and exchange rate on the stability of Islamic banking in Indonesia during 2015 Q1 – 2024 Q4. Method: A quantitative approach was used through multiple linear regression and Moderated Regression Analysis with 40 quarterly data from the Financial Services Authority, Trading Economics, and FRED. Stability was measured using Z scores. Results: Gross Domestic Product and inflation have a significant positive effect on stability with coefficients of β = 0.704421 and β = 0.191898, respectively. The exchange rate is not significant. The World Uncertainty Index has a significant negative effect with β = 18.74672. As a moderator, the World Uncertainty Index strengthens the effect of Gross Domestic Product and exchange rate and weakens the effect of inflation. The R-squared value of 0.771887 indicates a strong explanatory power of the model. Implications: The results of the study emphasize the need for adaptive macroprudential policies to maintain the stability of Islamic banking amid increasing global uncertainty. Originality: This study contributes by including global uncertainty as a moderating variable, thereby broadening the understanding of the determinants of Islamic banking stability.]]>
<![CDATA[Productive Waqf Management and Socio Entrepreneurship: The Role of Mosque Based Family Waqf in Indonesia ]]>
<![CDATA[Dikuraisyin, Basar]]>;
<![CDATA[Yani, Achmad]]>
<![CDATA[ Journal of Finance and Islamic Banking Vol. 8 No. 2 (2025) ]]>
Publisher : <![CDATA[Universitas Islam Negeri Raden Mas Said Surakarta ]]>
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DOI: 10.22515/jfib.v8i2.13134
<![CDATA[Purpose: This study examines a new model of family waqf asset management involving nadzir and wakif as socio-preneurs at the Sabilillah Mosque in Malang Indonesia. Until now, the problem of potential waqf land has been unable to be developed productively. Expert waqf land is also not managed due to traditional reasons. Method: This study offers a solution by using a qualitative case study approach, with data collected through in-depth interviews and document analysis involving mosque administrators (nazhir), wakif families, and beneficiaries. Results: The findings show that the family waqf management model by the nadzir effectively combines religious motivation with the principles of social entrepreneurship—emphasizing trusst, collaboration, and the creation of shared value rather than profit maximization. Implications: These research findings provide a new concept for managing productive waqf for the family micro-sector, particularly utilizing family land waqf to be productive through cooperation between the nadzir and wakif. Originality: This study identifies a new conceptual framework in which family waqf also benefits from waqf management to achieve family economic resilience. This model increases family income, strengthens social solidarity, and positions mosques as catalysts for social economy rather than merely religious institutions.]]>
<![CDATA[Efficiency in Islamic Rural Banks: What Factors Make Things Worse? ]]>
<![CDATA[Multazam Mansyur Addury]]>;
<![CDATA[Amar Maruf]]>;
<![CDATA[Yuniar Lestari]]>
<![CDATA[ Journal of Finance and Islamic Banking Vol. 8 No. 2 (2025) ]]>
Publisher : <![CDATA[Universitas Islam Negeri Raden Mas Said Surakarta ]]>
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DOI: 10.22515/jfib.v8i2.12568
<![CDATA[This study is designed to conduct an analysis of the efficiency of Islamic Rural Banks IBRs within the Indonesian context and to examine the significant variables that influence efficiency both in Java and outside of Java. This study uses Two-Stage (DEA) Data Envelopment Analysis technique on 83 IBRs in Indonesia with the period used is 2011 - 2023. The results showed that overall, the efficiency of IBRs in Indonesia is relatively low, where only a small portion is considered efficient. The majority of IBRs fall into the Decreasing Returns to Scale (DRS) category, where input expansion leads to a relatively smaller increase in output. The Covid-19 pandemic has also been shown to have a negative and significant effect on the efficiency of IBRs, especially outside Java, while the effect is not significant for IBRs in Java. Return On Assets (ROA) and total assets consistently having a positive impact in the Java region and Indonesia as a whole. This study makes an important contribution to understanding the operational efficiency of IBRs in Indonesia and provides policy recommendations that can strengthen the competitiveness of IBRs, particularly by optimizing asset management, improving operational resilience in areas outside Java, and leveraging regional economic growth.]]>
<![CDATA[Cognitive and Affective Determinants of Financial Health: The Role of Emotion Regulation and Islamic Financial Literacy ]]>
<![CDATA[Jihan Nabila Zahara]]>;
<![CDATA[Afitria Rizkiana]]>;
<![CDATA[Cindy Dewi Yani]]>;
<![CDATA[Wahyudi Setiawan]]>;
<![CDATA[Isna Fidiyaningsing]]>
<![CDATA[ Journal of Finance and Islamic Banking Vol. 9 No. 1 (2026) ]]>
Publisher : <![CDATA[Universitas Islam Negeri Raden Mas Said Surakarta ]]>
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DOI: 10.22515/jfib.v9i1.13166
<![CDATA[Purpose: This study aims to analyze the influence of emotion regulation and Islamic financial literacy on the financial health of employees working in Islamic financial institutions in Ponorogo. Method: This study employed a quantitative explanatory approach. Data were collected through a Likert-scale questionnaire distributed to 110 respondents selected using purposive sampling. The data were analyzed using multiple linear regression with SPSS version 26 to empirically examine the relationship between the variables. Results: The findings reveal that emotion regulation has a positive and significant effect on financial health, with a significance value of 0.000 < 0.05. This indicates that individuals with better emotional control tend to have healthier financial conditions. Islamic financial literacy also has a positive and significant effect on financial health, with a significance value of 0.005 < 0.05. This suggests that a stronger understanding of Islamic financial principles contributes to better personal financial management. Implication: Theoretically, this study contributes to the development of Islamic financial behavior literature by adopting the Cognitive–Affective Theory of Behavior as the main analytical framework. This framework integrates cognitive and affective dimensions in explaining individual financial health. Originality: The originality of this study lies in its integrative model of financial behavior based on Islamic values, which positions emotion regulation and Islamic financial literacy as key determinants of the financial health of employees in Islamic financial institutions.]]>
<![CDATA[Operational Efficiency Matter? Financing Diversification and Non-Performing Financing in Indonesian Islamic Rural Banks ]]>
<![CDATA[Ratih Avisya]]>;
<![CDATA[Ruspita Rani Pertiwi]]>;
<![CDATA[Slamet Haryono]]>;
<![CDATA[Yasni Efyanti]]>
<![CDATA[ Journal of Finance and Islamic Banking Vol. 9 No. 1 (2026) ]]>
Publisher : <![CDATA[Universitas Islam Negeri Raden Mas Said Surakarta ]]>
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DOI: 10.22515/jfib.v9i1.13996
<![CDATA[Purpose: This study examines the moderating role of the cost-to-income ratio (BOPO) in the relationship between financing diversification (FINDIV) and Non-Performing Financing (NPF) in Indonesian Islamic Rural Banks (BPRS). It aims to determine whether operational efficiency strengthens the effectiveness of financing diversification as a financing risk management strategy. Method: This study employs a quantitative approach using balanced panel data from the quarterly financial reports of 15 BPRS during Q1 2021–Q4 2024, resulting in 240 observations. Panel regression analysis is applied to test the direct and moderating effects among the variables. Results: The findings show that financing diversification has no significant direct effect on NPF. However, operational efficiency, indicated by a lower BOPO ratio, significantly reduces financing risk. BOPO also significantly moderates the relationship between financing diversification and NPF, suggesting that diversification becomes more effective in reducing financing risk when banks operate efficiently. Implications: These findings imply that diversification alone is insufficient to mitigate financing risk; its effectiveness depends on operational efficiency and the bank’s ability to manage portfolio complexity. Originality: This study provides empirical evidence on the moderating role of operational efficiency in the diversification–risk nexus within Indonesian Islamic Rural Banks.]]>
