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Muhammad Fauzinudin Faiz
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Journal of Islamic economics Perspectives (JIEP)
Published by Universitas Islam Negeri Kiai Haji Achmad Siddiq Jember
ISSN : 2085627X     EISSN : 27150445     DOI : 10.35719/jiep
Core Subject : Religion, Economy, Education, Social,
Religion Economics, Econometrics & Finance Education Social Sciences
The Journal of Islamic Economic Perspectives, or JIEP, is a publication released biannually in February and September. It is published by the JIEP Research Centre, which is part of the Faculty of Islamic Economics and Business at the State Islamic University of Kiai Haji Achmad Siddiq Jember in Indonesia. The journal has been circulating since 2019, starting with its first edition. The JIEP primarily emphasizes the fields of Islam, economics, and finance. This publication examines explicitly the crucial aspects of integrating Islamic law with the fields of economics and finance. It is a vital resource for pioneering research and analysis in several specialized fields, such as Islamic economic law, Islamic banking, Islamic marketing, Islamic human resources, and Islamic finance. The magazine covers various topics, including Zakah, Waqf, measures for reducing poverty, Islamic public finance, monetary economics, economic growth, and the concepts of Maqasid al-Shariah. The subject matter of this study includes institutional economics, Islamic management, behavioural economics and finance, corporate governance, risk management, and Shariah-compliant financial matters.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 115 Documents
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Islamic Sustainable Finance and MSME Development in Indonesia: Evidence from Bank Syariah Indonesia Afif, Ahmad; Ade Wirman Syafei; Siti Hamidah Binti Marwan
Journal of Islamic Economics Perspectives Vol. 7 No. 2 (2025): Journal of Islamic Economics Perspectives
Publisher : Faculty of Islamic Economics and Business, State Islamic University of  Kiai Haji Achmad Siddiq Jember, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35719/q4ey4f93

Abstract

This paper investigates the critical yet under-explored impact of Islamic sustainable finance reporting on the inclusiveness and distribution of financing to Micro, Small, and Medium Enterprises (MSMEs) in Indonesia. Despite a robust regulatory framework, a significant financing gap persists for MSMEs, raising questions about the efficacy of current sustainable finance initiatives beyond mere reporting. Utilising a quantitative approach, this research analyses data from Bank Syariah Indonesia (BSI), the nation's largest Islamic bank, from 2021 to 2024. Simple regression analysis was employed to examine the relationship between key performance metrics. The results reveal a stark dichotomy: a strong, perfect positive relationship (coefficient = 1.000) was found for Success Rate (SR), indicating that sustainable finance principles, when implemented, are highly effective in driving genuine inclusive outcomes for MSMEs. Conversely, the analysis of the Financing to Deposit Ratio (FDR) showed a non-significant coefficient (0.038), a negative R-squared (-0.071), and a high p-value (0.99), indicating that the current framework fails to systematically differentiate true inclusiveness from consistent error, suggesting potential "SDG-washing". The study concludes that while Islamic sustainable finance provides a potent framework for success, its current implementation lacks the sophisticated risk assessment and auditing mechanisms needed to ensure authentic and scalable financing distribution. The findings urge policymakers and financial institutions to enhance the discriminative power of sustainable finance metrics, moving beyond reporting to develop granular tools that prioritise and authentically support Indonesia's vital MSME sector.
Employment Potential: Strategic Priorities for Livestock Clusters, Indonesian Micro Waqf Banks Rahmat Dahlan; Muhamad Fauzi; Ssonko Muhammedi; Umar Akem; Harun Masykur
Journal of Islamic Economics Perspectives Vol. 7 No. 2 (2025): Journal of Islamic Economics Perspectives
Publisher : Faculty of Islamic Economics and Business, State Islamic University of  Kiai Haji Achmad Siddiq Jember, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35719/40f00k02

Abstract

Micro Waqf Banks (MWBs) in Indonesia play a vital role in financing and supporting micro-entrepreneurs, particularly within pesantren communities. The study aims to identify and analyse strategic priorities that MWBs can adopt to enhance job creation, focusing specifically on entrepreneurship within livestock clusters. A qualitative case study approach was employed, gathering data through questionnaires and in-depth interviews with supervisors, managers, and customers from three MWBs in Banten Province: El Manahij, Lan Taburo, and An Nawawi. Data validity was ensured by source triangulation, and analysis was performed using the Analytical Network Process technique supported by Super Decisions software. Findings reveal that job creation is a central priority in entrepreneurship development within MWBs, primarily through the livestock cluster model. This priority is underpinned by three interrelated components of financing: ease of access, business assistance and mentoring, livestock technical training, marketing, and managerial support. The study highlights the crucial role of MWBs in supporting SMEs by integrating these strategies effectively. Through targeted mentoring programmes, flexible financing schemes compliant with Islamic principles, and comprehensive entrepreneurship training, MWBs can unlock significant employment opportunities for micro-entrepreneurs engaged in livestock activities. Policy recommendations urge the government and stakeholders to prioritise enhanced support for mentoring, financing, and entrepreneurship training tailored to MWBs. Future research should explore the applicability of these strategic priorities in other regions and evaluate different mentoring models to generalise findings and optimise MWB strategies nationwide. 
Is The Blue Economy A Driver Of Fisheries Sector Growth In Java? Nur Hidayat, Dikky
Journal of Islamic Economics Perspectives Vol. 7 (2025): Journal of Islamic Economics Perspectives - Special Issue
Publisher : Faculty of Islamic Economics and Business, State Islamic University of  Kiai Haji Achmad Siddiq Jember, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35719/j7eh0r47

Abstract

The blue economy is one of the main strategies for promoting sustainable economic growth, particularly in maritime countries such as Indonesia. The potential for developing the blue economy in Indonesia, especially on the island of Java, is enormous, with the value of capture fisheries production showing a positive trend every year. However, when viewed from the contribution of the fisheries sector to GDP, it is still small compared to other sectors, accounting for around 2.54% of total national GDP in 2024. This study aims to analyze the impact of the blue economy, measured through production value, the number of fishing households and fishing companies (RTP-PP), and the realization of fisheries sector investments on the regional domestic product (GRDP) of six provinces (Banten, Jakarta Special Capital Region, West Java, Central Java, Yogyakarta Special Region, and East Java) on the island of Java.  The research method used is quantitative analysis with a multiple regression model using the common effect model (CEM) as the selected model in this study. The data used are sourced from the Central Statistics Agency (BPS) and the Ministry of Marine Affairs and Fisheries (KKP) for the period 2018–2022. The findings of this study indicate that the blue economy sector, specifically the value of fisheries production and RTP-PP, has a positive and significant impact on the GRDP of the six provinces on the island of Java from 2018 to 2022. However, the variable of actual investment in the fisheries sector has a less significant impact on the fisheries sector GRDP in Java. The results of this study indicate that increasing the fisheries production sector and the number of RTP-PP can serve as drivers in maximizing the economic benefits of the blue economy for the growth of the fisheries sector. Therefore, the government needs to optimize policies that encourage factors in the blue economy oriented toward sustainability and efficiency in the fisheries and marine sectors.
Philosophy of Markets and Price Theory in Islamic Economics: a Multidisciplinary Perspective Anis Sumadi, Mohammad; Subagiyo, Rokhmat; Khudhory, Ahmad; Adi Putra, Silachi Agusta; Zainal Abidin, Ahmad; Qosim, Ahmad
Journal of Islamic Economics Perspectives Vol. 7 (2025): Journal of Islamic Economics Perspectives - Special Issue
Publisher : Faculty of Islamic Economics and Business, State Islamic University of  Kiai Haji Achmad Siddiq Jember, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35719/n1z2qe82

Abstract

This study critically re-examines the philosophical foundations of market and price theory in Islamic economics through a multidisciplinary integration of psychology, Islamic jurisprudence (fiqh siy?sah), and sociology. Psychology elucidates how motivation, perception, and decision-making are shaped by Islamic values, while fiqh siy?sah provides the legal and normative framework that ensures justice, ethical conduct, and compliance with Islamic law in regulating market mechanisms. Sociology complements these perspectives by explaining how social structures, cultural norms, and collective behavior influence market interactions. Through this synthesis, the study constructs a holistic framework that transcends the technical dimensions of conventional market theory by embedding moral, social, and behavioral ethics into economic analysis. Using a literature-based narrative method, this research integrates the epistemological strengths of each discipline without diminishing their distinct paradigms. The novelty lies in offering a unified model of Islamic market analysis that incorporates moral reasoning, social dynamics, and behavioral psychology into price determination and market equilibrium. Findings reveal that this multidisciplinary approach enriches theoretical and practical understanding of markets as both economic and moral institutions, balancing efficiency with justice and social responsibility. The study concludes that integrating ethical, psychological, and sociological dimensions leads to a more comprehensive and equitable model of Islamic market behavior, contributing to the advancement of Islamic economic theory, value-driven research methodologies, and sustainable policy design aligned with the maq??id al-shar??ah—the higher objectives of Islamic law.
The Impact of Technology Adoption, Monetary Policy, and Carbon Emissions an Green Finance in Asean-5 Adenan, Mohammad; Gema Qori’ah, Ciplis; Delima Citra, Amelia
Journal of Islamic Economics Perspectives Vol. 7 (2025): Journal of Islamic Economics Perspectives - Special Issue
Publisher : Faculty of Islamic Economics and Business, State Islamic University of  Kiai Haji Achmad Siddiq Jember, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35719/fy55h677

Abstract

The purpose of this research is to analyze the influence of AI adoption, monetary policy (represented by interest rates), and carbon emissions on green finance, specifically green bonds, in ASEAN-5 countries. The focus of the research is on mapping the trends and measuring the causal impact of Government AI Readiness Index, policy interest rate, and carbon emissions per capita on the value of outstanding green bonds in Indonesia, Malaysia, Thailand, Philippines, and Singapore. This research uses panel data covering quarterly periods from Q1 2019 to Q4 2024. The variables consist of Government AI Readiness Index (as a proxy of technology readiness), policy interest rates from IMF, carbon emissions per capita from Our World in Data, and green bond value data from the Asian Development Bank. The method applied is Panel Least Square (PLS). The results show that all three independent variables significantly affect the development of green bonds. First, higher AI readiness positively drives green bond issuance by improving efficiency, accuracy, and transparency in financing green projects. Second, lower policy interest rates have a positive effect on green bond growth, as cheaper borrowing costs make sustainable projects more financially feasible. Third, higher carbon emissions correlate positively with increased issuance of green bonds, as countries respond to environmental pressures and emission reduction demands.
Scarcity and Abundance: An Ethical Framework in Islamic Economics Perspective Zulfikar Yusuf, Muhammad
Journal of Islamic Economics Perspectives Vol. 7 (2025): Journal of Islamic Economics Perspectives - Special Issue
Publisher : Faculty of Islamic Economics and Business, State Islamic University of  Kiai Haji Achmad Siddiq Jember, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35719/yj5j9w46

Abstract

Scarcity is the main discussion in economics. However, there has yet to be an agreed consensus in defining the concepts of scarcity and abundance, especially from an Islamic perspective. Even though the concept of scarcity is still an ongoing debate in Islamic economic discourse, there are other more essential discussion aspects of Islamic economics besides scarcity, namely moral ethics in dealing with scarcity and abundance. Because normatively, the Qur'an discusses the concepts of scarcity and abundance in many verses. Islamic economists see that by prioritizing a moderate attitude, Islamic economics can be directed to a more contributing perspective. Therefore, this paper attempts to fill this gap by offering an ethical framework for addressing the challenges of scarcity and abundance by being moderate. This conceptual paper explores an ethical framework for addressing the issue of moderate scarcity and abundance from an Islamic perspective. Employing text analysis from verses of the Qur'an and various Islamic economic literatures, the study reveals that the Qur'an provides a comprehensive ethical framework regarding scarcity and abundance, considering them not as absolute concepts. The paper emphasizes the importance of moderate Islamic ethics in responding to resource scarcity and abundance, aligning with the Qur'an's emphasis on balance and justice. The findings of this paper contribute to the ethical discourse on scarcity and abundance, highlighting the significance of moderation in dealing with these issues. The paper’s originality lies in presenting an ethical framework rooted in Qur'anic verses to address the matter of scarcity and abundance by being moderate.
When Trump Tariffs Shake the World: Are Indonesian Sharia Stocks Shockproof? Hasyim, Fuad; Maksum; Hidayat, Nur
Journal of Islamic Economics Perspectives Vol. 7 (2025): Journal of Islamic Economics Perspectives - Special Issue
Publisher : Faculty of Islamic Economics and Business, State Islamic University of  Kiai Haji Achmad Siddiq Jember, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35719/0r2d2c59

Abstract

This study investigates the resilience of the Indonesia Sharia Stock Index (ISSI) to policy-induced ambiguity shocks, with a specific focus on Trump tariff policies framed within the VUCA paradigm. Employing a GARCH-X(1,1) model on daily data spanning from 3 June 2024 to 27 June 2025, the findings reveal that ISSI exhibits greater sensitivity to global uncertainty, significantly influenced by the VXEEM index than the conventional Jakarta Composite Index (IHSG). However, the dummy variable representing Trump’s tariffs shows no statistically significant impact on the volatility of either market. These results suggest that the ethical screening mechanisms underlying Sharia-compliant stocks may offer limited protection against non-systemic, policy-driven shocks. The study offers conceptual and methodological contributions to the discourse on Islamic finance volatility modeling in an increasingly ambiguous global policy environment.
Analysis of Ta’alluq Potential in Murabahah Bil Wakalah Scheme (BTN Syariah Solo) Djayusman, Royyan Ramdhani; Istiqomah, Inna Putri; Azuha, Difa’ul Haq
Journal of Islamic Economics Perspectives Vol. 7 (2025): Journal of Islamic Economics Perspectives - Special Issue
Publisher : Faculty of Islamic Economics and Business, State Islamic University of  Kiai Haji Achmad Siddiq Jember, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35719/96yxcv98

Abstract

In the Islamic financial industry, compliance with Sharia principles is a key factor in maintaining public trust and ensuring the legitimacy of financial products. One of the challenges that arises is the implementation of multi-contract transactions, such as in the execution of the murabahah bil wakalah contract at Bank BTN Syariah KCP Solo. The purpose of the research is to analyze Sharia compliance in the practice of murabahah bil wakalah financing at Islamic banks, specifically at Bank BTN Syariah KCP Solo. The murabahah bil wakalah financing involves two contracts: the wakalah contract and the murabahah contract, which are interrelated, even though they are formally separate. This study will explore how the Islamic bank ensures that both contracts comply with Sharia rules, particularly in terms of the separation of the contracts. The study also discusses the potential occurrence of ta’alluq that may arise due to the interdependence between the wakalah and murabahah contracts, as well as its impact on the freedom of customers in their choice. The research method used in this study is qualitative descriptive, and the data are analysed using thematic analysis. The findings show that, although the wakalah and murabahah contracts are formally separated, they remain substantively connected in supporting a shared objective. This study identifies challenges in ensuring Sharia compliance. It provides recommendations for Islamic banks to maintain the integrity of Sharia products by prioritizing transparency, fairness, and customer freedom in every transaction.
Transformation Of Sustainable Islamic Fashion Business Integrating Circular And Islamic Economic Principles Aina, Nor; Akbar, Wahyu; Aufa, Naufatti; Cho Mar, Ma Tin
Journal of Islamic Economics Perspectives Vol. 7 (2025): Journal of Islamic Economics Perspectives - Special Issue
Publisher : Faculty of Islamic Economics and Business, State Islamic University of  Kiai Haji Achmad Siddiq Jember, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35719/77wyzt14

Abstract

This study aims to examine in depth how the integration between the concepts of circular economy and Islamic economics can form a sustainable fashion business model, as well as make a real contribution to environmental preservation, social justice, and spiritual well-being. The background of this study is the environmental impact of the fast fashion industry and the need for responsible production-consumption patterns. Using a qualitative approach through a literature study of more than 60 references, the findings show the alignment between the 5R principles (Reduce, Reuse, Recycle, Repair, Recovery) in the circular economy with Islamic values such as justice, balance, and social welfare, which are in line with maqashid al-syariah. The research also highlights the role of technology in accelerating the transformation of the sustainable fashion industry as well as Indonesia's great potential to integrate Islamic values with circular practices, supported by a large Muslim population, growing awareness of sustainability, and policy support. However, challenges such as the lack of recycling infrastructure, low consumer literacy, and the absence of sharia standards for sustainability remain obstacles. This study contributes a holistic conceptual perspective by incorporating ecological and spiritual dimensions in the development of sustainable Islamic fashion businesses.
Woman’s Contribution in Contemporary Zakat: Mediating Role of Empowerment Syukur, Haifa; Ramadhani, Aqifha Putri; Muhajir, Muhammad Nur Alam; Rahmadona, Novi; Amalia, Dhea; Hilal; Ridha, Muh. Afwan
Journal of Islamic Economics Perspectives Vol. 7 (2025): Journal of Islamic Economics Perspectives - Special Issue
Publisher : Faculty of Islamic Economics and Business, State Islamic University of  Kiai Haji Achmad Siddiq Jember, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35719/7ssxkx57

Abstract

There's been a lot of research on the role of women in household welfare. In contemporary times, one effective instrument in supporting women's economic role is productive zakat. The objective of this study is to uncover and understand the direct and indirect effects between digital skills and management effectiveness on household welfare, with empowerment acting as a mediating role. This study employs a quantitative method with data collection techniques using a questionnaire and snowball sampling. Data analysis utilizes the Partial Least Square Structural Equation Model (SEM PLS). The results of the study reveal that digital skills have no direct or indirect influence on household welfare. Meanwhile, digital skills influence empowerment. Furthermore, effective management has an influence on household welfare and empowerment. Conversely, effective management has no influence on household welfare through the mediation of empowerment. Meanwhile, empowerment has an influence on household welfare. This study is important to identify the factors that influence women's contribution to improving household welfare through the empowerment of zakat and productive waqf funds. The results of this study are expected to serve as a basis for formulating policy recommendations for the government, zakat institutions, and the broader community.

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