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Jurnal International Economic Sharia
Published by PT Inovasi Analisis Data
ISSN : 3062763X     EISSN : 30481783     DOI : https://doi.org/10.69725/jies.v1i2
Core Subject : Economy, Science,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
Journal International Economic Sharia (JIES) is a peer-reviewed journal that explores various aspects of Islamic economics, with an emphasis on the application of Islamic economic principles in a global context. The journal is dedicated to advancing knowledge in the field and serves as a platform for researchers, academics, practitioners, and other stakeholders to share cutting-edge insights and research. JIES publishes high-quality articles on a wide range of topics, including Islamic banking, insurance, investment, microfinance, and Islamic capital markets. JIES is committed to promoting rigorous and innovative research that contributes to the development of Islamic economics globally. The journal also emphasizes novelty in research contributions and supports the integration of new ideas and approaches within the discipline. Authors submitting manuscripts to JIES are required to cite references from reputable sources, particularly those indexed in Scopus, to ensure the academic quality and relevance of the content. In addition to its focus on research quality, JIES is actively working towards being indexed by prestigious institutions such as ZENODO, OpenAIRE, ISSN, Crossref, Copernicus, Google Scholar, SINTA, DOAJ, EBSCO, PubMed, Crossref, WOS, and Scopus. These efforts aim to enhance the journal’s visibility and impact, providing researchers and practitioners with reliable and up-to-date knowledge in Islamic economics. JIES stands as a journal that supports the advancement of research in Indonesia within an international context, with a full commitment to open access and transparency in research publication. The journal also emphasizes high research ethics, ensuring that every article published meets academic integrity standards. With this approach, JIES not only contributes to the global development of Islamic economics but also serves as a platform that fosters international collaboration in producing high-quality, impactful research.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 30 Documents
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B Baqir al-Shadr's Economic Thought and the Concept of State Economy in Article 33 of the 1945 Constitution Nurjamil; Janwari , Yadi; Jubaedah, Dedah
Journal International Economic Sharia Vol. 1 No. 1 (2024): June
Publisher : Inovasi Analisis Data

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.11524112

Abstract

This study aims to analyze the role of the state in the economy through the lens of Baqir al-Shadr's economic theory. Article 33 of the 1945 Constitution connects this theory to the state's exercise of control. This literature research method gathers and examines secondary data from books, scientific journals, research findings, and pertinent articles using a qualitative method, followed by a normative analysis. According to Baqir al-Shadr, the research findings indicate that Islamic economics is not considered a scientific discipline but rather the practical application of Islamic sharia principles rooted in religious beliefs and devotion. This includes the promotion of social justice and the acknowledgement of various forms of property ownership. Second, exploitative and uncontrollable human behavior, rather than a lack of natural resources, is the true cause of economic issues. Furthermore, the government's involvement is necessary for the oversight and resolution of economic issues, particularly in ensuring the well-being of the population and achieving social equilibrium. Article 33 of the 1945 Constitution explicitly grants the state the authority to manage natural resources for the benefit of the people. This abstract presents a concise summary of the correlation between Baqir al-Shadr's economic ideology and the notion of state control, specifically in regard to Article 33 of the 1945 Constitution. It also examines the effects of this correlation on economic regulation and society's welfare.
Implementation of Freedom in Islamic Economics Karmila, Yusri; Wahab, Abdul; Sabbar, Sabbar; Bado, Basri
Journal International Economic Sharia Vol. 1 No. 1 (2024): June
Publisher : Inovasi Analisis Data

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.11524452

Abstract

Freedom in liberal and Islamic economic systems is interesting to study. This research aims to explore the implementation of freedom in Islamic economics. This research describes this phenomenon as it exists according to the point of view or approach used. Documentation techniques are used to collect data in the form of the Al-Qur'an, books and articles referenced from online, print and internet journals. Data collection is carried out to obtain materials that are relevant, accurate and reliable. This research is qualitative research in which the research procedures produce descriptive data in both written and verbal form from the object under study. The data that has been collected is then analyzed and concluded deductively, namely drawing conclusions from general statements to specific statements. It is concluded that the implementation of the concept of freedom in the Islamic economic system can be explained in two perspectives, namely: the theological perspective and the ushul fiqh perspective. Meanwhile, the implementation of freedom in the Islamic economic system is freedom in morals, namely morals in consumption, morals in production, and morals in distribution. Even though there is freedom in the Islamic economy, there are still limitations to Islamic law that must be obeyed.
Uncovering Maqoshid Sharia: Safeguarding Ethics in Islamic Economics Kaira, Lamin; Mohammed, Gehad; Arum, Nurlita; Hardina, Lulu; Nur Rahman, Arif; Danang Saputra, Aditya
Journal International Economic Sharia Vol. 1 No. 1 (2024): June
Publisher : Inovasi Analisis Data

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.11525329

Abstract

This study investigates the relationship between maqoshid sharia and economic practices in Indonesia, aiming to provide insights into how Islamic principles can contribute to sustainable and inclusive economic development. Utilizing a qualitative research methodology grounded in post-positivism, the study examines 89 publications from 2019 to 2023, employing descriptive statistics and an inductive approach to ensure nuanced interpretations. The research highlights the role of maqoshid sharia in adapting Islamic law to contemporary social dynamics, promoting human welfare, and guiding sharia application in economic practices. It categorizes maqoshid sharia into Dharuriyat (necessities), Hajiyat (needs), and Tahsiniyat (enhancements), emphasizing their importance in achieving socio-economic justice. Key contributions in the field include studies on corporate social responsibility, Islamic banking performance, and the foundations of Islamic finance. A bibliometric analysis with VOSViewer maps the development of maqoshid sharia research, identifying major clusters and collaboration patterns among authors. Overall, this study underscores the critical role of maqoshid sharia in shaping ethical economic practices in Indonesia, offering a comprehensive understanding of the interplay between religion, ethics, and economics in a multicultural context, with significant implications for public policy and economic strategies.
Islamic Intellectual Capital: Unveiling its Impact on Maqashid Shariah Performance under Corporate Governance Moderation Qurrota A'yun, Annisa; Mohammed Sultan Saif, Gehad; Andriansa, Rama; Nur Rahman, Arif; Danang Saputra, Aditya; Ayu Lestari, Mey
Journal International Economic Sharia Vol. 1 No. 1 (2024): June
Publisher : Inovasi Analisis Data

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69725/jies.v1i1.39

Abstract

This study investigates the performance of Islamic banking in Indonesia by analyzing the impact of Islamic Intellectual Capital (iB-VAIC) on Maqashid Shariah performance, with corporate governance as a moderating variable. Data from annual reports of Sharia-compliant banks listed on the Indonesia Stock Exchange over the period 2019-2023 were analyzed using multiple regression analysis in SPSS. The results reveal a negative direct effect of Islamic intellectual capital and board meetings on Maqashid Shariah performance. However, the interaction between Islamic intellectual capital and board meetings positively influences performance, suggesting a moderating role of corporate governance. These findings underscore the importance of effective management of intellectual capital and governance mechanisms to enhance performance aligned with Shariah principles in Islamic banking. Further research is recommended to deepen our understanding of these relationships and inform strategic decisions in the Islamic banking sector.
Unveiling the Impact of Good Corporate Governance and Temporary Shirkah Funds on Maqashid Shariah Performance Dwianto, Agus; Qurrota A'yun, Annisa; Hardina, Lulu; Arum, Nurlita; Karmila, Yusri
Journal International Economic Sharia Vol. 1 No. 1 (2024): June
Publisher : Inovasi Analisis Data

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69725/jies.v1i1.40

Abstract

This study investigates the influence of Good Corporate Governance (GCG) and Temporary Shirkah Fund (TSF) on the performance of Maqashid Shariah in Islamic banks in Indonesia from 2018 to 2023. Using secondary data analysis, the study employs regression analysis to test the hypotheses. The findings reveal that neither Good Corporate Governance nor TSF significantly affects the performance of Maqashid Shariah during the study period. These results are consistent with previous research indicating a lack of significant impact Good Corporate Governance and TSF on Maqashid Shariah performance in Islamic banks. The discussion suggests that the implementation of Good corporate governance may not directly translate into improved Maqashid Shariah performance due to potential misalignment between governance practices and Shariah principles. Moreover, the study highlights the importance of further research and enhanced implementation of Good Corporate Governance and TSF practices to promote the achievement of Maqashid Shariah objectives in Islamic banking institutions. This research contributes to the ongoing discourse on corporate governance and Shariah compliance in Islamic finance and provides insights for policymakers, regulators, and practitioners aiming to strengthen governance frameworks and enhance Shariah-based performance in Islamic banks
Sharia Fintech Innovation: Combining Technology and Islamic Principles in the Digital Economy Ismail, Ozaril; Kilicy, Turkan
Journal International Economic Sharia Vol. 1 No. 2 (2024): September
Publisher : Inovasi Analisis Data

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69725/jies.v1i2.128

Abstract

Objective; This study seeks to explore the effect of technology adoption on consumer trust and experience of Sharia fintech products in Turkey, in relation to the confounding effects of regulation and culture at both the systemic and the user levels.Methods; Quantitative surveys were done together with qualitative interviews focusing on stakeholders in the Sharia fintech ecosystem. This study with a sample of 500 consumers, used descriptive and regression analysis to analyze data to test relationships of the four variables identified.Results; Show a strong and positive association between technology integration, regulation framework, consumer education, engagement in Sharia fintech products. Moreover, cultural values and user experience was central to the adoption of these financial solutions.Novelty; This paper fills the gap in the limited empirical literature towards Sharia fintech by presenting an exploratory research data on the drivers of consumer trust and engagement via real interaction, in the unique context of Turkey which has different both cultural and regulatory challenges in this regard.Research Implications; The findings present implications for Sharia fintech stakeholders to focus on technological innovations and harmonization in regulation in order to build consumer confidence and wider access of financial services for unserved communities.
Sharia and Economic Equity: An Empirical Study of Income Inequality in the Organization of Islamic Cooperation Gunawan, Devina
Journal International Economic Sharia Vol. 1 No. 2 (2024): September
Publisher : Inovasi Analisis Data

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69725/jies.v1i2.129

Abstract

Objective; This study aims to explore the relationship between Sharia principles and economic equity, focusing on income inequality among member states of the Organization of Islamic Cooperation (OIC).Methods; Employing a quantitative approach, the research analyzes income distribution data from OIC countries over the past two decades. Multiple regression analysis is utilized to examine the impact of Sharia-compliant policies on income inequality, controlling for factors such as economic growth, education, and governance.Results; The findings indicate a significant negative correlation between the implementation of Sharia-compliant financial practices and income inequality levels within OIC countries. Specifically, countries that adhere more closely to Sharia principles demonstrate lower income disparities, suggesting that such practices may promote economic equity.Novelty; This study contributes to the literature by providing empirical evidence linking Sharia compliance with reduced income inequality, a relationship that has been underexplored in existing research.Research Implications; The results have important implications for policymakers within OIC member states, highlighting the potential for Sharia-compliant economic policies to enhance equity and foster inclusive growth
Examining the Impact of Islamic Banking on Indonesia Economic Growth: Short- and Long-term Analysis Ayu Lestari, Mey
Journal International Economic Sharia Vol. 1 No. 2 (2024): September
Publisher : Inovasi Analisis Data

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69725/jies.v1i2.138

Abstract

Objective; This study examines the relationship between Islamic financial development and economic growth in Indonesia, with a focus on the short-term and long-term impacts. The research aims to understand the role of Islamic banking in driving the country's economic performance.Methods; A quantitative approach was used, employing time series data from 1992 to 2024. Multiple regression analysis was applied to assess the relationship between Islamic banking indicators, such as total assets, financing, and non-performing financing (NPF), and economic growth, measured by GDP growth.Results; The findings indicate that Islamic financial development significantly contributes to Indonesia's economic growth, with both short-term and long-term effects. Non-performing financing (NPF) was found to be inversely related to growth, while total assets and financing had positive effects.Novelty; This study fills a gap in the literature by exploring the specific role of Islamic financial institutions in an emerging market context, particularly in Indonesia, where Islamic banking is growing rapidly. Research Implications; The results suggest that policy-makers should enhance Islamic financial sector development and address NPF to support sustainable economic growth. Future studies could investigate the impact of different financial instruments within the Islamic banking sector.
Implementing Sharia Finance as an Alternative to Address Economic Vulnerability and Social Justice Widayati, Catur
Journal International Economic Sharia Vol. 1 No. 2 (2024): September
Publisher : Inovasi Analisis Data

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69725/jies.v1i2.139

Abstract

Objective; This study examines the effect of ESG on stock price and EPS as a moderating variable mining. We look at the impact of ESG on market performance but pay extra attention to the moderating impact of EPS on the relationship between ESG and stock priceMethods; Data were collected quantitatively through purposive sampling of 140 mining companies, incorporating ESG scores and idx stock prices. com, EPS from MarketWatch.co.id, and EPS from MarketWatch. The validity and reliability of the findings were determined by performing classical assumption tests, as well as a multiple regression analysis.Results; Analysis indicates there is a significant relationship of ESG scores and stock prices and EPS moderate the relationship between both. These findings emphasize the effect of individual ESG dimensions on investors' behaviours and market pricing, suggesting that positive ESG characteristics improve shares valuation, moderated by EPS.Novelty; The current literature lacks empirical investigations of the effects of both ESG scores and EPS on stock prices in the mining sector. The use of EPS as a moderator offer further understanding of how financial performance may make a difference regarding stock holders' responses to ESG disclosures.Research Implications; There are important implications from these findings for policymakers, investors, and corporate managers. It highlights the need to incorporate ESG factors into both investment decisions and corporate governance practices, also emphasizes the significance of EPS in influencing market perceptions and actions.
Impact of Shari’ah Supervisory Board Diversity on the Performance of Islamic Banks: Evidence from Yemen Emerging Economy Mohammed Sultan Saif, Gehad; Ika Sulistyawati, Ardiani; Karim, Abdul; Sista Devy, Happy
Journal International Economic Sharia Vol. 1 No. 2 (2024): September
Publisher : Inovasi Analisis Data

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69725/jies.v1i2.140

Abstract

Objective: This study aims to examine the correlation between the diversity of the Shari'ah Supervisory Board (SSB) and the financial performance of Islamic banks in Yemen. In particular, it studies how age, gender, nationality, education, tenure, size, and cross-membership influence bank performance.Methods: A quantitative research approachwas used based on panel data from a sample of Islamic banks in Yemen. Return on Assets (ROA), Return on Equity (ROE) and Operational Efficiency (OE) were used to measure financial performance. To assess the relationship between SSB diversity and performance, I performed a multiple regression analysis using bank size and market conditions as control variables.Results: The results show that age diversity, gender diversity, nationality diversity, and education background diversity positively contribute to Islamic banks' financial performance. Tenure diversity and cross-membership had no significant effects, though. These results underscore the need for diversity of skills and backgrounds in the Shari'ah Supervisory Board.Novelty: This study adds to the existing body of knowledge by offering empirical insights into the relationship between SSB diversity and financial performance in the context of Islamic banking, specifically focused on Yemen. All of these aspects of diversity offer various perspectives on how governance structures influence performance.Policy and Research Implications: Overall, the findings indicate that Islamic banks need to look into diversifying their Shari'ah Supervisory Boards to achieve better governance and financial performance. Further research could investigate the longevity and prevalence of diversity among SSBs and can also be extending this to other regions or also to other financial sectors.

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