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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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Institutional Diversity, Sharia Principles, and CSR Practices in MENA: A Critical Comparative Analysis Nasrallah, Haija; Shehadieh, Hudaifah
Journal International Economic Sharia Vol. 1 No. 3 (2024): December
Publisher : Inovasi Analisis Data

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69725/jies.v1i3.141

Abstract

Objective: The aim of this research is to substantiate the nexus between institutional diversity and Sharia-compliant principles with CSR across MENA. The objective is to have a means of assessing CSR strategies across countries with different institutional environments in place, taking into consideration the political, economic and cultural aspects that have an impact.Methods: This study used mixed-methods, employing primary data through structured surveys of 300 firms in the MENA region (2020-2023) and secondary data through governance and economic indicators as well as corporate annual reports and Islamic financial services databases. Conducted data analysis using statistical methods such as regression analysis and comparative frameworks.Results: The results show that institutional factors are a significant driver of MENA CSR practices including political regimes, economic dependencies (oil vs. non-oil economies) and if the CSR practice aligns with the principles of Sharia. For countries that have centralized governance (e.g. GCC) CSR practices were more formalized and integrated into the strategic planning process, while those who have fragmented institutional environments (e.g. Egypt) focus on localized and under-coordinated approaches.Innovation: This study presents a unique comparative perspective on CSR in MENA, emphasizing the influence of Sharia on CSR alongside traditional institutional determinants, and providing fresh perspectives on continental CSR.Policy and Research Implications: An analytical implication of this study can be of importance to governments and businesses alike, as it strengthens the importance of aligning the institutional realities and cultural values with CSR strategies, which could enhance the overall sustainability and corporate governance practices in the MENA region
Comparative analysis of the financial impact of the CSP in the Islamic, conventional and social banking model De Zuhrah, Eliesa; Iglesia, Izzeldin
Journal International Economic Sharia Vol. 1 No. 3 (2024): December
Publisher : Inovasi Analisis Data

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69725/jies.v1i3.142

Abstract

Objective; This research explores the financial implications of Corporate Social Performance (CSP) based on Islamic, Conventional, and Social Banking models. Through the lens of this Study, which explores the relationship between CSP and financial performance, this paper highlights the heterogeneity evident amongst these banking models: in terms of the way they integrate CSP; and in terms of the financial benefits they gain from CSP initiatives.Methods; A regression between the Islamic, Conventional and Social Banking institutions using the Generalized method of moments (GMM). Methodology When it comes to the analysis, the methodology employed financial data retrieved from 120 banks, with a total number of 819 observations spanning over a certain time interval. The model risk assessment of CSP impact on financial performance based on ROAA, Size, CAR, and other financial valuesResults; CSP has a positive effect on financial performance in both the Islamic and Conventional Banking models with the existence of a significant relation for models like Return on Assets (ROAA) financial performance. Although the results for the influence of CSP on Islamic and Conventional bank models seem more pronounced, this impact appears less significant in Social Banking models. Whereas it has been observed that in some of the results CSP, with some banking-specific variables (IBSP, SBSP, and CBSP), plays a significant role in the improvement of their financial indicators; therefore, it is proved that CSP is a crucial strategy for them and contributes significantly to financial prosperity.Novelty; This study offers new comparative data on the financial consequences for CSP across differing banking models, substantiating how each adapts to and gains from these socially conscious undertakings. This provides insights that goes beyond general CSP analyses as it embeds the analysis in the particular contexts of Islamic, Conventional and Social Banking unlike prior studies.Research Implications; The findings imply that banking institutions, including both Islamic and Conventional banks, should give more attention to CSP initiatives to improve their financial performance. Lawmakers and financial regulators might promote an environment conducive to socially responsible banking. Future studies can investigate long-term impacts of CSP, including interactions with financial aspects across several industries.
Enhancing ESG Performance in Islamic Banks: The Impact of Shari’ah Governance Quality Across Countries Milena, Wannes; Stefan, Alberto
Journal International Economic Sharia Vol. 1 No. 3 (2024): December
Publisher : Inovasi Analisis Data

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69725/jies.v1i3.143

Abstract

Objective; The purpose of this study is to examine the effect of Shari’ah governance quality on Environmental, Social, and Governance (ESG) performance in Islamic banks, contributing to the understanding of governance structures in promoting sustainability practices.Methods; A quantitative method was employed in the form of multiple regression analysis on the data of a sample of Islamic banks. The study investigated the linkage of Shari’ah governance quality, Shari’ah supervisory board size, operational structures and ESG performance in environmental, social and governance dimensions.Results; The results show that Shari’ah governance quality leads to a significant improvement in ESG performance with improvement in all dimensions. The number of members on the Shari’ah supervisory board and operational frameworks positively affect ESG outcomes as well. In contrast, little impact on ESG performance was detected when segmented by bank size and market capitalization.Novelty; The study contributes by shedding light on the underexplored aspect of governance through Shari’ah governance as a driver for achieving sustainable practices in the Islamic banking context.Research Implications; The research contributes to enhancing ESG performance in Islamic banks by highlighting the importance of Shari’ah governance, Nigerian policymakers and bank managers striving for convergence of Islamic banking and global sustainability objectives could benefit greatly from the study.
Comparative Analysis of Systems Thinking Application and Its Impact on Organizational Effectiveness in Sharia Banking Sumairah, Sayeeda; Zainon, Edaiay
Journal International Economic Sharia Vol. 1 No. 3 (2024): December
Publisher : Inovasi Analisis Data

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69725/jies.v1i3.144

Abstract

Objective; Lack of ability in Sharia banking institutions to understand the systems of an organization, so that the organization is less effective. It delves into the impact of systems thinking on multiple dimensions of organizational performance such as decision-making, adaptability, strategic planning, employee performance etc.Methods; The study uses a cross-sectional survey design with primary data collected from a self-administered questionnaire distributed to employees across four Sharia banking institutions located in Indonesia, Malaysia, Pakistan and Yemen. The sample is reflected by lower and middle management levels and statistical analysis is carried out using multiple regression and confirmatory factor analysis (CFA).Results; The results show that systems thinking leads to better organizational effectiveness, evident in decision making, adaptability, and strategic planning. It also improves the performance of employees and develops the organizational culture. Furthermore, the relationship between systems thinking and organizational effectiveness was discovered to be moderated through organizational culture.Novelty; The objective of this research was to examine the novelty of systems thinking application particularly in the context of organizational effectiveness for Sharia banking institutions, identifying the cultural factors that affect systems thinking implementation.Research Implications; By providing practical recommendations for the incorporation of systems thinking within their organizational strategies, the research adds to the body of literature on Sharia banking institutions. That implies applying systems thinking leads to greater organizational success and a better outcome over the long run
The Mediating Role of Intellectual Capital in Enhancing Corporate Governance and Financial Efficiency of Islamic Banks Qadri Usman, Saif; Kateby, Olfa; Shuiby, Ubaidillah
Journal International Economic Sharia Vol. 1 No. 3 (2024): December
Publisher : Inovasi Analisis Data

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69725/jies.v1i3.145

Abstract

Objective; This research aims to explore the mediating role of intellectual capital in improving corporate governance and financial efficiency in Islamic banks. It examines the influences of governance mechanisms board size, board independence, CEO duality, and Shariah compliance on financial performance through the strategic management of intellectual capital.Methods; The paper uses panel data covering Islamic banks to examine the relationships between variable corporate governance, intellectual capital human, structural, and relational capital and financial efficiency using ZEQTA, NII and LTD through regression models. It also aims to provide context by incorporating macroeconomic variables to the study of governance and performance.Results; The results of the analysis, both correlational and explanatory, indicate a significant impact of corporate governance on the utilization of intellectual capital, with positive effects on the efficiency of financial performance. The more significant dimension was human capital efficiency, whereas governance elements including board independence and Shariah boards showcased high positive associations with financial performance. Intellectual capital also mediated the relationship between governance practices and financial performance.Novelty; This study resonates novelty when linking intellectual capital as a mediating factor between corporate governance and financial efficiency within Islamic banks, extending the understanding on internal development of the firms through intangible assets and how they contour the financial performance in the specific institution.Research Implications; The findings highlight the role of suitable governance mechanisms in better leveraging intellectual capital leading to higher financial performance of the Islamic banking sector. Future researchers may build on this framework by examining how relationships differ as regulatory institutions change, technology evolves, or macroeconomic conditions shift.
AI Sentiment, Innovation Capability, and Strategic Alignment: Impacts on Islamic Bank Performance Qahtanie, Rafat; Baitsyam, Al Aysan
Journal International Economic Sharia Vol. 1 No. 4 (2025): March
Publisher : Inovasi Analisis Data

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69725/jies.v1i4.213

Abstract

Objective; The purpose of this paper is to examine the influence of AI sentiment, innovation capability, and strategic digital alignment on financial performance of Islamic banks and its moderation by regulatory agility.Methods; Quantitative research through secondary reports, FinBERT sentiment, index-based measures, moderation regression.Results; Results indicate that AI sentiment, innovation capability and strategic digital alignment have significant positive effects on both ROA and ROE, validating their position as antecedents of financial performance. Among these, regulatory agility has a positive direct effect on profitability and strongly moderates such relationships, and particularly increasing the impacts of AI sentiment and digital alignment on asset-based returns. Simple slope analysis also shows that advantages increase stronger for banks in a nimble regulatory environment, whereas equity-based outcomes are less convex in nature regarding regulation.Novelty; This study adds to the literature by combining institutional adaptability with digital and innovation drivers, emphasizing regulatory agility as a performance enhancer of Islamic banking. Connecting micro-level strategies with macro-level regulatory adaptation, the study offers a holistic view that is still missing in finance and management.Research Implication; The results imply that policy makers and practitioners need to develop nimble regulatory frameworks to support innovation and digital transformation initiatives, which in turn sustain financial outcomes while also strengthening ethical compliance and stakeholder trust.
Islamic Sharia Signaling and Ex-Ante Determinants of IPO Initial Returns Karim, Abdul
Journal International Economic Sharia Vol. 1 No. 4 (2025): March
Publisher : Inovasi Analisis Data

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69725/jies.v1i4.251

Abstract

Objective; This paper examines the effect of ex-ante determinants on IPO initial returns and the moderating effect of Shariah compliance. The study combines ethical finance and well-known IPO models to shed new light on under pricing mechanisms.Methods; The study uses a quantitate method of secondary data from IPO prospectus, governance report and financial database. Hypotheses were tested with multiple regression analysis and moderated regression analysis (MRA) and were further supplemented with other robustness checks, and hierarchical regression to establish validity.Results; Results show that market sentiment, oversubscription, certification signals, governance characteristics, and offering attributes form significant determinants of IPO initial return. Moreover, by requiring Shariah compliance, the informational content of these factors is enhanced, investor confidence is increased and speculative perceptions are decreased. The moderator of Shariah compliance mostly amplifies demand-side, certification, governance, and offering effects, albeit to a lesser extent.Novelty; This research is one of the early studies to systematically include Shariah compliance as a moderating variable in IPO research. It combines signaling and certification theories with ethical finance principles, thus connects traditional IPO literature with Islamic and sustainable finance.Research Implication; Practical Implication: Will also provide any investors who are looking for social responsible investments and also the regulators, who wanted to embed ethical terms in the governance of the capital market at world level.The originality of review: This study will contribute to academic theory by further an extention from an imformation symptomy perspective with ethical finance M and suggesting practical advice.
Sukuk, Systemic Risk, and Economic Growth in Emerging Markets Aisyah Putri Wibowo, Nabila; Daryono
Journal International Economic Sharia Vol. 1 No. 4 (2025): March
Publisher : Inovasi Analisis Data

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69725/jies.v1i4.280

Abstract

Objective: The focus of this paper is to examine the effect that the development of the sukuk market has on sustainable economic growth. It also looks at how financial system stability can act as a mediator in developing nations.Methods: Longitudinal panel data analysis will be conducted using advanced econometric tools, focusing on hypothesised relationships such as mediation with a bootstrapping approach.Results: Sukuk development significantly stimulates sustainable economic growth, with Green Sukuk having the most significant impact. Financial system stability is found to be an important mediator between the surplus/nexus and the solidarity/country mechanisms, mediating almost fifty percent of the overall effects. The findings suggest that risk-sharing Sukuk arrangements can significantly enhance financial resilience and sustainable development prospects.Novelty: This study is the first to derive financial fragility as a mediating variable and examine how Islamic capital markets transmit monetary policy to sustainable development. It also explores different Sukuk types within a coherent theoretical framework.Research Implication: The results provide strategic direction for policymakers and financial institutions intending to utilize Islamic finance as a platform for development with sustainable goals, focusing on the necessity of incorporating financial stability concerns into their strategies.
The Impact of Islamic Spiritual Leadership on Digital Public Relations Effectiveness Maysa Bela, Nanda; Daryono
Journal International Economic Sharia Vol. 1 No. 4 (2025): March
Publisher : Inovasi Analisis Data

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69725/jies.v1i4.281

Abstract

Objective: The current study discusses the relationship between the Islamic spiritual leadership and the digital public relations effectiveness while proposing the spiritual-cultural fit as a critical mediator in the organizational contexts based on religion.Methods: This study uses a quantitative survey of communication professionals in organizations associated with Islam, and structural equation modeling for assessing associations between leadership dimensions and digital expression PR outcomes.Results: Islamic spiritual leadership is a fundamental factor in improving digital PR effectiveness, whereby the spiritual–cultural fit could act as a strong mediating variable. These dimensions of communal stewardship, propagation responsibility, eternal accountability, and consultative decision-making together as a part suggest that value congruence is a fundamental principle of digital engagement strategies expected to make a substantial contribution to the success of digital communication, indeed.Novelty: This paper presents a new concept, spiritual-cultural fit, into the public relations literature by integrating leadership theory and the strategic message effectiveness in the context of religion. It introduces a new approach where Western-oriented PR models are balanced and blended with Islamic spirituality into a social media framework.Research Implication: This study lays the groundwork for Islamic Public Relations Theory development and practical guidance for faith-driven organizations experiencing digital transformation. It illustrates how, rather than hindrances, religious values can be strategically employed as assets in digital communications.
Sustainable Economic Model for Islamic Boarding Schools: The Role of Sharia Cooperatives, Halal Certification, and Digital Transformation Ainurrohmah, Syifa’; Rahmawati, Yunaita
Journal International Economic Sharia Vol. 1 No. 4 (2025): March
Publisher : Inovasi Analisis Data

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69725/jies.v1i4.282

Abstract

Objective: The role of integrated economic models on Islamic higher education institutions is to be evaluated in this paper, based on the interdependence of cooperative agribusiness principles, cooperative networks, and cooperative certification systems for sustainable development.Methods: The study design is a cross-sectional survey study. It uses a quantitative approach. This includes multiple regression and hierarchical moderation analysis. Data were collected using structured questionnaires to measure constructs related to economic models, institutional collaboration, and certification frameworks, and these were subjected to appropriate reliability and validity tests.Results: The results indicate robust positive correlations between the central economic framework and sustainability outcomes within institutions. Collaboration among multiple stakeholders will be essential for organizational and participant development. According to the study, these relationships are much stronger thanks to leadership support, specialized knowledge, and technological adoption, forming an ecosystem for sustainable development.Novelty: The novel integrated framework presented in this research successfully bridges traditional values with contemporary economic practices. It introduces unique moderating mechanisms that enhance the effectiveness of core institutional strategies. The study is pioneering in its approach, showing how ethical principles can be integrated with modern development methods in a systematic way.Research Implication: Educational leaders seeking to balance traditional values with economic sustainability will find the findings valuable, as they provide evidence-based strategies for institutional development. Contributions have been made to broader discussions on sustainable educational models by the research, and significant relevance has been demonstrated for institutions navigating the intersection of tradition and modernity.

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