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International Journal of Islamic Finance (IJIF)
Published by Universitas Islam Negeri Sunan Kalijaga Yogyakarta
ISSN : -     EISSN : 30318068     DOI : https://doi.org/10.14421
Core Subject : Religion, Economy,
Religion Economics, Econometrics & Finance
International Journal of Islamic Finance (IJIF) is open access, peer-reviewed journal whose objective is to publish original research papers related to Islamic Finance. The studies highlight Islamic Finance issues like Complexity of Shariah Compliance, Lack of Standardization, Limited Product Diversity, Risk Management Challenges, Costs and Profitability, Innovation and Technology, Global Regulatory Framework, Lack of Awareness, Ethical Concerns, Integration with Conventional Finance. Despite these challenges, Islamic finance has been steadily growing and evolving. Efforts are being made to address these issues and promote greater awareness and adoption of Islamic financial principles in both Muslim-majority and non-Muslim-majority countries.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 31 Documents
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Implementation of Islamic Economics: A Study of Pragmatic Thinking by Charles S. Peirce, Amin Abdullah, and Kim Knott Melis; Abdullah, Amin
International Journal of Islamic Finance Vol. 1 No. 1 (2023): May 2023
Publisher : Department of Islamic Financial Management, Faculty of Economics and Islamic Business, Sunan Kalijaga State Islamic University, Yogyakarta, Indonesia.

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Abstract

Background: As Charles S. Pierce believed in his book "Contemporary Introductions" by Milton K. Munits. According to Munitz, science's contribution to the advancement of human civilization cannot be separated. In his book Religious Studies Normativity or Historicity? Amen Abdullah noted that the pursuit of knowledge never comes to an end at any particular point but rather goes on more research and investigation are done to better understand the circumstances and conditions of human life. Novelty: The use of Maqashid Sharia in determining islamic economics ideas. Objectives: The purpose of this paper is to discuss ideas regarding current happenings. Regarding Islamic economics in Indonesia, clearly, objectively, and analytically. Present-day Islamic economics still has a conceptual and practical gap. Therefore, using an Islamic law/maqashid sharia approach to determine the meaning of economic ideas in Islam takes a while. One of the attempts to overcome the development of Islamic economic principles in the study of the philosophy of Islamic sciences Research Methodology / Design: This study uses a literature review methodology and is qualitative in nature. Findings: According to Pierce, the pragmatic approach focuses primarily on the process of scientific inquiry as well as the classification of concepts and the means by which they are believed. According to Kim Knott, the process of finding meaning involves inquiry and the participation of academics from both inside and outside groups. Implication: Dismantling critical thinking using a critical paradigm is one of the methods used in studying the philosophy of Islamic sciences to impede the growth of Islamic economic conceptions and thought.
Getting to Know Non-Fungible Tokens (NFT) and Decentralized Finance (DeFi) In The Era of Society 5.0 Kadir, Syahruddin; RAH, Abdu Rahman; Yusuf, Nur Indri Andriyani
International Journal of Islamic Finance Vol. 1 No. 2 (2023): November 2023
Publisher : Department of Islamic Financial Management, Faculty of Economics and Islamic Business, Sunan Kalijaga State Islamic University, Yogyakarta, Indonesia.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/ijif.v1i2.2020

Abstract

Background: In 2022 a student traded his selfies for a profit of 1.7 billion rupiah and managed to attract the attention of the world community. Objectives: This research aims to review the concepts of NFT and DeFi and to determine their utilization value. Novelty: Value of benefits (Maqashid Sharia) in NFT and DeFi Research Methodology / Design: The method used is a literature study with a phenomenological approach and the grand theory is analyzed using a constant comparison technique (qualitative). Findings: The research results explain that NFT is a digital work such as art, music, and photos that are traded using blockchain technology. DeFi is a financial ecosystem built by blockchain technology by providing financial services using cryptocurrency as an investment tool with easy and transparent access without being controlled by any financial institution. DeFi and NFT will build a more advanced financial industry by presenting decentralized financial services in the era of society 5.0. With just an internet connection and a compatible device, people can access various financial services without having to rely on account books, mobile banking, and so on. Implication: Its presence will open up new avenues for digital financial technology in the future. NFT and DeFi contain beneficial values in terms of maqashid sharia, namely hifzu al-din (protecting religion), hifzu al-'aql (protecting reason), hifzu al-nafs (protecting the soul), hifzu al-nasl (protecting offspring, and hifzu al-mal (protecting property).
Is The Investment Account The Blue Ocean of Islamic Banking? Syafril, Syafwendi
International Journal of Islamic Finance Vol. 1 No. 2 (2023): November 2023
Publisher : Department of Islamic Financial Management, Faculty of Economics and Islamic Business, Sunan Kalijaga State Islamic University, Yogyakarta, Indonesia.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/ijif.v1i2.2021

Abstract

Background: Profit-Loss Sharing (PLS) and prohibition of interest are fundamental principles of Islamic banking. However, Islamic banking practice today seems move away from the ideal concept which is promoting PLS. Most of Islamic bank engage with less risky product and heavily relies on debt-based financing such as Murabaha. Objectives: This study aims to discuss the opportunity and challenge in offering PLS instrument to financial customer as blue ocean strategy of Islamic bank. Novelty: Islamic bank is expected to increase the portion of PLS instrument by offering investment account to support real sector growth. Additionally, this study provides economic rationale behind PLS instrument that Islamic banking may take into account. Research Methodology / Design: a qualitative approached is employed to identify the challenge and opportunity of using PLS in investment account. Data is collected from journal articles, book, and other documented sources. The content analysis is performed to investigate economic rationale behind investment account product and factors that make the instrument less popular among Islamic banking institution Findings: Profit and sharing investment account (PSIA) helps to overall employment creation by investing in real economic sector developments. Additionally, PSIA creates potential for equitable income distribution through wise capital allocation, by channeling capital units to micro, small, and medium-sized firms. Implication: The study can enrich Islamic finance literature in area of Islamic banking with regard to utilization of profit and sharing instrument for supporting real economic sector.
The Role of Green Economy in Climate Change Mitigation Firnando, Hero Gefthi
International Journal of Islamic Finance Vol. 1 No. 1 (2023): May 2023
Publisher : Department of Islamic Financial Management, Faculty of Economics and Islamic Business, Sunan Kalijaga State Islamic University, Yogyakarta, Indonesia.

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Abstract

Abstract As the world confronts the escalating challenges of climate change, the role of the green economy has come to the forefront in the quest for effective mitigation strategies. This paper, titled "The Role of Green Economy in Climate Change Mitigation," delves into the pivotal relationship between green economic practices and the mitigation of climate change impacts. The green economy, characterized by sustainable and environmentally responsible practices, presents a paradigm shift in economic development. This research investigates how the adoption of green economic principles and initiatives can significantly contribute to reducing greenhouse gas emissions, enhancing energy efficiency, and fostering a more sustainable relationship between society and the environment. Through a comprehensive review of existing literature, case studies, and policy analyses, this study examines the multifaceted dimensions of the green economy's role in climate change mitigation. It explores the impact of green technologies, renewable energy sources, sustainable transportation, and circular economy models on mitigating the adverse effects of climate change. The findings highlight the potential of the green economy as a catalyst for climate action, offering not only economic growth but also a path towards a low-carbon and climate-resilient future. The research underscores the importance of integrating green economic principles into national and international climate policies, emphasizing the need for collaborative efforts across sectors to address one of the most pressing global challenges of our time. This study serves as a valuable resource for policymakers, environmental advocates, and stakeholders interested in harnessing the transformative power of the green economy to mitigate climate change and secure a sustainable future for all.
Islamic Progressive and Sharia Banking Problems During Covid-19 Pandemic Trimulato
International Journal of Islamic Finance Vol. 1 No. 1 (2023): May 2023
Publisher : Department of Islamic Financial Management, Faculty of Economics and Islamic Business, Sunan Kalijaga State Islamic University, Yogyakarta, Indonesia.

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Abstract

Background: The emergence of the Covid-19 pandemic has caused several sectors to be badly affected. Including sharia banking as an affected institution resulting in decreased performance. In conditions like these, Islamic banks still have to survive to be able to provide the best service and maintain the trustworthiness of customer funds. Objectives: The purpose this study to determine development sharia banking, and progressive Islamic thought for sharia banking problems. Novelty: The concept of Progressive Islamic can be a reference in maintaining stability and protecting Islamic banks from various problems during the Covid-19 pandemic. Research Methodology / Design: The method used this research is field research, using qualitative. The Sources used study are secondary data, from various sources considered relevant research theme. The data analysis technique used research is descriptive qualitative, which describes the development of sharia banking and the role of progressive Islam for sharia banking problems. Findings: This study indicate growth sharia banking during covid-19 pandemic period April 2020 to April 2021. Sharia banking assets grew 13.96 percent, Third Party Funds grew 14.16 percent, financing grew 7.96 percent, income grew 1.43 percent, and non-performing financing grew by 4.83 percent. Sharia banking must be more open to suggestions or responses from various parties as a form of improvement. The input can be sourced from anywhere that is in line with the concept of sharia banking itself. One of them is from progressive Islam itself, which focuses on many things in society. Among them is the focus of progressive Islam, namely on justice, this must be a reference for Islamic banks for their activities. Because justice is also the goal of Islamic economics and following sharia law. Implication: Some of the concepts and values of Islamic progressive can be adopted by sharia banking in overcoming several problems that have arisen due to the Covid-19 pandemic. such as carrying out various product developments and updating services by maximizing technology-based services.
Potential Development of Islamic Fintech in Supporting the Growth of the Halal Industry Iman Supriadi; Maghfiroh, Rahma Ulfa; Abadi, Rukhul
International Journal of Islamic Finance Vol. 1 No. 2 (2023): November 2023
Publisher : Department of Islamic Financial Management, Faculty of Economics and Islamic Business, Sunan Kalijaga State Islamic University, Yogyakarta, Indonesia.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/ijif.v1i2.2029

Abstract

Background: The halal industry and Islamic fintech are two sectors that are growing rapidly. Both have great potential to support the growth of the Islamic economy and finance. However, there is still potential that has yet to be fully utilized in the development of Islamic fintech to support the growth of the halal industry. Objectives: This paper aims to identify the potential development of Islamic fintech in supporting the growth of the halal industry and analyze the implications of such development. Novelty: This study provides a deeper understanding of the potential and implications of the development of Islamic fintech in the context of the halal industry. This study also guides industry players in utilizing Islamic fintech to support the growth of the halal industry and strengthen the literature and knowledge related to the development of Islamic fintech in the context of the halal industry. Research Methodology / Design: This study uses a qualitative research approach by conducting a literature review on the development of Islamic fintech and the halal industry. The data obtained is compiled and analyzed to identify the potential development of Islamic fintech in supporting the growth of the halal industry. Findings: This study reveals several important findings. First, government involvement in regulatory development has supported the growth of Islamic fintech in the halal industry. Second, collaboration between the technology industry and the financial sector has accelerated the progress of Islamic fintech and optimized financial accessibility in the halal industry. Third, the improvement of Islamic financial literacy and education is an important factor in increasing the adoption of Islamic fintech in the halal industry. Lastly, the utilization of appropriate technologies, such as blockchain and artificial intelligence, has boosted the growth of the halal industry through Islamic fintech. Implication: The development of Islamic fintech can make a positive contribution to the growth of the halal industry by providing financial solutions that comply with Sharia principles. This opens up opportunities to increase the competitiveness of the halal industry globally. The implications of this study can also serve as a guide for the government, technology industry, Islamic financial institutions, and halal industry players in optimizing the development of Islamic fintech and increasing financial inclusion in the halal industry.
The Effect Of Utilization Of Productive Zakat Funds On Mustahik Empowerment at BAZNAS Gorontalo Regency Perdana, Dian Adi; Apriani, Ibnu; Macpal, Sunandar
International Journal of Islamic Finance Vol. 1 No. 1 (2023): May 2023
Publisher : Department of Islamic Financial Management, Faculty of Economics and Islamic Business, Sunan Kalijaga State Islamic University, Yogyakarta, Indonesia.

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Abstract

Background: Productive zakat is distributed to mustahiq to support economic development and the benefits can be felt. The aim of productive zakat is to provide a sustainable impact in alleviating poverty and improving the welfare of the people through a consistently productive economy. The phenomenon at BAZNAS Gorontalo Regency is that there needs to be socialization of productive zakat for the development of human resources and a comprehensive productive zakat movement program. Objectives: The aim of the research is to analyze the effect of utilizing productive zakat funds on the empowerment of mustahiq and to analyze the differences in the influence of utilizing productive zakat funds on empowering mustahiq. Novelty: The novelty of the research is to provide zakat analysis on the productive zakat aspect in small areas which has great potential for community economic empowerment and improving the quality of life of the community. Research Methodology / Design: This research approach uses quantitative methods, sampling methods using questionnaires, interviews and observations with quantitative descriptive analysis methods. The population in this study was 15% of the total mustahiq population. Findings: Even though productive zakat has an influence on the empowerment of mustahiq, there are some who fail to maintain, use and allocate productive zakat funds to their businesses so that they do not develop, and there are even minimal changes to the mustahiq. Implication: The impact of the research is the need to continue to increase the allocation of zakat funds for productive activities in order to build economic independence and welfare of mustahiq, maximize the use of zakat funds with regular training for mustahiq, and monitoring in the form of capital coverage reports provided in the form of financial reports to be more professional in managing zakat funds and the use of productive zakat funds is businesslike and serious in carrying out its business to empower mustahik.
Performance Analysis of Islamic Commercial Banks for the Period 2017-2021. Kurniawan, Muhammad Rifki; Sadeli; Utomo, Humam Santosa
International Journal of Islamic Finance Vol. 1 No. 2 (2023): November 2023
Publisher : Department of Islamic Financial Management, Faculty of Economics and Islamic Business, Sunan Kalijaga State Islamic University, Yogyakarta, Indonesia.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/ijif.v1i2.2031

Abstract

Banking has a significant influence on the economic activities of a country. The banking sector in Indonesia is currently experiencing rapid growth. One of the banks that is growing rapidly is Islamic banking. The development of Islamic banking must demonstrate sufficient performance in building trust among shareholders in their investments. To achieve this trust, it is necessary to measure the performance of Islamic banks, hence the need for a tool that can evaluate and measure the performance of these Islamic banks. The assessment of the financial performance of Islamic banks not only focuses on financial aspects but also requires an evaluation of their performance in accordance with Sharia principles to build trust among stakeholders. This research aims to determine the performance level of registered Islamic commercial banks in the financial services authority using the Islamicity Performance Index and RGEC methods for the years 2017-2021. This type of research is descriptive research with a quantitative approach. Data were obtained through documentation techniques. Data analysis techniques utilized the Islamicity Performance Index and RGEC methods. This research introduces novelty in its research methodology. Many studies typically focus on a single method, while this research employs two methods simultaneously. Additionally, this study utilizes the most recent data. The type of research is descriptive research using a non-statistical quantitative approach. The data used in this study are secondary data. The data collection technique in this research is the documentation method. The sampling technique in this study is non-probability sampling. The data analysis technique in this research involves descriptive statistical analysis using the Islamicity Performance Index and RGEC methods. The research results indicate that the assessment of the performance level of Islamic commercial banks using the Islamicity Performance Index method for the years 2017-2021 falls under the category of less satisfactory in terms of spirituality. The values for the respective years were 2.375, 2.375, 2.5, 2.5, and 2.625. The evaluation of the performance of Islamic commercial banks using the RGEC method in 2017 showed that the banks' performance was in Composite Rank 3 (PK-3) with a score of 66.67%, indicating a moderately healthy category. Meanwhile, for the years 2018-2021, the performance of the banks was in Composite Rank 2 (PK-2) which falls under the healthy category, with scores of 80%, 80%, 76.67%, and 76.67% respectively. The suggestions from this research are that Islamic commercial banks should be able to improve the company's profits, zakat, dividend distribution, and qard & donation. The banks are also expected to enhance their effectiveness in obtaining company profits, as some banks are still experiencing negative profit values. Subsequent researchers are encouraged to conduct further research, including accuracy testing on the Islamicity Performance Index and RGEC methods.
Synergy of Islamic Social Finance and SMEs in Economic Recovery Due to The Covid-19 Pandemic Isman, Ainul Fatha; Mansir, Amalia Undip Putri; Sidang, Nur Khaerat
International Journal of Islamic Finance Vol. 1 No. 2 (2023): November 2023
Publisher : Department of Islamic Financial Management, Faculty of Economics and Islamic Business, Sunan Kalijaga State Islamic University, Yogyakarta, Indonesia.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/ijif.v1i2.2032

Abstract

Background: The existence of MSMEs in Indonesia constitutes the most significant part of the national economy and indicates community participation in various sectors of economic activity. One of the solutions offered in facing the financial crisis is the Islamic social finance sector. Objectives: The research aims to analyze concepts in dealing with the economic crisis caused by the Covid-19 pandemic in Indonesia. Novelty: The novelty of the research contains ideas for SMEs in economic recovery after the Covid-19 pandemic using an Islamic philanthropic approach. Research Methodology / Design: This research method is qualitative descriptive analysis with an inductive reasoning approach through content analysis and library research. Findings: The results of this research show that efforts are needed to recover the economy due to the Covid-19 pandemic by synergizing the concept of philanthropy, namely Zakat, Infaq, Shadaqah, and Waqaf (ZISWAF) with MSMEs, namely optimizing the collection and distribution of ZISWAF funds by implementing GCG (Good Corporate Governance). Collecting digital-based ZISWAF funds, mapping the distribution of regional-based ZISWAF funds, and developing MSMEs by strengthening capital, developing potential businesses, strengthening technology-based MSMEs, and empowering MSMEs based on regional potential.. Implication: Based on the research, this research implications for SMEs in business recovery with various funding innovations and business development models.
Determinants of Interest In Using Sharia Peer To Peer Lending In Indonesia Sumarnah, Riski
International Journal of Islamic Finance Vol. 1 No. 1 (2023): May 2023
Publisher : Department of Islamic Financial Management, Faculty of Economics and Islamic Business, Sunan Kalijaga State Islamic University, Yogyakarta, Indonesia.

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Abstract

Background: Many business actors are turning financial service technology, namely financial technology or what is known as fintech, into an innovation to survive in their business. One of the Sharia fintech products is a Sharia peer-to-peer lending service that brings together lenders and borrowers. The presence of peer-to-peer lending will make it easier for people to provide loans or apply for loan funds for various purposes without using the services of financial institutions as intermediaries. Objectives: This research aims to determine whether financial literacy, digital literacy, Perceived Usefulness, Perceived Ease of Use, and subjective norms influence a person's interest in using Sharia peer-to-peer lending. Novelty: This research has differences in case studies, namely: it focuses more on fintech products, namely Sharia peer-to-peer lending. Then include the digital literacy variable because there is not much research that focuses on the influence of digital literacy on interest in using sharia peer-to-peer lending. Research Methodology / Design: This research uses a quantitative approach, with primary data from 180 respondents which is then processed using a partial-least square structural equation modeling (PLS-SEM) approach with the help of the Smart-PLS 4 analysis tool. Findings: The results of this research show that financial literacy and digital literacy do not significantly influence interest in using sharia peer-to-peer lending in Indonesia. Meanwhile, Perceived Usefulness, Perceived Ease of Use, and subjective norms significantly influence interest in using sharia peer-to-peer lending in Indonesia. Implication: It is highly recommended that related companies continue to socialize the security and legality of the new Sharia Peer Peer Lending application to educate the Indonesian people about financial and digital literacy.

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