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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 6 Documents
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Search results for , issue "Vol. 1 No. 2 (2023): November 2023" : 6 Documents clear
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.
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.
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.
Analysis of Problems Collecting Zakat Funds in Zakat Amil Institution (LAZ) Yogyakarta Special Region Neli Rahma Wanti
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.v1i2.2037

Abstract

As a province with a majority Muslim population, the Yogyakarta Special Region plays an active role in collecting, managing, and distributing zakat funds to alleviate poverty. However, the amount of zakat funds collected is not commensurate with its potential. This research aims to analyze priority problems, solutions, and strategies in the problem of optimizing the collection of zakat funds carried out by the Amil Zakat Institution (LAZ) in DIY from various aspects. This research uses a mixed method type of research which combines qualitative and quantitative research with data analysis techniques using the Analytic Network Process (ANP) method with the help of Super Decisions software. The data sources in this research are primary data and secondary data which include interviews, questionnaire distribution, and document techniques. Sampling in this study used a purposive sampling method by taking six informants consisting of one expert and five zakat practitioners in DIY to formulate priorities in the problem areas, solutions, and strategies for three aspects, namely government, LAZ, and society. The research results show that the priority problem from the government aspect is grand design or strategic planning. Meanwhile, the priority problem in the LAZ aspect is the professionalization of LAZ and the priority problem in society is community intensity. The priority solutions from the government, LAZ, and community aspects are, respectively, standardization of reporting, promotion, and socialization of zakat, and public knowledge. The strategic priorities that need to be carried out sequentially are regulations, facilities, and institutional standardization. This research shows that there is a need for regional regulations governing zakat in DIY, improving amil performance, and increasing public knowledge about zakat.

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