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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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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.
The Impact of Financial Technology, Islamic Financial Literacy, and Behavioral Biases on Investment Decisions in the Sharia Capital Market Rahmi Fauzah, Dhiya; Amaliyah, Kharisma A
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.

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

The development of the number of investors in the Indonesian Capital Market continues to increase year after year, including investors in the Sharia Capital Market. Indeed, this cannot be separated from the investment decisions that the investors have made. This study aims to analyze the effect of Financial Technology, Islamic Financial Literacy, Overconfidence Bias, and Herding Bias on investment decisions in the Sharia Capital Market. This paper presents a new research treatise or a renewable gap in the scope of Islamic Finance because it is more specifically related to investment decisions in Sharia Capital Market and Muslim Investor samples which are different from previous studies. As a quantitative research, this study used Partial Least Square-Structural Equation Model (PLS-SEM) analysis with the help of SmartPLS software and used data from 190 respondents that was collected through the questionnaire method. The result found that Financial Technology, Islamic Financial Literacy, and Overconfidence Bias have positive and significant impacts on Investment Decisions in the Sharia Capital Market, while Herding Bias known to have no positive and significant effects on investment decisions in the Sharia Capital Market. The paper provides empirical evidence that can contribute to the development of knowledge and insight in the field of Economics and Business Islam through Sharia Financial Management research related to Investment Decisions in the Sharia Capital Market, and it is practically helpful for academics, investors, and researchers.
Gold Investment at Hajj Financial Management Agency (BPKH) Damayanti, Mutia Melina; Busnetty, Ida; Amran, Ellyana; Ratnawati, Nirdukita; Soeharjoto
International Journal of Islamic Finance Vol. 2 No. 1 (2024): May 2024
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.v2i1.2160

Abstract

This research aims to analyze the influence of macroeconomic factors on price movements in Pegadaian gold accounts, analyze the factors that BPKH must put into consideration when investing in gold, and analyze the better gold instrument that are more recommended for BPKH between gold bullion and gold accounts. The influence of macroeconomic factors’ analysis on the price movement of Pegadaian gold accounts was carried out using a multiple linear regression method with five independent variables, namely international gold prices, inflation rate, rupiah exchange rate against USD, interest rate, economic growth rate, and one dependent variable, namely price Pegadaian gold account. Meanwhile, analysis of the factors that BPKH must pay attention to when investing in gold and gold instruments is carried out using the ANP (Analytic Network Process) qualitative method. Multiple linear regression analysis shows that the international gold price, exchange rate, inflation rate, and economic growth rate have a significant effect on the price of Pegadaian gold accounts. Meanwhile, the interest rate does not have a significant effect on the price of Pegadaian gold accounts. The variables of international gold prices and the Rupiah exchange rate against USD have a positive correlation, while the variables of inflation rate, reference interest rate and economic growth rate have a negative correlation with the price of Pegadaian gold accounts. The results of ANP data processing confirm the results of multiple linear regression analysis, stating that international gold prices, the Rupiah exchange rate against USD, and the inflation rate are the three main macroeconomic factors that influence gold price movements. The results of the ANP questionnaire processing also state that BPKH needs to pay attention to several factors in investing in gold, namely macroeconomic factors, risk factors and sharia compliance factors. As many as 90% of respondents to the ANP questionnaire recommended Pegadaian gold accounts as a better investment instrument for BPKH considering the mitigation of operational risk and is considered more liquid, referring to Pegadaian buyback policy. Meanwhile, 10% of respondents to the ANP questionnaire preferred gold bullion instruments with clearer sharia contract considerations. In order to diversify as well as to maintain asset value when unstable economic conditions occur, BPKH should increase the gold investment portfolio with maximum limit is 5% of the total investment and/or bank placement of hajj fund. When investing in gold, BPKH should pay attention to the movements in macroeconomic factors, namely international gold prices, exchange rates, inflation rate and economic growth rates. BPKH must also pay attention to risk factors and sharia comply of the gold instrument. Apart from the efforts to increase the financial benefits of hajj fund through optimizing gold investment, the percentage of cost paid by pilgrims also plays an important role in supporting the sustainability of hajj fund. In this case, the the percentage of cost paid by pilgrims should be adjusted rationally. Total hajj cost is also a crucial aspect, especially in the main components such as flight costs, hotels and catering. The efficiency of these components can be strived by collaborating with airlines or aviation fuel providers, purchasing hotels/ apartments in Mecca and/or Medina, and establishing catering factories for Indonesian hajj pilgrims. The initiation of these investment can be explored conjointly with the Ministry of Religion as the organizer of Indonesian Hajj pilgrimage.
The Effect Of Perceived Usefulness and Perceived Convenience on Customer Decision in Using BSI Mobile Shalihah, Bunga Mar'atush; Lidia Desiana; Fernando Africano
International Journal of Islamic Finance Vol. 2 No. 1 (2024): May 2024
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.v2i1.2204

Abstract

Customer decisions are very important for a bank, meaning that a bank must maintain a good reputation in order to create a positive perception for society and customers. Mobile banking is one of the services provided by banking companies to make it easier for customers to make transactions. In using mobile banking, of course it is based on the customer's perception of a service, therefore there are several things that are measured in determining the customer decision, namely perceived usefulness and perceived convenience. This study aims to determine the effect of perceived usefulness and perceived convenience on customer decisions in using BSI Mobile. Collection of customer questionnaires measured using a Likert scale is a data collection method in this study. The population of customers who use BSI Mobile in this study is 6,701 people with the characteristics of active customers who use BSI Mobile in their daily transactions, and the number of samples in this study is 100 people who are determined from the sampling technique, namely purposive sampling. The results obtained using the t test (partial) show that perceived usefulness and perceived convenience have a positive and significant effect on customer decisions in using BSI Mobile.
A Study on the Antecedents of Cardless Withdrawal Adoption at Bank Syariah Indonesia from the Perspective of Generation Z in Yogyakarta Special Region Mochammad Rafi Alfiansyah; Alex Fahrur Riza; Hasan Al Banna; Siti Nur Azizah
International Journal of Islamic Finance Vol. 2 No. 2 (2024): November 2024
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.v2i2.2213

Abstract

Abstract Background: The development and growth of technology in the banking sector, especially in sharia banking services, has a significant impact on consumer behavior, especially among the younger generation/generation Z Objectives: This research aims to determine the factors that influence adoption cardless withdrawal Indonesian sharia bank through the perspective of generation Z D.I.Yogyakarta through approach Technology Acceptance Model 3 (TAM 3). Novelty: The novelty in this research lies in the development of a more comprehensive and specific technology acceptance evaluation model, namely by application Technology Acceptance Model (TAM) in context Cardless Withdrawal on the BSI application mobile banking Research Methodology / Design: In designing this study, the approach applied was a quantitative method. This research was distributed using an online questionnaire in the form of Google Form to 168 respondents who are Generation Z users of the cash withdrawal feature without a BSI card Mobile banking. The data collected was then processed using the SmartPLS 3.0 application for statistical analysis. Findings: The research results show that seven of the eight variables have a positive influence on the adoption of the cardless cash withdrawal feature, while one variable, namely computer anxiety, has a negative influence on the perception of ease of use. These findings indicate that although these features are generally well received by users, certain factors such as technology anxiety remain barriers that need to be overcome. Implication: Theoretically, this research enriches the literature on technology adoption in the Islamic banking sector with empirical evidence regarding the effectiveness of the cardless cash withdrawal feature. Practically, these results can be used by Bank Syariah Indonesia and other financial institutions to improve marketing and product development strategies, as well as to overcome obstacles faced by users in adopting this technology. Thus, this research helps encourage wider and more effective adoption of digital banking technology.
Unveiling Waqf’s Role and Impact on Society Welfare: Deep Study from Indonesia Ahmad Faisal; Suhail; Imam Nur Aziz; Tufail Hussain
International Journal of Islamic Finance Vol. 2 No. 1 (2024): May 2024
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.v2i1.2240

Abstract

Background: Waqf plays an important role in the social life of the people and the Muslim community(Suryana, Ikram & Agustina, 2020) especially in the efforts to combat the poverty because of the scarcity of jobs and. Waqf which success in the history of Islam proves that Islam is able to provide solutions to social security and welfare to its adherents. Waqf in Islamic history is not only a pillar of the welfare of society or individuals, more than that waqf have become a pillar of the nation's economy in building the infrastructure, economy and durability. Objectives: This study analyzes the waqf’s role and impact on society welfare throughout world history and makes a deep study from Indonesia Novelty: Waqf’s role and impact are proven in building three major aspects of human life: economy, knowledge and human resources. Research Methodology / Design: Using triangulation method to increase the credibility and validity of the results by cross-verifying data from different sources or approaches. Findings: We find that waqf’s role and impact always develop from era to era. Waqf’s role in Indonesia has existed since Sultanate era. Masjid, pesantren and university are the most prominent institutions in developing waqf as a tool to enhance society welfare in modern era Implication: Based on the research, this research implications for waqf in unveiling waqf’s role and impact more specific and accurate can be consideration to make waqf as an important tool to enhance micro and macro aspects.
Determining Factors that Influence The Profits of Sharia Life Insurance Companies Registered with The Financial Services Authority for The 2018-2022 Period Alfiani Andari; Sunarsih
International Journal of Islamic Finance Vol. 2 No. 1 (2024): May 2024
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.v2i1.2245

Abstract

Background: The Islamic finance industry in Indonesia, especially the Islamic insurance industry, is experiencing rapid growth. In accordance with the development of Indonesia's sharia finance reported in 2022, the total sharia insurance assets in 2022 were recorded at 45,025 trillion, of which the largest total assets were sourced from sharia life insurance worth 34,891 trillion. Thus, it can be said that sharia general insurance and reinsurance companies. However, the net profit of sharia life insurance has actually decreased in several years. Objectives: This research aims to examine the effect of premium growth ratio, investment returns, underwriting results, risk based capital, and liquidity on the profits of Sharia Life Insurance companies registered with the Financial Services Authority (OJK) for the 2018-2022 period. Novelty: With the existence of research gaps in previous studies, the authors feel the need to conduct this study as a form of re-examining related independent variables, considering the inconsistent results of previous studies. Research Methodology / Design: Sample selection used a purposive sampling method which resulted in a sample of 21 Sharia Life Insurance companies with a total of 105 financial report data. This type of research is quantitative research. Data collection was carried out through secondary data, namely the company's annual report. The analytical method used in this research is panel data regression analysis which is measured using STATA 17 software. The best analysis model chosen in the research is the fixed effect mode. Findings: The research results show that the variables of investment returns and underwriting results have a positive and significant effect on company profits. Meanwhile, the liquidity variable has a negative and significant effect on company profits. Then, the premium growth ratio and risk based capital variables have no effect on company profits. Implication:. It is necessary to add samples and develop them, not only using sharia life insurance companies, but can take examples of sharia general insurance or sharia reinsurance. Further research may also add more variables that could potentially affect profits. The short research deadline, only five years, indicates the need for further research with a wider time span to obtain more precise and accurate results. In addition, further development of this theory is needed to strengthen the research findings
Indonesia Sustainable Funding: Comparative of Standar Screening Securities Crowdfunding and Capital Markets Kefi Miftachul Ulum; Maulida Khairunnisa; Rangga Suganda; Rodhotun Nimah; Fahmi Makraja
International Journal of Islamic Finance Vol. 2 No. 1 (2024): May 2024
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.v2i1.2247

Abstract

Background: Since the occurrence of covid-19, there has been an acceleration in the transformation of the economic cycle with the digital era transforming conventional economic activities towards the digitization of the economy. This has given rise to financial technology as a concept, giving birth to securities crowdfunding instruments. This cycle has become an alternative for sustainable funding suitable for MSMEs, with funding reaching 1 trillion, supporting 481 business units and involving 160,368 investors. Data as of August 2023 shows funding for business units reaching 268 units, with a breakdown of 10 debt, 59 sukuk, and 199 equity fundings, with a comparative percentage of 78% conventional and 22% Sharia-compliant business units. The organization of this funding faces a legal vacuum in terms of standard screening for the issuance of business units being offered. The impact of this research aims to establish or strengthen regulations on standard screening for funding MSMEs in the securities crowdfunding cycle. Objectives: This research focuses on the standard screening and funding mechanisms of Securities crowdfunding and comparative with capital market. Novelty: In funding MSMEs and startup companies, there are no regulations regarding screening standards for sharia issuers/companies, so it needs to be compared with the screening standards used in the capital market. Research Methodology / Design: The legal problem of "Rechtsvacuum" or void of norms is used as an issue in this research, using normative legal research methods that use a statutory approach and a conceptual approach for data in the form of OJK Regulation No. 57 2020, POJK No. 16 2021 and POJK No. 35 2017 and some data from BEI, KSEI and related sources. Descriptive and comparative analysis is used as an analysis method for these data. Findings: The legal problem of "Rechtsvacuum" or void of norms is used as an issue in this research, using normative legal research methods that use a statutory approach and a conceptual approach for data in the form of OJK Regulation No. 57 2020, POJK No. 16 2021 and POJK No. 35 2017 and some data from BEI, KSEI and related sources. Descriptive and comparative analysis is used as an analysis method for these data. The findings from this research reveal that there are no regulations governing screening standards in core business screening and financial ratio screening, so the guidelines used are Financial Services Authority Regulation Number 35 of 2017 concerning Criteria and List of Sharia Securities Used on the Indonesian Stock Exchange, which applies to public companies and does not apply to private securities crowdfunding cycles. Implication: This could have implications for the preparation of screening standards for MSMEs, Startup Companies and companies that receive funding. OJK can update the standard screening regulations by adjusting the economic cycle of securities crowdfunding for medium-small capital, because the standard screening applied in the capital market cannot be applied to securities crowdfunding on the basis of the regulatory argument used by POJK No. 35 2017 specifically for the capital market, based on theory legality, these regulations cannot be used for securities crowdfunding.
How Sukuk Contibutes to SDG's-9 “Industry, Innovation and Infrastruktur” In Indonesia: Opportunities & Challenges: Islamic Finance, sukuk, Sdgs fakhiroh, zakiyatul; Sumardi
International Journal of Islamic Finance Vol. 2 No. 1 (2024): May 2024
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.v2i1.2272

Abstract

Background: The need for infrastructure spending in Indonesia is estimated to reach IDR 6,421 trillion or 6.08% of GDP to achieve medium economic growth in 2020-2024. However, the realization of spending only reached 3.46% of GDP, indicating a large gap in infrastructure financing. Alternative funding sources are needed to support national development. Objectives: This study explores the contribution of sukuk to the achievement of SDG 9, focusing on the opportunities and challenges of its management, as well as optimization strategies for the government and corporations. Novelty: This study fills the literature gap by linking sukuk to SDG 9, expanding the discourse from the financial aspect to the contribution to sustainable development. These findings are expected to contribute to the ongoing debate on the effectiveness of Islamic finance in supporting sustainable development. Research Methodology / Design: Using a descriptive qualitative approach, this study analyzes secondary data from the literature related to sukuk in Indonesia. The data is analyzed descriptively to present facts and findings objectively. Findings: Sukuk contributes significantly to the development of quality infrastructure and supports inclusive industrialization by providing access to finance. Based on the analysis, the opportunities for sukuk to achieve SDG 9 are the growth of the sharia economy (especially sharia finance), investor interest in Indonesian sukuk, the large population of Indonesian Muslims, supporting infrastructure development programs. In addition, there are also challenges that need to be faced such as credit risk, limited information on the sharia capital market, lack of understanding of issuers, investors and the public about sukuk, limited traded instruments, and liquidity risk. Implication: This study highlights theoretical implications by expanding the understanding of the role of Islamic finance in achieving sustainable development goals. Practically, this study provides insight for policy makers and corporate managers on how to utilize sukuk for sustainable industrial and infrastructure development. Recommendations include improving the regulatory framework, increasing awareness of sukuk, and encouraging an environment that supports the issuance and management of sukuk.
Perceptions of Economics Students on Determining Their Intention to Perform Retail Sukuk: Case study Universities in Jambi5. Hamzah, Maulana; Ladini, Urwawuska
International Journal of Islamic Finance Vol. 2 No. 2 (2024): November 2024
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.v2i2.2305

Abstract

Background: Students with economic background should ideally have literacy related to the capital market and the products included in it, including sukuk. Objectives: This study aims to see the effect of accessibility, guarantees, rewards and understanding of sharia on students' interest in buying sukuk, especially in this context retail sukuk. Novelty: Compared to previous research, this research focuses more on how students in Jambi, especially those majoring in economics and related fields, practicing investment, especially in sukuk. Research Methodology: This study uses a quantitative approach using the PLS-SEM (Partial Least Square-Structural Equation Modeling) analysis tool. This research involved 598 respondents from students of economics which came from various campuses in Jambi province. Findings: The results of the study show that all valid variables, convenience, security, ujroh and shariah variables have a 77% influence on student interest as indicated by the value of r square. Sharia latent variable is the variable that has the greatest influence among other variables. Implication: Based on the research results, the socialization of sharia values ​​in sukuk needs to be encouraged by related parties to increase the active role of students in sharia investment59

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