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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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Exploring Education Zakat across Various States in Malaysia and its Determinants Ariffin, Muhammad Irwan; Mohd Hamizi , Nurlisya Addina Farahin; Mohd Shafe’e, Nur Faezah; Adan, Ramla Abdi
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.v2i2.2312

Abstract

Background: Zakat is an important Islamic financial tool that contributes to socioeconomic development, including education, by redistributing wealth to those in need. In Malaysia, state governments manage zakat collection and distribution, with significant variation across states in how education zakat is handled. Objectives: This study aims to compare the distribution and impact of education zakat across different Malaysian states, focusing on zakat office in Higher Education Institutions (HEIs) and other factors that influence education zakat effects. Novelty: This study offers a unique contribution by comparing education zakat across states in Malaysia and examining the determinants that lead to effective education zakat outcomes, with a special focus on zakat office in HEIs. Research Methodology / Design: A qualitative research methodology is employed, combining library research on zakat practices across states with unstructured interviews from officials at zakat offices in HEIs. The fi sabilillah category is used as the best proxy for education zakat to isolate zakat given due to poverty reasons. Findings: The results indicate significant disparities in zakat allocation for education across Malaysian states. For instance, Sarawak allocated the highest percentage of zakat for education, while Selangor allocated the lowest. Factors influencing these differences include availability of wide range of zakat schemes, the extension of asnaf categories, and student perceptions of zakat management systems. Implication: Findings suggest that diverse zakat scheme, broader asnaf categories, and positive perception among students on zakat management in HEIs could enhance the impact of education zakat. States with higher allocation for education zakat has the potential to enjoy improved educational outcomes. Encouraging other states to adopt good practices, including those seen in HEIs, can help enhance the impact of education zakat, leading to more efficient resource allocation and greater educational equity across Malaysia.
A New Connectedness Trends in Islamic Finance: A bibliometric Analysis of Biodiversity, Sustainability, and Social Impacts: English Sakdiyah, Nur Halimatus
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.v2i2.2313

Abstract

Background: Islamic finance after COVID-19 has become the main focus of Islamic economic observers in paying attention to sustainability. The issue of sustainability is the goal of the Islamic finance process in solving problems such as the scarcity of green biodiversity. Indonesia is a mega biodiversity country that is very beneficial for society. In this case, Islamic biodiversity financing needs attention in order to benefit the social community. The level of measurement of social community utilization through welfare indicators by paying attention to public health.Objectives: This research aims to map the current relevance of Islamic finance in addressing issues on three variables: biodiversity, sustainability, and social impact.Novelty: Through this research, SDG observers can inspire further exploration and linkages so as to analyze sustainable Islamic financial instruments after the SDGs program.Research Methodology/Design: This study uses bibliometric methods with 3 research linkage analyses namely Co-Authorship, Co-Occurance, and Coupling Bibliometrics with databases drawn from dimensions. Using artificial intelligence such as VOSviewer, we uncover publication trends, researchers who focus on these studies, and bibliographic integration in the field.Findings: The results show that there are interrelationships between variables with two Islamic financial instruments being the top two transactions that are interrelated and beneficial to the relationships between variables. This study provides valuable recommendations for future research to enhance our understanding of the implications of other Islamic financial instruments for their relationship with biodiversity, sustainability, and social impact. However, researchers must acknowledge that the exclusively reviewed literature indexed by Scopus is limited. Through this study, the researcher hopes to inspire further exploration and be able to analyze sustainable Islamic financial instruments post-SDG programImplication: This research can have implications for future researchers, state regulations, and companies that focus on sustainability. Megabiodiversity countries can update regulations on the provisions of sustainability standards by adjusting the connection between biodiversity as an asset to achieve sustainability, which will have an impact on the country's society. because the sustainability regulation standards to date are still not well implemented in mega biodiversity countries, one of which is the GRI standard, and UN unit countries can make this connection as a basic reference for programs after SDGs.Keywords: Islamic finance, Biodiversity, Sustainability, social impact,JEL Classification code :F64, Q51,Q56
Resolution of Sharia Economic Disputes: A Case Study on Default in Murabahah Contracts Umihani; Hesti Kamariah
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.v2i2.2322

Abstract

Background: The increasing significance of sharia economics in Indonesia necessitates a thorough understanding of the judicial processes involved in resolving related disputes. This paper focuses on a specific case, sharia economic dispute No. 398/Pdt.G/2021/PA.Btl, to explore the judge's considerations and the legal frameworks at play. Objectives: The primary objective of this research is to analyze the judge’s considerations in the resolution of the mentioned sharia economic dispute. It aims to assess whether these considerations align with existing legal frameworks and principles, particularly in relation to the murabahah contract. Novelty: This study contributes to the existing body of literature by providing an empirical normative analysis of a real case, highlighting discrepancies between judicial considerations and legal sources. It underscores the need for consistency in applying legal principles within sharia economic disputes, thereby filling a gap in current academic discussions. Research Methodology: The research employs a qualitative approach, utilizing empirical normative research techniques. Primary data is gathered from relevant dispute decisions, while secondary data consists of legal texts and scholarly readings. The analysis follows a deductive method, employing Gustav Radbruch’s theory of legal certainty to evaluate the findings. Findings: The study reveals that the dispute was initiated as an ordinary lawsuit but could have been resolved through a simpler process as outlined in PERMA No. 4 of 2019. Furthermore, the judge's considerations did not adequately reflect the specifics of the murabahah contract. The analysis indicates a failure to adhere to the hierarchy of positive legal sources, including a lack of reference to the KHES, resulting in a violation of the principle of legal certainty. Implication: The findings suggest a critical need for judges in sharia economic disputes to align their considerations with established legal frameworks to uphold legal certainty. This study advocates for enhanced judicial training and clearer guidelines to ensure consistent application of laws in sharia finance, ultimately contributing to the stability and integrity of sharia economic practices in Indonesia.
Generation Z's Interest in Investing in The Islamic Capital Market (Study Case: Generation Z in South Sulawesi, Indonesia) Salam, Husnaeni
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.v2i2.2324

Abstract

Background: Indonesian government has made efforts to develop the sharia capital market so that the sharia financial market in Indonesia continues to grow rapidly as in previous years. The intended strategies include developing sharia capital market products, strengthening and developing sharia capital market infrastructure, increasing literacy and financial inclusion of the sharia capital market, and strengthening synergy with stakeholders. From an Islamic perspective, investment is also considered something important and recommended. Investments made by a Muslim are expected to be a form of effort in seeking Allah's pleasure and fulfilling their needs as social beings on this earth. Investment in this case is certainly an investment activity that does not conflict with Islamic law. However, based on the Sharia Capital Market Update for the June 2022 period, the number of SID recorded for ownership of sharia mutual funds, corporate sukuk and sharia shares was only 2,455,239 SID (ojk.go.id). This number is relatively small when compared to the total number of SIDs in the capital market which reached 10,000,628 in the November 2022 period (ksei.co.id). In fact, Indonesia is one of the countries with a majority Muslim population. Based on data from the Directorate General of Population and Civil Registration of the Ministry of Home Affairs, it states that 86.88% are Muslim. Objectives: The research aims must be clearly explained. This research will focus on the generation Z which currently dominates the community as a research object, especially those domiciled in South Sulawesi Province. Sulawesi Province is in eighth position as the province with the largest number of SIDs in the July 2023 period in Indonesia and is the province with the largest number of SIDs in Eastern Indonesia. Where eastern Indonesia includes the islands of Sulawesi, the Maluku Islands, the Nusa Tenggara Islands, Bali and Papua. However, the number of SIDs in South Sulawesi only reached 3% of the total population in South Sulawesi in June 2023 which was 9,312,019. Novelty: Based on several previous studies, it can be seen that there will be inconsistent findings. Therefore, researchers want to conduct research related to investment interest as an endogenous variable and use investment knowledge, Sharia financial literacy, and investment motivation as exogenous variables. In addition, researchers use financial self-efficacy as a moderating variable to see its effect on the relationship between exogenous and endogenous variables. Research Methodology/Design: This research is a type of quantitative research, using a survey method through a questionnaire containing questions/indicators. The population of this research is generation Z in South Sulawesi province. This study will use Partial Least Squares Structural Equation Modeling (PLS-SEM). Findings: The results showed that Islamic financial literacy and investment motivation partially affect investment interest. However, investment knowledge was found to have no effect on investment interest in the Islamic capital market. Meanwhile, financial self-efficacy moderates the relationship between investment knowledge and Islamic financial literacy on investment interest, but financial self-efficacy does not moderate the relationship between investment motivation and investment interest. Implication: For future researchers, it is expected to use a larger number of samples in order to represent the entire population and produce more accurate research results, as well as look for other more specific variables, which may affect investment interest in the Islamic capital market.
The Influence of Perceived Decision Difficulty on Online Cart Abandonment in The Apparel Industry Aisy, Rihadathul
International Journal of Islamic Finance Vol. 3 No. 1 (2025): May 2025
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.v3i1.2297

Abstract

  Background: Cart abandonment occurs when online shoppers add items to their virtual carts but leave the website or app before completing the purchase. This issue is particularly prevalent in the apparel industry, which has a cart abandonment rate of 77%, higher than the global average of 69.99%. This high rate poses a significant challenge to maximizing sales and customer retention, despite the industry's rapid growth. Objectives: This study aims to explore the factors contributing to the high rate of cart abandonment in the online apparel industry, with a specific focus on understanding the role of perceived decision difficulty in this phenomenon. Novelty: While previous research has addressed various aspects of online shopping behavior, this study uniquely examines how perceived decision difficulty, influenced by product attributes, consumer knowledge, maximization behavior, and physical intangibility, contributes to cart abandonment in the apparel sector. Research Methodology / Design: This quantitative study surveyed over 200 recent online apparel buyers using a purposive sampling approach. Data were collected via a structured questionnaire and analyzed using Structural Equation Modeling (SEM) to explore relationships among variables. Findings: The study found that while product attributes and consumer knowledge enhance decision-making, they do not significantly reduce perceived decision difficulty due to the complexity and cognitive effort required. Maximization behavior increases choice conflicts but does not directly impact decision difficulty. Physical intangibility, or the inability to examine apparel in person, exacerbates decision difficulty and increases uncertainty. High perceived decision difficulty, driven by choice conflicts and physical intangibility, is a significant factor contributing to cart abandonment. Implication: Enhancing product information and introducing decision support tools like virtual fitting rooms could reduce decision difficulty and lower cart abandonment rates. 
Analysis of the Performance of Islamic Commercial Banks in Indonesia in 2021-2023: Maqashid Sharia Index and Islamicity Performance Index Approach Moch Anshori; Tachiyat
International Journal of Islamic Finance Vol. 3 No. 1 (2025): May 2025
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.v3i1.2320

Abstract

Background: The Islamic banking sector in Indonesia has seen rapid growth. To support this expansion, performance measurement methods adhering to Shariah principles are essential.Objectives: This study evaluates the performance of Islamic Commercial Banks (ICBs) in Indonesia using the Maqashid Syariah Index (MSI) and the Islamicity Performance Index (IPI).Novelty: Unlike previous studies, this research addresses gaps in prior findings and reexamines the alignment of Islamic banking practices with Shariah principles.Research Methodology / Design: A purposive sampling technique was employed to select 10 ICBs. The study adopts a quantitative approach using secondary data from financial reports and applies descriptive analysis to assess bank performance.Findings: The results reveal that many ICBs in Indonesia do not fully align with MSI or IPI metrics, indicating inconsistencies in achieving Shariah objectives.Implication: Further research with expanded sample sizes and refined methodologies is essential. Islamic banks must enhance the transparency and comprehensiveness of financial disclosures to better reflect Shariah compliance. Additionally, theoretical advancements are required to bridge gaps in current performance measurement frameworks.
A Behavioral Analysis Behind the Intention to Adopt Islamic Financial Products and Services in Malaysia: Underpinning Social Cognitive Theory Zulfaka, Auni; Kassim, Salina
International Journal of Islamic Finance Vol. 3 No. 1 (2025): May 2025
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.v3i1.2335

Abstract

The growing global Muslim population and the increasing demand for halal products have also spurred interest in Islamic financial services, where the interplay between sacred and profane influences consumer choices. However, the market share of Islamic banking in Malaysia is still overshadowed by conventional banking, with only 33.4% of total deposits in 2018 attributed to Islamic banks. This indicates a significant challenge in attracting customers, where psychological factors play crucial roles in influencing behavioral intentions to adopt Islamic banking services. The study attempts to discover and provide an understanding on the ‘determinants factors on intention to adopt Islamic financial products and services with the integration of Social Cognitive Theory, Islamic financial literacy and the financial behavior of the consumer in Malaysia’. Partial Least Square PLS-SEM technique is used to analyze the 363 data in order to provide statistical result from respondents in the Klang Valley. The results demonstrate that all variables tested in this study have a strong relationship and identified as the determinants of intention to adopt Islamic financial products and services. The result from this study also provides practical implication for Islamic finance institutions to produce and market their Islamic financial products in the right and targeted market group.
The Influence of Sharia Financial Literacy, Technology, and Investment Knowledge on Investment Decisions Among the Millennial Generation Nikmah, Isnadiatun; Mutia, Agustina; Putri, Nurrahma Sari; M. Nazori
International Journal of Islamic Finance Vol. 3 No. 1 (2025): May 2025
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.v3i1.2592

Abstract

Background: Investment refers to the act of allocating funds or capital into assets with the expectation of generating future profits. Sound investment decisions are typically grounded in meticulous financial planning and a comprehensive understanding of associated risks and potential returns. Objectives: This study aims to examine the influence of Islamic financial literacy, technology, and investment knowledge on investment decisions among the millennial generation in Jambi City. Novelty: In this study, investment decisions serve as the dependent variable, while Islamic financial literacy, technology, and investment knowledge are the independent variables. The research focuses on the millennial generation residing in Jambi City.Research Methodology / Design: This quantitative study employs a population of 151,855 millennial residents in Jambi City. A probability sampling technique was utilized to select 100 respondents. Data were collected through questionnaires using a Likert scale measurement. Analytical methods included validity and reliability tests, R-squared analysis, and hypothesis testing via bootstrapping using Smart PLS 4.0 software. Findings: The findings indicate that Sharia financial literacy exerts a positive yet statistically insignificant influence on investment decisions, whereas technology and investment knowledge demonstrate a positive and statistically significant impact on investment decisions. Implication: Future studies are encouraged to incorporate additional variables to identify other factors influencing investment decisions.
Integrating Maqasid al-Shariah and Sustainable Development Goals Islamic Financial Planning: A Framework for Ethical Wealth Distribution Syaichoni, Ahmad; Huda, Qomarul; Pangestu, Nana; Sampurno, Rama Wahyu
International Journal of Islamic Finance Vol. 3 No. 1 (2025): May 2025
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.v3i1.2595

Abstract

Background: The global financial system faces escalating challenges in reconciling ethical wealth distribution with sustainable development, particularly within Islamic economies. Despite the shared emphasis of Maqasid al-Shariah (objectives of Islamic law) and the Sustainable Development Goals (SDGs) on justice, equity, and environmental stewardship, their integration remains fragmented. Islamic financial institutions (IFIs) often prioritize Shariah compliance over proactive contributions to sustainability, while regulatory fragmentation and gender-environment gaps hinder systemic progress. Objectives: This study aims to: (1) analyze the structural alignment between Maqasid al-Shariah and SDGs in Islamic financial planning, (2) identify systemic barriers to their integration, and (3) propose actionable strategies to optimize Islamic finance’s role in ethical wealth distribution. Novelty: The research fills critical gaps in Islamic academic discourse by: Introducing the Maqasid-SDG Integration Theory, which recontextualizes classical Islamic jurisprudence within modern sustainability frameworks. Developing a Maqasid-SDG Index to evaluate financial products’ socio environmental impact, addressing the absence of standardized metrics. Resolving debates on adaptive jurisprudence (e.g., redefining daruriyyat to include climate action) and gender inclusivity in Islamic finance. Research Methodology / Design: A mixed-methods sequential explanatory design was employed, combining Qualitative Analysis: Thematic coding of classical texts (e.g., al-Shatibi’s Al-Muwafaqat), 45 semi-structured interviews with Shariah scholars and policymakers, and case studies of Malaysia and Indonesia. Quantitative Analysis: PLS-SEM modeling of secondary data from 30 IFIs (2015–2023) and regression analysis of SDG progress metrics (e.g., poverty rates, CO2 emissions). Comparative Jurisprudence: Cross-referencing Hanafi, Maliki, Shafi’i, and Hanbali interpretations of wealth distribution ethics. Findings: SDG Alignment: Shariah-compliant mechanisms like Zakat and green Sukuk reduced povertyby 12.7% and emissions by 2.3 million metric tons annually, respectively (β = 0.42, p < 0.01). Institutional Barriers: Regulatory fragmentation limited SDG-aligned financing to 28% in GCC countries versus 64% in Malaysia. Gender disparities persisted, with only 12% of Islamic banks offering women centric products. Theoretical Advancements: The Maqasid-SDG Index revealed a 63% explanatory power (R² = 0.63) for ethical outcomes, while juristic reinterpretations of maslaha (public interest) enabled blockchain-based Sukuk innovations. Implication: Theoretical: The study bridges Islamic ethics with sustainability science, offering a dynamic framework for adaptive jurisprudence. Practical: Policymakers should prioritize (1) cross-border regulatory harmonization, (2) financial literacy campaigns, and (3) gender-environment nexus products (e.g., Takaful for women-led green enterprises). Policy: Centralized Shariah governance, as seen in Malaysia’s Value-Based Intermediation framework, enhances SDG alignment but requires balancing with grassroots inclusivity (r= -0.58).
Review of Sharia Perspective of Online Forex and Gold Trading Through MetaTrader 4 and MetaTrader 5 Platforms at Futures Brokers in Indonesia Prasetya, Ilham; Fadila, Nisa Rahma
International Journal of Islamic Finance Vol. 3 No. 1 (2025): May 2025
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.v3i1.2643

Abstract

Background: The COVID-19 pandemic significantly impacted society’s economy. Various industry sectors stopped operating, which resulted in widespread layoffs. As a result, society tends to make online financial transactions, particularly with forex and gold. Objectives: This study examines Islamic law's perspective on online forex and gold futures trading, which is increasingly popular among the public. Novelty: Academic literature specifically conducting a juridical deconstruction (takyif fiqh) of the 'rolling contracts' offered in Indonesia and identifying them as Contracts for Difference (CFDs) remains scarce. A 2021 study noted that "no legal and jurisprudential study has been conducted over this new trade", and a 2024 thesis confirmed a legal vacuum in Indonesia as existing fatwas are considered "not relevant". This research fills this critical gap by providing a precise analysis of these specific derivative instruments, moving beyond the generalized discussions prevalent in current literature. Research Methodology/ Design: The research method used is qualitative analysis with a normative juridical approach. It examines primary Islamic law sources such as the Qur'an, Hadith, scholars' opinions, and literature related to futures trading. Findings: The study results show that online gold futures trading contains several fundamental problems from a Sharia perspective. The first is the ambiguity of the transaction object (gharar). Second, the margin trading and short-selling mechanism allows transactions without full ownership of the commodity. Third, the zero-sum system contradicts the principle of justice in Islamic law. Fourth, there is an element of usury through swap fees when the trading position passes midnight. Fifth, the magnitude of the element of speculation (maysir) in this activity. It can be concluded that the practice of trading gold futures online in its current form does not meet sharia principles. Implication: This study's results are expected to be a reference for policymakers and stakeholders, helping them better socialize and control both instruments.

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