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JEIZA: Jurnal Ekonomi Islam Az-Zain
Published by STAI Az-Zain Sampang
ISSN : -     EISSN : 30641845     DOI : -
Core Subject : Economy, Science, Education, Social,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Social Sciences Other
JEIZA: Jurnal Ekonomi Islam Az-Zain: Jurnal ilmiah yang diterbitkan 2 kali dalam 1 Tahun (Februari dan Agustus) oleh Program Studi Ekonomi Syariah STAI Az-Zain Sampang yang dikelola bersama LP2M STAI Az-Zain Sampang yang berfokus pada kajian ekonomi Islam. Jurnal ini bertujuan untuk menjadi wadah bagi akademisi, peneliti, dan praktisi dalam berbagi hasil penelitian dan pemikiran terbaru di bidang ekonomi Islam. Focus: JEIZA: Jurnal Ekonomi Islam Az-Zain berfokus pada publikasi artikel penelitian, ulasan literatur, studi kasus, dan pemikiran konseptual yang berkaitan dengan ekonomi Islam. Kami menerima karya yang inovatif, relevan, dan memberikan kontribusi nyata terhadap perkembangan ilmu ekonomi Islam. Scope: - Keuangan dan Perbankan Islam: Termasuk studi tentang bank syariah, pasar modal syariah, manajemen keuangan syariah, dan instrumen keuangan syariah. - Ekonomi Makro dan Mikro Islam : Analisis kebijakan ekonomi, teori ekonomi Islam, dan aplikasi prinsip ekonomi Islam dalam ekonomi mikro dan makro. - Akuntansi dan Auditing Syariah : Praktik dan teori akuntansi syariah, auditing syariah, serta pelaporan keuangan syariah. - Zakat, Wakaf, dan Filantropi Islam : Studi mengenai manajemen zakat, wakaf, dan bentuk filantropi lainnya dalam Islam. - Kewirausahaan dan Bisnis Islam: Kajian tentang bisnis dan kewirausahaan berbasis syariah, serta pengelolaan usaha sesuai prinsip Islam. - Ekonomi Pembangunan Islam: Pembahasan mengenai pembangunan ekonomi yang berlandaskan prinsip-prinsip Islam, inklusi keuangan, dan kesejahteraan sosial. - Manajemen Ekonomi Islam: Pembahasan tentang penerapan prinsip-prinsip manajemen dalam konteks ekonomi Islam, termasuk manajemen sumber daya manusia, manajemen risiko, manajemen strategis, manajemen operasional, dan manajemen keuangan yang sesuai dengan prinsip-prinsip syariah. - Isu-isu Kontemporer dalam Ekonomi Islam: Topik-topik terkini yang mempengaruhi ekonomi Islam seperti fintech syariah, digitalisasi ekonomi Islam, dan ekonomi hijau dalam perspektif Islam.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 23 Documents
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The Dynamics of Sharia Mutual Fund Market Share in Indonesia: The Role of the Sharia Stock Market and the Influence of Conventional Competition: Dinamika Pangsa Pasar Reksa Dana Syariah di Indonesia: Peran Pasar Saham Syariah dan Pengaruh Kompetisi Konvensional Ahyak; Sulhan
JEIZA : Jurnal Ekonomi Islam Az-Zain Vol. 1 No. 2 (2025): JEIZA: Jurnal Ekonomi Islam Az-Zain
Publisher : Program Studi Ekonomi Syariah & LP2M STAI Az-Zain Sampang

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Abstract

This study examines the dynamics of the sharia mutual fund market share in Indonesia from 2010 to 2025. Amid the rapid growth of Islamic finance, the research addresses the empirical gap concerning factors influencing the competitiveness of sharia mutual funds against conventional funds and the sharia stock market. Using annual data from the Financial Services Authority (OJK), a multiple linear regression with time series data is employed. The dependent variable is the sharia mutual fund market share, while independent variables include sharia stock market capitalization (ISSI), net asset value (NAB) of conventional mutual funds, and the number of sharia mutual funds. The analysis reveals that all variables are non-stationary at level but stationary at first difference, with a high explanatory power (R² = 0.970). Results indicate that the number of sharia mutual funds significantly and positively affects market share, whereas sharia stock market capitalization and conventional fund competition show no significant impact. This study’s novelty lies in focusing on internal capital market competition as determinants of market share. The findings offer strategic implications for regulators and industry stakeholders to develop adaptive, sustainable policies fostering an inclusive Islamic finance ecosystem
The Impact of Islamic Stock Market Capitalization on the Growth of Islamic Mutual Funds in Indonesia: A Time Series Analysis (2011–2025): Pengaruh Kapitalisasi Pasar Saham Syariah terhadap Pertumbuhan Reksa Dana Syariah di Indonesia: Analisis Deret Waktu (2011–2025) Ahyak; Sulhan
JEIZA : Jurnal Ekonomi Islam Az-Zain Vol. 1 No. 2 (2025): JEIZA: Jurnal Ekonomi Islam Az-Zain
Publisher : Program Studi Ekonomi Syariah & LP2M STAI Az-Zain Sampang

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Abstract

This study investigates the causal relationship between Islamic stock market capitalization and the growth of Islamic mutual funds in Indonesia during the 2011–2025 period. Despite the rapid expansion of Islamic finance, empirical insights into the interdependence between its key pillars—Islamic equity markets and Islamic mutual funds—remain limited. Using annual data from the Financial Services Authority (OJK), this study applies a time series analysis using the Vector Autoregression (VAR) model on first-differenced data. The analysis is preceded by stationarity tests (Augmented Dickey-Fuller and KPSS) and optimal lag selection.The variables analyzed include the logarithm of the Net Asset Value (NAV) of Islamic mutual funds and the logarithm of the Jakarta Islamic Index (JII) as a proxy for Islamic stock market capitalization. Findings reveal that both variables are non-stationary at level but become stationary after first differencing. Granger Causality tests, Impulse Response Functions (IRFs), and Variance Decomposition (VDC) consistently indicate no significant bidirectional causal relationship between the two variables.These results suggest that the two segments tend to move relatively independently within the observed period. The study contributes by providing recent empirical evidence and offers practical implications for regulators, fund managers, and investors in formulating more integrated and sustainable Islamic capital market development strategies.
Consumer Protection in Social Media-Based Digital MSME Transactions: Sharia Perspective: Perlindungan Konsumen Dalam Transaksi Umkm Digital Berbasis Media Sosial : Perspektif Syaria’h Hidayar, Andi Rahmad; Ach. Rosidi
JEIZA : Jurnal Ekonomi Islam Az-Zain Vol. 2 No. 1 (2025): JEIZA : Jurnal Ekonomi Islam Az-Zain
Publisher : Program Studi Ekonomi Syariah & LP2M STAI Az-Zain Sampang

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Abstract

The rapid expansion of social media platforms such as TikTok, Instagram, and Shopee has created significant opportunities for Micro, Small, and Medium Enterprises (MSMEs) to broaden their market reach, lower promotional costs, and engage directly with consumers. However, these advantages are accompanied by notable consumer protection challenges, including insufficient product information disclosure, the absence of return policies, and weak after-sales services. This study therefore aims to analyze consumer protection practices among social media-based digital MSMEs and evaluate them from a sharia economic perspective. A qualitative descriptive approach was employed, with data collected through observations, in-depth interviews with MSME actors and consumers, and an extensive literature review. The data were analyzed by linking field findings with Law Number 8 of 1999 on Consumer Protection and core sharia principles such as ʿadl (justice), ṣidq (honesty), bayyinah (openness), al-khiyār (the right to choose), and iḥsān (good service). The results indicate that around 65% of MSME actors fail to provide complete product information, most lack transparent return policies, and complaint-handling mechanisms remain weak. Such practices lead to gharar (ambiguity) and tadlis (fraud), contradicting both sharia principles and positive law. The study recommends enhancing legal and sharia literacy, implementing transparent return policies, and adopting technology that promotes halal and fair trade to strengthen consumer trust and ensure business sustainability.
Evaluating Zakat Fund Governance and Reporting: A PSAK 109-Based Assessment of BAZNAS Indonesia: Evaluasi Tata Kelola dan Pelaporan Dana Zakat: Penilaian Berbasis PSAK 109 terhadap BAZNAS Indonesia Ibda’u Shulhi, Muhammad; Ifan Ali Alfatani
JEIZA : Jurnal Ekonomi Islam Az-Zain Vol. 2 No. 1 (2025): JEIZA : Jurnal Ekonomi Islam Az-Zain
Publisher : Program Studi Ekonomi Syariah & LP2M STAI Az-Zain Sampang

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Abstract

The effective governance of Zakat, Infak, and Sedekah (ZIS) funds is crucial for maximizing their socio-economic impact and upholding public trust. This study aims to evaluate the financial reporting and disbursement efficiency of Indonesia's National Board of Zakat (BAZNAS) by analyzing monthly financial statements—a relatively underexplored data source in current literature— from January to October 2024. Utilizing a documentary research approach, which offers a non-intrusive and objective lens, the study assesses key indicators including ZIS receipts, disbursements, program distribution, and alignment with PSAK 109 Revised 2021, the prevailing Islamic accounting standard. Findings reveal a total ZIS receipt of Rp 236.8 billion with an average disbursement ratio of 73.85%, indicating moderate operational efficiency. Social and education programs received the highest allocations, comprising 34.5% and 28.2% respectively, while health and da'wah remained underfunded. However, the study also identifies significant shortcomings in BAZNAS' compliance with PSAK 109, particularly the lack of structured fund classification, omission of fund movement statements, and absence of explanatory notes (Catatan Atas Laporan Keuangan – CALK). These gaps in reporting structure undermine transparency and public accountability. The research contributes to the academic discourse by validating documentary analysis of monthly reports as a credible method for evaluating Islamic nonprofit governance and provides actionable insights for improving zakat financial reporting in alignment with Islamic principles. It also offers practical implications for national zakat institutions and regulators to enhance transparency through digital integration and standardized reporting.
Data-Driven Prioritization of Productive Zakat Distribution: Evidence from Poverty and Social Assistance Gaps in East Java: Prioritisasi Penyaluran Zakat Produktif Berbasis Data: Bukti dari Kesenjangan Kemiskinan dan Bantuan Sosial di Jawa Timur Alhadi, Fahmi; Zainol Fata
JEIZA : Jurnal Ekonomi Islam Az-Zain Vol. 2 No. 1 (2025): JEIZA : Jurnal Ekonomi Islam Az-Zain
Publisher : Program Studi Ekonomi Syariah & LP2M STAI Az-Zain Sampang

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Abstract

This study develops a priority model for productive zakat distribution by aligning poverty data with gaps in government assistance in East Java, Indonesia. Using a quantitative evaluative approach, we analyzed secondary data from 38 districts/municipalities, focusing on poverty rates and the number of food aid beneficiaries. A composite scoring model was constructed, assigning higher weight to poverty (60%) and lower weight to social aid coverage (40%) to identify underserved regions. Findings show a significant mismatch between poverty levels and government assistance allocation, with areas like Sampang, Bangkalan, and Sumenep having high poverty but limited aid coverage. This highlights the urgency of data-driven zakat targeting to address distribution inefficiencies. The proposed scoring model ranks districts transparently, offering a replicable tool for local zakat institutions. Integrating public data sources—such as BAZNAS reports and BPS statistics—into zakat planning can enhance precision, transparency, and social justice. The study contributes methodologically to Islamic social finance and offers practical policy implications to support national zakat governance and Sustainable Development Goals (SDGs). Future research is encouraged to enrich the model by incorporating multidimensional indicators and validating outcomes in broader contexts
Integrating Green Economy Principles into Islamic Economic Policy: A Systematic Review of Evidence from Indonesia (2015–2025): Mengintegrasikan Prinsip Ekonomi Hijau ke dalam Kebijakan Ekonomi Islam: Suatu Tinjauan Sistematis atas Bukti dari Indonesia (2015–2025) Al Hafz, Lucky y; Fandri Anani
JEIZA : Jurnal Ekonomi Islam Az-Zain Vol. 2 No. 1 (2025): JEIZA : Jurnal Ekonomi Islam Az-Zain
Publisher : Program Studi Ekonomi Syariah & LP2M STAI Az-Zain Sampang

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Abstract

This study conducts a systematic literature review of 142 Scopus-indexed publications (2015–2025) to examine the integration of green economy principles into Islamic economic development policies in Indonesia. The objective is to map conceptual and empirical evidence, identify thematic patterns, and highlight policy implications. Following PRISMA 2020 guidelines, the review employed structured search strings, inclusion–exclusion criteria, and thematic synthesis. The findings reveal that green sukuk has emerged as a key instrument for financing renewable energy, low-emission transportation, and waste management projects, while regulators such as the Ministry of Finance, OJK, and Bank Indonesia have introduced roadmaps, green taxonomies, and impact reporting mechanisms. Conceptually, the literature underscores the alignment of maqāṣid al-sharīʿah with sustainable development goals, yet implementation gaps remain due to inconsistent metrics, limited impact assurance, and insufficient causal evaluations. The synthesis highlights five core themes: Islamic green finance instruments, regulatory frameworks, maqāṣid–SDGs alignment, real-sector implementation, and institutional barriers. This review contributes to the body of knowledge by offering the first comprehensive synthesis of Islamic green economy integration in Indonesia, emphasizing the need for future research on causal effectiveness, standardized indicators, and the inclusion of SMEs in sustainable finance. The study concludes that a hybrid model combining Islamic values, public policy, and global sustainability standards can serve as a blueprint for other Muslim-majority economies.
Optimizing Zakat and Cash Waqf for Educated Unemployment: Evidence from Sampang Regency: Optimalisasi Zakat dan Wakaf Tunai untuk Pengangguran Terdidik: Bukti Empiris dari Kabupaten Sampang Surotul Lubna; Wahyu Nur Alfiyan
JEIZA : Jurnal Ekonomi Islam Az-Zain Vol. 2 No. 1 (2025): JEIZA : Jurnal Ekonomi Islam Az-Zain
Publisher : Program Studi Ekonomi Syariah & LP2M STAI Az-Zain Sampang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.67153/7nzaam57

Abstract

This study investigates the optimization of productive zakat and cash waqf as strategic instruments to address educated unemployment in rural Indonesia, with a case study of Sampang Regency. The research is motivated by persistent labor market challenges, notably the structural mismatch between secondary education output and job absorption, alongside the dominance of informal employment. Using a descriptive quantitative design based on 2024 National Labor Force Survey data, the study analyzes educational attainment, sectoral employment, and labor status to identify high-priority target groups. Findings show that unemployment peaks among junior and senior secondary school graduates, while informal work dominates 76.6% of employment, with agriculture as the leading sector. A simulation illustrates that Rp2 billion in zakat allocation could empower 1,000 unemployed youths through microenterprise financing and skills training. The discussion anchors this strategy within maqāṣid al-sharīʿah, emphasizing protection of wealth, intellect, and livelihood. The study concludes that integrating Islamic social finance into local labor policies offers both economic and ethical pathways to reduce structural unemployment, provided strong governance and institutional collaboration are in place. This paper contributes a novel framework by linking empirical labor data with Islamic economic values and recommends further research incorporating institutional financial records and beneficiary perspectives.
Evaluating the Social Impact of MSME Financing and TJSL at Bank Mandiri through the Lens of Islamic Economics: Evaluasi Dampak Sosial Pembiayaan UMKM dan TJSL di Bank Mandiri Melalui Perspektif Ekonomi Islam Agus Angga Rizky; Felly Krisnawati
JEIZA : Jurnal Ekonomi Islam Az-Zain Vol. 2 No. 1 (2025): JEIZA : Jurnal Ekonomi Islam Az-Zain
Publisher : Program Studi Ekonomi Syariah & LP2M STAI Az-Zain Sampang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.67153/hmw8tk25

Abstract

This study examines MSME financing and social investment initiatives at Bank Mandiri through the integrated lens of inclusive and Islamic economics. Using a descriptive quantitative method and interpretive analysis, data from the 2024 Annual Report—including financial ratios and TJSL program outcomes—are analyzed. Findings show that although MSME credit volume rose nominally from IDR 114.6 trillion (2022) to IDR 135.3 trillion (2024), its share declined from 9.52% to 8.10%, indicating a portfolio shift toward corporate lending. Nonetheless, a low NPL (0.97%) and high loan loss coverage (303.85%) reveal sufficient capacity to re-expand MSME lending. TJSL programs like Rumah BUMN and Wirausaha Muda Mandiri empowered 15,000+ MSMEs, achieving high SROI (3.9–4.06) and functioning as strategic pipelines for financial inclusion. These align with Islamic values of distributive justice and ethical intermediation. A simulation estimates that restoring the MSME credit ratio to 9.0% in 2025 could increase inclusive lending by IDR 30 trillion. This study introduces a triangulated framework—financial analysis, social impact, and projections—that contributes to ethical finance literature and offers actionable insights for policy and ecosystem-based strategies
PROSPEK DAN TANTANGAN PEREKONOMIAN INDONESIA: TANTANGAN DEMOGRAFI DAN GEOPOLITIK MENUJU INDONESIA EMAS 2045: Toward Indonesia Emas 2045: Integrating Demographic Dividend and Geopolitical Risk through Islamic Social Finance Soleh, Badrus; Fadil, Fadil hakiki; Dahruji; Agus Naidi
JEIZA : Jurnal Ekonomi Islam Az-Zain Vol. 2 No. 2 (2026): JEIZA : Jurnal Ekonomi Islam Az-Zain
Publisher : Program Studi Ekonomi Syariah & LP2M STAI Az-Zain Sampang

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Abstract

Indonesia faces a critical challenge in balancing its 2045 development ambitions amidst escalating global Geopolitical Risks (GPR), geo-economic fragmentation, and the urgency of managing the demographic dividend. Conventional fiscal and monetary instruments often suffer from recognition and implementation lags, pro-cyclical bias, and debt-driven vulnerabilities when responding to external shocks. Objective: This study aims to formulate an integrated and Maqasid-based macroeconomic stabilization framework by leveraging Islamic Social Finance (ISF) as a systemic automatic stabilizer. Methods: Using a Qualitative Systematic Literature Review (SLR) with the PRISMA protocol on 22 reputable academic works (2015–2025), this research identifies structural gaps in conventional stabilization policies that remain highly exposed to external volatility and output gap widening. Results: The study proposes the Zakat-Integrated Automatic Stabilizer (ZIAS) model, which operates through a dual-trigger mechanism—responding to the Geopolitical Risk (GPR) index as a forward-looking exogenous trigger and domestic macro indicators (such as unemployment and output gap) as endogenous realized-stress triggers. The model demonstrates that zakat, through its counter-cyclical and redistributive nature combined with a high marginal propensity to consume among beneficiaries, functions as a community-based shock absorber that stabilizes aggregate demand and protects human capital without increasing the national debt burden. Conclusion: Institutionalizing ISF within a Maqasid al-Shari’ah-based national macroeconomic architecture is essential to strengthen intergenerational resilience and ensure the sustainability of human capital investment toward Indonesia Emas 2045.
Strengthening Sharia Governance and Global Competitiveness through Regulation and Supervision: Penguatan Tata Kelola Syariah dan Daya Saing Global melalui Regulasi dan Pengawasan Imroatus Sholikhah; Lisa Marsela; Nugroho Mukti Syailendra; Naufal Luthfi Alifa
JEIZA : Jurnal Ekonomi Islam Az-Zain Vol. 2 No. 2 (2026): JEIZA : Jurnal Ekonomi Islam Az-Zain
Publisher : Program Studi Ekonomi Syariah & LP2M STAI Az-Zain Sampang

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Abstract

Although Islamic financial institutions should ideally implement governance based on the principles of fairness, transparency, and accountability in accordance with Islamic values, the reality of practice shows various structural and institutional obstacles that hinder the achievement of optimal and substantive sharia governance. Therefore, this study aims to analyze how regulation and supervision can strengthen the governance of Islamic financial institutions to be adaptive, accountable, integrated, and responsive to global dynamics, without losing Islamic values as a basis. This study employs a qualitative method using a structured literature review approach with systematic and critical analysis. The results show that: (1) the harmonization of national regulations and international standards supports the stability, credibility, and competitiveness of the industry; (2) standardization and supervision improve accountability and transparency while simultaneously mitigating systemic risks and reducing information asymmetry; (3) the implementation of Islamic value-based Good Corporate Governance strengthens internal governance and enhances the independence and effectiveness of sharia supervisory boards, leading to both formal and substantive compliance; (4) the role of the state and financial authorities is strategic in encouraging innovation, inclusion, and the sustainable strengthening of Islamic financial institutions at both national and global levels.

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