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Journal of Islamic Finance and Economic Studies
Published by CV. SPDF HARMONY
ISSN : -     EISSN : 3108964X     DOI : ttps://doi.org/10.64268/jifes.v1i2.37
Core Subject : Economy, Science, Education, Social,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Law, Crime, Criminology & Criminal Justice
Journal of Islamic Finance and Economic Studies (JIFES) (e-ISSN: 3108-964X) is a peer-reviewed journal published biannually that focuses on the integration of Islamic finance, socioeconomic transformation, and sustainable development. JIFES highlights innovative research that bridges maqasid al-shariah principles with contemporary issues such as digitalization, ethical finance, and inclusive economic growth. The journal publishes high-quality empirical, conceptual, and policy-oriented studies that explore how Islamic values can shape sustainable financial systems, digital Islamic entrepreneurship, and socially responsible economic practices. By serving as a platform for global scholars, practitioners, and policymakers, JIFES promotes cross-disciplinary dialogue and drives innovation at the intersection of Islamic economics, technology, and sustainability.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 10 Documents
 1 
Determinants of Micro-Entrepreneurial Income in Emerging Urban Tourism Spaces: An Islamic Economic Perspective from Metro City, Lampung Riyan Damara Putra; Hotman Padewa
Journal of Islamic Finance and Economic Studies Vol. 1 No. 1 (2025): Journal of Islamic Finance and Economic Studies
Publisher : CV. SPDF Harmony

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64268/jifes.v1i1.17

Abstract

Background: Urban public spaces increasingly serve dual roles as recreational sites and economic hubs, offering opportunities for micro-entrepreneurs. Samber Park, located in Metro City, Indonesia, is one such area where relocated street vendors have established businesses, contributing to local economic growth. Aims: This study aims to analyze the key factors influencing the income of micro-entrepreneurs operating at Samber Park, using an Islamic economic perspective to explore how ethical and religious values shape entrepreneurial practices. Methods: The research applies a qualitative descriptive approach. Data were collected through semi-structured interviews with five entrepreneurs and a representative from the local Youth, Sports, and Tourism Office. Data analysis involved data reduction, presentation, and inductive conclusion drawing to ensure rich, contextual findings. Results: The findings reveal that initial capital investment, business location, operating hours, and business tenure significantly affect income levels. Entrepreneurs with strategic locations, extended working hours, and consistent business operation periods tend to earn higher daily incomes, ranging from IDR 100,000 to IDR 300,000. Furthermore, entrepreneurs demonstrate compliance with Islamic economic principles by emphasizing honesty, patience, lawful earnings, and contributing positively to the community. Conclusion: Income generation among micro-entrepreneurs at Samber Park is influenced by both business management factors and adherence to Islamic ethical guidelines. These findings highlight the importance of integrating religious values into entrepreneurial development strategies to promote sustainable and inclusive economic growth.
Analyzing the Influence of Productivity, Price, and Population on Indonesia's Food Security: A Study from an Islamic Economic Perspective (2013-2022) Violanida Munajahro; Nurlaili; Yetri Martika Sari
Journal of Islamic Finance and Economic Studies Vol. 1 No. 1 (2025): Journal of Islamic Finance and Economic Studies
Publisher : CV. SPDF Harmony

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64268/jifes.v1i1.19

Abstract

Background: Food security is a major concern in Indonesia’s economy, influenced by agricultural productivity, food prices, and population growth. Instability in food supply and price fluctuations threaten national food security. An Islamic economic perspective offers additional insights, emphasizing justice and equitable food distribution.Aims: This study aims to analyze the impact of agricultural productivity, food prices (especially rice), and population size on Indonesia’s food security from 2013 to 2022, using an Islamic economic framework to generate policy recommendations for sustainable food security.Methods: A quantitative approach is used with time-series data from BPS and related sources. The study employs the Vector Error Correction Model (VECM) to examine both short- and long-term dynamics among the variables: agricultural productivity, rice prices, population size, and the food security index.Results: In the short term, agricultural productivity negatively affects food security due to yield instability. Higher rice prices positively impact food security by encouraging local production and competitiveness. Population growth, however, reduces food security by increasing demand. In the long term, both agricultural productivity and rice prices negatively affect food security, while population size shows a positive impact, possibly due to labor supply and market expansion. Conclusion: The study concludes that agricultural productivity, food prices, and population size influence food security in Indonesia differently in the short and long term. From an Islamic economic perspective, sustainable food security can be achieved through equitable welfare and fair distribution of food. Policies that promote increased agricultural productivity, food price stabilization, and sustainable population management are essential to ensuring sufficient food availability for all sectors of society. Therefore, the government must formulate policies that are more adaptive to demographic and economic changes to maintain Indonesia's food security.
Analyzing the Impact of State Fragility, Trade Openness, and Labor Force on Foreign Direct Investment in ASEAN: An Islamic Economic Perspective (2013-2022) Alliena Fathi Amrullah; Madnasir; Okta Supriyaningsih
Journal of Islamic Finance and Economic Studies Vol. 1 No. 1 (2025): Journal of Islamic Finance and Economic Studies
Publisher : CV. SPDF Harmony

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64268/jifes.v1i1.21

Abstract

Background: Foreign Direct Investment (FDI) plays a significant role in the economies of developing countries, including those in the ASEAN region. Factors such as state fragility, trade openness, and labor force are believed to significantly influence FDI inflows. This research examines the relationship between these three factors and FDI inflows in 9 ASEAN countries from 2013 to 2022, with an Islamic economic perspective. Aims: This study aims to analyze the impact of state fragility, trade openness, and labor force on FDI inflows in 9 ASEAN countries from 2013 to 2022, and to provide insights into the Islamic economic perspective on foreign direct investment. Methods: This study employs a quantitative approach using panel data analysis. Secondary data is collected from the official World Bank website and the Fragile States Index. Data analysis is conducted using t-tests, F-tests, and R2 coefficient determination to test the relationships between the independent variables and FDI. Results: The results of this research show that state fragility has a negative but insignificant effect on FDI. Meanwhile, trade openness and the labor force have a positive and significant effect on FDI inflows in the ASEAN region. Conclusion: Trade openness and labor force play a key role in attracting FDI in ASEAN countries, while state fragility does not significantly affect foreign investment. From an Islamic economic perspective, FDI should not only be viewed as a way to increase individual wealth but also as a means to support inclusive economic growth and societal development.
Determinants of Islamic Economics Students' Interest in Using PayLater for Online Credit Purchases through Marketplaces Dwi Nanda Yuda Pratama; Suci Hayati
Journal of Islamic Finance and Economic Studies Vol. 1 No. 1 (2025): Journal of Islamic Finance and Economic Studies
Publisher : CV. SPDF Harmony

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64268/jifes.v1i1.22

Abstract

Background: Urban public spaces increasingly serve dual roles as recreational sites and economic hubs, offering opportunities for micro-entrepreneurs. Samber Park, located in Metro City, Indonesia, is one such area where relocated street vendors have established businesses, contributing to local economic growth. Aims: This study aims to analyze the key factors influencing the income of micro-entrepreneurs operating at Samber Park, using an Islamic economic perspective to explore how ethical and religious values shape entrepreneurial practices Methods: The research applies a qualitative descriptive approach. Data was collected through semi-structured interviews with five entrepreneurs and a representative from the local Youth, Sports, and Tourism Office. Data analysis involved data reduction, presentation, and inductive conclusion drawing to ensure rich, contextual findings. Results: The findings reveal that initial capital investment, business location, operating hours, and business tenure significantly affect income levels. Entrepreneurs with strategic locations, extended working hours, and consistent business operation periods tend to earn higher daily incomes, ranging from IDR 100,000 to IDR 300,000. Furthermore, entrepreneurs demonstrate compliance with Islamic economic principles by emphasizing honesty, patience, lawful earnings, and contributing positively to the community. Conclusion: Income generation among micro-entrepreneurs at Samber Park is influenced by both business management factors and adherence to Islamic ethical guidelines. These findings highlight the importance of integrating religious values into entrepreneurial development strategies to promote sustainable and inclusive economic growth.
Effect of Emotional Intelligence and Self-Confidence on Accounting Understanding Mutiara Febyanti; Agus Kurniawan
Journal of Islamic Finance and Economic Studies Vol. 1 No. 1 (2025): Journal of Islamic Finance and Economic Studies
Publisher : CV. SPDF Harmony

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64268/jifes.v1i1.23

Abstract

Background: A good understanding of accounting is essential for accounting students, as it impacts their ability to perform as accountants in the professional world. Factors such as emotional intelligence and self-confidence are believed to influence accounting comprehension. This study aims to examine the effect of emotional intelligence and self-confidence on accounting understanding among accounting students. Aims: This research aims to analyze the effect of emotional intelligence and self-confidence on accounting understanding among accounting students. Methods: This study employs a quantitative approach, using primary data collected through questionnaires distributed to accounting students. Data analysis was performed using multiple linear regression to examine the influence of emotional intelligence, self-confidence, and accounting understanding. Results: The analysis results indicate that both emotional intelligence and self-confidence do not have a significant effect on accounting understanding among students. The significance value in the t-test was greater than 0.05, leading to the rejection of the hypothesis that these variables positively affect accounting understanding. Additionally, simultaneous testing showed no significant influence between both variables and accounting understanding. Conclusion: Based on the results, it can be concluded that emotional intelligence and self-confidence do not have a significant impact on accounting understanding among accounting students. However, other factors not explored in this study may have a larger effect on students' accounting comprehension.
How the Special Investment Account in Islamic Banking Offers a Solution for Fixed Profit Rate in Today's Global Challenges Bilal Ahmed; Muhammad Mumtaz Ul Hasan; Muhammad Azhar Abbasi; Muhammad Pervaiz
Journal of Islamic Finance and Economic Studies Vol. 1 No. 2 (2025): Journal of Islamic Finance and Economic Studies
Publisher : CV. SPDF Harmony

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64268/jifes.v1i2.36

Abstract

Background: Islamic banking emphasizes profit-and-loss sharing and prohibits interest (riba), with Special Investment Accounts (SIAs) serving as a key instrument for depositor participation in investment outcomes. However, the growing expectation of stable profit rates and competitive market pressures pose significant challenges to the original spirit of risk-sharing in SIAs. Aims: This study investigates how SIAs provide a structural solution to the perception of fixed profit rates in contemporary global economic uncertainties. It also examines the phenomenon of Displaced Commercial Risk (DCR), regulatory implications, and SIAs’ contribution to building a resilient and ethical financial system. Methods: A qualitative, descriptive design was adopted, utilizing a systematic literature review and thematic analysis of scholarly works published between 2007 and 2024. Sources included peer-reviewed journals, regulatory reports, and thematic studies addressing SIAs, profit distribution, and financial stability. Results: Findings reveal that although SIAs are theoretically grounded in risk-sharing, market competition often drives banks toward yield smoothing, creating a perception of fixed returns. Despite these challenges, SIAs maintain a vital link between finance and real economic activity, thereby enhancing systemic stability and offering an ethical alternative to conventional interest-based systems Conclusion: SIAs represent more than an operational tool of Islamic finance; they embody an innovative, Shariah-compliant mechanism capable of structurally addressing systemic vulnerabilities in global finance. By fostering equitable risk-sharing, SIAs reduce exposure to excessive leverage and speculative crises, thus contributing to financial resilience. For Islamic banks, transparent communication about profit variability and judicious use of reserves are crucial to balancing competitiveness with Shariah integrity. Regulators, in turn, must develop harmonized frameworks that clearly differentiate SIAs from conventional deposits and address DCR as a structural tension rather than a mere regulatory anomaly. Overall, this research positions SIAs as a transformative model that not only strengthens the credibility of Islamic finance but also offers broader lessons for fostering ethical, stable, and sustainable financial systems worldwide
Moral Endogeneity Of Love, Trust, And Consciousness In Islamic Economics Of Cooperation Contrary To Their Moral Exogeneity In Neoliberal Theory Of Economics Masudul Alam Choudhury (CANADA)
Journal of Islamic Finance and Economic Studies Vol. 1 No. 2 (2025): Journal of Islamic Finance and Economic Studies
Publisher : CV. SPDF Harmony

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64268/jifes.v1i2.37

Abstract

Background: The conceptual triad of Love, Trust, and Consciousness occupies a central role in shaping socio-economic systems. In the Qur’anic methodological worldview, these elements are intrinsically integrated with material reality through the Tawhidi (monotheistic) law of unity of knowledge, forming an endogenous foundation for cooperation. By contrast, neoliberal economics externalizes ethical considerations, positioning them as exogenous to material processes, which fosters competition, systemic conflict, and distributive injustice. Aims: This study seeks to articulate the ontological and epistemological framework of cooperation within Islamic economics, rooted in the Tawhidi paradigm, and to critically contrast it with the competitive, self-interest-driven paradigm of mainstream economic theory. Methods: Adopting a mesoscience approach, the research develops a model of circular causation and pervasive complementarities, wherein moral and material variables are simulated within a composite wellbeing function. The analysis juxtaposes Qur’anic cooperative principles with the optimization and equilibrium constructs central to neoclassical economics. Results: The findings reveal that the Tawhidi framework consistently generates positive inter-variable complementarities, thereby enhancing the wellbeing criterion and sustaining resource regeneration. Unlike neoliberal competition, which erodes trust and equity, the cooperative paradigm aligns with the maqasid al-shari’ah by promoting justice, equality, and global brotherhood. Conclusion: The study concludes that the Qur’anic law of unity of knowledge provides a superior epistemic and methodological foundation for achieving holistic and sustainable wellbeing. By embedding Love, Trust, and Consciousness within economic relations, it dismantles the scarcity-based logic of marginal productivity, optimality, and steady-state equilibrium. In its place emerges an evolutionary model of resource abundance, institutional complementarity, and moral-material integration. This paradigm not only fulfills the ethical imperatives of Islamic economics but also offers a viable, empirically grounded alternative for addressing contemporary global challenges in justice, equity, and planetary stewardship.
Islamic Business Ethics in Saudi Tourism: The Mediating Role of Spiritual Satisfaction in Driving Loyalty and Profitability Abdelrahman Ahmed Abdelhai Abdelghani; Hebatallah Ahmed Mokhtar Ahmed
Journal of Islamic Finance and Economic Studies Vol. 1 No. 2 (2025): Journal of Islamic Finance and Economic Studies
Publisher : CV. SPDF Harmony

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64268/jifes.v1i2.41

Abstract

Background: Saudi Arabia’s Vision 2030 positions tourism as a key economic pillar, emphasizing Sharīʿa-compliant services. Despite rapid investment, the ethical–spiritual nexus in tourism remains underexplored, particularly regarding the role of Islamic Business Ethics (IBE) in shaping customer experience and financial outcomes. Aims: This study investigates whether spiritual satisfaction and perceived value act as mediators between Islamic Business Ethics, customer loyalty, and profitability, while also examining religiosity as a moderating factor. Methods: A cross-sectional survey of 385 tourists in Saudi Arabia (November 2024–February 2025) was conducted using validated measurement scales. Structural equation modeling and the Hayes PROCESS macro were employed to test direct, indirect, and moderating effects. Result: A Findings reveal that IBE significantly enhances spiritual satisfaction (β = 0.582, p < 0.001) and profitability (β = 0.298, p < 0.001). Both spiritual satisfaction and perceived value partially mediated the link between IBE and customer loyalty, with explained variance in loyalty reaching 62.4%. Moreover, religiosity amplified the relationship between IBE and spiritual satisfaction, indicating stronger effects among highly religious guests. Conclusion: Islamic business ethics drive spiritual satisfaction and loyalty while contributing to profitability in Saudi Arabia’s hospitality sector. For managers, authentic ethical practices—especially when tailored to the needs of highly religious consumers—can yield deeper guest connections and long-term financial sustainability, aligning with the ambitions of Vision 2030.
Halal Investment Funds as Catalysts for Tourism Development: Analyzing Customer Trust, Religiosity, and Behavioral Intentions among Islamic Bank Clients in Saudi Arabia Hebatallah Ahmed Mokhtar Ahmed; Abdelrahman Ahmed Abdelhai Abdelghani
Journal of Islamic Finance and Economic Studies Vol. 1 No. 2 (2025): Journal of Islamic Finance and Economic Studies
Publisher : CV. SPDF Harmony

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64268/jifes.v1i2.42

Abstract

Background: Saudi Arabia’s Vision 2030 emphasizes economic diversification through Islamic finance and tourism, positioning halal investment funds as a strategic mechanism to channel ethical capital into sustainable tourism projects. Despite their growing prominence, the behavioral pathways through which fund attributes shape investment decisions remain insufficiently examined. Aims: This study investigates how key attributes of halal investment funds—Sharīʿah compliance transparency, tourism project alignment, ESG integration, and profitability history—affect customer investment intentions. It further explores the mediating roles of customer trust and perceived developmental impact, and the moderating effect of religiosity among Islamic bank clients. Methods: A quantitative, cross-sectional survey was conducted among 400 clients of three leading Islamic banks in Riyadh during April–May 2025. Validated scales were employed, and data were analyzed using structural equation modeling (SEM) with bootstrapping (5,000 resamples) to test direct, indirect, and moderated mediation effects. Result: The findings demonstrate that halal fund attributes significantly enhance investment intentions (β = 0.312, p < 0.001). Both customer trust (β = 0.198, p < 0.001) and perceived developmental impact (β = 0.156, p < 0.001) partially mediated this relationship. Religiosity acted as a significant moderator, strengthening these effects among highly religious clients. The model accounted for 62.3% of the variance in investment intentions, indicating substantial explanatory power. Conclusion: Halal investment funds, when characterized by transparent Sharīʿah governance and demonstrable developmental contributions, can effectively mobilize Islamic capital for tourism under Vision 2030. Fund managers should emphasize ESG integration and tourism-linked benefits, while tailoring communication to varying levels of religiosity. The results provide both theoretical advancement for Islamic finance literature and practical guidance for policymakers and industry stakeholders in sustainable tourism development.
Strengthening Global Halal Supply Chains Through Shariah-Compliant Governance and Digital Traceability: Challenges and Strategic Opportunities in a Globalized Economy Mujahid Hussain
Journal of Islamic Finance and Economic Studies Vol. 1 No. 2 (2025): Journal of Islamic Finance and Economic Studies
Publisher : CV. SPDF Harmony

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64268/jifes.v1i2.64

Abstract

Background: The expansion of global trade has positioned halal supply chains as a critical pillar in Islamic economic systems, particularly as Muslim and non-Muslim markets increasingly demand products that meet rigorous Shariah standards. Yet, the complexity of cross-border logistics, inconsistent certification practices, and frequent incidents of fraud continue to challenge the credibility and governance of halal value chains in the global market. Aims: This study aims to examine the structural challenges facing global halal supply chains while identifying strategic opportunities for strengthening Shariah-compliant governance. It specifically evaluates how ethical principles, regulatory harmonization, and digital traceability technologies can collectively enhance the resilience and legitimacy of halal logistics. Method: The research adopts a qualitative analytical approach informed by literature synthesis, regulatory review, and expert perspectives. Islamic economic principles serve as the interpretive foundation, enabling an assessment of both operational practices and their alignment with Shariah requirements. Result: The findings reveal three dominant challenges: fragmented certification standards, persistent cross-contamination risks, and widespread mislabeling driven by weak oversight. At the same time, globalization has created new opportunities, including broader market integration, rising ethical consumerism, and the use of blockchain-based traceability systems that improve transparency and reduce fraud. Conclusion: The study concludes that the long-term sustainability of halal supply chains depends on embedding Shariah-compliant governance within every stage of production, certification, and distribution. Strengthening mutual recognition frameworks among regulatory bodies, expanding digital verification tools, and enhancing stakeholder accountability are essential for restoring trust in global halal trade. When combined, these elements create a coherent pathway for building a transparent, ethical, and competitive halal economic ecosystem capable of meeting both contemporary global demands and core Islamic values.

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