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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 15 Documents
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Sustainability by the Ethics of Unity of Knowledge Between Economy, Science, and Society by the Qur’anic Methodological Worldview of Complementarities Masudul Alam Choudhury
Journal of Islamic Finance and Economic Studies Vol. 2 No. 1 (2026): 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.v2i1.121

Abstract

Background: Sustainability increasingly requires a framework capable of integrating economic development, scientific advancement, social wellbeing, and ethical responsibility, yet prevailing approaches often treat these dimensions as separate or only loosely connected domains. Aims: This study aims to develop a Qur’anic epistemological model of sustainability grounded in the Unity of Knowledge (Tawhid) and to explain how moral consciousness, endogenous ethics, complementarity, circular causation, evolutionary learning, and wellbeing can be integrated into a coherent analytical structure. Method: A conceptual-theoretical design was employed, combining interdisciplinary synthesis, comparative interpretation, mathematical formalization, and a limited analytical illustration using Islamic participatory financing data for 2011–2018 drawn from the Islamic Development Bank Annual Report 2019. Results: The resulting framework represents sustainability as a recursive process in which economy, science, and society interact through knowledge-induced complementarities, while the wellbeing function serves as the principal evaluative criterion. The analytical illustration shows that Murabaha, leasing and loan-based financing with Istisna’a, and Awqaf financing did not move uniformly over the observed period; most estimated relationships were positive, although one negative cross-financing coefficient indicated incomplete complementarity. The knowledge or consciousness model produced positive coefficients for all three financing variables, with a combined elasticity of approximately 0.9752. Conclusion: The study concludes that normative compatibility alone does not ensure systemic sustainability, because sustainable wellbeing depends on reciprocal and ethically embedded relationships among interconnected socio-scientific domains. The proposed framework contributes a unified epistemological perspective that positions ethical consciousness as an endogenous organizing principle linking knowledge formation, institutional interaction, and long-term sustainability.
Dual Monetary Transmission and Real Sector Dynamics: Comparative Evidence from Islamic and Conventional Policies in Indonesia Malik Shahzad Shabbir; Riyan Damara Putra
Journal of Islamic Finance and Economic Studies Vol. 2 No. 1 (2026): 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.v2i1.151

Abstract

Background: Indonesia’s dual monetary system combines Islamic and conventional financial mechanisms within a common macroeconomic environment, yet the two channels may transmit monetary impulses to the real sector through different adjustment processes. Understanding these differences is important because transmission effectiveness depends not only on immediate responses but also on persistence, equilibrium adjustment, and relative contribution to output fluctuations. Aims: This study examines and compares the dynamic transmission of Islamic and conventional monetary channels to Indonesia’s Industrial Production Index (IPI). Methods: Quarterly data from Q1 2018 to Q4 2022 were analyzed using a Vector Error Correction Model (VECM), complemented by Impulse Response Function (IRF), Forecast Error Variance Decomposition (FEVD), and Granger causality analysis. The empirical system incorporates SBIS, PUAS, Islamic financing, SBI, PUAB, conventional credit, inflation, exchange rate, and IPI. Results: The VECM produced a negative and statistically significant error correction term of −0.340, indicating that approximately 34% of disequilibrium was adjusted within one quarter. In the short run, SBI and SBIS rates were negatively associated with IPI, whereas PUAS, PUAB, Islamic financing, and conventional credit showed positive associations. The reported IRF patterns indicate that conventional credit generated a faster but less persistent response, while Islamic financing exhibited a more gradual and sustained adjustment. FEVD results further show that conventional credit accounted for the largest reported share of IPI variation, followed by Islamic financing and PUAS. Conclusion: The findings indicate complementary but asymmetric transmission within Indonesia’s dual monetary system, with Islamic and conventional channels differing in response speed, persistence, and relative contribution to industrial activity. The study contributes to dual monetary transmission literature by demonstrating that comparative effectiveness should be assessed across multiple dynamic dimensions rather than through a single measure of transmission strength.
Diagnostic Evidence for Marketing Decisions: Brand Perceptions, Product Quality, and Promotion in Honda Beat User Satisfaction Dwi Wininggar; Liberty
Journal of Islamic Finance and Economic Studies Vol. 2 No. 1 (2026): 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.v2i1.165

Abstract

Background: Managerial use of consumer surveys requires a distinction between observed associations and evidence supporting an intervention. Aim: This study reassesses the reported conditional relationships between brand perceptions, product quality, promotion, and satisfaction among Honda Beat users, and identifies what those relationships can contribute to marketing decision diagnosis. Method: The article reinterprets published results from a 2019 cross-sectional questionnaire study of 36 purposively selected Honda Beat users from an identified group of 56 students. Original multiple-regression estimates were retained without respondent-level reanalysis. Results: Product quality was positively associated with satisfaction (B = 0.375, β = 0.503, p = .003). Brand perceptions (B = 0.209, p = .193) and promotion (B = 0.206, p = .243) had positive but statistically non-significant partial estimates. The joint model was significant, F(3, 32) = 18.967, p < .001, with R² = .640 and adjusted R² = .606. Conclusion: In this historical, purposively selected sample, perceived product quality offers the clearest diagnostic association, not evidence that spending on quality would produce the largest causal or financial return. Decision prescription would require information on feasible actions, costs, objectives, and intervention effects.
Evidence-Informed Employment Policy Decisions under Uncertainty: Regional Output, Minimum Wages, and Education in Lampung Sulistiyono; Erike Anggraeni
Journal of Islamic Finance and Economic Studies Vol. 2 No. 1 (2026): 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.v2i1.166

Abstract

Background: Regional labor-market policy must balance job creation, wage protection, and workforce capability despite uncertain evidence. Aims: To appraise reported associations between regional economic performance, minimum wages, educational attainment, and employment in Lampung and clarify their decision relevance. Methods: A retrospective reappraisal used published regression results for 14 districts/municipalities over 2013–2015 (42 district-year observations). The original analysis employed multiple linear regression in SPSS 17; a qualitative decision-evidence matrix was subsequently developed without new estimation or policy optimization. Results: Economic performance (B = 0.172, p = .537) and minimum wages (B = −0.029, p = .958) were not statistically significant, while education was positively associated with labor absorption (B = 0.447, p < .001). Model fit was F(3, 38) = 13.277, p < .001, R² = .512. Conclusion: Education provides a historical diagnostic signal rather than evidence of program effectiveness. The matrix identifies missing information on measurement, causal effects, costs, and distributional trade-offs before policy choices can be assessed.
Household Consumption-Decision Practices Among Songket Artisans: Associations with Income-Related and Socioeconomic Conditions Yiyin Nadia
Journal of Islamic Finance and Economic Studies Vol. 2 No. 1 (2026): 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.v2i1.167

Abstract

Background: Home-based craft work intersects with household spending decisions, yet reported budgeting and price responses are not equivalent to observed expenditure. Aims: To examine associations of income-related and family socioeconomic agreement indices with self-reported consumption-decision practices among women songket artisans in Palembang. Methods: This decision-oriented reappraisal used estimates from a 2018 cross-sectional survey of 50 women selected from a reported population of 100 in Kelurahan 30 Ilir. Thirteen five-point Likert items were combined into two predictors and a four-item practice index; the original multiple regression was retained without re-estimation. Results: Both indices were positively associated with the practice index: income-related X1 (B = .318, β = .396, p = .001) and family socioeconomic X2 (B = .615, β = .442, p < .001). The fitted model was significant, F(2, 47) = 21.897, p < .001, R² = .482. Conclusion: The results describe conditional associations between heterogeneous survey responses. They do not establish effects on monetary consumption, decision quality, or causal mechanisms. The study identifies measurement domains for subsequent household-decision research in home-based production settings.

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