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Rifda Nabila
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INDONESIA
The Indonesian Journal of Islamic Economics Research
Published by Universitas Islam Negeri Salatiga
ISSN : 26865076     EISSN : 27145751     DOI : 10.18326/ijier.v7i2.5518
Core Subject : Economy, Science, Social,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences
Indonesian Journal of Islamic Economics Research ( IJIER) is a research journal in the discipline of Islamic economics which is expected to contribute to a new or state-of-the-art for academic development or real-world applications, or both. This journal encompasses original research articles, including : Islamic economics, Economics development, Macroeconomis, Moneters, Microeconomics, Political economics, International economics, Business Economics, Halal industries, Zakat and Wakaf, Islamic Entrepreneurship, and Islamic Business Ethics.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekomomi dan Ekonometrika
Articles 35 Documents
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Religiosity and investment knowledge as determinants of cryptocurrency investment interest among Muslim Generation Z M. Farhan Zubaili; Azimah Dianah; Rina Desiana; Nor 'Adha Ab Hamid
Indonesian Journal of Islamic Economics Research Vol. 8 No. 1 (2026)
Publisher : Faculty of Islamic Economics and Business UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/ijier.v8i1.6380

Abstract

The phenomenon of digital asset investment development, particularly cryptocurrency, has garnered significant attention among young Generation Z investors. However, limited studies have examined the respective roles of religiosity and investment knowledge in shaping cryptocurrency investment intention within a Muslim-majority context, especially in regions implementing Islamic values such as Aceh, Indonesia. This study aims to analyze the influence of religiosity and investment knowledge on cryptocurrency investment intention among Muslim Generation Z. The research employed a quantitative approach, and the data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) using SmartPLS software. The results indicate that religiosity has a negative and significant effect on investment intention, while investment knowledge has a positive and significant effect. These findings suggest that individuals with a high level of religiosity tend to avoid cryptocurrency investments due to legal uncertainty and Islamic perspectives concerning elements of gharar (uncertainty), maysir (speculation), and dharar (harm). Conversely, a higher level of investment knowledge enhances individuals' ability to make rational and ethical financial decisions. This study contributes theoretically by extending the Theory of Planned Behavior into the context of Islamic digital finance, highlighting religiosity as a normative constraint and investment knowledge as a cognitive driver in shaping cryptocurrency investment intention among Muslim Generation Z.
Toward muzaki: Reconstructing a digital-ready productive zakat ecosystem through an integrated four-pillar model Abdul Chamid; Ida Nurlaeli; Emiola Habeeb Olasunkanmi; Habeebullah Abdus-salaam
Indonesian Journal of Islamic Economics Research Vol. 8 No. 1 (2026)
Publisher : Faculty of Islamic Economics and Business UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/ijier.v8i1.6603

Abstract

Productive zakat management in Indonesia is constrained by a persistent gap between its estimated potential (IDR 327 trillion) and low realization (13.6%), compounded by the absence of impact-based evaluation and limited integration with digital ecosystems. Prior studies remain fragmented focusing mainly on economic outcomes while lacking an integrated transformation model and overlooking the munfiq stage as a critical transition phase. This study addresses these gaps by reconstructing a digital-ready productive zakat ecosystem aimed at accelerating mustahik-to-muzaki transformation. Using a constructivist qualitative approach with a single case study at BAZNAS Banyumas Regency, data were collected through in-depth interviews, participatory observation, and document analysis, and analyzed using the Miles–Huberman–Saldaña interactive model. Findings reveal a pronounced execution gap, particularly in implementation and evaluation, resulting in partial achievement: beneficiaries consistently reach the munfiq stage but fail to transition into verified muzaki. This reflects systemic weaknesses in sustained mentoring, outcome-based evaluation, and integrated data tracking. This study advances the literature by proposing the Integrated Four-Pillar Transformation Model spiritual-ethical, managerial-strategic, economic-business, and social-mentoring and by positioning the munfiq stage as a decisive inflection point in the transformation pathway. Policy implications emphasize the urgency of adopting outcome-based evaluation systems, institutionalizing structured mentoring, and developing digitally integrated zakat ecosystems enabling data-driven monitoring, scalable empowerment, and real-time impact measurement.
Bridging monetary policy and the real sector: A conceptual model in Islamic economics Ilma Mahdiya; Abdul Wahab; Muhammad Hasan Afdhali
Indonesian Journal of Islamic Economics Research Vol. 8 No. 1 (2026)
Publisher : Faculty of Islamic Economics and Business UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/ijier.v8i1.6622

Abstract

The disconnect between monetary policy and the real sector remains a key issue in modern economic systems, including Islamic finance, where decoupling between financial activities and productive sectors distorts the efficiency of monetary transmission channels. Previous studies have discussed Islamic monetary instruments and financial intermediation separately, with limited attention to an integrated framework linking Islamic monetary policy, Islamic financial institutions, and the real sector within a maqasid al-Shariah perspective. This study aims to develop a conceptual model that bridges Islamic monetary policy and the real sector within an integrated framework.. The findings suggest an integrated model that links Islamic monetary instruments, Islamic financial institutions, and real sector activities through a dynamic feedback mechanism, with maqasid al-Shariah as the normative foundation. In contrast to conventional monetary frameworks relying on interest-based transmission mechanisms, the proposed framework emphasizes profit-sharing, asset-backed financing, and ethical resource allocation linked to productive activities. This study highlights the importance of strengthening Sharia-compliant monetary instruments, institutional integration, and maqasid-based policy design to support inclusive, sustainable, and real-sector-oriented economic development.
Constructing a pesantren halal hub model based on the penta helix framework for developing the halal economy in Indonesia Abdul Rachman; Mariya Ulpah; Bilaly Sangare
Indonesian Journal of Islamic Economics Research Vol. 8 No. 1 (2026)
Publisher : Faculty of Islamic Economics and Business UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/ijier.v8i1.6623

Abstract

This study examines the construction of a Pesantren Halal Hub model based on the Penta Helix framework as an innovation for developing the halal economy in Indonesia, considering the substantial number of pesantren, namely 42,433 Islamic boarding schools in the 2024/2025 academic year, and the significant growth of the global halal economy, which is projected to reach USD 3.36 trillion by 2028 (SGIE 2024/2025). This number represents a considerable potential for building a pesantren-based halal industry ecosystem. However, the involvement of pesantren in the halal industry ecosystem remains limited due to constraints such as limited access to capital, inadequate managerial skills, challenges in obtaining halal certification, and weak connectivity to global markets. This research employs a descriptive qualitative method with a Penta Helix approach. The findings reveal that the Pesantren Halal Hub model constitutes an innovative strategy for developing Indonesia’s halal economy, as it enhances the number of halal-certified pesantren products, expands market access through halal hubs and halal e-commerce, strengthens cross-sectoral collaboration networks, and supports financing mechanisms based on productive waqf and Islamic social finance (ZISWAF). Accordingly, collaboration among pesantren, government, industry, universities, communities, and Islamic social finance institutions (ZISWAF) is crucial in constructing the Pesantren Halal Hub model. Theoretically, this research enriches the literature on the integration of Islamic educational institutions into the Penta Helix innovation model, while practically, it provides policy recommendations and an implementable model that can be replicated by government, industry, and pesantren across various regions
Financialization, productive investment, and ecological sustainability through an Islamic economics lens in the G20 development Muhammad Hisyam Syafii; Salmaa Dzakiyyah Az Zahrah; Husain Azhari; Rudyn Alaldaya
Indonesian Journal of Islamic Economics Research Vol. 8 No. 1 (2026)
Publisher : Faculty of Islamic Economics and Business UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/ijier.v8i1.6675

Abstract

This study examines the structural relationship between financialization, productive investment, and ecological sustainability in G20 economies during 2020–2025, integrating structural macroeconometrics with the Islamic economic framework of maqashid al-shariah. Employing second-generation panel techniques  including CCEMG, AMG, SVAR, and panel threshold regression  the research identifies the structural consequences of riba-based financialization on productive investment efficiency and ecological sustainability outcomes. The findings reveal that financialization indicators  financial sector value-added, stock market capitalization, corporate debt, and financial profit share, identified as empirical manifestations of riba-driven financial expansion  exert significant negative long-run effects on total factor productivity growth, corroborating both the post-Keynesian crowding-out hypothesis and the Islamic economic proposition that riba structurally suppresses productive kasb by displacing investable surpluses from real capital formation. Conversely, all financialization indicators significantly increase carbon emission intensity and ecological footprint per capita, constituting empirical confirmation that riba-based financialization generates systematic darar violating hifz al-bi'ah. Threshold analysis identifies a wasatiyyah threshold of 94.7 percent of GDP beyond which negative impacts intensify nearly fourfold. The results collectively establish that excessive riba-based financial sector expansion violates maqashid al-shariah, underscoring the need for transition toward Islamic financial alternatives mudharabah, musharakah, green sukuk, and waqf-based instruments as empirically superior and normatively mandated responses to the financialization-sustainability crisis across G20 economies.

Page 4 of 4 | Total Record : 35

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