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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 muzakki: 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 and low realization, compounded by the absence of impact-based evaluation and limited integration with digital ecosystems. Prior studies remain fragmented, focusing mainly on economic outcomes, lacking an integrated transformation model, and overlooking the munfiq stage as a critical transition phase. This study addresses these gaps by reconstructing a digitally ready, productive zakat ecosystem to accelerate the transformation from mustahik to muzakki. 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 to verified muzakki status. 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 Penta Helix-based Pesantren Halal Hub model as an innovation for halal economic development in Indonesia, given the substantial and growing number of Islamic boarding schools (Pesantren) nationwide and the significant expansion of the halal economy in recent years (SGIE 2024/2025). This potential is nonetheless underexploited, as Pesantren involvement in the halal industrial ecosystem remains limited by constraints in capital access, managerial skills, halal certification, and connectivity with global markets. Employing a descriptive qualitative method within the Penta Helix approach, the study finds that the model has substantial potential to strengthen Pesantren not only as centers of education but also as institutions for community-based halal economic empowerment. As an innovation in halal economic development, the model can increase the number of halal-certified Pesantrenproducts, expand market access through halal hubs and e-commerce platforms, strengthen collaborative networks among stakeholders, and support financing through productive waqf and ZISWAF. Realizing this potential requires collaboration among Pesantren, government institutions, industry, universities, communities, and Islamic social finance institutions. The study offers a reference for government bodies, halal industry actors, Pesantren, academics, media, communities, and Islamic social finance institutions in designing more integrated economic empowerment programs, ultimately strengthening the national halal industrial ecosystem and the economic independence of the Muslim community and Pesantren-surrounding communities.  
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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