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Ahmad Suminto
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Department of Islamic Economics University of Darussalam Gontor, Jl. Raya Siman, Demangan - Siman - Ponorogo, Jawa Timur, 63471
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INDONESIA
Islamic Economics Journal
Published by Universitas Darussalam Gontor
ISSN : 24601896     EISSN : 25415573     DOI : -
Core Subject : Economy, Humanities, Science, Social,
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Social Sciences
Islamic Economics Journal is an international journal providing authoritative sources of scientific information for researchers and scholars in academia, research institutions, government agencies, and industries. Published semi-annually (June and December) by Department of Islamic Economics, Faculty of Economics and Management, University of Darussalam Gontor. Editors accept scientific articles and results of research in accordance with contemporary Islamic economics issues in big five areas namely; Islamic Public Economics, Islamic Monetary Economics, Islamic Business Economics, Islamic International Economics, and Islamic Development Economics.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 42 Documents
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Determinants of Students’ Entrepreneurial Interest Perspective of Islamic Business Ethics Latif, Abdul; Fiana, Laily Nur; Hidayatullah, Nurus Shefrilianti
Islamic Economics Journal Vol. 11 No. 02 (2025): Islamic Economics Journal
Publisher : Faculty of Economics and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v11i02.23

Abstract

Indonesia is a developing country with abundant natural resources and a large population, it still faces significant unemployment. Unemployment among college graduates is a major challenge, even though they have the potential to become entrepreneurs who can help reduce it. Entrepreneurship plays an important role in driving economic growth and creating job opportunities, especially for college students who are the next generation of the nation. Therefore, higher education institutions need to direct graduates not only to focus on becoming labor absorbers but also to create their own jobs. The purpose of this study is to identify the factors influencing female students’ interest in entrepreneurship from the perspective of Islamic business ethics among female students of the Faculty of Economics and Management at the University of Darussalam Gontor in 2024, with a focus on entrepreneurial literacy, motivation, and income expectations. To process the data, the authors used SmartPLS 4.0.9.9. The results of this study were obtained from the respondents’ answers; entrepreneurial literacy and motivation have a positive and significant effect on entrepreneurial interest. And income expectations do not have a positive and significant effect on entrepreneurial interest. The data show that entrepreneurial literacy, motivation, and income expectations have a positive and significant effect on entrepreneurial interest. This study found that the entrepreneurial interest of Darussalam Gontor University students is influenced by entrepreneurial literacy, motivation, and income expectations in 72.1%, and the remaining 27.9% is influenced by other factors.
Integrating Mawarith in Islamic Social Finance to Advance Economic Growth (SDG 8) and Responsible Consumption (SDG 12) Puspitasari, Indah; Muhammad, Atha Mahdi; Kayadibi, Saim
Islamic Economics Journal Vol. 11 No. 02 (2025): Islamic Economics Journal
Publisher : Faculty of Economics and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v11i02.24

Abstract

Islamic inheritance law (mawarith) provides a crucial mechanism for ensuring justice and equity in the distribution of wealth among Muslim families. Beyond its personal scope, mawarith holds significant socio-economic potential when linked with Islamic social finance. Drawing on the Islamic moral economy perspective particularly the maqāṣid principle of hifz al-māl, this study examines how utilizing inherited wealth productively, by integrating it with instruments like waqf, zakat, sadaqah, and hibah, can contribute to enhancing inclusive economic growth (SDG 8) and supporting responsible consumption (SDG 12). Using a qualitative method based on analysis of Islamic legal texts and inheritance practices, the study develops a conceptual explanation showing how mawarith ensures fair distribution, reduces the likelihood of disputes, and opens pathways for economic justice and asset sustainability. When integrated with Islamic social finance tools, mawarith has the potential to unlock dormant capital, strengthen community resilience, and encourage locally grounded economic activity. Furthermore, these mechanisms naturally help mawarith advance the achievement of SDG 8 and SDG 12, supporting inclusive growth, circular prosperity, and intergenerational equity. The paper therefore recommends raising awareness of the economic potentials of mawarith and incorporating mawarith into national development policies to realize its full potential. Mawarith linked to Islamic principles on global development goals can be a powerful tool for achieving economic inclusivity and sustainability
Analysis of Determinants Affecting the Distribution of MSME Funds in Indonesia: A Study of the VECM Approach Ashary, M. Habib; Irsyadillah, Muhammad Ridha; Laila, Nisful
Islamic Economics Journal Vol. 11 No. 02 (2025): Islamic Economics Journal
Publisher : Faculty of Economics and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v11i02.25

Abstract

This study analyzes the dynamic relationship between Islamic monetary instruments (SBIS, PUAS, and the PLS mechanism) and the distribution of MSME financing in Indonesia, using a Vector Error Correction Model (VECM) for the period January 2014 to December 2023. The estimation results indicate significant policy transmission challenges: SBIS has a negative and significant effect on MSME financing. This crucial finding indicates that SBIS functions as a “liquidity trap,” encouraging Islamic banks to place funds in low-risk liquid instruments rather than in risky real-sector financing, such as MSMEs. Meanwhile, PUAS and the underlying PLS mechanism are statistically insignificant, indicating risk aversion and operational barriers to profit-sharing contracts. IRF and FEVD analyses reinforce the conclusion that policy transmission remains weak, with MSME financing variations dominated by internal bank shocks. Theoretically, this study reveals a critical gap in the Mudarabah-based monetary framework, where liquidity instruments sacrifice the goal of promoting the real economy. The practical implications require regulators to redesign liquidity instruments (such as SBIS) to better encourage real-sector incentives, thereby strengthening the alignment between sharia principles and national economic development.
Analysis of Factors Affecting Profitability of Islamic Banks in Yogyakarta Ratri Zhohratun Aini; Rusdianto
Islamic Economics Journal Vol. 10 No. 02 (2024): Islamic Economics Journal
Publisher : Faculty of Economics and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v10i02.26

Abstract

Islamic banks have a strategic task to encourage economic growth and national progress. The greater the contribution of banking, it is estimated that the more advanced a country’s economy will be. As a financial institution, Islamic banks must also pay attention to their performance to operate well and develop rapidly in Indonesia, one of which is by paying attention to financial performance through financial reports. Profitability is an assessment aspect used to measure bank performance in generating profits. This study aims to determine the results of the effect of mudharabah and musyarakah financing on bank profitability as measured using ROA by comparing the company’s net income with the total assets it has as a whole. The data analysis method uses secondary data obtained from the monthly financial statement data of Islamic Banks on mudharabah financing and musyarakah financing with the help of SPSS 27 software. The results showed that mudharabah and musyarakah financing had a positive and significant effect on the profitability of Islamic Banks in 2018-2022. This shows that the increasing value of the contract distributed also contributes to increased profitability. It is hoped that a significant increase in profitability can attract investors to invest more in Islamic Banks.
Literature Review: Factors Influencing Purchasing Decisions in the Service Industry Hasrun Afandi UmpuSinga; Tri Lestira Putri Warganegara; Iskandar Ali Alam; Habiburrahman; Andala Rama Putra Barusman
Islamic Economics Journal Vol. 10 No. 02 (2024): Islamic Economics Journal
Publisher : Faculty of Economics and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v10i02.28

Abstract

This research focuses on the factors that interact with each other and influence consumers’ purchasing decisions, as well as how implementing effective marketing strategies can influence these decisions across various industry sectors. The purpose of the study is to examine studies that are relevant to purchase decisions, this study uses a qualitative method with a systematic literature study approach, which is an assessment and analysis of previous research related to purchase decisions, using the keywords “Purchase Decision” and “Travel” in the period from 2004 to 2024 (20 years). The results of the study found that purchasing decisions are influenced by cognitive dissonance, social influence, corporate alliances, brand equity, brand preferences, gender roles: female dominance, online forum browsing, price, online reviews, promotions, demographics, travel preferences, domestic family decisions, brand decisions, price decisions, circle of acquaintance decisions, compromises, temporal constructions, perceived ease of use, electronic word of mouth, content marketing, Brand image, lifestyle, trust in tour packages, trust in payment methods, intention to purchase tour services, promotion of online tour services, place of residence, previous purchase experience, information sources used and perception of reliability, professional status, age, education level, financial situation, and perception of value.
The Effect of Macroeconomic Variables on the Profitability of Islamic Commercial Banks in Indonesia Miftahul Huda; Azidni Rofiqo; Abdurrizqi Bin Abdul Razak; Fikriyyatun Nabila
Islamic Economics Journal Vol. 10 No. 02 (2024): Islamic Economics Journal
Publisher : Faculty of Economics and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v10i02.29

Abstract

Islamic banks as a form of banking that operates based on sharia principles, are expected to show superior financial performance when compared to interest-based conventional banks. This study aims to determine the effect of inflation, JUB, and PUAS on the profitability of Indonesian Islamic Commercial Banks. The method used in this research is a deductive quantitative method, with the Vector Autoregressive (VAR) Vector Error Correction Model (VECM) approach and the E-Views 12 test tool. The data used in this study used secondary data with time series data from the period January 2013 to April 2023, where ROA was used as an independent variable and Inflation, Money Supply, and Islamic Interbank Money Market became the dependent variable. As for the results of this study, in the long term, the variables of Inflation and JUB have a significant and negative effect on the Return on Assets (ROA) of Indonesian Islamic Commercial Banks, while the Islamic Interbank Money Market (PUAS) variable does not have a significant and negative effect on the Return on Assets (ROA) of Indonesian Islamic Commercial Banks. In the short term, the variables of Inflation, Money Supply (JUB), and the Islamic Interbank Money Market (PUAS) do not have a significant and negative influence on the Return on Assets (ROA) of Indonesian Islamic Commercial Banks.
Islamic Philanthropy and Social Services in Improving Community Welfare in Indonesia Makhrus; Ibnu Hasan; Selamet Eko Budi Santoso
Islamic Economics Journal Vol. 10 No. 02 (2024): Islamic Economics Journal
Publisher : Faculty of Economics and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v10i02.30

Abstract

Poverty in Indonesia has become a complex and multisectoral issue, necessitating comprehensive handling involving all stakeholders, including civil society and Islamic philanthropy managers. Islamic philanthropic activism in Indonesia continues to expand, as evidenced by a growing public understanding of the importance of channeling donations through institutions. Donations collected by Islamic philanthropic organizations are channeled into charity programs for non-urgent needs and productive programs with lasting effects on community empowerment. This form of research employs a qualitative-descriptive methodology. This study examines an Islamic philanthropic organization using documentation and observation techniques to collect data, and qualitative deductive and inductive methods to analyze the data qualitatively. The findings of this study indicate that Islamic philanthropy and social services in improving welfare carried out by Islamic philanthropy management organizations in Indonesia are manifested in various fields, including social, economic, educational, and health, and are channeled as assistance and empowerment programs to improve public welfare. The organization’s capacity to manage Islamic philanthropy is achieved by integrating its programs, policies, and services with government and private agencies with similar objectives. In measuring the impact of Islamic philanthropy and social services on enhancing community welfare, Islamic philanthropic organizations consider a change in thought patterns, attitudes, and actions in living life based on one’s abilities. Consequently, charitable social services have taken the form of empowerment programs in a society with lasting effects.
Optimization of Zakat Fundraising Realisation Based on the Measurement of the Zakat Literacy Index in Rural and Urban Communities Adib Fachri; Citra Etika
Islamic Economics Journal Vol. 10 No. 02 (2024): Islamic Economics Journal
Publisher : Faculty of Economics and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v10i02.31

Abstract

This article compares zakat literacy between rural and urban communities in Lampung Province and explores strategies to optimize zakat fundraising based on the Zakat Literacy Index (ILZ) of each region. Using a mixed method approach with an explanatory design, 200 respondents were involved, with 100 from rural and 100 from urban areas. The independent t-test results show a difference in zakat literacy between the two groups, although the difference is not statistically significant. The ILZ in rural areas is 79.57 (medium category), while in urban areas it is 86.79 (high category), reflecting a relatively good understanding in both communities. To optimize zakat fundraising, urban areas can focus on strengthening technical management and adopting digital technology for payments, while rural areas require educational efforts and collaboration with religious leaders to enhance basic zakat knowledge.
The Implementation of Fiqh Principle in Islamic Financial Products: A Systematic Literature Review Nafisatu Roudlotin Ni’mah; Asmuni
Islamic Economics Journal Vol. 10 No. 02 (2024): Islamic Economics Journal
Publisher : Faculty of Economics and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v10i02.32

Abstract

The fiqh rules aims to provide a foundation for all activities carried out by Muslims, including economic activities. The rules of fiqh can solve various contemporary economic problems by drawing a red thread from the previous arguments. For example, the phenomenon of online buying and selling that is currently rife can be found by linking the arguments that can be used as a reference. This implementation must be done because, with it, Islamic economic activity will be more straightforward to achieve its goals. The purpose of this study is to find out the application of the rules of fiqh in various Islamic financial products. The method used in this study is a systematic literature review which is done extracting several scientific journals related to the theme. The application of the rules of fiqh in various Islamic financial products has proven to be significant and had a positive impact on various economic sides. Applying the rules of fiqh gives all economic layers a foundation for doing something so that it does not come out of the principles of Islamic sharia.
Optimizing the Role of Kiai in Preparing Competitive Santripreneurs Ahmad Agus Hidayat; Imam Buchori; Agustin Mila Arlina; Mohammad Dliyaul Muflihin; Muhammad Rizki Ashari
Islamic Economics Journal Vol. 10 No. 02 (2024): Islamic Economics Journal
Publisher : Faculty of Economics and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v10i02.33

Abstract

Pesantren economics has increasingly gained attention from various circles, moving away from the traditional stigma of being solely traditional educational institutions. This article explores the role of the Kiai of Darul Pesantren, Menganti, in developing and preparing santripreneurs. This article employs qualitative research with a case study approach. Use the triangulation method. Data analysis was conducted through data reduction, data presentation, and verification. The validity of the findings was ensured through extended observation and methodological triangulation. The study’s findings reveal that the role of the Kiai in preparing santripreneurs is carried out through several methods: a) Doctrination of students through the learning process, b) Aligning students areas of expertise with their interests and talents, c) Establishing partnerships and collaborations with third parties, d) Incorporating santripreneur education into extracurricular activities at the pesantren, e) Providing educational scholarships for students, f) Requiring all students to have savings in the pesantren through BMT (Baitul Maal wa Tamwil). On the other hand, the challenges faced include: a) A lack of motivation among students to learn entrepreneurship, b) Time constraints for both students and instructors, c) Limited entrepreneurial capital, d) A shortage of human resources within the pesantren.

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