Islamic Economics Journal
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.
Articles
42 Documents
<![CDATA[Investment, ZIS Funds, Mudharabah Financing and Economic Growth in Indonesia ]]>
<![CDATA[Ichsan Hamidi]]>;
<![CDATA[Muhammad Farhan]]>;
<![CDATA[Deassy Apriani]]>
<![CDATA[ Islamic Economics Journal Vol. 10 No. 01 (2024): Islamic Economics Journal ]]>
Publisher : <![CDATA[Faculty of Economics and Management ]]>
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DOI: 10.21111/iej.v10i01.44
<![CDATA[This study was conducted to investigate the effect of investment, ZIS funds, and mudharabah financing towards Indonesia’s economic growth during the period 2011-2021. This study uses a quantitative approach with multiple linear regression analysis of monthly time series data. The results showed that investment realization has a positive and significant effect on economic growth, following Schumpeter’s theory which highlights the role of investment in encouraging economic activity. Meanwhile, the distribution of ZIS funds has a positive but insignificant effect on economic growth with 0,7127 p-value, due to a lack of public trust in zakat amil institutions in Indonesia. Which caused a lack of ZIS funds to be distributed in encouraging economic growth. Mudharabah financing also has a positive but insignificant effect on economic growth with 0,5224 p-value, due to a small value of financing and low public interest in applying for mudharabah financing. It is hoped that the results of this study can become a basis for strengthening the role of Islamic economics, especially ZIS and mudharabah towards economic growth in Indonesia and improving people’s welfare.]]>
<![CDATA[Do Macroeconomic Variables Affect Deposits in Shariah Banks? ]]>
<![CDATA[Ayunseh Retno Harini]]>;
<![CDATA[Mahrus Lutfi Adi Kurniawan]]>;
<![CDATA[Budi Jaya Putra]]>
<![CDATA[ Islamic Economics Journal Vol. 10 No. 01 (2024): Islamic Economics Journal ]]>
Publisher : <![CDATA[Faculty of Economics and Management ]]>
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DOI: 10.21111/iej.v10i01.45
<![CDATA[Banks are intermediary institutions that collect funds from the public and channel them back in the form of credit and the funds collected are third party funds (TPF) which are the largest source of funds relied on by banks, including sharia banking. The challenge of sharia banking is to expand market share. Currently in Indonesia the banking market share is dominated by conventional banking. Increasing market share will increase savings in sharia banking and strengthen sharia banking as an intermediation institution. The research aims to identify the influence of macroeconomic variables on deposits in sharia banking. The research uses time-series data 2012: Q1 - 2022: Q1 and the ARDL method to estimate the short- and long-term influence of macroeconomic variables on TPF. The research results show that there are two variables that influence the short and long term, namely the GDP variable and the exchange rate. Meanwhile, inflation and interest rate variables only have an effect in the short term. The implications of the research show that increasing economic growth must be followed by increasing people’s income and the stability of the rupiah exchange rate will increase people’s deposits or savings in sharia banking.]]>
<![CDATA[The Nexus between Financial Development and Carbon Emission in OIC Countries ]]>
<![CDATA[Mohammad Zen Nasrudin Fajri]]>;
<![CDATA[Ikhsanul Amal]]>;
<![CDATA[Abdul Fareed Delawari]]>;
<![CDATA[Ahmad Suminto]]>
<![CDATA[ Islamic Economics Journal Vol. 10 No. 01 (2024): Islamic Economics Journal ]]>
Publisher : <![CDATA[Faculty of Economics and Management ]]>
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DOI: 10.21111/iej.v10i01.46
<![CDATA[Economic activities are important factors for the development of countries. However, many countries give too much importance to the economy without paying attention to the country’s environment as a result of ongoing economic activities, such as industrial, electricity production, transportation, and commercial and residential which can cause environmental degradation with the spread of CO2 carbon dioxide emissions. The growth of a financial sector that supports those economic activities is considered the driver of carbon emissions at the macro level. However, Islam teaches Muslims to avoid corruption on earth including those leading to the rise in carbon emissions. This makes Muslim-majority countries have better concern in dealing with carbon emissions. This study aims to analyze the influences of financial institution index (FII) and financial market index (FII) on carbon dioxide emissions in the Organization of Islamic Cooperation member nations. Using the GMM estimator for a panel dataset of 36 countries between 2000 and 2021, this study unravels that the FII significantly increased carbon emissions in OIC countries. In reverse, FMI contributed to the reduction of carbon emissions in OIC countries. This paper recommends the government set regulations for banking sectors to improve eco-friendly credits for the private sector. It is also recommended that the government enrich the issuance of green securities and strengthen the financial market because it is effective in minimizing carbon emissions.]]>
<![CDATA[The Effect of Islamic Financial Inclusion and Literacy on the Productivity of MSMEs: Case Study in Probolinggo ]]>
<![CDATA[Muhammad Alfan Rumasukun]]>;
<![CDATA[Alivia Maharani]]>
<![CDATA[ Islamic Economics Journal Vol. 10 No. 01 (2024): Islamic Economics Journal ]]>
Publisher : <![CDATA[Faculty of Economics and Management ]]>
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DOI: 10.21111/iej.v10i01.47
<![CDATA[Looking at the large contribution of MSMEs to GDP growth, namely 0.2%, it can be seen that the market in this sector is supported by a fairly large portion of the workforce, reaching 96.92%. However, the low productivity of MSMEs is a concern because the input produced is not commensurate with the output produced. This research aims to investigate and understand the productivity problems faced by MSMEs (Micro, Small and Medium Enterprises) in Probolinggo, especially in Mayangan sub-district. This research covers aspects such as financial inclusion and financial literacy, with a focus on sharia approaches. This was done to understand the impact of sharia financial inclusion and sharia financial literacy on the productivity of MSMEs in the region. The study employs quantitative research methods and utilizes primary data obtained from respondent-filled questionnaires. The population consists of MSMEs in the Mayangan District, with 30 respondents selected through Probability Sampling. Then the data is processed using multiple linear regression analysis techniques using the SPSS (Statistical Package for Social Sciences) program. The results of this study indicate that Islamic financial inclusion and Islamic financial literacy have a significant effect on the productivity of MSMEs. This is evidenced by the result of the coefficient of determination analysis where the variables of Islamic financial inclusion and Islamic financial literacy affect MSMEs productivity by 84,3% and the remaining 15,7% is explained by other variables not included in this study.]]>
<![CDATA[Cash Waqf Literacy in Indonesia: Literature Studies and Perspectives of Islamic Economics Academics ]]>
<![CDATA[Nurul Jannah]]>
<![CDATA[ Islamic Economics Journal Vol. 9 No. 01 (2023): Islamic Economics Journal ]]>
Publisher : <![CDATA[Faculty of Economics and Management ]]>
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DOI: 10.21111/iej.v9i01.50
<![CDATA[Cash waqf in Indonesia has become a topic of discussion in the world of scientific articles, both national and international scientific articles. In addition, cash waqf has also been regulated in law but all of this does not make the literacy of Muslims in Indonesia increase related to cash waqf, this can be seen from the waqf funds collected are not optimal if look at the condition of Muslims in Indonesia. This study uses a qualitative approach to content analysis by using the FGD method as a complement to this research. The results of this study, from some previous literature, show that the literacy of the Indonesian people is still low regarding cash waqf both in terms of the mechanisms and benefits of cash waqf. This happened because of the lack of outreach and strong support from the government. So the academics in this study suggested increasing training for nazhir waqf from various sides such as nazhir in every mosque in Indonesia, nazhir in the academic section, so that they can assist the government in educating cash waqf to the public. For future researchers, in order to be able to discuss policies and strong government support regarding the implementation of cash waqf in Indonesia.]]>
<![CDATA[Analisis Meta: Determinan Minat Muzakki Membayar Zakat ke Organisasi Pengelola Zakat ]]>
<![CDATA[Windi Wulandari Fitriani]]>;
<![CDATA[Noven Suprayogi]]>
<![CDATA[ Islamic Economics Journal Vol. 9 No. 01 (2023): Islamic Economics Journal ]]>
Publisher : <![CDATA[Faculty of Economics and Management ]]>
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DOI: 10.21111/iej.v9i01.51
<![CDATA[This study aims to determine the factors that influence the interest of muzakki to pay zakat in the Indonesian Zakat Management Organization (Organisasi Pengelola Zakat (OPZ)). This study uses a meta-analysis research method with quantitative approach. In this study, the dependent variable is interest in paying zakat in OPZ, and the independent variables are income, religiosity, and knowledge of zakat, transparency, service quality, and trust in muzakki. This study will re test the independent variables robustly to prove whether there is an effect of the independent variable on the dependent variable. The population in this study took research journal articles published in Google Scholar. The samples in this study are journal articles indexed by SINTA 1 to 6. This study accumulates and integrates existing studies using the meta-analysis technique developed by Hunter et al. (1982) on 22 sample articles. The results of testing the variables of income, religiosity, and knowledge of zakat, transparency, and trust in muzakki prove that there is a significant consistency of test results on the variable of muzakki's interest in paying zakat. While the calculation of the service quality variable states that it has no significant effect on the dependent variable.]]>
<![CDATA[The Phenomenon of Market Distortion Practices in E-Commerce (Bai' Najasy) ]]>
<![CDATA[Agustin Mila Arlina]]>;
<![CDATA[Lilik Rahmawati]]>;
<![CDATA[Ahmad Agus Hidayat]]>
<![CDATA[ Islamic Economics Journal Vol. 9 No. 01 (2023): Islamic Economics Journal ]]>
Publisher : <![CDATA[Faculty of Economics and Management ]]>
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DOI: 10.21111/iej.v9i01.52
<![CDATA[E-commerce is one of the marketing technologies used as a platform for online buying and selling in the present time. However, in its mechanism, there are similarities with the practice of Market Distortion (bai' najasy) in e-commerce, which is prohibited in Islam. This research aims to understand the practice of Market Distortion (bai' najasy) in e-commerce from the perspective of Islamic economics. This study uses a qualitative descriptive method by conducting direct research on the target audience. It is known that the phenomenon of market distortion (Ba'i Najasy) among e-commerce users in the Tanjung Village, Kedamean Subdistrict, Gresik Regency, still frequently occurs due to consumers being less selective and hasty in choosing a seller for a product. Based on interviews conducted by the researcher with 100 respondents representing the target audience, it was found that 67 of them expressed dissatisfaction with products purchased through e-commerce applications, while 17 others stated that they had been satisfied with their initial purchase but were less satisfied with their second purchase, and 16 others had not experienced what the other respondents had. This indicates the need for education among the public to selectively choose sellers on e-commerce applications.]]>
<![CDATA[Green Sukuk Retail Towards Sustainable Development in Indonesia ]]>
<![CDATA[Atika Zahra Maulida]]>;
<![CDATA[Noormailati]]>;
<![CDATA[Agus Purnomo]]>
<![CDATA[ Islamic Economics Journal Vol. 9 No. 01 (2023): Islamic Economics Journal ]]>
Publisher : <![CDATA[Faculty of Economics and Management ]]>
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DOI: 10.21111/iej.v9i01.53
<![CDATA[Green Sukuk is one of the products in the Sharia capital market that wants to be developed to encourage the country's economic growth by applying Sharia principles. Green sukuk buying and selling transaction agreement using wakalah contract and ijarah. The issuance of Green Sukuk on retail sukuk products issued by issuers can encourage the country's economic growth. This study aims to determine the development and economic growth through green sukuk products in retail sukuk products. This research uses qualitative methods with a literature review approach from previous research. The data collection method examines previous research in articles and progress reports, transactions, and economic growth from 2019 to 2022. The results of the data that have been collected will be used to answer the growth and development of green sukuk transactions on ST0060 retail sukuk products issued by the government and by private companies. The study's results explain that the performance improvement in retail sukuk products has increased yearly. The performance of the Net Asset Value of retail sukuk (green sukuk) NAV in 2019 increased by 3.56%; in 2021, the performance value of the Net Asset Value of Bersi h decreased by 2.83% due to the impact of the Covid-19 pandemic. In FY2022, the performance value of net assets increased by 41% due to stable economic performance. The role of government encouragement and economic performance growth has an impact on increasing Sharia capital market investors in retail sukuk products in 2022. The impact of performance, growth, development, and transaction growth on retail sukuk ST006 can be illustrated in the pattern. The graph shows a positive direction affecting the country's economic growth.]]>
<![CDATA[Control Strategy in the Fight Against Internal Fraud (PT BPRS Kotabumi KC Bandar Lampung) ]]>
<![CDATA[Hotman]]>;
<![CDATA[Anggoro Sugeng]]>;
<![CDATA[Ananto Triwibowo]]>;
<![CDATA[Agus Alimuddin]]>
<![CDATA[ Islamic Economics Journal Vol. 9 No. 01 (2023): Islamic Economics Journal ]]>
Publisher : <![CDATA[Faculty of Economics and Management ]]>
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DOI: 10.21111/iej.v9i01.54
<![CDATA[Islamic banks that carry out their duties and functions as financial management institutions have the responsibility to maintain public trust by protecting and protecting customer money from all forms of irregularities. Moreover, irregularities are committed by people who work in Islamic banks themselves or what is known as internal fraud. PT BPRS Kotabumi, Bandar Lampung branch office, is one of the Islamic banks committed to fighting fraud. The form of the effort is to prevent it through internal control instruments. The purpose of this study is to determine the internal control at PT BPRS Kotabumi Bandar Lampung Branch Office as a strategy to prevent internal fraud. This research is a qualitative descriptive field research. Researchers use interview methods and documentation to collect the required data. The research data obtained are then analyzed by using inductive analysis techniques, namely analysis that begins with specific facts or events to draw conclusions. Based on the results of research that researchers have conducted, it can be concluded that internal control can be an instrument to prevent internal fraud. Internal control at BPRS Kotabumi Bandar Lampung branch includes four control components. The four components of control are the control environment, control activities, information and communication, and monitoring.]]>
<![CDATA[The Jakarta Islamic Index (JII) Stock Price in Terms of Oil, Gold, and Exchange Rates ]]>
<![CDATA[Syafira Indriyani]]>;
<![CDATA[Nanda Dwi Cahyani]]>;
<![CDATA[Siti Amaroh]]>
<![CDATA[ Islamic Economics Journal Vol. 9 No. 01 (2023): Islamic Economics Journal ]]>
Publisher : <![CDATA[Faculty of Economics and Management ]]>
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DOI: 10.21111/iej.v9i01.55
<![CDATA[Stock prices are usually influenced by 2 factors, namely internal factors and external factors. The purpose of this research is to analyze the stock price of the Jakarta Islamic Index (JII) in terms of external factors, namely oil, gold and exchange rates. This study used purposive sampling and quantitative analysis methods for companies that have been consistent in JII for 10 years, and obtained 7 issuers as research specimens. Panel data were processed using multiple linear regression analysis in the SPSS Statistics program version 26. The results of this study indicate that the oil and gold price variables have no effect on JII stock prices, while the exchange rate variable has a positive effect on JII stock prices. Simultaneously the three variables concerned affect the JII stock price by 79.1%, and 20.9% are influenced by factors outside the factors studied. Investors who wish to invest are expected to pay more attention to macroeconomic aspects and to use sharia-based instruments, they can use JII as a reference.]]>
