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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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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 91 Documents
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Ottoman Cash Waqf System: An Alternative to the Western Capitalist System Izzatul Muna; Yasdi
Islamic Economics Journal Vol. 9 No. 01 (2023): Islamic Economics Journal
Publisher : Faculty of Economics and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v9i01.57

Abstract

The purpose of this article is to investigate and analyze the Ottoman cash waqf system as a distinct economic model from capitalism, concentrating on its principles, operational mechanisms, and social impact. This study employed a literature review methodology and compared the Ottoman currency waqf system to the western capitalist system. This study reveals that the Ottoman cash waqf system was founded on the principles of social justice, solidarity, and equitable distribution, as opposed to the capitalist principles of prioritizing individual gain. This system provides solutions to problems of social and economic inequality and safeguards the most vulnerable members of society. In spite of its positive potential, the Ottoman cash waqf system confronts a number of obstacles, such as lack of effective management, proper regulation, and public awareness. This article explores the potential of the Ottoman cash waqf system as a different response to social and economic challenges that are viewed as an attractive alternative to the western capitalist system, despite the fact that the western capitalist system can have negative systemic effects.
Community-Based Sharia Financial Inclusion for Women’s Empowerment: Evidence from the Barokah Nur Muttain Yasinan Congregation Kasanah, Nur; Pratika, Diah Sohnya
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.v11i02.58

Abstract

Financial inclusion is a condition in which everyone has fair and equitable access to a wide range of financial products and services, including sharia-compliant ones. The use of Islamic finance has not been optimal in empowering rural women because there is still limited access to inclusive Islamic financial institutions. This study aims to analyze the role of Islamic financial inclusion in increasing women’s economic empowerment through community-based financial practices. This qualitative, phenomenological research explores the role of Islamic financial inclusion in advancing women’s economic empowerment through community-based financial practices. The locus of this research is KSPPS Barokah Nur Muttain, Tebon Village, West District, Magetan Regency, serving as a model of sharia financial inclusion for the Yasinan Barokah Nur Muttain pilgrim community. Data were obtained through participatory observations and in-depth interviews with cooperative administrators, Yasinan Barokah Nur Muttain congregational mothers, community leaders, and related officials at the Cooperatives and MSEs Office, as well as documentation on the performance of KSPPS Barokah Nur Muttain. The study results show that implementing sharia financial inclusion within the Yasinan congregation community at KSPPS Barokah Nur Muttain effectively supports women’s empowerment by integrating access to sharia financing and spiritual activities. The supporting factors include religious values, solidarity, and trust among members, while the main challenges are limited capital and low financial literacy. This Islamic financial inclusion empowers 45 women, as seen in improved family finances, the development of small businesses, and strengthened social networks through Yasinan activities. This research is expected to create an effective Islamic financial inclusion model for women’s empowerment at the local level.
I-HDI, Employment Opportunities, and Minimum Wage: How Do They Affect Poverty? Nofrianto Nofrianto; Farah Hamidah Nuruz Zaharah; Tira Mutiara; Eli Suryani
Islamic Economics Journal Vol. 12 No. 01 (2026): Islamic Economics Journal
Publisher : Faculty of Economics and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v12i01.3

Abstract

Java Island remains the largest centre of poverty in Indonesia despite its dominant contribution to national economic activity. This study examines the direct effects of the Islamic Human Development Index (I-HDI), employment opportunities, and minimum wage on poverty, as well as their indirect effects through unemployment, in six provinces of Java Island during 2015–2022. This study uses secondary panel data obtained from official statistical sources and applies panel data regression with path analysis using EViews 10. The findings show that employment opportunities have a negative and significant effect on unemployment, while I-HDI and minimum wage have negative and significant direct effects on poverty. However, unemployment does not significantly mediate the effects of I-HDI, employment opportunities, and minimum wage on poverty. These findings imply that poverty reduction in Java Island should not rely solely on unemployment reduction, but should also prioritise Islamic-based human development, the expansion of decent employment opportunities, and minimum wage policies that improve household welfare without weakening labour absorption.
‘Urf Analysis on Electronic Money (E-Money) Use (Study Case: Lecturer of Economics and Islamic Business UIN North Sumatra Medan) Nurul Jannah; Asmuni; Tuti Anggraini
Islamic Economics Journal Vol. 8 No. 01 (2022): Islamic Economics Journal
Publisher : Faculty of Economics and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Circulating government regulations regarding the use of e-money, people began to obey them by using e-money until finally the use of e-money has become a habit for the majority of Indonesian people. The basic law of muamalah in Islam is permissible until there is a proposition that prohibits it, so with this shift in habit, whether custom or in ushul fiqh science is called 'urf,. This study aims to analyze 'urf on the use of electronic money (e-money) at the lecturers of the Islamic economics and business faculty of UIN North Sumatra Medan, this qualitative research uses the case study method. The researcher conducted observations on all permanent lecturers of the undergraduate program and of the sixty-two lecturers of the Faculty of Economics and Islamic Business, State Islamic University of North Sumatra Medan, the researcher will conduct interviews only with ten representatives of lecturers of the Faculty of Economics and Islamic Business, State Islamic University of North Sumatera, Medan with criteria ranging from 25-40 years old and the lecturer understands about electronic money and has used electronic money (emoney) outside of campus mandatory transactions. This study results that the use of e-money is included in the 'urf sahih category, which means that the use of e-money is a habit that does not conflict with the arguments of the Qur'an and Hadith, the use of e-money also includes 'urf 'amm which means e-money known, known, agreed upon and applied by the majority of the community, the use of e-money also provides benefits to the community. So the use of e-money is an 'urf that can be used as the basis for legal determination.
Enhancing Zakat Payer Satisfaction through Zakat Literacy and Digital Literacy with QRIS as a Payment Enabler Muhammad Iqbal Ramdhani; Ari Pranaditya; Ahmad Hijri Alfian; Khansa Shabihah
Islamic Economics Journal Vol. 12 No. 01 (2026): Islamic Economics Journal
Publisher : Faculty of Economics and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v12i01.56

Abstract

Zakat is one of the five pillars of Islamic social finance and is a form of maliyah ijtima'iyah worship (worship related to property and social), which must be performed by Muslims if they meet certain conditions (property reaches the nisab and haul, among others). The level of zakat literacy among Muslims also remains varied. Many individuals still have a limited understanding of zakat obligations, calculation methods, distribution mechanisms, and the role of digital technology in facilitating zakat payments. This condition may affect zakat payers' satisfaction with digital payment platforms provided by zakat institutions. Consumer satisfaction in QRIS-based zakat payments is an important academic and practical issue because it determines the effectiveness, acceptance, and sustainability of digital zakat services, while also enriching the limited literature on the role of zakat literacy, digital literacy, and digital payment systems in Islamic social finance. This study aims to examine the effects of zakat literacy, digital literacy, perceived usefulness, and perceived ease of use on customer satisfaction toward QRIS-based zakat payments using an extended Technology Acceptance Model. This research was conducted with 190 zakat payers at LAZIS in Semarang City who have used QRIS for payment. The data analysis in this study was conducted using Structural Equation Modeling (SEM) with AMOS software. The findings reveal that zakat literacy, digital literacy, perceived usefulness, and perceived ease of use positively affect customer satisfaction with QRIS-based zakat payments, indicating that higher levels of literacy and positive perceptions of technology enhance users’ satisfaction with digital zakat payment services.
Integration of Sharia Financial Literacy and Brand Happiness in Sharia Cooperatives: A Study of Member Behavior and Its Impact on Improving Welfare Elman Nafidzi; Nuur Halimatus Sa’adiah Binti Masrukhi; Khabib Musthofa; Ismi Audina
Islamic Economics Journal Vol. 12 No. 01 (2026): Islamic Economics Journal
Publisher : Faculty of Economics and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v12i01.59

Abstract

The transformation in the financial behavior of Islamic cooperative members has become a crucial issue amid growing public demand for Islamic value-based financial services. Islamic financial literacy and emotional experiences with cooperative brands are believed to play a significant role in shaping economic behavior and improving members' psychological well-being. This research is motivated by the need to understand how these two variables interact and how economic behavior functions as a mechanism linking changes in member well-being. The purpose of this study is to analyze the influence of Islamic financial literacy and brand happiness on economic behavior, and to investigate their impact on the psychological well-being of members of Islamic cooperatives. The research used a mixed-methods approach, employing Partial Least Squares structural analysis to quantitatively examine relationships among variables, while qualitative data provided support to enrich the interpretation of the findings. The results show that Islamic financial literacy has the greatest influence on economic behavior, while brand happiness makes a significant direct contribution to improving psychological well-being. Economic behavior was also shown to partially mediate the relationship between literacy and brand happiness with psychological well-being, confirming that changes in well-being are influenced not only by knowledge and emotions, but also by established economic habits. Quantitatively, the SEM-PLS model confirmed that the path coefficient for Islamic financial literacy was the strongest, with the highest significance value. All indicators were tested for validity and reliability using outer and inner models, which showed satisfactory results. This study concludes that integrating literacy and brand happiness is a crucial strategy for advancing Islamic cooperatives, introducing a conceptual model that combines cognitive, affective, and behavioral aspects to explain psychological well-being more comprehensively.
Sharia Financial Literacy and Financial Well-Being: The Roles of Income, Financial Planning, and Self-Control Olivia Afkarina; Maryam Bte Badrul Munir; Norfhadzilahwati Rahim
Islamic Economics Journal Vol. 12 No. 01 (2026): Islamic Economics Journal
Publisher : Faculty of Economics and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v12i01.60

Abstract

This study was motivated by the low level of Islamic financial literacy, financial planning, and self-control in the consumptive behavior of the people of Kesamben Wetan Village, which may hinder the achievement of financial well-being. This study aims to examine the effect of Islamic financial literacy, financial planning, and income on financial well-being, with self-control serving as a mediating variable. This research employed an exploratory quantitative approach. Data were collected via online and offline questionnaires distributed to 220 respondents selected through purposive sampling. The data were analyzed using the SEM-PLS method with SmartPLS 4.0 software. The findings indicate that Islamic financial literacy and financial planning do not directly affect financial well-being, whereas income and self-control have a significant effect on it. In addition, self-control mediates the relationship between Islamic financial literacy and financial planning on financial well-being, but does not mediate the effect of income on financial well-being. These findings emphasize the important role of psychological factors, along with income, in improving financial well-being in rural communities. An important implication of this study is that improving the financial well-being of rural communities cannot rely solely on financial literacy and financial planning education, but also requires strengthening self-control, fostering disciplined financial behavior, and promoting sustainable community economic empowerment.
Islamic Green Banking Competitive Model: Strengthening Customer Loyalty in BPRS Mitra Mentari Sejahtera Fatkhur Rohman Albanjari; Nugraheni Fitroh R. Syakarna; Syafiatul Makrifah Maysarah; Anisah Salma Ramadhani
Islamic Economics Journal Vol. 12 No. 01 (2026): Islamic Economics Journal
Publisher : Faculty of Economics and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v12i01.62

Abstract

Implementing green banking in Islamic credit banks (BPRS) is particularly challenging because these microfinance institutions operate with limited resources while simultaneously maintaining close social, religious, and community-based relationships with local customers. Environmental sustainability issues have encouraged the Islamic banking sector to integrate environmentally friendly principles into its operations through the concept of green banking. This study aims to analyze the implementation of green banking at BPRS Mitra Mentari Sejahtera and its effect on customer loyalty and competitive advantage. The research uses a mixed-methods sequential exploratory design, with a qualitative stage comprising in-depth interviews and Focus Group Discussions (FGDs), followed by the Analytic Network Process (ANP) to determine the priority factors in the decision network model. The participants included the Branch Manager, Funding Officers, Operational Managers, Islamic banking practitioners, and selected customers who were involved in banking services. The results show that green financing is the dominant factor in implementing green banking, while reputation is the main determinant of competitive advantage. In terms of customer loyalty, trust has the highest weight compared to satisfaction, commitment, and word of mouth. Priority analysis indicates that green banking contributes more strongly to competitive advantage than to customer loyalty directly, with reputation and green financing as the main drivers of competitiveness. Customer loyalty is formed indirectly by strengthening institutional reputation and customer trust. These findings confirm that green banking at BPRS is not merely an operational policy but rather a value-based institutional strategy that strengthens reputation and builds trust, the foundation of customer loyalty.
Comparative Trade Analysis Between Indonesia and Organization Islamic Country Nurul Azizah Az Zakiyyah Az Zakiyyah; Indanazulfa Qurrota A’yun A’yun; Firsty Ramadhona Ramadhona; Amalia Lubis Lubis
Islamic Economics Journal Vol. 8 No. 02 (2022): Islamic Economics Journal
Publisher : Faculty of Economics and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Globalization that took place in the last few decades has caused various changes in the world economic order. This effort was also carried out by Muslim countries with the aim of improving economic relations and coordination at the regional level so that the Organization of Islamic Cooperation (OIC) was formed. This study analyzes the comparative advantage and trade patterns between Indonesia and the OIC countries which are limited by 10 OIC member countries which have the largest average export value from Indonesia over the last ten years. These countries include Bangladesh, Iran, Malaysia, Nigeria, Egypt, Pakistan, Jordan, Saudi Arabia, Turkey and the United Arab Emirates. Data analysis in this study uses a quantitative approach. In this study, statistical software tools will be used, namely Microsoft Excel to calculate RCA, RSCA and also trading patterns of the 10 OIC countries with the largest trade volume, Indonesia tends to have a comparative advantage in products of Animal or vegetable fats and oils and their cleavage (HS 15) and Man-made staple fibers (HS 55) where these products are products that have a comparative advantage in the ten countries. Indonesia managed to maintain the same comparative advantage in 2005 and 2020 against the United Arab Emirates (UAE) where the superior product group in those 2 years was exactly the same and only changed its ranking position.
The Efficiency of Indonesian and Malaysian Sharia Bank in the Shadow of Covid-19 Pandemic: DEA Window Analysis Ihsanul Ikhwan Ikhwan; Ririn Riani Riani
Islamic Economics Journal Vol. 8 No. 02 (2022): Islamic Economics Journal
Publisher : Faculty of Economics and Management

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

The Pandemic conditions can lead to various problems that can trigger financial distress and inefficiency, especially in the banking sector. In recent decades, there has been a rapid increase in sharia banking, and the importance of this sector to the economies of several countries. The assessment of sharia bank's efficiency will become important as efficiency reflects the banks' performance. This study aims to analyze the stability of sharia bank efficiency in Indonesia and Malaysia using the Data Envelopment Analysis (DEA) dan DEA Window method. This study uses 2015 to 2020 as a research period, especially to look at the stability efficiency of Indonesia and Malaysian Sharia Bank in the Covid-19 pandemic era. The result showed that Indonesia is better than Malaysia in terms of efficiency stability. However, both show a similar pattern, where there is a decrease in the average level of efficiency during the Covid-19 pandemic. From the perspective of efficiency stability analysis through several summary statistics such as its Standard Deviation (SD), Long Distance per Period (LDP), and Long Distance per Year (LDY), the sharia bank with the most relatively stable value of efficiency scores is Maybank Islamic Berhad, then followed by BRI Syariah and BSM.

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