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Published by Universitas Islam Negeri Ar-Raniry Banda Aceh
ISSN : 25490648     EISSN : 20896239     DOI : 10.22373/share
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Share Jurnal Ekonomi dan Keuangan Islam a peer reviewed, double-blind journal published by the Faculty of Islamic Economics and Business at Universitas Islam Negeri Ar-Raniry in Banda Aceh, Indonesia. SHARE publishes research and concept papers pertaining to the field of Islamic economics and finance in open-access format, allowing users to freely access and download the articles under the CC BY SA license. SHARE has been a CrossRef Member since 2017, which means that each paper published by the journal will have a unique DOI number.
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Articles 25 Documents
 1   2   3 
Commodity Price Dynamics and Islamic Stock Market Volatility in Indonesia Hakiki Ramadhan; Muhammad Hasanuddin; Anisa Ilmia; Lidzikri Ahmad Syahru Rabbani
Share: Jurnal Ekonomi dan Keuangan Islam Vol. 15 No. 1 (2026): IN PROGRESS
Publisher : Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.0079

Abstract

Amid increasing integration between global commodity markets and emerging Islamic capital markets, understanding volatility transmission has become critical for risk management and policy design. This study investigates how volatility from Brent crude oil, gold, and crude palm oil (CPO) influences the Indonesian Sharia Stock Index (ISSI) from October 2022 to October 2024. The analysis uses daily data (N = 484) and employs GARCH and EGARCH frameworks to capture time-varying volatility, spillovers, and asymmetric responses to shocks. ARCH-LM tests confirm conditional heteroskedasticity in ISSI and USD/IDR returns, while EGARCH(1,1) models are also estimated for all variables to consistently account for asymmetry. Conditional volatility series are derived and examined to identify inter-market transmission effects. The results reveal that USD/IDR plays a dominant role, affecting gold negatively and CPO positively, reflecting the dual nature of commodities as safe-haven and export assets. Geopolitical risk significantly influences only Brent oil, suggesting a degree of insulation in Sharia equities. Strong leverage effects are observed in ISSI and CPO, where negative shocks amplify volatility more than positive ones, and CPO shows heavy-tail risk. Although commodity variables and geopolitical risk do not significantly explain ISSI returns, its volatility remains asymmetric, indicating stronger domestic drivers. These findings highlight the importance of exchange rate dynamics, asymmetric risk modeling, and commodity sensitivity in Islamic portfolio management, while offering implications for hedging strategies and macroprudential policy in open emerging economies. ABSTRAK - Dinamika Harga Komoditas dan Volatilitas Pasar Saham Syariah di Indonesia. Seiring meningkatnya keterkaitan antara pasar komoditas global dan pasar modal syariah di negara berkembang, pemahaman tentang transmisi volatilitas menjadi semakin penting bagi pengelolaan risiko dan perumusan kebijakan. Studi ini menganalisis pengaruh volatilitas minyak Brent, emas, dan crude palm oil (CPO) terhadap Indeks Saham Syariah Indonesia (ISSI) selama periode Oktober 2022 hingga Oktober 2024. Dengan menggunakan data harian (N = 484), penelitian ini mengadopsi pendekatan GARCH dan EGARCH untuk menangkap dinamika volatilitas, efek spillover, serta respons asimetris terhadap guncangan pasar. Uji ARCH-LM menunjukkan adanya heteroskedastisitas bersyarat pada ISSI dan nilai tukar USD/IDR, sementara model EGARCH(1,1) digunakan secara konsisten untuk seluruh variabel guna mengakomodasi asimetri. Volatilitas kondisional yang dihasilkan kemudian dianalisis untuk mengidentifikasi transmisi antar pasar. Hasil menunjukkan bahwa USD/IDR menjadi faktor dominan dengan dampak negatif pada emas dan positif pada CPO, mencerminkan perbedaan peran komoditas sebagai aset lindung nilai dan komoditas ekspor. Risiko geopolitik hanya berpengaruh signifikan pada minyak Brent, mengindikasikan adanya ketahanan relatif pada pasar saham syariah. Efek leverage yang kuat ditemukan pada ISSI dan CPO, di mana berita buruk meningkatkan volatilitas secara lebih tajam, serta CPO menunjukkan risiko ekor yang tinggi. Meskipun variabel global tidak menjelaskan return ISSI secara signifikan, volatilitasnya tetap asimetris, menandakan peran faktor domestik. Temuan ini memberikan implikasi bagi manajemen portofolio syariah, strategi lindung nilai, dan kebijakan makroprudensial.
What Drives Online Halal Food Purchasing Decisions? Evidence from Indonesian Muslim Consumers Cupian Cupian; Agisty Aulia Trisnanda; Sarah Annisa Noven
Share: Jurnal Ekonomi dan Keuangan Islam Vol. 15 No. 1 (2026): IN PROGRESS
Publisher : Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.0082

Abstract

The rapid expansion of e-commerce and digital consumption in Indonesia has transformed consumer purchasing behavior, including in the halal food sector. As one of the world’s largest Muslim-majority countries, Indonesia presents a unique context in which halal considerations intersect with digital information, online interaction, and brand reputation in shaping consumer decisions. This study examines the effects of halal awareness, information quality, and online reviews on purchasing decisions, with brand trust serving as a mediating variable, for Indomie instant noodle products purchased through the Shopee e-commerce platform among Muslim consumers in the Jabodetabek region. The study employed a quantitative research design using primary data collected through questionnaires distributed to 230 respondents. Responses were measured using a Likert scale and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 4 software. The findings indicate that halal awareness does not significantly influence purchasing decisions or brand trust. In contrast, information quality and online reviews significantly and positively affect both purchasing decisions and brand trust. Brand trust also demonstrates a significant positive influence on purchasing decisions. Furthermore, brand trust mediates the relationships between information quality, online reviews, and purchasing decisions, but does not mediate the relationship between halal awareness and purchasing decisions. The study contributes to the growing literature on halal consumer behavior and digital commerce by demonstrating that, within the context of well-established halal-certified brands, online informational factors and consumer-generated content play a more dominant role in influencing purchasing decisions than halal awareness alone. ABSTRAK - Apa yang Mendorong Keputusan Pembelian Online Makanan Halal? Bukti dari Konsumen Muslim Indonesia. Perkembangan e-commerce dan konsumsi digital di Indonesia telah mengubah pola perilaku konsumen, termasuk dalam pembelian produk makanan halal. Sebagai negara dengan populasi Muslim terbesar di dunia, Indonesia menghadirkan konteks yang menarik ketika pertimbangan halal berinteraksi dengan kualitas informasi digital, ulasan konsumen, dan kepercayaan merek dalam memengaruhi keputusan pembelian. Penelitian ini bertujuan menganalisis pengaruh halal awareness, quality of information, dan online review terhadap keputusan pembelian dengan brand trust sebagai variabel mediasi pada produk mi instan Indomie melalui platform e-commerce Shopee di kalangan konsumen Muslim Jabodetabek. Penelitian menggunakan pendekatan kuantitatif dengan data primer yang diperoleh melalui penyebaran kuesioner kepada 230 responden. Pengukuran dilakukan menggunakan skala Likert dan dianalisis menggunakan metode Partial Least Squares–Structural Equation Modeling (PLS-SEM) dengan bantuan perangkat lunak SmartPLS 4. Hasil penelitian menunjukkan bahwa halal awareness tidak berpengaruh signifikan terhadap keputusan pembelian maupun brand trust. Sebaliknya, quality of information dan online review berpengaruh positif dan signifikan terhadap keputusan pembelian serta brand trust. Brand trust juga terbukti berpengaruh positif signifikan terhadap keputusan pembelian. Selain itu, brand trust mampu memediasi pengaruh quality of information dan online review terhadap keputusan pembelian, tetapi tidak memediasi pengaruh halal awareness terhadap keputusan pembelian. Penelitian ini memberikan kontribusi pada literatur perilaku konsumen halal dan perdagangan digital dengan menunjukkan bahwa pada merek halal yang telah mapan, faktor informasi digital dan ulasan konsumen memiliki pengaruh yang lebih dominan dibandingkan kesadaran halal dalam membentuk keputusan pembelian konsumen.
Do Islamicity Performance and Green Banking Improve Islamic Bank Stability in Indonesia? Ahmad Fauzul Hakim Hasibuan; Syawal Harianto; Syahru Liza Putri Akmal
Share: Jurnal Ekonomi dan Keuangan Islam Vol. 15 No. 1 (2026): IN PROGRESS
Publisher : Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.0083

Abstract

Islamic banking has increasingly emphasized the integration of Sharia compliance and sustainability practices as part of its long-term resilience strategy. However, empirical evidence regarding the relationship between Islamicity-based performance, Green Banking, and bank stability remains inconclusive, particularly in emerging Islamic financial systems such as Indonesia. This study investigates the influence of Islamicity Performance Index (IPI) components and Green Banking practices on the stability of Islamic banks in Indonesia during the 2021–2024 period. Using balanced panel data from Islamic commercial banks, the study examines five IPI dimensions, namely Profit-Sharing Ratio (PSR), Zakat Performance Ratio (ZPR), Equitable Distribution Ratio (EDR), Directors–Employees Welfare Ratio (DEWR), and Islamic Income versus Non-Islamic Income Ratio (IsIR). Moderated Regression Analysis (MRA) with pooled panel estimation and HC3 robust standard errors was employed to evaluate both direct and moderating effects. The findings reveal that only IsIR demonstrates a consistent positive and significant effect on bank stability, indicating that income purity remains the primary source of resilience in Islamic banking institutions. Meanwhile, PSR, ZPR, EDR, and DEWR do not show significant direct effects, suggesting that distributive justice, welfare orientation, and risk-sharing mechanisms have not yet translated into measurable short-term stability outcomes. In addition, Green Banking does not moderate any relationship between IPI indicators and bank stability, implying that sustainability initiatives still operate separately from core Sharia performance systems. These findings contribute to stakeholder theory, maqāṣid al-sharīʿah, and sustainability theory by highlighting the limited institutional integration of ethical, social, and environmental governance within Islamic banking. The study emphasizes the importance of strengthening integrated Sharia–ESG governance, enhancing risk-sharing financing structures, and embedding sustainability considerations into banking operations and strategic decision-making. ABSTRAK - Apakah Kinerja Islamicity dan Green Banking Meningkatkan Stabilitas Bank Syariah di Indonesia? Perbankan syariah semakin dituntut untuk mengintegrasikan kepatuhan syariah dan praktik keberlanjutan sebagai bagian dari upaya memperkuat ketahanan jangka panjang. Meskipun demikian, bukti empiris mengenai hubungan antara kinerja berbasis Islamicity, Green Banking, dan stabilitas bank masih menunjukkan hasil yang beragam, khususnya pada sistem keuangan syariah di negara berkembang seperti Indonesia. Penelitian ini menganalisis pengaruh komponen Islamicity Performance Index (IPI) dan praktik Green Banking terhadap stabilitas bank umum syariah di Indonesia selama periode 2021–2024. Studi ini menggunakan data panel seimbang dengan lima dimensi IPI, yaitu Profit Sharing Ratio (PSR), Zakat Performance Ratio (ZPR), Equitable Distribution Ratio (EDR), Directors–Employees Welfare Ratio (DEWR), serta Islamic Income versus Non-Islamic Income Ratio (IsIR). Analisis dilakukan dengan Moderated Regression Analysis (MRA) menggunakan estimasi pooled panel dan HC3 robust standard errors untuk menguji pengaruh langsung dan efek moderasi. Hasil penelitian menunjukkan bahwa hanya IsIR yang berpengaruh positif signifikan terhadap stabilitas bank, yang mengindikasikan bahwa kemurnian pendapatan halal masih menjadi faktor utama ketahanan perbankan syariah. Sebaliknya, PSR, ZPR, EDR, dan DEWR tidak menunjukkan pengaruh signifikan. Selain itu, Green Banking tidak terbukti memoderasi hubungan antara indikator IPI dan stabilitas bank, yang menunjukkan bahwa praktik keberlanjutan belum terintegrasi secara optimal dalam kinerja syariah inti. Temuan ini memperkaya literatur terkait teori pemangku kepentingan, maqāṣid al-sharīʿah, dan keberlanjutan, sekaligus menegaskan pentingnya penguatan integrasi Sharia–ESG, pengembangan pembiayaan berbasis bagi hasil, serta internalisasi prinsip keberlanjutan dalam strategi perbankan syariah.
Assessing Digital Transformation in Zakat Management Organizations in Indonesia Tiara Salsabila Azzahra; Yunizar Yunizar; Muhammad Fathrul Quddus
Share: Jurnal Ekonomi dan Keuangan Islam Vol. 15 No. 1 (2026): IN PROGRESS
Publisher : Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.0084

Abstract

The rapid growth of digital technology has reshaped zakat management, particularly in improving the efficiency, transparency, and accountability of collection, distribution, and reporting activities. In urban areas with strong digital penetration, Zakat Management Organizations (Organisasi Pengelola Zakat-OPZ) are increasingly encouraged to integrate digital systems into their operational activities. However, the continuing gap between zakat potential and actual collection suggests that the digital readiness of OPZ has not been fully optimized. This study evaluates the level of digital readiness among OPZ in Bandung City using the Zakat Management Organization Digital Readiness Index (IKDZ) developed by BAZNAS and Bank Indonesia. A descriptive quantitative approach was employed using primary data collected through structured questionnaires distributed to nine OPZ. The assessment covers four dimensions: digital infrastructure, utilization of digital technology, digital ecosystem and culture, and human resource competencies. The findings indicate that the digital readiness of OPZ in Bandung City is generally high. Eight OPZ are categorized as Digital Native, while one OPZ remains in the IT-Developing category. The reporting dimension achieved the highest readiness level, whereas the distribution and utilization dimensions still show several technical limitations. The study also identifies human resource competence and digital system integration as the main challenges affecting sustainable digital transformation in zakat management. ABSTRAK - Menilai Transformasi Digital pada Organisasi Pengelola Zakat di Indonesia. Perkembangan teknologi digital telah mendorong perubahan dalam pengelolaan zakat, terutama dalam meningkatkan efisiensi, transparansi, dan akuntabilitas penghimpunan, pendistribusian, serta pelaporan zakat. Di wilayah perkotaan dengan tingkat penetrasi digital yang tinggi, Organisasi Pengelola Zakat (OPZ) dituntut untuk mengintegrasikan sistem digital ke dalam aktivitas operasionalnya. Namun, kesenjangan antara potensi dan realisasi zakat menunjukkan bahwa kesiapan digital OPZ masih belum optimal. Penelitian ini bertujuan mengevaluasi tingkat kesiapan digital OPZ di Kota Bandung menggunakan Indeks Kesiapan Digital Zakat (IKDZ) yang dikembangkan oleh BAZNAS dan Bank Indonesia. Penelitian menggunakan pendekatan kuantitatif deskriptif dengan data primer yang diperoleh melalui penyebaran kuesioner terstruktur kepada sembilan OPZ. Penilaian dilakukan terhadap empat dimensi, yaitu infrastruktur digital, pemanfaatan teknologi digital, ekosistem dan budaya digital, serta kompetensi sumber daya manusia. Hasil penelitian menunjukkan bahwa tingkat kesiapan digital OPZ di Kota Bandung tergolong tinggi. Delapan OPZ berada pada kategori Digital Native, sedangkan satu OPZ termasuk kategori IT-Developing. Dimensi pelaporan menunjukkan tingkat kesiapan tertinggi, sementara dimensi pendistribusian dan pendayagunaan masih menghadapi beberapa keterbatasan teknis. Penelitian ini juga menunjukkan bahwa kompetensi sumber daya manusia dan integrasi sistem digital menjadi tantangan utama dalam mendukung transformasi digital pengelolaan zakat yang berkelanjutan.
Does Financial Innovation Mediate Risk in Islamic Banking? Evidence from Algeria Bessouyah Mouna; Mimouni Yassine
Share: Jurnal Ekonomi dan Keuangan Islam Vol. 15 No. 1 (2026): IN PROGRESS
Publisher : Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.0100

Abstract

As Islamic banks face increasingly complex financial environments, particularly in regulatory settings like Algeria, Islamic financial engineering emerges as a critical tool for managing the risks tied to Sharia-compliant financing instruments. This study develops a comprehensive model examining the dimensions of Islamic financial engineering (IFE) and their impact on the risks of Islamic financing Formulas, with financial innovation acting as a mediating variable. A descriptive and quantitative research approach was adopted. Data were collected via 150 questionnaires distributed to Islamic banking professionals in Algeria (Al-Baraka Bank, Al-Salam Bank, and Islamic windows) and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) via SmartPLS software. The results reveal that IFE does not have a significant direct impact on mitigating the risks of Islamic financing Formulas. Instead, its influence is fully and significantly mediated by financial innovation. These findings emphasize that IFE frameworks must be supported by robust financial innovation capabilities to effectively mitigate risks in Islamic banking. Consequently, Islamic banks are encouraged to enhance product innovation and develop professional competencies to improve risk management efficiency and overall banking performance. ABSTRAK - Apakah Inovasi Keuangan Memediasi Risiko dalam Perbankan Syariah? Bukti dari Aljazair. Dalam menghadapi kompleksitas sistem keuangan modern, terutama di negara dengan tantangan regulasi seperti Aljazair, rekayasa keuangan Islam menjadi instrumen penting dalam mengelola risiko pada pembiayaan berbasis syariah. Penelitian ini bertujuan untuk mengembangkan model yang mengkaji dimensi rekayasa keuangan Islam (IFE) dan pengaruhnya terhadap risiko format pembiayaan Islam, dengan inovasi keuangan sebagai variabel mediasi. Pendekatan deskriptif dan kuantitatif digunakan dalam studi ini. Data dikumpulkan melalui 150 kuesioner yang disebarkan kepada praktisi perbankan Islam di Aljazair (Bank Al-Baraka, Bank Al-Salam, dan unit perbankan syariah) dan dianalisis menggunakan pemodelan persamaan struktural berbasis Partial Least Squares (PLS-SEM) melalui perangkat lunak SmartPLS. Hasil penelitian menunjukkan bahwa rekayasa keuangan Islam tidak memiliki pengaruh langsung yang signifikan terhadap mitigasi risiko pembiayaan Islam. Sebaliknya, pengaruh tersebut dimediasi secara penuh (full mediation) dan signifikan oleh inovasi keuangan. Temuan ini menegaskan bahwa kerangka rekayasa keuangan Islam harus didukung oleh kapasitas inovasi keuangan yang kuat agar dapat menjadi instrumen mitigasi risiko yang efektif. Oleh karena itu, bank syariah didorong untuk meningkatkan inovasi produk dan mengembangkan kompetensi profesional guna mengoptimalkan efisiensi manajemen risiko dan kinerja perbankan secara keseluruhan.

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