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Muqtasid: Jurnal Ekonomi dan Perbankan Syariah
Published by Universitas Islam Negeri Salatiga
ISSN : 20877013     EISSN : 25278304     DOI : https://doi.org/10.18326/muqtasid
Core Subject :
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah (Journal of Islamic Economics and Banking) is intended to publish either the concept or thought or the results of the field research on Islamic Finance and Islamic Financial Institutions. The journal invites manuscripts on various topics, including, but not limited to, the functional areas of Islamic Banking, Islamic Rural Banking, Islamic Assurance, Islamic Pawnshops, Islamic Capital Markets, Islamic Microfinance, Islamic Mutual Funds, and Islamic bonds.
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Articles 19 Documents
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Islamic finance and economic growth in Indonesia: Analyzing short-and long-term effects Muhamad Nisar; Gustriani; Ichsan Hamidi
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol. 16 No. 1 (2025): June 2025
Publisher : Faculty of Islamic Economics and Business, UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v16i1.1-17

Abstract

This research examines the impact of Islamic finance on Indonesia’s economic growth. Using quarterly time series data on Islamic banking, Islamic mutual funds, Islamic pawnshops, Zakat, Infaq, and Shadaqah (ZIS) from 2014 to 2022 (36 observations), and applying the Error Correction Model (ECM), the study evaluates both short- and long-term effects. The results show that, in the short term, only Islamic banking financing has a significant positive effect, while Islamic mutual funds, Islamic pawnshops, and ZIS are not significant. In the long term, Islamic banking, Islamic pawnshops, and ZIS contribute positively and significantly to economic growth. These findings support financial intermediation and Islamic social finance theory, indicating that Islamic financial institutions channel funds into the economy, with effects that vary over time. They also highlight the role of Islamic finance in promoting financial inclusion, supporting micro and small enterprises, and improving welfare through income redistribution. This study suggests that policymakers should reinforce the regulatory framework for Islamic finance. Despite its lack of short-term significance, their long-term benefits underscore the necessity for policies to facilitate their growth and integration into the broader financial system.
Integrating Islamic values in geopolitical economy of development finance: Empirical evidence from OIC selected countries in the Asia-Pacific region Syafrina Machfud; Imron Mawardi; Dahlia Bonang
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol. 16 No. 1 (2025): June 2025
Publisher : Faculty of Islamic Economics and Business, UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v16i1.18-38

Abstract

Despite extensive literature on external debt and economic growth, the fiscal burden of multilateral debt service and its interaction with Islamic governance principles and multilateral development bank alignment remain empirically underexplored among Organization of Islamic Cooperation member states. This study examines the impact of multilateral debt service on GDP per capita growth across twelve OIC Asia-Pacific member states over 1996 to 2022, focusing on the moderating roles of governance quality, infrastructure investment, technological advancement, and Islamicity Index adherence. Applying System Generalised Method of Moments on an unbalanced panel of 312 country-year observations, results confirm a marginally significant negative short-run effect on growth through productive investment crowding out, with the long-run effect remaining negative and persistent. Infrastructure investment and technological advancement significantly mitigate these effects, while the Islamicity Index produces a marginally significant negative moderatingeffect in both horizons, reflecting structural constraints imposed by the prohibition of riba on conventional debt financing. New Asian Model banks demonstrate the most consistently positive growth outcomes, whereas Islamic-principled banks face persistent challenges reconciling debt obligations with Shariah requirements. These findings call for strategic integration of Shariah-compliant financing instruments, differentiated multilateral development bank engagement, and governance capacity investment across OIC member states
Risk rationality and risk sharing in financial institutions: An analysis and criticism of Islamic economics Rohaelis Nuraisiah; Suhendar Suhendar; Moh. Mukri; Azka Nur Diana; Ahmad Dahlan; Mawardi Mawardi
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol. 16 No. 1 (2025): June 2025
Publisher : Faculty of Islamic Economics and Business, UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v16i1.54-67

Abstract

This study aimed to establish a philosophical foundation for the conventional financial system from an Islamic perspective, with particular emphasis on usury and risk rationality in the global finance landscape. Using a qualitative library investigative approach, primary data were obtained from articles and books, while secondary data were sourced from financial reports published by various institutions, particularly the Financial Services Authority (OJK). The results showed a positive correlation between the expansion of the interest-based financial sector and rising economic inequality. Conversely, risk-sharing instruments, such as profit-sharing, in Islamic financial institutions presented greater stability in the face of economic shocks and crises. The analysis also identified gaps between philosophical criticism and the practical implementation of contemporary Islamic finance, as well as between the returns on Islamic products and conventional interest rates. In conclusion, ethical and spiritual dimensions should be included in economic theory, as outlined in the Maqâsid al-Sharî’ah. A limitation of this study was the lack of in-depth philosophical analysis grounded in authoritative sources
Islamic financial inclusion and human development nexus: Evidence from Sumatra Island, Indonesia Ruslan Husein Marasabessy; Evan Hamzah Muchtar
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol. 16 No. 1 (2025): June 2025
Publisher : Faculty of Islamic Economics and Business, UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v16i1.39-53

Abstract

Sumatra Island is one of the main targets in the development of Islamic economics and finance. This development is expected to bring significant impacts on socio-economy. Therefore, this study aims to examine the relationship between Islamic financial inclusion and human development index (HDI) in Sumatra Island, Indonesia. The study procedures were carried out using panel data on Islamic financial inclusion from 10 provinces from 2015 - 2022. Data was then analyzed using regression analysis and processed with Stata software. The results showed that there was a positive and significant relationship between financial inclusion index and HDI. To provide a broader impact on human development, it was necessary to increase Islamic financial inclusion in Sumatra Island. Therefore, bank managers must provide access to the unbanked community by opening wider and easier banking services for the unbanked. This study also provided recommendations for strategies to accelerate formal Islamic financial inclusion in Sumatra Island.
Fintech adoption and zakat efficiency: The moderating role of Islamic bank performance Nur Suci Ismiyati Mei Murni; Kautsar Riza Salman; Entis Sutisna
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol. 16 No. 2 (2025): December 2025
Publisher : Faculty of Islamic Economics and Business, UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v16i2.93-110

Abstract

Fintech provides innovative solutions to improve the efficiency of zakat collection and distribution through digital payment systems, online applications, and blockchain technology. However, the effectiveness of fintech adoption may depend on the internal financial conditions of Islamic banks. This study examines the effect of fintech adoption on zakat efficiency and investigates the moderating role of bank financial performance in Indonesian Islamic banks. Using a quantitative approach with panel data from 12 Islamic Commercial Banks during the 2015–2024 period, fintech adoption is measured through a fintech adoption index derived from annual reports, while zakat efficiency is measured using the zakat distribution ratio. Financial performance is represented by Return on Assets (ROA) and Return on Equity (ROE). The findings reveal that fintech adoption does not directly affect zakat efficiency. However, ROA strengthens the relationship between fintech adoption and zakat efficiency, whereas ROE weakens it. These results indicate that the effectiveness of fintech in supporting Islamic banks’ social functions depends more on efficient asset management than equity performance. This study highlights the importance of integrating digital transformation with sound financial management to optimize zakat management
Islamic digital economy and SME integration into global value chains: Evidence and policy implications for emerging economies Joko Setyono; Galuh Tri Pambekti
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol. 16 No. 1 (2025): June 2025
Publisher : Faculty of Islamic Economics and Business, UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v16i1.68-92

Abstract

Small and medium-sized enterprises (SMEs) play a central role in global economic development, yet participation in global value chains (GVCs) remains constrained. This study examines how digitalization from an Islamic perspective, particularly through information and communication technologies (ICT), influences SME integration into GVCs while identifying structural barriers in developing economies. Drawing on a conceptual and analytical approach, the study synthesizes literature on digital adoption, SME internationalization, and GVC participation to develop an integrative framework linking Islamic digital capabilities with export performance and value chain integration. Findings indicate that ICT adoption, such as websites, e-commerce platforms, and digital logistics systems, enhances export capacity by reducing transaction costs, improving market access, and strengthening supply chain coordination. However, benefits remain uneven due to persistent constraints, including limited digital infrastructure, inadequate internet accessibility, and low levels of Islamic-oriented technological literacy. These barriers disproportionately affect SMEs in developing economies, reinforcing structural inequalities in GVC participation. The study contributes by integrating digitalization and GVC perspectives within an Islamic framework and highlights the need for policy interventions that strengthen infrastructure, enhance digital skills, and support inclusive ecosystems for sustainable SME participation
Integrating maqāsid shariah literacy into the financial capability framework: Evidence from Islamic family financial planning Dea Aryandhana Mulyana Haris; Ulumuddin Nurul Fakhri; Firmansyah Firmansyah; Muhammad Ridho Al-Firdausi
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol. 16 No. 2 (2025): December 2025
Publisher : Faculty of Islamic Economics and Business, UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v16i2.111-132

Abstract

This study examines the influence of maqāsid shariah literacy, institutional trust, and Islamic financial literacy on Islamic family financial planning competence. Previous studies on Islamic financial planning have largely focused on technical financial literacy while overlooking ethical-spiritual dimensions and institutional trust within the financial capability framework. This study addresses this theoretical gap by integrating maqāsid-based literacy into the financial capability framework, offering a distinct value-oriented perspective rarely explored in prior empirical research. Using a quantitative approach, data were collected from Muslim households in West Java, Indonesia, and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The findings reveal that maqāsid shariah literacy and institutional trust significantly influence Islamic family financial planning competence, whereas Islamic financial literacy does not show a significant effect. The study theoretically extends the financial capability framework by incorporating maqāsid-oriented and ethical spiritual dimensions into Islamic financial behavior and family financial planning discourse
Paylater usage experience among State Islamic University students: Key factors Siti Amaroh; Husnurrosyidah Husnurrosyidah; Amelia Wulandari
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol. 16 No. 2 (2025): December 2025
Publisher : Faculty of Islamic Economics and Business, UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v16i2.133-150

Abstract

This study examines the effect of financial behavior, perceived usefulness, and Islamic values on Paylater usage experience, with locus of control as a mediating variable. A quantitative approach was employed, and 208 students at the State Islamic Universities in Central Java as respondents. Data were analyzed using Partial Least Squares Structural Equation Modelling. The results indicate that financial behavior negatively affects Paylater usage experience, whereas perceived usefulness has a positive effect. Islamic values positively influence locus of control and negatively affect Paylater usage experience, while financial behavior also positively influences locus of control. However, perceived usefulness does not affect locus of control, and locus of control neither influences Paylater usage experience nor mediates the relationship between financial behavior, perceived usefulness, and Islamic values on Paylater usage experience. The findings imply that Islamic universities should strengthen financial literacy, Islamic financial ethics, and consumer education to promote responsible use of digital credit services among students
Risk-adjusted performance and market timing of Islamic equity mutual funds in Indonesia: A multi-model analysis Yasir Maulana; Syed Iradat Abbas; Nurul Siti Jahidah; Hezah Nur Jannah
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol. 16 No. 2 (2025): December 2025
Publisher : Faculty of Islamic Economics and Business, UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v16i2.151-164

Abstract

This study evaluates the risk-adjusted performance and market-timing ability of 40 Sharia equity mutual funds in Indonesia over the period from January 2021 to December 2023. Five models are applied: Sharpe Ratio, Treynor Ratio, Jensen’s Alpha, Modigliani-Modigliani (M²), and the Treynor-Mazuy model, using the Jakarta Islamic Index 70 (JII70) as the benchmark. All 40 funds underperformed the benchmark on a risk-adjusted basis, with universally negative Sharpe, M², Treynor, and Jensen’s Alpha values. The Treynor-Mazuy analysis shows that virtually no fund demonstrated statistically significant market-timing ability. These findings suggest that fund managers have yet to demonstrate consistent superior stock selection or timing skills during the post-pandemic recovery phase. For investors, these results underscore the importance of selecting funds based on risk-adjusted metrics. For fund managers, the findings call for enhanced active strategies and better integration of quantitative tools within Sharia constraints. For policymakers, stronger transparency standards for performance are needed. This study contributes to the Islamic finance literature by providing a multi-model empirical benchmark for Sharia equity fund performance in an underexplored market context

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