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Ethiconomics
Published by Jambi Tuah Tengganai Foundation
ISSN : 31639151     EISSN : 31641261     DOI : https://doi.org/10.64929/ethiconomics
Core Subject :
Ethiconomics: Journal of Islamic Banking and Finance is an academic and peer-reviewed journal that focuses on in-depth studies of the interaction between Islamic financial principles and contemporary social, ethical, and developmental issues across developing countries, including Muslim-majority and plural societies. It aims to advance innovative, comparative, and interdisciplinary research that connects Sharia-compliant banking instruments, financial inclusion strategies, and monetary policy with real-world economic transformation.
Arjuna Subject : -
Articles 5 Documents
 1 
Cash Waqf Linked Sukuk and Economic Empowerment: A Grounded Theory from Indonesia Mohammad Gally Tawakkal; Muhammad Iman Kurniawan; Faathima
Ethiconomics: Journal of Islamic Banking and Finance Vol. 1 No. 01 (2026): Ethiconomics: Journal of Islamic Banking and Finance (June)
Publisher : Jambi Tuah Tengganai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64929/ethiconomics.v1i01.2

Abstract

Cash Waqf Linked Sukuk (CWLS) constitutes a hybrid Islamic financial instrument that integrates cash waqf mobilization with sovereign sukuk issuance to finance socio-economic projects without depleting the principal endowment. While Indonesia possesses a cash waqf potential estimated at IDR 180 trillion per annum, realized collection remains marginal, and existing CWLS series have absorbed only a fraction of this latent capital. This study examines how the management of productive waqf can be optimized through the CWLS scheme to strengthen the economic empowerment of the ummah (Muslim community). Adopting a qualitative research design with a constructivist grounded theory approach, the study analyzes 47 peer-reviewed publications issued between 2018 and 2025 alongside regulatory texts, official press releases of the Ministry of Finance Directorate General of Budget Financing and Risk Management (DJPPR), and impact reports of the Indonesian Waqf Board (BWI), employing theoretical sampling, three-stage coding (open, axial, and selective), and the constant comparative method to construct a substantive theory of CWLS optimization. The findings reveal four structural bottlenecks low waqf literacy, fragmented governance among nazhir, sub-optimal coupon channeling design, and limited digital infrastructure that constrain the redistributive efficacy of CWLS. The study proposes an integrated optimization framework anchored on five pillars: First, regulatory harmonization grounded in maqāṣid al-sharī'ah, Second, professionalization and certification of nazhir, Third, digital fundraising platforms leveraging Islamic fintech, Fourth, productive sectoral targeting aligned with the Sustainable Development Goals (SDGs), and Fifth, impact-based monitoring through Waqf Core Principles. The framework offers a replicable governance model for OIC member states and contributes to the Islamic social finance literature by reframing CWLS as a developmental, rather than purely philanthropic, instrument.
Rental Flexibility over Sharia Compliance: Musyarakah Mutanaqishah Property Financing for Indonesian Millennials Mohammad Taqiyuddin Bin Mohammad; Taufiq Ramadhan; Zulfikar Yahya Anhar; Atika Uwaida; Rafli Gunawan
Ethiconomics: Journal of Islamic Banking and Finance Vol. 1 No. 01 (2026): Ethiconomics: Journal of Islamic Banking and Finance (June)
Publisher : Jambi Tuah Tengganai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64929/ethiconomics.v1i01.3

Abstract

The growing demand for sharia-compliant property financing among the millennial generation has positioned Musyarakah Mutanaqishah (MMQ) as a strategic contract within Islamic banking. However, the practical implementation of MMQ in Indonesia continues to face challenges related to sharia compliance, contract structure rigidity, and limited adaptability to digital financial behaviors of younger consumers. This study aims to: First, examine the level of sharia compliance in the implementation of MMQ contracts at Indonesian Islamic banks, Second, identify innovations needed to enhance MMQ relevance for millennial customers; and Third, analyze the determinants of millennial preferences toward MMQ-based property financing. The research employs a sequential mixed-methods design, combining qualitative content analysis of MMQ contract documents from five major Islamic banks with a quantitative survey of 412 millennial respondents (aged 25-40) across five major Indonesian cities, analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS). The findings reveal that: (1) sharia compliance scores ranged from 72.4% to 88.6%, with critical issues identified in the rental pricing mechanism (ujrah) and the proportional risk distribution; (2) digital integration, contract transparency, and rental flexibility significantly influence millennial preferences (β = 0.412, p < 0.001; β = 0.327, p < 0.001; β = 0.285, p < 0.001 respectively); and (3) religiosity moderates the relationship between sharia compliance perception and intention to use MMQ products. This study contributes to the Islamic finance literature by proposing an Integrative MMQ Innovation Framework that synthesizes sharia governance, digital transformation, and generational preferences. Practical implications are offered for Islamic banks, regulators (DSN-MUI, OJK), and Sharia Supervisory Boards to design more adaptive and compliant MMQ products for the millennial market.
Halal FinTech Models and Sharia MSME Strengthening: Digital Financial Inclusion in Indonesia Ahmad Syaifullah; Athia Nur Kamilah; Ade Sofyan Mulazid
Ethiconomics: Journal of Islamic Banking and Finance Vol. 1 No. 01 (2026): Ethiconomics: Journal of Islamic Banking and Finance (June)
Publisher : Jambi Tuah Tengganai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64929/ethiconomics.v1i01.5

Abstract

The rapid expansion of digital finance in the Society 5.0 era has reshaped how Sharia-based Micro, Small, and Medium Enterprises (MSMEs) access capital, conduct transactions, and manage business operations. Despite the strong demographic potential of Muslim-majority markets, Sharia MSMEs continue to face persistent barriers in financial inclusion, including limited access to formal financing, low digital literacy, and weak integration with halal value chains. This study examines the role of Halal FinTech business models in strengthening Sharia MSMEs and formulates strategies for digital financial inclusion. Using a mixed-methods approach, the research surveyed 312 Sharia MSME actors across five major regions in Indonesia and conducted in-depth interviews with 18 key informants from FinTech operators, regulators, and Islamic financial scholars. Quantitative data were analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS), while qualitative data were analyzed thematically. The findings reveal that Halal FinTech business models particularly peer-to-peer financing, equity crowdfunding, and Sharia digital payment platforms significantly contribute to the strengthening of Sharia MSMEs through three primary mechanisms: improved capital accessibility, enhanced operational efficiency, and broader market reach. The integration of Sharia compliance, digital literacy programs, and human-centered technology characteristic of Society 5.0 emerges as a strategic foundation for inclusive growth. The study contributes a novel framework that aligns Halal FinTech business architecture with maqashid sharia principles and digital ecosystem requirements.
Macroeconomic Conditions and Issuer Characteristics Shaping Corporate Sukuk Yield Spreads in Indonesia Rifaldi Nurul Akbar; M. Abdurrozaq; Prama Siddiq Ramildan
Ethiconomics: Journal of Islamic Banking and Finance Vol. 1 No. 01 (2026): Ethiconomics: Journal of Islamic Banking and Finance (June)
Publisher : Jambi Tuah Tengganai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64929/ethiconomics.v1i01.6

Abstract

The Indonesian corporate sukuk market has expanded substantially over the past five years, yet investors and issuers face persistent uncertainty about which factors most strongly shape sukuk pricing. This study examines how macroeconomic conditions and issuer-specific characteristics jointly determine corporate sukuk yield spreads in Indonesia's sharia capital market. The analysis uses an unbalanced monthly panel of 87 corporate sukuk series issued by 42 firms listed on the Indonesia Stock Exchange between January 2020 and December 2025, yielding 4,176 series-month observations (mean T = 48 months; range 24–72 months). A two-step system Generalized Method of Moments (GMM) estimator was applied to address endogeneity, with macroeconomic variables (headline inflation, the BI 7-Day Reverse Repo / BI-Rate, the IDR/USD exchange rate, and the Jakarta Islamic Index return) and issuer characteristics (firm size, leverage, profitability, sukuk rating, and tenor) as explanatory variables. Diagnostic tests confirmed instrument validity (Hansen J-test p = 0.382) and the absence of second-order autocorrelation (AR(2) p = 0.214). Estimation results indicate that inflation and rupiah depreciation (the year-on-year percentage change in the log of the IDR/USD spot rate) raise yield spreads by 18.4 and 11.7 basis points, respectively, per one-percentage-point shock. In comparison, a one-notch rating upgrade compresses spreads by 27.3 basis points. Leverage exerts a positive and statistically significant effect on yield spreads (β = 0.142 on the proportion scale; a one-standard-deviation increase in leverage, equivalent to 0.18, widens spreads by about 2.6 basis points), whereas firm size and profitability reduce yield spreads. Sectoral heterogeneity reveals that financial-sector issuers respond more strongly to monetary shocks than non-financial issuers. The findings indicate that yield-spread dynamics in Indonesia's sharia capital market are shaped jointly by external macroeconomic shocks and internal issuer fundamentals, with rating quality functioning as the dominant compression mechanism. The results offer practical guidance for issuers structuring sukuk and for regulators calibrating disclosure requirements.
Sharia Compliance, Trust, and MSME Financial Inclusion in Indonesian P2P Lending Dicky Wahyudi; Ernaldo Fikrul; Sharifurrohman Hoh
Ethiconomics: Journal of Islamic Banking and Finance Vol. 1 No. 01 (2026): Ethiconomics: Journal of Islamic Banking and Finance (June)
Publisher : Jambi Tuah Tengganai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64929/ethiconomics.v1i01.7

Abstract

Indonesian micro, small, and medium enterprises (MSMEs) face a persistent financing gap, while Islamic financial inclusion remains far below its conventional counterpart despite the country’s large Muslim population. Sharia peer-to-peer (P2P) lending has emerged as a potential bridge, yet empirical evidence on which platform dimensions actually drive MSME inclusion and through what mechanism remains scarce, as prior studies examine these dimensions in isolation. This study tests the simultaneous effects of three platform dimensions, business model quality, risk mitigation, and sharia compliance, on the financial inclusion of MSMEs, with trust as a mediating variable. Using an explanatory survey of 327 MSME actors across four sharia P2P lending platforms (ALAMI, Ammana, Qazwa, and Ethis) in Indonesia, the data were analysed using Partial Least Squares Structural Equation Modeling (PLS-SEM) in SmartPLS 4.0. All three dimensions significantly and positively affect MSME financial inclusion, with sharia compliance the strongest driver (β = 0.297; p < 0.001), followed by risk mitigation (β = 0.265) and business model quality (β = 0.218). Trust partially mediates these relationships, and the model explains 68.3% of the variance in MSME financial inclusion (R² = 0.683). The findings indicate that substantive, not merely formal, sharia compliance is the primary lever for deepening MSME inclusion, providing regulators and platform operators with an evidence-based priority for strengthening the sector following POJK 40/2024.

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