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Islamic Economics and Finance Journal
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Islamic Economics and Finance Journal
Published by Universitas Negeri Semarang
ISSN : -     EISSN : 31246028     DOI : https://doi.org/10.15294/isefin
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Islamic Economics and Finance Journal is a journal that provides an authoritative source of scientific information for researchers and scholars in academia, research institutions, government agencies, and industry.
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Articles 15 Documents
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Measuring the Efficiency of Indonesian Sharia Banking with Stochastic Frontier Analysis: Pre-Merger and Post-Merger Risanda Alirastra Budiantoro; Ahmad Syahrul Fauzi; Sri Runtiningsih; Mohammad Aulia Rochman
Islamic Economics and Finance Journal Vol. 1 No. 1 (2025)
Publisher : Universitas Negeri Semarang

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Abstract

This study examines the efficiency of Indonesian Sharia banking using Stochastic Frontier Analysis from 2019 to 2023, focusing on pre-merger and post-merger phases. This study uses a quantitative parametric approach with Stochastic Frontier Analysis. The input variables used are deposit funds (saving), assets, and administrative and general costs, while the output variables are the financing and other operating income. The analysis includes 16 Islamic Commercial Banks in the pre-merger period and 13 Islamic Commercial Banks in the Post-Merger Period. The results reveal a significant improvement in the efficiency of Sharia banks following the mergers. For Islamic Commercial Banks, the average efficiency score increased from 0.833 for financing and 0,733 for income in the pre-merger period (2019-2020) to 0.898 for financing and 0,8019 in the post-merger period (2022-2023). These findings indicate that the mergers have positively impacted the operational efficiency of Indonesian Sharia banks. This study provides valuable insights for policymakers, regulators, and financial institutions, highlighting the importance of strategic consolidations to enhance efficiency. The improvement in efficiency scores post-merger suggests that such consolidations enable better resource allocation, enhanced economies of scale, and improved management practices, thereby contributing to the overall stability and performance of Sharia banking in Indonesia.
Risk Management and Sharia Conformity and Profitability Performance with Moderating Effect from Third Party Fund Anisa Sofi Zakiya; Asrori Asrori; Enggarningtyas Retno Pinasti
Islamic Economics and Finance Journal Vol. 1 No. 1 (2025)
Publisher : Universitas Negeri Semarang

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This research analyzes the influence of financing risk, liquidity risk and operational efficiency risk on the performance of sharia compliance and profitability of islamic commercial banks by involving the moderating effect from third party funds. The research population consists of islamic commercial banks in Indonesia for the 2020-2023 period. This research is quantitative research using panel data regression. The result states that financing risk has a significant negative effect on sharia conformity, but has no effect on profitability. Liquidity risk does not affect both sharia conformity and profitability. Operational efficiency risk has no effect on sharia conformity, but has a significant negative effect on profitability. TPF is able to moderate the influence of financing risk on sharia conformity and operational efficiency risk on profitability. Based on these results, sharia commercial banks should pay more attention to implementation of financing risk management and operational efficiency risks in order to improve on their sharia conformity and profitability performance. Apart from that, sharia commercial banks also need to improve their ability to collect TPF in order to support more optimal bank performance. Further research is recommended to examine other factors such as corporate governance which have not been examined in this study.
Exploring the Impact of Profitability, Leverage, and Firm Size on Islamic Social Reporting Disclosure: A Moderation Analysis of the Sharia Supervisory Board Feti Fatikhatul Uza; Agung Yulianto; Ubaedul Mustofa; Nayla Wiraz
Islamic Economics and Finance Journal Vol. 1 No. 1 (2025)
Publisher : Universitas Negeri Semarang

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Abstract

Islamic Social Reporting Disclosure is a form of corporate social responsibility reporting with sharia principles that is used to disclose social responsibility not only to stakeholders, but also to the community as a benchmark for the implementation of social performance of a sharia bank. However, the condition that occurs is that the disclosure of social responsibility in sharia banking is still low. The purpose of this study is to obtain empirical evidence regarding the effect of profitability, leverage, firm size on Islamic social reporting disclosure and sharia supervisory board as a moderating variable. The population used in this study is Islamic Commercial Banks (BUS) in Indonesia from 2017 to 2021, which is 13 BUS. The sampling technique used in this study is the purposive sampling technique with panel data type and using unbalanced data, obtaining 13 BUS with 58 data analysis units. This study applies descriptive analysis methods and inferential statistical analysis through panel data regression analysis and Moderated Regression Analysis (MRA). The data is processed using Eviews 10 software. The best model used in this research is the Random Effect Model (REM). The results of this study indicate that profitability has a significant negative effect and leverage does not have a significant effect on Islamic social reporting disclosure. Firm size has a positive and significant effect on Islamic social reporting disclosure. The Sharia supervisory board is unable to strengthen the influence of leverage and firm size on Islamic social reporting disclosure. However, the Sharia supervisory board is able to strengthen the influence of profitability on Islamic social reporting disclosure.
Evaluation of Islamic Commercial Bank Financial Performance Using Sharia Maqashid Index (SMI): The Role of DPS and Islamic Financing  id Index (SMI) Pada Bank Umum Syariah Tahun 2018-2021 Meidy Sesaria Putri; Agung Yulianto; Zahwa Nur Alya
Islamic Economics and Finance Journal Vol. 1 No. 1 (2025)
Publisher : Universitas Negeri Semarang

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The effect of the number of DPS members, DPS education level, DPS meeting frequency, profit-sharing financing, and qardh financing on the performance of maqashid sharia at Islamic Commercial Banks in Indonesia in 2018–2021. A quantitative approach was used with panel data from 11 Sharia Commercial Banks registered with the OJK during 2018–2021. The sample was selected using purposive sampling with 44 analysis units. The independent variables include the number of DPS members, DPS education level, DPS meeting frequency, profit-sharing financing, and qardh financing. The dependent variable is the performance of maqashid sharia as measured using the Sharia Maqashid Index (SMI). Data were obtained through documentation and analyzed using panel data regression through EViews 10. Based on the Chow and Hausman test, the best model used was the Fixed Effect Model (FEM). The results show that the number of DPS members, DPS education level, profit-sharing financing, and qardh financing do not significantly affect the performance of maqashid sharia. Only the frequency of DPS meetings has a significant positive effect on the performance. Therefore, Islamic banks need to increase the intensity of DPS meetings to strengthen the supervisory function and support achieving maqashid sharia objectives.
Analysis of the Influence of Sharia Business Risk on the Financial Performance of Sharia Banking with Islamic Corporate Governance as a Moderating Variable Anika Anggini; Agus Wahyudin; Nadia Faiza Az Zahra
Islamic Economics and Finance Journal Vol. 1 No. 1 (2025)
Publisher : Universitas Negeri Semarang

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This study aims to examine the impact of credit risk (NPF), liquidity risk (FDR), and capital adequacy risk (CAR) on the financial performance of Islamic banks (ROA), with Islamic Corporate Governance (ICG) as a moderating variable. The research data consists of 12 units of analysis, focusing on Islamic commercial banks registered with the Financial Services Authority (OJK) of the Republic of Indonesia for the period 2016-2020. The data were analyzed using Moderate Regression Analysis (MRA) with IBM SPSS 26 as the tool. The study's results indicate that credit risk (NPF) does not have a positive and significant effect on the financial performance of Islamic banks (ROA). In contrast, liquidity risk (FDR) and capital adequacy risk (CAR) do not have a positive effect but has a significant impact on the financial performance of Islamic banks (ROA). Islamic Corporate Governance (IKI) does not significantly and positively moderate the effect of credit risk on the economic performance of Islamic banks. However, Islamic Corporate Governance can moderate the impact of liquidity risk and capital adequacy risk on the financial performance of Islamic banks positively and significantly.
Love within the Framework of Sharia: A Exploration of Romantic Motives in Islamic Economic Transactions Ilham Komarudin; Aris Prio Agus Santoso
Islamic Economics and Finance Journal Vol. 1 No. 2 (2025)
Publisher : Universitas Negeri Semarang

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A prevalent issue in contemporary discourse concerns how love, typically understood as a personal motivation, influences the dynamics of Sharia-based economic transactions, particularly within familial relationships and Muslim business communities. The aim of this study is to analyze love as an economic motive within the context of Islamic economics, mapping its connection to Sharia principles such as justice, transparency, and mutual assistance. The research employs a descriptive qualitative approach, utilizing literature review as its methodology, with data analysis conducted through content analysis techniques to explore the conceptualization of love within the framework of Islamic economics. The findings reveal that love plays a critical moral foundation in Sharia-compliant economic transactions, reinforcing honesty, trustworthiness, and justice. Love influences economic decisions in family and business contexts, fostering cooperation; however, it also carries the potential for misuse if misaligned with Sharia principles. While love can drive ethical behavior and social welfare, the study highlights the duality of its role, which requires careful regulation to prevent injustice. Therefore, the application of Sharia principles must prioritize justice, transparency, and collective welfare.
Islamic Finance and Green Economy: Exploring the Role of Sharia-Based Instruments in Sustainable Development Financing BINTI MASRUROH
Islamic Economics and Finance Journal Vol. 1 No. 2 (2025)
Publisher : Universitas Negeri Semarang

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This study aims to explore the role of Sharia-based financial instruments in supporting sustainable development financing within the framework of the green economy. The study adopts a qualitative content analysis approach, utilizing data from official sustainability reports of Islamic financial institutions (IFIs), green sukuk issuance frameworks, and regulatory guidelines from jurisdictions such as Indonesia, Malaysia, and the GCC. Supplementary academic and industry literature was also reviewed to support the thematic analysis. The findings reveal that Islamic finance through its core principles such as prohibition of harmful activities, asset-backing, and risk-sharing aligns naturally with environmental sustainability objectives. Green sukuk have emerged as a flagship instrument, successfully mobilizing capital for renewable energy, climate adaptation, and green infrastructure. Furthermore, equity-based contracts like musharakah and mudarabah show potential in financing environmentally responsible ventures. However, challenges remain, including regulatory fragmentation, low investor awareness, the lack of harmonized ESG-Sharia frameworks, and a limited pipeline of green Sharia-compliant projects. The novelty of this paper lies in its integrated analysis of Sharia principles and green finance taxonomies, highlighting the dual compliance nature of Islamic green instruments. The study is limited by its qualitative scope and reliance on secondary data, which may not capture all institutional dynamics in green finance implementation. The research implies the need for greater collaboration between Islamic and global sustainability standard-setters, as well as the development of Sharia-compliant ESG frameworks. The paper contributes to expanding the discourse on ethical finance and environmental responsibility in the Islamic finance domain
Unveiling the Macroeconomic Drivers of Sharia Stock Returns in Indonesia Winda Putri Puspitasari Winda Putri Puspitasari; Shafira Fitratul Hikma Shafira Fitratul Hikma; Sri Runtiningsih Sri Runtiningsih
Islamic Economics and Finance Journal Vol. 1 No. 2 (2025)
Publisher : Universitas Negeri Semarang

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This study aims to examine the effect of macroeconomic variables—namely inflation (X₁), rupiah exchange rate (X₂), and domestic interest rate (X₃)—on the returns of Sharia stocks in Indonesia (Y). The Islamic capital market plays a vital role in the growth of Indonesia’s Islamic economy, and understanding the influence of macroeconomic factors is crucial for investors, policymakers, and portfolio managers. The research employs a quantitative approach with multiple linear regression analysis using monthly data of the Indonesia Sharia Stock Index (ISSI) and relevant macroeconomic indicators. The results indicate that all three variables—inflation, exchange rate, and domestic interest rate—negatively and significantly affect Sharia stock returns. Specifically, high inflation reduces purchasing power and corporate profits, depreciation of the rupiah diminishes investor confidence and increases production costs, and rising domestic interest rates encourage portfolio shifts toward safer fixed-income instruments. The simultaneous test confirms that these macroeconomic variables jointly affect Sharia stock returns, explaining a substantial portion of the variation in the ISSI. These findings suggest that macroeconomic stability is critical for sustaining Sharia stock performance in Indonesia. Policymakers should maintain stable inflation, exchange rate, and interest rate policies, while investors should consider these factors when making investment decisions to optimize portfolio returns and minimize risks. This study contributes to the literature on Islamic finance by providing updated empirical evidence on the responsiveness of Sharia stocks to macroeconomic conditions.
Examining the Impact of Sharia Financing Models on Return on Assets of Islamic Rural Banks, 2023–2024 Rizqa khairurrizqa ramadhani; Dewi Dewi Indah Perwita Sari; Risanda Risanda Alirastra Budiantoro
Islamic Economics and Finance Journal Vol. 1 No. 2 (2025)
Publisher : Universitas Negeri Semarang

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Islamic Rural Banks (BPRS) are crucial financial intermediaries in providing sharia-compliant financing for micro and small enterprises in rural areas. This study examines the impact of murabahah, mudharabah, and musyarakah financing contracts on the profitability of BPRS, measured by the Return on Assets (ROA) ratio. Using a quantitative approach, panel data from BPRS financial statements during the 2023–2024 period were obtained from the Financial Services Authority (OJK). Panel data regression with classical assumption tests was employed to ensure model robustness. The results reveal that mudharabah financing significantly affects profitability, indicating that profit-sharing contracts strengthen BPRS performance. Meanwhile, murabahah and musyarakah financing show positive but statistically insignificant impacts on ROA. These findings underscore the dominant role of mudharabah in enhancing profitability and suggest the need for further optimization of murabahah and musyarakah. The study contributes updated empirical evidence on sharia financing practices in BPRS and offers practical implications for portfolio management.
The Effect of ZISWAF Funds and Government Expenditure on Poverty Levels in Indonesia Talitha Talitha Paramesti Nastari; Enggarningtyas Enggarningtyas Retno Pinasti
Islamic Economics and Finance Journal Vol. 1 No. 2 (2025)
Publisher : Universitas Negeri Semarang

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Poverty is a structural problem that remains a major challenge in national development in Indonesia. Although various intervention programs have been implemented by the government, social gaps and economic inequalities are still quite high, especially in underdeveloped regions. This research aims to analyze the influence of Islamic social finance—particularly zakat and infaq—on the poverty level in Indonesia, with a focus on provincial panel data during the period from 2020 to 2022. Using a mixed-method approach, this research combines a panel data regression model with qualitative studies related to the management of zakat and infaq by formal institutions like BAZNAS. The research findings indicate that zakat has a significant negative impact on the poverty level, signifying its effectiveness in wealth distribution and the economic empowerment of the poor community. Conversely, infaq actually shows a positive correlation with poverty, indicating weaknesses in its management and distribution systems. This study recommends strengthening zakat governance, reforming infaq management, integrating social finance programs with government policies, and enhancing public literacy regarding the strategic role of zakat and infaq in inclusive development. With optimal and systematic management, Islamic social finance has the potential to become an important instrument in eradicating poverty sustainably in Indonesia.

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