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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 5 Documents
 1 
Search results for , issue "vol. 1 no. 2 (2025)" : 5 Documents clear
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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Abstract

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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Abstract

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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Abstract

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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Abstract

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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Abstract

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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