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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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Future Islamic Economic Institutional Design: Integration of Digital Technology, Sustainable Finance, and Sharia Ecosystem Synergy Syarifah Alawiyah; Nurul Alifah; Dimas Gheby Saputra; Naufal Luthfi Alifah
Islamic Economics and Finance Journal Vol. 2 No. 1 (2026)
Publisher : Universitas Negeri Semarang

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Abstract

The rapid development of the global economy, marked by accelerated digitalization and a growing emphasis on sustainability, requires Islamic economic institutions to transform in innovative and adaptive ways. Although the principles of justice, sustainability, and maqashid al-shariah have long served as the foundation of the Islamic economic system, the institutional design still faces major challenges, including weak interinstitutional integration, limited technological adoption, and low synergy between the social and commercial financial sectors. This study aims to analyze the prospects and future direction of Islamic economic institutional design that is competitive and sustainable. A qualitative approach was employed using library research based on national and international literature published between 2015 and 2025. The findings indicate that: (1) the adoption of advanced technologies such as artificial intelligence (AI), blockchain, and smart contracts has the potential to enhance transparency, efficiency, and shariah compliance; (2) integrating green finance with Islamic finance can strengthen the role of Islamic economics in supporting the Sustainable Development Goals (SDGs) through environmentally friendly and value-based financing; (3) institutional development roadmaps in Indonesia and globally need to prioritize governance digitalization, regulatory harmonization, and human capital enhancement; and (4) synergy among commercial, social, and digital financial sectors is essential to building an inclusive, productive, and sustainable Islamic economic ecosystem. The study offers insight into future institutional design and contributes to the discourse on strengthening Islamic economics in the digital era.
Implementation of Sukuk in Islamic Economic Finance: Strategies, Challenges, and Their Impact on Sustainable Economic Development Abid Nurhuda
Islamic Economics and Finance Journal Vol. 2 No. 1 (2026)
Publisher : Universitas Negeri Semarang

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Abstract

The development of sukuk as a contemporary Islamic financial instrument demonstrates a significant shift from being merely an alternative to conventional bonds to a strategic instrument for financing development and strengthening a sustainable financial system. This article examines the implementation of sukuk within the framework of Islamic financial economics, emphasizing its conceptual foundation, contract structure, regulatory framework, and contribution to economic development oriented toward the maqāṣid al-syarī'ah (the goals of Islamic economics). Using a qualitative approach based on literature, this study analyzes the dynamics of sukuk as an asset-based and risk-sharing instrument that seeks to integrate normative Islamic principles with the demands of modern financial markets. The results indicate that sukuk have significant potential to support financial system stability, infrastructure financing, and the sustainable finance agenda, particularly through innovations such as green sukuk and sustainability sukuk. However, sukuk implementation still faces structural challenges, including tensions between formal and substantive Islamic compliance, regulatory fragmentation across jurisdictions, and limitations in secondary market governance and liquidity. This article emphasizes that sukuk success is not determined solely by product innovation, but also by strengthening the integrity of sharia principles, regulatory harmonization, and institutional commitment to maintaining an ethical orientation and long-term welfare in the Islamic financial system.
Strategic Framework for Mosque-Based Economic Empowerment: An Integration of SWOT Analysis and Balanced Scorecard Approach Fatimatuzzahro; Fakhri Arif Billah; M. Mirza Pratama; Khurul Aimmatul Umah; Risanda A. Budiantoro
Islamic Economics and Finance Journal Vol. 2 No. 1 (2026)
Publisher : Universitas Negeri Semarang

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Abstract

Penelitian ini bertujuan menganalisis strategi pengembangan Badan Usaha Milik Masjid (BUMM) sebagai upaya pemberdayaan ekonomi masyarakat berbasis masjid. Latar belakang penelitian didasarkan pada belum optimalnya peran ekonomi masjid, meskipun memiliki potensi besar berupa basis jamaah, dana sosial Islam, dan modal sosial. Penelitian ini menggunakan pendekatan kualitatif dengan metode studi kasus. Data dikumpulkan melalui observasi, wawancara mendalam, dan dokumentasi, kemudian dianalisis secara deskriptif dengan mengintegrasikan analisis SWOT dan Balanced Scorecard (BSC). Hasil penelitian menunjukkan bahwa BUMM berperan strategis dalam meningkatkan kemandirian ekonomi melalui pengembangan unit usaha produktif, pengelolaan dana sosial Islam, serta penciptaan lapangan kerja berbasis komunitas. Namun, pengembangannya masih menghadapi kendala seperti keterbatasan sumber daya manusia, rendahnya literasi ekonomi syariah, serta lemahnya tata kelola organisasi. Oleh karena itu, diperlukan strategi yang mencakup peningkatan kapasitas SDM, digitalisasi pengelolaan usaha, penguatan tata kelola, dan peningkatan kualitas layanan kepada jamaah. Integrasi SWOT dan BSC menghasilkan model strategi yang menempatkan pembelajaran dan pertumbuhan sebagai fondasi untuk memperbaiki proses internal, meningkatkan kepercayaan jamaah, serta mendorong peningkatan kinerja keuangan dan kemandirian ekonomi masjid secara berkelanjutan.
Human Development and Its Determinants in Indonesia: Insights from Islamic Economic Framework Riffa Nur Allifah; Amrina Rosyada Putrisyahidha; Arif Agus Haidar; Rifqi Syahman Azam; Qurrotul Awaliatur Rifqiyyah
Islamic Economics and Finance Journal Vol. 2 No. 1 (2026)
Publisher : Universitas Negeri Semarang

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Abstract

This study aims to analyze the influence of economic, social, regional, and fiscal policies, as well as Islamic social financial instruments, on the Human Development Index (HDI) in Indonesia. The variables used include the distribution of zakat, infaq, and alms (ZIS) funds, GDP per capita, poverty rate, unemployment rate, income inequality (Gini Ratio), realization of the health and education sector APBD, and ultra-micro financing (UMi). This study uses a quantitative, panel-data regression approach on 34 provinces in Indonesia during the period 2015–2024. The model selection was conducted using the Chow and Hausman tests, which indicated that the Fixed Effect Model (FEM) is the best. The results of the study show that ZIS, GDP per capita, realization of the health sector APBD, realization of the education sector APBD, and ultra-micro financing (UMi) have a positive and significant effect on HDI. On the other hand, poverty and unemployment rates have a negative and significant effect on HDI. Meanwhile, income inequality has no significant effect on HDI. These findings indicate that improvements in the quality of human development are influenced not only by economic growth but also by welfare distribution, local government fiscal policies, and the optimization of Islamic social financial instruments. This research contributes to enriching the literature on human development by integrating conventional economic approaches and Islamic economics. The policy implications show the importance of increasing the effectiveness of education and health spending, strengthening poverty alleviation and job creation programs, and optimizing the management of ZIS and UMi financing to encourage inclusive and sustainable human development.
Revisiting the Concept of Transformational Leadership: A Theoretical Perspective Bhismi Esanafi Ramadhani; Safira Nur Aini; Suci Afnia
Islamic Economics and Finance Journal Vol. 2 No. 1 (2026)
Publisher : Universitas Negeri Semarang

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Abstract

This study aims to analyze the concept of transformational leadership, explore its relevance to Islamic values, and compare it with transactional leadership to provide a deeper understanding of effective, value-based leadership. Using a qualitative literature review approach, this study examines various theoretical frameworks, previous empirical findings, and scholarly works to construct a comprehensive perspective on transformational leadership in both conventional and Islamic contexts. The findings highlight that transformational leadership is capable of enhancing motivation and performance by encouraging followers to exceed expectations through vision articulation, credibility, and value-driven influence, while its alignment with the concept of hijrah in Islam reflects a continuous transformation toward divine guidance to achieve falah, emphasizing not only organizational success but also ethical and spiritual development; in contrast, transactional leadership tends to rely on exchange mechanisms such as rewards and sanctions, making it less focused on long-term personal growth and leadership development. The novelty of this study lies in integrating modern leadership theory with Islamic principles to offer a holistic and spiritually grounded leadership framework. However, the study is limited to conceptual analysis without empirical validation, which may affect its generalizability. The implications suggest that organizations, particularly those grounded in Islamic values, can adopt transformational leadership to balance performance with moral and spiritual dimensions, thereby achieving sustainable outcomes.

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