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INDONESIA
El Dinar
Published by Universitas Islam Negeri Maulana Malik Ibrahim Malang
ISSN : -     EISSN : 26220083     DOI : -
Core Subject : Education,
Other
Adalah jurnal berkala peer-reviewed yang diterbitkan biannually atau setahun dua kali oleh Jurusan Perbankan Syariah, Universitas Islam Negeri Maulana Malik Ibrahim Malang. EL DINAR merupakan sarana komunikasi yang diperuntukkan bagi para peneliti, akademisi, maupun praktisi dalam bidang keuangan dan perbankan syariah. Demi mewujudkan kontribusi bagi pengembangan ilmu keuangan dan perbankan syariah, dewan redaksi mengundang para pemerhati untuk dapat berpartisipasi dalam menyumbangkan karya ilmiah berupa jurnal-jurnal penelitian
Arjuna Subject : -
Articles 161 Documents
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THE INTENTION TO INVEST IN SUKUK: DO VALUE PROPOSITIONS MATTER? Pepadri, Isman; Hidayah, Nur
EL DINAR: Jurnal Keuangan dan Perbankan Syariah Vol 13, No 2 (2025): El Dinar
Publisher : Faculty of Economics Universitas Islam Negeri Maulana Malik Ibrahim Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/ed.v13i2.32179

Abstract

This study aims to analyze the level of importance-performance and influence of value proposition indicators on investment decisions in Retail Sukuk by integrating two analytical frameworks. The first is the Importance-Performance Analysis assessed through descriptive statistics, and the second is the Theory of Planned Behavior, tested using inferential statistical analysis. Based on responses from 152 deposit holders residing in Jakarta, the findings revealed that four indicators shaping behavioral attitudes significantly influenced investment intentions. Among these, state guarantees and competitive coupon rates must be maintained as core value propositions; support for government programs shows potential to become a key value; and the fixed coupon rate does not require emphasis. Additionally, the four indicators influencing perceived behavioral control also had a positive effect on intention. Affordable investment thresholds and ease of access to purchasing must be sustained as key strengths; short tenor does not necessitate enhancement; and information regarding issuance should become a primary area for improvement. Practically, these findings suggest that issuers must improve their communication strategies and explore opportunities to offer more competitive coupon rates for Retail Sukuk. Theoretically, the combination framework proves to be a relevant and effective approach, yielding valuable empirical insights for researchers.
PERSISTENCE OF ISLAMIC BANKS’ EFFICIENCY AMID ECONOMIC SHOCKS Siregar, Yulfani; Trapsila, Aji Purba
EL DINAR: Jurnal Keuangan dan Perbankan Syariah Vol 13, No 2 (2025): El Dinar
Publisher : Faculty of Economics Universitas Islam Negeri Maulana Malik Ibrahim Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/ed.v13i2.33391

Abstract

The aim of this work is the evaluation of the technical efficiencies of Islamic banking institutions in Indonesia and the determinants of efficiencies during the specific economic shock period of 2020 to 2023. Data from the years 2017 to 2023 are utilized in the study. Using the quantitative approach, Data Envelopment Analysis (DEA), the Islamic banks were evaluated to determine their technical efficiencies. The Islamic banks’ efficiencies were evaluated using Tobit Regression. The outcome indicated that sharia compliant banking in Indonesia is not technically efficient and that there is variation across the years in the efficiencies. As for the explanation for the efficiencies, the investigation indicated that BOPO negatively impacted efficiencies while FDR positively impacted efficiencies. In addition, the results indicated that inflation did not have as great of an effect. The efficiencies were impacted negatively by the pandemic as the economic shock of the COVID-19 virus created a greater economic shock. In this case, the relationship for the economic shock of the Russia-Ukraine conflict was not demonstrated. The Islamic banks ' efficiency during the economic shocks provide academic contributions and current literature.
FAITH AND FINANCE: UNDERSTANDING MUSLIM MILLENNIALS’ SHIFT TOWARD RIBA-FREE INVESTMENTS Hidayatullah, Syarif; Suherlan, Ade; Khalid, Radhwan Hazim
EL DINAR: Jurnal Keuangan dan Perbankan Syariah Vol 13, No 2 (2025): El Dinar
Publisher : Faculty of Economics Universitas Islam Negeri Maulana Malik Ibrahim Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/ed.v13i2.35040

Abstract

This study aims to present the main factors that affect riba-free Investment Preference with an emphasis on religiosity, financial literacy, and factors derived from Planned Behavior Theory (TPB). The cross-sectoral quantitative survey methodology used targets the Muslim millennial generation domiciled in DKI Jakarta. This study used a sample of 385 respondents. The key variables measured include investment preferences in sharia and conventional products. Data analysis involves descriptive statistics, validity and reliability tests, comparative tests, and Covariance-Based Structural Equation Models (CB-SEM). The results show a statistically significant preference among the millennial generation of Jakarta Muslims towards riba-free investment products compared to conventional alternatives. Religiosity emerged as the strongest positive predictor of riba-free investment preferences. Attitudes towards sharia investment and perceptions of behavior control also have a significant positive effect. Financial literacy showed a positive but relatively weak influence, while subjective norms and risk tolerance did not significantly predict preference in the final model. The overall model explains most of the variation in preferences. This research contributes to the understanding of investment behavior among Millennial Muslims in accordance with Islamic principles.
DETERMINANTS SUSTAINABILITY REPORTING QUALITY ISLAMIC BANKING IN GCC AND SOUTHEAST ASIA Sisdianto, Ersi; Yuliansyah, Yuliansyah; Razimi, Mohd Syahril Ahmad; Tubarad, Chara Pratami Tidespania
EL DINAR: Jurnal Keuangan dan Perbankan Syariah Vol 13, No 2 (2025): El Dinar
Publisher : Faculty of Economics Universitas Islam Negeri Maulana Malik Ibrahim Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/ed.v13i2.36415

Abstract

This study aims to identify the factors influencing the quality of sustainability reporting in Islamic banks, with a specific focus on dimensions of Islamic corporate governance and sustainability finance. Utilizing panel data from 15 Islamic banks across six countries Bahrain, Qatar, Indonesia, Malaysia, Saudi Arabia, and Oman over seven years (2017–2023), the research employs the Generalized Method of Moments (GMM) estimation to account for dynamic panel bias and potential endogeneity. The findings indicate that Islamic Corporate Sustainability Reports have a significant positive influence on the quality of sustainability disclosure. In contrast, the size of the Board of Commissioners, the Sharia Supervisor Board, the Audit Committee, and the volume of Sustainability Finance did not exhibit statistically significant effects. The model's validity and consistency were confirmed through robust diagnostic tests. The primary limitation lies in the geographical concentration of the sample, which may affect the generalizability of the results. This study contributes to the emerging literature on sustainable finance in Islamic banking by providing empirical evidence on the critical role of structured sustainability reporting, offering practical implications for bank regulators and practitioners to enhance transparency and governance mechanisms for improved stakeholder accountability.
EXPLORING THE IMPACT OF SHARIA SUPERVISORY BOARD CHARACTERISTICS ON ENVIRONMENTAL DISCLOSURE: A GLOBAL STUDY OF ISLAMIC BANKS Abdurrahman, Zahron; Wicaksono, Aditya Pandu
EL DINAR: Jurnal Keuangan dan Perbankan Syariah Vol 13, No 2 (2025): El Dinar
Publisher : Faculty of Economics Universitas Islam Negeri Maulana Malik Ibrahim Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/ed.v13i2.36435

Abstract

This research assesses the extent to which Sharia Supervisory Board (SSB) traits impact the worldwide phenomenon of environmental disclosures of Islamic Banks. We used Multivariate Regression Analysis to assess the environmental disclosures of 33 Islamic Banks in the world using the GRI 300 standards obtained from the Refinitiv Database, while the SSB traits of Shariah Qualification, Financial Expertise, Gender and Nationality Diversity, Board Size, and the Annual Reports of the Banks were manually collected as SSB were visions of Mufti Shariah. The research employed Panel Data Regression using the Fixed Effects Estimator to control for unobserved heterogeneity around the Banks and to ensure the reliability of the findings. The results showed that Gender and National Diversity had a positive effect on Mukahara Shariah, meaning that more Diversity in Religion and Nationality of the Board Members led to more disclosure. In contrast, Shariah Qualification had a negative effect, while financial expertise and Board Size had no effect.  The research results demonstrate the importance of SSB to advance the Disclosure of Sustainability Reporting Construction to the elders, that SSBs must give More Priority to diversity over traditional religious qualifications. The research results have effectively empowered the Regulators of Islamic Financial Institutions to complement the SSBs to include the Responsible Sharia Governance of Islamic Banking Systems for Compliance with the Global Sustainability Standards.
REPUTATION BRAND ISLAMIC BANKING IN INDONESIA Afrida, Yenti; Lubis, Zaky Mubarak; Mustion, Seppi; Ahmad, Azlin Alisha; Nurhayati, Nurhayati
EL DINAR: Jurnal Keuangan dan Perbankan Syariah Vol 14, No 1 (2026): El Dinar
Publisher : Faculty of Economics Universitas Islam Negeri Maulana Malik Ibrahim Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/ed.v14i1.37560

Abstract

This research examines how customers who use mobile banking services perceive the brand image of Islamic banks in Indonesia. It applies a qualitative content analysis approach using thematic analysis in NVivo. This analysis focuses on the mobile banking apps of Islamic banks in Indonesia. This research analyzed and visualized coded data to identify patterns in perceptions, levels of satisfaction, and complaints about digital Islamic banking services. This research found that the main components of Islamic bank brand reputation are operational responsiveness and operational efficiency of the services, alongside trust and transparency. Customers of Islamic banks perceive that compliance with Sharia principles and Islamic values is a given. Therefore, Islamic values and Sharia compliance do not enhance the bank's reputation. The data analysis found that customers appreciate banks that provide consistent, reliable service. Customers consider deep digital services critical, but still prioritize transaction reliability, security, and service quality as the most influential factors in the banking service brand reputation. Thus, for Islamic banks to provide professional, secure, and customer-oriented services and to integrate Sharia values, their brand reputation must be sustained. This research offers both a theoretical contribution to the scholarship on brand reputation in Islamic banking and a consolidated, practical, service, and reputation strategy for the digital age.
DOES THE BOYCOTT MOVEMENT AFFECT THE VOLATILITY OF STOCK RETURNS? A COMPARATIVE STUDY OF IHSG AND ISSI Zikri, Rafli Ananta; Achsani, Muhammad Nur Faaiz Fathah; Nurhalim, Asep
EL DINAR: Jurnal Keuangan dan Perbankan Syariah Vol 14, No 1 (2026): El Dinar
Publisher : Faculty of Economics Universitas Islam Negeri Maulana Malik Ibrahim Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/ed.v14i1.36535

Abstract

The heating of the Palestine–Israel conflict in October 2023 triggered boycott movements targeting companies that support Israel and generated concerns regarding the financial market stability. This study examines the impact of boycott movements and macroeconomic factors on stock return volatility in Indonesia. Using time-series data from January 2021 to April 2025, the analysis compares the conventional index represented by the IDX Composite (IHSG) and the Islamic index represented by the Indonesia Sharia Stock Index (ISSI). Volatility dynamics are modelled using the ARCH/GARCH, while short-run and long-run relationships are analyzed using the ARDL approach. The results show that the optimal volatility of Islamic stocks exhibiting faster adjustment toward long-run equilibrium. The boycott movement significantly increases long-run volatility in the IHSG, whereas its effect on ISSI volatility is insignificant, indicating greater resilience of Islamic stocks. Inflation and industrial production reduce volatility, while exchange rate depreciation amplifies volatility in both indices. These findings contribute to the market volatility and Islamic finance literature by demonstrating that ethical screening and Sharia-compliant investment structures mitigate the transmission of boycott-induced geopolitical risk. The results offer practical implications for investors and regulators in strengthening Islamic capital markets as a stabilizing mechanism during periods of socio-political uncertainty.
CAN ISLAMIC FINANCIAL LITERACY, RELIGIOSITY, AND FINANCIAL STRESS SHAPE FINANCIAL BEHAVIOR AND WELL-BEING IN HOUSEHOLD FINANCIAL? Firmansyah, Rizky; Kurniawan, Dediek Tri; Rasiady, Vianca Annabel
EL DINAR: Jurnal Keuangan dan Perbankan Syariah Vol 14, No 1 (2026): El Dinar
Publisher : Faculty of Economics Universitas Islam Negeri Maulana Malik Ibrahim Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/ed.v14i1.36269

Abstract

This study examines how Islamic financial behaviour moderates the effects of religiosity, Islamic financial literacy, and financial stress on financial well-being. Data from 247 respondents were collected and analyzed using SEM-PLS. It was found that Islamic financial literacy improves Islamic financial behaviour; however, it had no significant effect on financial well-being. The impact of religiosity is felt on Islamic financial behaviour and not on financial well-being. Financial stress is considered detrimental to financial well-being, whereas Islamic financial behaviour is negligible. Islamic financial behaviour is positively associated with financial well-being. Hence, there is a need to develop Islamic financial literacy and religiosity to positively influence Islamic financial behaviour and increase the financial well-being of Muslim households in Indonesia
FROM CYBER DISRUPTION TO DIGITAL TRUST: THE MEDIATING ROLE OF RELIGIOSITY IN ISLAMIC BANKING Alrasyid, Harun; Nurrizkiana, Dinda Dwi
EL DINAR: Jurnal Keuangan dan Perbankan Syariah Vol 14, No 1 (2026): El Dinar
Publisher : Faculty of Economics Universitas Islam Negeri Maulana Malik Ibrahim Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/ed.v14i1.36821

Abstract

The present study investigates the interplay among trust, perceived security, risk management, and reputation in the context of a cyber-incident in Islamic banking services with religiosity as a mediator. The respondents consisted of 247 Indonesian customers of Islamic banks. PLS-SEM was used to analyze the collected data. The results revealed that religiosity strongly increases the level of trust and mediates the impact of perceived security and reputation. Meanwhile, risk management impacts trust directly. Reputation did not affect the target construct directly, yet had a highly mediated impact on trust through religiosity, suggesting that in a crisis situation, institutional credibility is mainly evaluated through the religious perspective. The present results indicates that the restoration of digital trust in post cyber-incident should be based not only on technical aspects (effective security and risk management) but also on value-based aspects according to the Shariah law. Islamic banks should focus their efforts on communicating cybersecurity measures and practices as part of their ethical responsibility, emphasize accountability and the protection of stakeholders' rights, and work together with religious institutions to build up their credibility. This study contributes to Commitment–Trust Theory, as it reveals that religiosity can be considered an evaluation process in translating institutional practices into trust.
BLURRED LINES: HOW GENERATION Z IN INDONESIA PERCEIVES ISLAMIC AND CONVENTIONAL BANKING AS IDENTICAL SYSTEMS Hamdi, Muhammad; Fachrudin, Kurniawan Ali
EL DINAR: Jurnal Keuangan dan Perbankan Syariah Vol 14, No 1 (2026): El Dinar
Publisher : Faculty of Economics Universitas Islam Negeri Maulana Malik Ibrahim Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/ed.v14i1.36530

Abstract

This study investigates systematic misconceptions among Generation Z based on gender. Using a mixed-methods approach, data were collected from 303 Generation Z participants in Yogyakarta, Indonesia. Data were collected through focus group discussions and structured surveys, which were analyzed using exploratory factor analysis (EFA) and reliability testing. The results indicate that the dominant factor exposed from this misconception is perceived banking convergence. Furthermore, the level of understanding among males shows higher values compared to females, particularly for the indicators of shariah home financing, shariah deposits, business loans, banking objectives, and fund management, which have the largest value gaps. Islamic banking institutions need to design more gender-segmented education and communication strategies, with a special emphasis on clarifying the differences in principles and product mechanisms. In addition, institutions need to develop more practical financial literacy campaigns to enhance Generation Z's substantive understanding of the value of Islamic banking.

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