cover
Contact Name
Sheema Haseena Armina
Contact Email
sheemahaseenaarmina@unida.gontor.ac.id
Phone
-
Journal Mail Official
iej@unida.gontor.ac.id
Editorial Address
Department of Islamic Economics Jl. Raya Siman, Demangan - Siman - Ponorogo - Jawa Timur, 63471 Telp/HP. +62 812 35797925 Email: iej@unida.gontor.ac.id URL: https://ejournal.unida.gontor.ac.id/index.php/JEI
Location
Kab. ponorogo,
Jawa timur
INDONESIA
Islamic Ecomonics Journal
ISSN : 24601896     EISSN : 25415573     DOI : -
Islamic Economics Journal (IEJ) is a national peer-reviewed and open access journal that publishes research papers encompasses all aspects of contemporary Islamic economics issues. This journal emphasizes specifications in the discourse of Islamic Public Economics, Islamic Monetery Economics, Islamic Business Economics, Islamic International Economics and Islamic Development Economics. This journal openly accepts the contributions of experts from related disciplines. All published articles do not necessarily represent the views of journals, or other institutions that have links to journal publications. This journal is intended to communicate the original researches and current issues on the subject. This journal warmly welcomes any contributions from scholars of the related issues.
Articles 305 Documents
The Phenomenon of Market Distortion Practices in E-Commerce (Bai' Najasy) Agustin Mila Arlina; Lilik Rahmawati; Ahmad Agus Hidayat
Islamic Economics Journal Vol. 9 No. 1 (2023)
Publisher : University of Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v9i1.9232

Abstract

E-commerce is one of the marketing technologies used as a platform for online buying and selling in the present time. However, in its mechanism, there are similarities with the practice of Market Distortion (bai' najasy) in e-commerce, which is prohibited in Islam. This research aims to understand the practice of Market Distortion (bai' najasy) in e-commerce from the perspective of Islamic economics. This study uses a qualitative descriptive method by conducting direct research on the target audience. It is known that the phenomenon of market distortion (Ba'i Najasy) among e-commerce users in the Tanjung Village, Kedamean Subdistrict, Gresik Regency, still frequently occurs due to consumers being less selective and hasty in choosing a seller for a product. Based on interviews conducted by the researcher with 100 respondents representing the target audience, it was found that 67 of them expressed dissatisfaction with products purchased through e-commerce applications, while 17 others stated that they had been satisfied with their initial purchase but were less satisfied with their second purchase, and 16 others had not experienced what the other respondents had. This indicates the need for education among the public to selectively choose sellers on e-commerce applications.
Green Sukuk Retail Towards Sustainable Development in Indonesia Atika Zahra Maulida; Noormailati; Agus Purnomo
Islamic Economics Journal Vol. 9 No. 1 (2023)
Publisher : University of Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v9i1.9362

Abstract

Green Sukuk is one of the products in the Sharia capital market that wants to be developed to encourage the country's economic growth by applying Sharia principles. Green sukuk buying and selling transaction agreement using wakalah contract and ijarah. The issuance of Green Sukuk on retail sukuk products issued by issuers can encourage the country's economic growth. This study aims to determine the development and economic growth through green sukuk products in retail sukuk products.   This research uses qualitative methods with a literature review approach from previous research. The data collection method examines previous research in articles and progress reports, transactions, and economic growth from 2019 to 2022. The results of the data that have been collected will be used to answer the growth and development of green sukuk transactions on ST0060 retail sukuk products issued by the government and by private companies. The study's results explain that the performance improvement in retail sukuk products has increased yearly.  The performance of the Net Asset Value of retail sukuk (green sukuk) NAV in 2019 increased by 3.56%; in 2021, the performance value of the Net Asset Value of Bersi h decreased by 2.83% due to the impact of the Covid-19 pandemic.  In FY2022, the performance value of net assets increased by 41% due to stable economic performance. The role of government encouragement and economic performance growth has an impact on increasing Sharia capital market investors in retail sukuk products in 2022. The impact of performance, growth, development, and transaction growth on retail sukuk ST006 can be illustrated in the pattern. The graph shows a positive direction affecting the country's economic growth.
The Opportunities Swallow's Nest Business to Increase Community Income from Islamic Economics Perspective Haris Al Reza; Mochammad Novi Rifa’i; Afifah Nur Millatina; Ascarya
Islamic Economics Journal Vol. 9 No. 2 (2023)
Publisher : University of Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v9i2.9992

Abstract

The swallow's nest business has a vast business opportunity, especially in areas that are crowded with swallows. Swallow's nests are very promising, but some obstacles and challenges must be faced. This study aims to find out how the swallow's nest business opportunity in increasing the income of the community in Kampung Baru village is viewed from the perspective of Islamic economics. This research uses a qualitative approach with the type of case study research. Sources of data in this study using primary data sources. Data collection techniques used are observation, interviews, and documentation. The results of this study indicate that Kampung Baru Village has the potential to conduct swallow's nest business in increasing the income of the community in Kampung Baru Katingan Kuala Village. This is evidenced by the increased income of SBW entrepreneurs, which is higher than the previous income when they had not built a swallow building. The increase in the revenue of the swallow's nest business can be seen from the rise in the swiftlet building owned by the swallow's nest entrepreneur, and the increasing level of education, as well as the increasing level of welfare of the people of Kampung Baru village through alms, infaq or donations. The Islamic economic perspective on the swallow's nest business is that no practices violate the Shari'ah that the swallow's nest entrepreneur has carried out. Efforts made by swallow entrepreneurs to increase people's income are reasonable efforts carried out with good intentions and efforts and are therefore in line with Islamic law.
The Jakarta Islamic Index (JII) Stock Price In Terms Of Oil, Gold And Exchange Rates Syafira Indriyani; Nanda Dwi Cahyani; Siti Amaroh
Islamic Economics Journal Vol. 9 No. 1 (2023)
Publisher : University of Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v9i1.10118

Abstract

Stock prices are usually influenced by 2 factors, namely internal factors and external factors. The purpose of this research is to analyze the stock price of the Jakarta Islamic Index (JII) in terms of external factors, namely oil, gold and exchange rates. This study used purposive sampling and quantitative analysis methods for companies that have been consistent in JII for 10 years, and obtained 7 issuers as research specimens. Panel data were processed using multiple linear regression analysis in the SPSS Statistics program version 26. The results of this study indicate that the oil and gold price variables have no effect on JII stock prices, while the exchange rate variable has a positive effect on JII stock prices. Simultaneously the three variables concerned affect the JII stock price by 79.1%, and 20.9% are influenced by factors outside the factors studied. Investors who wish to invest are expected to pay more attention to macroeconomic aspects and to use sharia-based instruments, they can use JII as a reference.
Ottoman Cash Waqf System: An Alternative to the Western Capitalist System Izzatul Muna; Yasdi
Islamic Economics Journal Vol. 9 No. 1 (2023)
Publisher : University of Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v9i1.10126

Abstract

The purpose of this article is to investigate and analyze the Ottoman cash waqf system as a distinct economic model from capitalism, concentrating on its principles, operational mechanisms, and social impact. This study employed a literature review methodology and compared the Ottoman currency waqf system to the western capitalist system. This study reveals that the Ottoman cash waqf system was founded on the principles of social justice, solidarity, and equitable distribution, as opposed to the capitalist principles of prioritizing individual gain. This system provides solutions to problems of social and economic inequality and safeguards the most vulnerable members of society. In spite of its positive potential, the Ottoman cash waqf system confronts a number of obstacles, such as lack of effective management, proper regulation, and public awareness. This article explores the potential of the Ottoman cash waqf system as a different response to social and economic challenges that are viewed as an attractive alternative to the western capitalist system, despite the fact that the western capitalist system can have negative systemic effects.
Madiun City Government Economic Policy Strategy: Islamic Economic Prespective Mohamad Nur Efendi; Kusnul Ciptanila Yuni K; Nasrulloh Nasrulloh; Sumawan Sumawan
Islamic Economics Journal Vol. 9 No. 2 (2023)
Publisher : University of Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v9i2.10347

Abstract

News of inflation occurring in various parts of the world has spread, even the President of Indonesia Mr. Joko Widodo mentioned in his speech about the shadow of the world in 2023. The city of Madiun is one of the areas in East Java which is responding to the preparation of strategies to deal with the 2023 crisis. Through a qualitative descriptive method, this article aims to analyze the economic policy strategy of the Madiun city government based on an Islamic economic view. The primary data comes from the speech of the mayor of Madiun at the coordination meeting of local government officials. The findings of this study reveal that the Madiun city government implements a food security strategy from Prophet Yusuf AS and is supported by a price intervention strategy from Ibnu Taimiyah's perspective. The Madiun city government used this strategy to deal with inflation and predictions of a food crisis in 2023.
Islamic Philanthropy Employee Work Values (Case Study Lazismu Branch Office) Moh Alfiyan Lulu Firdaus
Islamic Economics Journal Vol. 9 No. 2 (2023)
Publisher : University of Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v9i2.10368

Abstract

This study uses a qualitative method to analyse the work values of the Lazismu Service Office employees (Lembaga Amil Zakat Infak Sadaqoh Muhammadiyah) located in Adiwerna District. The results of the interview show that the spiritual motivation aspect of work has the most influence on the work value of employees. It can be seen that there is a spiritual side that employees feel and experience while working. This has an impact on employee attitudes and behaviour.  Keywords: Work Values, Islamic Philanthropy, Lazismu Branch Office.
The Study of Food Loss and Waste According to an Islamic Economic Perspective Amira Sherlyna; Nilam Sari; Rina Desiana
Islamic Economics Journal Vol. 9 No. 2 (2023)
Publisher : University of Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v9i2.10456

Abstract

The occurrence of food loss and waste is closely related to less effective and efficient consumer behavior that causes a lot of food wasted and excessive food waste accumulation. Consumer behavior according to Islam encompasses a series of ethics and principles of consumption: simplicity, balance, hygiene, generosity, and responsibility. The study aims to understand the impact of simplicity, balance, hygiene, generosity, and responsibility on control of food loss and waste. This research uses quantitative methods with nonprobability sampling techniques as a sampler technique. The sample in this study is 100 communities that reside in Banda Aceh City. The data analysis technique in this study is a double linear regression analysis by spreading the questionnaire. The results showed that the variables of simplicity and generosity partially influenced the control of food loss and waste. The variables balance, hygiene and partial responsibility do not affect the control of food loss and waste. Variables of simplicity, balance, hygiene, generosity, and responsibility simultaneously have a positive and significant impact on the control of food loss and waste. In this way, people are expected to change consumer habits that can damage the environment. Governments and related agencies can deal with food loss and waste by educating the public and improving infrastructure to support efficient food production processes as well as developing regulations related to food losses and waste.
Relevance of Zakat and Waqf Models to Achieve Sustainable Development Goals of Water and Sanitation in North Eastern Nigeria Adamu Abubakar Muhammad; Adam Muhammad Ardo; Hamza Abubakar Hussaini; Jamila Ahmad Aminu
Islamic Economics Journal Vol. 9 No. 2 (2023)
Publisher : University of Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v9i2.10473

Abstract

The study's main goal was to evaluate the effectiveness of Zakat and Waqf funds in ensuring the access to clean water and adequate sanitation, as well as reducing the use of open defecation in north eastern, Nigeria, by hastening the adoption of Islamic teachings on sanitation and charitable programs. The study used a qualitative research approach that included review of literature, content analysis, interview with experts and organizations that were relevant. The study’s findings revealed that in the total number of respondents, 40% are unaware or never used with modern toilet facilities, about 75% households have no any kind of modern toilets, uses traditional and uncovered toilets, 60% are in need of it but poverty, literacy and environment denied them to have it, while 20% promised to find its alternative for their safety within the year 2023. The beneficiary communities who received internal and external support programs through Zakat and Waqf funds and other charitable means led to more improvement in planning, coordinating, collecting, financing, monitoring, and supervising various projects of access to clean water and sanitation in the study area.
Islamic Banking, Moral Order and a Just Social Order Ahmad Mansur
Islamic Economics Journal Vol. 9 No. 2 (2023)
Publisher : University of Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/iej.v9i2.10550

Abstract

Moral order is nothing more than natural order in which all living beings are bound to each other. All-natural beings or (nature) other than human beings have no choice and are not free to choose and to do whatever they want to, but to obey the law of their beings, their natural beings and natural law, they cannot do otherwise. They have to submit their beings (to act in accordance to their natural instincts) to the natural law or to divine pattern and divine will. God is not responsible for human acts, as human beings are endowed by free-will, intellectual reasoning and are capable not only of recognizing good and evil acts, but also of legislating good laws to regulate their lives in accordance to natural law, divine pattern and divine will.This paper will discuss Islamic banking in which its existence cannot be separated from the religion of Islam. It has to act and to submit to the natural law or to divine pattern and divine will. Its operation and practice should meet the legality of Islamic law, even it must go beyond that by putting more emphasis on morality and virtue ethics. It should not merely be driven by instrumental reason (rationality), or determined by criteria of calculating the most economical application means such as of maximum efficiency, cost-benefit analysis, and maximum profit as its measure of success. Islamic banking has to think that its existence is part of larger order that is a cosmic order, a great chain of beings, in which the act of one being definitely affects other beings. So, there is no other way for Islamic banking, but to be ethical banking to submit itself to moral order and natural order to help support the realization of a just social order. A just social order means moral order in which without it, it leads to chaos, as the survival of society or nation is really dependant on morality and virtue ethics. Keywords: Islamic Banking, Natural Order and Moral order, a Just Social Order