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Global Review of Islamic Economics and Business
Published by Universitas Islam Negeri Sunan Kalijaga Yogyakarta
ISSN : 23387920     EISSN : 23382619     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
The scope or coverage of this International journal will include but are not limited to: Islamic Economics, Islamic Business, Islamic banking, Islamic capital markets, Islamic wealth management, Issues on shariah implementation/practices of Islamic banking, Zakat and awqaf, Takaful, Islamic Corporate Finance, Shariah-compliant risk management, Islamic derivatives, Issues of Shari`ah Supervisory Boards, Islamic business ethics, Islamic Accounting, Islamic Auditing.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 9 Documents
 1 
Search results for , issue "Vol. 10 No. 1 (2022)" : 9 Documents clear
Do Risk-Taking and Shariah Governance Have a Relationship with Maqasid Shariah-Based Performance? Prasojo Prasojo; Winwin Yadiati; Tettet Fitrijanti; Memed Sueb
Global Review of Islamic Economics and Business Vol. 10 No. 1 (2022)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2022.101-03

Abstract

This According study examines the characteristics of the shariah supervisory board (SSB), risk-taking and Islamic bank (IB) performance. The maqasid shariah index determines the performance of an IB, and the performance assessment is more comprehensive. This research data analysis uses the dynamic panel regression estimation technique with the generalised two-step moment method to predict the relationship between shariah governance, risk-taking and performance. This study uses IBs financial data from around the world for 2014–2018, which comes from the bank scope database. The empirical results found that risk-taking has positive significance to maqasid shariah, while SSB size, expertise and cross membership have a significant negative relationship to performance. Other variables, such as leverage, are proven to have negative significance to maqasid shariah. The originality of this research is linking maqasid shariah with risk-taking and governance, expanding the sample to include many countries, and robustness checking based on Gulf Cooperation Council and non-GCC member states. The research has implications for stakeholder theory because IBs can accommodate various stakeholder interests. Governance across countries is not uniform, so it is challenging to link specifically to performance.
Integrating Islamic Fintech into Islamic Social Finance to Revive the Going Concern of MSMEs in the COVID-19 Era Umar Habibu Umar; Muhammad Aminu Umar
Global Review of Islamic Economics and Business Vol. 10 No. 1 (2022)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2022.101-01

Abstract

This study seeks to propose a model that integrates Islamic social finance and Islamic fintech to revive MSMEs' going concerns during the COVID-19 pandemic in Nigeria. The study applies content analysis and a multidisciplinary literature review. This study proposes a model that integrates Islamic social finance instruments (such as zakat [Islamic compulsory tax], waqf [Islamic endowment], Islamic microfinance and sadaqat [voluntary charity]) and Islamic fintech platforms (P2P and crowdfunding) that could enable MSMEs to obtain funds to revitalize their going concerns by engaging in various Islamic-based contracts, such as musharakah (equity partnership), murabahah (the cost-plus sale contract), mudarabah (trust partnership), ijarah (lease contract), musharakah mutanaqisah (diminishing equity partnership), qard al-hasan (free interest loan), salam (forward financing transaction), etc. The provision of adequate finance using the proposed integrated model is expected to revitalize the MSMEs' going concerns, which can contribute to the country's economic growth and development. Despite the study's contribution by inventing an Islamic-based model for reviving the MSMEs' going concerns in Nigeria, it is conceptual without empirical validation. Hence, future studies should empirically explore the feasibility of the proposed integrated model. The implications of the findings indicate the need to provide motivational regulations for establishing Islamic fintech companies. There is also a need to provide effective technological applications that ensure the selection of only eligible beneficiaries.
Towards Energy Security and Sustainability in Indonesia: Exploring The Waqf-Based Potential Lisa Listiana; Lu’liyatul Mutmainah
Global Review of Islamic Economics and Business Vol. 10 No. 1 (2022)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2022.101-02

Abstract

It is ironic to note that Indonesia remains a net importer of energy, which has been one of the basic needs of the Indonesians. As the efforts to decrease the energy import and  to secure energy supply, including through Renewable Energy (RE) development which has already started, the gap between the target and the actual is observable and acknowledged in existing studies or official reports by the authorities. Alignment between Islamic Finance (IF) and Renewable Energy can be observed, as both ideally have a preference for the earth and environment-friendly program. They align with several Sustainable Development Goals (SDGs), including SDG 7 on affordable and clean energy, SDG 10 on reduced inequality, SDG 13 on climate action, and SDG 17 on partnership on the goals. That is why this study aims to explore the opportunities and challenges of waqf-based renewable energy in Indonesia. To this end, a Focus Group Discussion (FGD) with 15 key informants from 12 different institutions was conducted by Waqf Center for Indonesian Development and Studies (WaCIDS). Notable views from relevant stakeholders, the representatives of both waqf and the RE sector, are complemented by an open-ended questionnaire, which was circulated during the session. Data is analyzed using thematic analysis with the assistance of Atlas.ti software. As a pioneer study that relates waqf and renewable energy in Indonesia, this study provides an avenue for further research and implementation. This study is expected to offer theoretical and practical references on waqf and RE discourse. As the waqf-related stakeholders may gain insight into entering the RE projects, the RE practitioners may also acknowledge the potential of waqf as part of financing alternatives. Hopefully, this study can benefit the policymakers and the pivotal stakeholders in seeking a solution to secure and sustain energy in Indonesia.
The Relationship between Religiousity and New Product Adoption: Case Study on Muslim Students in Yogyakarta M. Yazid Afandi; Imas Hasanah; Novi Indrayani; Shinta Wulan Saputri; Hanifah Sekar Arsyi
Global Review of Islamic Economics and Business Vol. 10 No. 1 (2022)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2022.101-04

Abstract

This paper aims to fill the knowledge gap by gathering evidence from the fourth largest Muslim country in the world, Indonesia, through an analysis of the effect of consumer religiosity on new product adoption. The research uses a quantitative research method, where the hypothesis testing was carried out using the Structural Equation Modelling-Partial Least Square (SEM-PLS) method. The data used in this study are primary data obtained from questionnaires distributed to the respondents, per the criteria and research needs. The results show that Islam affects  the purchase decision and adoption of new products. Hypothesis H1 examined in this study has supported the assumption that religion has greater control over a new product adoption. This finding is factual that, in Islam, the actions of consumers are ruled by religious tenets. The distinct feature of this study compared with another similar paper is that this study uses an SEM-PLS method and Warp-PLS in analysing the data. On the contrary, the previous research applies Smart-PLS and SPSS methods. More distinctively, the main focus of this study is the Muslim students in Yogyakarta. This is an exploratory study, in which its findings may not be generalised due to the limited number of participants. The findings of this study draw attention to investigating the impact of religiosity among Muslim consumers on new product adoption. It was so appealing for the authors to see the influence of Islam on the purchase decision and adoption of any new products.
Islamic Economics Seen from the Philosophy of Science and Integration-Interconnection Paradigm Syafiq Mahmadah Hanafi; Lailatis Syarifah
Global Review of Islamic Economics and Business Vol. 10 No. 1 (2022)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2022.101-07

Abstract

The dispute over the building of Islamic economics has not yet reached an agreement. Therefore, this article aims to analyze Islamic economics as science based on the philosophy of science and the integration-interconnection paradigm. This paper concludes that Islamic economics has not been methodologically clear enough, and how the concept of methodology works is obscure because there is no clear pattern. However, Muslim economists have almost agreed that Islamic economics is an independent discipline. Therefore, the approach of integration and interconnection is feasible to apply in developing Islamic economics as the established discipline.
The Determinant of Indonesia Enterpreneur’s Intention to Pay Zakat: Does Government Support Matter? Akhsyim Afandi; Heri Sudarsono; Rindang Nuri Isnaini Nugrohowati; Yunice Karina Tumewang
Global Review of Islamic Economics and Business Vol. 10 No. 1 (2022)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2022.101-08

Abstract

This study aims to analyze the entrepreneur’s behavior to pay zakat and to formulate the role of zakat institutions such as the National Zakat Board (BAZNAS) and Amil Zakat Institution (LAZ) in improving total zakat collection. Total respondents in this research are 751 entrepreneurs across 28 provinces in Indonesia. Partial least squares structural equation modeling (PLS-SEM) was used to know the entrepreneur’s behavior in paying zakat. Attitude toward moral reasoning, influence of religious leaders, peer influence, zakat knowledge, zakat system structure, enforcement of zakat law, and government support affect the interest of entrepreneurs to pay zakat. However, the attitude toward zakat evasion and transparency of zakat management does not affect the interest of entrepreneurs to pay zakat. The role of the government is getting a spotlight in this study because of its significance in formulating relevant policies to increase the interest of entrepreneurs to pay zakat. The establishment and supervision of zakat institutions as well as the issuance of supportive regulation is considered important in this study.
Testing the Conditional Correlations and Volatility Spillovers between US and ASEAN Islamic Stock Markets: A Multivariate GARCH Analysis Sutan Emir Hidayat; Abdullah Al-Hadrami; Muhammad Rizky Prima Sakti
Global Review of Islamic Economics and Business Vol. 10 No. 1 (2022)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2022.101-05

Abstract

This study examines the conditional correlations and volatility spillovers between the US and ASEAN Islamic stock markets. The empirical design uses MSCI (Morgan Stanley Capital International) Islamic indexes as it adopted stringent restrictions to include companies in the sharia list. By using three multivariate GARCH models (BEKK, diagonal VECH, and CCC model), we find evidence of returns and volatility spillovers from the US to the ASEAN Islamic stock markets. However, as the estimated time-varying conditional correlations and volatilities indicate there is still room for diversification benefits, particularly in the single markets. The Islamic MSCI of Thailand, Indonesia, and Singapore are less correlated to the US MSCI Islamic index. The implication is that foreign investors may benefit from the reduction of risk by adding Islamic stocks in those countries.
Does Profit Maximization Assumption in Economics Comply with Shariah? Evidence from Theoretical and Empirical Findings Sunaryati Sunaryati; Abdul Qoyum
Global Review of Islamic Economics and Business Vol. 10 No. 1 (2022)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2022.101-06

Abstract

The objective of this paper is to discuss the issue of profit maximization from a shariah point of view. The study is very relevant, especially in the current development of Islamic economics. Profit maximization is the central issue in conventional economics and the implication is that all firm decisions must be intended to realize a profit. This paper uses a qualitative approach to answer the main research question. Using a comprehensive study on the Al-Quran and previous empirical findings, the study reveals that profit maximization is still accepted, but not as a single objective. Islamic economics must use comprehensive objectives that not only profit but also maqasid shariah maximization, including environmental, and social aspects.
Model of Green Human Resources Behavior Based on Green Behavior Training, Green Competence, and Affective Commitment on Green Value Marno Nugroho; Budhi Cahyono; Rifqi Hasa Gunawan
Global Review of Islamic Economics and Business Vol. 10 No. 1 (2022)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2022.101-09

Abstract

This study used fundamental research to explore the concept of green management in behavioral theory. This study used 100 employees of PT Sidomuncul as respondents and used a purposive sampling method and multiple regression analysis for data analysis. The results of this study indicate that green behavior training has a positive and significant effect on green competencies. Green behavior training has a positive and significant effect on the affective commitment to green values. Green behavior training, green competencies, and affective commitment to green values have a positive and significant effect on human resources' green behavior. Green competencies and affective commitment to green values are the intervening variables between green behavior training and human resources green behavior. This study examines the antecedents and consequences of the green human resource management (HRM) model with the behavioral theory that explores green competencies and affective commitment. This research will contribute to increasing employee awareness to change their behavior towards green HRM. For social implications, this study provides a social impact of becoming a greener society environment.

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