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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 168 Documents
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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.
Sale-Based vs Leased Based Contracts in House Financing Default Anggari Kresnowati
Global Review of Islamic Economics and Business Vol. 10 No. 2 (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.2022.102-01

Abstract

This study examines the relationship between FTV and house financing default, as well as the short and long-term effects on housing and apartment defaults. It also examines the extent to which Islamic banks implement suitable contracts for housing and apartment defaults, whether sale-based or lease-based. The data used in this paper is monthly time series data from 2015 to 2021. The finding of this study shows that the FTV policy in small houses and apartments (22-70 m2) positively significantly influences the house financing default in sale-based and lease-based contracts in both short and long-term periods. Moreover, the FTV policy in leased-based contracts has a significant influence on the house financing default in a big house (>70 m2) in a short-term period.
Does a Cryptocurrency Comply with Shariah? Empirical Evidence from ARCH-GARCH Economic Model Riswanti Budi Sekaringsih; Hasan Al-Banna
Global Review of Islamic Economics and Business Vol. 10 No. 2 (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.2022.102-02

Abstract

The objective of this paper is to analyze the debate about cryptocurrency as money from an Islamic point of view. Money in Islam that is based on urf of custom has also some requirements, such as its stability. Some fatwas in Indonesia regarding the legitimacy of cryptocurrency must be evidenced with an empirical-based. The study used 25 cryptocurrency prices and related information. By employing ARCH and GARCH, the study revealed that cryptocurrency is hugely volatile and, thus, does not fulfill such criterion as money from an Islamic perspective, and is normally used for speculation. Hence, this study suggests that cryptocurrency is still reluctant to be used for a transaction.
Online Loan Application against Islamic Sharia from the Informatics Aspect Aulia Faqih Rifai; Agung Fatwanto
Global Review of Islamic Economics and Business Vol. 10 No. 2 (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.2022.102-04

Abstract

In discussing social and organizational change, religion is one important aspect that is often overlooked despite its significant role in social life and society. Religion influences culture, customs, behavior, and communication. Several studies on the use of information technology based on religion have been carried out with a case study approach in areas such as education, economics, and health. However, none of them have incorporated the religious aspect in the application design. One of the information technology and economic products that is closely related to everyday life is online loan applications. Many studies have been conducted on online loan applications in terms of law, economics, and psychology, but they have not explored Islamic Sharia-based on informatics aspects. As the main foundation for online loan applications, informatics should be the basis of studies used to consider making regulations for both general and Islamic Sharia. This study aims to conduct an in-depth analysis of Islamic Sharia values in online loan applications related to the informatics aspect. Based on the laws of OJK (Financial Services Authority) and the fatwas of MUI (Majelis Ulema Council) regarding online loan applications, it has been found that applications legally registered with the OJK have complied with Islamic Sharia as stipulated by the MUI. However, in illegal online loan applications, many detrimental problems are found that do not comply with Islamic Sharia. Therefore, it is deemed necessary to take action in the form of regulations, social education, and support for religious knowledge to address these online loan issues.
Social Media Marketing Activities Role in Creating Loyalty of Islamic Banks in Indonesia Raden Roro Fosa Sarassina
Global Review of Islamic Economics and Business Vol. 10 No. 2 (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.2022.102-03

Abstract

The increasing number of social media users in Indonesia highlights the growing importance of social media in fostering loyalty. Despite this, there is a lack of models available for analyzing the complex relationship between Social Media Marketing Activities (SMMAs) and loyalty and the various mediating variables that impact this relationship. However, the Customer Relationship Quality (CRQ) model has emerged as a promising approach, providing a framework to analyze the impact of SMMAs on loyalty, as well as key mediating variables like trust, satisfaction, and commitment. Despite the strengths of this model, it has not yet explored the direct relationship between SMMAs and loyalty. In response, this study expands on this framework by adding this direct relationship to the model. To collect data, an online survey was used to gather responses from 138 followers of the Facebook and Instagram accounts of the five largest Islamic banks in Indonesia. The resulting data was analyzed using the powerful Structural Equation Modeling (SEM) approach, with the SmartPLS software used to examine the complex relationships between variables.
Spiritual Marketing in Increasing Sales Turnover of Micro, Small, and Medium Enterprises in Indonesia Agus Wahyu Triatmo; Arif Nugroho; Supandi Supandi; Ade Yuliar
Global Review of Islamic Economics and Business Vol. 10 No. 2 (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.2022.102-06

Abstract

The increasing diversity of modern humans has implications for changes in consumer behavior. Previously, consumers solely relied on logical considerations when selecting products or services, but now this framework has been shifted to encompass broader considerations. This trend forces a shift in the marketing paradigm; from rational marketing to emotional marketing, even continuing to spiritual marketing. This article seeks to examine the implementation of spiritual marketing to increase the sales turnover of Micro, Small, and Medium Enterprises (MSMEs) in Indonesia, with a case study of “Komunitas Bubur Sedekah” in Setabelan Banjarsari, Surakarta. This case study applied Hermawan Kertajaya's spiritual marketing theory as a theoretical framework. Data were obtained through in-depth interviews, observation, and documentation. In-depth interviews were held with advisors, porridge sellers, almsgivers, and customers. Observations were conducted to capture data from the porridge business activities. Meanwhile, documentation was utilized to collect data from various social media platforms belonging to the community. The findings of the study indicate that “Bubur Sedekah” is a manifestation of spiritual marketing because it is grounded in ethical spiritual principles, such as theistic, humanistic, and contextual values that bring satisfaction to customers, thus resulting in regular donations. Consequently, the sales turnover of “Bubur Sedekah” has considerably increased, and the sustainability of their business is now assured.
COVID-19 Pandemic and its Effect on the Business Development Center UIN Sunan Kalijaga Yogyakarta: An Islamic Management Strategy Afdawaiza, Afdawaiza
Global Review of Islamic Economics and Business Vol. 10 No. 2 (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.2022.102-05

Abstract

The COVID-19 pandemic has had a significant effect on various business sectors, including the Business Development Center (BDC) at UIN Sunan Kalijaga, which serves as a business management institution at the university. This study aimed to assess the effect of the COVID-19 pandemic on UIN Sunan Kalijaga's revenue from business sectors managed by the BDC. Additionally, the study aimed to demonstrate how UIN Sunan Kalijaga employed crisis management to respond to the pandemic's effect through various efficiency efforts and optimization of alternative financial aspects. By implementing Business Continuity Management (BCM), Emergency Response Plan (ERP), and Business Contingency Plan (BCP), BDC UIN Sunan Kalijaga Yogyakarta was able to maintain its existence in the first year of the pandemic by posting profits and continued with a positive trend in subsequent years. The findings of this study can be applied practically by providing a business model in times of crisis to ensure the company’s survival. Originality/Value: This study is original in examining the resilience of a university-based business management institution during the COVID-19 crisis, a context rarely explored in crisis management literature. By integrating Business Continuity Management (BCM), Emergency Response Plan (ERP), and Business Contingency Plan (BCP), it demonstrates how UIN Sunan Kalijaga’s Business Development Center sustained profitability and adapted effectively. The findings provide a practical business model for organizations seeking survival strategies in times of crisis, offering both theoretical enrichment and actionable guidance.
The Influence of CAR, FDR, Inflation, GDP, Mudharabah Financing, and Musyarakah Financing on NPF of Islamic Commercial Banks in Indonesia Bambang Iswanto; Ibadurrahman Ibadurrahman
Global Review of Islamic Economics and Business Vol. 10 No. 2 (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.2022.102-07

Abstract

Islamic finance in Indonesia has shown significant development. The development of Islamic finance will increase the growth of Islamic banks and further gives more positive impacts. However, with the development of Islamic banks, financing risks cannot be avoided because the strategic function of banks is to distribute funds to the public for the sustainability of the country's economy and the welfare of the community. This study aims to determine the effect of Capital Adequacy Ratio (CAR), Financing to Deposit Ratio (FDR), inflation, Gross Domestic Product (GDP), Mudharabah financing, and Musyarakah financing on the financing risk of Islamic commercial banks in Indonesia for the period of 2015-2021. In contrast to the previous study, this research also sheds light on the zakat instrument as one of the GDP variables. This research is quantitative using multiple linear regressions. The sampling technique used is a purposive sampling technique with eight Islamic commercial banks, out of 14 as the population, taken as the sample. The results of this study indicate that CAR, FDR, and inflation have a significant negative effect on Non-Performing Financing (NPF). While, GDP and Mudharabah financing have a significant positive effect on NPF.
Unraveling the Complex Dynamics of Islamic Social Reporting and Financial Performance: A Study of Mediating and Moderating Factors in Islamic Banks Saipul Arni Muhsyaf
Global Review of Islamic Economics and Business Vol. 11 No. 1 (2023)
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.2023.111-01

Abstract

Islamic Social Reporting (ISR) is crucial for Islamic banks as it captures the extent of their adherence to social and ethical principles, which influences their financial performance. Drawing on stakeholder theory the primary objective of this study is to scrutinize the impact of ISR on the financial performance of Islamic banks in Indonesia, with a specific focus on the mediating and moderating roles of key governance factors, namely ownership concentration, bank size, board independence composition, and leverage. The study is based on data from ten Indonesian Islamic commercial banks from 2017 to 2020, utilizing regression models and Path SEM analysis for assessment. The findings reveal a positive impact of ISR on financial performance. Additionally, it is discovered that the board independence composition and leverage significantly moderate the ISR-financial performance relationship. However, the study does not find evidence of the mediating effects of ownership concentration and bank size. While the moderating roles of board independence composition and leverage align with prior research, the absence of mediation effects contrasts with previous studies. Originality/Value: This research offers a distinct exploration of the relationship between ISR-financial and financial performance relationship within the specific context of Indonesian Islamic banks. It creatively probes the mediating and moderating impacts of select governance variables, a largely unexplored territory in extant literature. The findings of this study contribute to the theoretical framework of ISR's influence on financial performance and provide actionable insights for policy and strategic decisions in Islamic banks. It underscores the potential of such studies to drive sustainable growth, thereby laying the groundwork for future research.

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