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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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Waqf-Based Endowment Funds as a Sustainable Financing Model to Enhance University Education Quality in Indonesia Ekawaty, Marlina; Rohman, Ghifary Duyufur; Alvira Aina
Global Review of Islamic Economics and Business Vol. 13 No. 1 (2025)
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.2025.131-04

Abstract

Sustainable financing remains a significant challenge for higher education institutions in Indonesia as they strive to enhance educational quality and compete with leading global universities. One promising solution is the utilization of waqf-based endowment funds as a source of long-term financing. This paper aims to explore the financing and management models of waqf endowment funds to support the improvement of university education quality. The study examines the role of waqf endowment funds in creating a stable financial system and identifies the opportunities and challenges associated with implementing this model in Indonesia. To achieve these objectives, the research employs NVivo 12 qualitative data analysis software to systematically analyze relevant literature and data, allowing for the coding and categorization of themes related to waqf financing. The findings are expected to provide valuable insights for policymakers and universities regarding the governance of waqf endowment funds and how this model can be applied to advance infrastructure, research, and teaching in higher education institutions. Furthermore, this study highlights the importance of collaboration between the government, universities, and society to optimize waqf endowment funds as a sustainable economic resource that positively impacts the quality of national education in Indonesia.
A Discourse on Abandoned Housing Projects (AHPs) and the Potential of Crowdfunding: Malaysian Evidence Mohd Thas Thaker, Hassanudin
Global Review of Islamic Economics and Business Vol. 13 No. 1 (2025)
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.2025.131-03

Abstract

The surge in housing demand has exacerbated challenges in Malaysia's property market, notably the widespread issue of abandoned housing projects (AHPs). Despite the government and banking sector's continuous efforts to facilitate financing for affordable housing, the increasing number of AHPs indicates economic inefficiencies. Literature identifies developers' financing constraints as a key driver of project abandonment. To address this, our study proposes the "Integrated Abandoned Housing Project Crowdfunding Model (IAHPCM)" as a viable alternative financing solution for developers. This framework aims to mitigate financial barriers and enhance housing project completion rates. The findings contribute to the growing body of literature on crowdfunding while offering practical implications for developers and broader economic sustainability.
Assessing Returns of IDX Sharia Growth Stocks: Applying The Fama-French Five-Factor Model For Portfolio Optimization Yulandri, Elsa; Sobana , Dadang Husen; Asih, Vemy Suci; Nugraha; Waspada, Ikaputera; Sari, Maya
Global Review of Islamic Economics and Business Vol. 13 No. 1 (2025)
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.2025.131-06

Abstract

This study examines the influence of the Fama-French five-factor model on the excess return of stocks listed in the Indonesia Stock Exchange Sharia Growth Index and offers recommendations for optimizing Sharia-compliant portfolios. The model includes five independent variables: overall market return, firm size (measured by the return difference between small and large firms), book-to-market value, profitability (difference between firms with strong and weak earnings), and investment strategy (difference between conservative and aggressive asset growth). The analysis uses quarterly data from 2022 to 2023 and selects 14 companies from the index based on data completeness and consistent listing. Multiple linear regression with the Ordinary Least Squares method reveals that only the market return and firm size factors have a significant effect on excess return, with firm size having the strongest impact. Meanwhile, the book-to-market value, profitability, and investment strategy factors do not show significant individual influence. However, when assessed collectively, all five factors explain 93.06 percent of the variation in excess return, indicating the model’s overall strength. The study is limited by its short time frame due to the recent launch of the index and its relatively small sample size. These findings suggest that Sharia-compliant investors should prioritize firm size and market trends in portfolio construction. Future research should incorporate longer time periods, broader index comparisons, and qualitative factors such as investor sentiment or environmental, social, and governance indicators to enhance understanding of return behavior in Islamic equity markets.
Antecedent of Revisit Intention for Halal Destinations Handayani, Susi; Bismala, Lila; Hasibuan, Lailan Safina; Nor, Mhd Roslan Mhd; Prasetyo, Yoyok
Global Review of Islamic Economics and Business Vol. 13 No. 2 (2025)
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.2025.132-01

Abstract

The importance of religiosity in halal tourism is the reason for this study. Religiosity is expected to influence and strengthen tourists' intention to return to halal destinations. The purpose of this study is to analyze the moderating role of religiosity in the influence of Electronic-Word of Mouth and Theory of Planned Behavior on revisit intention. Using the Purposive Sampling method, researchers obtained valid data from 201 respondents. The collected quantitative data was processed with the help of SmartPLS, to test the direct and moderation relationships between the research variables. The results of the study show that E-WOM influences revisit intention, and religiosity influences revisit intention. The results of this study can be utilized by halal destination managers, so that they can monitor reviews in E-WOM that influence revisit intention
Examining Students' Perceptions and Expectations of Islamic Economics in Addressing Social Inequality Hadi, Kuncoro
Global Review of Islamic Economics and Business Vol. 13 No. 2 (2025)
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.2025.132-02

Abstract

This study examines how university students in Jakarta perceive and expect Islamic economics to address social inequality. Integrating Social Cognitive Theory (SCT) and Expectation-Confirmation Theory (ECT), it proposes a cognitive-affective-conative framework linking students’ understanding, perception, and expectation. A survey involving 522 students was analyzed using PLS-SEM. Results confirm that understanding significantly influences perception (β = 0.403) and expectation (β = 0.185), with perception also mediating the relationship (β = 0.189). Students largely view Islamic economics as fair and effective, especially instruments like zakat and Islamic microfinance. However, gaps exist between expectations and implementation, driven by limited public understanding, inadequate regulation, and digital infrastructure challenges. This research contributes to theoretical integration of SCT–ECT in Islamic economics and provides actionable insights for policymakers and educators to strengthen financial literacy, reform regulations, and enhance technological access. The findings support a dual approach: conceptual literacy and perceptual alignment are both essential to realize the role of Islamic finance in promoting equity.
Circular Economy and Maqasid al-Shari’ah: A Conceptual Framework for Islamic Economic Reform Afandi, M. Yazid; Rahma, Nadia
Global Review of Islamic Economics and Business Vol. 13 No. 2 (2025)
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.2025.132-03

Abstract

The global environmental crisis, natural resource degradation, and growing economic inequality have intensified the demand for a development paradigm that is not only economically efficient but also socially and ecologically equitable. The circular economy has emerged as an alternative framework that emphasizes sustainable product life cycles, waste reduction, and resource optimization. From an Islamic perspective, this concept aligns significantly with the maqāṣid al-sharī‘ah—the overarching objectives of Islamic law aimed at preserving religion, life, intellect, progeny, and wealth. This article seeks to identify and analyze the relationship between the principles of the circular economy and the five dimensions of maqāṣid al-sharī‘ah. Employing a qualitative content analysis (QCA) approach, this study demonstrates that the principles of reuse, recycling, and remanufacturing within the circular economy correspond closely with efforts to safeguard the values of human life (faith and human rights—ḥifẓ al-dīn and ḥifẓ al-nafs), ensure human safety and intellectual integrity (ḥifẓ al-nafs and ḥifẓ al-‘aql), preserve societal continuity (ḥifẓ al-nasl), and protect both physical environments and material wealth (ḥifẓ al-māl and ḥifẓ al-bī’ah). Accordingly, the circular economy may be adopted as a model of development that is not only environmentally friendly but also deeply aligned with the holistic ethical values of Islam. This study contributes to the discourse on contemporary Islamic economics by offering a normative and practical framework that is responsive to current global challenges.
Governance and Tax Strategies: The Role of Firm Size in Affecting Tax Aggressiveness among Sharia-Listed Firms Ratnawati, Juli; Hernawati, Retno Indah; Andika, Arditya Dian
Global Review of Islamic Economics and Business Vol. 13 No. 2 (2025)
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.2025.132-04

Abstract

This study investigates how corporate governance mechanisms influence tax aggressiveness in sharia-compliant firms listed on the Jakarta Islamic Index (JII), while examining the moderating role of firm size. Using a census sampling approach covering all JII-listed companies from 2022 to 2024, the research analyzes 90 firm-year observations. Multiple regression and moderated regression analyses test the direct and interaction effects of institutional ownership, independent commissioners, and audit committees on tax aggressiveness. The findings reveal that while institutional ownership does not significantly affect tax aggressiveness, the presence of independent commissioners and effective audit committees significantly reduces it. Firm size does not moderate these relationships, indicating that robust governance practices remain essential regardless of organizational scale. Importantly, this study integrates Islamic ethical principles such as justice (ʿadl), trustworthiness (amanah), accountability (hisbah), and the pursuit of public welfare (maslahah) to highlight the ethical dimensions of tax compliance in sharia-compliant firms. The results underscore the need for governance frameworks that not only meet regulatory requirements but also align with Islamic moral obligations, promoting transparency, fairness, and responsible corporate behavior.
The Moderating Role of Profitability in The Relationship Liquidity and Leverage on Financial Distress in Islamic Banking Nur Kholis; Ghozali, Imam; Harto, Puji
Global Review of Islamic Economics and Business Vol. 13 No. 2 (2025)
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.2025.132-05

Abstract

The purpose of this study is to examine the role of profitability in moderating the relationship between liquidity and leverage on financial distress in Islamic banking. This study uses a quantitative descriptive approach, and the panel data analysis method is implemented using E-views 12. The sample Islamic banking companies listed on The Financial Services Authority (OJK) for a period of four years, namely the 2021-2024 period. The sampling technique employs purposive sampling to collect company data that matches the specified criteria. The results showed that the liquidity ratio does not have a significant effect on financial distress, while leverage has a significant effect on financial distress. Profitability is unable to moderate the relationship between the liquidity ratio and financial distress, but profitability is able to moderate the relationship between leverage and financial distress. The implications of this study help to understand the development and performance of the companies studied and can be used as input and consideration for companies in taking steps to prevent bankruptcy.

Page 17 of 17 | Total Record : 168

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