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INDONESIA
Jurnal Ekonomi dan Bisnis Islam
Published by Universitas Airlangga
ISSN : 24426563     EISSN : 25273027     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
Journal of Economics and Business Islamic (JEBIS) accepts original manuscripts in the field of Islamics Economics, including research reports, case reports, application of theory, critical studies and literature reviews. The spread of Islamic Economics include: 1. Islamic Finance and Capital Market 2. Islamic Banking 3. Management of Islamic Business and Entrepenuership 4. Islamic Financial Institution non Bank
Arjuna Subject : -
Articles 199 Documents
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ASSESSING THE IMPACT OF MAQASHID SHARIA ON THE SUBJECTIVE WELL-BEING OF INDONESIAN MUSLIMS: EVIDENCE FROM IFLS V Kamarni, Neng; Fadhilah Hasib, Fatin; Abdiska, Debi; N, Zulkifli; Sapuan, Noraina Mazuin
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 11 No. 1 (2025): JANUARY - JUNE 2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v11i1.65772

Abstract

Subjective well-being is shaped not only by economic conditions but also by a sense of happiness in this life and hope for the hereafter. This perspective suggests that a nation's progress should be viewed beyond economic growth alone. Maqashid Sharia, the five essential objectives in Islamic teachings, provides a framework that guides individuals toward a more holistic and meaningful well-being. This study aims to explore how Maqashid Sharia contributes to the subjective well-being of Muslim individuals in Indonesia. Using a quantitative approach, the analysis draws on data from the 2014 Indonesia Family Life Survey (IFLS) V, focusing on Muslim respondents aged over 18. Logistic regression is employed to assess the influence of five dimensions of Maqashid Sharia, protection of religion, life, intellect, lineage, and wealth on happiness. A few examples of control variables are sex, age, and place of residence.  The findings demonstrate that each of the five facets of Maqashid Sharia has a significant and positive influence on the Muslims' subjective well-being in Indonesia. Those who are religious, healthy, well-educated, married, and employed tend to experience greater well-being. The well-being of women and younger generations is also higher, although residency does not appear to be a significant role. These results highlight the significance of measures that increase access to religious homes, healthcare, education, work, and marital readiness. putting the principles of maqashid sharia into practice in order to ensure the prosperity and well-being of Indonesian Muslims and to accomplish fair and significant agreements between economic reality and religious identity.
DESIGNING MAQASHID INDEX MEASUREMENT MODELS INTEGRATED WITH ESG IN ISLAMIC FINANCIAL INSTITUTIONS Maarif, Ahmad Fathul; Darmawan, Darmawan; Mohamad, Siti Nor Amira; Huda, Nurul; Fajar, Ahmad
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 11 No. 1 (2025): JANUARY - JUNE 2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v11i1.65830

Abstract

This study aims to evaluate the performance of Islamic Financial Institutions (IFIs) through the integration of Maqashid Sharia principles and Environmental, Social, and Governance (ESG) criteria. The method used is Analytic Network Process (ANP), which allows the identification of priority aspects in performance measurement in a holistic manner.  The results show that the aspect of hifdzu ad-diin (protection of religion) is the highest priority in the maqashid objectives cluster. Meanwhile, in the ESG main criteria cluster, environmental aspects occupy the most dominant position. At the sub-criteria level, natural resource conservation (E), stakeholder awareness (S), and environmentally friendly policies (G) receive the highest weight. This study makes a new contribution by building an Islamic values-based performance measurement model integrated with ESG, which is relevant for realizing sustainable finance practices. This integration strengthens the evaluation approach to institutional sustainability, not only from an economic perspective, but also from social, ethical and environmental aspects.
QUO VADIS OF INDONESIAN ISLAMIC BANKING: A DELPHI STUDY Ubaidi, Abdillah; Mawardi, Imron; Rosyidi, Luthfi; Zakaria, Nor Balkish
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 11 No. 1 (2025): JANUARY - JUNE 2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v11i1.66578

Abstract

This paper aims to determine what factors make Islamic banks in Indonesia have a low market share and what factors will drive Islamic banking to achieve a sustainable competitive advantage. The Delphi approach is used to gather experts' opinions in the Islamic banking field. There are 15 experts involved in three rounds, all representing the stakeholders of the Islamic banking industry in Indonesia, namely academics, government, regulators, community and practitioners. The Delphi panel consensus of the five categories of Islamic banking stakeholders revealed that what causes the Islamic banking market to be low is the implementation of the market share trap and the low assets of Islamic banks as problems to be solved. As for the Islamic finance hub, Islamic values and stakeholder relations as a component system of Islamic banking can gain a sustainable competitive advantage. This study contributes empirically to increasing the market share of Islamic banks and achieving a sustainable competitive advantage of Islamic banking in a dual-banking system. The study will broaden knowledge and provide insight into the sharia economic ecosystem for policymakers, operators, regulators and practitioners of the Islamic banking sector in Indonesia regarding stakeholder perspectives, which can be part of the solution for development in the banking industry. This contribution is an integral part of the roadmap for developing Indonesian banking.
IJARAH ASSET CONTRACT: A PRODUCT INNOVATION FOR ISLAMIC MICROFINANCE Khasanah, Umrotul; Wicaksono, Ahmad Tibrizi Soni; Rahmawati, Alvi
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 11 No. 1 (2025): JANUARY - JUNE 2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v11i1.68167

Abstract

This research aims to develop a tool for assessing the potential of ijarah asset contract model as a product offered by Islamic Microfinance Institutions (IMFIs) to Micro, Small and Medium Enterprises (MSMEs) in Malang Regency, Batu City, and Malang City areas of Indonesia. In this context, a grounded theory is applied, including open, axial, and selective coding, as well as qualitative model analysis to report crucial factors for ijarah asset contract product at IMFIs. The results show that Sharia compliance is the most fundamental instrument, followed by trust, benefit, agreement, and tolerance based on the priority criteria. In addition, the relationship between instruments create the best implementation model in the forerunner of ijarah asset contract product. This research is carried out by determining the instrument of ijarah asset contract and explaining the relationship between instruments forming an implementation model. The development of fresh ijarah product innovations at IMFIs is conducted to facilitate asset leasing for MSMEs. A model is also proposed using the results as a benchmark for execution to minimize the potential for unsuccessful outcomes.
DOES ESG VALUE HAVE AN IMPACT ON A FIRM’S VALUE? LESSON LEARNED FROM INDONESIA Handayani, Lusiana; Canggih, Clarashinta; Ainun, Basyirah; Hadjilatif, Sahraman D.
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 11 No. 1 (2025): JANUARY - JUNE 2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v11i1.68399

Abstract

Introduction: With growing interests from investors and researchers in ethical investing—partly driven by the United Nations’ Sustainable Development Goals (SDGs)—this study examines the connection between Socially Responsible Investments (SRI) and Islamic finance. Given that these two approaches share common objectives, this study investigates the integration of Environmental, Social, and Governance (ESG) disclosure with Islamic screening principles that affect a firm’s value. Methods: The study focuses on companies listed on the Indonesia Sharia Stock Index (ISSI). It employes pooled Ordinary Least Squares (OLS) with a Random Effect Model (REM) to analyze the impact of ESG on firm value. Results: The findings indicate that ESG scores significantly affect a company’s operations, financial performance, and market standing. However, the impact varies depending on the specific ESG factors. Governance factors demonstrate a stronger association with firm value compared to environmental, economic, and social factors. Conclusion and suggestion: This results suggest that while ESG reporting is crucial, the specific focus areas highlighted in a company’s sustainability disclosures can influence performance in different ways. Strong evidence shows that sustainability reports significantly impact organizational performance. Furthermore, sharia-compliant companies are encouraged to emphasize Islamic values within their sustainability reporting to enhance transparency and appeal to investors. For Sharia-compliant companies in Indonesia, strategically integrating and transparently reporting ESG principles, especially those aligning with Islamic values, is becoming essential for enhancing financial performance, complying with new regulations, and attracting Muslim investors.
Front Matter 2025 Rusmita, Sylva Alif
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 11 No. 1 (2025): JANUARY - JUNE 2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v11i1.75375

Abstract

Front Matter 2025
Back Matter 2025 Rusmita, Sylva Alif
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 11 No. 1 (2025): JANUARY - JUNE 2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v11i1.75376

Abstract

Back Matter 2025
BAITUL MAAL WA TAMWIL DIGITALIZATION AND MILLENNIALS ACCEPTANCE IN INDONESIA Salama, Sri Cahyaning Umi; Millatina, Afifah Nur; Ajija, Shochrul Rohmatul; Hudaifah, Ahmad; Johari, Fuadah
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 11 No. 2 (2025): JULY - DECEMBER 2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v11i2.66457

Abstract

Digitalization in microfinance institutions, including Sharia-compliant ones such as Baitul Maal wa Tamwil (BMT), is considered crucial for several reasons, including operational efficiency, increased financial inclusion, and rising demand in the evolving financial ecosystem. As a crucial tool for alleviating poverty and empowering marginalized communities, the integration of digital technology has become a necessity, not an option. This research examines the factors that influence millennials’ use of digital financial technology developed by BMT. This study employed the Technology Acceptance Model (TAM) processed through Structural Equation Modeling (SEM) in SmartPLS with 108 respondents. The sample consisted of millennial- generation Islamic digital BMT users in Indonesia who have at least one experience using it. The sampling technique used was accidental sampling, and data collection was carried out for one month. The results indicated that all hypotheses were accepted. Ease of use significantly affected users' attitudes, as did the usefulness for behavior. This finding implies that if a digital BMT platform is easier to use, it will lead to more positive attitudes among its users. , the more useful a digital BMT platform is, the more positively its users will behave and the more likely they will be to use it in the future.
ANALYZING THE EFFICIENCY AND PRODUCTIVITY OF WAQF FUND MANAGEMENT IN INDONESIA AND MALAYSIA: A DEA AND MPI APPROACH Maulida, Syahdatul
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 11 No. 2 (2025): JULY - DECEMBER 2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v11i2.67947

Abstract

Many waqf institutions face challenges when optimizing their performance due to varying capacities and operational conditions. The present research analyses the productivity and efficiency of the management of waqf funds in Indonesia and Malaysia from 2018 to 2023. This research employs data extracted from the annual reports of waqf management organizations. The data was analyzed using the DEAP 2.1 software regarding Data Envelopment Analysis and the Malmquist Productivity Index, which provided a larger comparative view of both the efficiency and productivity of waqf funds over time. During the observation period, we found that the average Total Factor Productivity Change (TFPCH) was 0.956, which shows a small dip in productivity. The main factor driving this productivity was technological change (TECHCH), which registered at 1.096, whereas the impact from technical efficiency (EFFCH) was pretty limited at 0.872. The analysis shows that in Indonesia, we should really work on making waqf distribution better, keep the operational costs in check, boosting waqf collection, and ensuring that assets are used efficiently. In Malaysia, the biggest areas to improve are waqf collection and distribution, while it seems like operational costs and asset management are in pretty good shape already. These findings offer valuable insights for policymakers and waqf institutions, highlighting the importance of improving technology and efficiency to better manage and sustain waqf funds in both countries.
DETERMINING FACTORS OF INTENTION TO PAY ZAKAT VIA FINANCIAL TECHNOLOGY (FINTECH) Muhibbin, Zainul; Al Mustofa, Muhammad Ubaidillah; Soedarso; Rahadiantino, Lienggar; Robani, Anidah; Febrianti, Puput Rosita
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 11 No. 2 (2025): JULY - DECEMBER 2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v11i2.71759

Abstract

This study aims to examine muzakki’s intention to utilize Financial Technology (Fintech) platforms for paying zakat by investigating the behavioral and psychological determinants. The research integrates the Technology Acceptance Model (TAM) and the Theory of Planned Behavior (TPB), with a particular emphasis on prosocial motivations and perceived risk factors. This study uniquely expanded the view of perceived risk variables, including psychological, legal, and time risks, by integrating altruism and empathy as prosocial constructs into a single framework. The research employs a quantitative approach, utilizing a structured questionnaire distributed to 150 purposively selected respondents. The data were analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) to test the relationships between the variables. The findings reveal that perceived altruism and empathy significantly influence muzakki’s intention to adopt fintech for zakat contributions. In contrast, perceived risk—which encompasses aspects such as privacy, legality, time, psychological burden, and security—does not have a significant effect on the intention to use fintech for zakat. These results suggest that emotional and social motivations are stronger predictors of digital zakat payment adoption than perceived risk. Therefore, zakat institutions and fintech developers are advised to focus on building trust and emphasizing the altruistic and empathetic values of zakat in their platforms, as this effort is expected to strengthen the development of a sharia-compliant digital financial ecosystem and contribute to achieving social goals, such as poverty alleviation and reducing inequality.

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