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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 210 Documents
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THE ROLE OF AI IN THE DEVELOPMENT OF MSMES IN INDONESIA AND ITS RELEVANCE TO THE CONCEPT OF MAQĀṢID ASH-SHARĪʿAH Hafidz Zainul Mustofa; Khusniati Rofiah; Azme bin Haji Matali
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 12 No. 1 (2026): JANUARY - JUNE 2026
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v12i1.77635

Abstract

Artificial Intelligence (AI)  has the potential to drive economic growth and inclusion, but its use faces ethical and social challenges. Meanwhile, MSMEs, as pillars of the economy, need to adapt to digitalization to increase competitiveness. The Making Indonesia 4.0 program and e-commerce accelerate this transformation, with AI playing a role in business efficiency. In Islamic economics, Maqāṣid ash-Sharīʿah can guide the use of AI technology to remain oriented towards social welfare and sustainability. However, the relevance of AI for MSMEs within the Maqāṣid ash-Sharīʿah framework remains underexplored. This study aims to: (1) analyze the role of AI in the development of MSMEs in Indonesia; and (2) evaluate its alignment with the principles of Maqāṣid ash-Sharīʿah in promoting ethical and sustainable economic outcomes. This study employed a qualitative method using a Systematic Literature Review (SLR) of Scopus-indexed publications from 2021 to 2024. Data were obtained from the Scopus database and supplemented with supporting literature, and analyzed using thematic coding techniques. This study found that AI enhances MSME efficiency, competitiveness, service quality, financial accuracy, market expansion, innovation, well-being, and alignment with ethical and halal systems. Although resource constraints persist, government initiatives increasingly support digitalization and AI adoption. From a Maqāṣid perspective, AI also aligns with justice and social welfare. This study contributes to the literature by integrating AI with Maqāṣid ash-Sharīʿah in the context of MSME development, an underexplored area. The findings suggest the need for policy support to facilitate AI adoption while ensuring alignment with Islamic ethical principles.
DIASPORA ENTREPRENEURSHIP IN JAPAN: DEVELOPING HALAL BUSINESS IN A NON-MUSLIM MAJORITY COUNTRY Shobichatul Aminah; Nova Rini; Brisbania Ayu Saraswati Bhakti; Eldwita Nofrelia; Mutiara Rachmadini Effendi; Satomi Ohgata
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 12 No. 1 (2026): JANUARY - JUNE 2026
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v12i1.78029

Abstract

The issue of ethnic inequality among immigrant communities in host countries often poses a challenge for diaspora entrepreneurs seeking to develop their businesses. The Indonesian Muslim diaspora in Japan also faces challenges in developing their halal businesses, as they must compete with local entrepreneurs, who have greater access to expansion opportunities. This study examines the strategies implemented by Sariraya enterprise , founded by the Indonesian Muslim diaspora, for developing and maintaining halal businesses in Japan as a country with a non-Muslim majority . Using a qualitative research approach including observation and in-depth interviews, this study explores how adaptation and social networks support the development and sustainability of Sariraya businesses. In-depth interviews were conducted with 20 respondents including the founder, staff of the Sariraya business network (Indonesian, Nepalese, and Vietnamese), and customers. Using Kloosterman’s mixed embeddedness framework, this study examines how two sides’ diaspora relations with both the homeland and the host land serve as a strategy for developing and maintaining their businesses. This study found that the strategy used by Sariraya, involves intercultural interactions not only among the Indonesian diaspora , the homeland community, and local Japanese society, but also across cross-border Muslim networks. Beyond Klooterman's idea that only connects the diaspora with the homeland and host land, Sariraya builds a network of Muslim communities, in addition to the local community. Sariraya’s product innovations take local tastes into account, and its marketing strategy involves Muslim networks, which is the key to Sariraya’s success in maintaining  halal business in Japan.
E-WOM, VIRAL MARKETING, AND MUSLIM FASHION PURCHASE DECISIONS Ardella Ninda Safitri; Muhammad Zakiy; Sutrisno Sutrisno
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 12 No. 1 (2026): JANUARY - JUNE 2026
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v12i1.79143

Abstract

The increasingly widespread use of digital media has changed consumer behavior patterns in purchasing Muslim fashion products today. This is reflected in the role of electronic word of mouth (e-WOM) and viral marketing, which are now important strategies for companies in influencing the purchasing decisions of Generation Z consumers. Based on this, this study aims to analyze the influence of e-WOM and viral marketing on purchasing decisions of Muslim fashion products among Indonesian Generation Z consumers, with purchase intention as a mediating variable. The study involved 255 Generation Z respondents who were active on digital platforms, using a quantitative method with a Partial Least Squares-Structural Equation Modeling (PLS-SEM) approach. The results showed that e-WOM and viral marketing had a significant positive effect on purchase intention, while purchase intention also had a significant positive effect on purchase decisions. Furthermore, purchase intention was proven to significantly mediate the influence of e-WOM and viral marketing on purchase decisions. These findings provide important insights for Muslim fashion industry players in designing digital marketing communication strategies that build credibility, emotional engagement, and social validation to encourage purchase intention and its realization among Generation Z consumers. Digital marketing strategies should focus on building trust through positive reviews, collaboration with influencers, and actively monitoring social media interactions to increase consumer loyalty.
UNVEILING ETHICAL IDENTITY THROUGH ESG DISCLOSURE: CASE OF TAKAFUL COMPANIES IN SELECTED OIC COUNTRIES Nur Muhammad Abdilah Hamijaya; Wuri Handayani; Wan Sallha Yusoff
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 12 No. 1 (2026): JANUARY - JUNE 2026
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v12i1.79264

Abstract

This study aimed to identify the Islamic identity of takaful companies through the disclosure of Environmental, Social, and Governance (ESG) in five member countries of the Organization of Islamic Cooperation (OIC) (Saudi Arabia, Malaysia, the UAE, Indonesia, and Pakistan). The five objectives of maqashid shariah were adopted to reflect the ethical identity of Islamic financial institutions as an analytical framework for addressing gaps in sustainability reporting. A content analysis of sustainability reports published by takaful companies from 2022 to 2023, with a coding scheme and scale from 0 to 5, used to evaluate ESG disclosures based on the five dimensions of maqashid shariah analysis. Validity was ensured through a systematic analytical framework, while intercoder reliability was assessed using Krippendorff’s Alpha. Saudi Arabia reported the closest balance, followed by moderate disclosure practices in Malaysia and the UAE. Substantial increases supported by regulatory initiatives were observed in Indonesia, while low levels of reporting persisted in Pakistan due to structural constraints. This study provided a unique sustainable reporting framework at the core of ESG assessment through the local normalization of maqashid shariah. The cross-country comparison emphasized the role of dynamic regulatory environments in balancing disclosure practices with ESG reporting and providing important insights to strengthen shariah-balanced standards from a policy perspective. The present study introduces an original and replicable framework for sustainability reporting, traceable to maqashid shariah within an ESG assessment process. Understanding the contrast of cross-country disclosure practices suggests the effects of variances in the regulatory context.
ISLAMIC MICROFINANCE ACCESS AND SOCIAL COHESION IN THE SURVIVAL OF WOMEN'S MSMEs AMONG ROHINGYA IMMIGRANTS IN BANGLADESH Uus Ahmad Husaeni; Mohammad Ullah Khan
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 12 No. 1 (2026): JANUARY - JUNE 2026
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v12i1.80517

Abstract

Micro, small, and medium enterprises (MSMEs) run by women are crucial for supporting the economies of vulnerable communities, including forced immigrant groups in Bangladesh, such as the Rohingya. However, two major barriers to their business sustainability are limited access to financing and a lack of physical collateral. The purpose of this study was to examine how social cohesion and access to Islamic microfinance influence the sustainability of women MSMEs among Rohingya immigrants living in Bangladesh. This study employed a quantitative cross-sectional design. SmartPLS-based Structural Equation Modeling (SEM) was used to analyze data collected from 114 MSMEs owned by Rohingya immigrant women in Chittagong Division. The results indicate that access to Islamic microfinance has a positive and significant effect on the sustainability of women's micro, small, and medium enterprises. Through monitoring mechanisms, shared responsibility, and reduced information asymmetry, social cohesion also proved beneficial and significant for business sustainability. The coefficient of determination indicated that both variables together accounted for 72.2 percent of the variation in the sustainability of women's MSMEs. The results indicate that integrating social and financial capital is a crucial component of the success of women's MSMEs in forced migration and post-conflict contexts. This study provides theoretical and empirical contributions to the literature on Islamic microfinance and women's entrepreneurship. It provides policy implications for creating inclusive and sustainable financing for vulnerable immigrant communities.
ISLAMIC EDUCATIONAL ECONOMIES AND INSTITUTIONAL SELF-RELIANCE: A COMPARATIVE STUDY OF INDONESIA, THAILAND, AND BANGLADESH Moh. Kusno; Nur Kholis; Jauharoti Alfin; Alimul Muniroh; Muhammad Ikhwanuddin; Auwalu Shuaibu Muhammad
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 12 No. 1 (2026): JANUARY - JUNE 2026
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v12i1.82994

Abstract

Islamic educational institutions fulfill religious, social and economic functions in Muslim societies, yet their paths to institutional sustainability and Islamic self-reliance vary across national contexts. This study discusses Islamic educational economic systems in Indonesia, Thailand, and Bangladesh by comparing pesantren, pondok, private Islamic schools, and Islamic schools as examples of socio-religious organizations across different national institutional contexts. This study adopts a systematic literature review following the PRISMA guidelines. Thematic synthesis included 23 studies indexed in Scopus, comprising 16 from Indonesia, 5 from Thailand, and 2 from Bangladesh. Thematic coding and comparative synthesis of the selected studies were conducted using an institutional Islamic Self-Reliance framework with four dimensions: spiritual legitimacy, social embeddedness, economic capability and organizational capacity. The findings indicate three configurations: Indonesia represents an Integrated Islamic Economic Ecosystem, with pesantren entrepreneurship, cooperatives, productive waqf, halal value chains, agribusiness and community-based economic development. Thailand reflects a Governance-Oriented Community Resilience Model wherein Islamic private schools sustain their mission in educational management, leadership, community legitimacy, Muslim citizenship formation, and organizational resilience. Bangladesh indicates a Waqf–Subsidy Educational Sustainability Model in which the cash waqf and the public subsidy play a vital role in educational access and institutional sustainability. This study contributes to comparative Islamic education and Islamic economy scholarship by reconceptualizing Islamic self-reliance as a multidimensional institutional framework and developing a cross-national typology of Islamic educational economies.
CONTENT ANALYSIS OF ESG IMPLEMENTATION IN MAJOR ISLAMIC BANKING IN SELECTED OIC COUNTRIES Roisatun Kasanah; Nuzulia Nuzulia; Muhammad Anis; Dahruji Dahruji
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 12 No. 1 (2026): JANUARY - JUNE 2026
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v12i1.83388

Abstract

Despite the growing alignment between ESG principles and Islamic finance values, empirical evidence on the depth and consistency of ESG disclosure among major Islamic banks across OIC countries remains limited, particularly in the post-COVID period marked by heightened sustainability pressures. This study addresses this gap by examining the extent and pattern of ESG disclosure among six major Islamic banks in OIC countries through qualitative content analysis of their 2023 sustainability reports, evaluated against the Global Reporting Initiative (GRI) Standards. The novelty of this study lies in its systematic cross-country comparison of Islamic bank ESG disclosure using GRI as a unified analytical framework. The results reveal significant disparities across banks and dimensions: Bank Syariah Indonesia leads overall disclosure with 73 indicators, while Al Rajhi Saudi Arabia discloses only 19. Critical social and environmental indicators, including human rights assessment, socioeconomic compliance, and supplier environmental screening remain unreported across all six banks, highlighting a systemic gap between the normative aspirations of Islamic finance and actual reporting practice. These findings underscore the urgent need for harmonized ESG reporting standards across OIC jurisdictions and provide actionable insights for regulators, Islamic banks, and investors seeking to strengthen the integrity and credibility of sustainability reporting within the Islamic financial system. Future studies are encouraged to expand the sample size, incorporate longitudinal analysis to track disclosure progress over time, and explore the institutional and regulatory determinants that drive variation in ESG reporting quality among Islamic financial institutions globally.
DISCRETE CHOICE EXPERIMENT FOR STATE ISLAMIC UNIVERSITY QUALITY IMPROVEMENT Suteja Wira Dana Kusuma; Muhammad Zaky; Moh. Nadhir Mua'mmar
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 12 No. 1 (2026): JANUARY - JUNE 2026
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v12i1.85016

Abstract

This study aims to explore the manner in which students at Indonesian State Islamic Universities (PTKIN) value different aspects of quality improvement in higher education and what they would be willing to pay in exchange for an increase in tuition fees. This is an important topic as PTKIN need to find an approach to improve their institutional quality without losing their attractiveness for students due to increased tuition fees. The value that students place on three critical dimensions of university quality: administrative staff quality, campus facilities, and lecturer quality. We use a Discrete Choice Experiment (DCE) to estimate the students' preferences. We apply a two-class latent class logit model to capture differences in the preference patterns among students. Finally, we estimate the students' willingness-to-pay (WTP) based on a comparison between the attribute coefficients and the tuition fee coefficient. Our results demonstrate that there are two types of students. One group attaches more value to administrative services and facilities and is sensitive towards changes in tuition fees. The other group values lecturer quality more and has a relatively higher threshold for paying extra tuition fees when those fees contribute to academic quality. In contrast, our estimates show that the overall WTP amounts are quite low, which shows that students do not have much room for tuition fee increases. The results suggest that students might react differently to one-size-fits-all approaches towards tuition fee levels and quality improvement.
FOSTERING SUSTAINABLE INVESTMENT THROUGH GREEN SUKUK: THE MODERATING ROLE OF GOVERNANCE QUALITY IN OIC COUNTRIES Abdul Qoyum; Nor Nabilla Muhammad; Rizqi Umar Al Hashfi; Izra Berakon
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 12 No. 1 (2026): JANUARY - JUNE 2026
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v12i1.88637

Abstract

This study aims to examine the determinants of green sukuk (GS) issuance in the Organization of Islamic Cooperation (OIC) countries by analyzing the roles of foreign direct investment (FDI), sustainable development (SD), and governance quality (GQ) in strengthening sustainable green investments. This study employs a quantitative approach using pooled cross-section and moderated regression analysis. The population includes all GS issuers, totaling 424 across five OIC countries: Bangladesh, Indonesia, Malaysia, Nigeria, and Türkiye. The data were obtained from Thomson Reuters database and analyzed using STATA 17 software. Robustness tests using the Hubber-White technique were also conducted by the researchers to strengthen the research results for each model analysis, such as the time period of investment (short- or long-term issuance). The result highlights the significance of FDI and SD in enhancing GS issuance in OIC countries. Furthermore, GQ significantly enhances the impact of FDI on both GS and SD. The model remains consistent across country-level controls. Additionally, robustness tests have confirmed that the impact of FDI and SD on GS, moderated by GQ, is robust for both short- and long-term investments. The finding suggests that OIC countries can expand GS issuance by attracting more foreign investments and strengthening sustainable development policies, especially when supported by good governance practices. Future studies are encouraged to involve a larger number of countries, include additional determinants, and conduct comparative analysis between OIC and non-OIC countries to provide broader insights into green sukuk development.
UNLOCKING THE POTENTIAL OF ISLAMIC SOCIAL FINANCE WITHIN THE ISLAMIC BANKING ECOSYSTEM FOR UNBANKED MSME INCLUSION Reza Mustafa; Hermanto Siregar; Irfan Syauqi Beik; Suhendi; Rifki Ismal
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 12 No. 1 (2026): JANUARY - JUNE 2026
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v12i1.88715

Abstract

Despite the significant decline in poverty rates in Indonesia, the simultaneous shrinking of the middle class and the expansion of the vulnerable population reveal a persistent challenge of socio-economic inequality. Accessing formal financing remains a significant challenge for Micro, Small, and Medium Enterprises (MSMEs), as nearly 70% of them currently unbanked. Although Islamic banks are legally mandated to fulfill both commercial and social functions, their role in optimizing Islamic social finance instruments such as zakat and waqf to address the financing gap of unbanked MSMEs remains suboptimal. This study examines how Islamic social finance can be integrated with the Islamic banking ecosystem to support MSMEs and promote inclusive and sustainable economic development. This study adopts a descriptive analysis approach to explore stakeholder perceptions, experiences, and strategies. This study used secondary data combined with in-depth interviews (IDIs) with relevant stakeholders and focus group discussions (FGDs). This study suggests that Islamic banking in Indonesia develop a hybrid financing model that integrates commercial and Islamic social finance schemes to support MSMEs. MSMEs are segmented into subsistent, unbankable, pre-bankable, and bankable categories, with each segment requiring tailored financial instruments ranging from qard hasan to commercial contracts such as murabahah and musyarakah. Islamic banks and Islamic social finance institutions can form an ecosystem whereby banks act as orchestrators, and social institutions serve as program implementers. The findings emphasize that segment-based empowerment and strategic collaboration are essential to ensure sustainable MSME upgrading and inclusive financial development.

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