Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business)

Back Matter

2025-12-01T13:17:38+07:00

Back Matter 2025

BAITUL MAAL WA TAMWIL DIGITALIZATION AND MILLENNIALS ACCEPTANCE IN INDONESIA

2025-05-31T11:10:00+07:00

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

2025-05-31T11:08:07+07:00

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)

2025-07-31T15:56:58+07:00

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.

DETERMINANTS OF SOLVENCY IN SHARIA LIFE INSURANCE: THE ROLE OF LIQUIDITY, INVESTMENT, CLAIMS EXPENSES, AND LEVERAGE

2025-07-31T15:59:49+07:00

This study aims to analyse the effects of liquidity, investment returns, claim expenses, and leverage on the solvency of Sharia life insurance companies during the 2019–2023 period, both partially and simultaneously. Risk-Based Capital (RBC) is used as an indicator of the financial health of insurance companies, while liquidity, investment returns, claim expenses, and leverage serve as the independent variables tested. This study adopts a quantitative approach using panel data regression with the Random Effects Model (REM) to examine the relationships among variables. The results show that, partially, liquidity has a significant positive effect on solvency, while leverage has a significant negative effect. Meanwhile, investment returns show an insignificant negative effect, and claim expenses show an insignificant positive effect on the solvency of Sharia life insurance companies. Simultaneously, liquidity, investment returns, claim expenses, and leverage have a significant effect on solvency. The findings imply that both Sharia life insurers and regulators need to strengthen risk-based supervision, particularly in managing current assets and controlling debt usage, to ensure long-term financial stability.

PROFIT LOSS SHARING FINANCING IN INDONESIA ISLAMIC RURAL BANKS: AN EVALUATION AMIDST GLOBAL UNCERTAINTY

2025-08-05T11:26:15+07:00

Although the Islamic banking industry has been developing for more than three decades, profit-loss sharing (PLS) financing has yet to secure a significant share of the overall financing portfolio. Against this backdrop, this study focuses on Indonesia’s Islamic Rural Banks (IRBs), which play a crucial role in serving micro and small enterprises nationwide. A key challenge for these institutions is the rising global uncertainty, which heightens risks, complicates financing decisions, and may hinder the growth of PLS-based contracts. Using the Autoregressive Distributed Lag (ARDL) model, this study examines both the short-term dynamics and the long-term impacts of operational efficiency (BOPO), profitability (ROA), inflation rate, industrial production index (IPI), and the World Uncertainty Index on profit-loss sharing financing. The analysis employs monthly data spanning the period from 2011 to 2024. The findings indicate that a combination of bank-specific factors and macroeconomic conditions plays a critical role in shaping PLS financing decisions in the short term. However, in the long term, the sustainability of PLS financing is more strongly linked to overall economic growth. Conversely, global uncertainty does not exert a significant influence, suggesting that IRBs exhibit relative resilience to external shocks. It suggests that PLS financing is more closely associated with economic growth and specific banking conditions than with global uncertainty. This study provides several recommendations for IRBs to enhance the implementation and sustainability of PLS-based financing.

NATIONAL WAQF-BASED FOREST INDEX: TOWARDS ENVIRONMENTAL SUSTAINABILITY AND COMMUNITY EMPOWERMENT THROUGH SHARIA FINANCIAL INNOVATION

2025-05-13T14:14:22+07:00

Currently, the existing concepts of waqf management and forest management are still separated. It creates an opportunity to develop the concept of waqf-based forest management. This study aims to develop a National Waqf-based Forest Index (NWFI) as a standardized tool to measure the performance of waqf-based forest management practices. This research is a quantitative study that began with preliminary research and was followed by interviews with seven experts using the Analytical Hierarchy Process (AHP). Based on preliminary research, the index comprises five dimensions: institution (with three aspects), process (with three aspects), system (with three aspects), outcome (with twelve aspects), and impact (with three aspects). It is found in the AHP analysis that the institution and process dimension is considered the most important aspect for waqf-based forests, with an importance score of 0.227, followed by the system and impact dimension (0.197), and the outcome dimension (0.152). Based on the consistency rate, all experts' assessments were consistent. Regarding rater agreement, the outcome dimension and several indicators related to the environment and social facilities achieved the highest level of agreement (W ~0.400–0.500), whereas other dimensions and aspects, such as expert opinions, showed significant dispersion. In conclusion, this waqf-based forest index has the potential to strengthen the role of Islamic finance in supporting sustainable projects by providing the basic practical tool for the waqf-based forest nazhir and policy-makers to assess waqf-based forest management and construct future good nazhir governance. Further research and pilot projects are important to evaluate its effectiveness in measuring waqf-based forest management practically.

HALAL INTEGRITY AND COMPETITIVE INTELLIGENCE IN ENHANCING HALAL HOTEL STRATEGY IMPLEMENTATION

2025-08-05T11:27:17+07:00

The rising popularity of halal tourism in Indonesia has led to have stronger competition among hotels aiming to attract to have Muslim travelers. Various challenges in implementing to have Halal Integrity (HI) and Competitive Intelligence (CI) are found to have frequently, especially within the components that form to have their Halal Tourism Innovation Strategy (HTIS). In this study, the focus is to have on exploring to have how the Halal Orientation Strategy (HOS) influences to have and impacts to have HTIS. A total of 310 questionnaires were distributed to have to managers of halal hotels in Indonesia, and quantitative analysis was conducted to have using SmartPLS on 271 responses that were validated to have and confirmed to have as valid. According to the findings, HOS is to have the key mediating factor that connects to have HI and CI—both to one another and to HTIS. While HI promotes to have the implementation of halal principles, CI helps to have hotels stay to have informed about industry trends and competitor movements. By combining to have the strengths of CI and HI, HOS facilitates to have a more effective development and implementation of HTIS, ultimately giving to have halal hotels a stronger competitive position in the market. The findings suggest to have that halal hotels need to utilize to have CI in order to understand to have consumer preferences and market competition more effectively, while simultaneously strengthening to have their own HI through strict adherence to established halal practices. Hotel management also must devise to have HOS-based strategies that incorporate to have halal values into every aspect of their operations, thereby enhancing to have the overall effectiveness and efficiency of HTIS.

ESG INTEGRATION AND TRUST IN ISLAMIC INVESTMENT DECISIONS

2025-08-05T11:28:27+07:00

There is little empirical understanding of how the credibility of ESG disclosures is related with investor-level determinants that influence the decision-making, performance, and sustainability impacts of Islamic investors. The present study examines the effects of ESG (Environmental, Social, and Governance) integration, financial literacy, and religious commitment on the investor decision, investment performance, and investment sustainability in an Islamic finance framework. It brings to the fore the intermediating role of trust in ESG disclosure, a critical psychological mechanism in investment behavior that has hitherto not been sufficiently studied in Islamic markets. The study was conducted using a descriptive-quantitative and cross-sectional approach, where 350 individual investors of Shariah-compliant instruments from Indonesia were surveyed through purposive sampling and the data analysis was done using the Partial Least Square Structural Equation Modeling (PLS-SEM) method. Results reveal that ESG integration has a significant positive effect on both decision-making and performance. Financial literacy indirectly promotes trust in ESG disclosures, but has no direct effect on decision-making and performance. Trust was found to be a key mediator between ESG and literacy on one hand and behavioural and performance outcomes on the other. Religious commitment strengthens the impact of ESG and trust on performance and sustainability, and acts as a moderating factor that bridges the gap between ethical considerations and financial decisions. Relationships are stable, and robustness checks indicate low sensitivity; the findings urge regulators to enhance ESG disclosure quality and institutions to align their practices with Islamic moral values.

ENVIRONMENTAL AND SOCIAL CONSCIOUSNESS IN SHAPING LOYALTY AMONG INDONESIAN ISLAMIC BANK CUSTOMERS

2025-09-11T15:23:22+07:00

Customer loyalty is important for sustainable development. This research focuses on customers' social and environmental consciousness and how it affects their loyalty to Islamic banking in Indonesia. This research applied a quantitative method. The data analysis used PLS-SEM. The data collecting period was between December 2024 and February 2025. During this period 260 responses were collected using an online questionnaire. The respondents were customers of Islamic banks in Indonesia. Purposive sampling was used to select respondents. Findings show that concern regarding social and environmental issues shapes positive attitudes. Furthermore, attitudes and bank perceptions were found to enhance satisfaction. Likewise, attitudes, perceptions and image of the bank were found to influence loyalty and trust. Self-efficacy moderate of satisfaction and loyalty. Customer satisfaction was found to influence trust and loyalty which is critical to Islamic banks. These findings show Islamic banks the sustainable practices they can undertake that can build loyalty.

DETERMINANTS OF ECONOMIC GROWTH IN THE OIC COUNTRIES: A GMM MODEL

2025-09-11T14:42:08+07:00

Development issues are central to countries across the world, regardless of whether they are classified as developed or developing. The success or failure of development efforts is often reflected in the level of a nation’s economic growth, as this indicator serves as a key benchmark for assessing overall economic progress. Therefore, this study aims to have investigated how foreign direct investment (FDI), human capital, trade openness, and corruption influence the economic growth of OIC countries over the period 2012–2023. The analysis employs a dynamic panel framework using the Generalized Method of Moments (GMM). This study found that FDI has a negative and substantial influence on economic growth, that reveals the existence of obstacles to the utilization of foreign investment in the OIC region. In contrast, human capital and trade openness exert to have a favorable and substantial impact on economic growth, whereas corruption reveals to have a negative and substantial influence. The primary contribution of this research lies to having integrated corruption as a key determinant, an aspect that has received to have relatively limited attention in earlier studies on economic growth. Therefore, the policy implications of these outcomes emphasize the importance of implementing structural reforms to improve to have anti-corruption governance and create to have a trade and political environment that supports to have the acceleration of sustainable economic growth in OIC countries.

EVALUATING SERVICE QUALITY, CUSTOMER SATISFACTION, AND PERCEIVED TRUST OF ISLAMIC DIGITAL BANKS: INDONESIA AND MALAYSIA

2025-10-15T09:38:05+07:00

Islamic digital banks operate entirely online, without physical offices, making the service quality of their apps a key factor in shaping customer satisfaction and trust. However, empirical evidence on how digital service quality affects satisfaction and how satisfaction plays a role in building trust remains limited, especially in Indonesia and Malaysia, where the Islamic digital banking industry is still in its early stages. This study aims to evaluate the influence of five dimensions of service quality, as defined by the SERVQUAL model, on customer satisfaction and to examine the role of satisfaction in building trust in Islamic digital banks. This study uses a quantitative approach, based on a survey of 284 users of Islamic digital banks in Indonesia and Malaysia. The data were analyzed using Structural Equation Modeling with the Partial Least Squares method. Service quality variables include tangibles, reliability, assurance, responsiveness, and empathy, with satisfaction as a mediator and trust as a dependent variable. The results show that only tangibles and assurance significantly affect customer satisfaction in both countries, while empathy and responsiveness show different effects across countries. Furthermore, satisfaction has a positive effect on trust and acts as a partial mediator in the relationship between service quality and trust. It confirms that improving the quality of digital services, particularly the ease of use of applications, assurance of Sharia compliance, and strong relationships and communication with customers, is an essential strategy for building long-term satisfaction and trust. Further research is recommended to include other variables to broaden understanding.

GLOBAL TRENDS AND KNOWLEDGE STRUCTURES IN HALAL TOURISM RESEARCH: INSIGHTS FROM BIBLIOMETRIC ANALYSIS

2025-11-16T14:29:38+07:00

Halal tourism has grown into one of the fastest-growing sectors of the travel industry worldwide, driven by rising demand for Sharia-compliant services. However, practical challenges persist in the industry, such as inconsistent service implementation, uncertainties in operational costs, and ambiguous international standardization. Our research aims to examine halal tourism using published studies from 2020 to 2025 to provide a comprehensive basis for forming a coherent picture of its evolution. Our research examines halal tourism using published studies from 2020 to 2025 to provide a comprehensive overview of its development. In this quantitative study, we utilized a bibliometric analysis approach. We retrieved data from the Scopus database and analyzed them using the Biblioshiny R module to explore publication trends, citation patterns, influential authors, journals, institutions, and country contributions. We also applied a keyword co-occurrence analysis to map the main intellectual and thematic patterns in halal tourism research. The findings demonstrate that Indonesia and Malaysia dominate both publication output and institutional productivity. We found that the Journal of Islamic Marketing is the most frequently cited journal in halal tourism research. The thematic mapping analysis highlights four principal clusters: Muslim consumer behavior and intention; service quality and competitiveness; sustainability and innovation; and governance and certification issues. This study contributes to our integrative understanding of halal tourism scholarship by providing a comprehensive synthesis of performance indicators and thematic evolution. Our findings reveal emerging directions such as digital transformation, halal lifestyle, and international collaboration, each of which is expected to guide future research efforts among scholars, practitioners, and policymakers.

Front Matter

2025-11-30T20:52:41+07:00

Front matter desember 2025