Jurnal Ekonomi dan Bisnis Islam | Journal of Islamic Economics and Business https://e-journal.unair.ac.id/JEBIS <p align="justify">JEBIS (Jurnal Ekonomi dan Bisnis Islam) <span>(e-ISSN:<a href="https://issn.lipi.go.id/terbit/detail/1458549971" target="_blank">2527-3027</a>; p-ISSN:<a href="https://issn.lipi.go.id/terbit/detail/1424750949" target="_blank">2442-6563</a>)</span><span> is a scientific peer-reviewed journal published by Universitas Airlangga, Indonesia,</span> was published in June 2015. <span>Journal of Economics and Business Islamic is published 2 times every year, on June and December. </span>The journal is created for researchers and academics, as well as the public audiences and who has an interest in the scientific repertoire of Islamic Economics, Islamic Banking and Finance, Islamic Accounting, Islamic Business </p><p align="justify">JEBIS (Jurnal Ekonomi dan Bisnis Islam) has been certificated as a Scientific Journal by <strong>The Indonesian Ministry of Research, Technology/BRIN</strong> since December 23<sup>th</sup>, 2020 Update Accreditation <a title="PERINGKAT AKREDITASI JEBIS 2020" href="https://drive.google.com/file/d/1bogtrqzNHZ-0s1jl7ZlfNI9xj5Xs6Po5/view?usp=sharing">Nomor 200/M/KPT/2020</a> valid until December 23<sup>th</sup>, 2025.</p> en-US <ol><li><strong>Every manuscript submitted to JEBIS must obey to the policy and terms set by Journal of Economics and Business Islamic.</strong></li><li><strong>Publication rights on the contents of manuscript published by JEBIS is owned by JEBIS under consent and approval by the corresponding author(s).</strong></li><li><strong>Full text of electronic publication of manuscripts can be accessed free if used for the purpose of education and research according to copyright regulation.</strong></li><li><strong>Share — copy and redistribute the material in any medium or format</strong></li><li><strong>Adapt — remix, transform, and build upon the material</strong></li><li><strong>You must give <a id="appropriate_credit_popup" class="helpLink" title="" href="https://creativecommons.org/licenses/by-nc-sa/4.0/" data-original-title="">appropriate credit</a>, provide a link to the license, and <a id="indicate_changes_popup" class="helpLink" title="" href="https://creativecommons.org/licenses/by-nc-sa/4.0/" data-original-title="">indicate if changes were made</a>. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.</strong></li><li><strong>You may not use the material for <a id="commercial_purposes_popup" class="helpLink" title="" href="https://creativecommons.org/licenses/by-nc-sa/4.0/" data-original-title="">commercial purposes</a>.</strong></li><li><strong><span>If you remix, transform, or build upon the material, you must distribute your contributions under the </span><a id="same_license_popup" class="helpLink" title="" href="https://creativecommons.org/licenses/by-nc-sa/4.0/" data-original-title="">same license</a><span> as the original.</span></strong></li></ol><p><a href="http://creativecommons.org/licenses/by-nc-sa/4.0/" rel="license">Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License</a><span>.</span></p><p> </p><div class="separator"> </div> raditya-s@feb.unair.ac.id (Raditya Sukmana) sylvalifr@feb.unair.ac.id (Sylva Alif Rusmita) Tue, 30 Nov 2021 00:00:00 +0000 OJS http://blogs.law.harvard.edu/tech/rss 60 ANALYSIS OF FACTORS AFFECTING CUSTOMER SATISFACTION AND CUSTOMER RETENTION ON E-COMMERCE https://e-journal.unair.ac.id/JEBIS/article/view/25936 <p>This study aims to analyze the factors that influence consumer retention on the e-commerce website Hijup. This study uses website quality, brand image, and Islamic physical attributes as factors that will shape customer satisfaction which in turn will affect customer retention. This research is quantitative research using two types of data, namely primary data and secondary data. Primary data is obtained by distributing online questionnaires through social media, and secondary data is obtained from books, journals, papers, websites, etc. The number of respondents used in this study were 185 respondents from Hijup consumers who had bought online more than once. This study uses the type of SEM-PLS analysis with SMARTPLS 3.0 software tools. This study shows that website quality and brand image affect customer satisfaction. Moreover, customer satisfaction is able to moderate website quality and brand image on customer retention on the Hijup website, but Islamic physical attributes have a negative relationship with customer satisfaction.</p><p> </p> Dewi Nuraini, Achsania Hendratmi Copyright (c) 2021 JEBIS (Jurnal Ekonomi dan Bisnis Islam) https://e-journal.unair.ac.id/JEBIS/article/view/25936 Tue, 30 Nov 2021 00:00:00 +0000 THE IMPACT OF ISLAMIC MONETARY OPERATIONS AND AGGREGATE FINANCING ON ECONOMIC GROWTH IN INDONESIA (2010-2020) https://e-journal.unair.ac.id/JEBIS/article/view/26085 Islamic monetary operation policies are regulated to increase the effectiveness in facing economic developments, especially the monetary sector. The working mechanism of the Islamic monetary operation up to its impact on the development of the national economy illustrates the monetary policy transmission carried out by Bank Indonesia. The purpose of this study is to analyze the effects of Bank Indonesia Sharia Certificate (SBIS), Bank Indonesia Sharia Deposit Facility (FASBIS), Sharia Interbank Money Market (PUAS), and aggregate financing on Indonesia's economic growth in the period 2010 to 2020. This research method uses a quantitative approach with the analysis technique Vector Auto Regression (VAR) or Vector Error Correction Model (VECM) to see the long-term impact and shock response on certain variables. Using secondary data on the variables, it is obtained from the Indonesian Economic and Financial Statistics Bank Indonesia (SEKI-BI) and the Central Statistics Agency (BPS) for the period January 2010 to December 2020. This study found that the SBIS variable has a negative relationship with GDP. Meanwhile, the variables FASBIS, PUAS, and aggregate financing have a positive relationship with GDP. For the future, it can be used as input and consideration in policy making that will be determined in optimizing Islamic monetary policy in Indonesia. Further research that will discuss this topic should use Islamic monetary instruments that are more complete than Islamic open market operations and sharia standing facilities. As well as comparing with conventional monetary operation instruments as a comparison for Islamic monetary. Adinda Madani, Tika Widiastuti Copyright (c) 2021 JEBIS (Jurnal Ekonomi dan Bisnis Islam) https://e-journal.unair.ac.id/JEBIS/article/view/26085 Tue, 30 Nov 2021 00:00:00 +0000 JAKARTA ISLAMIC INDEX: COVID-19 PANDEMIC AND POTENTIAL FINANCIAL DISTRESS https://e-journal.unair.ac.id/JEBIS/article/view/26147 <p>This research aims to analyze the potential for financial distress of Islamic companies that are included in the Jakarta Islamic Index during pandemic of COVID-19, which is using profitability ratios, liability ratios, and liquidity ratios (Zwesky's Model).<em> </em>The sample is quarterly (2019 to 2020) and it is using the Generalized Method of Moments (GMM) panel data model approach that was developed by Arellano and Bond (1991). The results of this study indicate that the profitability ratio has the most influence on corporate financial distress and from the overall this research occurs in the process of decreasing company financial performance during pandemic of COVID-19. Moreover, there is one company that indicates financial distressed, there are twenty-two companies that experienced a decline in financial performance, but there are 7 companies that experiences better financial performance when the COVID-19 pandemic occurred. In one hand, this shows that COVID-19 has a broad effect on the decline in the financial performance of sharia companies. On the other hand, it has a positive impact on certain companies that works specifically in sectors which is related to information technology.</p> Avianto Nugroho, Wasiaturrahma Wasiaturrahma, Putri Anggia Copyright (c) 2021 JEBIS (Jurnal Ekonomi dan Bisnis Islam) https://e-journal.unair.ac.id/JEBIS/article/view/26147 Tue, 30 Nov 2021 00:00:00 +0000 ANALYSIS OF MACROECONOMIC FLUCTUATIONS IMPACT ON EFFICIENCY AND ISLAMIC BANKING QUALITY 2015-2019 https://e-journal.unair.ac.id/JEBIS/article/view/26245 This study aims to analyze the impact of macroeconomic shocks, such as economic growth, inflation and the rupiah exchange rate on Islamic banking efficiency. This study uses the two-stage least squares (TSLS) method, which is a method with two endogenous variables, namely the non-performing financing (NPF) ratio as a representation of the quality of Islamic banking financing and the operating expense operating income (BOPO) ratio as a representation of Islamic banking efficiency. So that the TSLS method aims to purify these endogenous variables against stochastic disturbances. This study uses monthly data from January 2010 to January 2020, or as many as 121 observations. The observation of data is obtained from Islamic Banking Statistic that published by Financial Services Authority (OJK). The efficiency of Islamic banks is influenced by the number of sharia banking office networks, capital adequacy ratios, and NPF ratios. The NPF ratio itself is affected by macroeconomic conditions (economic growth and appreciation of the rupiah exchange rate) as well as the efficiency of Islamic banking. Based on the above findings, a number of recommendations were given, including the urgency of simultaneously increasing efficiency and quality of Islamic banking financing accompanied by monitoring Indonesia's macroeconomic conditions, so that it is hoped that Islamic banks will be more resilient to macroeconomic shocks and competitive in the national financial services industry. Ana Toni Roby Candra Yudha, Imam Wahyudi Indrawan, Syarifudin Syarifudin Copyright (c) 2021 JEBIS (Jurnal Ekonomi dan Bisnis Islam) https://e-journal.unair.ac.id/JEBIS/article/view/26245 Tue, 30 Nov 2021 00:00:00 +0000 AFFECTIVE COMMITMENT AS A MEDIATION VARIABLES EFFECT OF EMPOWERING LEADERSHIP ON EMPLOYEE CREATIVITY https://e-journal.unair.ac.id/JEBIS/article/view/26685 <p>Leaders are very influential in shaping the creativity of employees in a company. This study aims to determine the effect of empowering leadership on employee creativity with affective commitment as a mediator. This research was conducted at five Islamic financial institutions in Yogyakarta. Respondents in this study amounted to 219 employees from a total of 5 Islamic financial institutions in Yogyakarta. This research uses descriptive quantitative methods with a Likert scale as its measurement. The data obtained were analyzed using Structural Equation Modeling (SEM) and to test the hypothesis using SmartPLS3.2. The results showed that empowering leadership has a positive effect on affective commitment, and empowering leadership has a positive effect on employee creativity. Affective commitment has a positive effect on employee creativity, and affective commitment mediates the positive influence of empowering leadership on employee creativity. Therefore, in creating employee creativity, leaders are needed to empower employees in making decisions in order to create the affective commitment from employees.</p> Belbi Alfaris, Muhammad Zakiy Copyright (c) 2021 JEBIS (Jurnal Ekonomi dan Bisnis Islam) | JOURNAL OF ISLAMIC ECONOMICS AND BUSINESS https://e-journal.unair.ac.id/JEBIS/article/view/26685 Tue, 30 Nov 2021 00:00:00 +0000 ISLAMIC BANK ASSET GROWTH: PREDICTIVE ASSESSMENT TOWARD DOMINANT VARIABLES AFFECTING https://e-journal.unair.ac.id/JEBIS/article/view/26732 This study departs from asset growth in Islamic banks which has decreased in the last four years even though assets have increased every year. This research is structured to be the basis for making policies to increase the growth of assets of Islamic banks. The research design used is quantitative with the help of smart PLS ver.3.3. The number of samples is 94 people from a population of 123 employees of Islamic Banks Serang and Cilegon Branch Offices with supervisory positions and above. The sample selection in this study uses probability sampling, so that all branch offices of Islamic banks in Cilegon and Serang as well as all supervisory work units have the same opportunity to be selected as samples. The results indicate that the ones that have the biggest influence in increasing the growth of Islamic bank assets are the financing to deposit ratio and non-performing financing. This can be seen from the path coefficient value resulting from this study between financing to deposit ratio on asset growth has a coefficient value of 2.818 and non-performing financing on asset growth has a coefficient value of 3.767. Thus, both financing to deposit ratio and non-performing financing influence increasing the growth of assets of Islamic banks. The results of this study emphasize to bankers to maintain the quality of financing to remain smooth and avoid non-performing financing. <p> </p> Dorry Dermawan, Hunainah Hunainah, Bambang Dwi Suseno, Basrowi Basrowi Copyright (c) 2021 JEBIS (Jurnal Ekonomi dan Bisnis Islam) | JOURNAL OF ISLAMIC ECONOMICS AND BUSINESS https://e-journal.unair.ac.id/JEBIS/article/view/26732 Tue, 30 Nov 2021 00:00:00 +0000 THE CONCEPTUAL MODELS OF E-SERVICE QUALITY TO INCREASE COMMITMENT WAQIF https://e-journal.unair.ac.id/JEBIS/article/view/27581 This study aims to conceptualize the relationship between e-service quality and commitment <em>waqif</em> through e-trust with the moderator variables of communication and religiosity. The conceptual framework was developed from social exchange theory and previous literature on commitment. Nine propositions raised in this study consist of five proposed antecedents of e-service quality, namely environment quality, promotion quality, information quality, system quality, and outcome quality. Then the communication and religiosity factors are proposed no longer as determinants of commitment but as moderators, and e-trust is offered to be a mediator variable between e-service quality and commitment <em>waqif</em>. Many factors can affect commitment <em>waqif</em>, but this study only focuses on the effect of e-service quality. With this conceptual model, it is hoped that the donation platform manager can improve the e-service quality so that donors are loyal to donate through electronic services. In addition, to ease the burden on the government in collecting cash <em>waqf</em> funds and reach the potential that has been set faster. Further researchers can conduct empirical studies by proving all the arguments that have been put forward, also can use other factors that can affect commitment <em>waqif</em>.<p> </p> Lintang Titian Purbasari, Ririn Tri Ratnasari Copyright (c) 2021 JEBIS (Jurnal Ekonomi dan Bisnis Islam) | JOURNAL OF ISLAMIC ECONOMICS AND BUSINESS https://e-journal.unair.ac.id/JEBIS/article/view/27581 Tue, 30 Nov 2021 00:00:00 +0000 THE IMPACT OF ZAKAT ON MONEY DEMAND FUNCTION: EVIDENCE FROM MUZAKKI IN INDONESIA https://e-journal.unair.ac.id/JEBIS/article/view/28670 Most research in the Islamic economy on the money demand have employed the Keynesian approach, while in this research money demand functions are derived from a microeconomic approach. Thus, the aim of this study is to test and analyze some of the key factors in Islamic money demand model with the microeconomics-based approach, and then, in accordance with Islamic principles, chooses <em>muzakki</em> as the best sample. The data source for this study is 200 <em>muzakki</em> in Java, with a period of 2020. Structural Equation Modelling (SEM) is adopted to examine the relationship between the seven constructs, i.e., zakat, PLS rate, state, regulation, goods and services, conspicuous consumption, and money demand. The systemic relationship between the structures indicates that the integrated model of demand for money has a strong zakat relationship, while reliability and validity have been established. Zakat plays a key role in applying the established paradigm of demand for money in relation to goods and services. Zakat significantly affects both goods and services as well as models of money demand. This proposed new model equation is intended to help each household economic actor increase the demand for philanthropic money. As many <em>muzakki </em>are spread throughout Indonesia, it is expected that the welfare of the poor and the low-income society will gradually improve and, finally, the distribution of income in Indonesia will be on an equal footing.<p align="center"> </p> Atika Rukminastiti Masrifah, Fajrin Intan Safitri Copyright (c) 2021 JEBIS (Jurnal Ekonomi dan Bisnis Islam) | JOURNAL OF ISLAMIC ECONOMICS AND BUSINESS https://e-journal.unair.ac.id/JEBIS/article/view/28670 Tue, 30 Nov 2021 00:00:00 +0000 ZAKAT AS TAX REDUCTION: STUDY OF MUSLIM COMMUNITY PERCEPTION IN INDONESIA AND MALAYSIA https://e-journal.unair.ac.id/JEBIS/article/view/29016 <p><span lang="IN">This study aims to examine the model adopted based on Muslim consumer perceptions of taxes through the zakat system. This research uses three stages of comprehensive technical analysis through demographic depiction of respondents based on distribution frequently, then tests the adopted factors using Exploratory Factor Analysis (EFA) to select and determine the number of factors and related items. In the final stage, data analysis is carried out in the form of the modeling technique using Structure Equations Model (SEM) to test the quality of the models and hypotheses produced. 152 respondents were collected who were sampled in this study, the majority of respondents are</span><span lang="EN-US"> 77</span><span lang="IN"> Malaysian citizens and 75 Indonesian residents. At the testing stage of the model through the Structural Equation Model (SEM)</span><span lang="EN-US">,</span><span lang="IN"> based on the results of the formation factors in the test, it can be said that only the knowledge about tax, religious, and service variables have an impact on perception toward through zakat </span><span lang="EN-US">s</span><span lang="IN">ystem positively and significantly, but through testing the serviceability of a model results in a determinant coefficient of 0.668</span><span lang="EN-US">, which it was relatively strong to explaining independent variable</span><span lang="IN">.</span></p> Aula Ahmad Hafidh, Fuadah Johari, Maimun Sholeh, Eko Suprayitno, Ngadiyono Ngadiyono Copyright (c) 2021 JEBIS (Jurnal Ekonomi dan Bisnis Islam) | JOURNAL OF ISLAMIC ECONOMICS AND BUSINESS https://e-journal.unair.ac.id/JEBIS/article/view/29016 Tue, 30 Nov 2021 00:00:00 +0000 THE EFFECT OF CORONA PANDEMIC, MINE COMMODITY PRICES AND RUPIAH EXCHANGE RATE ON INDONESIAN SHARIA SHARE PRICES IN THE MINING SECTOR 2020 https://e-journal.unair.ac.id/JEBIS/article/view/29838 <p>This study aims to analyze the effect of the corona pandemic, mining commodity prices and the rupiah exchange rate on Indonesian Islamic Share Prices/<em>Indeks Saham Syariah Indonesia</em> (ISSI) in the mining sector in 2020. The corona pandemic is represented by daily active cases that occur in Indonesia, the mining commodities used are coal, oil and gold prices world, and the exchange rate of the rupiah against the dollar. The data used is a cross-sectional type with a sample of 32 companies with an observation duration of 195 days during the 2020 period. The results show that simultaneously the independent variables significantly affect the dependent variable and partially the world coal price, world oil price, gold price. The world and the rupiah exchange rate with the exception of corona have a significant effect on mining stock prices at Indonesian Islamic share prices in 2020. This research proves that the Market anomaly theory is proven to occur in 2020 as a result of the corona pandemic, anomaly in commodity prices and exchange rates on the Indonesia Stock Exchange, especially in the Indonesian Islamic share prices mining sector which proves that the market cannot be accurately predicted if it occurs a sentiment strong enough globally to move investors both in terms of selling or buying shares that previously could not be reflected by the company's stock price.</p> Muhammad Al Faridho Awwal, Mukhamad Yazid Afandi Copyright (c) 2021 JEBIS (Jurnal Ekonomi dan Bisnis Islam) | JOURNAL OF ISLAMIC ECONOMICS AND BUSINESS https://e-journal.unair.ac.id/JEBIS/article/view/29838 Tue, 30 Nov 2021 00:00:00 +0000