Indonesian Journal of Islamic Economics and Business
Indonesian Journal of Islamic Economics and Business E-ISSN: 2540-9506 P-ISSN: 2540-9514 is the journal that concerns to publish broader issues on Islamic Economics and Business. It based on a presupposition that Islamic economics and Business is still on going process to be established. There is a need to serious study on not only limited to Islamic banking and financing system but also on philosophy, politic, environment, law, culture, ethics, management and entrepreneurship of ‘Islamic Economicsâ. The journal aimed at bridging and solving the dichotomy between ˜orthodoxâ and ‘heterodox problems of Islamic economics. So, the journal invites scholars who interesting in Islamic economics and Business contributes to submit their research article.
Fakultas Ekonomi dan Bisnis Islam UIN STS Jambi
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Analysis of the Islamic Philanthropic A Quantitative Study of Aid Clusters in Jambi
This study examines the model of Islamic philanthropic donors in Jambi Province using a quantitative approach involving cluster analysis and Structural Equation Modeling (SEM). This study is important given the strategic role of Islamic philanthropy in the economic and social empowerment of communities, yet understanding of donor behavior remains limited. The research aims to map donor segmentation and identify the main factors influencing donation behavior, including aspects of spirituality, trust, and empathy. Data was collected from donors of Islamic philanthropic institutions in Jambi using a representative sample. The results show that donor segmentation is dominated by those over 40 years of age and with a high school education, spanning various professions. SEM confirmed a valid and reliable model with R-square values ranging from 0.246 to 0.497. Path analysis revealed spirituality, trust, and empathy as significant drivers of donations, while knowledge and wealth did not have a direct impact. The study emphasizes the importance of transparent fund management, strengthening zakat literacy, and digital technology innovation to enhance donor trust and loyalty, as well as the effectiveness of Islamic philanthropic institutions in Jambi
Islamic philanthropy, donors, cluster analysis, SEM, spirituality, trust, Jambi.
Copyright (c) 2025 Eja Armaz Hardi, Titin Agustin Nengsih, Elyanti Rosmanidar http://creativecommons.org/licenses/by-sa/4.0
The Integration Of Digital Marketing And Ecotheological Values In Export-Oriented Msmes To Access Global Markets
This study aims to deeply understand the experiences of export-oriented MSME (Micro, Small, and Medium Enterprises) actors in implementing digital marketing and ecotheological values as strategies to enter the global market. Employing a qualitative approach with a phenomenological method, the research involved six MSMEs in Lombok and fourteen informants, consisting of business owners, production staff, and marketing personnel. Data were collected through in-depth interviews, non-participant observation, and field documentation. The findings reveal that social media platforms such as WhatsApp, Instagram, and Facebook have been utilized as tools for communication and promotion. However, challenges persist, including limited human resources, concerns over design plagiarism, and irregular content updates. Several MSMEs prefer WhatsApp for its perceived safety and personal engagement, while Instagram usage is restricted to preserve the exclusivity of handmade and limited-edition products. In terms of ecotheology, MSMEs demonstrate a strong commitment to sustainability through the use of local raw materials such as seashells, clay, rattan, and water hyacinth, as well as traditional production processes free from chemical additives. A notable challenge arises in obtaining eco-friendly product certification, which must be conducted outside the region and incurs additional time and cost. The findings are analyzed using five grand theories: Resource-Based Perspective (RBP) to assess competitive advantage based on local resources; Technology Acceptance Model (TAM) to understand social media adoption; Digital Capability Theory to evaluate internal readiness; Green Export Strategy to highlight sustainability in export practices; and Internationalization Theory to map the process of global market expansion. This study recommends strengthening digital literacy, facilitating green certification, and developing an integrative model that combines spiritual values, technology, and culturally rooted export strategies to enhance the global competitiveness of MSMEs.
Copyright (c) 2025 Siti Nurul Khaerani http://creativecommons.org/licenses/by-sa/4.0
Digital Green Carbon Trading Integrating Local Wisdom And Islamic Economy For Sustainable Development In Central Kalimantan
This article discusses the potential of digital green carbon trading in Central Kalimantan based on local wisdom and Islamic economic principles. Carbon dioxide (CO₂) emissions remain the leading cause of global warming, primarily driven by industrial and human activities. The study highlights how integrating digital technology, such as blockchain-based carbon registries and online trading platforms, can enhance transparency, accountability, and community participation in carbon markets. By empowering Dayak communities through digital access to carbon credit trading, environmental protection becomes an inclusive economic opportunity. This research uses a descriptive-qualitative method with a literature-based approach involving references related to carbon trading, digital economy transformation, Dayak local culture, and Islamic economics. The findings reveal that combining digital innovation, local wisdom, and sharia-based economic values offers a sustainable model for managing natural resources. This synergy not only reduces carbon emissions but also promotes the economic welfare of forest-dependent communities and strengthens digital local economies aligned with Maqasid al-Shariah and the Sustainable Development Goals (SDGs).
Copyright (c) 2025 Wahyu Akbar, Rahmad Fahreza Setiawan, Akh Fauzi Aseri, Muhaimin -, M. Riza Hafizi http://creativecommons.org/licenses/by-sa/4.0
Evolution and Dynamics of Islamic Public Finance in Alleviating Extreme Poverty through Green Economic Development in ASEAN Countries: A Bibliometric Analysis (2002–2025)
This study explores the evolution and intellectual landscape of Islamic Public Finance (IPF) research in ASEAN countries from 2002 to 2025, with a particular focus on its role in alleviating extreme poverty and advancing green economic development. Employing a bibliometric approach, it analyzes 229 Scopus-indexed documents using the Biblioshiny application in R Studio to map publication trends, citation networks, conceptual clusters, and patterns of scientific collaboration. The findings indicate a notable thematic shift from traditional zakat and waqf-focused studies toward a more integrated approach linking Islamic social finance with sustainable development goals, particularly SDG 1 (No Poverty) and SDG 13 (Climate Action). Malaysia and Indonesia emerge as central research hubs, bolstered by strong institutional collaborations involving IIUM, Universitas Airlangga, and UIN Jakarta. Keyword co-occurrence and thematic analyses identify sustainable development, Islamic social finance, and poverty alleviation as core research themes, while emerging areas include green fiscal policy and economic empowerment. The study proposes a new conceptual framework—Islamic Public Finance for Sustainable Development (IPF-SD)—which connects fiscal instruments such as zakat, waqf, and sadaqah with digital governance and inclusive growth to promote equitable and environmentally responsible development. This interdisciplinary mapping not only traces the intellectual trajectory of IPF but also underscores its potential as a Shariah-compliant fiscal model for sustainable policy design. The findings offer important implications for policymakers, practitioners, and scholars in incorporating Islamic fiscal instruments into national sustainability strategies and fostering cross-regional collaboration to drive inclusive and green economic transformation.
Islamic Public Finance; Poverty Alleviation; Green Economy; Sustainable Development; ASEAN
Copyright (c) 2025 Nur Syamsu, Wardatul Ulum, Jeris, Y.A Agustina, A. Haekal, Fatma, Syaifullah http://creativecommons.org/licenses/by-sa/4.0
Konversi Modal Sosial Etis dalam Komunitas Bisnis Alumni Pesantren: Analisis Bonding, Bridging, dan Linking pada FORBIS IKPM Yogyakarta
This study examines the dynamics of social capital within an Islamic business community of pesantren alumni, using the Forum Bisnis (FORBIS) of the Ikatan Alumni Pondok Modern (IKPM) Yogyakarta as a case study. Employing a qualitative approach with a case study design, data were collected through in-depth interviews, observations, and document analysis. The findings reveal that bonding social capital among FORBIS members is exceptionally strong, shaped by pesantren values such as brotherhood (ukhuwah), discipline, and internal trust. However, this bonding strength has not been effectively transformed into bridging or linking social capital. Key obstacles include psychological factors (feelings of hesitation and inferiority), cultural factors (conservative interpretations of adab), structural barriers (the absence of formal mechanisms for external relations), and the limited readiness of members’ businesses to enter formal networks. Consequently, social capital remains concentrated at the internal level and has not yet functioned as a strategic resource for expanding market access, partnerships, or institutional collaboration. This study highlights the need to strengthen organizational structures, develop business incubation programs, and establish linking mechanisms utilizing senior alumni networks to enhance the productive conversion of social capital within FORBIS and support the development of Islamic business ecosystems.
Ethical Social Capital; Pesantren Alumni; FORBIS IKPM; Bonding, Bridging, Linking; Social Capital Conversion.
Copyright (c) 2025 Muhammad Ridho Zarkasyi, Meitria Cahyani, Vina Fithriana Wibisono http://creativecommons.org/licenses/by-sa/4.0
Exploring the Impact of Service Quality on Gold Investment Decisions: A Theory of Planned Behavior Approach
This study aims to analyze the impact of attitude, subjective norm, and perceived behavioral control on Islamic gold investment decisions using the Theory of Planned Behavior (TPB) approach, and to examine the moderating role of service quality among Bank Muamalat Solo Raya customers. Employing an explanatory quantitative method with survey design, data from 150 respondents investing in Solusi Emas Hijrah (SOLEH) products were analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS). Results reveal that only subjective norm significantly influences investment intention (β = 0.316, p = 0.041), while attitude (β = 0.103, p = 0.347) and perceived behavioral control (β = 0.128, p = 0.474) show no significant effect. Service quality demonstrates a significant direct effect on investment behavior (β = 0.288, p = 0.002) but fails to function as a moderator in all tested hypotheses. Investment intention strongly predicts investment behavior (β = 0.606, p = 0.000), confirming the core TPB proposition. The model explains 46.2% variance in intention and 63.5% in behavior. Findings indicate a dual-path mechanism in Islamic gold investment behavior formation: the first path operates through subjective norm → intention → behavior, and the second through service quality's direct influence on behavior. The study contributes theoretically by demonstrating the need for TPB contextualization in collectivist cultures where social influence dominates over individual psychological factors. Practically, results suggest that Islamic banks should emphasize community-based marketing approaches and maintain high service quality standards to effectively drive actual investment behavior.
Copyright (c) 2025 Adventa Isya Ilya, Yulfan Arif Nurohman http://creativecommons.org/licenses/by-sa/4.0
Nilai Ekonomi Islam: Degradasi Lingkungan, Kemiskinan, Modal Manusia, terhadap Pertumbuhan Ekonomi Indonesia. Hipotesa Kuznetz
This study analyzes the influence of environmental degradation, poverty, and human capital on Indonesia’s economic growth from 2001 to 2024 using the Vector Error Correction Model (VECM). The results indicate a long-term equilibrium among variables, where environmental degradation and poverty positively and significantly affect economic growth, while human capital has a negative and significant effect. These findings suggest that Indonesia’s growth still relies on natural resource exploitation and faces challenges in optimizing human capital quality. In the short run, no significant relationships are found, implying that impacts occur cumulatively over time. The results support the Environmental Kuznets Curve (EKC) hypothesis, showing that early-stage economic growth is often accompanied by inequality and environmental decline. From an Islamic economic perspective, sustainable and just development should be pursued in line with maqāṣid al-sharī‘ah, emphasizing balance, justice, and responsible resource management.
Copyright (c) 2025 Alfina Damayanti Damayanti, Wahyu Iryana, Taufiqur Rahman http://creativecommons.org/licenses/by-sa/4.0
Optimalisasi Profitabilitas Melalui Kesehatan Finansial dan Pertumbuhan: Peran Moderasi Board Size Pada Perusahaan Sektor Property & Real Estate
The property and real estate sector is pivotal to Indonesia's economic framework, but it has exhibited a paradoxical decline in Return on Assets (ROA) from 5.2% to 3.8% between 2020 and 2023, despite concurrent sales expansion. This profitability quandary underscores the imperative to reassess its determinants by incorporating corporate governance factors. The objective of this study is to analyze the effects of liquidity, solvency, sales growth, and working capital efficiency on ROA, with board size as a moderating variable. This research utilizes 153 panel data observations from 31 IDX-listed firms (2020–2024) and applies Moderated Regression Analysis to examine the relationships. The results show that liquidity and sales growth do not have a significant influence on ROA. In contrast, solvency and working capital efficiency are found to be significantly and negatively associated with ROA. In addition, board size has a negative moderating effect on the solvency-ROA relationship, but exerts a positive moderating influence on the link between working capital efficiency and ROA.
Copyright (c) 2025 Afrida Fifin Faradila, Suwandi, Yuni Utami http://creativecommons.org/licenses/by-sa/4.0
Pengaruh Hilirisasi Sumber Daya Alam Terhadap Kesejahteraan Pelaku Usaha Dalam Persepektif Ekonomi Islam Pada Industri Singkong Di Kabupaten Lampung Timur
Downstreaming is the process of processing natural resources into value-added products to improve community welfare. This study aims to analyze the impact of natural resource downstreaming on the welfare of business actors from an Islamic economic perspective in the cassava industry in East Lampung Regency. This study used a quantitative method with primary data, and data collection was conducted through questionnaires and limited interviews with cassava industry business actors. The results show that natural resource downstreaming has a positive impact on the welfare of business actors. This is evidenced by increased income, expanded employment opportunities, and strengthened local economies. This research is expected to broaden insights and improve natural resource downstreaming in the region.
Islamic Economics, Downstreaming, Entrepreneur Welfare, Cassava
Copyright (c) 2025 Nur Hasanah, Budi mansyah, Zulaikah http://creativecommons.org/licenses/by-sa/4.0
Analisis Financial Distress Pada Bank Umum Syariah Di Indonesia Dengan Menggunakan Metode Altman Z-Score, Grover Dan Fulmer Periode 2020-2024
This study analyzes the financial distress conditions of Islamic Commercial Banks (Bank Umum Syariah/BUS) in Indonesia during 2020–2024 using the Altman Z-Score, Grover, and Fulmer models. Employing a quantitative descriptive-comparative approach, the research uses secondary data from annual financial reports of banks selected through purposive sampling with criteria of operating for at least five years, having complete financial statements for 2020–2024, and recording positive EBIT. The analysis applies the three models to assess financial health, with the confusion matrix used to measure accuracy, precision, recall, specificity, and negative predictive value (NPV). Results show that all Islamic banks are generally in a healthy condition, indicated by a Capital Adequacy Ratio (CAR) ≥ 8%. The modified Altman Z-Score achieved 87.27% accuracy and functioned effectively as an early warning system, while Grover and Fulmer models showed perfect accuracy of 100%, classifying all banks as non-distressed. Among the three, the Grover model is the most suitable for Islamic banking due to its simplicity and consistency with empirical data. This study contributes by integrating confusion matrix validation, enhancing the reliability of financial distress prediction in Islamic banking institutions.
Financial Distress, Altman Z-Score, Grover, Fulmer, Islamic Banking
Copyright (c) 2025 Salwa Salsabiila, Farah Amalia, Muyassarah http://creativecommons.org/licenses/by-sa/4.0
Analisis Etika Bisnis Islam Terhadap Kegiatan Ekonomi (Studi PAda Usaha Depot Air Minum Pondok Pesantren Pancasila Bengkulu)
This study aims to analyze the application of Islamic business ethics in economic activities at the refill drinking water depot of Pancasila Islamic Boarding School in Bengkulu. The research focuses on production, distribution, and consumption aspects, using a qualitative descriptive approach. Data were collected through observation, interviews, and documentation involving 10 informants consisting of the management, employees, and consumers. The results show that the implementation of Islamic business ethics is fairly good, reflected in efforts to maintain product halalness, fair pricing, and consumer satisfaction. However, some challenges remain, such as machine maintenance, water quality testing, and limited marketing reach. The study finds that applying Islamic business ethics strengthens public trust, enhances economic independence, and promotes a sustainable business model aligned with Islamic values. The novelty of this study lies in its exploration of how Islamic ethical principles can support pesantren-based entrepreneurship to achieve both spiritual and economic sustainability.
Islamic Business Ethics, Production, Distribution, Consumption
Copyright (c) 2025 Alfiyyah Agasi, Desi Isnaini, Andi Cahyono http://creativecommons.org/licenses/by-sa/4.0
Pengaruh Pengendalian Internal, Literasi Pajak Terhadap Keberlanjutan UMKM Kabupaten Kubu Raya Dimoderasi Oleh Digitalisasi
MSMEs are profitable companies that are either sole proprietorships or owned by individuals. However, many MSMEs in Kubu Raya are not yet sustainability-oriented, as they are still simply run and run by their owners. Internal control, which should make business operations more effective and efficient, has proven to be inadequate. However, as demonstrated by the less than ideal tax collection, tax literacy which ought to be a motivator for timely tax payment and reporting has not been entirely achieved. This research aims to examine how digitization functions as a moderating factor in Kubu Raya Regency, as well as Internal control and tax literacy's effects on MSMEs' sustainability. 99 respondents in Kubu Raya Regency were selected using a straightforward random sample procedure in a quantitative study. With the aid of Multiple SPSS version 25 was utilized to analyze the data using linear regression, descriptive statistics, data quality testing (validity and reliability), traditional assumption testing, and Moderated Regression Analysis (MRA). The sustainability of MSMEs is significantly impacted by internal control. Furthermore, tax literacy significantly improves MSMEs' capacity to survive. Additionally, the impact of internal control on MSMEs' sustainability can be mitigated via digitization. With the aid of digitization, internal control and tax literacy contribute significantly to Kubu Raya Regency's MSMEs' sustainability.
Copyright (c) 2025 Chairunisa, Risal, Ali Afif http://creativecommons.org/licenses/by-sa/4.0
Analisis Strategi Pemasaran Digital Mawwah Hijab dalam Mengkomunikasikan Nilai Halal di Instagram dan TikTok
The advancement of the digital era has shifted marketing strategies to platforms like Instagram and TikTok, which function not only as promotional media but also as tools to communicate a product's core values, including halal value. This descriptive qualitative research aims to analyze the Marketing Mix 4P (Product, Price, Place, Promotion) strategy in communicating halal value digitally, using a case study of the Indonesian hijab fashion brand, Mawwah Hijab (@mawwahhijab). Data was collected through content analysis of the brand's profile and posts on Instagram (36K followers) and TikTok (57K followers). The study's findings reveal that Mawwah Hijab effectively integrates all four 4P elements with halal value. Product is communicated by emphasizing MUI halal certification and modest designs, visualized through aesthetic content. Price is set competitively (IDR 27,900 – IDR 72,900) and promoted with a "halal value-added" narrative. Place utilizes a hybrid distribution model by integrating TikTok Shop/Instagram Shop with marketplaces and offline events (such as the "Pilgrimage for 1000 Mosques Umrah" program). Meanwhile, Promotion relies on interactive content, Islamic storytelling, and influencer collaborations to build community and high engagement. In conclusion, the integration of the 4Ps within a digital framework successfully frames halal value not merely as a certification, but as an authentic emotional value and lifestyle. This strategy has proven effective in increasing brand awareness, consumer loyalty, and sales in the Indonesian Muslim market. This study recommends leveraging more in-depth analytics and broader collaborations with religious communities to strengthen the impact of sharia-based digital marketing strategies.
Digital Marketing, Marketing Mix 4P, Halal Value, Social Media Strategy
Copyright (c) 2025 Prasetyo Adinugroho http://creativecommons.org/licenses/by-sa/4.0
Pengaruh Struktur TArif Air Terhadap Permintaan Konsumen PDAM Way Rilau Dalam Perspektif Ekonomi Islam
This study examines the influence of water tariff structures on consumer demand for PDAM Way Rilau in Kemiling District, Bandar Lampung, within the perspective of Islamic economics. The research aims to analyze how progressive tariff schemes affect consumer behavior and evaluate their compliance with Islamic principles of justice (al-‘adl), welfare (maslahah), and the prohibition of harm (la dharar wa la dhirar). A qualitative descriptive method was employed, supported by surveys, interviews, observations, and documentation involving household and commercial consumers. Findings reveal that progressive block tariffs significantly shape consumption patterns: low-income households tend to restrict usage within the first block, while middle- and high-income consumers display greater tolerance to tariff increases. However, the application of a minimum charge raises concerns of fairness. The study concludes that while tariff structures partially reflect Islamic values through cross-subsidization, improvements in transparency and equity are necessary. The novelty lies in integrating Islamic economic principles into local water pricing policy evaluation.
Copyright (c) 2025 Fata Nafis Muzakky, Madnasir, Okta Supriyaningsih http://creativecommons.org/licenses/by-sa/4.0
Marketing Failure of Sharia Business Entity Products (Case Study: 212 Mart in Jambi City)
212 Mart has tried to compete with Alfamart and Indomaret in the Indonesian retail market. However, there are several key factors that make 212 Mart unable to compete with the two minimarkets, such as scale, location, products, branding, business sustainability, and innovation have made it face difficulties. To increase its competitiveness, 212 Mart needs to consider new strategies that focus on overcoming these weaknesses and providing unique added value for customers. With hard work and appropriate adjustments, 212 Mart still has the opportunity to compete in this competitive retail market. This research will discuss the analysis of the factors causing the ineffectiveness of marketing strategies at 212 Mart in Jambi City. This study uses a descriptive qualitative research type. The results of the SWOT Analysis of the Ineffectiveness of Sharia Business Entity Product Marketing Case study of 212 Mart in Jambi City are due to the lack of promotion and the weakness of the product which is considered more expensive compared to similar outlets. Promotion is also not carried out by management, this is due to the lack of capital available in 212 Mart management, especially those in Jambi City. The strategy to improve the marketing effectiveness of Sharia Business Entity products, a case study of 212 Mart in Jambi City, has been implemented by management and has met all four indicators. However, in its implementation, there are other elements that prevent strategic improvements due to capital constraints in operational implementation at the three 212 Mart outlets.
212 Mart, Marketing Effectiveness, Sharia Business Entity Products
Copyright (c) 2025 Salmia, Mulyadi, Mohd. Haramen, Nurfitri Martaliah, Novriana Dewi http://creativecommons.org/licenses/by-sa/4.0
Analisis Pemberian Upah Buruh Tani terhadap Pemenuhan Kebutuhan Hidup di Kecamatan Konang, Pamekasan
This study investigates the challenges faced by farm laborers in Konang, Pamekasan, regarding their wages and its impact on their livelihood, particularly from an Islamic economic perspective. Agriculture is a vital sector in many countries, and farm laborers play a crucial role, yet they often encounter significant issues with their remuneration. In Konang, a region where approximately 85% of the population works as rice farmers, wage systems vary, leading to disparities and low pay. The research highlights issues such as delayed wage payments (3-7 days after work completion), which cause financial instability and force laborers to seek additional work, affecting their health and children's education. Furthermore, the study reveals gender-based wage disparities, with female farm laborers often receiving lower pay for the same work as their male counterparts, reflecting gender inequality in the wage system. These issues are exacerbated by a lack of legal protection and awareness of labor rights, leading to the acceptance of unfair practices as tradition. The findings suggest that the current wage practices do not align with Islamic economic principles of justice, transparency, and welfare. This research employs a qualitative descriptive approach, utilizing library and field research, including in-depth interviews with five farm laborers in Konang. The study aims to understand the wage practices, evaluate them against Islamic economic principles, and analyze gender-based wage differences in Konang. The implications of this study point to the urgent need for policy interventions to ensure fair and timely wage payments, promote gender equality in remuneration, and enhance legal literacy among farm laborers. This research contributes to the understanding of labor issues in the agricultural sector within an Islamic economic framework, offering insights for improving the welfare of vulnerable communities.
Copyright (c) 2025 Moh Jalal, Agoes Koemarullah http://creativecommons.org/licenses/by-sa/4.0
Peran Mediasi Kepuasan Pelanggan pada Hubungan Social Media Marketing dan Kualitas Produk terhadap Niat Beli Ulang
This study aims to comprehensively analyze the influence of social media marketing and product quality on repurchase intention, with customer satisfaction as a mediating variable, among consumers of Magenta’s creative food products in Padang City. The research is motivated by the importance of leveraging social media as an effective promotional tool and maintaining consistent product quality to sustain and enhance customer loyalty. A quantitative research approach was employed using a survey method, involving 100 respondents who are active Magenta consumers. Data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) to examine the relationships between variables simultaneously. The findings reveal that social media marketing and product quality have a positive and significant effect on customer satisfaction. Furthermore, both variables also positively and significantly influence repurchase intention, both directly and indirectly through the mediating role of customer satisfaction. These results underscore that effective social media marketing strategies, combined with improved product quality, play a crucial role in fostering customer satisfaction, which in turn drives sustainable repurchase intentions
Social Media Marketing, Quality Product, Satisfaction, Repurchase Intention
Copyright (c) 2025 Dafa Abiyu Syahreza, Susi Evanita http://creativecommons.org/licenses/by-sa/4.0
Analisis Faktor-faktor yang Mempengaruhi Minat Beli Asuransi Syariah dengan Brand Image sebagai Variabel Intervening
This study aims to assess the impact of Price, Product Suitability, and Service Quality of Sharia General Insurance on Purchase Intention, with Brand Image serving as an intervening variable. A quantitative approach is used in this research, employing accidental sampling, with 125 respondents from the Greater Jakarta area (Jabodetabek) who are already familiar with Sharia General Insurance. The data analysis method applied is path analysis. The results of hypothesis testing, as part of the inner model evaluation, show that the Price and Product Suitability variables do not significantly influence Purchase Intention, either directly or indirectly. In contrast, the Service Quality variable significantly affects Purchase Intention through Brand Image as an intervening variable. Service Quality also significantly influences Brand Image. The Brand Image variable, acting as an intervening variable in this study, is shown to have a significant impact on Purchase Intention. To enhance public interest in Sharia General Insurance in Jabodetabek, companies should focus on strengthening their Brand Image to improve recognition and trust among potential customers. Additionally, service quality should be enhanced by incorporating distinct Sharia characteristics, such as utilizing the Sharia ecosystem to provide added value for consumers.
Price, Product Suitability, Service Quality, Brand Image, Purchase Interest
Copyright (c) 2025 Annisa Anindya, Rijal Arslan, Kristiurman Jaya Mendrofa http://creativecommons.org/licenses/by-sa/4.0
Return Saham Syariah pada Perusahaan JII: Analisis Pengungkapan Environmental Social Governance dan Kebijakan Dividen
This study aims to analyze the effectiveness of Environmental, Social, and Governance disclosure and dividend policy on stock returns of companies included in the Jakarta Islamic Index for 2020–2023. The research employs a quantitative approach by utilizing secondary data, gathered through purposive sampling, resulting in 11 companies that consistently released annual and sustainability reports throughout the observation period, resulting in 44 observations. The panel data regression technique was employed for data analysis, with model selection guided by the results of the Chow test, Hausman test, and Lagrange Multiplier (LM) test. To ensure the validity of the estimated model, classical assumption diagnostics, including checks for multicollinearity and heteroscedasticity. The results show that ESG disclosure has no significant influence on stock returns. The dividend policy, as measured by the Dividend Payout Ratio (DPR) has a significant and negative influence on stock returns. Simultaneously, ESG disclosure and dividend policy have a significant influence on stock returns.
Environmental Social Governance Disclosure
Copyright (c) 2025 Dinda Indri L. L., Any Eliza, Dimas Pratomo http://creativecommons.org/licenses/by-sa/4.0
Pengaruh Right Issue Terhadap Likuiditas Saham Dan Abnormal Return Pada Saham Syariah Periode 2021-2023
This study aims to determine whether a right issue can affect stock liquidity and abnormal returns. The object of this study is a company listed on the Indonesian Sharia Stock Index that conducts a right issue. The type of research is quantitative. The sampling technique uses the purposive sampling method, obtained the number of samples that meet the criteria as a research sample of 15 companies that conducted a right issue in 2021-2023. The data used is secondary data in the form of the number of shares distributed in the right issue, stock prices, IDX composite. stock trading volume, and the number of shares outstanding before and after the announcement of the right issue. The method used in this study is event study. The data analysis technique was carried out using the structural equation modeling partial least square (SEM-PLS) method. Based on the tests that have been carried out, it shows that there is no significant effect of the implementation of the right issue on stock liquidity and abnormal returns on Islamic stocks in the 2021-2023 Islamic Stock Index.
Right Issue, Stock Liquidity, Abnormal Return.
Copyright (c) 2025 Ulil Albab Rahmatya, Romi Adetio Setiawan, Yetti Afrida Indra http://creativecommons.org/licenses/by-sa/4.0
Daya Saing Usaha Kecil dan Menengah (UMKM) di bidang kuliner di Era Digital dengan Pemanfaatan QRIS
In the midst of the rapid development of this digital age, technology has changed the way to communicate, especially in the culinary sector. The Indonesian Standard Quick Response Code (QRIS) comes as an effective digital payment solution, allowing micro, small, and medium enterprises (MSMEs) to conduct cashless transactions with just one QR code. QRIS implementation provides a number of benefits, including increased operational efficiency, transaction security, and expanded market reach. However, QRIS also faces several challenges, such as administrative costs, delays in fund disbursement, and low levels of digital literacy among businesses. To examine the impact of QRIS implementation on the competitiveness of culinary MSMEs, secondary data analysis from various reliable sources was conducted. The findings show that culinary MSMEs that use QRIS in the digital era are able to increase their sales and competitiveness.
QRIS, food and beverage MSMEs, digital payments, competition, digital knowledge.
Copyright (c) 2025 Hersia Oktaria Putri Adelia; Rahma Nurjannah, Cherly Puspita Sari, Maya Panorama http://creativecommons.org/licenses/by-sa/4.0
Revitalisasi Manajemen BUMDes untuk Peningkatan Perekonomian Desa Kelubir, Bulungan Kalimantan Utara
This research focuses on the revitalization of Village-Owned Enterprises (BUMDes) in Kelubir, Tanjung Palas Utara, Bulungan, North Kalimantan, which aims to improve the economic condition of the village. The research was conducted from October to December 2024, using descriptive qualitative methods to collect data through interviews, field notes and other documentation. The establishment of BUMDes MitraSejahtera Kelubir is anticipated to significantly impact the village government by increasing local revenue, developing local products, and improving Kelubir's overall economy. Despite the potential, BUMDes MitraSejahtera Kelubir faces several management challenges that require serious attention. Existing conditions reveal critical issues that hinder effective management and operational success. The study also highlights the importance of BUMDes as legal entities established by villages to manage businesses, utilize assets, and deliver public services, ultimately contributing to the welfare of village communities. The findings show that with proper management and support, BUMDes can create employment opportunities and reduce unemployment rates, thereby promoting economic growth in the village.
Revitalization, economic improvement, BUMDes
Copyright (c) 2025 Algin Deo Ginoki, Widwi Handari Adji http://creativecommons.org/licenses/by-sa/4.0
Pengaruh Islamic Branding dan Streamer Product Knowledge terhadap Minat Beli Kosmetik Halal Dimediasi Kepercayaan
This study aims to analyze the influence of Islamic branding and streamer product knowledge on the purchase intention of halal cosmetics through live shopping, with trust as a mediating variable among Muslim consumers in East Java. This research uses a quantitative method, with primary data collected through online questionnaire distribution. The sampling technique employed was purposive sampling, involving 135 respondents. Data analysis was conducted using Structural Equation Modeling–Partial Least Square (SEM-PLS) with the SmartPLS4 software. The results show that (1) Islamic branding does not influence purchase intention, (2) streamer product knowledge positively influences purchase intention, (3) Islamic branding does not influence trust, (4) streamer product knowledge positively influences trust, and (5) Islamic branding and streamer product knowledge do not affect the purchase intention of halal cosmetics through trust as a mediating variable. These findings indicate that, in the context of live shopping, a streamer's product knowledge plays a crucial role in building consumer trust and encouraging purchase intention, whereas Islamic branding does not directly influence consumer purchasing behavior. This research provides valuable insights for the development of marketing strategies for halal cosmetic products, particularly in leveraging live shopping platforms to reach Muslim consumers.
Copyright (c) 2025 Dwi Nabilah Nur Utari, Khusnul Fikriyah http://creativecommons.org/licenses/by-sa/4.0
Pengaruh Kualitas Produk dan Inovasi Produk terhadap Loyalitas Konsumen Mi Samyang dengan Kepuasan Konsumen sebagai Variabel Mediasi
This study aims to analyze the effect of Product Quality and Product Innovation on Consumer Loyalty of Samyang Noodles, with Consumer Satisfaction as a Mediating Variable among Muslim Consumers in East Java. This research employs a quantitative method, utilizing primary data obtained through an online questionnaire. The sampling technique used is Purposive Sampling, with a total of 121 respondents. Data analysis is conducted using the SmartPLS 4.0 application with the Partial Least Square (PLS) approach and Structural Equation Model (SEM). The results of this study indicate that (1) Product quality has no effect on consumer loyalty, (2) Product innovation affects consumer loyalty, (3) Product quality and product innovation influence consumer Satisfaction, and (4) Product quality and product innovation do not affect consumer loyalty through consumer Satisfaction as a mediating variable
Product Innovation, Product Quality, Consumer Loyalty
Copyright (c) 2025 Arinta Fara Agustine, Khusnul Fikriyah http://creativecommons.org/licenses/by-sa/4.0
Dampak UMKM Pempek Terhadap Pertumbuhan Ekonomi Kota Palembang: Peluang dan Tantangan
Pempek is a typical food of Palembang City that not only has high cultural value, but also plays a significant role in driving regional economic growth through Micro, Small, and Medium Enterprises (MSMEs). Pempek MSMEs make a real contribution to Palembang's Gross Regional Domestic Product (GRDP), with contributions from the food processing industry sector reaching around 7-10% during the 2022-2024 period. In addition to creating jobs for thousands of local people, these MSMEs also drive other economic sectors such as logistics, trade, and tourism. Great opportunities are open through local food consumption trends, government support, and the use of digital technology that allows for wider marketing. However, pempek MSME actors also face challenges such as limited capital, tight competition, constraints on distribution outside the region, and the low utilization of technology evenly. Therefore, by strengthening innovation, business training, and policy support, pempek MSMEs have the potential to continue to grow and become a pillar of the creative economy of Palembang City.
UMKM, Pempek, Economic Growth, Opportunity, Challenge.
Copyright (c) 2025 Heni Saputri, Tyara Zahrani, Desy Pusri, Nadya Wanda Haliza, Maya Panorama http://creativecommons.org/licenses/by-sa/4.0
Pengaruh Investment Knowledge, Motivasi Investasi dan Manfaat Investasi Terhadap Manajemen Keuangan Pribadi Pegawai UINFAS Bengkulu
This study aims to analyze the influence of investment knowledge, motivation, and investment benefits on personal financial management of UINFAS Bengkulu employees. This study uses a quantitative approach with primary data collection techniques through questionnaires distributed to 80 respondents. Data were analyzed using multiple linear regression with the help of SPSS software. he results of the study indicate that partially, investment knowledge has a positive and significant effect on personal financial management, with a significance value of 0.009 (<0.05). Likewise, investment motivation also has a positive and significant effect partially with a significance level of 0.000. On the other hand, investment benefits do not show a significant effect partially, because they have a significance value of 0.127 (>0.05). However, simultaneously the three variables—investment knowledge, investment motivation, and investment benefits—have a positive and significant effect on personal financial management of UINFAS Bengkulu employees. This finding indicates that although investment benefits do not have an effect individually, these variables still make a positive contribution to the overall model. The results of this study provide implications that increasing investment knowledge and motivation is very important in supporting better personal financial management in higher education institutions.
Copyright (c) 2025 Sri Lestari, Yosy Arisandy, Padlim Hanif http://creativecommons.org/licenses/by-sa/4.0
Pengaruh Pendapatan, Persepsi Risiko Dan Bias Overconvidence Terhadap Keputusan Berinvestasi Pada Pasar Modal Syariah
The purpose of this study is to find out and analyze the influence of income, risk perception, and overconfidence bias on the investment decisions of investors listed on the Indonesia Stock Exchange (IDX) in Bengkulu City. Investment decisions are an important aspect of the financial world, where various factors can influence a person in making decisions to invest. To test the influence of these three variables, this study uses a quantitative method with primary data collection techniques conducted through the distribution of questionnaires to 97 respondents who are IDX investors in Bengkulu City. The data obtained was then analyzed using multiple regression techniques with the help of the SPSS. Based on the results of the research and discussion, it was found that income did not have a significant influence on investment decisions, with a significance value of 0.063 which was greater than 0.05. Meanwhile, risk perception has a significant influence on investment decisions, with a significance value of 0.000 which is less than 0.05. In addition, the overconfidence bias also had a significant effect on investment decisions with a significance value of 0.007 which was smaller than 0.05. Thus, it can be concluded that risk perception and overconfidence bias have a significant impact on investors' investment decisions in the Islamic capital market, while income does not have a significant influence.
Copyright (c) 2025 Erti Agustina, Supardi Mursalin, Rizky Hariyadi http://creativecommons.org/licenses/by-sa/4.0
Analisis Kinerja Keuangan Melalui Pengukuran Likuiditas, Solvabilitas, Dan Profitabilitas ( Studi PT Bank Syariah Indonesia Periode 2021-2023)
This study aims to determine the level of health of financial performance at Bank Syariah Indonesia in terms of measuring liquidity, solvability, and profitability ratios. This study is a descriptive study using quantitative methods to analyze financial statements and measure financial performance using liquidity, solvability and profitability measurements at PT Bank Syariah Indonesia for the 2021-2023 period. The results of this study are seen from the liquidity ratio on the Current Ratio, Cash Ratio and Loan to Asset Ratio indicators in a very healthy state, from the Quick Ratio in a healthy state, while from the Loan to Deposit ratio indicator in an unhealthy state. Judging from the solvabilty ratio on the Primary Ratio indicator in a healthy state, the Secondary Risk Ratio in a very healthy state, the Capital Ratio in a fairly healthy state. Judging from the profitability ratio on the Return on Assets and Net Profit Margin indicators in a fairly healthy state, while the Return on Equity indicator in a healthy state.
Copyright (c) 2025 Bastian Pinoci Bastian, Romi Adetio Setiawan, Rahmat Putra Ahmad Hasibuan http://creativecommons.org/licenses/by-sa/4.0
Analisis Kepatuhan Syariah pada Investasi Emas Kontemporer
The purpose of this research is two things. First, whether investment activities are under the nature of investment in Islam. Second, to investigate whether gold investment activities are following Islamic law, namely legal and lawful. An analytical method is the screening method, namely comparing the Islamic concept and the applied concept. The indicators are conformity with the concept of investment in Islam, the validity of the contract, characteristics of gold transactions that are following sharia, conformity with hoarding gold, and there is no price-fixing. The results of the analysis showed several findings. First, the Islamic investment concept different from the applied gold investment concept. Second, investment activities are trading and safekeeping gold which are legally valid. Third, in the gold savings account, there is a violation of sharia because the transaction is not a cash and the gold is fictitious. Fourth, if the activity of storing gold is to buy future needs, then it becomes halal. On the other hand, if there is no purpose for spending in the future, then it becomes haram. Fifth, there is a violation of the Shari'a in terms of price-fixing by a third party as a determinant of the price of gold.
Copyright (c) 2025 Arowadi Lubis, Abdul Haris http://creativecommons.org/licenses/by-sa/4.0
Pengaruh GCG, CSR, dan Intellectual Capital Terhadap Nilai Perusahaan dengan Investment Opportunity Set Sebagai Variabel Moderasi
This study aims to determine and analyze whether good corporate governance, corporate social responsibility, and intellectual capital affect firm value with investment opportunity set as a moderating variable. This type of research is quantitative research, using secondary data. The data analysis method used is panel data regression test. The population in this study are technology and telecommunications companies listed on the IDX in 2021-2023. The data collection technique in this study was purposive sampling method with the results of 65 research populations into 11 companies with 3 years of observation, so that as many as 33 data were processed in this study. The results showed that good corporate governance has a significant positive effect on firm value. Corporate social responsibility has a significant negative effect on firm value. Intellectual capital doesn’t affect firm value. Investment opportunity set is not able to moderate the effect of good corporate governance, corporate social responsibility and intellectual capital on firm value.
Copyright (c) 2025 Febiola Valentry, A Zuliansyah, Ujang Hanief Musthofa http://creativecommons.org/licenses/by-sa/4.0