Indonesian Scientific Journal of Islamic Finance
Indonesian Scientific Journal of Islamic Finance (INASJIF) (Online ISSN and Print ISSN) published by Department of Islamic Banking, The Faculty of Islamic Economic and Business, State Islamic University of Sultan Aji Muhammad Idris Samarinda. The subject covers both textual and empirical, as well as classical and contemporary research on Islamic Finance. Published in Indonesia, it welcomes contributions in English and Bahasa. Papers are peer-reviewed to maintain a high scholarly level. Indonesian Scientific Journal of Islamic Finance is published online twice a year in December and June. The first volume of INASJIF was launched in December 2022. Indonesian Scientific Journal of Islamic Finance openly welcomes scholars, postgraduate students, and practitioners to submit their best research articles that correspond to the topics.
Department of Islamic Banking, Faculty of Islamic Economics and Business (FEBI), State Islamic University of Sultan Aji Muhammad Idris Samarinda
TOWARD A HIERARCHICAL ARCHITECTURE OF AI-ENABLED MARKETING CAPABILITY IN SMES: A SYSTEMATIC LITERATURE REVIEW AND THEORY-DEVELOPMENT AGENDA
This study develops a taxonomy of AI-Enabled Marketing Capability (AIMC) in Small and Medium Enterprises (SMEs) and proposes a future research agenda for capability-based digital marketing research. Using the PRISMA 2020 protocol and the taxonomy development procedure of Nickerson et al. (2013), this systematic literature review synthesizes 42 peer-reviewed articles indexed in Scopus and Web of Science published between 2019 and 2025. The findings identify eight AIMC dimensions organized into four hierarchical tiers: Core, Contextual, Peripheral, and Contested dimensions. The study clarifies the distinction between AI tool adoption and AIMC as an organizational capability and integrates Dynamic Capability Theory, Resource-Based View, and Augmentation Theory into a coherent theoretical framework. The review further proposes a conceptual pathway linking AIMC, Digital Platform Capability, Digital Marketing Performance, and Market Turbulence. This study contributes to the literature by providing a reproducible taxonomy, reducing conceptual ambiguity, and offering a theory-development agenda for future empirical research, particularly in SME and Islamic digital economy contexts.
Copyright (c) 2026 Indonesian Scientific Journal of Islamic Finance
GREEN INNOVATION MARKETING: A BIBLIOMETRIC ANALYSIS OF SCOPUS-INDEXED RESEARCH (2012–2025)
This study presents a bibliometric mapping of green innovation marketing research indexed in Scopus from 2012 to 2025, based on a curated corpus of 47 journal articles published in 35 sources. Using a combined performance analysis (productivity and citation indicators) and science mapping approach (keyword co-occurrence and thematic mapping), the study reports a strong publication expansion with a compound annual growth rate (CAGR) of 17.35%. The corpus is recent (average document age 3.21 years) and moderately influential (mean citations per document 26.45), indicating an active and consolidating research stream. Source analysis shows a “core–long tail” structure, where a small set of journals, most notably Sustainability (Switzerland) and the Journal of Cleaner Production, contribute a substantial share of publications and citations. The thematic map identifies two dominant motor themes (marketing–sustainable development–commerce and innovation–green economy–economic growth), highlighting the field’s dual emphasis on market mechanisms and sustainable development outcomes. Overall, this bibliometric synthesis clarifies the field’s knowledge structure, identifies its most influential publication outlets, and surfaces high-centrality themes that can guide future theory-building and empirical research in green innovation marketing.
COASTAL INLAND COMMUNITY KNOWLEDGE ABOUT ISLAMIC BANKING PRODUCTS (CASE STUDY OF REMBAYAN VILLAGE, WEST KUTAI REGENCY)
The development of Islamic banking in Indonesia shows positive growth, but public literacy and understanding of Islamic banking products remains relatively low, particularly in rural and remote areas. This study aims to analyze the level of public knowledge of Islamic banking products in Rembayan Village, Mook Manaar Bulatn District, West Kutai Regency, and identify influencing factors. The study employed a qualitative descriptive approach, with data collection techniques including in-depth interviews, non-participant observation, and documentation. Nine informants were selected using a purposive sampling technique. Data analysis was conducted using the Miles and Huberman model, which includes data reduction, data presentation, and conclusion drawing. The results indicate that public knowledge of Islamic banking products is still at the "know" stage, meaning they are only familiar with the term "Islamic banking" and the concept of being free from interest (riba) without a thorough understanding of the product types, mechanisms, and benefits. Factors influencing public knowledge include education level, experience, access to information, economic conditions, and social environment. The dominant factors contributing to this low level of public knowledge are limited access to information and minimal experience interacting with Islamic financial institutions. Supporting factors include strong religious values ”‹”‹in the community, high interest in Islamic banking, and close social ties. Meanwhile, inhibiting factors include limited socialization of Islamic banking institutions, low levels of education, limited physical and digital infrastructure, and the lack of Islamic bank offices in the research area. This study concludes that although public awareness of Islamic banking products remains low, there is significant potential to increase Islamic financial literacy and inclusion through ongoing educational programs, expanded service access, improved digital infrastructure, and strengthened community-based outreach activities.
PENGARUH TECHNOLOGY READINESS ACCEPTANCE MODEL TERHADAP MINAT PENGGUNAAN BSI MOBILE (STUDI BSI KCP SAMARINDA BUNG TOMO)
The research is motivated by the increasingly sophisticated technology, particularly in mobile banking, can be utilized by the Islamic banking industry as a service facility to assist customers with busy businesses or activities, providing effective and time-efficient service. This study aims to determine the Technology Readiness Acceptance Model on BSI Mobile usage intention among BSI Samarinda Bung Tomo Branch customers. The population in this study is BSI Samarinda Bung Tomo customer. This study uses a sampling technique with purposive sampling. The purpose of this research is to analyze the influence of Technology Readiness factors (optimism, innovativeness, discomfort, and insecurity) on TAM components (perceived usefulness and perceived ease of use) in influencing the intention to use BSI Mobile. This research adopts a quantitative method with a survey approach involving 120 respondents selected through convenience sampling. Data were analyzed using SmartPLS. The findings reveal that seven hypotheses were accepted: the influence of innovativeness, discomfort, and insecurity on perceived ease of use; the influence of perceived ease of use on perceived usefulness and intention to use; and the influence of perceived usefulness on intention to use. However, hypotheses concerning the effect of optimism on perceived ease of use, as well as innovativeness, discomfort, and insecurity on perceived usefulness, were rejected. These findings provide valuable insights for the development of BSI Mobile services to enhance customers' perceptions of usefulness and ease of use, thereby increasing the application's appeal.
PEMETAAN PERKEMBANGAN RISET ISLAMIC FINTECH: ANALISIS BIBLIOMETRIK DAN SYSTEMATIC LITERATURE REVIEW TAHUN 2018–2025
Perkembangan Islamic fintech dalam tujuh tahun terakhir menunjukkan peningkatan signifikan baik dari sisi jumlah publikasi, cakupan tema, maupun integrasi teknologi dalam ekosistem keuangan syariah global. Penelitian ini bertujuan untuk memetakan tren, tema, dan arah perkembangan riset Islamic fintech melalui metode Systematic Literature Review (SLR) terhadap publikasi ilmiah bereputasi dan terindeks Scopus selama periode 2018–2025. Analisis dilakukan untuk mengidentifikasi pola publikasi, penulis dan negara paling berpengaruh, klaster topik penelitian, serta kebaruan tema yang berkembang. Hasil penelitian menunjukkan bahwa publikasi mengenai Islamic fintech mengalami lonjakan konsisten, dengan Indonesia, Malaysia, dan kawasan Timur Tengah sebagai kontributor utama. Pemetaan bibliometrik mengungkap empat klaster tematik besar, yaitu (1) adopsi dan inovasi teknologi, (2) inklusi keuangan dan dampak sosial-ekonomi, (3) digitalisasi instrumen keuangan sosial Islam seperti zakat, wakaf, dan crowdfunding, serta (4) tantangan regulasi dan Shariah governance. Analisis kebaruan menunjukkan pergeseran fokus dari kajian konseptual ke arah teknologi mutakhir seperti blockchain, cryptocurrency, artificial intelligence, dan tata kelola syariah digital. Temuan ini menegaskan bahwa Islamic fintech bukan hanya instrumen digital keuangan syariah, tetapi juga pilar strategis untuk memperkuat inklusi keuangan, meningkatkan efisiensi sistem, serta mendorong transformasi digital yang berkelanjutan dalam industri keuangan Islam. Penelitian ini memberikan kontribusi berupa pemetaan komprehensif landscape riset Islamic fintech dan rekomendasi arah penelitian di masa depan, meskipun dibatasi oleh penggunaan satu basis data Scopus.
ystematic Literature Review Tahun 2018–2025
DIRECTION OF ISLAMIC FINANCE DEVELOPMENT: CHALLENGES AND OPPORTUNITIES IN BANKING
This research aims to analyze the development of Islamic finance during the period 2020–2025 through a bibliometric approach using the OpenAlex database. An initial total of 1,189 documents were selected using the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) method, yielding 556 articles that met the inclusion criteria. The analysis results show a significant increase in publications concerning Islamic finance, Sharia banking, and Sharia fintech, particularly in 2022 and 2024. Dominant topics include the synergy of Islamic financial institutions, financial technology innovation, financial literacy, and Sharia governance. The co-occurrence network map reveals that the development of Islamic finance is rooted in the interaction between finance, technology, governance, and consumer behavior. Indonesia emerges as a global research hub with major contributions from Islamic higher education institutions. These findings confirm that the integration of digital innovation, Sharia regulation, and public literacy is key to strengthening an inclusive and sustainable Islamic financial ecosystem.
DIGITAL SUKUK AND SHARIAH COMPLIANCE: A JURISPRUDENTIAL ANALYSIS OF BLOCKCHAIN INTEGRATION IN ISLAMIC FINANCE
This research examines the Shariah compatibility of blockchain-based sukuk instruments with a special emphasis on whether digitalization and distributed ledger technologies can be reconciled with Islamic legal requirements like risk-sharing, asset-backing, and the ban on riba and gharar. The article discusses whether blockchain facilitates or hinders the issuance and enforceability of Islamic financial instruments. A doctrinal and comparative legal qualitative approach was adopted. The study compared primary Islamic legal sources (Qur'an, Sunnah, fiqh), contemporary Shariah standards (e.g., AAOIFI), and case studies of blockchain sukuk in different jurisdictions, including the UAE and Indonesia. The research used thematic and jurisprudential analysis to examine compliance, gaps, and emerging regulatory concerns. The findings show Blockchain has the potential to facilitate Shariah-compliant sukuk if connected to real underlying assets and legitimate Islamic contracts. Smart contracts certainly automate ethical trades but need more robust asset linkage. There is compliance uncertainty because there are no global Shariah standards for tokenized ownership. Regulatory fragmentation across jurisdictions also undermines cross-border enforceability and investor confidence. A uniform regulatory and Shariah governance structure is the prerequisite for replicating blockchain sukuk on a global scale. Legal recognition, enforceability, and standardization of jurisprudence are the keys to unlock blockchain's full potential in Islamic finance. This study bridges classical Islamic legal theory and contemporary fintech innovation, offering a novel Shariah-centred examination of digital sukuk structures and operational challenges
DIGITALISASI SISTEM PEMBAYARAN DALAM PERSPEKTIF EKONOMI ISLAM: TINJAUAN SISTEMATIS KEABSAHAN E-WALLET DAN CRYPTOCURRENCY
The rapid development of financial technology has significantly transformed modern payment systems, particularly through the use of digital money such as e-wallets and cryptocurrencies. These innovations offer efficiency, speed, and convenience in transactions; however, they also raise debates regarding their compliance with Islamic economic principles. This study aims to systematically analyze the concept of digital money, its sharia legitimacy, implementation challenges, and development strategies from the perspective of Islamic economics. This research employs a Systematic Literature Review (SLR) method by examining scholarly articles obtained from Google Scholar and Scopus databases. The literature selection process follows the PRISMA framework with clearly defined inclusion and exclusion criteria, resulting in a set of relevant articles analyzed based on five research questions. The findings indicate that e-wallets are generally acceptable within Islamic economics, provided they are supported by clear contractual structures, transparent fee mechanisms, and are free from elements of riba, gharar, and maysir. In contrast, cryptocurrencies remain subject to ongoing debate due to their high price volatility and speculative characteristics, leading many studies to position them more as digital assets rather than legitimate mediums of exchange. The main challenges in implementing sharia-compliant digital money include regulatory limitations, low levels of Islamic financial literacy, and the integration of digital features that may deviate from sharia principles. Therefore, the development of Islamic digital money should be guided by the maqÄá¹£id al-sharÄ«”˜ah framework to ensure justice, asset protection, and social welfare.
DETERMINANTS OF ISLAMIC BANKING FINANCIAL PERFORMANCE: THE ROLE OF ASSETS AND INTERMEDIATION IN PALESTINE
The Islamic banking sector in Palestine faces complex challenges due to the prolonged conflict, which has significantly impacted the stability of the domestic economy and financial system. Despite extreme geopolitical pressure, Islamic banks in the region have demonstrated robust operational resilience and stability through robust asset management and optimization of their intermediation function based on Islamic Sharia principles. This study analyzes the influence of total assets, total investment, and total financing on the financial performance (income) of Palestinian Islamic Banks during the 2015–2024 period. Using a quantitative approach with multiple linear regression (OLS) based on 120 monthly observations, this study estimates two test models: a baseline model and a model with control variables (deposits and stock prices). The partial analysis results indicate that total assets and total financing have a positive and significant influence on financial performance in both models, confirming their role as risk absorbers and primary sources of bank income in conflict zones. Meanwhile, total investment has a significant influence in the opposite direction, namely negative in the baseline model due to short-term volatility and becoming positive after the inclusion of control variables. Simultaneously, these three main variables significantly influenced financial performance, with an R-squared value of 32.52% in the baseline model, which then increased to 61.76% in the control model. In conclusion, asset size, investment effectiveness, and financing quality are the main foundational pillars determining the resilience and continuity of Islamic banking operations amidst Palestinian geopolitics.
PERAN KEPERCAYAAN DALAM MEDIASI FAKTOR YANG MEMPENGARUHI MINAT MENGGUNAKAN LINKAJA SYARIAH
This study aims to investigate of usability, convenience, security and service features as factors on the interest in using the LinkAja Syariah e-wallet mediated by trust. Rapid technological developments have resulted in the growth of new innovations such as digital wallets. Indonesia is a country with the highest digital wallet users. This study involved the people of Kudus City who use the LinkAja Syariah e-wallet. The method used in this study is a quantitative approach. The data collection process used a questionnaire and data analysis techniques using the SmartPLS3 application. The research findings show that the independent variables of usability, convenience, security and service features have a positive effect on interest in using. Then trust also has a direct positive effect on interest in using. The results of hypothesis testing do not directly show the role of trust as a mediator of usability, convenience, security and service features have a positive effect on interest in using. This study provides an overview that the people of Kudus City use the LinkAja Syariah e-wallet influenced by usability, convenience, security and service features with high trust.
Copyright (c) 2025 Indonesian Scientific Journal of Islamic Finance
ANALISIS PERSEPSI NASABAH PT. BANK SYARIAH INDONESIA PURWOKERTO TERHADAP KEBIJAKAN GREEN BANKING DALAM MENDUKUNG PROGRAM SUSTAINABLE DEVELOPMENT GOALS (SDGs)
Green banking represents a policy framework widely adopted by financial institutions to encourage environmentally sustainable practices. This study investigates the implementation of green banking policies at PT Bank Syariah Indonesia Tbk, particularly the Purwokerto Branch, and examines customer perceptions of these initiatives in relation to the Sustainable Development Goals (SDGs). Employing a qualitative field research approach, respondents included representatives from Bank Syariah Indonesia, the Financial Services Authority (OJK), the Ngudi Dadi Livestock Group, customers, and SMEs in Banyumas Regency. Data were analyzed using the Miles and Huberman model, with validity ensured through triangulation techniques. The results show that the bank has implemented green banking through defensive, preventive, offensive, and sustainable strategies, evaluated using the Green Coin Rating (GCR) framework covering indicators such as carbon emissions, green rewards, green building, reuse/recycle/refurbish, paperless systems, and green investment. Customer perceptions varied considerably, with most respondents demonstrating limited knowledge of green banking, although they expressed strong support for initiatives such as paperless transactions, green building design, energy and water efficiency, and mobile banking services. The study further highlights the importance of extending policy benefits beyond livestock farmers to other local SMEs, including traditional food producers, fish farmers, and waste bank communities, thereby fostering a more equitable distribution of benefits within society.
Sustainable Development Goals (SDGs) Program
RELEVANSI IMPLEMENTASI PSAK 109 TERHADAP GOOD CORPORATE GOVERNANCE PADA LEMBAGA ZIS: KAJIAN STUDI PUSTAKA
Zakat, Infaq, and Sadaqah (ZIS) management institutions play a crucial role in promoting social welfare equality in Indonesia, thus requiring accountable and transparent reporting. PSAK 109, issued by the Indonesian Institute of Accountants (IAI), serves as the accounting standard for the recognition, measurement, presentation, and disclosure of ZIS funds in accordance with Sharia principles. This study examines the relevance of PSAK 109 as a strategic instrument for ZIS governance based on the five pillars of Good Corporate Governance (GCG). The research employs a literature review and content analysis of academic literature, regulations, and institutional reports. The results indicate that PSAK 109 supports GCG by enhancing transparency, accountability, responsibility, independence, and equitable distribution of funds. Structured implementation of PSAK 109 has been shown to strengthen muzakki trust, expand fund collection, and improve internal controls””for instance, a study of BAZNAS West Java reported a 72.1% contribution to good zakat governance. PSAK 109 is not only a technical guideline but also a strategy for establishing professional and sustainable ZIS governance. Future research is recommended to compare implementation across regions, develop GCG evaluation models based on maqashid sharia, and explore the integration of reporting technology.
INTEGRASI TEKNOLOGI DAN NILAI SYARIAH: ANALISIS UTAUT2 TERHADAP NIAT PENGGUNAAN MOBILE BANKING DI SAMARINDA
Digital transformation in Islamic banking opens significant opportunities to improve efficiency, financial inclusion, and customer satisfaction. However, despite this progress, the adoption of Islamic mobile banking still lags behind that of conventional banks. This study aims to analyze several determinants influencing the intention to adopt Islamic mobile banking in Samarinda using the UTAUT2 theoretical framework. This study employed a quantitative approach, with 165 respondents selected through conventional sampling. Data collection used an online questionnaire, which was then processed using the SEM-PLS technique. Data analysis showed that habit, social influence, enabling conditions, hedonic motivation, price value, effort expectancy, and performance expectancy significantly influenced intention to use. Gender, age, and experience were shown to moderate some of the relationships between variables on intention to use. These findings provide a basis for developing digitalization strategies for Islamic banks that are more adaptive to consumer preferences.
THE IMPACT OF MACROECONOMICS AND CORPORATE FUNDAMENTALS ON THE BUSINESS PERFORMANCE OF SHARIA BANKING IN INDONESIA
The aim of this research is to examine the impact of macroeconomic factors and company fundamentals on the Business Performance of Sharia banking in Indonesia. The study analysed monthly data from BI, OJK, and BPS for the years 2019-2023 using regression tests. The method used is regression analysis, with data drawn from the Sharia banking industry and macroeconomic indicators over the period from 2019 to 2023. The independent macroeconomic variables included inflation, exchange rate, and GDP, while company fundamentals were represented by FDR, CAR, BOPO, DPK, and NPF. Business Performance, as the dependent variable, was measured by Return on Assets (ROA). The results showed Indonesia experienced fluctuating economic conditions from 2019 to 2023, with low inflation and a varying exchange rate. Islamic banking in Indonesia showed strong fundamentals, with a healthy average ROA of 0.85% and a robust CAR of 16.48%; however, BOPO negatively and significantly impacts ROA, while CAR and FDR have minimal effects on ROA in Islamic banking. Inflation negatively affects ROA by increasing production costs, reducing overall banking profitability. To sustain growth, banks should focus on financing SMEs and leveraging digital technology for improved efficiency. This study focuses on the Sharia banking sector in Indonesia and incorporates both company fundamentals and macroeconomic variables. The findings will be valuable for policy-making and research in the field of Sharia banking in Indonesia.
ANALISIS RASIO KEUANGAN BANK ACEH SYARIAH DAN BANK SYARIAH INDONESIA
This study aims to analyse and compare the financial performance of Bank Aceh Syariah (BAS) and Bank Syariah Indonesia (BSI). The two banks have different structural and operational characteristics, with BAS being the first regional bank to fully convert to the sharia system, while BSI is the largest sharia bank in Indonesia, resulting from the merger of three state-owned banks. This study employs a qualitative method with a comparative approach to four key financial ratios: non-performing financing (NPF), capital adequacy ratio (CAR), liquidity ratio (FDR), and return on equity (ROE). The results indicate that BSI generally outperforms BAS in terms of financial performance. BSI demonstrates lower financing risk, stronger capitalisation, healthy liquidity, and higher profitability. Meanwhile, BAS continues to show good stability and strategic relevance in Aceh's economic development. This comparison is expected to provide insights to stakeholders in evaluating the strengths and challenges of each bank in supporting the national sharia financial system.
ANALISIS FAKTOR PENGETAHUAN, REPUTASI, LINGKUNGAN, DAN RELIGIUSITAS TERHADAP MINAT MENABUNG PADA SISWA SMK JURUSAN PERBANKAN SYARIAH
Although Indonesia has a predominantly Muslim population, the market share of Islamic banking in 2020 remained relatively modest at only 6.18%. One of the major challenges lies in the low savings interest among the younger generation. Previous studies have investigated the influence of knowledge, reputation, environment, and religiosity on saving behavior; however, the findings remain inconclusive, thereby creating a research gap that merits further exploration. The novelty of this study lies in its simultaneous examination of these four variables within the context of vocational high school students majoring in Sharia banking who have direct access to a school-based mini-bank facility, an environment that has rarely been addressed in prior research. Employing a quantitative approach, the study utilized a survey method with purposive sampling involving 139 students from SMK Negeri 1 Purwokerto. Data were collected through a Likert-scale questionnaire and analyzed using multiple linear regression, preceded by validity, reliability, and classical assumption tests. The findings reveal that knowledge exerts a significant negative effect on saving interest, while reputation, environment, and religiosity demonstrate significant positive effects. Collectively, these four variables significantly influence saving interest, with a coefficient of determination of 40.2%. This study highlights that Islamic banks may enhance their attractiveness to young customers by strengthening institutional reputation, fostering supportive environments, and reinforcing religious values. Nevertheless, positive perceptions of products and services should be complemented by improved financial knowledge to further optimize savings interest in Islamic banking
PARADOKS IMPLEMENTASI EKONOMI ISLAM DI NEGARA-NEGARA MUSLIM: INTEGRASI NILAI TAWAKKAL DAN IKHTIAR
The Islamic economic system is widely promoted in Muslim-majority countries as a comprehensive alternative to capitalism and socialism. However, its practical implementation often reveals a paradox: while Islamic values such as tawakkal (trust in God) and ikhtiar (human effort) are central to the theology of Islamic economics, they are rarely embedded in institutional and policy frameworks. This study aims to explore this paradox by analyzing the integration of tawakkal and ikhtiar within the economic governance structures of Muslim countries. Drawing on a qualitative literature review, the research identifies key obstacles including weak institutional capacity, low public literacy, and a symbolic adoption of Islamic financial instruments. The theoretical foundation is based on maqÄá¹£id al-sharÄ«Ê¿ah, which supports a balance between spiritual trust and rational action. The findings reveal that Islamic economic policies remain largely cosmetic, lacking systemic mechanisms to actualize these spiritual-economic values. Moreover, the integration of tawakkal and ikhtiar has not been adequately addressed in fiscal or monetary policy design. This study contributes a conceptual framework for rethinking Islamic economic policy with authentic value integration and highlights the urgent need for institutional reform, policy alignment, and educational strategies that embed ethical-spiritual dimensions into economic development.
INTEGRASI FITUR ZISWAF DALAM DIGITAL BANKING BANK SYARIAH: PELUANG DAN TANTANGAN (STUDI KASUS PADA BANK SYARIAH INDONESIA)
The digital transformation in the banking sector has created new opportunities for Islamic financial institutions to optimize social finance instruments. This study investigates the integration of Ziswaf (Zakat, Infaq, Sadaqah, and Waqf) features into Bank Syariah Indonesia's digital banking platform, analyzing the implementation process, opportunities, and challenges. Using a qualitative case study approach, data were collected through semi-structured interviews with 12 key informants, document analysis, and participatory observation of the BSI Mobile application. The findings reveal that BSI's Ziswaf digital implementation has yielded significant results, with a 172% transaction growth during 2021-2023 and collection value reaching Rp 72 billion in 2023. Key success factors include API-based technology architecture, personalized services, and enhanced transparency through impact tracking features. However, digital literacy gaps, technological infrastructure limitations in rural areas, resistance to change from traditional methods, and Sharia compliance complexities pose notable challenges. The study recommends developing a sustainable innovation model through "Digital Ziswaf Innovation Lab," implementing multi-channel education strategies, strengthening ecosystem collaboration via "Indonesia Ziswaf Digital Alliance," and utilizing data analytics to enhance service effectiveness. These initiatives can transform Islamic social finance while promoting wider Islamic financial inclusion.
Mapping of Sharia Stock Performance Research: Bibliometric Analysis
This study aims to map trends and research patterns related to the performance of sharia stocks using bibliometric analysis. Sharia stocks have become an attractive investment instrument because they integrate financial aspects with Islamic ethical principles. Using data from accredited national journals, this study analyzed scientific publications from 2009 to 2023. The results show a significant increase in the number of studies, reflecting the growing interest in sharia-based investments. The analysis also identifies key themes in the literature, including the relationship of sharia stocks to macroeconomic indicators, corporate governance, and market stability. In addition, research gaps were found, especially in the exploration of the impact of fiscal and monetary policies on sharia stock indices. This study makes a significant contribution to the development of literature and provides insights for investors and policymakers to understand the potential and challenges of sharia stocks. Thus, this research is an important reference for further studies and development of the sharia capital market globally.
ZAKAT MANAGEMENT IN VARIOUS ERAS AND COUNTRIES, ESPECIALLY IN INDONESIA
This study explores the dynamics of zakat management across different historical periods and countries, with a specific focus on the Indonesian context. The research employs a qualitative field research approach, supported by library research methods, where various primary and secondary sources such as books and regulatory documents are utilized to enrich the analysis. The findings reveal that in several countries such as Saudi Arabia, Malaysia, Kuwait, and Sudan, the management of zakat is centrally regulated and implemented by the government. Historically, this centralized model can also be traced back to the time of the Prophet Muhammad (PBUH), followed by the caliphates of Abu Bakr (RA) and Umar ibn Khattab (RA), where the state played a dominant role in zakat collection and distribution. However, a slight shift occurred during the leadership of Uthman ibn Affan (RA) and Ali ibn Abi Talib (RA), in which the government still managed zakat but began to allow muzakki (zakat payers) to independently distribute their zakat. Indonesia today reflects this hybrid model, combining institutional zakat governance under the National Zakat Agency (BAZNAS) and private distribution by individuals. This study contributes to a deeper understanding of how religious, cultural, and political contexts influence zakat management models, highlighting Indonesia as a unique example that balances state regulation with individual autonomy.
PENGARUH GIRO WAJIB MINIMUM DAN DANA PIHAK KETIGA TERHADAP TINGKAT PEMBIAYAAN MUSYARAKAH PADA BANK MEGA SYARIAH
This study examines the impact of Minimum Statutory Reserves (Giro Wajib Minimum/GWM) and Third-Party Funds (Dana Pihak Ketiga/DPK) on musyarakah financing at Bank Mega Syariah from 2017 to 2022. Motivated by internal and external factors influencing musyarakah financing, the research adopts a quantitative explanatory approach using multiple linear regression analysis. Data were sourced from the bank’s financial reports, and classical assumption tests””normality, multicollinearity, heteroscedasticity, and autocorrelation””were conducted to ensure model validity. The results show that GWM significantly affects musyarakah financing partially, with a significance level of 0.017. Similarly, DPK has a significant partial effect, with a significance level of 0.000. Both variables also have a simultaneous significant effect. These findings suggest that effective GWM management can improve liquidity and financing performance without violating liquidity requirements. Moreover, enhancing DPK through innovative Sharia-compliant savings products can stimulate financing growth. In conclusion, GWM and DPK are crucial in shaping musyarakah financing performance. Policy recommendations include optimizing liquidity strategies, innovating DPK mobilization aligned with Sharia principles, improving liquidity risk management, and increasing public education about Islamic finance to foster sustainable development in the Islamic banking sector.
PENGARUH KUALITAS PELAYANAN DAN CORPORATE SOCIAL RESPONSIBIITY (CSR) TERHADAP CITRA BMT NU JAWA TIMUR
This study analyzes the influence of Service Quality and Corporate Social Responsibility (CSR) on the formation of the Image of BMT NU East Java as a sharia microfinance institution. Grounded in SERVQUAL theory (Parasuraman et al., 1988), CARTER model for Islamic banking (Othman & Owen, 2001), and Carroll's CSR framework (1991), the research addresses challenges in building positive institutional image for sustainable growth. This quantitative study uses a field approach with incidental sampling techniques on 100 respondents from among Islamic boarding school students who are customers of BMT NU East Java. Data were analyzed using validity tests, reliability tests, classical assumption tests, multiple linear regressions, and hypothesis tests through SPSS Statistics 26. The findings reveal that both service quality and corporate social responsibility demonstrate statistically significant positive influences on institutional image formation. Service quality emerges as a critical determinant in shaping customer perceptions, while CSR programs contribute substantially to building trust and credibility. The combined effect of these variables explains the vast majority of institutional image variance, indicating their strategic importance for BMT sustainability and growth. Practically, findings suggest BMT managers should prioritize Islamic finance service training and implement community-focused CSR programs to enhance institutional reputation and competitive positioning in the Islamic microfinance sector.
SUSTAINABILITY OF ZAKAT-BASED PRODUCTIVE PROGRAMS : A CASE STUDY OF MELON HYDROPONIC GREEN HOUSE
Salah satu penyaluran zakat adalah melalui pemberdayaan yang bersifat produktif dan berdampak jangka panjang . Tujuan penelitian ini adalah untuk mendeskripsikan implementasi, faktor pendukung dan penghambat zakat produktif melalui program Green House Melon Hidroponik. Jenis penelitian ini adalah penelitian lapangan, dengan pendekatan kualitatif deskriptif. Subjek penelitian ini adalah penerima manfaat program Green House Melon Hidroponik binaan LAZISMU Banyumas. Teknik pengumpulan data dilakukan melalui wawancara, observasi, dan dokumentasi. Analisis data dilakukan melalui reduksi data, penyajian data, dan penarikan kesimpulan. Hasil penelitian ini menunjukkan bahwa implementasi zakat produktif melalui program Green House Melon Hidroponik telah berhasil meningkatkan perekonomian dan kemandirian masyarakat, hal ini disebabkan metode Green House Hidroponik tidak mengenal musim, dan hasil panennya berkualitas dengan tekstur renyah dan buahnya manis. Dengan memanfaatkan zakat untuk kegiatan produktif, mustahik tidak hanya menjadi lebih mandiri, tetapi juga berpotensi menjadi muzakki di masa mendatang.
ANALISIS EFEKTIVITAS INSTRUMEN MONETER SYARIAH DALAM MENGENDALIKAN INFLASI DI INDONESIA
This study is based on the framework that inflation is one of the main macroeconomic challenges in Indonesia. The objective of this research is to analyze the impact of the Bank Indonesia Sharia deposit facility (FASBIS), reserve requirement (GWM), and Islamic interbank money market (PUAS) on inflation in Indonesia during the 2018-2022 period. A quantitative approach was adopted, utilizing multiple linear regression analysis. Data were collected from the official websites of Bank Indonesia and the Financial Services Authority. The results revealed that, partially, GWM significantly affects inflation, while FASBIS and PUAS show no significant impact. However, simultaneously, the three instruments significantly influence inflation. The main conclusion drawn is that strengthening GWM policies and further developing other Islamic monetary instruments can contribute to inflation stability in Indonesia.
Copyright (c) 2024 Indonesian Scientific Journal of Islamic Finance
PENGARUH PENDAPATAN BAGI HASIL DAN FEE BASED INCOME TERHADAP LABA BERSIH (STUDI KASUS PADA BANK UMUM SYARIAH PERIODE 2018-2023)
Sharia banks operate to generate profits, in fact there are many factors that affect net profit, one of which isthe income and services provided by the bank. In this study, it aims to determine whether profit sharing income and fee-based income have a significant effect on net income. This study used a quantitative approach. In determining samples using purposive sampling techniques. The results showed that the variable profit sharing income had a partial significant effect on net profit by 15% while fee based income had a partial significant effect on net income by 45%, as well as simultaneously the variable profit sharing income and fee based income Significantly affects net profit by 59.4%, the rest is influenced by other variables. The analysis technique used is panel data regression analysis with the Eviews 12 tool.
PEMBERDAYAAN EKONOMI MASYARAKAT BERBASIS MASJID DALAM MELAWAN RENTENIR (STUDI MASJID JAMI’ AL-UMARI KELAYU LOMBOK TIMUR NTB)
This study aims to examine and analyze how the potential and methods of economic empowerment based on the Jami' Al-Umari Kelayu Mosque, East Lombok, NTB, in fighting loan sharks in the community. This study uses qualitative research using this approach to match empirical reality with applicable theories. The results of the study indicate that with the programs carried out by the mosque and the existing potential, this can provide or contribute to reducing and raising public awareness of the dangers of usury practices themselves. Because the practice carried out in the community is to provide financing to people who have businesses and need capital to develop their businesses themselves. The mosque provides loans with a qardhul hasan contract so that borrowers do not need to provide profit sharing and only return the capital they borrowed.
INFLUENCE OF RELATIONSHIP MARKETINGAND QUALITY OF SERVICE TOWARDS CUSTOMER LOYALTY WITH MODERATION OF RELIGIUS IN SYARIAH HOTELS (STUDY AT THE GRAND DREAM CITA MANDIRI SYARIAH HOTEL, BATU CITY, EAST JAVA)
The sharia hotel concept continues to develop in Indonesia, although its growth cannot yet compete with conventional hotels. Providing accommodation in tourism in the form of lodging facilities such as hotels, homestays, etc. Batu City is one of the tourism destinations in Indonesia which is very popular with both domestic and international tourists with various attractions in terms of geography, climate, traditions and arts and culture. This is proven by the continued development of sharia hotels in Indonesia, although the growth cannot yet compete with conventional hotels. Therefore, Syariah Hotels need to retain existing customers and build long-term relationships so that they can bring profits to them. This research aims to determine the direct influence of relationship marketing and service quality on customer loyalty with religiosity as moderation in sharia hotels. The research method used is a quantitative method with an explanatory research approach which functions to prove the contribution of exogenous to endogenous variables. The population in this study were customers of the Grand Dream Cita Mandiri Syariah Hotel, Batu City, East Java. Meanwhile, the sampling technique used purposive sampling technique with specified criteria so that the sample size was 150 respondents. The type of data in this research is primary data obtained through distributing questionnaires to 150 respondents. The data that has been collected is then analyzed using SmartPLS 3.3 software. The research results show that commitment and service quality influence loyalty, while communication has no influence on loyalty. Meanwhile, religiosity is not able to moderate commitment and communication on loyalty, while religiosity is able to moderate service quality on loyalty
PERAN AKUNTANSI RUMAH TANGGA DALAM PENGELOLAAN KEUANGAN SYARIAH
Household financial management plays a crucial role in creating socio-economic stability, especially for rural communities such as those in Ulo Village, Tellu Siattingge District. One common approach to support financial management is cash flow recording. However, inadequate recording often makes it difficult for households to monitor and analyze income and expenditure patterns effectively. From a Sharia perspective, proper financial management becomes even more significant as it must align with Sharia principles, such as transparency, fairness, and the prohibition of usury. This study aims to identify the role of household accounting in Sharia-based financial management, including supporting factors, implementation barriers, and solutions to overcome challenges. The research employs a qualitative approach, collecting data through field observations, in-depth interviews, and documentation. The study involves five informants, all of whom are housewives with children and have been married for at least 5 years. Data analysis was conducted thematically using triangulation techniques to ensure result validity. The findings indicate that household accounting plays an essential role in helping families create budgets, record financial transactions, support decision-making, and plan long-term finances. Supporting factors include awareness of the importance of financial recording and basic understanding of Sharia principles, while the main obstacles involve limited knowledge and lack of consistency in recording. Nonetheless, informants reported significant benefits, such as using financial records as a reference for managing finances in the following month. The implementation of simple household accounting has proven effective for housewives in Ulo Village in controlling expenditures, budgeting, and improving financial management in line with Sharia principles. For housewives in similar areas, simple financial recording can be an initial step toward enhancing family economic stability. This study recommends Sharia-based financial literacy training and the development of simple financial recording tools. Future research could explore the long-term impacts and the role of technology in supporting Sharia financial management at the household level..
DETERMINANT OF TYPE FINANCING ON ISLAMIC COMMERCIAL BANK’S PROFITABILITY
The purpose of this study is to analyze the effect of murabahah, mudharabah, musyarakah, and ijarah financing on Return On Assets (ROA) in Islamic Commercial Banks for the period 2016–2020. The population in this research was all Islamic Commercial Banks registered with Otoritas Jasa Keuangan for the period 2016–2020. Purposive sampling was used to obtain samples from the 12 banks. The results of the research show that the murabahah and mudharabah financing variables had an effect on Return On Assets. Meanwhile, musyarakah and ijarah financing had no effect on Return On Assets.
PREDICTING PREDICTING THE INTENTION OF PURCHASE OF COSMETIC PRODUCTS IN ISLAMIC COLLEGE STUDENTS IN BANYUMAS INDONESIA WITH HALAL LABELS AND THEORY PLANNED BEHAVIOR
Cosmetics are products that can not be separated in everyday life. When planning a purchase is influenced cosmetics are products by several factors. This study uses the Theory of Planned Behavior, which is a theory that explains that behavior is formed because of intentions/interests that are influenced by attitudes, subjective norms, and behavioral control. In addition, this study uses the halal label as another independent variable. So the purpose of this study was to determine the effect of attitudes, subjective norms, behavioral control, and halal labels on the intention to purchase cosmetic products in Islamic Religious College Students in Banyumas, Indonesia. This research uses quantitative research methods. The population is Islamic Religious College Students in Purwokerto. The number of samples used is 397 respondents. The sample collection technique used probability sampling by means of proportionate stratified random sampling and other techniques, namely nonprobability sampling by means of purposive sampling. This research was analyzed by multiple linear regression methods. The results of this study indicate that partially and simultaneously attitudes, subjective norms, behavioral control, and halal labels have a positive effect on purchase intentions Keywords: Attitude; Subjective Norms; Behavioral Control; Halal Labels; Intention Purchase