cover
Contact Name
Indin Rarasati
Contact Email
indinraras@gmail.com
Phone
-
Journal Mail Official
ijief@umy.ac.id
Editorial Address
-
Location
Kab. bantul,
Daerah istimewa yogyakarta
INDONESIA
International Journal of Islamic Economics and Finance (IJIEF)
ISSN : 26223562     EISSN : 26224372     DOI : -
Core Subject : Economy,
International Journal of Islamic Islamic Economics and Finance (IJIEF) is a journal which is bianually issued (January and July) and initiated by International Program for Islamic Economics and Finance (IPIEF). The publisher of this journal is Universitas Muhammadiyah Yogyakarta. The publication of this journal though tighly-peer reviewed process using Open Journal System (OJS). For the publication, IJIEF only accept research article and publish it in electronic (PDF) version. The electronic publication can be accessed openly on the website http://journal.umy.ac.id/index.php/ijief/index. IJIEF commit to embrace the best research article in islamic economics and finance fields from the whole world and publish it consistently.
Arjuna Subject : -
Articles 146 Documents
Modeling Islamic Economics and Finance Research: A Bibliometric Analysis Rusydiana, Aam; Sanrego, Yulizar; Rahayu, Solihah
International Journal of Islamic Economics and Finance (IJIEF) Vol 4, No 1 (2021): IJIEF Vol 4 (1), January 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (690.793 KB) | DOI: 10.18196/ijief.v4i1.8966

Abstract

This study aims to determine the development map of mathematic model in islamic economics and finance research that is indexed by Scopus and other reputable journal with the keyword "Mathematic model in islamic economics and finance". The data analyzed were 100 selected publications. The development map of mathematic model in islamic economics and finance research analyzed using the VOSviewer application program to find out the bibliometric map. The results showed that the number of publications on the development of mathematic model in islamic economics and finance research indexed Scopus from 1983-2019 experienced a significant increase and the most were published in Journal of King Abdulaziz University: Islamic Economics. Network visualization showed that the map of the development of mathematic model in islamic economics and finance research was divided into 3 clusters. The majority of research is related to modeling of Profit Loss Sharing (PLS) schemes. However, despite the development of using mathematical model in those researches, the approach tends to be adaptive (inductive) from conventional models that already exist. A challenge to review the mainstream model need to be further critically reviewed. Hence, it is necessary for researcher to formulate a mathematical model with a deductive approach that is reduced from Islamic norms or ethics derived from the Alquran and Sunnah.
Challenges of Zakat Integration as Source of State Revenue Yasni, Raynal; Erlanda, Agam Reynaldi Reza
International Journal of Islamic Economics and Finance (IJIEF) Vol 3 (2020): IJIEF Vol 3(SI), Special Issue: Islamic Social Finance and Ethics
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1087.992 KB) | DOI: 10.18196/ijief.3238

Abstract

In the era of new public financial management, where society participation and cost sharing in public goods provision are inevitably pursued by government, some sources can still be explored such as zakat, infaq, and sadaqah as social awareness activities for Muslims that are prevalent in the community. There are also other donations on the basis of certain motivations which can reduce the burden of tax revenue to support public policy. The phenomenon of mutual cooperation and caring to help others through social donations emerged even more apparent when the Covid-19 pandemic entered a period of social restrictions. This study aims to examine the challenges faced in integrating zakat as an alternate state revenue. The method used is descriptive qualitative using primary data in the form of semi-structured interviews. Determination of the source of data on the interviewee is done purposively. They are chosen to represent zakat practitioners, representatives of government and taxation institutions, and academics. The results showed various challenges in integrating zakat as an alternative source of state revenue, namely uniting government programs with receivers, distribution process, strong zakat institutions, supervisory institutions, public trust, increased compliance, issues on state ideology, alignment of rules with other religious communities, revenue earmarking, and spending flexibility.
Millennials Behaviour towards Digital Waqf Innovation Wadi, Dudun Anugerah; Nurzaman, Mohamad Soleh
International Journal of Islamic Economics and Finance (IJIEF) Vol 3 (2020): IJIEF Vol 3(SI), Special Issue: Islamic Social Finance and Ethics
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1023.715 KB) | DOI: 10.18196/ijief.3232

Abstract

High growth of internet and smartphone users has resulted in the emergence of various digital start-up companies. Those innovation has changed people’s habit, one of which is the online donation habit. However, waqf as a form of Islamic endowment has not been much in demand by the public. Today’s existing digital waqf platform has not succeeded in cultivating waqf in communities, specifically for Millennials which will dominate 70% Indonesia’s workforce in 2020-2030. This research aims to find Millennials determinants of waqf technology adoption using modified UTAUT2 model. To build respondent perception of waqf and innovation proposed, a short video was used since its rise as marketing tool. This research also examines video marketing effectiveness using EPIC model. Result from data analysis using PLS SEM model shows that Performance Expectancy, Effort Expectancy, and Social Influence are major determinants toward waqf technology acceptance. Video marketing is also found to be very effective as a marketing tool for digital waqf.
Dispute Resolution for Islamic Banks in Indonesia Puneri, Atharyanshah
International Journal of Islamic Economics and Finance (IJIEF) Vol 4 (2021): IJIEF Vol 4 (SI), Special Issue: Islamic Banking
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (411.397 KB) | DOI: 10.18196/ijief.v4i0.10084

Abstract

The rapid growth of Islamic banking and finance industry demanded an improvement in term of standards, frameworks, policy, technologies, resources, and guidelines in order to go beyond without compromising the core values of Islam itself. In the context of legal framework of Islamic banking and finance, it is most likely this industry needs to be highly regulated in order to avoid manipulation and abuse by the irresponsible parties. One of the crucial issue in the area of Islamic Banks in Indonesia is regarding about the dispute resolution mechanism for Islamic Banks. Based on Indonesian positive law, there are two alternative dispute resolution mechanisms that can be exercised by parties to settle disputes in cases involving Islamic Financial Institutions (IFIs) namely through litigation or non-litigation. Litigation comes under the jurisdiction of the Religious Court. Researcher in this study are look deeper into the dispute resolution mechanism for Islamic Banks in Indonesia, as well as going through some decided cases. And based on the study done, it was found that alternative dispute resolution mechanism is more effective to resolve Islamic Banks dispute rather than litigation. In the future, researchers may conduct more research to examine deeper about the dispute resolution mechanism for the whole Islamic Economics and Finance in Indonesia. Moreover, researchers need to look at the regulators' and legislators’ perception towards dispute resolution and legal environment.
Economic Thought, Foundational Problems of Mainstream Economics and the Alternative of Islamic Economics Omercic, Jasmin; Bin Mohamed Haneef, Mohamed Aslam; Omar Mohammed, Mustafa
International Journal of Islamic Economics and Finance (IJIEF) Vol 3, No 2 (2020): IJIEF Vol 3 (2), July 2020
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1447.592 KB) | DOI: 10.18196/ijief.3226

Abstract

Economic thought always permeated human living. Economic thought and the development of economics as a discipline in the last few centuries made it central to the world order. However, the foundational problems that mainstream economics suffers from led to uncounted crises and issues within the same order that created it. A physicalist ontology, rationalist epistemology, axiological futility, and methodological deficiency are the problems of philosophical foundations of mainstream economics we reviewed in this paper. The methodology of this paper is qualitative and generally adopts the library research and critical content analysis methods to review and respond to identified foundational problems. Muslims islah and tajdid responses to the West and mainstream economics problems and issues found shape in Islamisation of Knowledge (IOK) and Islamic Economics (IE). The recent shift to Integration of Knowledge (IoK) universalizes the appeal and revives the zeal for IE development in light of IoK based on IOK in this paper. A thorough analysis of IOK, IoK, and IE responses to the West and mainstream economics enabled us to appraise it as the alternative and solution to the foundational problems. The paper clarified the way for future research in IE in light of IoK and directed the academia and industry towards economic reasoning based on robust foundations.
Determinant of FDI Inflows in OIC Countries Megasari, Tania; Saleh, Samsubar
International Journal of Islamic Economics and Finance (IJIEF) Vol 4, No 1 (2021): IJIEF Vol 4 (1), January 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (416.555 KB) | DOI: 10.18196/ijief.v4i1.9473

Abstract

This study aims to analyze the determinants of foreign direct investment (FDI) in the Organization of Islamic Cooperation (OIC) country members for the period 2005 to 2018 The determinant variables of FDI are corruption, political stability and macroeconomic variables such as inflation, exchange rates, economic growth, and trade openness. Analysis used in the study  is the fixed effect model (FEM) of the OIC data panel.The results showed that economic growth and trade openness had a significant influence on foreign direct investment (FDI), while the effects of corruption, political stability, inflation and the exchange rate have no significant effect on foreign direct investment (FDI).
Reducing Poverty through Optimization of Zakat on Agricultural and Profession Pratama, Siectio Dicko; Yuni, Rezha Nursina
International Journal of Islamic Economics and Finance (IJIEF) Vol 3 (2020): IJIEF Vol 3(SI), Special Issue: Islamic Social Finance and Ethics
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1610.591 KB) | DOI: 10.18196/ijief.3237

Abstract

Zakat is a system in Islam that is designed to allocate the wealth from the rich to the poor and the needy. The effectivity of zakat in reducing poverty has been proven in the history of Islam. Nevertheless, nowadays, Zakat is still unable to eliminate poverty. Bad planning and organizing of zakat are the main reason for that especially the less information about the potency of zakat in each region. Indonesia is a country that is rich in Natural Resources and has many workforces. So, Indonesia may have hidden potential of agricultural and professional zakat. This study tries to calculate the potency and the impact of the zakat on reducing poverty. The effect will be examined descriptively and statistically and also will be presented by mapping all the provinces in Indonesia. The result shows that there are about 16.1 trillion rupiahs of zakat potential furthermore able to reduce the poverty rate in Indonesia for 0.75 percent. DKI Jakarta is the most affected province by zakat because its poverty rate reaches 0.22 percent. To implement this theory in real practice, the utilization of the mosque to distribute zakat funding where BAZNAS represents as the manager is suggested.
Islamic Business Ethics Practice among Muslim Entrepreneurs in Kano Metropolis, Nigeria Sulaiman, Sagir Muhammad; Muhammad, Aliyu Dahiru; Sabiu, Tasiu Tijjani
International Journal of Islamic Economics and Finance (IJIEF) Vol 3 (2020): IJIEF Vol 3(SI), Special Issue: Islamic Social Finance and Ethics
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1937.058 KB) | DOI: 10.18196/ijief.3233

Abstract

There are persistent increasing number of scenarios in Singer and Dawanau markets of Kano metropolis which are seen as unethical among which includes deception, inappropriate weight and measures, hoarding and price manipulation as well as false-swearing to support a sale. This study therefore assesses the determinants of Islamic business ethics practices among Muslim entrepreneurs in Kano metropolis, Nigeria. Structural Equation Modelling (SEM) technique is employed in analysing the hypothesized model of the study. The results indicate that entrepreneurs fairly adhere to Islamic business ethics practice while legal and organizational factors significantly affect Islamic business ethics, but Individual factors do not. The study recommends the need for Kano State Ministry of Commerce and Industry in collaboration with market organizational leaders to engage in public enlightenment on the importance of business as an act of worship (Ibadat). It was suggested that organization leaders i.e. Market leaders (trade union leaders) should liaise with Kano state Shariah Commission to set standard for Islamic business ethics whereas Hisbah Board to enforce compliance. The study further suggests that the concept of ethics should be incorporated in teaching and learning curriculum.
An Empirical Analysis of Islamic Banking (IBs) Contribution to Indonesia’s Inclusive Growth Ibrahim, Muhammad Yusuf; Indra, Indra
International Journal of Islamic Economics and Finance (IJIEF) Vol 4 (2021): IJIEF Vol 4 (SI), Special Issue: Islamic Banking
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1427.498 KB) | DOI: 10.18196/ijief.v4i0.10342

Abstract

The research is aim to attest and assess empirically the contribution of Islamic banking (IBs) on the inclusive growth in Indonesia. By taking a trial-stage method i.e. descriptive analysis to elaborate a statistical data, autoregressive distributed lag (ARDL) model to assess empirically the contribution in a long-term, and error correction model (ECM) to assess the contribution in a short-term empirically. The findings are, total deposits and total financing only contribute positively significant into GDP and gini ratio in a long-term, that similiar with the previous study. Then, a total financing contribute negatively to all indicators of inclusive growth in a long-term, but, its only significance on GDP and gini ratio. But, it was contribute significantly to all indicators in a short-term. So. The findings was only evidence the significance contribution of IBs on inclusive growth in a short-term. Based on it, a long-term contribution of IBs still cathegorized as the area that requires an extentions in order to accomplish it.  
The Potential of Fintech in Enhancing the Use of Salam Contract in Islamic Banking Muneeza, Aishath; Mustapha, Zakariya
International Journal of Islamic Economics and Finance (IJIEF) Vol 3, No 2 (2020): IJIEF Vol 3 (2), July 2020
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1514.681 KB) | DOI: 10.18196/ijief.3231

Abstract

An Islamic banking system employs different Shariah contracts to develop and offer products and services in different jurisdictions. One of such contracts is salam which is a forward sale contract. This study aims to examine the practice of salam as an instrument of Islamic banks financing and how technology can be used to enhance its application thereto. A qualitative approach is employed in this research where primary data sources on salam contract were examined, along with content analysis of relevant secondary data sources on the contract and how its practiced in Islamic banking. In furtherance of that practice, salam instrument can be leveraged on technology, mainly the blockchain. This would enhance its operation by bringing about automation, transparency, fair pricing, saving time and cost as well as enabling widespread access of Islamic bank financing to smaller enterprises to promote societal well-being. This research reveals that salam instruments cater for different clients’ needs and enjoy patronage in many jurisdictions even though it is currently the least utilized contract in Islamic banks financing due to divergence of juristic views on its general permissibility. Also, salam is an exceptional contract for Islamic banks financing of agriculture and related enterprises among others. The research offers an insight for Islamic banks to leverage on technology in utilizing salam contract towards providing financing for variety of clients, particularly poor farmers. Similarly, jurisdictions not practicing salam stand to learn of the benefits of using salam to offer technologically innovative yet affordable Islamic banking products/services for variety of clients.

Page 5 of 15 | Total Record : 146