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M. Luthfi Hamidi
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Muslim Business and Economic Review
Published by Universitas Islam Internasional Indonesia
ISSN : 28292499     EISSN : 29626471     DOI : https://doi.org/10.56529/mber
Core Subject : Economy,
Economics, Econometrics & Finance
Focus: the journal welcomes strong empirical studies and results-focused case studies that share research in current progress of Islamic Economics, Banking, Finance, and sustainable development. Scope: 1) Islamic economics, Digital economy, Political economy; 2) Trends and opportunities in Islamic Finance, Islamic banking and financial markets; 3) Islamic social finance (ZISWAK), Corporate social responsibility, governance; 4) Sustainable Development, Green economy, and SDGs; and 5) Halal and creative Industry (food, fashion, tourism).
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 21 Documents
 1   2   3 
Developing Digital Empowerment Programs to Enhance the Marketing Performance of Private Islamic Higher Education Institutions Hendra Riofita
Muslim Business and Economic Review Vol. 1 No. 2 (2022)
Publisher : Muslim Business and Economic Review

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v1i2.70

Abstract

The sustainability of higher education should be supported by marketing strategies that enhance marketing performance and attract a higher number of prospective students. Considering the decision of prospective students to attend a particular institution is always motivated by the information they obtain on that institution’s achievements, this study aims to develop digital network empowerment and digital information sharing activities based on the resource-based view model. In addition, considering digital services have not yet had a conclusive effect on marketing performance, this study also aims to develop digital service recovery to enhance the effect of digital network empowerment and digital information sharing on marketing performance. Primary data were collected using a questionnaire sent to the management teams of Indonesian private Islamic higher education institutions via a Google form link. The data were processed using SPSS and Amos. The findings demonstrate that digital network empowerment and digital information sharing have a very significant effect on marketing performance, but digital service recovery does not. However, digital service recovery has a very significant effect on digital network empowerment and digital information sharing. The findings illustrate that digital network empowerment and digital information sharing can contribute to the resource-based view model to enhance marketing performance.
Islamic Banking System and Economic Growth: Exploration of D-8 Countries Issa Hamadou
Muslim Business and Economic Review Vol. 1 No. 1 (2022)
Publisher : Muslim Business and Economic Review

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v1i1.32

Abstract

The aim of this investigation is to look at the effect of the Islamic banking system on the economic growth of D-8 countries as well as their relationship and the causality direction. Annual report time series data were used from 2010–2021. Islamic Banking Financing (IBF) was used as a representation of the Islamic banking sector, while Foreign Direct Investment (FDI), Gross Fixed Capital Formation (GFCF), Gross Domestic Product (GDP), and Trade were used to represent the economic sector. The econometric tools used are the panel unit root test, panel test of cointegration, and the causality test of Granger. The findings showed that, in the short and long run, Islamic banking and economic growth have a positive connection in D-8 countries. Moreover, there is bi-directional causality. That means, there is a two-way causality starting from the growth sector to Islamic banking and Islamic banking to economic growth. It is also discovered that, in the short run, investment (GFCF) and trade activities have an affirmative influence on the development of Islamic banking. Increasing investment formation will thus successfully subsidize the expansion of the Islamic banking segment of D-8 countries. However, the main policy implication is that governments of the D-8 countries can support economic growth by expanding the finance sector through additional liberalization measures. It is recommended to include another variable that is currently not used, such as the quality of the institutions, and moreover, to apply other statistical tools such as ARCH and GARCH to look at profound relationships.
Do Investors Prefer State-Owned over Other Listed Pharmaceutical Companies During COVID-19? Evidence from Indonesian Stock Exchange Yudha Basuki
Muslim Business and Economic Review Vol. 1 No. 1 (2022)
Publisher : Muslim Business and Economic Review

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v1i1.27

Abstract

This study aims to examine the preference of investors of pharmaceutical companies, including companies that produce herbal medicines, listed in the Indonesian Stock Exchange from 2020 to 2021. By using the descriptive analysis method and reviewing the daily stock prices of Indofarma (INAF), Kimia Farma (KAEF), Kalbe Farma (KLBF), and Sido Muncul (SIDO) in that period, it was found that there were unusual stock prices increases for state-owned pharmaceutical enterprises during those times. However, a similar occurrence did not occur with the other listed pharmaceutical companies, including one herbal medicine manufacturer. In comparing stock price movement trends, the researcher used Microsoft Excel software. The researcher also reviewed the monthly stock closing prices and the news published at that moment. It was found that related events and news existed for every significant increase in stock prices, which might influence investors' perceptions. In addition, the researcher also examined the data to test whether there was a correlation between the number of infected cases and stock prices using the ARCH model estimation. It was found that the relationship between both of them was insignificant. The researcher expects that the findings of this research not only will be a discussion topic in academic groups but also will be a reference for capital market investors and the government as the policyholders and controlling shareholders of these state-owned enterprises. Further studies on listed pharmaceutical companies in the capital markets of other countries are needed to complete the findings in this research, which may find different facts due to different policies in handling the COVID-19 pandemic.
MSMEs and Islamic Securities Crowdfunding: The Importance of Financial Literacy Rifaldi Majid; Rizky Aditya Nugraha
Muslim Business and Economic Review Vol. 1 No. 2 (2022)
Publisher : Muslim Business and Economic Review

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v1i2.71

Abstract

The development of Islamic securities crowdfunding (I-SCF) financial technology has recently become a momentum for micro, small, and medium enterprises (MSMEs) in terms of fulfilling capital by issuing shares (sukuk) based on syariah principles. This research examines the role of Islamic financial literacy through the use of variables from the theory of planned behavior about the intentions of MSME actors to apply for capital through I-SCF. A total of 97 responses were collected from MSMEs owners/managers who have been in business for at least two years using an online questionnaire and then examined using structural equation modeling by SmartPLS. The results show that the variables of subjective norm, perceived behavioral control, and attitude toward behavior significantly influence the intention to obtain capital to expand one’s business. The primary finding of this research is that Islamic financial literacy has been experimentally shown to improve the desire of MSME players to expand their business capacity. There is thereby a need for continuous efforts from the Indonesian Financial Service Authority to collaborate with industry players, organising associations, and syariah scholars to boost Islamic financial literacy through sustainable education. In addition, efforts to maintain the uniqueness of I-SCF and its syariah compliancy must be supported by prospective I-SCF providers, even while awaiting their operational permits.
Triangle Syariah Justice Ecosystem: Constructing Business Model of Pension Fund Fahmi Alamil Huda; Andiyani Kurnia
Muslim Business and Economic Review Vol. 1 No. 2 (2022)
Publisher : Muslim Business and Economic Review

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v1i2.66

Abstract

The objective of this paper is to redesign the Indonesian pension fund's business model and management system, and develop new strategies to balance profits, affordability, and sustainability. The authors consider the Malaysian pension system and adapt the INTERDAP application used by PT. Angkasa Pura II. Through this qualitative case study, we apply the foundations of the Triangle Syariah Justice Ecosystem (TSJE) to digitize the pension system and support green investment in the long run by modeling the business strategy, facilitating the business model and supplier relationship management, and creating mutually beneficial management among stakeholders. The study found that Malaysia's pension system has an investment purpose, while that of Indonesia only provides pension loans based on previously agreed cumulative contributions. Malaysia encourages people across the country to save on severance funds, and the pension system is still managed conventionally. Malaysia requires a pension contribution of 23 percent of the employee's base salary, while Indonesia requires a meagre 3 percent. This affects the contribution of pension funds to Gross Domestic Product (GDP), with Malaysia's pension fund accounting for 60 percent of GDP but Indonesia’s accounting for only 6 percent. The authors also consider that to become a developed country, pension funds need to reach 60 percent of GDP by 2045, because 42 percent of the total supply of funds in the infrastructure sector originates from pension funds. The practical implications of this study are on access to information, security, and transparency in the management of pension funds through a digital system supervised by the Syariah Regulator, alongside the Indonesian government's efforts to realize support for the green economy.
The Determinant Factors of Islamic Bank's Profitability in Indonesia During COVID-19 Pandemic (Sep 2019 - Sep 2021) Cynthia Farah Sakina
Muslim Business and Economic Review Vol. 1 No. 1 (2022)
Publisher : Muslim Business and Economic Review

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v1i1.29

Abstract

In this study, we to examine and analyse some factors that will determine Islamic banks profitability level in Indonesia. Some factors such as the influence of inflation, interest rates, NPF, FDR, and CAR will have an impact especially on profitability levels. In this study, we use the quantitative method. We selected the sample using purposive sampling method then referred to three Islamic banks in Indonesia. The data used in this paper were secondary data from the Central Bureau of Statistics (BPS), the Central Bank of Indonesia (BI), and related official websites of Islamic banks. We used the form of quarterly data for the last two years from September 2019 to September 2021. The results indicated that only NPF shows a significant effect on profitability (ROA) in Islamic banks.
Female Entrepreneurship in Leading Digitalization as a Marketing Strategy for Prosperous MSMEs and Women's Empowerment: A Case Study of Latifa Indonesia Popi Rosepti; Catur Niasari
Muslim Business and Economic Review Vol. 1 No. 2 (2022)
Publisher : Muslim Business and Economic Review

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v1i2.72

Abstract

Female entrepreneurship involves a movement where women can empower oneself and share their values with others. This study explores a business initiative led these principles: Latifa Indonesia, a maternal wellbeing therapy business founded by a female entrepreneur named Verawati. It describes the digital marketing strategy implemented by the company and analyzes several its impacts. The research employs a qualitative case study as well as semi-structured interviews, observation, and textual documentation to collect the data required. Thematic analysis, triangulation, and member checking are used while analyzing the obtained data. The finding of this study reveals that the digital marketing strategy used by Latifa Indonesia in establishing its business is implemented through the utilization of some digital platforms such as website, Facebook, and Instagram, but that transactions occur through WhatsApp, which is considered a more user-friendly application. The use of digital platforms positively impacted the company’s development, leading to increasing numbers of both new therapists and customers, improving the company’s accessibility, growing business income, and forming partnerships with other companies. Latifa’s business data from 2021 showed that both customers and income are increasing approximately 20 percent each year since the commencement of the business’ digital marketing strategy in 2017.
Indonesia's National Zakat Agency (BAZNAS): Digital Transformation in Managing Zakat, Infaq and Shadaqah (ZIS) Haryani Santo Hartono
Muslim Business and Economic Review Vol. 1 No. 2 (2022)
Publisher : Muslim Business and Economic Review

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v1i2.67

Abstract

Indonesia's National Zakat Agency (Badan Amil Zakat Nasional, BAZNAS) is an official government agency that manages the zakat of Indonesian people. BAZNAS is tasked with collecting zakat, infaq, and shadaqah (ZIS) from the community and managing the redistribution of funds to recipients. Through digitalization, BAZNAS has made several breakthroughs towards improving their system management. This is in order to improve the performance of BAZNAS in terms of fundraising and distribution, which have a significant impact on BAZNAS' overall performance. This study aims to describe the transformation of BAZNAS in applying digital technology to management. The author conducted research on BAZNAS for two years, from 2019 to 2020, and found that BAZNAS succeeded in formulating its concept for digitalization even prior to the COVID-19 pandemic. As such, BAZNAS was able to quickly move its programs into the digital realm. Further digitalization is also ongoing at BAZNAS. As Indonesia is the country with the largest number of Muslims in the world, the success of BAZNAS as the national zakat institution in Indonesia can serve as a role model for Muslim communities around the world in ZIS management is a key part of the road towards prosperity in the Muslim world.
The Application of Error Correction Model (ECM) in Assessing the Impact of Exchange, Interest, and Inflation Rates on the Gross Domestic Product of Indonesia Milhatun Nisa’
Muslim Business and Economic Review Vol. 1 No. 1 (2022)
Publisher : Muslim Business and Economic Review

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v1i1.31

Abstract

Economic growth is influenced by several factors, both in developing and developed countries, where the indicator of seeing high or low is seen through Gross Domestic Product (GDP). On the other hands, GDP is also influenced by other variables, in this paper the author aims to further review the relationship between GDP and interest rates, exchange rates, and inflation rates in Indonesia using a time-series technique, during the period 2010 Q1 to 2020 Q4. The data for this study were provided by Bank Indonesia and the International Monetary Fund. Since the model has a spurious problem, the error correction model was used to compare the results of the analysis in the long and short run. The cointegration estimation based on trace and max-eigen statistic is greater than the critical value which means it is cointegrated. The findings indicate that in the long run and short run, there are variables insignificantly GDP and there are changes in correlation between variables and GDP in each method that have been used, owing to this further study is needed. When to the one or two aligned macroeconomic variables applied in previous related research, this paper casts an empirical light into understanding the link. Derived from the research results, the Indonesian government should adopt appropriate policies to stabilise the monetary sector, especially the central bank which is deemed essential to improve the flexibility in adjusting and anticipating more economic issues as well as future challenges.
What Drives Consumers to Use Syariah M-Banking to Purchase E-Money? Integration of UTAUT 2 and Mobile Service Quality Alfian Nisa Septiani; Izra Berakon; Ruspita Rani Pertiwi; Mahatva Yoga Adi Pradana; Safwan Kamal
Muslim Business and Economic Review Vol. 1 No. 2 (2022)
Publisher : Muslim Business and Economic Review

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v1i2.68

Abstract

This study investigates what factors persuade consumers to purchase e-money via syariah m-banking applications. Researchers extended the Unified Theory of Acceptance and Use of Technology (UTAUT 2) to find new information as well as to accommodate the limitations and discussions of previous studies. A purposive sampling technique was adapted to select respondent criteria. The collected data from 120 respondents were analyzed using Partial Least Square Structural Equation Modeling (PLS-SEM), supported by WarpPLS 8.0, through three main stages of analysis: measurement model, structural model, and hypothesis testing. Additional analysis was undertaken to produce robust findings by explaining multicollinearity, common method bias, and multigroup analysis by categorizing two groups of respondents (male and female). Researchers found that only social influence and hedonic motivation have a significant effect on trust from the UTAUT 2 model. On the other hand, two exogenous constructs in the mobile service quality model proved to have a significant effect on trust, security (privacy), and practicality. Furthermore, the research showed that trust is a fundamental factor in influencing continuance intention because it produces the largest effect size (f-square) and significant path coefficient value. The findings should encourage all Islamic banking stakeholders and practitioners to increase individual trust by creating educational and innovative programs connected with consuming digital banking services, especially  e-money purchases.

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