Jurnal Ekonomi & Keuangan Islam https://journal.uii.ac.id/JEKI <table style="height: 100%; line-height: 1.5; border-collapse: collapse; width: 100%; padding: 5px;"> <tbody> <tr style="height: 27px; text-align: left;"> <td style="height: 27px; width: 26.8421%;"><span style="font-size: small;">Journal title:</span></td> <td style="height: 27px; width: 72.9825%;"><a href="https://journal.uii.ac.id/JEKI/index"><span style="font-size: small;">Jurnal Ekonomi dan Keuangan Islam | Journal of Islamic Economics and Finance (JEKI)</span></a></td> </tr> <tr style="height: 27px;"> <td style="height: 27px; width: 26.8421%;"><span style="font-size: small;">Journal initials:</span></td> <td style="height: 27px; width: 72.9825%;"><strong><span style="font-size: small;">JEKI</span></strong></td> </tr> <tr style="height: 27px;"> <td style="height: 27px; width: 26.8421%;"><span style="font-size: small;">ISSN:</span></td> <td style="height: 27px; width: 72.9825%;"> <a href="https://issn.brin.go.id/terbit/detail/1317016666"><span style="font-size: small;">2088-9968</span></a> <span style="font-size: small;">(print) </span>| <a href="https://issn.brin.go.id/terbit/detail/1510628337"><span style="font-size: small;">2614-6908</span></a><span style="font-size: small;"> (online)</span></td> </tr> <tr style="height: 27px;"> <td style="height: 27px; valign: center; width: 26.8421%;"><span style="font-size: small;">DOI prefix:</span></td> <td style="height: 27px; width: 72.9825%;" valign="center"><span style="font-size: small;">10.20885/JEKI by </span><img src="https://journal.uii.ac.id/public/site/images/deni/crossref2.png" alt="" width="100" height="31" /></td> </tr> <tr style="height: 27px;"> <td style="height: 27px; width: 26.8421%;"><span style="font-size: small;">Frequency:</span></td> <td style="height: 27px; width: 72.9825%;"><span style="font-size: small;">Published in January and July</span></td> </tr> <tr style="height: 27px; text-align: left;"> <td style="height: 27px; width: 26.8421%;"> <p><span style="font-size: small;">Publisher:</span></p> </td> <td style="height: 27px; width: 72.9825%;"><span style="font-size: small;">Center for Islamic Economics and Development Studies (CIEDS)- P3EI, Faculty of Business and Economics, Universitas Islam Indonesia</span></td> </tr> </tbody> </table> en-US <p style="text-align: justify;">Authors who publish with this journal agree to the following terms:</p><ol><li>Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a <a title="CCAL" href="http://creativecommons.org/licenses/by-sa/4.0/" target="_blank">Creative Commons Attribution License</a> that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.</li><li>Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.</li><li>Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (<a href="http://opcit.eprints.org/oacitation-biblio.html" target="_blank">See The Effect of Open Access</a>).</li></ol> [email protected] (Heri Sudarsono) [email protected] (Muamar Nur Kholid) Sat, 27 Jul 2024 00:00:00 +0000 OJS 3.3.0.10 http://blogs.law.harvard.edu/tech/rss 60 Unlocking the synergy between intellectual capital and cost efficiency in Islamic bank https://journal.uii.ac.id/JEKI/article/view/33098 <p><strong>Purpose –</strong> This study examines the contribution of intellectual capital (IC) to Islamic banks’ cost efficiency.<br /><strong>Methodology –</strong> The data envelopment analysis (DEA) method uses an intermediation approach to measure the cost efficiency of Islamic banks and modified value-added intellectual capital (MVAIC) as a measurement of IC. The sample of this research comprises 11 Islamic commercial banks registered with the financial services authority (Otoritas Jasa Keuangan, OJK) and operating from to 2014-2023. This research method uses the system generalized method of moments (SGMM) regression to analyze the impact of IC on the cost efficiency of Islamic banks. <br /><strong>Findings –</strong> The results showed that IC positively affects the cost efficiency of Islamic banks in Indonesia. Another finding is that human capital (HC) contributes significantly to improving the cost efficiency of Islamic banks. structural capital (SC), capital employed (CE), and relational capital (RC) do not affect the cost efficiency of Islamic banks.<br /><strong>Implications –</strong> This research implies that Islamic banks can determine which IC components require additional investment to improve efficiency and provide future Islamic banking performance-oriented towards new technology.<br /><strong>Originality –</strong> This study seeks to fill the gap in previous research by analyzing the impact of IC and its components on the cost efficiency of Islamic banks.</p> T. Saipul Hadi, Nisful Laila, Nissar Ahmad Yatoo Copyright (c) 2024 T. Saipul Hadi, Nisful Laila, Nissar Ahmad Yatoo https://creativecommons.org/licenses/by-sa/4.0 https://journal.uii.ac.id/JEKI/article/view/33098 Sat, 27 Jul 2024 00:00:00 +0000 Implementing maqasid sharia: Impact on stability of Indonesian Islamic banks https://journal.uii.ac.id/JEKI/article/view/29563 <p><strong>Purpose –</strong> This study analyzes the relationship between maqasid sharia and the stability of Islamic banks in Indonesia.<br /><strong>Methodology –</strong> This study uses annual balanced panel data of eight Islamic banks in Indonesia from to 2010-2020 and utilizes a random effects model (REM) approach with the generalized least squares (GLS) method. The dependent variable is the Z-score as a proxy for bank stability, and the independent variables are bank size, the maqasid index (MI), capital adequacy ratio (CAR), gross domestic product (GDP), inflation, and interest rate.<br /><strong>Findings –</strong> This research reveals that the stability of Islamic banking in Indonesia decreased over the study period, whereas maqasid performance increased. Furthermore, this study shows that the maqasid index and GDP negatively influence the Z-score, while bank size and CAR have a positive influence. We found no influence of inflation or the interest rate on the Z-score. The negative impact of the Maqasid index denotes poor management and financing quality, which is linked to the slanted achievement of the three Maqasid objectives (education, justice, and maslahah) during the study period.<br /><strong>Implications –</strong> Policymakers, industry, and academics can use the research findings as recommendations to strengthen the stability of Islamic banks and their role in promoting welfare.<br /><strong>Originality –</strong> This study employs the maqasid index as a proxy for Islamic bank performance to analyze its influence on bank stability.</p> Adinda Lia Analia, Abdul Hakim, Mohammad Bekti Hendrie Anto, Andika Ridha Ayu Perdana Copyright (c) 2024 Adinda Lia Analia, Abdul Hakim, Mohammad Bekti Hendrie Anto, Andika Ridha Ayu Perdana https://creativecommons.org/licenses/by-sa/4.0 https://journal.uii.ac.id/JEKI/article/view/29563 Sat, 27 Jul 2024 00:00:00 +0000 Drivers and barriers to financial inclusion: New insights from Muslim countries https://journal.uii.ac.id/JEKI/article/view/34301 <p><strong>Purpose –</strong> This study examines the factors driving and barriers to financial inclusion in Organisation of Islamic Cooperation (OIC) countries.<br /><strong>Methodology –</strong> This study employs panel data analysis using fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS) methods. The sample consists of OIC countries from 2011 to 2021.<br /><strong>Findings –</strong> According to the FMOLS model, remittances, bank stability, and government debt are key drivers of long-term financial inclusion, while inflation, trade openness, and economic development act as barriers. Bank competition does not significantly impact financial inclusion. In the DOLS model, remittances and bank stability remain significant drivers, with inflation and economic growth acting as barriers. However, in the long term, financial inclusion is not significantly influenced by government debt or competition.<br /><strong>Implications –</strong> This study offers insights for financial institutions and governments. Financial institutions should improve their access to low-income groups and small businesses. Governments should promote financial inclusion and stability through sound macroeconomic policy. Policymakers can use these findings to focus on key factors for a sustainable economy.<br /><strong>Originality –</strong> This study fills a gap by exploring the factors affecting financial inclusion in OIC countries, a less-studied topic. It also uses additional indicators to measure the financial inclusion index, leading to more comprehensive results.</p> Muhammad Dedat Dingkoroci Akasumbawa, Slamet Haryono, Chairunnisa Copyright (c) 2024 Muhammad Dedat Dingkoroci Akasumbawa, Slamet Haryono, Chairunnisa https://creativecommons.org/licenses/by-sa/4.0 https://journal.uii.ac.id/JEKI/article/view/34301 Sat, 27 Jul 2024 00:00:00 +0000 Stock market responses to Covid-19: Evidence from Jakarta Islamic Index https://journal.uii.ac.id/JEKI/article/view/30995 <p><strong>Purpose –</strong> This study examines the effect of Covid-19 in Indonesia on the value of abnormal returns, trading volume activity, and efficiency of the Jakarta Islamic Index (JII), the Indonesian Islamic stock market.<br /><strong>Methodology –</strong> This study employed the event study model to measure the relationship between important events related to the Indonesian Covid-19 pandemic on stock returns and the stock trading volume of JII indexed companies. Using research analysis techniques in the form of a market-adjusted model, this study determines the period of events before, during, and after the event.<br /><strong>Findings –</strong> This study found that the global Covid-19 announcement, announcement of the new normal, and announcement of the Covid-19 vaccination gave a significant abnormal return reaction to the JII index and did not provide a significant trading volume activity reaction. <br /><strong>Implications –</strong> Indonesia's Islamic stock market, which falls into the semi-strong efficient category, responds quickly to important public information such as Covid-19-related announcements. Investors showed high sensitivity to major news, but trading volumes did not change significantly, indicating a cautious adjustment strategy. The different reactions across sectors, especially industry and energy, highlight the need for investor portfolio diversification. It is important for policymakers to provide clear and timely communication to maintain market stability during crises. Further research is required to understand the long-term impact and extend the coverage of international Islamic stock markets.<br /><strong>Originality –</strong> This study examines several important Covid-19 events that occurred in Indonesia on stock returns and trading volumes in the Indonesian Islamic stock market.</p> Bayu Arie Fianto, Perdana Adi Nugroho, Syed Alamdar Ali Shah, Rogier Busser Copyright (c) 2024 Bayu Arie Fianto, Perdana Adi Nugroho, Syed Alamdar Ali Shah, Rogier Busser https://creativecommons.org/licenses/by-sa/4.0 https://journal.uii.ac.id/JEKI/article/view/30995 Sat, 27 Jul 2024 00:00:00 +0000 Islamic and conventional stocks: Impact of Russia-Ukraine saga on global commodities https://journal.uii.ac.id/JEKI/article/view/31151 <p><strong>Purpose –</strong> This study intends to scrutinize the relationship between oil and gold prices on Indonesia’s Islamic stock market before and during the war between Russia and Ukraine, and compare the nature of sharia and conventional stock during the period of study.<br /><strong>Methodology –</strong> This study uses daily price data of oil price, gold, Islamic index, and LQ45 index. The period spans from 2020 to 2022, which is split into two sub-periods: pre-war and during the war period. Structural vector autoregression (SVAR) was used for data analysis.<br /><strong>Findings –</strong> This study provided three main findings. First, the Islamic index was found to be more exogenous than conventional stock, implying the safe haven properties of Islamic stock. Second, oil prices have a negative and significant impact on both conventional and Islamic stocks. However, Islamic stocks are less affected by oil price shocks than conventional stocks. Lastly, Gold is a safe haven asset for both Islamic and conventional stocks.<br /><strong>Implications –</strong> This study is expected to be beneficial for Islamic investors making investment decisions, particularly in the war period, which is still ongoing and more specific for taking advantage of diversification opportunities.<br /><strong>Originality –</strong> Despite a huge number of studies that investigate the Islamic stock – oil price nexus, this study uncovers the impact of the most recent geopolitical tension during the Russia-Ukraine War.</p> Isnaini Nuzula Agustin, Yulfiswandi Yulfiswandi, Saeeda Rehman, Haseeb Ur Rahman Copyright (c) 2024 Isnaini Nuzula Agustin, Yulfiswandi Yulfiswandi, Saeeda Rehman, Haseeb Ur Rahman https://creativecommons.org/licenses/by-sa/4.0 https://journal.uii.ac.id/JEKI/article/view/31151 Wed, 31 Jul 2024 00:00:00 +0000 How cybercrime sentiment shapes mobile banking adoption in Islamic banking https://journal.uii.ac.id/JEKI/article/view/33767 <p><strong>Purpose –</strong> This study aims to identify the factors influencing the adoption of mobile banking in the context of cybercrime issues in digital banking services by focusing on a case study of Bank Syariah Indonesia (BSI) customers.<br /><strong>Methodology –</strong> This study examined five independent variables as mediators: cybercrime issue sentiment, security perceptions, convenience, digital literacy, cybersecurity awareness, and trust. It involves 100 BSI customer respondents and is analyzed using the SEM-PLS method.<br /><strong>Findings –</strong> The findings indicate that Cybercrime issue sentiment and perceived security positively impact trust. However, this trust does not influence mobile banking adoption, suggesting that other factors may dominate adoption decision-making. Convenience and cybersecurity awareness affect mobile banking adoption, whereas digital literacy does not.<br /><strong>Implications –</strong> Cybercrime is a crucial aspect of mobile banking usage, making customer awareness essential. To increase customer trust, BSI needs to strengthen and enhance digital security and educate customers about cybersecurity risks. Improving the convenience of mobile banking services is crucial to attracting more users. Cybersecurity awareness is also essential; therefore, BSI needs to conduct educational programs and campaigns to improve digital literacy and reduce the negative impact of cybercrime.<br /><strong>Originality –</strong> The implications provide insights for banks, especially BSI, in maintaining customer trust and increasing mobile banking adoption. The results are expected to assist customers and BSI in focusing on cybersecurity, protecting personal data, and enhancing user convenience. Understanding the factors influencing mobile banking adoption in the continually evolving digital banking environment can help banks take relevant action and focus on customer needs.</p> Yenny Kornitasari, Langlang Jati Sura, Dita Nurul Aini Mustika Dewi Copyright (c) 2024 Yenny Kornitasari, Langlang Jati Sura, Dita Nurul Aini Mustika Dewi https://creativecommons.org/licenses/by-sa/4.0 https://journal.uii.ac.id/JEKI/article/view/33767 Wed, 31 Jul 2024 00:00:00 +0000 Thayib standardization for Muslim friendly public worship facilities in Indonesia https://journal.uii.ac.id/JEKI/article/view/33288 <p><strong>Purpose –</strong> This study aims to determine the ideal standardization of public worship facilities in Muslim-friendly tourist destinations as the availability of those facilities, such as prayer rooms and toilets, is very important for Muslim tourists. <br /><strong>Methodology –</strong> This study uses a factor analysis approach. Samples were obtained using a convenience sampling technique, with a total sample of 326 respondents from various provinces throughout Indonesia. The process was carried out after going through a focus group discussion (FGD) as a screening stage for the questions used in the quantitative analysis. <br /><strong>Findings –</strong> The results of this study indicate that there are two recommended factors for the standardization of prayer facilities and four for the standardization of toilet facilities. Implementing these factors affects tourists' intentions to revisit destinations or recommend such destinations to other travelers. <br /><strong>Implications –</strong> This research is believed to be authentic because it offers a model of standardization of public facilities in Muslim-friendly tourism areas for the halal industry, as well as provides a comprehensive review of the underlying literature. Thus, this study is expected to have a significant impact on both practical and theoretical knowledge.<br /><strong>Originality –</strong> This research is considered original and important for both practice and theory fields to provide a standardization that can be applied especially for Muslim-friendly tourism.</p> Ronald Rulindo, Fadhil Akbar Purnama, Rosviana Rosida Copyright (c) 2024 Ronald Rulindo, Fadhil Akbar Purnama, Rosviana Rosida https://creativecommons.org/licenses/by-sa/4.0 https://journal.uii.ac.id/JEKI/article/view/33288 Tue, 06 Aug 2024 00:00:00 +0000 The role of trust on investors' intention to shares waqf in Indonesia https://journal.uii.ac.id/JEKI/article/view/33220 <p><strong>Purpose –</strong> This study examines the direct and indirect relationships between the variables of waqf literacy, reputation, and integrity and investors' intentions in waqf shares.<br /><strong>Methodology –</strong> This study uses the Smart Equation Modeling (SEM) analysis approach with SEM PLS 4.0. A total of 247 investors were obtained through the questionnaire distribution.<br /><strong>Findings –</strong> The results of this study indicate that waqf literacy, reputation, and integrity have a significant positive direct effect on trust and investor intention in waqf shares. The trust variable has a significantly positive effect on investor intention in waqf shares. The trust variable can moderate the influence of waqf literacy, reputation, and integrity on investor intention in waqf shares.<br /><strong>Implications –</strong> For future researchers to enrich research on share waqf by adding other factors, discussing case studies specifically on share waqf nazirs, and comparing their management with other countries. To establish cooperation with stock exchange members who have Sharia Online Trading System (SOTS) services to make it easier for investors to share waqf. <br /><strong>Originality –</strong> This study adds trust variables as mediation for other variables and revalidates the results of the influence of waqf literacy, reputation, and integrity on investor intention in waqf shares.</p> Irsyad Ali Amin, M. Nur Rianto Al Arif Copyright (c) 2024 Irsyad Ali Amin, M. Nur Rianto Al Arif https://creativecommons.org/licenses/by-sa/4.0 https://journal.uii.ac.id/JEKI/article/view/33220 Tue, 06 Aug 2024 00:00:00 +0000 The Mutual fund investment performance: Indonesia Sharia stock index as characteristics moderating model https://journal.uii.ac.id/JEKI/article/view/32282 <p><strong>Purpose –</strong> This study investigates how the Sharia stock price index influences the relationship between various factors, such as the expense ratio, portfolio turnover ratio, cash ratio, age, size, and characteristics of Sharia mutual funds, and their overall performance. <br /><strong>Methodology –</strong> This study employed a quantitative descriptive research method to analyze 316 populations. Purposive sampling was used to obtain a total of 51 samples. We used research tools for data collection and SMART PLS 4 statistical software to analyze the collected data. <br /><strong>Findings –</strong> The characteristics of ISSI-moderated mutual funds have a significant positive effect on the performance of Sharia mutual funds. To achieve better performance, investment managers must incur high costs in implementing active strategies. The more active the investment manager is in trading by looking at existing opportunities, the better the performance of the Sharia Mutual Funds. <br /><strong>Implications –</strong> The implications of this research indicate that the movement of the Sharia stock price index can strengthen the positive causal relationship between several characteristics of Sharia mutual funds. The effects of Sharia mutual fund portfolio instruments, including shares, bonds, and deposits from the Sharia banking industry, also contribute to improving the performance of Sharia mutual funds in Indonesia.<br /><strong>Originality –</strong> This study investigates the moderating role of the Sharia stock price index on several characteristics of Sharia mutual funds, including the expense ratio, portfolio turnover ratio, cash ratio, age of the mutual funds, and size of the mutual funds, in relation to their performance.</p> Musdalifah Azis, Dedy Darmalaksana, Suryaningsi Suryaningsi, Muhammad Sukar Jaafar Copyright (c) 2024 Musdalifah Azis, Dedy Darmalaksana, Suryaningsi Suryaningsi, Muhammad Sukar Jaafar https://creativecommons.org/licenses/by-sa/4.0 https://journal.uii.ac.id/JEKI/article/view/32282 Mon, 12 Aug 2024 00:00:00 +0000 Influence of Sharia compliance on MSMEs' intention to use Islamic crowdfunding in Indonesia https://journal.uii.ac.id/JEKI/article/view/33057 <p><strong>Purpose –</strong> The primary objective of this research is to analyze the influence of Sharia Compliance on increasing the intention of Micro, Small, and Medium-sized Business Owners to use Islamic crowdfunding in Indonesia.<br /><strong>Methodology –</strong> This research employed a mixed method, utilizing purposive sampling for data collection. This study targeted Micro, Small, and Medium Enterprises (MSME) owners in Jakarta in April 2021. Data were collected through the online distribution of questionnaires to 75 respondents and in-depth interviews were conducted with three informants. Subsequently, the data were processed using partial least squares analysis with SmartPLS software.<br /><strong>Finding –</strong> The results of this research indicate that the variable of sharia compliance had a direct and significant influence on perception, whilst the variables of ease of use, knowledge and subjective norms had no influence on perception. Sharia compliance was a significant factor influencing intention. Meanwhile, ease of use, knowledge, subjective norms, and perception were not statistically significant in relation to intention. Perception cannot function as a mediating variable.<br /><strong>Implication –</strong> The function and role of the Sharia Supervisory Board (SSB) in the business of Islamic crowdfunding is very important and strategic, so that ‘sharia compliance’ can truly be accomplished.<br /><strong>Originality –</strong> The original contribution of this research lies in emphasizing that Sharia compliance truly needs to be integrated into the business process of Islamic crowdfunding.</p> Hendratmoko Hendratmoko , Muhamad Nadratuzzaman Hosen, Muafi Muafi Copyright (c) 2024 Hendratmoko , Muhamad Nadratuzzaman Hosen, Muafi Muafi https://creativecommons.org/licenses/by-sa/4.0 https://journal.uii.ac.id/JEKI/article/view/33057 Thu, 15 Aug 2024 00:00:00 +0000