https://journal.uii.ac.id/RISFE/issue/feedReview of Islamic Social Finance and Entrepreneurship2024-09-07T00:00:00+00:00Priyonggo Suseno[email protected]Open Journal Systems<table style="height: 100%; line-height: 1.5; border-collapse: collapse; width: 100%; padding: 8px;"> <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/RISFE"><span style="font-size: small;">Review of Islamic Social Finance and Entrepreneurship</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%;"><span style="font-size: small;"><strong>RISFE</strong></span></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%;"> <span style="font-size: small;"><a href="https://portal.issn.org/resource/ISSN/2963-847X">2963-847X (online)</a></span></td> </tr> <tr style="height: 27px;"> <td style="height: 27px; width: 26.8421%;"><span style="font-size: small;">DOI prefix:</span></td> <td style="height: 27px; width: 72.9825%;"><span style="font-size: small;">10.20885/RISFE by <img src="https://journal.uii.ac.id/public/site/images/deni/crossref2.png" alt="" width="100" height="31" /></span></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 March and September</span></td> </tr> <tr style="height: 27px; text-align: left;"> <td style="height: 27px; width: 26.8421%;"><span style="font-size: small;">Publisher:</span></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> <hr />https://journal.uii.ac.id/RISFE/article/view/35789The impact of socio-cultural factors on entrepreneurial failure in Soran city2024-08-07T02:28:18+00:00Ehsan Salih[email protected]Emdad Khaleel Mahmood[email protected]Zhian Bwrhan Mustafa[email protected]Samian Karim Ado[email protected]Rebar Maghdid Ahmad[email protected]<p><strong>Purpose –</strong> The purpose of this study is to explore the impact of socio-cultural factors on entrepreneurial failure in Soran City, aiming to identify the key cultural influences that affect entrepreneurial outcomes and to propose a theoretical framework that explains these dynamics.<br /><strong>Methodology –</strong> The research employed a qualitative approach, conducting structured interviews with 10 purposively sampled entrepreneurs who hold leadership roles in the entrepreneurial community of Soran. Data collection involved preparing, structuring, and organizing interview transcripts, followed by coding to identify themes and patterns. The analysis then focused on interpreting the socio-cultural significance of the identified factors in relation to entrepreneurial failure.<br /><strong>Findings –</strong> This study found that socio-cultural factors significantly influence entrepreneurial outcomes. The key factors identified included societal values and norms, gender roles, family background, and educational background. While gender did not emerge as a prominent factor in this study, other socio-cultural elements played a critical role in shaping entrepreneurial success or failure.<br /><strong>Implications –</strong> The findings highlight the importance of understanding cultural nuances in entrepreneurship. The study suggests that promoting an entrepreneurial culture through targeted community training workshops, educational courses, and media initiatives could enhance entrepreneurial activity and reduce the risk of failure in Soran.<br /><strong>Originality –</strong> This research introduces the multidimensional socio-cultural constraints theory (MDSC Theory), which provides a novel explanation of how various socio-cultural factors cumulatively contribute to entrepreneurial failure. This theory offers a new perspective on the challenges faced by entrepreneurs in culturally specific contexts, emphasizing the need for culturally informed strategies to foster entrepreneurial success.</p>2024-09-07T00:00:00+00:00Copyright (c) 2024 Ehsan Salih, Emdad Khaleel Mahmood, Zhian Bwrhan Mustafa, Samian Karim Ado, Rebar Maghdid Ahmadhttps://journal.uii.ac.id/RISFE/article/view/35469A Bibliometric analysis of green sukuk literature2024-08-07T02:32:49+00:00Syamsi Mustofa Singgih Prayogo[email protected]Aji Raditya[email protected]Adel Sarea[email protected]<p><strong>Purpose –</strong> The objective of this study is to provide a comprehensive analysis of the current body of literature on green sukuk.<br /><strong>Methodology –</strong> To achieve this objective, this study uses a bibliometric analysis and visualization and mapping of green sukuk research from to 2015-2023. The process of retrieving data through the Scopus database with the keywords "green sukuk" OR "global green sukuk" OR "retail green sukuk" OR "project based green sukuk.” <br /><strong>Findings –</strong> The findings included the identification of the most pertinent journals, highly cited articles, prominent authors, nations with prolific publishing in green sukuk, top research affiliations, and journal quality. The study also highlights the fundamental factors that contribute to the emergence of green sukuk, such as the incorporation of Islamic finance principles, adherence to green bond standards, emphasis on sustainability, implementation of environmental, social, and governance (ESG) principles, and the desire of investors to buy such instruments. <br /><strong>Implications –</strong> This study examines the effects of government policies on the issuance of green sukuk to support all 2030 Sustainable Development Goals (SDGs) programs, particularly in mitigating and preventing the negative effects of climate change. Furthermore, it examines the potential consequences for future studies, as other scholars can use the discoveries of this analysis to investigate new research prospects concerning the correlation between green sukuk and sustainable development goals (SDGs).<br /><strong>Originality –</strong> The analysis provides insights into the evolution of green sukuk, identifies gaps in current research, and highlights emerging areas of interest. </p>2024-09-12T00:00:00+00:00Copyright (c) 2024 Syamsi Mustofa Singgih Prayogo, Aji Raditya, Adel Sareahttps://journal.uii.ac.id/RISFE/article/view/35448Examining Gen Z's intention using halal toiletries: Theory of planned behavior and perceived risk2024-08-07T03:00:06+00:00Listia Andani[email protected]Mayang Bundo[email protected]Arroyyan Ramly[email protected]<p><strong>Purpose –</strong> This study aimed to formulate a conceptual framework to investigate the influence of attitude, perceived behavioral control, subjective norms, financial risk, social risk, and security risk on the intention to use halal toiletries among Gen Z consumers in West Java.<br /><strong>Methodology –</strong> Purposive sampling was used in this study. The respondents were 400 Gen Z Muslims residing in West Java Province. Data analysis was conducted using Structural Equation Modeling with Partial Least Squares (SEM-PLS).<br /><strong>Findings –</strong> Variables from the Theory of Planned Behavior (attitude, subjective norms, and perceived behavioral control) positively influenced the intention to use halal toiletries. Financial, social, and security risks negatively impact Gen Z consumers' intentions to use halal toiletries.<br /><strong>Implications –</strong> Halal toiletries should focus on enhancing product performance to receive positive consumer feedback and increase interest. Additionally, they need to promote community engagement; improve product accessibility and user-friendliness; and address security, social, and financial risks to effectively boost consumer intention.<br /><strong>Originality –</strong> This research integrates components of risk perception with the Theory to create a comprehensive framework for understanding Gen Z’s intention to use halal toiletries. It contributes to the literature by highlighting how specific types of risks impact consumer intentions and offers actionable recommendations for the halal toiletries industry based on empirical evidence.</p>2024-09-07T00:00:00+00:00Copyright (c) 2024 Listia Andani, Mayang Bundo, Arroyyan Ramlyhttps://journal.uii.ac.id/RISFE/article/view/35208Integration of productive waqf in Sharia insurance: Enhancing investment and life protection2024-08-07T02:54:27+00:00Hisam Ahyani[email protected]Ending Solehudin[email protected]Naeli Mutmainah[email protected]Nurul Ilyana Muhd Adnan[email protected]<p><strong>Purpose –</strong> This study investigates the integration of productive waqf into Sharia insurance in Indonesia and its contribution to investment benefits and life protection. It aims to explore how waqf can enhance the economic and social impacts of Sharia insurance products.<br /><strong>Methodology –</strong> A qualitative approach was employed, involving a comprehensive review of the literature on waqf, Sharia insurance, and Islamic finance. Additionally, interviews were conducted with experts in Sharia insurance and waqf management to gather insights into the current practices and challenges.<br /><strong>Findings –</strong> This study reveals that productive waqf initiatives within Sharia insurance have the potential to significantly improve investment returns and expand the scope of life protection benefits offered to participants. It identifies key areas in which waqf funds can be deployed effectively, such as long-term investment projects and social welfare programs.<br /><strong>Implications –</strong> The findings have practical implications for policymakers, Sharia insurance providers, and waqf administrators in enhancing collaboration to maximize the socio-economic benefits of waqf. By integrating waqf into insurance products, stakeholders can foster sustainable development and financial inclusivity.<br /><strong>Originality –</strong> This study contributes to the literature by offering insights into the innovative use of waqf within the dynamic context of Sharia insurance. It underscores the originality of leveraging waqf assets to address contemporary socioeconomic challenges and promote ethical finance principles.</p>2024-09-10T00:00:00+00:00Copyright (c) 2024 Hisam Ahyani, Ending Solehudin, Naeli Mutmainah, Nurul Ilyana Muhd Adnanhttps://journal.uii.ac.id/RISFE/article/view/35166Enhancing loyalty in Islamic hospitals: Exploring customer experience as mediating variables2024-08-06T16:04:48+00:00Chamdan Purnama[email protected]Mirhamida Rahmah[email protected]Dinda Fatmah[email protected]Syaiful Hasani[email protected]Yusriyah Rahmah[email protected]Zakiyah Zulfa Rahmah[email protected]Sugeng Mulyono[email protected]Chairul Anam[email protected]<p><strong>Purpose –</strong> This study investigates the impact of service quality and corporate image on customer experience and loyalty within health institutions.<br /><strong>Methodology –</strong> Utilizing a correlation research design, data were collected from 80 hospital patients using a purposive sampling technique. Data were analyzed using regression analysis in SPSS version 25.<br /><strong>Findings –</strong> The findings reveal that Service quality and corporate image significantly enhance customer experience. Moreover, while service quality directly influences loyalty, the impact of corporate image on loyalty is mediated by customer experience.<br /><strong>Implications –</strong> The study suggests Hospitals should focus on improving service efficiency, communication, and patient satisfaction in order to strengthen patient loyalty. Additionally, cultivating a positive corporate image through patient interactions can further enhance the customer experience, leading to increased loyalty. <br /><strong>Originality –</strong> This study introduces a novel conceptual model that integrates customer experience as a mediating variable to explain loyalty dynamics in health institutions. This study's contributions are particularly relevant for hospital management, although the relatively small sample size may limit the broader applicability of the results. </p>2024-09-07T00:00:00+00:00Copyright (c) 2024 Chamdan Purnama, Mirhamida Rahmah, Dinda Fatmah; Syaiful Hasani; Yusriyah Rahmah, Zakiyah Zulfa Rahmah, Sugeng Mulyono, Chairul Anamhttps://journal.uii.ac.id/RISFE/article/view/35091Innovation in Islamic finance: Review of organized banking Tawarruq2024-08-17T14:06:51+00:00Muhammad Abdullah Dewaya[email protected]<p><strong>Purpose –</strong> This research aims to discuss innovation in Islamic finance and banking products by analyzing organized banking Tawarruq as a sample of innovation. Innovation in Islamic finance is to provide Sharī῾ ah-compliant solutions for the actual needs of the industry. Studying organized banking Tawarruq was essential because it was a practical solution for cash financing as an alternative to ribā-based loans. This approach helped identify the challenges and opportunities for the development of Sharī῾ah structures and set innovation boundaries, goals, and impacts. <br /><strong>Methodology –</strong> This is an analytical qualitative study. It analyzed contemporary research papers from three major markets: Indonesia, Malaysia, and the GCC. The focus was on organized Tawarruq because its innovation was for liquidity and cash purposes, which is a vital matter for financing and a challenge for Islamic banks. <br /><strong>Findings –</strong> The organized Tawarruq and international Commodity Murābaḥah detailed applications may vary in different regions. There have been attempts to improve these shortcomings and provide a remedy to Sharī῾ah non-compliance. Standardizing pragmatic filters to avoid non-Sharī῾ah compliance and focus on moral and ethical guidelines is necessary to preserve the growth and reputation of Islamic finance. Integrating Islamic finance and Islamic social finance can create new opportunities for socially responsible innovations.<br /><strong>Implications –</strong> These calls for Islamic banks to invest more in innovation. Create R&D funds to provide innovative, viable, and Sharī῾ah compliant liquidity solutions. <br /><strong>Originality –</strong> Evaluating the organized Tawarruq and commodity Murābaḥah from an innovation perspective is a unique approach to learn from existing shortcomings and avoid reproducing the same mistakes.</p>2024-09-12T00:00:00+00:00Copyright (c) 2024 Muhammad Abdullah Dewayahttps://journal.uii.ac.id/RISFE/article/view/34477Public entrepreneurship, municipal performance, and political capacity's moderating role in Niger state2024-08-07T04:00:38+00:00Mohammed Ahmed[email protected]Mohammed-Bello Habiba Umar[email protected]<p><strong>Purpose –</strong> This study investigates the moderating role of political capacity (PC) in the relationship between public entrepreneurship (PE) and local government performance (LGP) in Niger State, Nigeria, using structural equation Modelling (SEM).<br /><strong>Methodology –</strong> This study is a quantitative research based on a sample of 1,396 employees from four local government areas in Niger State, Nigeria. A non-probability sampling method was utilized, and the data were analyzed using STATA version 17 to obtain descriptive statistics, perform a normality test, assess factor loadings, and conduct correlation and SEM analyses.<br /><strong>Findings –</strong> The analysis revealed that the mean values of public entrepreneurship, political capacity, and local government performance were low. The SEM analysis found that political capacity significantly moderates the relationship between public entrepreneurship and local government performance and establishes a direct relationship between public entrepreneurship, political capacity, and the performance of local governments.<br /><strong>Implications –</strong> This study suggests that political capacity should be considered in the administration of local governments, as it can lead to more effective management of municipalities.<br /><strong>Originality –</strong> No previous research has explored the relationship between political capacity, public entrepreneurship, and local government performance using SEM in the context of local government administration.</p>2024-09-10T00:00:00+00:00Copyright (c) 2024 Mohammed Ahmed, Mohammed-Bello Habiba Umarhttps://journal.uii.ac.id/RISFE/article/view/33372Does Covid 19 affect the income of Muslim entrepreneurs? Case study of culinary MSMEs in Surakarta2024-03-11T03:09:18+00:00Farah Dewayanti[email protected]Ari Rudatin[email protected]Andika Ridha Ayu Perdana[email protected]<p><strong>Purpose –</strong> This study aims to analyze the influence of sales turnover, business age, number of employees, operating hours, and Covid-19 on the income of Micro, Small and Medium Enterprises (MSMEs) in the culinary sector in the City of Surakarta, Central Java.<br /><strong>Method –</strong> This study adopts a quantitative approach and uses primary data. Data were collected using a purposive random sampling technique. The analysis was performed using the E-Views method with multiple linear regression following the Mackinnon White and Davidson (MWD) model. The dependent variable is MSME income in the culinary sector, while the independent variables include sales turnover, business age, number of employees, operating hours, and the impact of Covid-19 <br /><strong>Findings –</strong> The results show that sales turnover, number of employees, and the impact of Covid-19 have a positive influence on MSME income in the culinary sector of Surakarta City. However, business age and operating hours have a negative influence on MSME income.<br /><strong>Implications –</strong> These findings have important implications for Muslim entrepreneurs striving for innovation in seizing opportunities during crises. The ability of Muslim entrepreneurs to utilize technology-based marketing can increase their income during crises. Technology makes indirect selling more accessible to MSMEs to increase income because the market reach is broader.<br /><strong>Originality –</strong> This research differs from previous studies in terms of the research location, which is the city of Surakarta. The data used are primary data during the Covid-19 outbreak, and the respondents are Muslim entrepreneurs managing MSMEs in the city of Surakarta.</p>2024-03-27T00:00:00+00:00Copyright (c) 2024 Ari Rudatin, Farah Dewayanti, Andika Perdanahttps://journal.uii.ac.id/RISFE/article/view/33293Young Muslim generations and sadaqah through digital platforms: Do sadaqah literacy and religiosity matter?2024-03-03T13:44:26+00:00Ahmad Santoso[email protected]Heri Sudarsono[email protected]Weni Hawariyuni[email protected]<p><strong>Objective –</strong> This study aimed to analyze the factors influencing the intention of the young Muslim generation to pay sadaqah through digital platforms.<br />Research methods – This study modifies the Unified Theory of Acceptance and Use of Technology (UTAUT) by adding sadaqah literacy and religiosity as constructs of the model. The respondents were 108 young Muslims who had paid sadaqah through a digital platform at BSI Maslahah.<br /><strong>Findings –</strong> The results show that sadaqah literacy, performance expectations, and religiosity have a significant influence on the intention of the young Muslim generation to use digital sadaqah payments through BSI Maslahat. However, business expectations, social influence, and facilitating conditions have no effect on this intention. These findings emphasize that sadaqah literacy and religiosity are important in determining the decision of the young Muslim generation to pay sadaqah using digital platforms.<br /><strong>Implications –</strong> Sadaqah literacy and religiosity have been proven to influence the intention of the young Muslim generation to pay for digital sadaqah at BSI Maslahah. Therefore, efforts to increase literacy need to be made by providing information about sadaqah. In addition, the BSI Maslahat needs to increase the religiosity of the young Muslim generation by collaborating with related institutions.<br /><strong>Originality –</strong> Research on the intention of the younger generation of Muslims to pay sadaqah digitally has not been carried out much by previous research. Apart from that, there has been no similar research focusing on the influence of sadaqah and religious literacy on the intention of the young Muslim generation to pay digital sadaqah at BSI Maslahah.</p>2024-03-27T00:00:00+00:00Copyright (c) 2024 Heri Sudarsono, Ahmad Santoso, Weni Hawariyunihttps://journal.uii.ac.id/RISFE/article/view/33194The mediating effect of perceived value on customer loyalty of BMT NU East Java2024-03-01T08:33:37+00:00Mohamad Mondir[email protected]Siti Habibatur Rahma[email protected]<p><strong>Purpose –</strong> The purpose of this research is to analyze and examine the effect of Islamic marketing mix, service quality, and product quality on BMT customer loyalty, with perceived value as a mediating variable.<br /><strong>Methodology –</strong> This study is a quantitative research with 200 samples of BMT NU East Java customers. It uses non-probability sampling, and data collected will be analyzed with the help of SPSS software to obtain statistical correlation and regression techniques (validity test, reliability test, classic assumption test, path analysis, t-test, and trimming test).<br /><strong>Findings –</strong> The results show that service quality and product quality have a significant effect on perceived value and customer loyalty, while the Islamic marketing mix has no significant effect on perceived value and customer loyalty. Meanwhile, perceived value has a significant effect on customer loyalty. Perceived value can mediate the Islamic Marketing mix, service quality, and product quality variables in customer loyalty.<br /><strong>Implications –</strong> This research provides input for related parties, especially BMT NU East Java and every further Islamic financial institution, to optimize services and financial products to get more attention from customers, both new customers and old customers.<br /><strong>Originality –</strong> There is no research that discusses microfinance (BMT NU) using perceived value, product quality, service quality, and Islamic marketing mix as variables. These variables are variable that have most effect on loyalty of microfinance’s consumers.</p>2024-03-27T00:00:00+00:00Copyright (c) 2024 Mohamad Mondir, Siti Habibatur Rahma