Review of Islamic Social Finance and Entrepreneurship
https://journal.uii.ac.id/RISFE
<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%;">Journal title:</td> <td style="height: 27px; width: 72.9825%;"><a href="https://journal.uii.ac.id/RISFE">Review of Islamic Social Finance and Entrepreneurship</a></td> </tr> <tr style="height: 27px;"> <td style="height: 27px; width: 26.8421%;">Journal initials:</td> <td style="height: 27px; width: 72.9825%;"><strong>RISFE</strong></td> </tr> <tr style="height: 27px;"> <td style="height: 27px; width: 26.8421%;">ISSN:</td> <td style="height: 27px; width: 72.9825%;"> <a href="https://portal.issn.org/resource/ISSN/2963-847X">2963-847X (online)</a></td> </tr> <tr style="height: 27px;"> <td style="height: 27px; width: 26.8421%;">DOI prefix:</td> <td style="height: 27px; width: 72.9825%;">10.20885/RISFE by <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%;">Frequency:</td> <td style="height: 27px; width: 72.9825%;">Published in March and September</td> </tr> <tr style="height: 27px; text-align: left;"> <td style="height: 27px; width: 26.8421%;">Publisher:</td> <td style="height: 27px; width: 72.9825%;">Center for Islamic Economics and Development Studies (CIEDS)- P3EI, Faculty of Business and Economics, Universitas Islam Indonesia</td> </tr> </tbody> </table> <hr />Center for Islamic Economics and Development Studies [P3EI]en-USReview of Islamic Social Finance and Entrepreneurship2963-847X<p>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="Creative Commons Attribution-ShareAlike 4.0 International License" href="https://creativecommons.org/licenses/by-sa/4.0/" target="_blank" rel="license noopener">Creative Commons Attribution-ShareAlike 4.0 International License</a> that allows others to share the work with an acknowledgement 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 acknowledgement 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" rel="noopener">See The Effect of Open Access</a>).</li> </ol>Does Covid 19 affect the income of Muslim entrepreneurs’ incomes? Case study of culinary MSMEs in Surakarta
https://journal.uii.ac.id/RISFE/article/view/33372
<p><strong>Purpose –</strong> This study aims to analyze the influence of business capital, length of business operations, number of workers, operational hours, and the impact of 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 MWD (linear) model. The dependent variable is MSME income in the culinary sector, while the independent variables include the number of workers, business capital, length of business operations, operating hours, and COVID-19 as a dummy variable.<br /><strong>Findings –</strong> The results show that business capital, number of workers, and the impact of COVID-19 have a positive influence on MSME income in the culinary sector of Surakarta City. However, the length of business operations and operational hours negatively influence the income of MSMEs.<br /><strong>Implications –</strong> These findings have important implications for stakeholders including MSME owners, governments, and researchers. Understanding the factors influencing MSME income in the culinary sector can help develop policies that support the growth and sustainability of MSMEs in the future.<br /><strong>Originality –</strong> This research contributes to the literature by analyzing the influence of various factors on MSME income in the culinary sector and explaining the impact of COVID-19 as a dummy variable in the context of MSME income</p>Farah DewayantiAri RudatinAndika Perdana
Copyright (c) 2024 Ari Rudatin, Farah Dewayanti, Andika Perdana
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2024-03-272024-03-27Young Muslim generations and sadaqah through digital platforms: Do sadaqah literacy and religiosity matter?
https://journal.uii.ac.id/RISFE/article/view/33293
<p style="margin: 0cm 0cm 6.0pt 0cm;"><span class="c-pjlv"><span lang="EN-ID"><strong>Objective –</strong> This study aims to analyze the factors that influence young Muslims’ intention to use sadaqah payments through digital platforms.</span></span></p> <p style="margin: 0cm 0cm 6.0pt 0cm;"><span class="c-pjlv"><span lang="EN-ID"><strong>Research methods –</strong> This study modified 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 via a digital platform at BSI Maslahah.</span></span></p> <p style="margin: 0cm 0cm 6.0pt 0cm;"><span class="c-pjlv"><span lang="EN-ID"><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 for sadaqah using digital platforms.</span></span></p> <p style="margin: 0cm 0cm 6.0pt 0cm;"><span class="c-pjlv"><span lang="EN-ID"><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 should be made by providing information about sadaqah. In addition, BSI Maslahat needs to increase the religiosity of the young Muslim generation by collaborating with related institutions.</span></span></p> <p style="margin: 0cm 0cm 6.0pt 0cm;"><span class="c-pjlv"><span lang="EN-ID"><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 this, 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.</span></span></p>Ahmad SantosoHeri SudarsonoWeni Hawariyuni
Copyright (c) 2024 Heri Sudarsono, Ahmad Santoso, Weni Hawariyuni
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2024-03-262024-03-26The mediating effect of perceived value on customer loyalty of BMT NU Jawa Timur
https://journal.uii.ac.id/RISFE/article/view/33194
<p><strong>Purpose –</strong> The purpose of this research is to analyze and examines the effect of Islamic marketing mix, service quality and product quality towards BMT NU Jawa Timur’s customer loyalty with perceived value as mediating variable<br /><strong>Methodology –</strong> This study is a quantitative research with 200 samples from BMT NU Jawa Timur’s customers. It uses non-probality 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>Mohamad MondirSiti Habibatur Rahma
Copyright (c) 2024 Mohamad Mondir, Siti Habibatur Rahma
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2024-03-272024-03-27Transformation of cash waqf management in Indonesia: Insights into the development of digitalization
https://journal.uii.ac.id/RISFE/article/view/33133
<p><strong>Purpose –</strong> This study intends to provide an in-depth explanation of the importance of transforming cash waqf management in Indonesia through a digitalization platform.<br /><strong>Methodology –</strong> This study was based on library research. The data collection techniques used in this study were literature review and documentation. Data analysis techniques are in the form of content analysis. The stages of content analysis in this research were carried out by determining the problem, compiling a framework of thought, compiling methodological tools, analyzing literature data, and interpreting the data that have been obtained.<br /><strong>Findings –</strong> The findings of this study suggest that cash waqf innovation through digital platforms has proven to be an applicable solution. The transformation of cash waqf management through digital platforms has proven to accelerate the growth of waqf assets and the benefits of waqf for the improvement of community welfare and to increase public knowledge and awareness of cash waqf. The constraints of digital cash waqf development in Indonesia are the lack of qualified and professional nazirs and human resources, strong business network for digital cash waqf development, digital cash waqf socialization among the public, and popularity of digital waqf institutions.<br /><strong>Implications –</strong> This research is useful for improving the transformation of cash waqf management through digitalization, which has demanded collaboration and synergy between the Indonesian government and Zakat institutions.<br /><strong>Originality –</strong> This study examines the digital transformation model of cash waqf management in Indonesia.</p>Hendri Hermawan AdinugrahaMuhammad ShulthoniZohaib Hassan Sain
Copyright (c) 2024 Hendri Hermawan Adinugraha, Muhammad Shulthoni, Zohaib Hassan Sain
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2024-03-262024-03-26Zakat-based urban farming: A tool for poverty alleviation, community empowerment, financial inclusion, and food security
https://journal.uii.ac.id/RISFE/article/view/31847
<p><strong>Purpose –</strong> This study introduces a zakat-based model aimed at poverty reduction and enhancing food security in urban settings. Drawing upon the principles of Islamic social finance, the model integrates urban farming with the utilization of zakat, charity, and corporate social responsibility funds, offering sustainable financial avenues for disadvantaged individuals and social enterprises. The primary objective of this research is to design and pilot test a practical model that not only generates consistent financial income, but also bolsters food security and advances financial inclusion. <br /><strong>Methodology –</strong> This study reviews various models that have used Zakat funds for economic empowerment, conduct interviews, and hold focus group discussions. It proposes a zakat-based urban farming model for poverty alleviation and community empowerment using the theory of change. In collaboration with a leading Islamic bank in Malaysia, the model was pilot tested across selected residential communities in Malaysia. <br /><strong>Findings –</strong> The research findings demonstrated positive impacts both at the individual participant level and within the broader community. Serving as a replicable blueprint, this project envisions the transformation of urban spaces into productive landscapes, thereby ensuring sustainable livelihood, amplifying food security, and promoting financial inclusion. <br /><strong>Implications –</strong> Through this Zakat-based approach, the research underscores the profound impact of urban farming in catalyzing socio-economic change and advancing efforts towards poverty alleviation.<br /><strong>Originality –</strong> No previous research has introduced and pilot-tested Zakat-based urban farming solutions for Islamic financial institutions as a tool for Poverty Alleviation and financial inclusion.</p>Kinan SalimBaharom Abdul HamidZiyaad MahomedWiaam Hassan
Copyright (c) 2024 Kinan Salim, Baharom Abdul Hamid, Ziyaad Mahomed, Wiaam Hassan
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2024-03-272024-03-27Does Islamic social finance promote the quality of human resources?
https://journal.uii.ac.id/RISFE/article/view/31365
<p><strong>Purpose –</strong> This study aims to examine the contribution of Islamic social finance (ISF) distribution by sector (health, education, and economy) to the three dimensions of the human development index (HDI) (health, education, and economy) and HDI aggregate in 34 provinces in Indonesia during the Covid-19 pandemic period (2020-2022).<br /><strong>Methodology –</strong> A total of 102 panel data points, a combination of data from 34 provinces in Indonesia for a period of three years from 2020 to 2022, were analyzed using a fixed effects panel model approach. Data were obtained from Badan Amil Zakat Nasional (BAZNAS) and Badan Pusat Statistik (BPS).<br /><strong>Findings –</strong> The main research results show that ISF channelled for human development purposes (in total) significantly increases the aggregate HDI by 0.008538%. However, the ISF distributed by sector (health, education, and economy) has a positive but insignificant impact on the three dimensions of HDI (health, education, and economy). This makes sense because the proportion of ISF distribution for these three fields tends to be small compared with other sectors.<br /><strong>Implications –</strong> It is recommended that ISF fund allocation be more efficient, equitable, fair, and capable of reaching all aspects of human life. In addition, efforts need to be made to collect ISF funds more effectively through technology integration.<br /><strong>Originality –</strong> Most previous research has only tested Islamic social finance against HDI in aggregate, not by dimension, so the results were less specific.</p>Siswantoro SiswantoroIhsanul Ikhwan
Copyright (c) 2024 Siswantoro Siswantoro, Ihsanul Ikhwan
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2024-03-282024-03-28Islamic capital market support in the Indonesian halal industry development: SWOT analysis
https://journal.uii.ac.id/RISFE/article/view/30220
<p><strong>Purpose –</strong> This study aims to analyze the strengths, weaknesses, opportunities, and threats, as well as strategies for supporting the Islamic capital market in the context of halal industry development in Indonesia. <br /><strong>Methodology –</strong> This study used a mixed-method approach in the form of a sequential exploratory design with a SWOT analysis technique. <br /><strong>Findings –</strong> The Indonesian Islamic capital market has strengths in the successful oversubscription of sukuk issuances (both state and corporate) and growth of Islamic educational institutions. However, it has weaknesses owing to limited corporate awareness and public understanding of the market. Opportunities arise from youthful and educated demographics, whereas challenges involve the complex issuance process and limited involvement of State-Owned Enterprises (SOEs). Strategic programs such as integration, incentives, value enhancement, and market deepening are recommended to address these aspects and to promote the role of the Islamic capital market in the halal industry and Islamic economic development in Indonesia.<br /><strong>Implications –</strong> This study devises a range of strategic measures aimed at fostering the establishment of a conducive ecosystem that bolsters the Islamic capital market's role in advancing the halal industry and the Islamic economy within Indonesia.<br /><strong>Originality –</strong> Unlike previous research, which failed to comprehensively investigate and analyze SWOT factors, this study successfully examined and assessed these elements. Furthermore, this study goes beyond the analysis by suggesting strategic approaches to bolster the role of the Islamic capital market in the development of Indonesia's halal industry.</p>Azwar Azwar
Copyright (c) 2024 Azwar Azwar
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2024-03-262024-03-26Understanding muzaki adoption of digital zakat payments in Indonesia
https://journal.uii.ac.id/RISFE/article/view/28471
<p><strong>Purpose –</strong> This study aims to analyze the influence of performance expectancy, effort expectancy, social influence, zakat literacy, and facility conditions on the intention of muzaki to pay zakat using a digital platform.<br /><strong>Methodology –</strong> Primary data was collected through an online survey involving 144 Jawa. Muzaki has used various online channels to pay zakat and analyzed it using structural equation modeling as the empirical approach. This study used the extended unified theory of acceptance and use of technology (UTAUT) as the theoretical framework. The data analysis technique used in this study is partial least square (PLS) analysis.<br /><strong>Findings –</strong> The findings indicate that performance expectancy, effort expectancy, social influence, and zakat literacy have a positive influence on the intention of Muslims to pay zakat through online platforms. Meanwhile, the intention to pay zakat and facility conditions have a positive influence on the use of online platforms to pay zakat.<br /><strong>Implications –</strong> Zakat institutions need to improve digital facilities to make it easier for muzaki to pay zakat<br /><strong>Originality –</strong> The object of this research focuses on Muslim communities on the island of Java who have fulfilled the requirements as muzaki.</p>Emiroh Arsyina AhimsaHeri SudarsonoMuhammad Abdul GhoniMuchammad Taufiq Affandi
Copyright (c) 2023 Heri Sudarsono, Emiroh Arsyina Ahimsa, Muhammad Abdul Ghoni, Muchammad Taufiq Affandi
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2023-09-292023-09-2918219310.20885/RISFE.vol2.iss2.art7The sharing economy in a post-Covid-19 world: Insights from Islamic economic history
https://journal.uii.ac.id/RISFE/article/view/27966
<p><strong>Purpose –</strong> The Covid-19 and climate change crises have increased attention to building a more circular global economy. This paper analyses the insufficiency of the linear economy growth model in a post-Covid-19 world and sheds light on the role of the sharing/collaborative economy in the post-Covid-19 socio-economic recovery.<br /><strong>Methodology –</strong> An explanatory approach is employed to broaden the theoretical idea of the Sharing Economy (SE) as a contemporary concept by delving into the historical applications and motivations of sharing and collaborative practices in the Islamic economy and hunter-gather societies.<br /><strong>Findings –</strong> Although contemporary sharing economy platforms are credited with the sharing economy concept, history shows that pre-modern societies have used sharing concepts to maximize efficiency in allocating resources, and collaborative consumption predates the digital economy. The paper also finds that adopting Islamic economy ideologies for social solidarity could address contemporary sharing economy models' challenges.<br /><strong>Implications –</strong> The paper fills a gap in the literature by learning from historical sharing practices and adopting Islamic economy ideologies for social solidarity; the sharing economy could contribute significantly to building a circular global economy.<br /><strong>Originality –</strong> By delving into the historical applications and motivations of sharing and collaborative practices in the Islamic economy and hunter-gatherer societies, this paper brings a unique perspective that is rarely studied.</p>Jamila AbubakarNasim Shah Shirazi
Copyright (c) 2023 Jamila Abubakar, Nasim Shah Shirazi
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2023-09-052023-09-0516718110.20885/RISFE.vol2.iss2.art6The effect of religiosity level on entrepreneurial sustainability of Muslim millennials: A case study of the Indonesian family life survey
https://journal.uii.ac.id/RISFE/article/view/27785
<p><strong>Purpose –</strong> This study aims to examine the relationship and influence of the level of religiosity (obedience and piety) on stable business success for millennial Islam in Indonesia.<br /><strong>Methodology –</strong> This study uses multinomial logit qualitative response regression to estimate religiosity's impact on business success. This study uses 5,252 individuals who are Muslim and have their businesses in IFLS data. Religiosity is measured through the level of the piety of millennial Muslims, while business success is proxied by using profitability.<br /><strong>Findings –</strong> The results show that the religiosity of the millennial generation has a significant positive effect on the profitability of medium and low-class businesses. Meanwhile, the religiosity level of the millennial generation was also found to have a significant adverse effect on the profitability of upper-level businesses. On the other hand, a better level of millennial education and asset ownership also contributes to one's chances of getting a much higher profit than others. Finally, Muslims in urban areas get better profits than those in rural areas.<br /><strong>Implications –</strong> Most millennial Muslims in the upper-class profitability have lower religiosity than other classes. It indicates that more and more people are involved in businesses that have the potential to violate religious values and are sure to be less obedient to worship. It is highly correlated with the amount of acquisition he gets. Meanwhile, for other classes, for example, the profit obtained is much lower, correlated with the habit of worshiping and religious observance, but does not rule out daily work and business so that sustainability is still obtained.<br /><strong>Originality –</strong> No previous research has discussed the influence of the level of religiosity associated with business success among Muslim millennials.</p>Moh Najikhul FajriSiti Munawaroh
Copyright (c) 2023 Moh Najikhul Fajri, Siti Munawaroh
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2023-09-052023-09-0510311610.20885/RISFE.vol2.iss2.art1