EKONOMIKA SYARIAH : Journal of Economic Studies
Field Details Journal Title : EKONOMIKA SYARIAH: Journal of Economic Studies Initials : Ekonomika Syariah Abbreviation : Ekon. Syariah: J. Econ. Stud. Accredited Rank : SINTA 3 Frequency : 2 Issues per year (June and December) DOI Prefix : 10.30983/es by Crossref ISSN : 2614-7890 (online) Editor-in-Chief : Prof. Dr. Hesi Eka Puteri, S.E., M.Si Pubisher : UIN Sjech M. Djamil Djambek Bukittinggi Citation Analysis : Google Scholar and Dimensions EKONOMIKA SYARIAH: Journal of Economic Studies is an open-access, peer-reviewed scientific journal published by the State Islamic University of Sjech M. Djamil Djambek Bukittinggi. The journal serves as a scholarly platform for researchers, lecturers, and practitioners to publish scientific articles in the field of Islamic economics, finance, and business studies, focusing on the integration of Islamic values within economic systems. All submitted manuscripts are reviewed under a double blind-review process to ensure the objectivity, originality, and scientific quality of every published article. The journal is dedicated to promoting the advancement of Islamic economic thought and practice by providing a space for empirical research, conceptual analysis, and applied studies that contribute to the development of the Islamic economic ecosystem. It encourages interdisciplinary collaboration among academics, policymakers, and professionals in addressing contemporary economic challenges from a Sharia perspective. Through high academic standards and ethical publishing practices, EKONOMIKA SYARIAH seeks to become a credible reference for both national and international audiences in the field of Islamic economics. The scope of EKONOMIKA SYARIAH includes, but is not limited to, topics such as Islamic banking and finance, capital market and investment management, Islamic microfinance institutions, zakat, waqf, and philanthropy management, halal industry, Islamic entrepreneurship, digital finance, and Islamic economic policy analysis. The journal is published twice a year (June and December) and welcomes manuscripts written in both Bahasa Indonesia and English, aligning with its mission to enrich the discourse and practice of Islamic economic development in the modern era.
Universitas Islam Negeri Sjech M. Djamil Djambek Bukittinggi
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Understanding Non-Muslims' Purchase Intention: Examining the Effects of Halal Awareness, Certification, and Marketing Factors
This research examines the determinants of halal purchase intention among non-Muslim consumers in Indonesia. Utilizing the Theory of Planned Behaviour (TPB) as a conceptual foundation, the study evaluates the influence of halal awareness, certification standards, product attributes, promotional strategies, and brand recognition on consumer intention. Data obtained from 134 non-Muslim respondents across five major Indonesian cities were analysed using structural equation modelling (SEM). Results reveal that all five factors positively influence purchase intention, with brand recognition and certification standards demonstrating the strongest effects, followed by promotional strategies, halal awareness, and product attributes. The model explains 58.3% of the variance in purchase intention, providing robust explanatory power. Significant differences were observed across ethnic groups, with Javanese Christians showing greater acceptance of halal products compared to Chinese Indonesians, highlighting the role of cultural proximity to Islamic traditions. These findings challenge conventional marketing approaches by revealing that non-Muslim consumers rely more heavily on external trust signals (brands and certification) than intrinsic product attributes when considering halal products. Penelitian ini menganalisis faktor-faktor yang mempengaruhi niat pembelian produk halal di kalangan konsumen non-Muslim di Indonesia. Dengan menggunakan Teori Perilaku yang Direncanakan (TPB) sebagai landasan konseptual, studi ini mengevaluasi pengaruh kesadaran halal, standar sertifikasi, atribut produk, strategi promosi, dan pengenalan merek terhadap niat pembelian konsumen. Data yang diperoleh dari 134 responden non-Muslim di lima kota besar di Indonesia dianalisis menggunakan model persamaan struktural (SEM). Hasil menunjukkan bahwa kelima faktor tersebut secara positif mempengaruhi niat pembelian, dengan pengenalan merek dan standar sertifikasi menunjukkan efek terkuat, diikuti oleh strategi promosi, kesadaran halal, dan atribut produk. Model ini menjelaskan 58,3% varians dalam niat pembelian, menunjukkan daya penjelas yang kuat. Perbedaan signifikan diamati antar kelompok etnis, dengan Kristen Jawa menunjukkan penerimaan yang lebih tinggi terhadap produk halal dibandingkan dengan Tionghoa Indonesia, menyoroti peran kedekatan budaya dengan tradisi Islam. Temuan ini menantang pendekatan pemasaran konvensional dengan menunjukkan bahwa konsumen non-Muslim lebih bergantung pada sinyal kepercayaan eksternal (merek dan sertifikasi) daripada atribut produk intrinsik saat mempertimbangkan produk halal.
Copyright (c) 2025 Benediktus Rolando https://creativecommons.org/licenses/by-sa/4.0
Islamic Investment among Entrepreneurs: the Impact of Financial Literacy, Religiosity, and Risk Profile, With Technology as Moderating Variable
The low level of entrepreneurial participation in Islamic investment, despite the promising growth of the Islamic finance industry, serves as the main motivation for this study. This research aims to analyze the influence of financial literacy, religiosity, and risk profile on Islamic investment decisions, with technology as a moderating variable, among entrepreneurs in Padang City. A quantitative approach with descriptive and associative design was employed. Data were collected through questionnaires distributed to 100 Muslim entrepreneurs in Padang who owned at least one type of Islamic investment. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS software. The findings reveal that financial literacy, religiosity, and risk profile have a significant positive effect on Islamic investment decisions. Technology was found to play a significant moderating role by strengthening the relationship between the independent variables and investment decisions. This study addresses a research gap by highlighting technology as a rarely discussed factor and positioning entrepreneurs as research objects based on the assumption that they possess greater investment capacity. Practically, the study provides insights for Islamic finance practitioners to continuously innovate and develop marketing strategies through technology. Academically, this research enriches the literature on Islamic finance by integrating it with social behavior and technological perspectives. Tingkat partisipasi kewirausahaan yang rendah dalam investasi syariah, meskipun industri keuangan syariah menunjukkan pertumbuhan yang menjanjikan, menjadi motivasi utama penelitian ini. Penelitian ini bertujuan untuk menganalisis pengaruh literasi keuangan, keagamaan, dan profil risiko terhadap keputusan investasi syariah, dengan teknologi sebagai variabel moderator, di kalangan wirausahawan di Kota Padang. Pendekatan kuantitatif dengan desain deskriptif dan asosiatif digunakan. Data dikumpulkan melalui kuesioner yang dibagikan kepada 100 wirausaha Muslim di Padang yang memiliki setidaknya satu jenis investasi syariah. Data dianalisis menggunakan Partial Least Squares Structural Equation Modeling (PLS-SEM) dengan perangkat lunak SmartPLS. Temuan menunjukkan bahwa literasi keuangan, keagamaan, dan profil risiko memiliki pengaruh positif yang signifikan terhadap keputusan investasi syariah. Teknologi ditemukan memainkan peran moderasi yang signifikan dengan memperkuat hubungan antara variabel independen dan keputusan investasi. Studi ini mengisi celah penelitian dengan menyoroti teknologi sebagai faktor yang jarang dibahas dan menempatkan wirausaha sebagai objek penelitian berdasarkan asumsi bahwa mereka memiliki kapasitas investasi yang lebih besar. Secara praktis, studi ini memberikan wawasan bagi praktisi keuangan Islam untuk terus berinovasi dan mengembangkan strategi pemasaran melalui teknologi. Secara akademis, penelitian ini memperkaya literatur keuangan Islam dengan mengintegrasikannya dengan perspektif perilaku sosial dan teknologi.
Copyright (c) 2025 Hadie Bandarian Syah, Hulwati, Aidil Novia, Trinitaria Marlis Putri https://creativecommons.org/licenses/by-sa/4.0
Forecasting the Resilience and Stability of Indonesian Islamic Banking in the Face of Global Economic Uncertainty in 2030
This study aims to explore the stability and resilience of Islamic banking in the face of the 2030 global recession, providing a foundation for managerial implications in the world of Islamic banking. This research uses a quantitative approach with resilience indicators such as Return on Assets (ROA) and Non-Performing Financing (NPF), and stability indicators such as Capital Adequacy Ratio (CAR) and Financing to Deposit Ratio (FDR). The data used is secondary data from the financial statements for the period from the Q1 of 2019 to the Q4 of 2024. To provide an overview and to forecast of the level of resilience and stability, the ARIMA method is used. To illustrate the interrelationship and interaction, as well as the magnitude of the contribution of resilience variables to stability variables (CAR and NPF) with stability (ROA and FDR) in Islamic Banking in Indonesia, the VECM method is used. The analysis results show that overall, the CAR is in the very healthy category, although some banks experienced a decline at the end of 2024. NPF experienced a surge during the recession but tended to stabilize afterward. Meanwhile, ROA and FDR fluctuated due to global economic pressures but showed a stable long-term trend. VECM model estimates indicate a significant relationship between variables, where FDR and NPF influence ROA in the long run, while CAR plays more of a risk buffer role. This finding emphasizes the importance of capital optimization, strengthening risk management, and balance in intermediation functions to maintain the sustainability of the Islamic banking sector amidst global economic uncertainty toward 2030. Penelitian ini bertujuan untuk mengeksplorasi stabilitas dan ketahanan perbankan syariah dalam menghadapi resesi global 2030, untuk kemudian memberikan landasan bagi implikasi manajerial dalam dunia perbankan syariah. Penelitian ini menggunakan pendekatan kuantitatif dengan indikator ketahanan keuangan seperti Return on Assets (ROA) dan Non-Performing Financing (NPF), dan indikator stabilitas seperti Capital Adequacy Ratio (CAR) dan Financing to Deposit Ratio (FDR). Data yang digunakan adalah data sekunder dari laporan keuangan untuk periode dari Q1 tahun 2019 hingga Q4 tahun 2024. Untuk memberikan gambaran dan peramalan tingkat ketahanan dan stabilitas, digunakan metode ARIMA. Untuk menggambarkan interelasi dan interaksi, serta besarnya kontribusi variabel ketahanan terhadap variabel stabilitas (CAR dan NPF) dengan stabilitas (ROA dan FDR) pada Perbankan Syariah di Indonesia, digunakan metode VECM. Hasil analisis menunjukkan bahwa secara keseluruhan, CAR berada dalam kategori sangat sehat, meskipun beberapa bank mengalami penurunan di akhir tahun 2024. NPF mengalami lonjakan selama resesi tetapi cenderung stabil setelahnya. Sementara itu, ROA dan FDR berfluktuasi akibat tekanan ekonomi global tetapi menunjukkan tren jangka panjang yang stabil. Estimasi model VECM menunjukkan hubungan yang signifikan antar variabel, di mana FDR dan NPF memengaruhi ROA dalam jangka panjang, sementara CAR lebih berperan sebagai penyangga risiko. Temuan ini menekankan pentingnya optimalisasi permodalan, penguatan manajemen risiko, dan keseimbangan fungsi intermediasi untuk menjaga keberlanjutan sektor perbankan syariah di tengah ketidakpastian ekonomi global menuju tahun 2030.
Copyright (c) 2025 Gadis Arniyati Athar, T. Citra Nisa Farza, Muhammad Fitri Rahmadana, Nayla Salsabila Batubara https://creativecommons.org/licenses/by-sa/4.0
The Phenomenon of High Paylater and Financial Literacy in The Consumptive Behavior of Generation Z In Medan City
Technological advances have brought convenience to various aspects of life, especially payment systems and financial service products. The impact of developments in technological advances in financial services and payment systems is of great interest and attracts the attention of the public, especially Generation Z who are aware of digital developments in the current era, so curiosity about trying online shopping using the Paylater feature is increasing. The aim of this research is to review the factors inhibiting consumptive behavior and supporting the high level of Paylater, after that to determine financial literacy skills in managing lifestyle and consumptive behavior, to find out the solutions applied by Generation Z in minimizing Paylater users and consumptive behavior in generation Z in Medan City, North Sumatra. Triangulation data analysis techniques are assisted by the N-Vivo 12 Plus Tools. The supporting factors for PayLater's high level of consumer behavior in generation Z are ease of use, ease of access, lifestyle, lots of discounts and promos, financial literacy skills in managing the lifestyle of generation Z, namely financial management planning, recording income and expenses, not following trends and hedonism, solutions applied by Generation Z in minimizing PayLater users and consumptive behavior, namely not being tempted by promos and discounts, being able to differentiate between needs and desires, self-control over the influence of social media. Kemajuan teknologi telah membawa kemudahan dalam berbagai aspek kehidupan terutama sistem pembayaran dan produk layanan keuangan. Dampak perkembangan kemajuan teknologi layanan keuangan dan sistem pembayaran sangat di minati dan menarik perhatian masyarakat terutama kalangan generasi Z yang melek akan perkembangan digital di era saat ini sehingga rasa ingin tahu untuk mencoba berbelanja online dengan menggunakan fitur Paylater semakin meningkat. Tujuan penelitian ini untuk meninjau untuk faktor-faktor penghambat perilaku konsumtif dan pendukung tingginya Paylater, setelah itu untuk mengetahui kemampuan literasi keuangan dalam mengatur gaya hidup dan perilaku konsumtif, untuk mengetahui solusi yang diterapkan generasi Z dalam meminimalisir pengguna Paylater dan perilaku konsumtif pada generasi Z di Kota Medan Sumatera Utara. Teknik analisis data Triangulasi dibantu oleh Tools N-Vivo 12 Plus. Factor pendukung tingginya PayLater dalam perilaku konsumtif generasi Z yaitu kemudahan pengguna, kemudahan akses, gaya hidup, banyaknya diskon dan promo, kemampuan literasi keuangan dalam mengatur gaya hidup generasi Z yaitu adanya perencanaan pengelolaan keuangan, pencatatan pemasukan dan pengeluaran, tidak mengikuti trend dan hedonism, solusi yang diterapkan generasi Z dalam meminimalisir pengguna PayLater dan perilaku konsumtif yaitu tidak tergiur dengan promo dan diskon, mampu membedakan kebutuhan dan keinginan, pengendalian diri terhadap pengaruh media social.
Copyright (c) 2025 Purwita, Austin Alexander Parhusip, M. Rafly Ramadhan, Rendy Dwi Ananda https://creativecommons.org/licenses/by-sa/4.0
Islamic Marketing within the Digital Economy: Ethical and Sustainable Practices in Indonesia’s Cellular Services Sector
Islamic marketing represents an ethical–spiritual paradigm that situates marketing activities within a framework of moral accountability grounded in the principles of tawhid, al-‘adl (justice), sidq (honesty), amanah (trustworthiness), and ihsan (benevolence). Unlike conventional marketing approaches that prioritize profit maximization, Islamic marketing emphasizes a balanced integration of economic objectives, spiritual values, and social welfare. This study aims to analyze the application of Islamic marketing principles within Indonesia’s rapidly expanding cellular industry, characterized by increasing internet penetration and digital transformation. Implementing content analysis with systematic literature review methodology, this study synthesizes scholarly works on Islamic marketing, fiqh muamalah, digital marketing, and telecommunications. The findings indicate that Islamic marketing principles can enhance consumer trust, promote pricing transparency, ensure halal and secure digital services, and strengthen corporate responsibility in consumer data protection. Nevertheless, a persistent gap remains between Sharia based normative ideals and operational practices, as evidenced by unequal service accessibility, opaque pricing structures, and the limited internalization of ethical values in marketing strategies. This study concludes that the consistent integration of Islamic marketing values not only reinforces ethical compliance but also functions as a strategic resource for achieving sustainable competitive advantage, contributing to the development of a just, inclusive, and morally accountable digital marketplace. Islamic marketing merepresentasikan suatu paradigma etika–spiritual yang menempatkan aktivitas pemasaran dalam kerangka tanggung jawab moral dan sosial yang berlandaskan prinsip tawhid, al-‘adl (keadilan), sidq (kejujuran), amanah (kepercayaan), dan ihsan (kebajikan). Berbeda dengan pendekatan pemasaran konvensional yang berorientasi pada maksimalisasi laba, Islamic marketing menekankan keseimbangan antara tujuan ekonomi, nilai spiritual, dan kesejahteraan sosial. Penelitian ini bertujuan untuk menganalisis penerapan prinsip prinsip Islamic marketing dalam konteks industri seluler Indonesia yang mengalami pertumbuhan pesat seiring meningkatnya penetrasi internet dan digitalisasi layanan. Metode yang digunakan adalah content analysis dengan systematic literature review terhadap studi-studi akademik terkait Islamic marketing, fiqh muamalah, pemasaran digital, dan industri telekomunikasi. Hasil kajian menunjukkan bahwa prinsip Islamic marketing berpotensi memperkuat kepercayaan konsumen, mendorong transparansi harga, memastikan layanan digital yang halal dan aman, serta meningkatkan tanggung jawab perusahaan dalam perlindungan data konsumen. Namun demikian, masih terdapat kesenjangan antara ideal normatif syariah dan praktik operasional, yang tercermin dalam ketimpangan akses layanan, kurangnya transparansi biaya, dan lemahnya internalisasi nilai etika dalam strategi pemasaran. Studi ini menegaskan bahwa integrasi nilai-nilai Islamic marketing secara konsisten dapat menjadi sumber keunggulan kompetitif berkelanjutan sekaligus instrumen moral untuk membangun ekosistem digital yang adil, inklusif, dan berorientasi pada kemaslahatan masyarakat.
Copyright (c) 2025 Muhammad Umar MayaPutra, Yusrizal https://creativecommons.org/licenses/by-sa/4.0
Integration Islamic Social Finance and SDGs: Perspective Maqasid Sharia Based on Scientific Mapping
This study aims to analyze research trends related to the integration of Islamic social finance and SDGs in the perspective of Maqasid Shariah, published through the Scopus database from 2017 to 2024. This study uses a quantitative research method with bibliometric analysis by using R-Packages software and the Biblioshiny Web Interface for data analysis and visualization. The keywords used are Islamic social finance or Islamic finance or social finance or Zakat or Waqf and Sustainable Development Goals or SDGs or Maqasid Shariah. Based on the search results, 164 scientific papers were obtained. The results of the study show that the theme of Islamic social finance and SDGs in the perspective of Maqasid Shariah is still interesting to study today, although it fluctuates every year. The ISRA International Journal of Islamic Finance, the journal with the most discussions on Islamic social finance and the SDGs, was the most frequently discussed journal in 2022. The most frequently selected research keywords for the integration of Islamic social finance and the SDGs were Islamic social finance, Waqf, sustainable development goals, and co-occurrence network. The keywords Islamic Social Finance are linked to the Sustainable Development Goals and Maqasid Sharia, explaining the interconnectedness of the three terms note. This research has strategic implications for the development of scientific literature in the field of Islamic social finance and its contribution to the SDGs through the Maqasid Syariah approach and provides new contributions in identifying trends, collaboration patterns, and also conceptual maps of research quantitatively and visually. Kemajuan teknologi telah membawa kemudahan dalam berbagai aspek kehidupan, terutama sistem pembayaran dan produk layanan keuangan. Dampak perkembangan kemajuan teknologi dalam layanan keuangan dan sistem pembayaran menjadi topik yang menarik perhatian publik, terutama Generasi Z yang sadar akan perkembangan digital di era saat ini, sehingga rasa ingin tahu untuk mencoba belanja online menggunakan fitur Paylater semakin meningkat. Tujuan penelitian ini adalah untuk meninjau faktor-faktor yang menghambat perilaku konsumtif dan mendukung tingginya penggunaan Paylater, kemudian untuk menentukan keterampilan literasi keuangan dalam mengelola gaya hidup dan perilaku konsumtif, serta menemukan solusi yang diterapkan oleh Generasi Z dalam meminimalkan pengguna Paylater dan perilaku konsumtif di kalangan Generasi Z di Kota Medan, Sumatera Utara. Teknik analisis data triangulasi dibantu oleh alat N-Vivo 12 Plus. Faktor-faktor pendukung tingginya tingkat perilaku konsumtif PayLater pada Generasi Z adalah kemudahan penggunaan, kemudahan akses, gaya hidup, banyak diskon dan promo, keterampilan literasi keuangan dalam mengelola gaya hidup Generasi Z, yaitu perencanaan pengelolaan keuangan, pencatatan pendapatan dan pengeluaran, tidak mengikuti tren dan hedonisme, solusi yang diterapkan oleh Generasi Z dalam meminimalkan penggunaan PayLater dan perilaku konsumtif, yaitu tidak tergoda oleh promo dan diskon, mampu membedakan antara kebutuhan dan keinginan, serta pengendalian diri terhadap pengaruh media sosial.
Copyright (c) 2025 Fitri Ana Siregar https://creativecommons.org/licenses/by-sa/4.0
Integration of Sharia Compliance, Environmental, Social, and Governance (Esg) on Financial Performance: an Empirical Study Across Sharia and Conventional Banks
This study aims to analyze the effect of ESG and Sharia compliance on the financial performance of banks in Indonesia, measured by ROA, and to examine the role of Sharia compliance as a moderating variable. This quantitative study uses secondary data from 34 banks listed on the Indonesia Stock Exchange (IDX) for the period 2022–2024. Purposive sampling was used for sample selection, while the analysis was conducted using multiple linear regression with SPSS version 25. The results show that ESG has a positive and significant effect on ROA, meaning that the application of sustainability principles increases bank profitability. Sharia compliance also has a positive and significant effect on ROA, indicating that sharia practices support financial performance. However, the interaction between ESG and sharia compliance does not have a significant effect on ROA, while the Size variable has a positive but insignificant effect. These findings support legitimacy theory and stakeholder theory, and provide recommendations for banks to strengthen the integration of ESG and sharia principles in order to improve financial sustainability. This study is an initial empirical study that examines the moderation of sharia compliance in the relationship between ESG and the financial performance of Indonesian banks. Penelitian ini menganalisis bagaimana praktik Lingkungan, Sosial, dan Tata Kelola (ESG) serta kepatuhan Syariah memengaruhi kinerja keuangan bank-bank di Indonesia, yang diukur melalui Return on Assets (ROA), dengan kepatuhan Syariah juga dipertimbangkan sebagai faktor moderasi. Menggunakan pendekatan kuantitatif, penelitian ini menganalisis data sekunder dari 34 bank yang terdaftar di Bursa Efek Indonesia (BEI) periode 2022–2024 dan dianalisis menggunakan regresi linier berganda. Hasil penelitian menunjukkan bahwa praktik ESG dan kepatuhan Syariah memiliki dampak positif dan signifikan terhadap ROA, menunjukkan bahwa inisiatif keberlanjutan dan kepatuhan terhadap prinsip-prinsip Islam berkontribusi pada peningkatan profitabilitas. Namun, interaksi antara ESG dan kepatuhan Syariah tidak memiliki dampak signifikan terhadap ROA, mengindikasikan bahwa integrasi praktik keberlanjutan dengan prinsip-prinsip etika Islam belum sepenuhnya terwujud. Temuan ini konsisten dengan teori legitimasi dan teori pemangku kepentingan, yang menekankan pentingnya kepatuhan etika dan akuntabilitas sosial dalam perbankan. Studi ini merekomendasikan agar bank memperkuat sinergi antara prinsip ESG dan Syariah untuk mendorong stabilitas dan keberlanjutan keuangan. Sinergi yang kuat antara struktur tata kelola, Dewan Pengawas Syariah (DPS), dan komite ESG mendukung implementasi ESG yang akuntabel dan membantu mencegah ketidakberesan. Pendekatan terintegrasi ini tidak hanya memperkuat mekanisme pengawasan internal tetapi juga meningkatkan kredibilitas institusional dan kepercayaan publik, yang pada akhirnya berkontribusi pada peningkatan kinerja keuangan.
Copyright (c) 2025 Fitra Izzadieny, Deafatunnizwa Ulfida, Nor Rahma Rizka, M Bastian, Rahmatullah Alfikri https://creativecommons.org/licenses/by-sa/4.0