Title : EkBis: Jurnal Ekonomi dan Bisnis Abbreviation : EkBis ISSN : 2549-4988 (p) | 2550-1267 (e) DOI Prefix : 10.14421/EkBis Ed. in Chief : Achmad Nurdany Associate : Rizaldi Yusfiarto Editor Izra Berakon Publisher : FEBI UIN Sunan Kalijaga Frequency : Biannual, June & December Citedness in : Scopus (69 Docs) | G-Scholar | Garuda EkBis: Jurnal Ekonomi dan Bisnis is a peer-reviewed, open-access journal published by the Faculty of Islamic Economics and Business (FEBI), UIN Sunan Kalijaga Yogyakarta, in collaboration with the Indonesia Applied Digital Economy & Regulatory Network (IADERN). With a special emphasis on emerging market economies, EkBis seeks to bridge the gap between academic insight and practical application, aiming to address the challenges and harness the opportunities presented by the digital era. Starting with the 2025 edition onward, EkBis has refocused its scope to exclusively cover topics on the digital economy and business in emerging market countries, providing a dedicated platform for both theoretical and empirical research. EkBis welcomes high-quality, original contributions from diverse disciplines that explore the intersections of economics, business, and technology. Research areas include, but are not limited to: Digital economy and business ecosystems Sharing economy and gig economy Digital assets, cryptocurrency, and central bank digital currencies (CBDCs) Financial technology and innovation Internet banking and digital payments Digital marketing strategies and platforms Technology-driven business transformation E-commerce and online business models Blockchain technology and its applications in business Big data analytics in economic and business decision-making Entrepreneurship and innovation in the digital era Sustainability and the green economy through digitalization Other topics related to digital economy and business <span style="color: rgba(0, 0, 0, 0.87); font-family: Tahoma, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif; font-size: 14px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Publication Frequency - EkBis is published biannually in June and December. Additionally, the journal may release special issues as needed to address specific themes or emerging topics.<span style="color: rgba(0, 0, 0, 0.87); font-family: Tahoma, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif; font-size: 14px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;"> <span style="color: rgba(0, 0, 0, 0.87); font-family: Tahoma, -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif; font-size: 14px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Other important information: Article Fees, Publication Ethics, Author Guideline, Manuscript Template
Fakultas Ekonomi dan Bisnis Islam, UIN Sunan Kalijaga Yogyakarta
Digital Transformation and Islamic Banks’ Financial Stability: The Role of Sustainable Economic Growth in Indonesia
This study aims to examine the relationship between digital transformation and the financial stability of Islamic banking in Indonesia, while analyzing the role of sustainable economic growth in moderating this relationship. Using static panel data regression with a sample of five Islamic banks in Indonesia from 2020 to 2024, the study measures bank stability through the Z-score indicator. The findings indicate that digital transformation, specifically through the number of ATMs and mobile banking usage (MU), has a significant impact on Islamic banking stability by enhancing operational efficiency and reducing transaction costs. Furthermore, Gross Domestic Product (GDP) serves as a significant interaction variable that strengthens the resilience of the Islamic banking system when combined with digital infrastructure like ATMs and commercial branches. The implications suggest that Islamic banks should leverage digital transformation to strengthen credit scoring systems and mitigate risks to ensure stability amidst macroeconomic dynamics. This study contributes to the literature by incorporating non-cash electronic financial service variables and evaluating the interaction effect of GDP on digitalization’s effectiveness within the Indonesian Sharia banking sector.
Copyright (c) 2025 Amila Zamzabila Putri, M. Yusril Hafidz Nur Izza https://creativecommons.org/licenses/by-sa/4.0
Does Digital Finance Reduce Cash Holdings? Evidence on Money Demand in ASEAN
This study investigates the impact of digital finance, alongside globalization and exchange rates, on money demand in six ASEAN countries (Indonesia, Malaysia, Singapore, Thailand, Philippines, and Vietnam) from 2015-2023. The primary purpose is to analyze how digital financial transformation influences cash holdings and monetary stability in a developing regional context, an area with limited empirical evidence. Utilizing a panel data regression approach with fixed effects model estimation, the research employs indicators suc as ATM density, mobile subscriptions, internet penetration, the KOF Globalization index, and official exchange rates. The main findings remain dominant drivers: ATM access and globalization have positive effects on broad money demand. However, a composite Digital Financial Inclusion Index consolidating digital variables exhibits a strong positive significant effect, digital advancements holistically strengthen financial deepening. The study contributes to monetary economics by highlighting the complex, evolving nexus between digitalization and money demand in emerging economies.
Copyright (c) 2025 Nala Syifa Dewanti, Cinta Laura Nurhan, Alfaina Zia Inayati https://creativecommons.org/licenses/by-sa/4.0
Digital Marketing Strategy and Purchase Decisions on TikTok Shop: E-Trust as a Mediator
This study aims to examine and analyze the influence of live streaming selling, affiliate marketing, and social media influencers on purchasing decisions on the TikTok Shop e- commerce platform in Semarang City, with E-Trust as a mediating variable. This phenomenon is driven by the increasing trend of e- commerce transactions in Indonesia and the significant development of online sales features, which triggers a shift in consumer behavior. The approach used is quantitative with an explanatory research method, where data was collected through questionnaires from 385 respondents who are TikTok Shop users in Semarang. The data analysis technique involves Outer Model and Inner Model tests using SmartPLS 4.0 to evaluate the mediating role of E-Trust. The results of the hypothesis analysis prove that live streaming selling, affiliate marketing, and social media influencers are all proven to have a positive and significant effect on E-Trust. Furthermore, E-Trust is also proven to have a positive and significant effect on Purchasing Decisions. specifically, E-Trust is proven to be able to mediate the relationship between live streaming selling and social media influencers on Purchasing Decisions. These findings are expected to provide theoretical contributions to the development of digital marketing science and offer practical implications for business actors in designing more effective promotional strategies on e- commerce platforms.
Copyright (c) 2025 Reni Fitriningrum Reni, Mulyana https://creativecommons.org/licenses/by-sa/4.0
Digital Marketing Strategies for Enhancing Sales and Empowering MSMEs: A Sharia Economic Perspective
In the digital era, information technology has fundamentally changed the marketing patterns of SMEs. Conventional marketing has transformed into digital marketing, enabling real-time global transactions. Although SMEs play a strategic role in the national economy (absorbing labor and increasing community income), digital market penetration among SMEs remains low; for example, only around 19% of SMEs actively utilized digital marketing in 2022. This study used a descriptive qualitative approach based on a literature review. The findings indicate that digital marketing strategies that integrate Islamic economic principles (such as fairness, transparency, and halal certification) can increase sales and empower SMEs. For example, strategic actions such as improving product quality according to SNI standards, attractive packaging, utilizing marketplaces and social media, developing digital brands, and implementing halal labels have provcen effective. Furthermore, attention must be paid to Sharia ethics in online marketing to avoid practices such as ghabn (excessive mark-ups), fraud, or data security risks. The synergy between digitalization and Sharia principles can ultimately create sustainable, ethical, and highly competitive SMEs.
Copyright (c) 2025 Okta Supriyaningsih, Diah Mukminatul Hasimi, Fernandes Tesar Bramtheo https://creativecommons.org/licenses/by-sa/4.0
The Role of the Digital Economy in Increasing the Competitiveness of MSMEs in Indonesia
The digital economy is the main force driving economic transformation throughout the world, especially in Indonesia. The rapid progress of information and communication technology has caused various sectors to adopt digital platforms to increase operational efficiency and expand market access. This essay focuses on how Indonesian MSMEs, which are the backbone of the country's economy, can take advantage of the digital economy to increase their competitiveness. To be able to develop amidst increasing market competition, MSMEs must strategically integrate digital technology such as social media, fintech and e-commerce. This research uses qualitative methods, literature research and secondary data to highlight the benefits of the digital economy for MSMEs. Key benefits include improved operational efficiency and increased customer reach in both domestic and international markets. However, MSMEs face significant challenges in utilizing digital technology, including low levels of digital literacy, inadequate technological infrastructure in rural areas, and a lack of regulatory support for digital economic growth. The findings show that the digital economy encourages innovation in product development, marketing and business management, thereby providing opportunities for MSMEs to increase competitiveness. To overcome these challenges, collaboration between the government, private sector, educational institutions and the MSME community is needed to create an inclusive and sustainable digital ecosystem. The article offers strategic recommendations for optimizing the benefits of the digital economy for MSMEs, including supportive regulations, infrastructure development, and digital literacy training.
Copyright (c) 2025 Aprilia Candra Purnama Wati, Mochammad Andre Agustianto https://creativecommons.org/licenses/by-sa/4.0
Central Bank Digital Currencies and It’s Potential Impact on the Profitability and Systems Stability of Commercial Banking in Emerging Markets
The development of Central Bank Digital Currencies (CBDCs) has become a significant topic of discussion globally, particularly in emerging markets where financial inclusion, monetary sovereignty, and banking stability are key concerns. This study explores the potential impact of CBDC implementation on the profitability and system stability of commercial banking systems in these economies. This research adopts a qualitative approach through a literature review of CBDC implementations in key emerging economies, including China, Nigeria, Brazil, Russia, and India. The study finds that while CBDCs can enhance efficiency and financial accessibility, their impact varies depending on a country's banking infrastructure, regulatory framework, and financial stability measures. In some cases, CBDCs have exacerbated liquidity risks for commercial banks, while in others, they have promoted digital innovation and alternative revenue streams. The findings highlight the need for strategic collaboration between central banks and commercial financial institutions to mitigate risks while leveraging the benefits of CBDCs. Policy recommendations include implementing limits on CBDC holdings, integrating CBDCs with existing banking services, and fostering regulatory frameworks that support a balanced financial ecosystem. This study contributes to the academic discourse on digital currencies and banking by offering insights into the evolving role of central banks and commercial banks in the digital financial landscape.
Copyright (c) 2025 Novalini Jailani, Khairul Anwar, Minati Maulida, Adib Muhammad https://creativecommons.org/licenses/by-sa/4.0
Navigating AI Integration in Islamic Enterprises: A Qualitative SWOT Perspective
This study explores the integration of Artificial Intelligence (AI) within Islamic strategic management frameworks using a qualitative SWOT analysis approach. The objective is to assess how AI can be ethically and effectively applied in Islamic enterprises, ensuring alignment with Shariah principles such as tawhid (the oneness of God), the balance between worldly and spiritual goals, and the pursuit of mardhatillah (divine pleasure). Using systematic literature review and SWOT framework, this research identifies internal strengths such as ethical leadership and community orientation and external opportunities such as the global halal market while addressing technological limitations and potential threats like ethical ambiguity and regulatory gaps. The findings highlight the importance of ethical leadership, community-based innovation, and strategic partnerships in navigating AI integration. This study contributes to the discourse on Shariah-compliant digital transformation and offers practical recommendations for AI governance rooted in Islamic values.
Copyright (c) 2025 Syaviratul Mughoyaroh, Arivatu Ni’mati Rahmatika, Bekti Widyaningsih https://creativecommons.org/licenses/by-sa/4.0
AI-Enhanced Risk-Return Optimization in Islamic and Conventional Banking Portfolios
Portfolio risk assessment in Islamic versus conventional banking requires advanced analytical approaches due to complex market dynamics and regulatory differences. Traditional optimization methods often fail to capture non-linear relationships and volatility patterns inherent in these distinct banking sectors. This study introduces an AI-enhanced framework combining Monte Carlo simulation with Solver-based optimization to compare market risks and determine optimal portfolio weights between Islamic and conventional banking stocks. The methodological innovation lies in integrating Microsoft Excel's GRG nonlinear AI solver for real-time portfolio optimization, addressing limitations of conventional Markowitz models. Using 194 daily price observations from LQ45 and JII70 indices (January-October 2024), we analyzed four banking stocks (BRIS, BTPS, BBCA, BBRI) through Monte Carlo VaR simulation with 10,000 iterations and AI-driven optimization at 95% confidence level. Mann-Whitney tests confirmed significant differences between Islamic and conventional banking returns and risk profiles. Results reveal Islamic banking portfolios demonstrate significantly higher risk (VaR: -4.18%, potential loss: IDR 4,180,169) compared to conventional portfolios (VaR: -1.65%, potential loss: IDR 1,652,541). AI optimization yielded distinct allocation strategies: Islamic portfolio (45.4% BRIS, 54.5% BTPS) versus conventional portfolio (74.5% BBCA, 25.4% BBRI). This research provides the first AI-integrated comparative framework for Islamic-conventional banking risk analysis, offering quantitative evidence that challenges assumptions about Islamic banking stability. The study demonstrates practical applications of machine learning in portfolio management for emerging markets, providing actionable insights for different investor risk profiles while advancing methodological approaches in Islamic finance research.
Copyright (c) 2025 Dyaghazi Abdurraffi Nixon, Hasan Al Banna https://creativecommons.org/licenses/by-sa/4.0
Presenting a Smart Sukuk Model for Islamic Microfinance Institutions in Bangladesh: Towards Achieving SDGs
The Islamic bonds and debts, according to Islamic Shariah, are referred to as Sukuk, which provides cheaper and interest-free funding options for businesses and lower-risk bonds for individual investors. This study aims to present a novel fintech-based (Smart) SRI Sukuk model that can be useful for Islamic microfinance institutions (IMFIs) of Bangladesh in managing the source of funds. This study adopted a systematic literature review approach to assess the benefits of using Smart SRI Sukuk for IMFIs. In addition, 15 experts on Islamic finance were interviewed to determine the best possible ways to integrate technology into the SRI Sukuk model. The outcomes of this study have confirmed the effectiveness of using a blockchain and smart contract-based SRI Sukuk for managing the source funds of Islamic microfinance institutions in Bangladesh. The Smart SRI Sukuk can be immensely beneficial for IMFIs that always find it difficult to arrange the source funds and manage those in an efficient manner. This study also focuses on emancipating the poor from the vicious cycle of poverty through implementing Islamic microfinance system, and thus contributing to achieving the sustainable development goals (SDGs). Future researchers and experts in Islamic finance will also find the ideas presented in this research helpful.
Copyright (c) 2024 Niaz Makhdum Muhammad, Salina Kassim, Nur Farhah Binti Mahadi, Engku Rabiah Adawiyah Engku Ali https://creativecommons.org/licenses/by-sa/4.0
Economic Recovery Strategy: The Role of MSMEs Credit Access and Optimization of Regional Fiscal Stimulus in Islamic Economics Framework
This paper aims to analyze the determinants of economic recovery in North Sumatra using district-based panel data from 2020-2022 using the Random Effect Model. Several variables derived from the implications of fiscal and monetary policies such as MSME credit access, inflation, the effectiveness of income spending, poverty, unemployment rate, and human development index were used to analyze economic recovery as proxied by GRDP per capita. Our findings indicated that the position of MSMEs' credit and relative poverty have a significant positive effect on economic recovery in North Sumatra. Conversely, the unemployment rate and human development index have a significant negative effect on economic recovery in North Sumatra. Inflation and the effectiveness of income spending have an insignificant effect on economic recovery in North Sumatra. These findings recommend that the government and the central bank should support increased access to MSME credit in terms of regulations, the availability of bank financial institutions, and allocations. In addition, it is crucial to maintain the effectiveness and increase indirect budget allocations for social fund posts that can be integrated with Islamic Social Funds such as Zakat, Infaq, and Shadaqah to address poverty and unemployment challenges to improve the community’s quality of life and accelerate economic recovery in North Sumatra.
Copyright (c) 2024 Anniza Citra Prajasari, Dwi Marlina Wijayanti https://creativecommons.org/licenses/by-sa/4.0
Examining the Determinants of Ecological Footprint in ASEAN-5 Countries
This study focuses on the ecological footprint as a crucial indicator for assessing the environmental impact of human activities, particularly in the manufacturing sector, household consumption, and agriculture in five ASEAN countries (Indonesia, Malaysia, Singapore, Thailand, and the Philippines). The novelty of this study lies in the empirical analysis of the relationship between the ecological footprint and major sectors in ASEAN countries using panel data for 22 years (2000–2022). This study uses panel data regression with moderating variables to test the interaction between independent variables and the ecological footprint. The findings indicate that the manufacturing sector has a significant effect on the ecological footprint. The manufacturing sector can reduce its ecological footprint by implementing energy efficiency technologies and using environmentally friendly raw materials. Meanwhile, household consumption does not have a direct effect, but under specific circumstances, it can affect the ecological footprint, particularly the consumption of goods or services that excessively utilize natural resources and are not readily recyclable. The agricultural sector tends to increase its ecological footprint due to inappropriate practices, such as forest burning for agricultural expansion. The conversion of natural land to agricultural land also increases the levels of hazardous substances such as nitrogen and phosphorus in the soil, which have a significant impact on the ecosystem. The findings of this study provide new insights into effective governance strategies to support sustainable development. This study demonstrates that governance plays a major role in managing ecological footprints, emphasizing the significance of government intervention. The implication of this study is the need for policies that support environmentally friendly practices to reduce ecological footprints in the ASEAN-5 countries.
Copyright (c) 2024 Nesha Rizky Ashari, Muhammad Budi Utama, Irwan W. http://creativecommons.org/licenses/by-sa/4.0
The Effect of Internal Bank Aspects to Sharia Bank Performance with Financing Risk as Mediator
This study aims to examine the factors that affect financing risk and its influence on the financial performance (profit) of Islamic banking in Indonesia. The study includes an overview of internal conditions including capital elements and bank operating costs. This study uses a quantitative method with a path analysis approach. The object of study is Islamic general banking in Indonesia which is registered with the Financial Services Authority (OJK) for the 2019-2023 period. The sampling technique uses the purposive sampling technique with a total sample of 9 Islamic commercial banks in Indonesia. The results of this study show that CAR has a significant effect on NPF, OER does not have a significant effect on NPF, directly CAR and NPF do not have a significant effect on ROA, directly OER has a significant effect on ROA, indirectly through NPF, CAR and OER do not have a significant effect on ROA. The results of this study conclude that Islamic public banks in Indonesia must be able to efficiently manage capital reserves and company operating costs. This aims to maintain the stability of banking performance and ensure that Islamic banks can mitigate the level of risk that occurs in banking operational activities.
Copyright (c) 2024 Nimas Dewi Lestari, Ariza Qanita, Mufit Suyuti, Maretha Ika Prajawati, Mega Noerman Ningtyas https://creativecommons.org/licenses/by-sa/4.0
Diversifying Other New Normal Approach on Livelihood Development: Extension Strategies for Poverty Alleviation
This study evaluates and analyzes the extension projects required in Barangay La Paz, Bayabas, Surigao del Sur, to align effectively with the extension agenda of Northeastern Mindanao State University (NEMSU). The research focused on establishing a set of priority projects aimed at supporting poverty alleviation and improving community living standards. Utilizing a descriptive quantitative approach, data were collected from 146 respondents through a rigorously validated and reliable research instrument over a six-month period. The study posits that a transition toward a market-driven extension system is essential to increase community income, stimulate rural entrepreneurship, and create employment opportunities. The results indicate a strong demand for both soft and hard skills training among the community, highlighting a need for formal education in entrepreneurship and livelihood activities. These findings underscore the potential of the University’s extension program to foster sustainable socio-economic development by addressing community-specific needs. The insights from this study inform local legislative and university planning, providing a strategic foundation for selecting extension projects with the highest relevance and impact on beneficiaries.
Copyright (c) 2025 Donald Montenegro https://creativecommons.org/licenses/by-sa/4.0
Intention of Generation Z to Visit Halal Tourism Destination in West Java
Indonesia has great potential in the tourism sector, including halal tourism, such as in West Java. Technological developments and digitalization permeating various sectors can influence people's interest in traveling, including Generation Z. This study aims to analyze the factors affecting Generation Z's desire to visit halal tourism destinations in West Java. This study investigates the factors according to the Theory of Perceived Behavior or TPB (subjective norms, attitude towards behavior, and perceived behavioral control), spiritual considerations (religiosity), and digital promotion (electronic word-of-mouth). Furthermore, the study incorporates halal literacy as a moderating variable, assessing its impact on the TPB's influence on tourist intention to visit halal tourism destinations. This study employed an online questionnaire, collecting data from 219 respondents. The gathered data was subsequently analyzed using the Structural Equation Modeling-Partial Least Square (PLS-SEM). The findings reveal that perceived behavioral control, electronic world-of-mouth, and halal literacy have a significant and positive effect on Generation Z's interest in visiting halal tourism destinations in West Java. However, subjective norms, attitudes toward behavior, and religiosity did not have a significant effect. Moreover, halal literacy also failed to moderate the relationship between TPB and behavioral intention in this study. A strategy is needed to develop halal literacy combined with online media tools to promote halal tourism in West Java.
Copyright (c) 2024 Lu'liyatul Mutmainah, Listia Andani, Nuryanti Taufik https://creativecommons.org/licenses/by-sa/4.0
Optimizing ICMS Strategies for E-Commerce in Brazil: Tax Benefits and Profitability Insight
This study aimed to analyze the ICMS in the interstate operations of e-commerce companies, targeting non-taxpayers. The objective was to identify more economically advantageous strategies that would remain compliant with the tax legislation. The economic implications are evident in the use of tax benefits by various states, seeking to attract large companies to their jurisdictions through these incentives. A case study was conducted at a medium-sized company that has experienced significant growth in recent years, driven by both operational expansion and the rise of e-commerce on digital platforms. To carry out this case study, information from the company's tax documents was used, including verification of files and tax ledgers, and calculation of taxes and other reports relevant to the study. The analysis revealed that ICMS has a significant effect on the company's operations, necessitating the implementation of strategies to efficiently and legally reduce the tax burden. To implement these strategies, this study analyzed the tax benefits offered by specific states within the federation to this particular industry segment. By comparing these benefits to the company's operational values, opportunities to reduce the tax burden and increase profitability can be identified. The study demonstrated the potential for substantial cost savings by considering the company's location as the primary focus. These savings could range from 41.9% to 72.5%.
Copyright (c) 2024 Luís Fernando Correia e Almeida, Milena Moscardini Nabelice Guasti Lima http://creativecommons.org/licenses/by-sa/4.0
Trend and Momentum Technical Indicators for Investing in Market Indices
The purpose of this study is to evaluate the effectiveness of technical analysis indicators in investment strategies.We conducted an empirical study using four trend indicators and four momentum indicators across seven market indices. Our methodology employs a parameter optimization process for each indicator and compares the results with classical parameters reported in the economics literature.Our findings indicate that no technical indicator consistently outperforms the buy-and-hold strategy in the long run. In addition, the optimization procedures did not yield significant improvements in the results.This study contributes to the ongoing debate on the effectiveness of technical analysis indicators in securities trading by adding to the literature on the subject.
Technical Analysis; Active Investment; Passive Investment; Sharpe Ratio
Copyright (c) 2024 Victor Alexandre Padilha, Vinícius Magnani, Rafael Confetti Gatsios, Fabiano Guasti Lima, Rafael Moreira Antonio http://creativecommons.org/licenses/by-sa/4.0
Challenges and Opportunities for QRIS Implementation as a Digital Payment System in Indonesia
This research aims to analyze the challenges and opportunities for implementing QRIS (Quick Response Code Indonesian Standard) as one of the digital payment systems in Indonesia which has been provided by Bank Indonesia as an application that provides convenience, speed, and efficiency in payment transactions. However, the implementation of QRIS as a digital payment system in Indonesia still faces many challenges, such as limited internet access, competition with other payment systems, security aspects in use that have the potential for fraud or data theft, and low public understanding of QRIS. This research uses descriptive qualitative research methods with a focus on challenges and opportunities in implementing QRIS in Indonesia. The primary data sources in this research are observations and in-depth interviews with business actors who use QRIS. Secondary data sources were obtained from Bank Indonesia QRIS documents and data. This research found that the challenges in implementing QRIS in Indonesia are still low support from the central government and regional governments in accelerating the use of QRIS, not yet optimal cooperation between financial institutions, industry, and society, inadequate information technology infrastructure, and low public understanding about QRIS. Meanwhile, QRIS has enormous opportunities because it is one of the instruments in encouraging digital economic acceleration that is inclusive and efficient. QRIS has huge market potential because there is an increasing number of smartphone users every year.
Challenges; Opportunities; QRIS; Digital; System
Copyright (c) 2024 Abdul Rachman; Niken Julianti, Siti Arkoyah http://creativecommons.org/licenses/by-sa/4.0
Variants of Tax Planning Method Based on Tax Consultant’s Perpective
The purpose of this research is to reveal the metode best practice of the tax consultant's side regarding corporate tax planning. The method used in this research is qualitative with a case study approach. This method is considered suitable because it helps researchers to reveal in dept nh the practice of tax planning. The results of the study reveal that the best practices most often used by tax consultants are three, namely depreciation in terms of differences between accounting and tax regarding the useful life and methods used. inventory by choosing between First In First Out and average, both of these methods have their respective advantages and disadvantages, making differences of opinion between senior and junior tax consultants, the last practice most often used is cost shifting. These three practices are proven to be able to minimize the tax burden, but of course there must be considerations made by tax consultants in choosing the best practice to do. The findings of this study can be useful for taxpayers in terms of education and learning related to tax planning, besides that for future researchers it is recommended not only to focus on practices but also to lead to their meaning.
Copyright (c) 2024 Jayanti Mandasari, Fibriyani http://creativecommons.org/licenses/by-sa/4.0
Tourism, Information Communication and Technology, Renewable Energy Consumption, Economic Growth and CO2 Emissions in Indonesia
This study uses annual data from 1995 to 2020 to investigate the Impact of Tourism, Information Communication and Technology, Renewable Energy Consumption, and Economic Growth on CO2 Emissions in Indonesia. The relationship between the variables was investigated using an autoregressive distributed lag (ARDL) approach, which considered both the long and short runs. The unit root tests were used to determine the data's stationarity and the F-statistics bound test validated cointegration between variables. This study found short-run and long-term correlations between CO2 emissions from Indonesia's tourism sector, information communication and technology, usage of renewable energy consumption, and economic growth. In the long run, Indonesia's CO2 emissions rise by 0.034% and 0.079%, and in the short run, by 0.040% and 0.092%, with a 1% increase in ICT and economic growth, respectively. Furthermore, decreases in CO2 emissions of 0.050% and 0.287 over the long run and 0.058% and 0.344% over the short run, respectively, may result from a 1% increase in tourism and renewable energy consumption. The study's findings show that although Indonesia's CO2 emissions are growing due to ICT and economic growth, they are falling due to tourism and the use of renewable energy. Further research could be possible with more economic data and modern econometric techniques. According to these findings, in addition to eco-friendly tourist laws, the ICT sector, and renewable energy sources, authorities in Indonesia should prioritize greater environmentally friendly economic growth to protect the country's natural environment.
Information communication and technology (ICT)
Copyright (c) 2024 Atif Yaseen, Priyonggo Suseno , Syed Gulam Hussain Shah http://creativecommons.org/licenses/by-sa/4.0
The Effect of Distributed Zakat on Sustainable Economic Development in Indonesia: A VECM Approach
The purpose of this article is to examine how Indonesian sustainable economic development factors are affected by distributed zakat. in particular the poverty rate, the human development index (HDI), and economic growth. Time series data from 2001 to 2020 were processed using a vector error correction model (VECM). Additionally, the stationarity and long-run connection have been tested using the unit root and co-integration tests, respectively. The analysis made the assumption that dispersed zakat will have a positive, long-term influence on sustainable economic development. As a result, the main goals of zakat distribution, which are linked to long-term zakat funds and economic expansion, will be effectively accomplished. The case study of only one nation, Indonesia, is one of the research's limitations; therefore, in order to generalize the findings, it is advised that more nations be included in future studies. To help zakat organizations optimize their collecting and distribution strategies, the Indonesian government ought to enact tax reduction programs for them. Furthermore, it is advised that zakat institutions broaden their distribution to include those who are more at-risk in order to significantly reduce poverty and promote sustainable development. There aren't enough empirical findings about the SDGs and zakat. This article, on the other hand, is original and evaluated the dynamic short- and long-term effects of distributed zakat on Indonesia's economic growth, poverty rate, and Human Development Index (HDI).
Copyright (c) 2024 Issa Hamadou, Mamadou Salieu Jallow http://creativecommons.org/licenses/by-sa/4.0
Determinant of Indonesian Customers Intention to Use Islamic Life Insurance: Theory of Planned Behavior Approach
This research aims to determine the determinants of intention to use Sharia life insurance among Muslims in Indonesia. The total sample size in this study reached 101 participants, determined using the convenience sampling technique. The data analysis technique employed in this research adopts partial least square structural equation modelling (PLS-SEM) using SmartPLS 3.0 software. The findings of this study indicate that the intention to use Sharia life insurance is determined by attitude and perceived behavioral control. However, religiosity was not found to mediate the relationship between attitude, perceived behavioral control, and subjective norm in relation to the intention to use Takaful. This research also provides recommendations for Sharia life insurance companies in Indonesia to enhance their products and services, aiming to foster a positive perception among the Muslim community towards Sharia life insurance.
Copyright (c) 2024 Sunarsih Sunarsih, Slamet Khilmi, Ahmad Febriyanto; Salma Nafisah Zulfa Yusro http://creativecommons.org/licenses/by-sa/4.0
The Influence of Internal Control Quality on Corporate Financial Performance: An Empirical Analysis based on Panel Quantile Regression Model
This study delves into the relationship between internal control quality and the financial performance of Chinese-listed corporations. Employing a distinctive research approach featuring panel quantile regression, this study meticulously examines data spanning the period from 2011 to 2020, encompassing 953 Chinese-listed entities. The analysis, in comparison to conventional methods such as ordinary least squares (OLS) regression and fixed-effects models, consistently reveals a robust and statistically significant positive correlation between internal control quality and corporate financial performance. Notably, the findings of the panel quantile regression bring to the forefront a nuanced perspective, elucidating an enhancing effect of internal control quality on Return on Assets. Nevertheless, this effect diminishes as one ascends the quantile distribution, elucidating varying degrees of influence contingent upon the internal control quality spectrum. These findings underscore the pivotal role of effective internal control systems in augmenting financial performance, with implications for corporate governance. Furthermore, this research underscores the evolving nature of internal control frameworks, particularly in the context of digitalization, thus delineating an imperative area for prospective scholarly exploration.
Copyright (c) 2023 Meng Xu and Ooi Kok Loang http://creativecommons.org/licenses/by-sa/4.0
Examining the Correlation between Macroeconomic Factors and Stock Indices: A Comparative Analysis of IHSG and Nikkei
This comprehensive research investigates the intricate relationship between macroeconomic factors and stock market performance, specifically focusing on the Indonesia Stock Exchange Composite Index (IHSG) and the Nikkei Stock Average. Employing a robust quantitative approach, the study emphasizes key variables such as inflation, exchange rates, interest rates, GDP growth, and oil prices, utilizing regression analysis to unravel unique patterns within the Indonesian and Japanese markets. For IHSG, significant negative correlations with inflation highlight its impact on purchasing power and corporate profitability. The non-significant relationship with the Bank Indonesia Interest Rate (BI Rate) emphasizes market resilience to interest rate fluctuations. The significant negative correlation with the Rupiah underscores the pivotal role of currency stability. Additionally, the non-significant relationship with oil prices suggests a limited influence on IHSG movements. Turning to the Nikkei, non-significant relationships with inflation, the Bank of Japan (BOJ) Rate, GDP, exchange rates, and oil prices underscore the diverse factors at play. These findings offer valuable insights for investors, policymakers, and researchers, enriching the understanding of the multifaceted influences shaping the relationship between macroeconomic conditions and stock market dynamics in Indonesia and Japan. The study contributes empirically rich insights, addressing gaps in existing literature and paving the way for informed decision-making in the complex landscape of global financial markets.
Indonesia Stock Exchange Composite Index (IHSG)
Copyright (c) 2023 Yulia Melyanda Sim, David Kaluge http://creativecommons.org/licenses/by-sa/4.0
Equal Distribution of National Income through the Concept of Green Economy: an Exploratory Studies
The initiation of national economic growth gives the government a focus on handling economy equally in both rural and urban areas. The considerations that make the economy must be sustainable among others which the current generation who enjoys goods and services produced from natural resources and the environment has a moral obligation to leave the services of these natural resources for future generations. The aim of this research is initiated to promote equitable economic growth through the conservation of natural resources that can be used sustainably from each generation. The approach used in this research is qualitative with exploratory study method. The analysis technique used is literature search and case analysis related to the entity of equal distribution of national income and the green economy concept. The results of this study indicate that there are seven strategic steps and green economy using macro-regional economic indicators namely genuine saving to monitoring the distribution of national income. This result is to describe concepts of green economy, green growth and green development are basically intended to operationalize the linkages of economic, social and environmental pillars in the context of sustainable development.
Copyright (c) 2023 Ardy Firman Syah http://creativecommons.org/licenses/by-sa/4.0
Indonesian Islamic Comercial Banks Profitability: Role of Murabahah Financing, Musyarakah Financing, NPF, and BOPO
This study to analyze the significance of the effect of Murabahah Financing, Musyarakah Financing, Non-Performing Financing (NPF), and Operating Expenses on Operating Income (BOPO) on Profitability at Islamic Commercial Banks in Indonesia for the 2018-2022 period. We employ 6 (six) Islamic Commercial Banks in Indonesia for the 2018-2022 period, which were selected using Purposive Sampling technique. The analysis model used in this research is the Multiple Linear Regression Analysis Model processed with the SPSS 26.00 program. The results of hypothesis proving and discussion show that the effect of Murabahah Financing, Musyarakah Financing, Non-Performing Financing (NPF), and Operating Expenses on Operating Income (BOPO) simultaneously has a significant effect on Return on Asset (ROA). Partially, the Murabahah Financing ratio has a positive and significant effect, Musyarakah Financing has a negative but significant effect, the Non-Performing Financing (NPF) ratio has a negative but insignificant effect, and Operating Expenses on Operating Income (BOPO) has a negative and significant effect on ROA at Islamic Commercial Banks in Indonesia for the period 2018- 2022.
Copyright (c) 2023 Siti Adifatun Amanah, Suryani Sri Lestari, Atif Windawati http://creativecommons.org/licenses/by-sa/4.0
Financial Performance Analysis of Local Government: A Case Study on Karanganyar Regency
The purpose of this study is to analyze the financial ratios of the Karanganyar Local Government Budget Realization Report for the 2017-2022 fiscal year, with a quantitative descriptive method at the Local Finance Agency (BKD) of Karanganyar Regency. Data were sourced from the budget realization reports, scientific articles, and interviews. Data were collected through document analysis and interviews. The components analyzed include the financial independence ratio, financial growth ratio, effectiveness ratio of original local government revenue (PAD), and local financial efficiency ratio. This study has found a low financial independence ratio of an average of 23.62%. The average PAD growth ratio was 5.14%, local income was 1.98%, operational expenditure was 1.80%, and capital expenditure was 3.72%. The PAD effectiveness ratio was classified as very effective with an average of 107.22%, and the financial efficiency ratio showed a moderate level with an average of 87.17%. This study concludes that the financial performance of the Local Government of Karanganyar Regency needs to be improved. The researchers recommend the government diversify sources of income, evaluate project management, and utilize information technology. Thus, this study provides guidance for the Local Government of Karanganyar Regency in improving the local financial performance.
Copyright (c) 2023 Adelita Faraulia Kusumawardani, Andi Asrihapsari http://creativecommons.org/licenses/by-sa/4.0
Blockchain Technology in Financial Transactions under Sharia Banking Practice
This research explores the potential impact of blockchain technology on fincancial transactions in Islamic banking, addressing challenges related to security, transparency, and efficiency. Employing a multifaceted approach, the study assesses the benefits of blockchain in Islamic finance through literature reviews and empirical investigations. Notably, blockchain enhances the security of financial transactions by leveraging robust cryptocurrency and decentralized consensus mechanisms, thereby mitigating fraud and manipulation risks. Additionally, blockchain facilitates currency exchange, a critical aspect of Islamic banking, ensuring transparency and adherence to Sharia standards. The research identifies increased efficiency in Sharia banking operations as a key advantage of blockchain technology, attributing it to the automated processes that reduce organizational costs and transaction processing times. Furthermore, blockchain enables more streamlined cross-border transactions, reduces reliance on external entities, and enhances market liquidity. Despite these benefits, the study emphasizes certain challenges in implementing blockchain in Islamic banking, such as the need for youth education, establishing a robust infrastructure, and gaining community trust in new technologies. Successful integration requires collaboration among Sharia banking organizations, regulators, and stakeholders, with clear guidelines and a deep understanding of blockchain innovation. Overcoming these challenges is crucial for unlocking the full potential of blockchain in enhancing the security, transparency, and efficiency of monetary transactions within Islamic finance.
Copyright (c) 2023 Aprilia Candra Purnama Wati, Muhammad Yazid http://creativecommons.org/licenses/by-sa/4.0
Islamic Social Fund (Zakah Infaq Shodaqoh), Inflation, and Poverty Alleviation in Surabaya City
This study analyzes the poverty rate in Surabaya in 2016-2020 which is supported by Islamic financial instruments and macroeconomic instruments. This study aims to examine the effect of receipt ZIS funds and inflation on the poverty rate in Surabaya in 2016-2020. This study used quantitative approach with multiple linear regression tests which were processed using the Eviews 10 program. The data used is time series data with the period of this study from January 2016 to December 2020. The data source was obtained from the East Java National Amil Zakat Agency (BAZNAS) and the Central Statistics (BPS) Surabaya City. The results of this study are indicating that the ZIS variable has a significant effect with a probability value of 0.0000 and has a negative direction with a coefficient value of -0.212219. This explains that the receipt of ZIS funds at BAZNAS East Java can reduce the number of poor people from 2016 to 2020. Meanwhile, the inflation variable has no significant effect on poverty with a probability value of 0.8062, and has a negative direction with a coefficient value of -0.006093. This happened because the inflation rate which was still fluctuating had no effect on the poverty rate in Surabaya from 2016 to 2020. Then simultaneously the ZIS variables and inflation together had an effect on the poverty rate in Surabaya in 2016-2020. While the results of the R2 test in this study indicate that the poverty rate in Surabaya is explained by the ZIS variable and inflation of 40.53% and the rest is explained by other variables outside the variables examined in this study.
Copyright (c) 2023 Nabilah Balqis http://creativecommons.org/licenses/by-sa/4.0
Effect of Sharia Banking RGEC toward Indonesian GDP
This investigation aims to analyze the effect of sharia banking financial performance using the RGEC method (Risk Profile, Good Corporate Governance, Earnings, Capital) on the Gross Domestic Product (GDP). The independent variables in this study were measured the Capital Adequacy Ratio (CAR), Financing to Deposit Ratio (FDR), Operating Costs to Operating Income (BOPO), Good Corporate Governance (GCG), and Return On Equity (ROE), while the dependent variables measured by the percentage of Gross Domestic Product (GDP). The type of research is quantitative with six samples of Sharia banks consisting of Bank Muamalat Indonesia, BRI Syariah, BNI Syariah, Bank Mandiri Syariah, Bank Mega Syariah, and BCA Syariah with data for the quarter of 2016 to 2020. The analysis technique data were analyzed using panel regression with a fixed effect model method processed with Eviews 12 software. The results showed that the FDR, BOPO, and ROE variables had a positive influence and were significant on Indonesia's gross domestic product. Furthermore, the CAR and GCG variables cannot influence Indonesia's economic growth. Meanwhile, the results of Test F show the RGEC ratio of sharia banks had a significant influence on the Gross Domestic Product (GDP) at the same time.
Copyright (c) 2022 Nurma Yulita, Muhammad Wakhid Musthofa http://creativecommons.org/licenses/by-sa/4.0
Maximizing Business Profit: A Perspective from Islamic Economic Law
Profit is the main goal taken by businessmen. The amount of profit earned is used as a measuring tool to evaluate the success of a business, so the profit earned must be higher than the cost of production. Nevertheless, there are business actors who take profits that are too large to be detrimental to consumers, so it is necessary to have a good profit standard, where the profits taken still benefit the businessman and not harm the consumer. So the profit taken must be fair and balanced with the cost of production taken. One of the characteristics of a capitalist economy is to minimize capital and obtain maximum profit. Whereas in Islamic economics the profit taken must be fair according to the capital issued. Islam is not specified, but a good profit does not exceed one -third of the capital. The concept of the goal of falah in Islamic business is problematic, and the ultimate goal is the good of the world and the hereafter. In this paper, we will discuss the law of maximizing business profits in Islamic Economic Law, as well as explain the concept of profit taking in Islam.
Copyright (c) 2023 Muhammad Irkham Firdaus, Saipul Nasution, Devid Frastiawan Amir Sup http://creativecommons.org/licenses/by-sa/4.0