International Journal of Islamic Finance

A Study on the Antecedents of Cardless Withdrawal Adoption at Bank Syariah Indonesia from the Perspective of Generation Z in Yogyakarta Special Region

2024-06-24T11:04:58+07:00

Abstract

Background: The development and growth of technology in the banking sector, especially in sharia banking services, has a significant impact on consumer behavior, especially among the younger generation/generation Z

Objectives: This research aims to determine the factors that influence adoption cardless withdrawal Indonesian sharia bank through the perspective of generation Z D.I.Yogyakarta through approach Technology Acceptance Model 3 (TAM 3).

Novelty: The novelty in this research lies in the development of a more comprehensive and specific technology acceptance evaluation model, namely by application Technology Acceptance Model (TAM) in context Cardless Withdrawal on the BSI application mobile banking

Research Methodology / Design: In designing this study, the approach applied was a quantitative method. This research was distributed using an online questionnaire in the form of Google Form to 168 respondents who are Generation Z users of the cash withdrawal feature without a BSI card Mobile banking. The data collected was then processed using the SmartPLS 3.0 application for statistical analysis.

Findings: The research results show that seven of the eight variables have a positive influence on the adoption of the cardless cash withdrawal feature, while one variable, namely computer anxiety, has a negative influence on the perception of ease of use. These findings indicate that although these features are generally well received by users, certain factors such as technology anxiety remain barriers that need to be overcome.

Implication: Theoretically, this research enriches the literature on technology adoption in the Islamic banking sector with empirical evidence regarding the effectiveness of the cardless cash withdrawal feature. Practically, these results can be used by Bank Syariah Indonesia and other financial institutions to improve marketing and product development strategies, as well as to overcome obstacles faced by users in adopting this technology. Thus, this research helps encourage wider and more effective adoption of digital banking technology.

Perceptions of Economics Students on Determining Their Intention to Perform Retail Sukuk: Case study Universities in Jambi5.

2024-10-17T11:24:50+07:00

Background: Students with economic background should ideally have literacy related to the capital market and the products included in it, including sukuk.

Objectives: This study aims to see the effect of accessibility, guarantees, rewards and understanding of sharia on students' interest in buying sukuk, especially in this context retail sukuk.

Novelty: Compared to previous research, this research focuses more on how students in Jambi, especially those majoring in economics and related fields, practicing investment, especially in sukuk.

Research Methodology: This study uses a quantitative approach using the PLS-SEM (Partial Least Square-Structural Equation Modeling) analysis tool. This research involved 598 respondents from students of economics which came from various campuses in Jambi province.

Findings: The results of the study show that all valid variables, convenience, security, ujroh and shariah variables have a 77% influence on student interest as indicated by the value of r square. Sharia latent variable is the variable that has the greatest influence among other variables.

Implication: Based on the research results, the socialization of sharia values in sukuk needs to be encouraged by related parties to increase the active role of students in sharia investment59

Exploring Education Zakat across Various States in Malaysia and its Determinants

2024-10-28T09:45:07+07:00

Background: Zakat is an important Islamic financial tool that contributes to socioeconomic development, including education, by redistributing wealth to those in need. In Malaysia, state governments manage zakat collection and distribution, with significant variation across states in how education zakat is handled.

Objectives: This study aims to compare the distribution and impact of education zakat across different Malaysian states, focusing on zakat office in Higher Education Institutions (HEIs) and other factors that influence education zakat effects.

Novelty: This study offers a unique contribution by comparing education zakat across states in Malaysia and examining the determinants that lead to effective education zakat outcomes, with a special focus on zakat office in HEIs.

Research Methodology / Design: A qualitative research methodology is employed, combining library research on zakat practices across states with unstructured interviews from officials at zakat offices in HEIs. The fi sabilillah category is used as the best proxy for education zakat to isolate zakat given due to poverty reasons.

Findings: The results indicate significant disparities in zakat allocation for education across Malaysian states. For instance, Sarawak allocated the highest percentage of zakat for education, while Selangor allocated the lowest. Factors influencing these differences include availability of wide range of zakat schemes, the extension of asnaf categories, and student perceptions of zakat management systems.

Implication: Findings suggest that diverse zakat scheme, broader asnaf categories, and positive perception among students on zakat management in HEIs could enhance the impact of education zakat. States with higher allocation for education zakat has the potential to enjoy improved educational outcomes. Encouraging other states to adopt good practices, including those seen in HEIs, can help enhance the impact of education zakat, leading to more efficient resource allocation and greater educational equity across Malaysia.

A New Connectedness Trends in Islamic Finance: A bibliometric Analysis of Biodiversity, Sustainability, and Social Impacts

2024-10-17T11:27:04+07:00

Background: Islamic finance after COVID-19 has become the main focus of Islamic economic observers in paying attention to sustainability. The issue of sustainability is the goal of the Islamic finance process in solving problems such as the scarcity of green biodiversity. Indonesia is a mega biodiversity country that is very beneficial for society. In this case, Islamic biodiversity financing needs attention in order to benefit the social community. The level of measurement of social community utilization through welfare indicators by paying attention to public health.
Objectives: This research aims to map the current relevance of Islamic finance in addressing issues on three variables: biodiversity, sustainability, and social impact.
Novelty: Through this research, SDG observers can inspire further exploration and linkages so as to analyze sustainable Islamic financial instruments after the SDGs program.
Research Methodology/Design: This study uses bibliometric methods with 3 research linkage analyses namely Co-Authorship, Co-Occurance, and Coupling Bibliometrics with databases drawn from dimensions. Using artificial intelligence such as VOSviewer, we uncover publication trends, researchers who focus on these studies, and bibliographic integration in the field.
Findings: The results show that there are interrelationships between variables with two Islamic financial instruments being the top two transactions that are interrelated and beneficial to the relationships between variables. This study provides valuable recommendations for future research to enhance our understanding of the implications of other Islamic financial instruments for their relationship with biodiversity, sustainability, and social impact. However, researchers must acknowledge that the exclusively reviewed literature indexed by Scopus is limited. Through this study, the researcher hopes to inspire further exploration and be able to analyze sustainable Islamic financial instruments post-SDG program
Implication: This research can have implications for future researchers, state regulations, and companies that focus on sustainability. Megabiodiversity countries can update regulations on the provisions of sustainability standards by adjusting the connection between biodiversity as an asset to achieve sustainability, which will have an impact on the country's society. because the sustainability regulation standards to date are still not well implemented in mega biodiversity countries, one of which is the GRI standard, and UN unit countries can make this connection as a basic reference for programs after SDGs.
Keywords: Islamic finance, Biodiversity, Sustainability, social impact,
JEL Classification code :F64, Q51,Q56

Resolution of Sharia Economic Disputes: A Case Study on Default in Murabahah Contracts

2024-10-28T11:30:57+07:00

Background: The increasing significance of sharia economics in Indonesia necessitates a thorough understanding of the judicial processes involved in resolving related disputes. This paper focuses on a specific case, sharia economic dispute No. 398/Pdt.G/2021/PA.Btl, to explore the judge's considerations and the legal frameworks at play.

Objectives: The primary objective of this research is to analyze the judge’s considerations in the resolution of the mentioned sharia economic dispute. It aims to assess whether these considerations align with existing legal frameworks and principles, particularly in relation to the murabahah contract.

Novelty: This study contributes to the existing body of literature by providing an empirical normative analysis of a real case, highlighting discrepancies between judicial considerations and legal sources. It underscores the need for consistency in applying legal principles within sharia economic disputes, thereby filling a gap in current academic discussions.

Research Methodology: The research employs a qualitative approach, utilizing empirical normative research techniques. Primary data is gathered from relevant dispute decisions, while secondary data consists of legal texts and scholarly readings. The analysis follows a deductive method, employing Gustav Radbruch’s theory of legal certainty to evaluate the findings.

Findings: The study reveals that the dispute was initiated as an ordinary lawsuit but could have been resolved through a simpler process as outlined in PERMA No. 4 of 2019. Furthermore, the judge's considerations did not adequately reflect the specifics of the murabahah contract. The analysis indicates a failure to adhere to the hierarchy of positive legal sources, including a lack of reference to the KHES, resulting in a violation of the principle of legal certainty.

Implication: The findings suggest a critical need for judges in sharia economic disputes to align their considerations with established legal frameworks to uphold legal certainty. This study advocates for enhanced judicial training and clearer guidelines to ensure consistent application of laws in sharia finance, ultimately contributing to the stability and integrity of sharia economic practices in Indonesia.

Generation Z's Interest in Investing in The Islamic Capital Market (Study Case: Generation Z in South Sulawesi, Indonesia)

2024-10-28T11:28:42+07:00

Background: Indonesian government has made efforts to develop the sharia capital market so that the sharia financial market in Indonesia continues to grow rapidly as in previous years. The intended strategies include developing sharia capital market products, strengthening and developing sharia capital market infrastructure, increasing literacy and financial inclusion of the sharia capital market, and strengthening synergy with stakeholders. From an Islamic perspective, investment is also considered something important and recommended. Investments made by a Muslim are expected to be a form of effort in seeking Allah's pleasure and fulfilling their needs as social beings on this earth. Investment in this case is certainly an investment activity that does not conflict with Islamic law. However, based on the Sharia Capital Market Update for the June 2022 period, the number of SID recorded for ownership of sharia mutual funds, corporate sukuk and sharia shares was only 2,455,239 SID (ojk.go.id). This number is relatively small when compared to the total number of SIDs in the capital market which reached 10,000,628 in the November 2022 period (ksei.co.id). In fact, Indonesia is one of the countries with a majority Muslim population. Based on data from the Directorate General of Population and Civil Registration of the Ministry of Home Affairs, it states that 86.88% are Muslim.

Objectives: The research aims must be clearly explained. This research will focus on the generation Z which currently dominates the community as a research object, especially those domiciled in South Sulawesi Province. Sulawesi Province is in eighth position as the province with the largest number of SIDs in the July 2023 period in Indonesia and is the province with the largest number of SIDs in Eastern Indonesia. Where eastern Indonesia includes the islands of Sulawesi, the Maluku Islands, the Nusa Tenggara Islands, Bali and Papua. However, the number of SIDs in South Sulawesi only reached 3% of the total population in South Sulawesi in June 2023 which was 9,312,019.

Novelty: Based on several previous studies, it can be seen that there will be inconsistent findings. Therefore, researchers want to conduct research related to investment interest as an endogenous variable and use investment knowledge, Sharia financial literacy, and investment motivation as exogenous variables. In addition, researchers use financial self-efficacy as a moderating variable to see its effect on the relationship between exogenous and endogenous variables.

Research Methodology/Design: This research is a type of quantitative research, using a survey method through a questionnaire containing questions/indicators. The population of this research is generation Z in South Sulawesi province. This study will use Partial Least Squares Structural Equation Modeling (PLS-SEM).

Findings: The results showed that Islamic financial literacy and investment motivation partially affect investment interest. However, investment knowledge was found to have no effect on investment interest in the Islamic capital market. Meanwhile, financial self-efficacy moderates the relationship between investment knowledge and Islamic financial literacy on investment interest, but financial self-efficacy does not moderate the relationship between investment motivation and investment interest.

Implication: For future researchers, it is expected to use a larger number of samples in order to represent the entire population and produce more accurate research results, as well as look for other more specific variables, which may affect investment interest in the Islamic capital market.