Jurnal Magister Ekonomi Syariah

The Urgency of Takaful-Based Protection for Gig Workers through Pentahelix Model

Muhammad Al Berto — 2025-12-31

This study highlights the urgency of implementing a Takaful-based protection scheme to address the increasing vulnerability of gig workers within Indonesia’s rapidly expanding digital economy. The research aims to examine the opportunities and challenges of takaful implementation in the gig economy and to conceptualize a Pentahelix-based partnership model for developing an inclusive and sustainable Sharia-compliant insurance ecosystem. Using a qualitative descriptive approach with a conceptual strategy through library research, this study analyzes academic literature, regulatory frameworks, and institutional reports related to takaful, social protection, and platform-based labor. The findings indicate that despite the steady growth of the takaful sector in Indonesia, takaful penetration among gig and informal workers remains extremely low. Limited takaful literacy, weak digital integration, and insufficient cross-sectoral policy coordination is identified as the main constraints. To overcome these challenges, this study proposes a Pentahelix collaboration model involving government, academia, industry stakeholders, communities, and media to strengthen literacy, encourage product innovation, and improve institutional coordination. This study contributes to policymaking by offering a collaborative framework for integrating takaful into Indonesia’s gig economy ecosystem and provides strategic insights for key policymakers particularly in terms of regulatory coordination, incentive alignment, and data integration mechanisms. Furthermore, the proposed Pentahelix-based model serves as an operational reference for industry stakeholders and digital platforms in embedding Sharia-compliant protection schemes within platform-based work systems.

Optimizing Ummah Endowment Funds as a Pillar of Sustainable Development Goals: Analysis from the Perspective of Sharia Enterprise Theory

M. Fahmi Ashari Fahmi — 2025-12-31

This study aims to analyze the optimization of the management of the community's Ummah Endowment Fund as a pillar of sustainable development from a sharia perspective. This study uses qualitative research with descriptive analysis and literature study methods. Data was obtained from financial reports and data from BPKH, as well as related journal articles. The analysis was conducted using the sharia enterprise theory framework, which emphasizes the principles of tauhid, justice, trust, social welfare, and maslahah. The results of this study indicate that Ummah Endowment Funds have strategic potential as sustainable Islamic economic instruments. Second, sharia enterprise theory provides a comprehensive theoretical basis for understanding the holistic management of Ummah Endowment Funds. This theory provides a strong ethical framework for ensuring that fund management is not only financially efficient, but also fair, sustainable, and oriented towards the welfare of the people. Third, the factors affecting the effective utilization of Ummah Endowment Funds are governance, accountability and transparency, and innovation in sharia investment instruments. Fourth, the integration of the utilization of community Ummah Endowment Funds with Sharia enterprise theory can become an Islamic economic model that supports the sustainable welfare of the community. The implication of this study is that the application of sharia enterprise theory in the management of community Ummah Endowment Funds can strengthen social, economic, and environmental sustainability. The novelty of this study lies in the integration of the concept of sustainable development with sharia enterprise theory as a theoretical model for developing a more ethical, equitable, and beneficial governance of community Ummah Endowment Funds.

Integrating Islamic Economics and Climate Finance: A Global Bibliometric Mapping

Muhamad Dupi — 2025-12-31

The escalating concern of climate change has heightened academic focus on institutions of sustainable financing and the role of Islamic financing and finance. Although Islamic social finance, green sukuk, and sustainability have been previously discussed in terms of normative or case-based approaches, a systematic worldwide mapping of the research patterns that combine the Islamic economics perspective with climate finance has not been done in a systematic way. This paper tries to fill this gap by doing a bibliometric review of 126 journal articles located in the Scopus database and published between 2014 and 2025, and additional data is gathered on 25 September 2025. Based on bibliometric indicators and network visualization with VOSviewer, this study focuses on the analysis of trends in publications, partnerships between countries and institutions, journals and authors with the greatest impact, and the co-occurrence of significant research themes. Based on the results, it is possible to note that the number of publications has significantly risen since 2020, which suggests a growing academic interest in the field of Islamic economics in the context of climate finance. The influential states are Malaysia and Indonesia, which does not only imply high academic ability but also the impact of the proactive national policy, regulating frameworks, and institutional support of integrating Islamic finance and green finance. Keyword analysis also demonstrates the centrality of the terms "Islamic finance," "sustainable finance," and "green sukuk" with the emergence of new terms related to fintech, ESG and decentralized finance, as well as the transition to digital and innovative sustainability-focused financial instruments.

Transparency, Accountability, and Customer Trust in Islamic Banking: A Panel Data Analysis from Selected OIC Countries

Zulfikar Hasan — 2025-12-31

This study examines how transparency and accountability shape customer trust in Islamic banking across selected OIC countries. Using panel data from 2010–2023, the analysis captures cross-country and time variations to reflect differences in institutional settings and developments over time. Governance and performance metrics are employed to represent transparency and accountability, while customer trust is proxied by deposit-related indicators. Applying fixed effects and system GMM estimations, the findings reveal a coherent pattern: transparency plays a dominant role in strengthening customer trust, as clear disclosure and accessible information directly reduce information asymmetry and enhance perceived Shariah credibility. Accountability also contributes positively, but its impact is comparatively weaker, reflecting the more indirect and internally oriented nature of accountability mechanisms. Importantly, transparency and accountability reinforce each other, indicating that trust is most effectively built when open communication is supported by robust governance structures. These results extend the Islamic finance literature by highlighting governance as a key driver of non-financial outcomes. Policy implications suggest the need for harmonized governance frameworks across OIC countries, with particular emphasis on strengthening transparency as a foundation for sustainable trust in Islamic banking.

Robotic Advisors, Risk Tolerance, and Trust: Their Impact on Sharia-Compliant Investment Decisions in Fintech Applications (A Study of Generation Z Retail Investors in Jakarta)

Hendi Yudhanto Adinugroho — 2025-12-31

The development of Financial Technology has transformed individual investment behavior, particularly through Robo Advisors, which leverage algorithms and Artificial Intelligence to provide automated, efficient, and risk profile aligned investment recommendations. This study examines the influence of Robo-Advisors, risk tolerance, and trust levels on Sharia mutual fund investment decisions among Generation Z investors in Jakarta. The data for this research were collected between June 2025 and July 2025. The research employs a descriptive quantitative approach with a sample of 105 Generation Z investors selected through purposive sampling. Data were collected using questionnaires and analyzed using multiple linear regression, including determination tests, F-tests, and T-tests. The results indicate that Robo-Advisors (β = 0.183), risk tolerance (β = 0.276), and trust (β = 0.492) have positive and significant effects on Sharia mutual fund investment decisions, with trust being the dominant factor. Together, these three variables explain 62.8% of the variation in investment decisions. The findings confirm that the integration of technological innovation, psychological characteristics, and trust perception constitutes the main determinants of Generation Z investment behavior, providing both academic contributions and practical implications for the development of digital investment platforms. Practically, platforms targeting Generation Z must prioritize building trust through enhanced data security and transparency, as well as providing personalized risk education tools, so that adoption increases and perceived investment risk decreases.

Bibliometric Analysis: The Role of ESG in Green Finance

Azam Asykarulloh — 2025-12-31

This study aims to conduct a comprehensive bibliometric analysis of the development of the Environmental, Social, and Governance (ESG) and green finance literature. Research data was obtained from 519 scientific articles indexed in the Scopus database in the period 2020–2025. The analysis was carried out using a bibliometric approach through Bibliometrix and Biblioshiny software to map the performance of publications, topic evolution, conceptual structure, and research collaboration patterns globally. The results show that ESG and green finance related publications are experiencing exponential growth, which indicates that this field is a rapidly growing emerging research front. The thematic evolution analysis indicates a shift in research focus from normative issues and regulatory frameworks to more implementive and performance-based studies, especially related to ESG performance and green finance instruments. Thematic mapping places green finance, sustainable development, and ESG performance as the underlying themes that underpin the literature, while general concepts such as ESG and sustainable finance show a tendency towards specialization or conceptual saturation. Analysis of global collaborations shows a strong geographical concentration of research, with China emerging as the dominant actor in international research networks. This research contributes by uncovering the phenomenon of publication inflation and the citation age effect, identifying potential geographical bias in the ESG and green finance literature, and proposing a policy-market integration perspective as a conceptual framework to bridge the fragmentation between regulation-based approaches and financial markets. These findings provide important implications for the development of research agendas, evidence-based policy formulation, and sustainable investment strategies.