Title : Jurnal Magister Ekonomi Syariah Abbreviation : JMES e-ISSN : 2963-9182 DOI Prefix : 10.14421/jmes. Editor in Chief : Muhammad Ghafur Wibowo Publisher : Program Studi Magister Ekonomi Syariah Fakultas Ekonomi dan Bisnis Islam Universitas Islam Negeri Sunan Kalijaga Frequency : Biannual, June & December Jurnal Magister Ekonomi Syariah is published by Program Studi Magister Ekonomi Syariah, Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sunan Kalijaga, Yogyakarta, Indonesia. This journal is designed to provide a forum for researchers or academicians and also practitioners who are interested in knowledge and in discussing ideas, issues, and challenges in the field of Islamic economics. Focus and Scope: The journal accepts a broad range of research topics, with a primary focus on Islamic Economics, Halal Industry, and Islamic Finance. It also encourages submissions in related and interdisciplinary areas, including Islamic Macroeconomics, Islamic Microeconomics, Islamic Monetary Economics, Islamic Social Finance, Islamic Microfinance, Islamic Fintech, Islamic Economic Thought, Islamic Political Economy, the integration of Islamic commercial and social finance, Islamic macro- and micro-prudential policy, Islamic Public Finance, and Islamic Ethics. J-MES is currently being indexed by:
Program Studi Magister Ekonomi Syariah, Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sunan Kalijaga
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)
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.
Copyright (c) 2025 Jurnal Magister Ekonomi Syariah
The Urgency of Takaful-Based Protection for Gig Workers through Pentahelix Model
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.
Transparency, Accountability, and Customer Trust in Islamic Banking: A Panel Data Analysis from Selected OIC Countries
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.
Integrating Cash Waqf Linked Green Sukuk with Contract Farming: A Strategy Model for Sustainable Agriculture
The agricultural sector remains a backbone of developing economies, including Indonesia, yet faces persistent challenges such as low productivity, unequal infrastructure, and unstable Farmers’ Exchange Value (NTP). Meanwhile, the potential of Islamic social finance through cash waqf and sharia-based instruments is still underutilized for sustainable development. This study proposes a model linking Cash Waqf Linked Green Sukuk (CWLGS) with contract farming as a financing strategy for sustainable agriculture based on maqāṣid al-sharī‘ah. CWLGS integrates cash waqf managed by Islamic Financial Institutions Receiving Cash Waqf (LKS-PWU) and invested in green sukuk to finance environmentally friendly projects. The returns are distributed by nazir to support farmers’ capital, production facilities, and mentoring within contract farming schemes involving state or regional enterprises (BUMN/BUMD). Using a qualitative descriptive approach, this research applies literature review, Business Model Canvas, stakeholder mapping, and SWOT analysis. The findings show dual benefits: maintaining the waqf principal and providing sustainable financing for agriculture. Implementation opportunities arise from sharia credibility, regulatory support, and green investment trends, while challenges include managerial capacity, waqf literacy, and market or environmental risks. Optimization strategies involve human resource development, commodity diversification, digital monitoring, and transparent reporting. From a maqāṣid al-sharī‘ah perspective, the model preserves religion, life, intellect, lineage, and wealth, serving as an innovative sharia-based mechanism for sustainable agriculture and SDGs achievement in Indonesia. Keywords: Cash Waqf, Contract Farming, Green Sukuk, Sustainability
Copyright (c) 2026 Jurnal Magister Ekonomi Syariah
Bibliometric Analysis: The Role of ESG in Green Finance
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.
Digital Zakat and Waqf for Environmental Sustainability: A Global Bibliometric and Thematic Review
Zakat and waqf are being seen as strategic applications in the realm of Islamic social finance as a tool to promote sustainable development. Although many studies focused on their role in solving poverty and social economic inequality, they have little depicted little in the realms of literature dealing with environmental sustainability. This paper aims to analyze how the concept of digital transformation of zakat and waqf is presented in the academic discourse in order to answer the environmental concerns. This paper adopts a bibliometric and thematic study to trace the cycle of global academic outputs, in the context of papering on zakat, waqf, digital innovation and environmental goals- as identified in Scopus database. An analysis also identifies some of the central themes of sustainability, developing ideas like green waqf, and the use of the digital platforms within financing the development of sustainable environmental projects. It is also reflective of how well these tools serve the purpose of Maqasid al-Shariah and the sustainability agenda on a global scale. This review will produce findings that can be useful to the understanding of gaps in research, as well as leading to the establishment of the path to support the improvement in the role that zakat and waqf can play on the environment through innovation and intersectoral collaboration. This helps to further the changes of Islamic charity in the age of the digital world.
Integrating Islamic Economics and Climate Finance: A Global Bibliometric Mapping
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.
Qana'ah as the Spirit of Islamic Economics in Realizing Sustainable Agricultural Practices in Dua Boccoe District
This research is motivated by the need for a spiritual approach to addressing the ecological crisis caused by chemical-based agriculture. The Islamic value of qana’ah, reflecting simplicity and sufficiency, is believed to be able to drive behavioral changes in farmers toward sustainable organic farming practices. The purpose of this study is to analyze the mediating role of qana’ah in the relationship between social norms and access to information, as influenced by technological innovation, on organic farming practices. The study used a quantitative approach using the SEM-PLS technique with 155 farmers in Dua Boccoe District, Bone Regency. The results indicate that qana’ah significantly mediates the influence of social norms and access to information on organic farming practices. Furthermore, technological innovation has an indirect effect on farming practices through improving social norms and access to information. In conclusion, qana’ah has proven to be a strategic value that integrates spiritual, social, and informational aspects in supporting ecological transformation in the agricultural sector. This study recommends the integration of qana’ah values into community-based sustainable agricultural education and policies.
Qana'ah; Organic Farming; Social Norms; Access to Information; Technological Innovation
Unveiling The Nexus Between Zakat Distribution and Islamic Human Development Index: Implications for Poverty Reduction
This study analyzes the interaction between zakat distribution and the Islamic Human Development Index (I-HDI) on the poverty rate in North Sumatra. The problem addressed in this research is the limited empirical evidence explaining how zakat and human development jointly influence poverty reduction in Muslim-majority regions. Fourteen districts/cities with complete annual data for the four-year period 2019–2022 were selected, producing panel data observations. This study employs the Panel Vector Error Correction Model (PVECM), which is suitable for analyzing causality, interdependence, and adjustment processes within non-stationary panel data. The results show that zakat distribution contributes to reducing poverty, although its effect becomes meaningful only after several periods when the adjustment process converges toward a consistent long-term pattern. Meanwhile, the I-HDI demonstrates a stronger and more persistent influence on poverty reduction, with its impact increasing until it reaches a stable long-run trajectory. The findings also indicate that zakat positively supports improvements in I-HDI, especially in later periods of the analysis. This study highlights the need to improve the efficiency and targeting of zakat distribution and to strengthen collaboration between zakat institutions and government development programs. The novelty of this research lies in the use of the I-HDI, an index based on maqāṣid al-sharī‘ah that integrates spiritual, educational, health, and socioeconomic dimensions, offering a more contextual and holistic measure of human development compared to the conventional HDI.
Optimizing Ummah Endowment Funds as a Pillar of Sustainable Development Goals: Analysis from the Perspective of Sharia Enterprise Theory
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.
Sustainable Wealth: Attracting Foregin Direct Investment through Environmental Regulations in OIC Countries
This study examines the ongoing discourse on whether environmental regulations serve as a barrier or an incentive for foreign direct investment (FDI). The literature presents a divided perspective, with previous studies producing inconsistent findings that have led to ambiguity in empirical evidence. Such disparities often arise from variations in datasets and methodologies employed in earlier research. To resolve these inconsistencies, this research provides a comprehensive empirical assessment of the presumed negative impact of strict environmental policies on FDI in Organization of Islamic Cooperation (OIC) member states. Using a panel dataset comprising 32 OIC countries over the period 2010–2020, the study investigates this intricate relationship. The results, which counter the "pollution haven" hypothesis, indicate that stringent environmental regulations can, in fact, promote FDI inflows. The robustness of these findings is reinforced by their consistency across multiple methodological approaches.
The Economic Impact of Religious Tourism in Indonesia: A Systematic Literature Review (SLR)
This study aimed to analyze the current state of the literature on the role of religious tourism in economic growth in Indonesia. The research employed the Systematic Literature Review (SLR) method using the Preferred Reporting Items for Systematic Reviews and Meta-analyses (PRISMA) protocol. This study also used VOSviewer for keywords analysis. A total of 129 articles were systematically screened, resulting in 19 relevant studies. The findings indicate that religious tourism significantly contributes to income generation, job creation, MSME development, and local government revenue. However, these economic benefits are not evenly distributed across all regions and are influenced by factors such as destination management, community involvement, and government support. Literature trends reveal growing academic interest, yet publications are predominantly from non-indexed journals and focused mainly on Java. In addition based on keywords analysis, identifies five thematic clusters that highlight key research directions in religious tourism, emphasizing its socio-economic impacts, cultural significance, and potential contributions to community welfare and regional development.
Do Ethics and Controls Prevent Fraud? Investigating Accounting Malpractice Drivers in Yogyakarta’s Government Agencies
This study explores the impact of religiosity, internal control, and compensation appropriateness on accounting fraud within government institutions in the Special Region of Yogyakarta (DIY), focusing on the Regional Financial and Asset Management Agency (BPKAD) and related offices. Using a quantitative approach, data were collected from 90 finance personnel through structured questionnaires and analyzed via multiple linear regression. The results indicate that both religiosity and internal control have a significant negative effect on accounting fraud, suggesting that individuals with strong religious values and organizations with robust internal control systems are less likely to engage in fraudulent behavior. In contrast, compensation appropriateness showed no significant impact on accounting fraud, indicating that fair compensation alone does not deter unethical actions. These findings align with the fraud triangle theory, where religiosity and internal controls function as moral and procedural deterrents to fraud, while compensation alone does not effectively address the broader systemic and ethical issues. The study highlights the importance of integrating ethical and religious values into organizational culture, along with strengthening internal controls, to combat fraud in the public sector. This research contributes valuable insights for policy and practice in public financial management and offers a foundation for further investigation into fraud prevention strategies in government institutions.
Open Banking Meets Islamic Finance: A Qualitative Content Analysis of Sharia – Compliant Digital Inclution
While the global financial sector has rapidly embraced data openness to enhance financial inclusion, the Islamic finance industry continues to face a significant technological adoption gap. Open banking, as a new paradigm in the financial industry, presents a substantial opportunity to bridge this gap through data transparency and inter-institutional collaboration enabled by Application Programming Interfaces (APIs). However, its implementation within Islamic finance requires strict alignment with Sharia principles such as justice, transparency, and trust. This study aims to examine how open banking can be ethically and effectively integrated into the Islamic financial system. Employing a descriptive approach and an inductive-based Qualitative Content Analysis (QCA), data were collected through literature review, policy document analysis, and in-depth interviews with regulators, academics, and Islamic finance practitioners. The open and axial coding processes revealed four central themes: (1) the ethics of Sharia-Compliant data exchange, (2) strategic collaboration between Islamic banks and fintech firms, (3) regulatory and fiqh-related challenges in the digital context, and (4) the potential of Sharia-based financial inclusion. The findings indicate that open banking can catalyze digital transformation in Islamic finance, provided it is supported by adaptive fatwas, clear regulatory frameworks, and enhanced digital and Sharia literacy. The integration of open banking and Islamic finance is not merely a matter of technological adoption, but a transformative process that involves values and structures, demanding an interdisciplinary approach. Their synergy holds the potential to create a financial system that is inclusive, transparent, and aligned with the objectives of Maqashid al-Sharia.
The Effect of Using QRIS in the Collection of Zakat, Infaq, and Alms on Economic Growth in Indonesia: An Econometric Analysis
This study analyzes the dynamic relationship between the use of QRIS, the collection of zakat, infaq, and alms (ZIS), and economic growth in Indonesia. It contributes to the empirical understanding of ZIS as a key transmission channel linking digital payment innovation to macroeconomic growth. A quantitative approach was employed using the Vector Autoregression (VAR) model, which utilized quarterly data from 2019 to 2024. The procedures included stationarity tests, optimal lag selection, Granger causality tests, Variance Decomposition (VDC), and Impulse Response Function (IRF) analyses to examine causal links, variable contributions, and short- and long-term dynamics. The results indicate that QRIS has a significant effect on ZIS (coefficient 0.004; t-statistic 2.140; p-value 0.036), and ZIS has a significant influence on economic growth (coefficient 0.012; t-statistic 2.025; p-value 0.044). However, the direct impact of QRIS on GDP is insignificant, suggesting that QRIS drives economic growth indirectly through the intermediation of ZIS. Granger causality tests confirm one-way causality from QRIS to ZIS and from ZIS to GDP. VDC analysis shows that ZIS’s contribution to GDP variation rises from 12.48% in the initial period to 31.29% in the long term, while QRIS’s direct contribution remains limited. The IRF results further reveal a positive and sustained ZIS response to QRIS shocks, as well as a robust GDP response to ZIS shocks. Overall, the effectiveness of QRIS in promoting growth depends on strengthening ZIS collection and productive distribution. Integrating Islamic financial digitalization with ZIS intermediation accelerate inclusive and sustainable economic development.
Financial Literacy, Financial Attitudes, and Self-Control Towards Financial Management Practice in MSME In West Nusa Tenggara
This study aims to analyze the influence of financial literacy, financial attitude, and self-control on financial management behaviour among Micro, Small and Medium Enterprises (MSMEs) in West Nusa Tenggara Province. The background of this study stems from the persistent challenges of weak financial management among MSMEs, often caused by low financial literacy and poor financial attitudes. The research employs a quantitative method with a survey approach, using structured questionnaires to collect data from MSME actors across various districts and cities in the region. To test the proposed hypotheses, the data were analysed using multiple linear regression analysis, which allowed for the examination of the simultaneous influence of the independent variables on financial management behaviour. The results indicate that financial literacy, financial attitude, and self-control each have a positive and statistically significant effect on financial management behaviour. Specifically, financial literacy enhances the ability of MSME actors to budget, maintain accurate records, and plan effectively, while a positive financial attitude and strong self-control facilitate better financial decision-making. These findings underscore the importance of enhancing financial education and promoting behavioural competencies to improve financial practices among MSMEs. The study offers valuable implications for policymakers, financial institutions, and MSME stakeholders in designing empowerment strategies that incorporate both financial knowledge and behavioural reinforcement.
The Influence of Financing, Social Finance, and GCG On Islamic Bank Financial Stability in Indonesia
The current development of banking has become a benchmark in determining Indonesia's economic growth. The benchmark for determining the development of banking can be seen from several conditions of the bank's financial performance. In maintaining its business activities, Islamic banks are required to uphold the stability of their institutions. This study examines and analyzes the influence of financing, corporate social responsibility (CSR), and audit committees on the financial stability of Islamic commercial banks in Indonesia. The method used in this study is quantitative-descriptive. The sample in this study used purposive sampling with samples from 2015-2022 in Indonesia. Thus, a sample of 56 data points was obtained. Based on the findings of this study, financing has a positive effect on the financial stability of Islamic commercial banks. This is because sound financing practices serve as a key mechanism for Islamic banks to generate profits and maintain financial stability. Corporate Social Responsibility (CSR) also has a positive impact on financial stability, as the implementation of CSR initiatives enhances the bank's public image and builds customer trust, thereby encouraging customers to choose Islamic banks. Furthermore, the audit committee significantly influences financial stability due to its crucial role in ensuring that the bank’s operations comply with prevailing regulations and governance standards.
Macroeconomic Influence on Zakat Growth in 34 Indonesian Provinces
This study aims to evaluate the effect of macroeconomic variables on zakat growth in Indonesia using the Random Effect Model (REM). The data used is panel data from 2019-2023. The variables analyzed include Gross Regional Income (GRDP) per capita, Regency/City Minimum Wage (MSW), percentage of Muslim population, and Covid-19 pandemic. The regression results show that GRDP per capita and UMK do not have significant influence on zakat growth, with p-value greater than 0.05. In contrast, the percentage of Muslim population has a significant influence on zakat growth, with p-value <0.05, which indicates that the higher the percentage of Muslim population, the greater the potential for zakat growth. In addition, the condition of the Covid-19 pandemic does not show a significant influence on zakat revenue. This study found that demographic factors, especially the proportion of Muslim population, have more influence on zakat collection than economic indicators such as GRDP per capita and UMK. The findings of this study can be used to evaluate the performance of zakat collection by zakat management organizations in Indonesia and by policymakers in order to improve the realization of zakat collection more optimally.
Realizing the SDGs Through the Development of Islamic Finance: Its Impact on Environmental Quality, Economic Growth, and Population in All Provinces of Indonesia
Indonesia faces significant challenges in achieving sustainable development, amidst increasing air pollution, social inequality, and the need to improve public welfare. In efforts to optimize Islamic Financial Development (IFD) as an instrument to support the Sustainable Development Goals (SDGs), this study aims to explore its impact on Environmental Quality (EQ), Economic Growth (GDP), and Population (POP) across all provinces in Indonesia. Using the Panel Vector Error Correction Model (PVECM), the study finds that IFD has a negative effect on air quality (EQ), although this impact is not significant in both the short and long term. On the other hand, economic growth (GDP) shows a significant negative impact on environmental quality, with an increase in GDP contributing to a reduction in air pollution. Meanwhile, population (POP) has a significant negative impact on environmental quality, meaning that although an increase in population may worsen air quality, proper environmental policies can mitigate its negative effects. The findings of this study suggest that the integration of the Islamic finance sector with effective environmental policies is crucial for accelerating the achievement of SDGs in Indonesia, with attention to the specific characteristics of different regions.
The Effect of Inflation, Government Spending and Exports on Economic Growth in Indonesia
This study examines the effect of inflation, government spending, and exports on Indonesia's economic growth in the period 1990–2023. The data used are time series data from the Central Bureau of Statistics (BPS) and the International Monetary Fund (IMF). The analysis method used is Vector Autoregression (VAR) with estimation through Eviews 13 software. The results of the analysis show that inflation has a negative but insignificant effect on economic growth. Government spending shows a significant positive effect, while exports have an insignificant negative impact. Overall, the dynamics of the three variables do not have a significant impact simultaneously on economic growth. However, the finding that government spending has a significant positive effect indicates the importance of optimizing state spending, especially if it is directed to strategic sectors that can increase national productivity. Negative inflation indicates the need for policies to maintain price stability. Although exports have not shown a strong influence, efforts to increase the competitiveness of export products remain relevant within the framework of long-term development. The originality of this study lies in the integration of three main macroeconomic variables in one VAR model to analyze their dynamic relationships. This approach provides a new contribution to the study of Indonesian macroeconomics and provides empirical evidence that can be used by policymakers in formulating sustainable economic growth strategies.
The Impact of FDI, Unemployment, Carbon Emissions, and Inflation on Economic Growth in OIC Countries: Toward Long-Term Economic Resilience
This study investigates the impact of Foreign Direct Investment (FDI), unemployment, carbon emissions, and inflation on economic growth in 18 selected OIC (Organization of Islamic Cooperation) member countries from 2014 to 2023. Employing static panel regression (Fixed Effect Model), dynamic panel regression (GMM), and Moderated Regression Analysis (MRA), the study examines both direct effects and the moderating role of inflation. The results reveal that FDI has a positive effect in static models but a negative effect in dynamic models, suggesting potential crowding-out effects. Unemployment consistently has a negative impact on economic growth, while carbon emissions show a positive association, indicating trade-offs between environmental sustainability and growth. Inflation positively influences growth and acts as a quasi-moderator. By integrating Neoclassical Growth Theory and the Resilience Economy framework, this study offers a comprehensive perspective for policymakers in OIC countries to formulate balanced strategies for sustainable development.
Unlocking Economic Growth: Insights from Macroeconomic Indicators and Stock Markets Development in Key OIC Countries
Indonesia, Malaysia, Bangladesh, Qatar, Turkey and Kuwait show obvious differences in economic structure, level of development and implemented economic policies. The aim of this study is to analyze the impact of macroeconomic indicators and stock market developments on economic growth in OIC member countries in the period 2018-2022. Panel data is used to determine the impact of market capitalization and turnover ratio as indicators of stock market development, along with inflation and foreign direct investment (FDI) as indicators of macroeconomics, on economic growth.The results show that market capitalization has a negative effect on economic growth, while the turnover rate has a positive effect. On the other hand, inflation contributes positively to economic growth, while FDI has no effect on economic growth. Based on these findings, this study suggests that the governments of OIC countries should focus more on proper management of stock markets and macroeconomic variables to support economic growth.
Do ESG Performance Improve Bank Stability: Comparative Analysis Islamic vs Conventional Bank
This research examines the impact of ESG on the stability of conventional banks and Islamic banks in Indonesia and Malaysia. Using panel data from 140 conventional banks and 27 Islamic banks from 2014-2023, we found that ESG performance has a significantly positive impact on bank stability. The research results indicate that ESG significantly affects the stability of both Islamic and conventional banks. Furthermore, the research results also indicate that the environmental pillar has a more significant impact on the stability of conventional banks and the social pillar has a more significant impact on the stability of Islamic banks. The results of this research can be utilized by stakeholders to pay more attention to ESG performance as an effort to maintain the long-term stability of both conventional and Islamic banks.
The Effect Of Financial Performance, Environmental Performance, Tax Avoidance, And Gender Diversity On Sustainable Development Goals (SDGs)
The purpose of this study is to determine the influence of financial performance, environmental performance, tax avoidance, and gender diversity on sustainable development goals (SDGs). Based on the background and after deepening the literature, the researcher found a research gap from previous research that examined the relationship between the Company and the SDGs. Until now, research that connects the influence of financial, environmental, and diversity factors on achieving the SDGs is still minimal. Therefore, this study aims to analyze the influence of the current ratio, free cash flow, environmental performance, tax avoidance, and gender diversity in the board on the company's contribution to supporting the SDGs goals. This research is expected to contribute to academic literature and business practices related to the role of companies in sustainable development. This study uses a quantitative approach. The population in this study is all companies listed in the DES (Sharia Securities List) that have annual reports and sustainability reports for the 2021-2023 period. The sampling technique used in this study is purposive sampling. The sample in this study is 70 companies. The data collection technique in this study is using documentation techniques. The hypothesis test in this study uses the formula 1) T-test, 2) F-test, and 3) Determination Coefficient Test. Based on the results of the data analysis processed and the discussion that has been described by the researcher, the following conclusions are reached: 1) The current ratio of companies has a positive effect on the SDGs. This is because companies that show greater liquidity and profitability tend to have the necessary resources to support the SDGs. 2) Free cash flow does not influence the SDGs. This can happen because free cash flow only shows the availability of funds, and how the funds are used. 3) Environmental performance has a positive effect on the SDGs. This can happen because by increasing environmental performance, companies can help support the global goals (SDGs) related to environmental sustainability. 4) Tax avoidance carried out by companies will hurt the SDGs. This is because taxes are one of the largest revenues owned by the state. 5) Board gender diversity has a positive influence on the SDGs. This happens because the level of equality in the board can encourage an inclusive work culture and will have an impact on company productivity.
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Pengembangan Kurikulum Magister Ekonomi Syariah Perguruan Tinggi Keagamaan Islam Negeri (Ptkin) Di Era Revolusi Industri 4.0
The Master Program in sharia economics (MES) is one of the study programs that are widely available at State Islamic Religious Universities (PTKIN), consist of State Islamic Universities (UIN), State Islamic Institutes (IAIN), and State Islamic Colleges (STAIN). More than 30 of all PTKIN in Indonesia have MES study programs, but preliminary observations show that the curriculum content of the 30 MES programs is still varied and not standardized. This study aims to analyze the variability of the curriculum content of Islamic Economics Master Program at PTKIN in Indonesia and formulate a minimum curriculum content standard that should be applied in all Islamic Economics Master Program at PTKIN in Indonesia. The results showed that there are 13 recommended courses, namely microeconomics, macroeconomics, philosophy of Islamic economics, history of economic thought Islam, economic verses and hadith, usul Fiqh, Fiqh muamalah, Islamic economic systems and theories, research methods, econometrics, economic mathematics, Sharia digital financial economics, and thesis. The choice of courses is based on accommodation to economic theory, Sharia Science, Industrial Revolution 4.0, SNPT fulfillment, KKNI fulfillment, and Outcome Education Education (OBE) base. In addition, the compulsory courses are also in line with the courses taught in the master's program in economics (MIE) at the PTUN, which in fact are more established and more experienced. Finally, the compulsory subjects are also generally in line with the academic terms of reference of the S1 Islamic Economics Study program issued by KNEKS.
Jual Beli Online Dalam Perspektif Hukum Islam
The aim of this research is to analyze the views of Islamic law towards online purchases and sales by considering sharia principles concerned. This research uses a qualitative approach to liberal research or literature study by searching primary sources in the form of books and journals related to this research. The results of the research show that online buying and selling according to Islamic law is permissible as long as the objects or goods being sold are not haram and do not contain elements of usury, fraud (gharar) and gambling (maisyir). The implication of this research is to provide knowledge about the behavior of trustworthy and legitimate sellers. in accordance with Islamic law.
Environmental Sustainable Development Target In Indonesia: A VECM Analysis
Environmentally sustainable development is of utmost importance today. Amidst the global challenges of climate change and environmental degradation, Indonesia is facing an urgent situation to balance economic growth with environmental sustainability. This study examines the factors determining sustainable development targets in Indonesia using vector error correction models (VECM). This study uses economic and environmental data from 1992 to 2022 to analyze the relationship between energy consumption, urbanization, environmental policy stringency, and the environmental quality index. The tests used in this study include statistical tests, lag criterion tests, cointegration tests, VAR stability tests, and Granger causality tests. The study results indicate a long-term influence of the variables of energy consumption, urbanization, and environmental policy stringency on environmental quality. In the short term, urbanization has a significant positive effect on environmental quality in Indonesia. These findings emphasize the importance of strong environmental policy integration to mitigate environmental degradation and achieve sustainable development in Indonesia. Strategic policy recommendations for policymakers are to reduce the use of fossil fuels, switch to renewable energy, and implement a sustainable urbanization model by considering strategic urban spatial aspects.
Analisis Empiris Transaksi Non-Tunai Dan Variabel Ekonomi Terhadap Dinamika Pengganda Uang Di Indonesia
This research was conducted to analyze the effect of non-cash instruments, namely debit card transactions, credit card transactions, electronic money, and economic variables, namely interest rates and inflation on the money multiplier in Indonesia. The data analysis technique uses the Error Correlation Model via Eviews 9. The tests carried out are the stationarity test, cointegration test, and ECM model estimation. This study uses quantitative data types for 2012-2021 with a total of 120 observations. Data is sourced from the website of Bank Indonesia and the Central Bureau of Statistics (BPS). The results of the study show that debit transactions have no significant effect on the money multiplier in the short term. Meanwhile, in the long term, debit transactions have a positive and significant effect on the money multiplier number. Credit transactions have a significant negative effect on the short-term and long-term money multiplier numbers. Electronic Money and inflation show no significant effect in the long term or short term on the money multiplier number. Interest rates show a negative and significant effect on the money multiplier in the short term. Meanwhile, in the long run, interest rates do not have a significant effect on the money multiplier in Indonesia. The implication of the study is the need to encourage the use of debit transactions through education, infrastructure, and incentives, as well as stricter supervision and policies in granting credit given its negative effect on the money multiplier.
Determinan Peningkatan Urbanisasi Di Negara-Negara ASEAN
The inevitable phenomenon of urbanization will have a bad impact if it is not balanced with wise policies that cause inequality in welfare between villages and cities, especially in developing countries. This study aims to measure and explain the relationship between the minimum wage, job opportunities, education, and economic growth to increase urbanization. The population in this study is from ASEAN countries, with a sample size of 8 countries: Indonesia, Malaysia, Thailand, Vietnam, Cambodia, Laos, Myanmar, and the Philippines. This study uses panel data processed with the Fixed Effect Model (FEM) approach. The study's findings show that any increase in minimum wage, employment opportunities, and economic growth will encourage an increase in urbanization, whereas education has no significant effect on the increase in urbanization in ASEAN countries. This needs to be done equally in the development of villages and cities by the government so that there is no gap in wages and job opportunities that can increase urbanization, causing problems of population density, increased crime, slums, and high carbon emissions in urban areas.
Determinants of Environmental Quality in Yogyakarta: Panel-Data Approach
Environmental degradation is an important issue that currently challenges the continuity of sustainable economic development in a big city like Yogyakarta. This study analyzes what factors affect environmental quality. By using annual panel data from 2017-2023 in Yogyakarta City and proposing Panel Data Regression Analysis as the analysis method. The results show that GDP and Education have a positive effect on Environmental Quality, Population has no significant effect on Environmental Quality, and Tourists have a negative effect on Environmental Quality. An increase in per capita income and getting a proper education will improve the quality of the environment. However, the increase in population has no effect because public awareness still needs to be improved in environmental conservation efforts. Tourists increase consumption, so environmental pollution is getting higher. The implications of this research are useful for the government to develop policies that focus on raising awareness and stricter environmental regulations in Yogyakarta.