Annual International Conference on Islamic Economics and Business (AICIEB)

Digital Transformation of Islamic Finance: Accelerating Sustainable Economic Development (SDGs)

M Nanang Febrianto — 2025-12-01

Issues of poverty, hunger, and economic growth pose challenges to sustainable development through the role of Islamic finance technology in supporting fair and equitable inclusion. The study aims to analyze the digital transformation of Islamic finance in accelerating sustainable economic development in countries included in the Global Islamic Fintech (GIFT) Index Report 2024/25. The research was conducted qualitatively with a literature review referring to previous research with sources from reputable international indexed articles, books, news, official annual reports, and institutional websites. The findings show that in five countries with sharia peer-to-peer financing, sharia digital banks, and digital zakat waqf are considered more effective in overcoming poverty (SDGs1) in supporting consumptive financing. Addressing hunger and food security (SDGs2) through the role of fintech in supporting the agricultural sector, supply chains, the industrial sector, and SMEs. The role of Sharia crowdfunding fintech, smart sukuk, and wakaf chain tends to be suitable for financing the SME and industrial sectors, innovation and renewable technology, and infrastructure development that supports job creation and economic growth (SDGs8). Islamic fintech as an alternative to improve financial inclusion through financing to address socio-economic issues such as poverty, food security, and economic growth. In future research, systematic research can be encouraged through statistical measurements and SWOT analysis related to this topic.

The Role of Informativeness, Advertising Value, and Credibility in Shaping Purchase Intention: Unveiling the Key Drivers of Consumer Decision-Making

Siti Amalia Rahmawati — 2025-12-01

This study examines the factors influencing the purchase intention of halal skincare products in Salatiga City. Data were analyzed using Smart PLS 3.2.9, which allows for simultaneous evaluation of the structural model and testing of construct validity and reliability. A total of 350 respondents, who are active social media users and halal skincare consumers, were selected using a purposive sampling approach. Data were collected through an online questionnaire, with indicators for advertising value, credibility, informativeness, and purchase intention adapted from previous studies. The results show that informativeness, advertising value, and credibility significantly influence purchase intention, indicating that message quality, perceived advertising value, and consumer trust play a significant role in purchasing decisions. This study suggests that in the digital era, purchasing decisions are more influenced by how information and credibility are conveyed, rather than just the visual appeal of advertisements. The findings provide implications for the halal skincare industry and digital marketers, emphasizing the importance of informative, relevant content delivered by trusted sources, particularly on social media platforms.

Development of Green Banking in Sustainable Financing: An Analysis of Challenges And Opportunities for Sharia Banking in Indonesia

Intan Darmawan — 2025-12-01

This study aims to examine the development of green banking within the framework of sustainable financing in Islamic Financial Institutions in Indonesia, particularly Islamic banking, using a journal mapping method. The phenomenon of global climate change and the growing awareness of sustainability have encouraged the financial sector, including Islamic banks, to adopt environmentally friendly policies. As financial intermediaries, banks play a strategic role in channeling financing to industries and communities by implementing the concept of green banking.

Sustainable financing seeks to support development that meets present needs without compromising environmental preservation for future generations. Moreover, green banking serves as an essential instrument in supporting Indonesia’s commitment to reducing carbon emissions through the promotion of environmentally friendly technologies and green financing initiatives.

This research focuses on identifying the gaps in the implementation of green banking as well as analyzing the challenges and opportunities faced by the Islamic banking sector in realizing a more sustainable financial system. Based on the analysis of various scientific journals, the study finds that the adoption of green banking in Islamic banking holds significant potential to contribute to the achievement of Sustainable Development Goals (SDGs) and maqashid sharia. However, several barriers remain, including the lack of specific regulations, low literacy in green financing, and limited human resource readiness. As strategic solutions, this study recommends strengthening regulatory frameworks, enhancing human resource capacity, digitalizing green financing systems, and fostering collaboration between Islamic financial institutions and regulatory authorities.

Keywords: Green Banking, Sustainable Financing, Challenges, Opportunities.

Analysis of Factors Affecting Financial Sustainability in Islamic Commercial Banks in Indonesia for the Period 2018-2023

Reni Puji Astutik — 2025-12-01

The banking sector is very dependent on the trust of the public, so that when there are issues regarding the bank's unstable condition, the public will collectively withdraw their funds from the bank, which will affect the sustainability of a bank. This research aims to analyze the factors that influence financial sustainability in Sharia Commercial Banks in Indonesia in the 2018-2023 period using the independent variables Financial to Deposit Ratio (FDR), Capital Adequacy Ratio (CAR), and Non-Performing Financing (NPF), while the variable moderation using Return On Assets (ROA). The method used in this research is descriptive quantitative by analyzing secondary data processed using Eviews 12 with multiple linear regression methods with the MRA test and using annual panel data from 2018-2023. The results of the research are that FDR has an insignificant positive effect on FSR. CAR has an insignificant negative effect on FSR. NPF has a significant negative effect on FSR. ROA can moderate the influence of FDR on FSR. ROA can moderate the influence of CAR on FSR. ROA cannot moderate the influence of NPF on FSR.

Keywords: FDR; CAR; NPF; FSR; ROA

Determinants of Intention to Use Self-Tracking Health Applications: Perspectives of Demographics and Economic Risk

Istiyawati Rahayu — 2025-12-01

Abstract

The development of digital technology has driven the use of self-tracking health applications, enabling individuals to monitor physical activity, sleep patterns, and nutritional intake. This study aims to explore the influence of demographic factors and income level on the intention to use health applications. A quantitative approach was employed with simple random sampling of 200 active health app users. Data analysis was conducted using SPSS, with univariate analysis for respondent characteristics and Fisher’s Exact Test to examine relationships between variables. The results indicate that the majority of users are aged 25–34 years and hold a bachelor’s degree, with the 2–5 million IDR monthly income group being the largest user segment. Fisher’s Exact Test revealed a significant relationship between app usage and income (Exact Sig. = 0.000 < 0.05), indicating that income influences app adoption. This study confirms that human capital and economic factors play a crucial role in the intention to use self-tracking health applications and provides a reference for developing more inclusive and responsive application strategies.

Consumer Desire in the Islamic Perpsective: A Literature Study

Intan Darmawan — 2025-12-01

This study aims to comprehensively examine the concept of consumer desire from an Islamic perspective by employing a mapping analysis of previous literature and scholarly journals. Consumption behavior among contemporary Muslim societies has become increasingly complex due to globalization, technological advancement, and lifestyle shifts that often detach spiritual values from everyday economic practices. In this context, understanding consumer desire is crucial to explore how Islamic principles guide consumption behavior ensuring that it is not solely oriented toward material satisfaction but also integrates ethical, moral, and spiritual dimensions.The mapping of prior studies reveals that Muslim consumption behavior is generally guided by fundamental Islamic values such as halal (permissibility), thayyib (goodness), honesty, amanah (trustworthiness), and moderation. These values act as internal control mechanisms that prevent excessive consumption (israf) and wastefulness (tabdzir). From an Islamic standpoint, consumer desire is not merely a manifestation of physical or psychological needs but must also be accompanied by proper intention and moral awareness, balancing personal satisfaction, social responsibility, and environmental sustainability.

Islam thus positions consumption as a means to achieve holistic well-being (falah) in both worldly and spiritual dimensions. The study highlights that Islamic principles contribute significantly to shaping proportional, rational, and equitable consumption behavior. This research enriches the Islamic economics literature by demonstrating that consumer desire management should be oriented toward barakah (blessing) and maslahah (public benefit) rather than mere material pleasure. The findings are expected to provide a theoretical reference for developing consumer behavior models based on Islamic values and to serve as a conceptual foundation for policymaking and consumer education in sustainable Islamic economics.

Keywords: consumer desire, consumption behavior, Islamic economics, journal mapping

Forecasting Indonesia's Digital Economic Growth Through QRIS Transaction Volume using the ARIMA Method with Eviews

Maharani Najla Khonsanova — 2025-12-01

The development of digital technology has brought about significant changes in payment systems in Indonesia, particularly through the implementation of the Indonesian Standard Quick Response Code (QRIS). From 2022 to 2025, the use of QRIS has experienced rapid growth, as reflected in the increase in the number of users, merchants, and transaction intensity. This situation requires in-depth analysis to project future transaction volumes. This study aims to analyse historical patterns and forecast QRIS transaction volumes using the Autoregressive Integrated Moving Average (ARIMA) method with quarterly data from 2022Q1 to 2025Q2. Following the Box–Jenkins approach, the study includes stationarity testing, model identification, estimation, diagnostic testing, and forecasting. The ADF test results show that the data becomes stationary at second-order differencing (d=2). Of the various models, ARIMA(0,2,1) was selected as the best model based on the lowest AIC and SIC values and the highest adjusted R-squared, as well as meeting all diagnostic tests. The forecasting results show a strong upward trend in QRIS transaction volumes until 2027, with projections reaching 4,779 trillion rupiah. These findings confirm the potential of QRIS digitalisation in driving financial inclusion, empowering MSMEs, and accelerating Indonesia's economic growth.

Keywords: QRIS, Economic Growth ,Time Series Analysis ,Forecasting, ARIMA model

Digital–Islamic Finance Synergy for Rural EmpowermentDigital–Islamic Finance Synergy for Rural Empowerment: A Qualitative Study of Financial Inclusion in Indonesia

Dzaky Brilian Jatmiko — 2025-12-01

This study explores how the integration of digital innovation and Islamic finance fosters inclusive economic empowerment in rural Indonesia. Using a qualitative descriptive–exploratory design, the research draws on 16 in-depth interviews with village officials, micro-entrepreneurs, community beneficiaries, and local financial institutions across Central Java. Thematic analysis reveals four interconnected findings: the influence of national digital inclusion policies on local adaptation, the centrality of Islamic ethics and trust in financial engagement, the empowerment of rural communities through fintech–microfinance collaboration, and ongoing challenges related to literacy, infrastructure, and socio-cultural resistance. The study demonstrates that digital–Islamic finance synergy enhances not only transactional efficiency but also moral legitimacy and community participation, aligning with the principles of Maqāṣid al-Shariah and the Capability Approach. The findings contribute theoretically by linking ethical and technological dimensions of financial inclusion and practically by highlighting the need for culturally grounded digital literacy initiatives and value-driven fintech design. This research offers one of the first empirical insights into how Shariah-compliant digital finance operates as a socially embedded system that transforms inclusion into empowerment within Indonesia’s village economies.

Ecotourism Development at Candi Gedong Songo: A Contigent Valuation Method Approach

Muhammad Adi Adrian — 2025-12-01

Tourism has a direct impact on society. In addition to providing economic benefits, tourism also has a multiplier effect on other sectors. As a tourist attraction, Gedong Songo Temple should be managed sustainably. The focus of managing the Gedong Songo Temple tourist attraction has been on the number of tourists, thus overlooking the externalities of tourists on cultural heritage buildings and environmental preservation. This study aims to determine the willingness to pay of tourists in the sustainable development of the Gedong Songo Temple tourist attraction. Primary data was used to support the results of this study. Primary data was obtained based on interviews and questionnaires with 109 tourist respondents who visited Gedong Songo Temple. Respondents were selected using purposive sampling, and the analysis was conducted statistically using the Contingent Valuation Method (CVM). The results of this study show that according to the contingent valuation method, 98 of the 109 tourist respondents were willing to pay more for the development of the Gedong Songo Temple tourist attraction, with an average WTP value of IDR 28,000 per tourist and a total willingness to pay per year for the Gedong Songo Temple tourist attraction of IDR 7.9 billion. These results confirm that tourists appreciate conservation efforts, facility improvements, and increased comfort when visiting the Gedong Songo Temple tourist attraction.

Forecasting Paylater Usage in Central Java as A Digital Financial Innovation Using the ARIMA Model

Satria Gilang Arganata — 2025-12-01

This study aims to forecast the monthly usage of PayLater services in Central Java as a representation of digital financial innovation within the growing digital economy. Using secondary data from October 2023 to October 2024, the analysis employs the ARIMA time series model to identify trends and generate short-term projections. The methodological process includes exploratory analysis, stationarity testing, differencing, model identification using ACF and PACF, parameter estimation, and diagnostic checking to ensure residual white noise. The selected ARIMA model is then used to produce forecasts for upcoming periods. The results indicate a consistent upward trend in PayLater adoption in Central Java, suggesting increasing public acceptance of Buy Now Pay Later (BNPL) services. These findings highlight the role of PayLater as an emerging form of digital financial innovation that supports economic activities and financial inclusion. The study also emphasizes the importance of forecasting for policymakers and fintech providers in anticipating demand, mitigating risk, and designing strategies aligned with regional digital transformation. Limitations related to the length of the dataset and the absence of seasonal variables are also discussed

Do Sharia Financial Instruments Drive Indonesia’s Economic Growth? An ECM Approach

Tegar Nur Hidayat — 2025-12-01

This study examines the short-run and long-run effects of Islamic financial instruments and investment on Indonesia’s economic growth using quarterly time-series data from 2015Q1 to 2024Q4. Specifically, it analyzes the role of sharia stocks, sharia mutual funds, domestic investment (PMDN), and foreign direct investment (PMA) in influencing national economic growth. The Error Correction Model (ECM) is employed to capture both short-term dynamics and long-term equilibrium relationships among the variables. The unit root test confirms that all variables are integrated of order one I(1), while the cointegration test indicates the existence of a long-run relationship. The empirical results show that sharia stocks and sharia mutual funds do not have a significant effect on economic growth in both the short run and the long run. Domestic investment exhibits a positive and statistically significant impact on long-term economic growth, indicating its crucial role in supporting Indonesia’s structural economic expansion. Meanwhile, foreign investment does not significantly affect economic growth in either time horizon. The error correction term (ECT) is negative and statistically significant, confirming the validity of the ECM model and the adjustment process toward long-term equilibrium. These findings suggest that although Islamic financial instruments have grown in size, their contribution to macroeconomic growth remains limited, while domestic investment plays a more strategic role in sustaining long-term economic development. This study contributes to the growing literature on Islamic finance and macroeconomic performance by providing recent empirical evidence and offering policy implications for strengthening the real-sector integration of sharia financial instruments.

Exploring the Drivers of Non-Performing Financing among Islamic Banks in Indonesia

Siti Amaroh — 2025-12-01

This study investigates the internal factors that influence the level of Non-Performing Financing among Islamic banks in Indonesia by analyzing panel data from eight banks covering the period from the first quarter of 2017 to the second quarter of 2025. Panel data regression techniques are applied, and the Fixed Effect Model is identified as the most appropriate model based on standard model selection tests. The results show that the Capital Adequacy Ratio, Net Operating Margin, and Profit-Sharing Ratio have significant negative effects on Non-Performing Financing, indicating that stronger capital positions, higher levels of operational profitability, and more balanced profit-sharing arrangements help reduce financing risk. Conversely, the Financing-to-Deposit Ratio has a significant positive effect, suggesting that excessive expansion of financing relative to collected deposits increases the likelihood of financing becoming non-performing. Operational Efficiency Ratio and the number of branch offices do not exhibit significant effects on financing quality. Overall, the findings emphasize the importance of robust capital management, prudent liquidity strategies, and fair profit-sharing mechanisms in promoting financial stability within Islamic banks in Indonesia. These results provide valuable insights for regulators and practitioners seeking to strengthen risk management in the Islamic banking industry

Keywords: Non-Performing Financing, Islamic Banks, Capital Adequacy, Profitability, Liquidity

The Islamic Gold Investment : Meet the Trends, Patterns, and Future Directions from Scopus

Ulfi Diana — 2025-12-01

This study aimed to map the development of research at the intersection of Islamic civilization, economics, and psychology through bibliometric analysis. This investigation is crucial for understanding how Islamic values shape economic thought and human behavior and how this intellectual legacy continues to influence modern economic research. Data were obtained from the Scopus database, encompassing scientific publications related to the themes of Islamic civilization and economics. The analysis was conducted using VOSviewer software to identify patterns of citation linkages, author collaborations, and the emergence of key keywords within the research network. The results show that limited articles that discussed (29 papers), in addition, recent research trends increasingly integrate Islamic principles with behavioral economics concepts, particularly in financial ethics, decision-making, and moral psychology. The main research clusters focus on Islamic finance, consumer behavior, and the reconstruction of classical Islamic thought in modern contexts. Temporal analysis also revealed a shift from historical-descriptive studies to empirical and interdisciplinary approaches. These findings significantly contribute to strengthening behavioral perspectives within Islamic economics and open new research directions on how the moral and psychological dimensions of Islamic civilization influence contemporary economic behavior.

Why Do Employees Leave? Evidence from Islamic Work Ethics, Organizational Behavior, and Workload in an Indonesian Plantation Company

Hanim Roifah Fitri — 2025-12-01

This study analyzes the determinants of employee turnover intention by examining Islamic work ethics, organizational citizenship behavior (OCB), and workload, with job satisfaction as a mediating variable, in an Indonesian plantation company. Using a quantitative approach, data were collected from 87 employees of UP Tambi PT Perkebunan Tambi through structured questionnaires and analyzed using multiple regression and path analysis. The results show that OCB has a positive and significant effect on turnover intention, while workload and Islamic work ethics have negative but insignificant effects. Regarding job satisfaction, only workload shows a significant positive effect, whereas OCB and Islamic work ethics are insignificant. Furthermore, job satisfaction significantly and negatively affects turnover intention. The mediation test confirms that job satisfaction mediates the relationship between workload and turnover intention, but does not mediate the effects of OCB and Islamic work ethics. These findings emphasize the importance of managing workload and job satisfaction to reduce employee turnover intention in Islamic-based organizations.

Building a Framework for Artificial Intelligence Governance Based on Maqashid Sharia: A Conceptual Review for a Fair Digital Economy

Agus Wahyudi — 2025-12-01

This study examines the integration of Maqashid Syariah principles in artificial intelligence (AI) governance in the Islamic economy sector through a systematic literature review and conceptual analysis. Along with the acceleration of digital transformation, AI presents significant opportunities to improve efficiency and innovation in Islamic finance and the halal industry. However, these technological advances also raise critical ethical challenges related to transparency, accountability, and algorithmic bias that require careful consideration from a Sharia perspective. In order to provide a thorough governance framework that harmonizes AI applications with Islamic ethical standards, this study integrates a rigorous approach to literature review with a qualitative strategy. The results show that using Maqashid Sharia principles—more especially, the preservation of life (hifzh al-nafs), reason (hifzh al-aql), and riches (hifzh al-mal) can enhance the moral use of AI while promoting sustainable development objectives. This study proposes a four-layer governance model that includes philosophical foundations, operational principles, implementation mechanisms, and outcome measurement. However, challenges such as algorithmic bias, limited digital-Shariah literacy, and regulatory gaps must be addressed. This research provides strategic insights for policymakers, Islamic financial institutions, and technology developers to strengthen Indonesia's position as a center for ethical and sustainable Islamic digital economy

Synergizing Zakat, Waqf, and Islamic Fintech: A Qualitative Exploration of Women’s Financial Inclusion in Indonesia

Heri Kurniawan — 2025-12-01

This study explores how the integration of Islamic fintech with zakat and waqf initiatives advances financial inclusion and women’s economic empowerment in Indonesia. Using a qualitative, descriptive–exploratory design, in-depth interviews were conducted with twelve informants comprising women micro-entrepreneurs, Islamic fintech practitioners, and zakat and waqf institution officers in Yogyakarta. Thematic analysis revealed that Islamic fintech serves as an accessible and trustworthy channel for Sharia-compliant financing, enhancing women’s participation in the formal economy while aligning with religious values. The synergy of fintech and Islamic social-finance instruments—particularly zakat and waqf—was found to foster transparency, accountability, and community trust, transforming social assistance into productive, empowerment-oriented initiatives. Nevertheless, challenges such as limited digital literacy, gendered social norms, and a lack of understanding of Islamic financial principles continue to constrain adoption. The findings extend maqāṣid al-Shariah and financial-inclusion frameworks by demonstrating that meaningful inclusion requires both ethical legitimacy and digital capability. Policy implications highlight the need for coordinated regulation between OJK, BWI, and BAZNAS, gender-sensitive fintech design, and targeted literacy programs. The study contributes original qualitative evidence of how faith-based digital finance can reduce inequality, promote social justice, and redefine inclusion as a moral, social, and economic process within the Indonesian Islamic finance ecosystem.

The Influence of Competence, Work Discipline, and Locus of Control on Employee Performance with Islamic Work Ethics as a Moderating Variable

Tri Nada Afifah — 2025-12-01

This study aims to analyze the effect of competence, work discipline, and locus of control on employee performance with Islamic work ethics as a moderating variable. The population in this study were all employees of CV. Jaya Manunggal Garment in Kec. Getasan Kab. Semarang. The sampling technique used the incidental technique (coincidence) with a total sample of 101 respondents. The data collection method uses a questionnaire (questionnaire) which is distributed directly to the company. Data analysis used through moderate regression analysis (MRA). The results showed that competence has no effect on employee performance, work discipline has no effect on employee performance, and locus of control has a positive effect on employee performance. After the Islamic work ethic is included as a moderating variable, the results obtained are that the Islamic work ethic is not able to moderate the effect of competence on employee performance, the Islamic work ethic is not able to moderate the effect of work discipline on employee performance, and the Islamic work ethic is not able to moderate the locus of control on employee performance. Subsequent research can add other variables that can affect performance and can analyze more specifically related to performance.

Keywords: Work Discipline, Islamic Work Ethics, Competence, Employee Performance, Locus of Control.

Digital Payment for All: A SLR ana Bibliometric Study of the Constraints and Strategies of Expansion of ETPD, QRIS, and Realtime Payment in Sumatera - A Global Perspective

Aulia Utami Putri — 2025-12-01

Development system digital payments have give contribution significant to transformation global economy , especially in push efficiency transactions , transparency of governance finance , and expansion inclusion finance . Research This aim For study constraints and expansion strategies digital payments , in particular Electronification Transaction Regional Government (ETPD), Quick Response Code Indonesian Standard (QRIS), and real-time payment , with use Systematic Literature Review (SLR) method and analysis bibliometrics to Scopus indexed publications in range 2015–2025 . Research results show that constraint main in implementation system digital payments include limitations infrastructure , low digital literacy , resistance culture against cash , the issue data security , as well as regulations that have not been adaptive . Factors that encourage success adoption covers trust to systems , interoperability , support regulation , availability infrastructure , as well as collaboration cross stakeholders interests . Recommended strategies covering strengthening regulations and standards security , improvement digital literacy , giving incentive economy , as well as adoption practice best international like Unified Payment Interface (UPI) India. Findings This give contribution academic to literature about transformation system digital payments , as well as implications practical for government , regulators, institutions finance , and actors business in speed up development ecosystem inclusive and sustainable digital finance .

Strategies to Enhance Repurchase Intentions of Rabbani Products: The Impact of Price Promotion, Product Quality, and Islamic Service Quality through Consumer Satisfaction

Millatul Miskiyyah — 2025-12-01

This study aims to determine the effect of price promotion, product quality and Islamic service quality on repurchase intentions through consumer satisfaction as an intervening variable (a case study of consumers of Rabbani products in Semarang Regency). The sample used is 100 respondents with accidental sampling technique. The results showed that Islamic service quality can affect consumer satisfaction and repurchase interest, but price promotion and product quality do not. Consumer satisfaction also proved unable to mediate the relationship between price promotion, product quality, and Islamic service quality on repurchase intention

Analysis and Forecasting of Electronic Money Transaction Usage in Indonesia: An ARIMA Approach (2024–2025)

Aisha Galuh Saktiawan — 2025-12-01

The development of financial technology is driving the transformation of the payment system in Indonesia, making electronic money (e-money) a vital instrument in the digital economy ecosystem, supported by policies such as the implementation of QRIS. Data shows that the e-money transaction trend is fluctuating yet indicates a positive growth direction. Therefore, accurate analysis and forecasting are crucial for infrastructure and regulatory preparedness.

The objective of this study is to model and project the movement of monthly electronic money transaction values in Indonesia (January 2024–February 2025).

The method used is time series analysis with the Autoregressive Integrated Moving Average (ARIMA) model. Data was processed using the SPSS Expert Modeler software to identify the best model and test its performance and residual diagnostics.

The results indicate that the best-fit model is ARIMA (0,1,1), which proved to be reliable and highly accurate with a MAPE value of 5.982% and explained 75.5% of the data variation (R²=0.755). Analysis of the observation data shows a significant transaction surge (peaking at around Rp65.5 trillion in January 2025). This surge was driven by strong seasonal factors, particularly the e-commerce shopping peak season and the year-end holiday period (November–January).

The conclusion is that electronic money transactions are on a strong growth trend, and the ARIMA (0,1,1) model is an effective tool for monitoring short-term movements, providing essential guidance for industry players and monetary authorities in managing the dynamics of payment digitalization.

Keywords: Electronic Money, Forecasting, ARIMA, Time Series, Payment Digitalization.

The Influence of Compensation, Leadership, and Interpersonal Relationships on Employee Performance with Work Motivation as a Moderating Variable

Nur Azizah Wulan Syafitri — 2025-12-01

The purpose of this study to determine whether compensation variables, leadership variables and interpersonal relations variables influence employee performance and whether work motivation moderates compensation, leadership and interpersonal relationships on employee performance. This study used a quantitative method with a sample of 40 employees of Bank Bukopin Syariah KC Surakarta and also 30 respondents who were employees of the UMS Bank Bukopin Syariah Sub-Branch Office (because they have the same characteristics) using a convenience sampling technique. The data used in this study is primary data obtained from respondents by filling out a questionnaire. Data analysis used SPSS version 20. The results of this study indicate that compensation has a positive and significant effect on employee performance, leadership has an insignificant effect on employee performance, interpersonal relationships have a positive and significant effect on employee performance. The motivation variable in this study does not moderate compensation, leadership, and interpersonal relationships on employee performance.

Keywords: compensation, leadership, interpersonal relationship, performance, motivation.

The The Digital Inclusion and Empowerment of Halal Tourism MSMEs In Bengkulu City

Rahmat Putra Ahmad Hasibuan — 2025-12-01

This research aims to analyze how Halal tourism MSMEs in Bengkulu City interpret digital inclusion and integrate Islamic ethics into their business practices. Using a qualitative case study approach, this research involved in-depth interviews with seven informants (five MSMEs and two key stakeholders) in the Panjang Beach tourist area. Data were thematically analyzed using an integrative framework of Digital Inclusion Theory, the Capability Approach, and Maqāṣid al-Sharīʿah. The findings indicate that digital inclusion is highly diverse, creating "selective empowerment" driven by skill gaps, infrastructure deficits, and generational factors. Although technology offers economic opportunities, their realization is uneven. Crucially, Islamic ethical values function as a moral filter shaping digital behavior, emphasizing honesty, transparency, and fairness. This study concludes that genuine digital empowerment in this sector transcends mere technological adoption; it is a value-driven process requiring conversion capabilities and structural support aligned with Maqāṣid principles.

Geopolitical Risks and Economic Policy Uncertainties Affecting Sharia Liquidity Instruments: Indonesian Sharia Bank Certificates (SBIS)

Fetria Eka Yudiana — 2025-12-01

Instability in the financial sector, including Islamic banking, is often associated with global economic uncertainty due to Geopolitical Risk (GPR) and Economic Policy Uncertainty (EPU). With the Bank Indonesia Sharia Certificate (SBIS) as an intervening variable, this study examines the effect of GPR and EPU on the stability of Islamic Commercial Banks in Indonesia. The monthly financial reports of Islamic Commercial Banks registered with the Financial Services Authority (OJK) during the 2019-2023 period are the secondary data sources used for the quantitative method with panel data regression. In this study, Eviews 12 was used, along with the Path Analysis Test. The results of the study indicate that GPR and EPU do not have a significant effect on the stability of Islamic Commercial Banks, either directly or through SBIS. This conclusion suggests that other variables outside of GPR and EPU may also affect the stability of Islamic Commercial Banks. This study used Eviews 12, along with Path Analysis Test. This study found that, both directly and through SBIS, GPR and EPU do not have a significant effect on the stability of Islamic commercial banks. The results indicate that other components outside of GPR and EPU may play a greater role in determining the stability of Islamic banks. As a result, although SBIS is still a monetary tool, further research should be conducted to determine how well it can reduce the effects of economic uncertainty on Islamic banking. This research provides regulators and policymakers with insights to consider other components that contribute to the stability of the Islamic banking sector in Indonesia.

Keywords: Geopolitical Risk, Economic Policy Uncertainty, Bank Indonesia Sharia Certificate, Bank Stability.

The Influence of Corporate Social Responsibility (CSR), Good Corporate Governance (GCG), and Financial Performance With Company Size as a Moderating Variable. (Study on Islamic Commercial Banks 2019-2024)

Rizal Zubaidi — 2025-12-01

Penelitian ini menganalisis pengaruh Corporate Social Responsibility (CSR), Good Corporate Governance (GCG), dan kinerja keuangan—yang diukur melalui Non-Performing Financing (NPF) dan Financing to Deposit Ratio (FDR)—terhadap stabilitas keuangan dengan ukuran perusahaan sebagai variabel moderasi. Permasalahan penelitian muncul dari temuan terdahulu yang tidak konsisten serta fluktuasi stabilitas keuangan pada bank umum syariah di Indonesia. Pendekatan kuantitatif digunakan dengan data panel sembilan bank umum syariah periode 2019–2024, dianalisis menggunakan metode Moderated Regression Analysis (MRA). Hasil penelitian menunjukkan bahwa CSR dan GCG berpengaruh positif signifikan terhadap stabilitas keuangan, sedangkan NPF berpengaruh negatif signifikan. FDR berpengaruh negatif namun tidak signifikan. Ukuran perusahaan terbukti memperkuat pengaruh CSR dan GCG terhadap stabilitas keuangan, tetapi memperlemah pengaruh NPF dan FDR. Temuan ini mengindikasikan bahwa tata kelola yang kuat, praktik sosial yang baik, serta pengelolaan risiko pembiayaan yang efektif memiliki peran penting dalam menjaga stabilitas keuangan jangka panjang perbankan syariah.

Halal Value Chain of the Free Nutritious Meal Program for Sustainable Education and Health

Nikmatul Masruroh — 2025-12-01

Purpose– This study aims to: (1) describe the relevance of the Free Nutritious Meal Program to sustainable education and health; and (2) analyze the halal value chain in the production and serving processes of meals under the Free Nutritious Meal Program (MBG). Design/methodology/approach– This study employs a qualitative approach, as it seeks to explore issues arising from the implementation of the Free Nutritious Meal Program. The research design adopted is phenomenological, involving direct observation of the meal production sites, and interviews with all stakeholders including consumers, producers, suppliers, teachers, and related parties involved in the MBG program. Documentation was also conducted to strengthen the observational and interview data, as well as to validate findings using relevant supporting files. The data were analyzed phenomenologically, and their validity was verified through source triangulation. Findings– (1) The Free Nutritious Meal Program has not yet demonstrated relevance to the goals of sustainable education and health promotion. The program tends to disrupt teaching and learning processes and fails to meet health standardization requirements. (2) There has been no systematic halal evaluation or audit conducted by the government concerning the production process of MBG meals. Thus, the halal value chain remains limited to operational licensing, without encompassing the entire upstream-to-downstream process. Implications– Theoretically, this research contributes to the development of halal food studies in line with the mandate of national legislation. Practically, the findings provide valuable insights for policymakers to continuously evaluate and improve the Free Nutritious Meal Program. Originality/value– The novelty of this study lies in its analysis of the halal value chain within the Free Nutritious Meal Program, an aspect that has not been comprehensively explored in previous research.

Synergizing Islamic Social Finance: Enchacing Community Resilience throught Takaful, BMT, and Philanthropy in Central Java

Rifai Kurniawan — 2025-12-01

This study examines the roe of Islamic Social Finance specifically Takaful, BMT (Baitul Maal wat Tamwil), and Islamic Philanthropy (zakat, infaq, and wakaf) in enhancing community resilience in Central Java, Indonesia. Despite the expansion of Islamic Financial Service in Indonesia, the integration of these services with social finance mechanisms has received limited empirical attention, especially in terms of their collective impact on rural community resilience. This qualitative study aimed to fill this gap by exploring how these instruments contribute to economic empowerment and long term sustainability for marginalized groups. In depth interviews conducted with 15 key information, including BMT managers, Takaful agents, philanthropy practioners, and beneficiaries from rural communities. The findings identified several key themes: (1) the empowerment of beneficiaries throught productive financing and social safety nets, (2) the role of wakaf assets in long term economic stability, (3) the synergy of fintech in improving accessibility for vulnerable enterpreneurs, and (4) challenges related to trust, governance, and financial literacy. The research highlight the potential of Islamic.

How to Make Business Success in SMEs?

Mukhlas Alfin Alfarizqi — 2025-12-01

This research aims to determine the role of religiosity in moderating the influence of human capital, product innovation, and business motivation on business success. This type of research is quantitative. The sampling method uses a saturated sample by making the population the research sample, totaling 60 respondents. The data used is primary data resulting from filling out questionnaires by respondents. Data analysis uses the multiple linear regression method with IBM SPSS version 25. The results of this research show that human capital has a negative effect on business success. Meanwhile, Product Innovation and Business Motivation have a significant positive effect on business success. Apart from that, Religiosity can moderate the influence of human capital and business motivation on business success. However, religiosity is unable to moderate the influence of product innovation on business success

Cybersecurity, Digital Regulation, and Shariah Compliance Challenges in Islamic Digital Economy

Chandra Kartika Putri — 2025-12-01

The rapid advancement of digital technology has significantly transformed the Islamic economy, particularly in technology-driven financial services such as fintech, e-wallets, crowdfunding, and blockchain. While these innovations create substantial opportunities for inclusive growth in Islamic finance, they also pose new challenges. This study employs a literature review approach to examine three major issues in the Islamic digital economy: cybersecurity, digital regulation, and Shariah compliance. From a cybersecurity perspective, risks such as hacking, data breaches, and online fraud may undermine public trust in Islamic digital financial services. In terms of digital regulation, fragmentation across jurisdictions and the need for harmonized legal frameworks remain critical obstacles in accommodating financial innovations. From the Shariah perspective, challenges arise in ensuring the validity of contracts, transaction transparency, and the avoidance of prohibited elements such as gharar and riba in digital financial products. The findings suggest that the success of the Islamic digital economy relies on collaboration among regulators, service providers, and Shariah authorities to strengthen legal frameworks, enhance technological security, and ensure compliance with Islamic principles.

Integrating Open Banking and Islamic Finance: A Qualitative Study of Micro Enterprise Inclusion in Yogyakarta

Satria Bagus Pratama — 2025-12-01

This study explores how open banking enabled digital financial services influence the financial behavior, credit access, and inclusion of micro enterprises in the Special Region of Yogyakarta, Indonesia. Using a qualitative, descriptive exploratory approach through in depth semi structured interviews with micro enterprise owners, fintech providers, Islamic banking officers, regulators, and association representatives, the study identifies four interrelated themes: digital footprints as instruments of empowerment, data sharing and open APIs as facilitators of credit access, Sharia aligned digital services as enablers of trust and adoption, and persistent literacy and infrastructure barriers constraining inclusion. Findings reveal that open banking enhances the visibility and credibility of micro enterprises, enabling more equitable financing opportunities, while Sharia compliance strengthens user confidence and ethical participation. Theoretically, the study integrates Financial Inclusion Theory, the Technology Acceptance framework, and Maqāṣid al-Shariah, proposing a hybrid model of Islamic digital inclusion where technological innovation and ethical responsibility co evolve. Practically, it underscores the need for robust data governance, literacy programs, and Sharia compliant innovation to ensure that digital transformation advances both equity and spiritual accountability. This research contributes novel insights by linking open banking and Islamic finance at the micro enterprise level, demonstrating how digital footprints and faith based trust jointly shape inclusive financial ecosystems in emerging economies.

Factors Influencing Purchase Decisions on Shopee Paylater with Self-Control as Moderation

Indirotul Nur Afifah — 2025-12-01

This research aims to determine the effect of population, Gross Regional Domestic Product (GRDP), Domestic Investment (PMDN), and education on the Open Unemployment Rate (TPT) in Central Java in 2020-2024 with ZIS (Zakat, Infaq, Sadaqah) as a moderating variable. This type of research is quantitative research with a sample of 26 regencies/cities in Central Java, using a panel data regression model. The analysis technique used is Moderating Regression Analysis (MRA) with the help of Stata. This research uses secondary data from the Central Java Province Central Statistics Agency (BPS) and the Central Java Province National Zakat Amil Agency (BAZNAS). With a significance level of 5%, the t test results show that partially population has a significant positive effect on TPT, GRDP has a significant negative effect on TPT, and ZIS is able to moderate education on TPT. Meanwhile, PMDN and education do not have a significant effect and have a positive relationship on TPT, then ZIS is partially unable to moderate population, GRDP and PMDN on TPT. In the F test, it was found that these independent variables together had a significant effect on TPT.

The Implementation of Artificial Intelligence in Zakat Management Institution : Advantages and Challenges

Hendra Setiawan — 2025-12-01

The development of technology, especially Artificial Intelligence (AI) opens up opportunities for transformation in zakat management by zakat institutions. This study examines the opportunities for using AI in zakat institutions. This study uses a qualitative method with primary sources derived from in-depth interviews with information technology experts and zakat experts. Secondary sources come from journal analysis and previous research. The results of the study show that zakat institutions face challenges in collecting funds and distributing them to the community. Also, zakat institutions must comply with Islamic sharia in their operations. To face these challenges, zakat institutions need to use efficient and effective information technology. By comparing the advantages and challenges faced, the results of the study show that the application of AI in zakat institutions has many benefits. Among them, donation prediction and muzaki segmentation, mustahik mapping, chatbots for muzaki services, distribution analytics and reports, and anomaly and fraud detection.

Keywords : Artificial Intelligence, Zakat Institution, Information Technology

Future Research Agenda on Islamic Business: a Systematic Literature Review

Rosana Eri Puspita — 2025-12-01

This study conducts a Systematic Literature Review (SLR) to map the development, thematic orientation, and future research directions of Islamic business studies published between 2010 and 2025. Using PRISMA guidelines and data sourced from reputable databases such as Scopus (Elsevier), Emerald Insight, and Taylor & Francis, a total of 175 articles were initially identified, with only one study meeting all eligibility criteria for final inclusion. The review reveals a significant growth trajectory in Islamic business research, particularly after 2015, with dominant themes centering on Islamic ethics, corporate governance, Islamic finance, sustainability, halal business, entrepreneurship, and the integration of maqāṣid al-sharīʿah into business practices. Word cloud visualization further highlights the multidimensional nature of Islamic business scholarship, ranging from ethical principles to sector-specific applications. This study synthesizes future research agendas across 13 key articles, identifying emerging directions such as gender diversity in Islamic governance, Islamic hospitality, sustainability indicators, pesantren-based business models, Islamic entrepreneurship, risk management, paradigm-based ethics, Islamic accounting development, halal business transformation, Islamic financial literacy, and Islamic marketing ethics. The findings emphasize the need for deeper theoretical exploration, more robust empirical designs, cross-cultural comparisons, and the integration of Islamic moral frameworks into contemporary business practices. This review contributes to strengthening the intellectual foundation of Islamic business research and provides a strategic roadmap for scholars seeking to advance shariah-grounded business knowledge.

AI-Augmented Halal Blockchain Integrated with A Qualitypreneur Framework to Enhance Consumer Trust in the Sustainable Halal Industry

Afifah Nabila Afdhalia — 2025-12-01

The sustainable halal industry increasingly requires technological innovations that ensure transparency, integrity, and continuous quality assurance across the Halal Supply Chain Management (HSCM). This study proposes an integrative conceptual model that merges AI-augmented halal blockchain with the Qualitypreneur framework to strengthen consumer trust in halal products. Blockchain provides immutable, traceable, and tamper-resistant records of halal processes, while artificial intelligence enhances anomaly detection, fraud prediction, real-time monitoring, and automated halal verification. Meanwhile, the Qualitypreneur perspective grounded in Total Quality Management (TQM) offers a normative foundation for continuous improvement, competency development, and consistent adherence to halal–tayyib principles. The integration of these components forms a transparency-based trust mechanism in which AI-driven analytics complement blockchain’s reliability and strengthen Qualitypreneur’s quality assurance orientation. This model demonstrates how digital technologies and quality-driven entrepreneurship collectively reinforce halal integrity and contribute to the sustainability, credibility, and competitiveness of the global halal industry.

Investment Efficiency Factors in JII 70 Indonesia Companies: Debt Maturity and Diversity Managerial with Growth Opportunity as a Moderating Variable (2021-2024)

Eko Purnomo — 2025-12-01

This article examines the influence of debt maturity and managerial diversity, which encompasses variations in educational background and gender composition, on the efficiency of corporate investment decisions. It also evaluates the moderating role of growth opportunity within firms included in the Jakarta Islamic Index 70. Using a quantitative research design, the study draws on secondary data from annual reports covering the period from 2021 to 2024, resulting in one hundred and eight observations selected through purposive sampling. Panel data regression analysis conducted with the support of EViews 13 shows that debt maturity significantly reduces investment efficiency, while diversity in educational background contributes positively to more efficient investment outcomes. In contrast, gender diversity does not demonstrate a meaningful statistical effect. Furthermore, the findings confirm that growth opportunity strengthens the relationships among debt maturity, educational background diversity, gender diversity, and investment efficiency, indicating that firms with stronger growth prospects are better positioned to translate governance attributes and financial structures into effective investment decisions.

Keywords: Investment efficiency, Debt maturity, Educational background diversity, Gender diversity, Growth opportunity.

Islamic Entertainment, Advertising Value, and Purchase Intention in the Context of Halal Cosmetics: An Empirical Study of Consumer Behavior

Badriyatul Mukaromah — 2025-12-01

This study aims to analyze the effect of Islamic entertainment and advertising value on purchase intention for halal cosmetic products. This study uses a quantitative approach with Structural Equation Modeling (SEM-PLS) analysis techniques. A sample of 375 female respondents in Salatiga City was obtained using the Isaac and Michael formula. The results show that Islamic entertainment has a positive and significant effect on advertising value and purchase intention. In addition, advertising value also has a positive effect on purchase intention. The advertising value variable is proven to mediate the relationship between Islamic entertainment and consumer purchase intention. Overall, this study confirms that the integration of Islamic values in digital marketing content can improve consumer perception of advertisements and encourage interest in purchasing halal cosmetics.

Empowering Islamic MSMES Through Digital Inclusion

Muzayyinatul Hamidia — 2025-12-01

Abstract. This study aims to highlight empowering Islamic Micro, small, medium enterprises (MSMES) through digital inclusion. To produce comprehensive insights. Micro, small, medium enterprises according to the law of the Republic of Indonesia No. 20 of 2008 is a productive business owned by individuals and or individual business entities that fulfill the criteria for micro businesses as regulated in this Law. Technologies, such as the internet, mobile devices, and cloud computing, have created new opportunities and challenges for companies across various industries. Digital inclusion refer to availability of digital access such as digital business model. The method used in this research is a qualitative approach with a descriptive design and library research, which examines literature related to the empowering Islamic MSMES through digital inclusion. This study analyzes the characteristic of MSMEs, types of digital business models, and types of Islamic banks which empowering Islamic MSMEs. The research results show that the characteristic of MSMEs is Micro Enterprises are businesses that meet the following criteria: a) have assets of up to IDR 50 million, excluding land and buildings for business premises, b) Have an annual turnover of up to IDR 300 million. Small Enterprises are businesses that meet the following criteria: a) Have assets of more than IDR 50 million to IDR 500 million, excluding land and buildings for business premises, b) Have an annual turnover of more than IDR 300 million to IDR 2.5 billion. Medium Enterprises are businesses that meet the following criteria: a) Have assets of more than IDR 500 million to IDR 10 billion, excluding land and buildings for business premises, b) Have an annual turnover of more than IDR 2.5 billion to IDR 50 billion. Types of Digital Business Models are types of Business platforms like Tokopedia and Shopee allow sellers and buyers to interact directly. This model relies on a large user base and offers a variety of products and services. Types of Islamic Bank that empowering Islamic MSMES are Sharia Commercial Bank (BSI or Bank Syariah Indonesia) and (Baitul Maal Wat Tamwil (BMT).

Keywords: Empowering, Islamic MSMEs, Digital inclusion

The Role of Locus of Control on Financial Attitudes, Financial Literacy, Level of Education on Financial Management Behavior

Rinda Febriana Khoeriyah — 2025-12-01

This research aims to determine the influence of financial attitudes, financial literacy, and education level on the financial management behavior of MSMEs in the halal food sector in Salatiga City. This type of research is quantitative research. The population in this study was 83 MSMEs in the halal food sector in Salatiga City. This research uses variables, namely, financial attitude (X1), financial literacy (X2), education level (X3), financial management behavior (Y), and internal locus of control (Z). This research was analyzed using multiple linear analysis with the help of IBM SPSS statistics 26. The results of this research show that X1 has a positive and significant effect on Y. Z is unable to moderate the influence of X1 on Y. Z is unable to moderate the influence of X2 on Y. Z is unable to moderate the influence of X3 on Y.

Keyword : Financial Attitude, Financial Literacy, and Educational Level on the Financial Management Behavior of MsMEs in The Halal Food Sector in Salatiga City with Internal Locus of Controlas a Moderation Variable.

The Influence of Productive Zakat Synergy on Economic Resilience with AI Adoption as a Moderating Variable in the Digital Era

Khakimah Himatul Aula — 2025-12-01

This study aims to examine the influence of productive zakat synergy on economic resilience in Indonesia, with the adoption of artificial intelligence (AI) as a moderating variable in the digital era. Using secondary time series data from 2018–2024 obtained from BAZNAS, BPS, Oxford Insights, and global AI readiness reports, this study employs a quantitative approach with Moderated Regression Analysis (MRA) to examine the direct and moderating effects between variables. The methodological procedures include stationarity testing with the Augmented Dickey Fuller (ADF), classical assumption testing, and model estimation using EViews. The research findings indicate that productive zakat continues to increase over time and aligns with the trend of economic resilience stabilization, supporting the resilience theory which views the economic system as an adaptive structure capable of absorbing and recovering from shocks. The regression results indicate that productive zakat has a positive relationship with economic resilience, which is consistent with Islamic economic theory that positions zakat as an instrument of redistribution and empowerment. However, the moderation test revealed that AI adoption did not significantly strengthen the relationship between productive zakat and economic resilience, as reflected in the non-significant p-value of the interaction variable and the negative adjusted R-squared value. This indicates that although AI adoption is increasing nationally, its integration into zakat management has not yet reached the level where it substantially impacts macroeconomic resilience outcomes. This finding highlights the crucial role of productive zakat in supporting the economic strength of society, while also emphasizing the need for further development of digital infrastructure and AI-based systems to optimize zakat management toward building a more resilient economic ecosystem.

Regtech and Sharia Governance : A Qualitative Exploration of Ethical Digital Auditing in Indonesia

Alip Tyas Wibowo — 2025-12-01

This study explores how regulatory technology (regtech) is perceived and implemented within Indonesia’s Islamic financial ecosystem, focusing on its role in enhancing sharia audit and compliance. Amid the digital transformation of finance, regtech offers the potential to improve efficiency, transparency, and accountability in line with Maqashid al-Shariah principles, yet its adoption raises ethical, institutional, and human capacity challenges. Using a qualitative descriptive–exploratory approach, data were collected through in-depth semi-structured interviews with key informants representing the Financial Services Authority (OJK), the National Sharia Council (DSN-MUI), and the Indonesian Fintech Association (AFTECH). Thematic analysis revealed four key insights: regtech as an enabler of sharia audit efficiency; institutional and human capacity barriers; the importance of ethical and Maqashid-oriented governance; and the need for collaborative policy synergy across stakeholders. Findings indicate that while regtech strengthens the accuracy and timeliness of compliance processes, its successful adoption requires alignment between technological capability, institutional readiness, and ethical oversight. The study contributes a Maqashid-anchored sociotechnical framework for understanding regtech adoption, integrating moral accountability into technological innovation. Practically, it provides actionable insights for regulators and Islamic financial institutions to design inclusive, ethical, and adaptive governance systems. This research is among the first to conceptualize regtech within a faith-based ethical framework, positioning Indonesia as a global reference for value-driven digital regulation in Islamic finance.

The Role of Satisfaction in Mediating Trust, Religiosity, and Servive Quality on BSI Customer Loyalty

Umanatul Nur Fadhilah — 2025-12-01

This study aims to prove the influence of e-trust, e-religiosity , and e-service quality on e-loyalty. This type of research uses quantitative research. The population used is the people of Salatiga City who use BSI mobile banking . Sampling uses the Cochran formula. The number of samples used in this study is 100 respondents, data collection uses a questionnaire distributed online. This study uses the variables e-trust (X1), e-religiosity (X2), e-service quality (X3), e-loyalty (Y), and e-satisfaction (Z). This study uses multiple linear regression assisted by SPSS. The results of the study show that (X1) has a positive but insignificant influence on (Y), (X2) has a positive but insignificant influence on (Y), (X3) has a positive and significant influence on (Y), (Z) has a positive and significant influence on (Y), (Z) is able to mediate the influence of (X1) on (Y), (Z) is unable to mediate the influence of (X2) on (Y) and (Z) is able to mediate the influence of (X3) on (Y).