JEIZA: Jurnal Ekonomi Islam Az-Zain: Jurnal ilmiah yang berfokus pada kajian ekonomi Islam. Jurnal ini bertujuan untuk menjadi wadah bagi akademisi, peneliti, dan praktisi dalam berbagi hasil penelitian dan pemikiran terbaru di bidang ekonomi Islam. JEIZA mengedepankan kualitas, orisinalitas, dan relevansi konten yang dihasilkan untuk mendukung pengembangan ilmu pengetahuan dan praktik di bidang ekonomi Islam.
Program Studi Ekonomi Syariah & LP2M STAI Az-Zain Sampang
PDF PROSPEK DAN TANTANGAN PEREKONOMIAN INDONESIA: TANTANGAN DEMOGRAFI DAN GEOPOLITIK MENUJU INDONESIA EMAS 2045
Indonesia faces a critical challenge in balancing its 2045 development ambitions amidst escalating global Geopolitical Risks (GPR), geo-economic fragmentation, and the urgency of managing the demographic dividend. Conventional fiscal and monetary instruments often suffer from recognition and implementation lags, pro-cyclical bias, and debt-driven vulnerabilities when responding to external shocks. Objective: This study aims to formulate an integrated and Maqasid-based macroeconomic stabilization framework by leveraging Islamic Social Finance (ISF) as a systemic automatic stabilizer. Methods: Using a Qualitative Systematic Literature Review (SLR) with the PRISMA protocol on 22 reputable academic works (2015–2025), this research identifies structural gaps in conventional stabilization policies that remain highly exposed to external volatility and output gap widening. Results: The study proposes the Zakat-Integrated Automatic Stabilizer (ZIAS) model, which operates through a dual-trigger mechanism—responding to the Geopolitical Risk (GPR) index as a forward-looking exogenous trigger and domestic macro indicators (such as unemployment and output gap) as endogenous realized-stress triggers. The model demonstrates that zakat, through its counter-cyclical and redistributive nature combined with a high marginal propensity to consume among beneficiaries, functions as a community-based shock absorber that stabilizes aggregate demand and protects human capital without increasing the national debt burden. Conclusion: Institutionalizing ISF within a Maqasid al-Shari’ah-based national macroeconomic architecture is essential to strengthen intergenerational resilience and ensure the sustainability of human capital investment toward Indonesia Emas 2045.
Copyright (c) 2026 JEIZA : Jurnal Ekonomi Islam Az-Zain https://creativecommons.org/licenses/by-sa/4.0
Integrating Green Economy Principles into Islamic Economic Policy: A Systematic Review of Evidence from Indonesia (2015–2025)
This study conducts a systematic literature review of 142 Scopus-indexed publications (2015–2025) to examine the integration of green economy principles into Islamic economic development policies in Indonesia. The objective is to map conceptual and empirical evidence, identify thematic patterns, and highlight policy implications. Following PRISMA 2020 guidelines, the review employed structured search strings, inclusion–exclusion criteria, and thematic synthesis. The findings reveal that green sukuk has emerged as a key instrument for financing renewable energy, low-emission transportation, and waste management projects, while regulators such as the Ministry of Finance, OJK, and Bank Indonesia have introduced roadmaps, green taxonomies, and impact reporting mechanisms. Conceptually, the literature underscores the alignment of maqāṣid al-sharīʿah with sustainable development goals, yet implementation gaps remain due to inconsistent metrics, limited impact assurance, and insufficient causal evaluations. The synthesis highlights five core themes: Islamic green finance instruments, regulatory frameworks, maqāṣid–SDGs alignment, real-sector implementation, and institutional barriers. This review contributes to the body of knowledge by offering the first comprehensive synthesis of Islamic green economy integration in Indonesia, emphasizing the need for future research on causal effectiveness, standardized indicators, and the inclusion of SMEs in sustainable finance. The study concludes that a hybrid model combining Islamic values, public policy, and global sustainability standards can serve as a blueprint for other Muslim-majority economies.
Copyright (c) 2025 JEIZA : Jurnal Ekonomi Islam Az-Zain https://creativecommons.org/licenses/by-sa/4.0
Data-Driven Prioritization of Productive Zakat Distribution: Evidence from Poverty and Social Assistance Gaps in East Java
This study develops a priority model for productive zakat distribution by aligning poverty data with gaps in government assistance in East Java, Indonesia. Using a quantitative evaluative approach, we analyzed secondary data from 38 districts/municipalities, focusing on poverty rates and the number of food aid beneficiaries. A composite scoring model was constructed, assigning higher weight to poverty (60%) and lower weight to social aid coverage (40%) to identify underserved regions. Findings show a significant mismatch between poverty levels and government assistance allocation, with areas like Sampang, Bangkalan, and Sumenep having high poverty but limited aid coverage. This highlights the urgency of data-driven zakat targeting to address distribution inefficiencies. The proposed scoring model ranks districts transparently, offering a replicable tool for local zakat institutions. Integrating public data sources—such as BAZNAS reports and BPS statistics—into zakat planning can enhance precision, transparency, and social justice. The study contributes methodologically to Islamic social finance and offers practical policy implications to support national zakat governance and Sustainable Development Goals (SDGs). Future research is encouraged to enrich the model by incorporating multidimensional indicators and validating outcomes in broader contexts
Evaluating the Social Impact of MSME Financing and TJSL at Bank Mandiri through the Lens of Islamic Economics
This study examines MSME financing and social investment initiatives at Bank Mandiri through the integrated lens of inclusive and Islamic economics. Using a descriptive quantitative method and interpretive analysis, data from the 2024 Annual Report—including financial ratios and TJSL program outcomes—are analyzed. Findings show that although MSME credit volume rose nominally from IDR 114.6 trillion (2022) to IDR 135.3 trillion (2024), its share declined from 9.52% to 8.10%, indicating a portfolio shift toward corporate lending. Nonetheless, a low NPL (0.97%) and high loan loss coverage (303.85%) reveal sufficient capacity to re-expand MSME lending. TJSL programs like Rumah BUMN and Wirausaha Muda Mandiri empowered 15,000+ MSMEs, achieving high SROI (3.9–4.06) and functioning as strategic pipelines for financial inclusion. These align with Islamic values of distributive justice and ethical intermediation. A simulation estimates that restoring the MSME credit ratio to 9.0% in 2025 could increase inclusive lending by IDR 30 trillion. This study introduces a triangulated framework—financial analysis, social impact, and projections—that contributes to ethical finance literature and offers actionable insights for policy and ecosystem-based strategies
Optimizing Zakat and Cash Waqf for Educated Unemployment: Evidence from Sampang Regency
This study investigates the optimization of productive zakat and cash waqf as strategic instruments to address educated unemployment in rural Indonesia, with a case study of Sampang Regency. The research is motivated by persistent labor market challenges, notably the structural mismatch between secondary education output and job absorption, alongside the dominance of informal employment. Using a descriptive quantitative design based on 2024 National Labor Force Survey data, the study analyzes educational attainment, sectoral employment, and labor status to identify high-priority target groups. Findings show that unemployment peaks among junior and senior secondary school graduates, while informal work dominates 76.6% of employment, with agriculture as the leading sector. A simulation illustrates that Rp2 billion in zakat allocation could empower 1,000 unemployed youths through microenterprise financing and skills training. The discussion anchors this strategy within maqāṣid al-sharīʿah, emphasizing protection of wealth, intellect, and livelihood. The study concludes that integrating Islamic social finance into local labor policies offers both economic and ethical pathways to reduce structural unemployment, provided strong governance and institutional collaboration are in place. This paper contributes a novel framework by linking empirical labor data with Islamic economic values and recommends further research incorporating institutional financial records and beneficiary perspectives.
Evaluating Zakat Fund Governance and Reporting: A PSAK 109-Based Assessment of BAZNAS Indonesia
The effective governance of Zakat, Infak, and Sedekah (ZIS) funds is crucial for maximizing their socio-economic impact and upholding public trust. This study aims to evaluate the financial reporting and disbursement efficiency of Indonesia's National Board of Zakat (BAZNAS) by analyzing monthly financial statements—a relatively underexplored data source in current literature— from January to October 2024. Utilizing a documentary research approach, which offers a non-intrusive and objective lens, the study assesses key indicators including ZIS receipts, disbursements, program distribution, and alignment with PSAK 109 Revised 2021, the prevailing Islamic accounting standard. Findings reveal a total ZIS receipt of Rp 236.8 billion with an average disbursement ratio of 73.85%, indicating moderate operational efficiency. Social and education programs received the highest allocations, comprising 34.5% and 28.2% respectively, while health and da'wah remained underfunded. However, the study also identifies significant shortcomings in BAZNAS' compliance with PSAK 109, particularly the lack of structured fund classification, omission of fund movement statements, and absence of explanatory notes (Catatan Atas Laporan Keuangan – CALK). These gaps in reporting structure undermine transparency and public accountability. The research contributes to the academic discourse by validating documentary analysis of monthly reports as a credible method for evaluating Islamic nonprofit governance and provides actionable insights for improving zakat financial reporting in alignment with Islamic principles. It also offers practical implications for national zakat institutions and regulators to enhance transparency through digital integration and standardized reporting.
Consumer Protection in Social Media-Based Digital MSME Transactions: Sharia Perspective
The rapid expansion of social media platforms such as TikTok, Instagram, and Shopee has created significant opportunities for Micro, Small, and Medium Enterprises (MSMEs) to broaden their market reach, lower promotional costs, and engage directly with consumers. However, these advantages are accompanied by notable consumer protection challenges, including insufficient product information disclosure, the absence of return policies, and weak after-sales services. This study therefore aims to analyze consumer protection practices among social media-based digital MSMEs and evaluate them from a sharia economic perspective. A qualitative descriptive approach was employed, with data collected through observations, in-depth interviews with MSME actors and consumers, and an extensive literature review. The data were analyzed by linking field findings with Law Number 8 of 1999 on Consumer Protection and core sharia principles such as ʿadl (justice), ṣidq (honesty), bayyinah (openness), al-khiyār (the right to choose), and iḥsān (good service). The results indicate that around 65% of MSME actors fail to provide complete product information, most lack transparent return policies, and complaint-handling mechanisms remain weak. Such practices lead to gharar (ambiguity) and tadlis (fraud), contradicting both sharia principles and positive law. The study recommends enhancing legal and sharia literacy, implementing transparent return policies, and adopting technology that promotes halal and fair trade to strengthen consumer trust and ensure business sustainability.
The Impact of Islamic Stock Market Capitalization on the Growth of Islamic Mutual Funds in Indonesia: A Time Series Analysis (2011–2025)
This study investigates the causal relationship between Islamic stock market capitalization and the growth of Islamic mutual funds in Indonesia during the 2011–2025 period. Despite the rapid expansion of Islamic finance, empirical insights into the interdependence between its key pillars—Islamic equity markets and Islamic mutual funds—remain limited. Using annual data from the Financial Services Authority (OJK), this study applies a time series analysis using the Vector Autoregression (VAR) model on first-differenced data. The analysis is preceded by stationarity tests (Augmented Dickey-Fuller and KPSS) and optimal lag selection.The variables analyzed include the logarithm of the Net Asset Value (NAV) of Islamic mutual funds and the logarithm of the Jakarta Islamic Index (JII) as a proxy for Islamic stock market capitalization. Findings reveal that both variables are non-stationary at level but become stationary after first differencing. Granger Causality tests, Impulse Response Functions (IRFs), and Variance Decomposition (VDC) consistently indicate no significant bidirectional causal relationship between the two variables.These results suggest that the two segments tend to move relatively independently within the observed period. The study contributes by providing recent empirical evidence and offers practical implications for regulators, fund managers, and investors in formulating more integrated and sustainable Islamic capital market development strategies.
Copyright (c) 2025 JEIZA: Jurnal Ekonomi Islam Az-Zain https://creativecommons.org/licenses/by-sa/4.0
The Dynamics of Sharia Mutual Fund Market Share in Indonesia: The Role of the Sharia Stock Market and the Influence of Conventional Competition
This study examines the dynamics of the sharia mutual fund market share in Indonesia from 2010 to 2025. Amid the rapid growth of Islamic finance, the research addresses the empirical gap concerning factors influencing the competitiveness of sharia mutual funds against conventional funds and the sharia stock market. Using annual data from the Financial Services Authority (OJK), a multiple linear regression with time series data is employed. The dependent variable is the sharia mutual fund market share, while independent variables include sharia stock market capitalization (ISSI), net asset value (NAB) of conventional mutual funds, and the number of sharia mutual funds. The analysis reveals that all variables are non-stationary at level but stationary at first difference, with a high explanatory power (R² = 0.970). Results indicate that the number of sharia mutual funds significantly and positively affects market share, whereas sharia stock market capitalization and conventional fund competition show no significant impact. This study’s novelty lies in focusing on internal capital market competition as determinants of market share. The findings offer strategic implications for regulators and industry stakeholders to develop adaptive, sustainable policies fostering an inclusive Islamic finance ecosystem
PDF The Effect of Reputation, Halal COVID-19 Protocols, and Emotional Value on the Decision to Visit Halal Floating Market Tourist Destinations After the COVID-19 Pandemic
The COVID-19 pandemic severely impacted the tourism sector, causing a drastic decline in visitors and significant economic losses. However, halal tourism in Indonesia showed signs of resilience and recovery. A research gap exists in understanding the specific factors that influence tourists' decisions to revisit halal destinations, especially after a global health crisis. This study addresses this gap by investigating the combined effects of halal reputation, adherence to COVID-19 protocols, and emotional value on tourist behavior. This study aimed to determine the influence of halal reputation, COVID-19 protocols, and emotional value on the decision to visit the Floating Market in Bandung. Data was collected from residents of West Java who had previously visited the destination. The research employed a sophisticated structural modeling approach for data analysis. The findings reveal that all three factors have a strong and positive influence on tourists' intention to visit. A solid halal reputation builds trust and confidence among Muslim tourists. Strict adherence to COVID-19 protocols provides a crucial sense of safety and security. Furthermore, positive emotional experiences and friendly service significantly encourage tourists to return. These results suggest that focusing on these key factors is essential for the sustainable development of halal tourism.
PDF Enhancing Sharia Management as a Development Stage in the Business Sector
The implementation of Sharia management is becoming increasingly important in the face of global industrial competition, where ethics, sustainability, and brand trust are key determinants of competitiveness. While previous studies have largely focused on the impact of Sharia management in the financial sector, research integrating Sharia principles into cross-sector industrial development strategies remains limited. This study aims to construct a conceptual framework explaining the strategic role of Sharia management in enhancing industrial competitiveness and sustainability.This research employed a systematic literature review with a qualitative descriptive approach, covering publications from 2015 to 2024 obtained from reputable databases (Scopus, Web of Science, ProQuest, Google Scholar, DOAJ). Data were analyzed using content analysis to identify themes, map influence mechanisms, and draw strategic implications. The findings reveal three primary pathways through which Sharia management influences industrial development: (1) ethics–reputation–competitive advantage, (2) risk management–financial stability–growth, and (3) sustainability–social license–global market access. The integration of these pathways strengthens the industrial position in both the global halal market and the broader ethical market. This study has implications for the development of Islamic value-based management theory, the formulation of national industrial policies, and sustainable business strategies aligned with maqasid al-shariah principles and international ESG standards.
PDF Mapping Consumer Awareness of Halal Food Across Countries: A Python-Based Google Trends Study
This study aims to map global consumer awareness of halal food through the analysis of search trends using the keyword “halal food” on Google Trends from July 2020 to July 2025. Employing a Python-based data collection and visualization method, this research explores the intensity, geographic distribution, related rising queries, and seasonal patterns of online interest. The findings show that awareness is highest in Southeast Asian countries, particularly Singapore, Brunei, and Malaysia, while Western countries like the United Kingdom, Canada, and Australia demonstrate growing interest. Related search terms highlight the rise of halal-branded fast food and localized food festivals, suggesting a shift in consumer engagement. Seasonal trends correlate strongly with Islamic religious events such as Ramadan and Eid. The study offers a novel perspective by integrating behavioral data and digital tools to uncover dynamic awareness patterns, contributing to the halal consumer behavior literature. The implications suggest new marketing strategies for halal food providers, especially in emerging multicultural markets, by aligning offerings with search behavior and cultural timing.
PDF The Influence of Islamic Business Ethics on the Behavior of Traditional Market Traders: A Case Study of Pamekasan Evening Market
This study aims to analyze the influence of Islamic business ethics on the behavior of traders at Pamekasan's Evening Market. Islamic business ethics emphasizes moral principles such as shiddiq (trustworthiness), amanah (trustworthiness), tabligh (prophetic conduct), fathanah (faithfulness), and istiqamah (steadfastness), which are oriented toward blessings, not merely material gain. The study employed a quantitative approach with simple linear regression analysis. The study population comprised 103 traders at Pamekasan's New Evening Market, with a sample size of 39 respondents selected using purposive sampling. Primary data were collected through a Likert-scale questionnaire and analyzed using validity and reliability tests, classical assumption tests, and t-tests for hypothesis testing. The results indicate that Islamic business ethics have a positive and significant influence on trader behavior, with a contribution value of 83%, categorized as "very strong." This finding indicates that the higher the application of Islamic business ethics, the more positive the traders' behavior in conducting their business. This research provides practical implications for business actors and policymakers to encourage the application of Islamic ethical principles in trade to create a just and blessed business ecosystem.
Dynamics and Growth Projections of Fintech Sharia Lending (Sharia and Conventional) in Indonesia: Spatial-Temporal Analysis and Policy Implications
Fintech lending in Indonesia is experiencing rapid growth, but there are significant variations in growth dynamics between Java, outside Java, and overseas segments. This study aims to explore and project the growth patterns of Islamic and conventional fintech using spatial-temporal analysis. Quantitative research methods were applied with data analysis of the number of lender accounts and funds disbursed from January 2022 to May 2024. Results show that Java experienced market consolidation with an increase in disbursed funds, while outside Java showed moderate growth, and the overseas segment experienced high fluctuations but with significant expansion potential. Policy implications include the need for increased penetration outside Java, development of a cross-border regulatory framework, and incentives for fintech innovation. The findings highlight the importance of diversified policies to support inclusive growth and stability of the national financial system.
Copyright (c) 2024 JEIZA: Jurnal Ekonomi Islam Az-Zain https://creativecommons.org/licenses/by-sa/4.0
Efficiency of Zakat and Infaq/Sedakah Fund Management in BAZNAS: A Comparative Study for 2021-2022
The management of zakat and infaq/alms funds in philanthropic institutions faces significant challenges in achieving optimal efficiency. This study aims to evaluate the efficiency of fund management in the National Amil Zakat Agency (BAZNAS) from 2021 to 2022. Quantitative research methods were used with comparative analysis of financial ratios, including operational efficiency ratio, fund distribution ratio, fund growth ratio, and ratio of administrative costs to total funds. The results showed an increase in efficiency with the operational efficiency ratio rising from 70% to 75%, the fund distribution ratio increasing from 70% to 75%, and a decrease in the administrative cost ratio from 5% to 4%. These findings indicate that BAZNAS succeeded in improving the effectiveness of fund management, which had a positive impact on fund distribution. The implications of this study suggest increased adoption of technology and management systems as well as periodic evaluation to maintain and improve efficiency in the future.
A Analysis of Islamic Economic Transformation in Indonesia: A Case Study of Economic Policy Implementation in the Banking Sector
The rapid development of the Islamic economy, especially in the Islamic banking sector in Indonesia, raises the need for in-depth evaluation of policies and their impact on economic transformation. This research aims to analyze the implementation of Islamic economic policies and their impact on Islamic economic transformation in Indonesia. Using a qualitative approach with a literature study method, this research examines academic sources and policy documents to understand the role of fintech, Islamic insurance, and the social sector in the development of the Islamic economy. The findings show that fintech plays a crucial role in improving financial inclusion, Islamic insurance contributes to liquidity and growth, and optimization of the social sector supports sustainable development. The implications of this study suggest the need for continued policy support and collaboration between the government, financial institutions, and society to strengthen the Islamic economic sector and address regional and global challenges
Analysis of International Claims in the Banking Sector: Implications for Islamic Finance in the Digital Age
Global digital transformation has changed the dynamics of international claims in the banking sector, presenting unique challenges for Islamic finance in ensuring compliance with Shariah principles. This study aims to understand how digitalization affects international claims in the banking sector and its implications for Islamic finance. The method used is secondary data analysis from banks' annual reports, international statistical data, and related scientific publications, with an observation period from the second quarter to the fourth quarter of 2023. The results showed that international claims in all sectors were relatively stable, with significant increases in the non-bank sector and the private non-financial sector. Claims on the banking sector experienced a slight decline before stabilizing again. The implications of the findings indicate the need for Islamic banks to strengthen Shariah compliance, diversify international portfolios, and develop new services to maintain stability and growth in the digital era
Growth and Performance Analysis of Corporate Sukuk in Indonesia: A Case Study of the 2019-2024 Period
The increasing interest in corporate sukuk in Indonesia shows great potential as an Islamic financial instrument, but in-depth research on the factors that influence its growth is still limited. This study aims to analyze the growth and performance of corporate sukuk in Indonesia during the 2019-2024 period, as well as identify the factors that influence it. This research method uses a descriptive-analytical quantitative approach with trend analysis and linear regression on secondary data from OJK reports, Bank Indonesia, and national statistical agencies. The results showed a significant increase in total sukuk issuance from IDR 25 trillion in 2019 to IDR 40 trillion in 2024, with a low default rate of below 1%. Factors such as government policies, macroeconomic conditions, and increased public awareness of Islamic finance play an important role in this growth. The implications of this study emphasize the importance of policy support and public education to encourage more sustainable development of the corporate sukuk market in Indonesia
Compensation Practices in Forwarding Companies in an Islamic Perspective
This study aims to examine the compensation practices given by the expedition company to its couriers. Secondly, to review the system and practices from an Islamic perspective. This research uses a qualitative method through a phenomenological approach that focuses on the experience and awareness of the subject as a courier. This research was conducted in Sampang for two months, from April to early June. As for data collection through interviews and joint interviews with informants totalling twelve people who work for expedition companies including JNE, J&t, Shopee Express, Anter Aja and Id Express. The results of this study: First, there are differences in compensation practices in expedition companies that are adjusted to company policies. Second, based on the review of the Islamic perspective, there are several companies whose compensation systems and practices are not in accordance with the principles in the Islamic perspective.