Economica: Jurnal Ekonomi Islam
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Optimizing Capital Management in Baitul Maal wat Tamwil: Issues and Approaches
Full text linkBaitul Maal wat Tamwil (BMT) is a microfinance institution operating under Sharia principles, integrating social welfare and commercial finance to promote poverty alleviation and economic empowerment. Despite its potential, BMTs face significant capital challenges that hinder their sustainability and impact. This study explores these challenges using a qualitative methodology with a literature review approach. Six key issues are identified: (1) limited capital from low member savings, (2) inadequate accumulation of social funds, (3) mismatch between available funds and customer needs, (4) reliance on external funding, (5) low business volume, and (6) weak integration between the social (Baitul Maal) and commercial (Baitul Tamwil) functions. These issues restrict BMTs from fully achieving their financial inclusion and social welfare objectives. To address these challenges, the study suggests optimizing low-cost funds, managing cash waqf, strengthening Baitul Maal, collaborating with zakat institutions, and integrating Islamic social finance with commercial operations. Additionally, increasing principal and mandatory savings is recommended to improve capital stability. Resolving these issues is essential for enhancing BMTs' role in poverty alleviation and ensuring their long-term sustainability and effectiveness within the Islamic finance framework
Modeling Tourist Interest in Visiting Halal Tourist Destinations in West Nusa Tenggara (NTB): A Systematic Literature Review
Full text linkHalal tourism is a growing market segment driven by the increasing demand for travel experiences that adhere to Islamic principles. As the global Muslim population continues to expand, the prospects for halal tourism are substantial, with significant market value and robust growth trends. Indonesia, with its diverse attractions like West Nusa Tenggara (NTB), plays a strategic role in this sector. This study investigates the factors influencing tourist intentions to visit NTB's halal destinations, employing a systematic literature review using the PRISMA technique. Key factors impacting tourist intentions include the availability of halal food, halal accommodation, halal tourism promotion, and the socio-cultural environment. Additionally, halal certification and effective promotional strategies serve as partial moderators, enhancing these influences on tourist decision-making. The findings provide valuable insights for policymakers and stakeholders, offering a model for attracting and retaining tourists in halal destinations. This research contributes uniquely by providing a comprehensive analysis of tourist intention factors within NTB's halal tourism context, supporting sustainable and inclusive tourism development
Environmentally Friendly Behavior of Islamic Bank Employees: The Role of Islamic Banks in Maintaining Sustainability
Full text linkThe challenges of climate change and the recent energy crisis have increased the importance of environmental sustainability, with green technology emerging as a key driver of sustainable growth. In response, Sharia-compliant banking has integrated green banking principles to promote environmental protection. This study examines the green behaviors of Islamic bank employees and their impact on the growth of green banking. Focusing on Islamic banks in Central Java, Indonesia, a sample of 100 employees was selected through purposive probability sampling. Data were collected using questionnaires, and multiple linear regression analysis was conducted using IBM SPSS to assess the relationships between variables. The findings reveal that behaviors such as conserving resources, working sustainably, avoiding harm, taking initiative, and influencing others significantly contribute to green banking growth. The results suggest that encouraging green behavior among bank employees plays a vital role in expanding green banking practices within Islamic banks, aligning the sector with sustainable development goals through environmentally responsible actions. However, the study is limited by the relatively small sample size of 100 respondents, which may affect the generalizability of the findings. Future research should consider a larger sample size to validate the results and provide broader insights into the role of employee behavior in green banking
From Marginalization to Recognition: The Impact of Islamic Political Economy on Indonesia's Islamic Economy During the New Order
Full text linkThe New Order era (1966–1998) marks a pivotal period in Indonesia's political and economic history. This study examines the influence of Islamic political economy on the evolution of Islamic economy during this time, using a literature review to explore how political dynamics and economic policies shaped its development. The findings reveal that Islamic political economy faced significant challenges due to the New Order government's focus on capitalist and industrial-oriented policies, which often marginalized sharia-based economic systems. For instance, the Islamic banking sector struggled to expand as regulations were more favorable to conventional banks. Despite these obstacles, intellectual groups and scholars sought to integrate Islamic principles into national policies, with the establishment of Islamic financial institutions like Bank Muamalat Indonesia in 1991 serving as a milestone. By the end of the New Order era, there was a noticeable increase in public interest and awareness of Islamic economy, driven by political shifts and a growing desire for a fairer, Islamic-aligned economic system. Consequently, Islamic economics began to gain wider recognition, eventually becoming an integral part of the national economic framework
Spin-Off as a Strategy to Accelerate Islamic Banking Growth in Indonesia: Assessing the Readiness of Sharia Business Units
Full text linkIslamic banking in Indonesia has grown significantly in recent years, supported by legal mandates encouraging structural separation between conventional and Sharia banking. This study aims to assess the readiness of Sharia Business Units (UUS) to implement the 2023 spin-off policy. A qualitative research approach was employed, with data collected through documentation and literature review. The study examined 20 Sharia Business Units, including one unit from a State-Owned Enterprise (Bank Tabungan Negara), 13 units under Regionally-Owned Enterprises (BUMD), and six units affiliated with private banks. The findings show that 50% of the assessed Sharia Business Units are not prepared to separate from their parent banks, particularly in terms of asset size, capital adequacy, and overall institutional health. Most UUS lack sufficient capital readiness, infrastructure, and qualified human resources to operate independently. When viewed holistically—across financial, operational, and HR dimensions—the majority of UUS included in this study were not ready for the 2023 spin-off. These findings provide valuable insights for regulators and stakeholders in the Islamic banking industry, particularly in shaping future policies and support mechanisms for Sharia Business Units transitioning toward independence
Influences of Religiosity, Capital Market Knowledge, and Information Technology on Sharia Investment Interest in Central Java, Indonesia
Full text linkA responsible government must establish stable economic conditions that foster societal well-being and expedite national prosperity. A strategic approach to achieving this is through the promotion and development of investment activities at district, city, and provincial levels. This research aims to investigate the factors influencing interest in sharia investment, with a particular focus on religiosity as a moderating variable. Utilizing primary data gathered through questionnaires from investors in Central Java Province, the study employs SEM-PLS analysis to assess the responses. The findings reveal that both knowledge of the sharia capital market and advancements in information technology positively impact interest in sharia investment. However, religiosity does not significantly moderate the effects of these two factors. Notably, the study identifies that religiosity directly influences interest in sharia investment. Policy implications suggest that in Central Java, interest in sharia investment is predominantly driven by knowledge and information technology; thus, further detailed information on sharia-compliant investment products is needed to align with investor interests
Shariah Enterprise Theory in CSR Disclosure: A Path to Sustainable Reporting
Full text linkThis research examines the application of Sharia Enterprise Theory (SET) in Corporate Social Responsibility (CSR) disclosure to enhance sustainability reporting. Using a qualitative approach, this study analyzes secondary data, including relevant journal articles. Sharia Enterprise Theory posits that corporate social responsibility extends beyond specific individuals to include accountability to Allah SWT as the ultimate owner. The theory emphasizes that responsibility should address the interests of broader stakeholders, including God, humanity, and nature, with Allah as the highest stakeholder. The concept of sustainability reporting emerged to foster ethical accountability by incorporating environmental, social, and governance aspects alongside economic considerations. Continuous CSR disclosure in sustainability reports requires adherence to standardized guidelines to ensure comprehensive reporting on CSR activities
Santripreneurship in Practice: A Model of Entrepreneurship Development at Sunan Drajat Islamic Boarding School, Lamongan
Full text linkThe growing role of Islamic boarding schools (pesantren) in community-based economic development highlights the need for models that integrate entrepreneurship with spiritual values. This study aims to develop a santripreneur model at Sunan Drajat Islamic Boarding School (Pesantren), Lamongan. Using a qualitative case study design, data were collected through in-depth interviews, focus group discussions, direct observation, and document analysis across the pesantren’s business units. The findings identify a structured four-stage trajectory—startup, stabilization, growth and development, and real business synergy—that reflects the transformation of santri into Islamic entrepreneurs. This model integrates Islamic spiritual values with modern business practices, emphasizing tawḥīd, ethical conduct, performance discipline, and stakeholder collaboration. It not only cultivates an entrepreneurial mindset rooted in Shariah principles but also promotes institutional sustainability through structured training and alumni engagement. Conceptually, the model addresses a gap in the Islamic entrepreneurship literature. Practically, it offers a replicable framework for other pesantren seeking a sustainable, Shariah-compliant economic ecosystem
Halal Lifestyle and Consumer Decisions: The Role of Halal Labels, Religious Values, and Word of Mouth in Purchasing Wardah Cosmetics at Islamic Boarding Schools
Full text linkThe domestic cosmetic industry in Indonesia continues to experience steady growth, driven by increasing market demand and evolving beauty trends. This demand is fueled by consumer interest in multifunctional cosmetic products. This study examines the influence of product attributes, halal labels, religiosity, and word of mouth (WOM) on purchasing decisions for Wardah cosmetics among female students at an Islamic boarding school in Kalibeber, Mojotengah, Wonosobo. Using a quantitative approach and linear regression analysis, data were collected from 100 respondents selected through random sampling. The results indicate that all four factors significantly impact purchasing decisions. Product attributes positively affect consumer choices, highlighting the importance of quality, design, and features. Halal labels play a crucial role in building trust and ensuring compliance with Islamic principles. Religiosity strongly influences decision-making, as students prioritize products aligned with their faith. WOM also significantly impacts purchasing behavior, especially within close-knit communities. Collectively, these variables explain 50% of the variance in purchasing decisions. The findings emphasize the need for manufacturers to focus on product development, clear halal certification, and strategies that encourage positive WOM to enhance consumer trust and brand loyalty in religiously conscious markets
From Secular Capitalism to Spiritual Balance: The Relevance of Naquib Al-Attas’s Vision in Contemporary Economic Thought
Full text linkThe current capitalist economic system, rooted in secular Western ideology, has evolved beyond a market mechanism into a pervasive lifestyle that emphasizes materialism, autonomy, and human-centered progress. However, this system fundamentally contradicts Islamic teachings, which integrate worldly and spiritual life under divine sovereignty. This study employs a descriptive-analytical method to critically examine capitalism through the lens of Syed Muhammad Naquib Al-Attas’s thought. Al-Attas argues that capitalism leads to moral disintegration and spiritual alienation by detaching economic behavior from its metaphysical roots. As a corrective, he advocates for a return to an authentic Islamic worldview grounded in tawhid and adab. The findings suggest that addressing capitalism’s failures requires adopting a balanced path—one that harmonizes material well-being with spiritual fulfillment. Al-Attas’s vision, centered on the Islamization of knowledge, offers a transformative foundation for developing an Islamic economic system that is both ethically grounded and socially just