Based on stakeholder theory, the main goal of a company is to maximize and create added value for all stakeholders. In general, some argue that the existence of an organization or company aims to create value for shareholders, they are also expected to be socially responsible for the society in which they operate. This study try to describe and explain the level of effectiveness of Islamic Bank CSR in ethical and philanthropic responsibilities indicators based on stakeholder perceptions using Structural equation model (SEM). This study found that Islamic banks in Indonesia have been considered quite effective in terms of Corporate Social Responsibility. This study enlightens and recommends that Islamic Banks be actively involved in the activities of Corporate Social Responsibility so as to be effective in promoting Islamic Financial Institutions (IFIs). In the end, there are several conclusions, namely suggesting that Islamic Banks in Indonesia should not only rely on marketing strategies in spiritual terms to attract customers to use their products, but to get customers by being actively involved in CSR activities. The impact is not only to attract customers, but also to contribute to the social life and welfare of the community and the surrounding environment.

CBDC has gained popularity in many countries as a result of technological development. Central banks in a number of nations have been experimenting, piloting, launching, and promoting CBDC. Therefore, this study maps CBDC-related literature using a bibliometric approach and content analysis of the Scopus database. The Biblioshiny R Package was used in this study to analyse 190 documents with the keywords “central bank digital currency”. The analysis focuses on the main information about all documents, analysis of scientific production by areas (journals, authors, and countries), document and keyword analysis, and policy recommendations from the previous literature. The results show that CBDCs have had profound effects on monetary and payment systems, and their development could set the stage for a global central bank. The review also addresses the motivations and advantages of issuing a CBDC, including increasing financial inclusion, enhancing monetary policy, and
promoting efficient digital payments. The analysis also reveals that numerous central banks are investigating the possibility of issuing CBDCs due to the numerous advantages of this form of money. There is a lot of potential for theoretical expansion, contextual coverage, and methodological contributions. Furthermore, some policy recommendations from previous literature and directions for future studies are provided in this study.

Purpose: This paper examines consumer behavior, specifically the Indonesian society's preference for making halal tourism in the Riau region a tourism destination.

Design/Method/Approach: The methodology applied in this research is quantitative with the SEM-PLS approach. Sampling was done using purposive sampling method. The number of respondents involved was 256 people with an age range of 16 to 55 years old. This study adopts variables based on the Theory of Planned Behavior, which identifies three exogenous latent variables (ɛ), namely Attitude, Subjective Norm, and Perceived Behavioral Control. Meanwhile, the endogenous latent variable (η) in this research is the Preference for Halal Tourism.

Findings: The results of this study revealed that the perceived behavioral control variable has the largest, positive, and significant influence.

Originality/Values: The implications of this research can assist in the development of the halal tourism industry in Indonesia, particularly in the Riau region. Industry players and stakeholders can take steps and policies to enhance aspects such as subjective norms and perceived behavioral control to meet tourists' preferences. Academics can also contribute to advancing digital literacy, research, and innovation in the halal industry, thereby making a significant contribution to the dynamic and innovative digital ecosystem within the halal value chain.

Purpose: The objective aim this study is to investigate the factors influencing young Muslims' inclinations in West Java to purchase Korean food through visits to Halal-certified Korean restaurants, Employing the Knowledge-Based Theory of Planned Behavior (TPB) framework as the main variables under investigation.

Design/Method/Approach: The research methodology utilizes purposive sampling, targeting individuals aged between 16 and 30 years old. Data analysis employs the Structural Equation Modeling with Partial Least Squares (PLS-SEM) method.

Findings: Consumer knowledge exerts a positive and notable influence on attitudes, similar to the effects observed with attitudes and subjective norms, which positively and significantly influence the interest of Muslim youth in Halal-certified Korean restaurants. However, perceived behavioral control variables could not be identified as factors significantly influencing the purchase interest of Muslim youth in MUI-certified Halal Korean restaurants.Originality/Values: This article presents several updates, including geographical scope limitations, explanations of the variables used, and novelties in the research period. It is anticipated that the research's findings will significantly enhance marketing tactics and the administration of Halal-certified Korean restaurants in the culinary industry. Additionally, it is hoped that it will also assist business players in this sector in understanding the factors driving the purchase interest of Muslim youth to increase visits to Halal-certified Korean restaurants.

Global bond market attention is starting to witness very interesting developments in the development of Sukuk. However, the academic literature on the determinants of the development of the Sukuk market is still new and very limited. Using the Vector Autoregression (VAR)/Vector Error Correction Model (VECM) method, this study examines how the financial risk component influences the development of the Indonesian sovereign Sukuk market. Data was collected from Bank Indonesia and Indonesia’s Directorate General of Financing and Risk Management on the External Debt Statistics database for ten years from 2013Q1-2023Q1. The results of this study indicate that the foreign Debt Service Ratio (DSR) and Exchange Rate (EXC) significantly affect the development of the sovereign Sukuk Market. The foreign DSR has a negative effect, while the EXC positively affects the development of the sovereign Sukuk market. Meanwhile, the ratio of foreign debt to Gross Domestic Product (GDP) has an insignificant effect on the development of the sovereign Sukuk Market. The findings advocate policymakers in Indonesia on the importance of strengthening financial stability and regulating the issuance of Sukuk in accordance with the associated financial risks to develop the Sukuk market properly.

Introduction

In the rapidly growing cosmetics industry, consumers are becoming increasingly conscious of the quality and halal certification of the products they use. People living in Bogor, especially those with strong religious orientations, tend to seek cosmetics that meet quality standards and align with their religious values.

Objectives

This study examines the influence of brand image, halal label, and religiosity on the purchasing attitude of local halal cosmetics in Bogor.

Method

This quantitative descriptive research employs the SEM-PLS approach, utilizing Smart PLS version 3.0 software. The sample data comprises 105 respondents.

Results

The results of the F-test showed that the significance value (sig) is 0.000 < 0.05, indicating that brand image (P-value = 0.048), halal label (0.000), and religiosity (0.000) significantly and positively influence the purchasing attitude of local halal cosmetics.

Implications

This research provided insights for local halal cosmetics companies on the importance of brand image and the halal label of their products for customers. For policymakers, it highlights the importance of halal regulation to protect customers from using non-halal cosmetics products.

Originality/Novelty

This study provides insights into the purchasing attitude of Muslims regarding cosmetics products in Indonesia.

This paper attempts to analyse the investment behaviour in the retail green sukuk (RGS) issued by the Indonesian government. The research framework is based on the Theory of Planned Behaviour (TPB), while the Partial Least Square-Structural Equation Modelling (PLS) was employed as a research method. Online questionnaires were distributed to potential retail investors. A total of 113 respondents met the requirements and were used as the sample in this research. The findings show that decision to invest in RGS is influenced by intention and perceived behavioural control (PBC). Meanwhile, attitude and subjective norms have significant influence on the intention to invest in the RGS. Attitude is found as the strongest predictor of intention and is influenced by knowledge about RGS, environmental awareness and religiosity. Based on these findings, it is recommended that the government should intensify campaigns about sukuk and green issues. The promotion of RGS should be targeted to the religious individual/community with sufficient literacy of sukuk and awareness of the green issues.

Many studies have highlighted a low literacy level of waqf among Muslims all over the world. In Indonesia, an effort to measure the level of waqf literacy using an index was initiated by the Indonesian Waqf Board in 2020. The result has proven that there is a low level of waqf literacy in Indonesia. This study aims to explore the reasons behind the low level of waqf literacy and understand the importance of waqf literacy. Based on a literature survey, the following aspects need to be clearly explained and elaborated to effectively improve waqf literacy among the public. First, the unique characteristics of waqf compared to other Islamic alms; second, waqf literacy is positively related to waqf collection; third, the utilization of waqf can be further enhanced when the literacy is higher; and fourth, disputes and conflicts about waqf ownership are frequently due to lack of waqf literacy. In summary, this study is expected to increase the interest and attention of all stakeholders toward enhancing waqf literacy. Waqf authorities and waqf institutions are encouraged to intensify education and socialization about waqf, while researchers are expected to study more on waqf literacy. To further develop the waqf sector, it is necessary to have a road map to increase waqf literacy.

Originality/Value: The study aims to explore the reasons behind the importance of waqf literacy in Indonesia. Identifying these reasons in the Indonesian context could pave the way for tailored interventions and policies to improve waqf literacy, which may have implications for similar contexts elsewhere.

This study aims to examine and compare the efficiency of conventional rural banks and Islamic rural banks in their roles as intermediary institutions during the COVID-19 pandemic in Sumatra, Indonesia. Furthermore, the efficiency determinants were further analysed to find some variables that affect rural banks’ efficiency. Non-Parametric approach, Data Envelopment Analysis (DEA), and Tobit Regression are employed in this study. The results show that Islamic rural banks have better efficiency performance compared to conventional rural banks, but that there is a fluctuating efficiency trend experienced by both types of rural banks during the observation period. In addition, the potential improvement result indicates that financing and operating revenue variables are the main causes of rural bank inefficiency. Furthermore, the Tobit Regression result finds that capital and bank size significantly improve the efficiency level, but that risk significantly reduces bank efficiency.

This study examined the factors that influence the intention to buy food labeled halal among Muslim consumers in Indonesia using mixed methods, this research used qualitative analysis by identifying trending topics related to 2.665 conversations on halal labels on Twitter in Indonesia using Drone Emprit Academic (DEA) and NVivo 12 Plus to uncover the underlying perception. A quantitative hypothesis was then developed based on the qualitative investigation and the adoption literature. Survey data was collected from 407 Muslim consumers in Indonesia using SEM-PLS. The results showed that the variables halal labeled food intention, halal labeled food safety, and halal labeled food knowledge showed a significant and positive influence on the intention to buy halal labeled food and repeat purchases of halal labeled food. This shows increasing consumer awareness about product halalness, health, and perceived value, which in turn encourages consumer interest to buy food products labeled halal.

Pandangan dunia atau pandangan hidup (worldview) berperan sangat penting dalam sistem masyarakat tertentu. Worldview berfungsi sebagai dasar bagi keseluruhan bangunan pengetahuan.1 Di bidang ilmu pengetahuan, worldview berfungsi sebagai media kognitif yang menjelaskan posisi ontologis, aturan metodologis, kerangka nilai, dan sebagainya.2 Oleh karena itu, bangunan ilmu pengetahuan sangat bergantung pada setiap worldview yang dimiliki masyarakat tertentu dan di atas worldview tadi dibangunlah ilmu pengetahuan yang khas3 serta peradaban yang berbeda dari fondasi peradaban lain.

Islamic wealth management is one of the new emerging financial service industries that attract many wealthy people to trust their assets managed in accordance with Islamic values and principles. Islamic wealth management is distinct from the conventional conception of wealth management from the philosophical foundation. Therefore, Islamic wealth management’s philosophical foundation is fundamental to understanding wealth management from the Islamic perspective. The paper aims to redefine the contemporary concept of wealth management from an Islamic perspective derived from the Qur’anic perspective. The finding shows that Islamic conception of wealth management from Qur’anic framework is very comprehensive that cover all philosophical foundation; ontology, epistemology, and axiology. The Islamic wealth management process contends three aspects: (1) wealth creation, (2) spending

The purpose of this study was to analyze the efficiency of local government expenditure based on Islamic Human Development Index (I-HDI) in Local Government at the Indonesian’s Province using Data Envelopment Analysis (DEA). DEA is a non parametic method that was developed to measure the level of efficiency compared to the Decision Making Unit (DMU). This method can measure the efficiency of a government entity by using multi-input and multi-output. DEA result also can be used to identify wich input or output must be increased by Decision Making Unit (DMU) to reach optimum efficiency. The result from this study showed that the average of efficiency score in local government at Indonesian’s Province is increasing from 2015 until 2018. This study also indicates that North Sumatera, East Java, and Yogyakarta’s government spending were efficient in 4 years. While Bangka Belitung and West Papua achieve the lowest efficiency score, and should optimize input and increase the number of output to improve the efficiency. Morever, the main source of inefficiency is in Life birth rate indicators.

It can be easily seen from the different reports of the International organizations like IMF and World Bank that most of the Muslim countries are under developed and have a very low per capita income except the producer of natural resources. Majority of them are facing social and economic problems, low literacy rate with highly unskilled labor force. Most of the Muslim population in these countries are living under poverty, unemployment rate is very high, and health condition is very poor. Except few, most of them are dependent on their deprived agricultural sector. Their social and economic problems are a major constraint in the development of their economies. Academicians and experts are in view that policies which are implemented in these countries are not well suited to these economies. Especially they blame to the monetary policy which is generally implemented through the channel of interest rate. In their view, interest is not allowed and it is clearly mentioned in their holy book, Al‐Qur’an. Before going to deep in this area, it is better for us to discuss the objective of the monetary policy in conventional as well as in an Islamic economy.

This chapter aims to identify factors that may influence the interest of Indonesian Muslim millennials in performing waqf. Five variables, namely waqf literacy, religiosity, trust in waqf institutions, religiosity, income, and social influence, were tested using SEM-PLS method. Data are obtained through online questionnaires with the number of sample is 321 Muslim millennials from the five major islands in Indonesia. The finding shows that four variables, literacy, religiosity, trust in waqf institutions, and social influence, have a significant impact on their interest in waqf donation. As a result, waqf institutions must nurture trust of prospective waqf through massive socialization such as social media which is widely accessed by millennials. This may attract their attention, leave a good impression, and create a supporting environment. In addition, waqf institutions need to instill trust by being more open, honest, and transparent about the programs they created through campaigns by bringing social and religious issues packed with excellent and exciting delivery that can help increase the interest of Muslim millennials in performing waqf. Furthermore, quality of nazhir should be improved, collaboration should be promoted, and the utilization of digital technology are highly recommended