This paper aims to investigate the relationship between geopolitical risk and foreign investor sentiment in the Malaysian and Indonesian stock markets. This research considers other macroeconomic variables, such as oil price, real effective exchange rate, and lending rate, as the controlled variables. This analysis uses the autoregressive distributed lag (ARDL) model to estimate the long-run relationship of selected geopolitical risk indices, specifically from the USA, China, Malaysia, and Indonesia, on foreign investor trading behaviour (buy and sell). The finding shows that China's geopolitical risk will increase the trading volume of foreign buyers and sellers in the Malaysian stock market. The China-US geopolitical risk has both negative and positive effects on foreign investor trading behaviour in the Indonesian stock market. The Indonesian geopolitical risk has a significant positive effect on foreign buyers' trading. This indicates foreign investors consider foreign geopolitical risk before making their own decision. The policymaker must actively be involved in formulating the policy to enhance the market stability measures to ensure the foreign investor confidence in the Malaysia and Indonesia stock markets

This study attempts to investigate the determinants of BMT UGT Sidogiri’s customer loyalty. As one of the biggest BMT in Indonesia, BMT UGT Sidogiri has played an essential role in developing its community’s economy through its business program. Factors such as brand image, profit-sharing, service quality, and cultural organization are employed in this study. This is because, BMT UGT Sidogiri is not only the largest BMT in Indonesia but also it initiated by Pesantren Sidogiri, one of the most respected pesantren in Indonesia which has unique cultural organization. This study finds that brand image has a negative-nonsignificant relationship with customer loyalty. Meanwhile, other variables such as service quality, profit-sharing, and culture have positive-significant relationship with customer loyalty that bridges by customer satisfaction. This study utilizes the partial least square-structural equation model (PLS-SEM) as a method. The result of the study is expected to contribute to the development of body of knowledge as well as practical implication of customer loyalty’s determinants, particularly on cultural factors which can benefits other microfinance institution based pesantren such as Sidogiri.

This study aims to seek the validity of Ricardian equivalence in Indonesia and Malaysia using Autoregressive Distributed Lag (ARDL). This study finds the invalidity of Ricardian equivalence in the long-term and short-term in both countries. For Indonesia case, during the last three financial crisis happens in 1998, 2008, and 2020 caused by COVID-19, Ricardian equivalence happens only in 1998. More interestingly, this study finds that there is a different relationship between household savings and household expenditure in Indonesia and Malaysia. This study is expected to contribute to the development of body of knowledge, particularly with the case of Ricardian equivalence and Keynes approaches on expansionary fiscal policy as well as practical public policy, particularly related to government budget in crisis and household saving and expenditure.

This study aims to integrate the Maqasid Shariahof Islamic law with consumer behavior theory, employing the reconstruction theory approach. This study was mix method whichintegrates the qualitative method and operationalisation variables were employed. This study has successfully collected 123 respondents and using a simple additive weighting (SAW) which based on based on a simple addition of scores that represent the goal achievement under each criterion, multiplied by the particular weights. The findings underscore the complexity of consumer behavior and highlight the multifaceted factors that influence decision-making. These factors go beyond basic economic considerations, incorporating elements such as religiosity, knowledge, and societal norms.The research enriches this theoretical framework through empirical analysis, utilizing a qualitative methodology to operationalize variables and employ a simple additive weighting technique to assess the preliminary results. The study ranks respondents based on their application of consumer behavior principles aligned with the Maqasid Shariah, making it one of the first to explore the intersection of consumer behavior theory and the reconstruction of Maqasid Shariah.

Zakat serves as a critical instrument of Islamic fiscal policy, with the potential to significantly contribute to poverty alleviation, sustainable development, and social security. Despite its central role in Islamic economic thought, zakat collection in Indonesia remains far below its estimated potential. While previous studies have attributed this shortfall to institutional, legal, and sociological factors, limited attention has been paid to the role of macroeconomic variables in influencing zakat collection. This study aims to empirically examine the relationship between key macroeconomic indicators, GDP growth, inflation, and real effective exchange rate (REER), and zakat collection in Indonesia from 1994 to 2024. Using the Autoregressive Distributed Lag (ARDL) approach, this study finds no significant long-run relationship between zakat collection and the selected macroeconomic indicators. However, short-run dynamics reveal a marginal adjustment process, indicating a slow and weak responsiveness of zakat collection to macroeconomic fluctuations. These findings suggest that, unlike tax revenue, zakat collection is less influenced by economic performance and more dependent on institutional trust, regulatory clarity, and the governance structure of zakat institutions. The study concludes that enhancing zakat collection in Indonesia requires not only macroeconomic stability but also deep structural and administrative reforms. This includes improving institutional governance and strengthening legal frameworks. Theoretically, the research contributes to the field of Islamic political economy by highlighting the limited applicability of conventional macroeconomic models to explain zakat behavior. It calls for a more integrated framework that incorporates both economic and religious-social dimensions in understanding and optimizing zakat collection.

Islamic Microfinance Institutions (IMFIs) play a crucial role in delivering financial services toMicro, Small, and Medium Enterprises (MSMEs),thereby advancing financial inclusion and fostering economic empowerment. Despite their significance, IMFIs frequently encounter major constraints, particularly limited access to capital. In contrast, technological advancements have introduced innovative and efficient financing alternatives, most notably in the form of financial technology (fintech). This study investigates the potential for collaboration between IMFIs andfintech, with a particular emphasis oncrowdfunding as a financing mechanism. It seeks to identify the benefitsand opportunities, alongside the costs and risks, associated with the implementation of fintech-based crowdfunding as an alternative financing source for IMFIs. Adopting a critical review research paradigm and a mixed-method epistemological approach, the study employs two key methodologies: (1) the development of a typology outlining the benefits, opportunities, costs, and risks of collaboration;and (2) the application of the Analytic Network Process (ANP), using the typology asthe foundation for model construction. Findings indicate that experts generally perceive the benefits and opportunities of such collaboration to outweigh the associated costs and risks. Notable advantages include enhanced access to capital and the cultivation of a more robust investment culture within IMFIs. On the other hand, key concerns include infrastructural limitations and the potential for capital loss. To mitigate these risks and maximize collaborative benefits, the study highlights the importance of strengthening institutional management across both IMFIs and fintech platforms

Purpose

This study aims to discuss literature of zakat collection, particularly to compare what Scopus and Web of Science (WoS), as the two most popular databases, provide to complete the pattern and the direction of future research of zakat collection using bibliometric analysis.

Design/methodology/approach

This study collected 266 manuscripts from the Scopus database and 106 manuscripts from the WoS database covering more than three decades from 1987 to the beginning of 2023.

Findings

This study identifies a wider horizon of future research of zakat collection literature. Where Scopus database mostly discusses the connection between the state, government and zakat, meanwhile the WoS database discusses smaller scope of zakat collection, which includes zakat institution and its governance along with behavioural and commitment of zakat payers.

Research limitations/implications

The results imply that future research agenda may include the discussion of state-government-zakat collection policy connection and behavioural and commitment of zakat payers.

Practical implications

The results also imply to widening and deepening the zakat collection. Further, it also implies to administratively to zakat agencies/zakat institution.

Originality/value

To the best of the authors’ knowledge, this study is among the first study (or the first) that compare Scopus and WoS database in the zakat collection literature.

This chapter bridges the concepts of microfinance and Zakat, and proposes a conceptual framework as a potential strategy to solve poverty. This study employs qualitative approach. Specifically, it performs content analysis on related manuscripts, and conducts a structured interview with selected stakeholders of Zakat institutions. The study proposes that Zakat institution must have a clear definition about which Zakat fund portion should be used for the program. Authors propose the use of amil for the program and it must be given by amil voluntarily and there must be clear mechanism on which deserving categories (asnaf/mustahik) should be prioritised to be the part of the program. In practice, amil can be considered as investors (where Zakat institution distributes and becomes Islamic microfinance institution) or financial intermediary (where the amil distributes and becomes Islamic microfinance institution appointed by the authority).

This study aims to seek the impact of zakat accounting standards (PSAK Shariah No.109) adoption on the financial performance of zakat institutions. This study employed the Difference in Difference (DiD) test and Panel data regression using the data from 5 national scale zakat institutions in Indonesia from 2006 to 2019. This study found a difference in zakat institution performance between the pre and post-adoption of PSAK Shariah No.109, both in the DiD test and Panel data regression model.

This study aims to seek the determinants of sharia-compliant firm profitability in Indonesian JII listed companies. This study employed Data Panel regression analysis using the 12 most consistent companies who listed in the JII during the period of Q1 2015 to Q4 2020 where in total, there are 282 number of observation. The study found that both firm-internal and firm-external variabels are significant in determining firm profitability on at least one model of data panel regression. COVID-19 and GDP used to measure the impact of firm-external variables, while working capital, debt to equity ratio, and quick ratio used to determine firm-internal variable. Further studies are required to observe the longer period of COVID-19 impact on sharia-compliant firm profitability.

Ada banyak faktor dalam menentukan pertumbuhan ekonomi serta penjelasan dari kesuksesan kinerja ekonomi tidak hanya untuk mencakup kekuatan politik dan sosial. Secara khusus telah ada perhatian pada peran agama di bidang ekonomi, dengan adanya sejumlah ekonom yang mengeksplorasi hubungan antara agama dan kinerja ekonomi. Penulisan paper ini bertujuan untuk mengukur seberapa islam Negara-negara yang mendeklarasikan sebagai Negara islam, atau yang berpenduduk mayoritas islam, atau yang tergabung dalam Organisasi Konfederasi Islam (OKI) yang menjadi bagian dari ASEAN? Apakah Negara-negara tersebut menjalankan Prinsip-prinsip Keislaman dalam berekonomi? Untuk mengukur Keislaman ekonomi Negara-negara ASEAN, penulis menggunakan 10 indikator prinsip Keislaman berekonomi yang diwakilkan dengan 10 proksi yang berkaitan dengan Prinsip Keislaman dalam berekonomi tersebut.

This paper aims to examine the influence of accounting standards (SAFS Sharia No.109) for zakat on the financial performance of zakat institutions. This study has employed Difference in Difference (DiD) test and Panel data regression in order to achieve the objective of study. This study found that there is a difference in zakat institution performance between the pre and post adoption of SAFS in the DiD test. However, panel regression results show that there is no significant change in the adoption of SAFS Sharia No.109 to the zakat institution financial performance. A plausible reason for insignificant relation is that SAFS Sharia No.109 has not yet faithfully adhered by zakat institutions in their reporting, particularly with respect to the zakat for productive purpose (Alim, 2015). On the other hand, this study also found that zakat fund collection and zakat institution equity have significant impact on the performance of zakat institutions in Indonesia.

This study aims to seek the impact of zakat accounting standards (PSAK Shariah No.109) adoption on the financial performance of zakat institutions. This study employed the Difference in Difference (DiD) test and Panel data regression using the data from 5 national scale zakat institutions in Indonesia from 2006 to 2019. This study found a difference in zakat institution performance between the pre and post-adoption of PSAK Shariah No.109, both in the DiD test and Panel data regression model.

this study aims to evaluate the characteristics of zakat institution and proposes the adoption of international financial reporting standard (IFRS) since it has developed and provides various product i.e zakat for productive purpose. This is important, considering that one of the measurement of accountability and transoarency of an institution is providing brief financial report toward its benericaries.