JIOSE: Journal of Indonesian Sharia Economics

Islamic Financial Inclusion and Human Development in Indonesia: Constructing an Islamic Financial Inclusion Index and Evidence from Long-Run Time Series Analysis

Fikram Rasyad — 2026-09-29

This study analyzes the effect of the Islamic Financial Inclusion Index (IFII) on the Human Development Index (HDI) in Indonesia from January 2013 to December 2024 using a time series econometric approach. The IFII was constructed using the Sarma (2008) method, integrating the dimensions of availability, penetration/accessibility, and Islamic financial services availability. Two estimation methods were employed: Ordinary Least Squares (OLS) as the baseline model and Fully Modified Ordinary Least Squares (FMOLS) as the main estimator for long-run relationships, controlling for Trade Openness, Inflation, Gini Ratio, Regulatory Quality, and a COVID-19 dummy. The Augmented Dickey-Fuller test confirmed that all variables are integrated at order I(1), while the Johansen cointegration test identified seven long-run cointegrating equations. The OLS model exhibited heteroskedasticity and autocorrelation, reinforcing the suitability of FMOLS. The FMOLS results show that IFII has a positive and significant effect on HDI, as do Regulatory Quality and the COVID-19 dummy (negative effect), while Trade Openness and Inflation are not significant. These findings suggest that Islamic financial inclusion should be integrated into national human development policy.

Green Waqf for Green Downstreaming: Developing a Productive Waqf Financing Model for Bioethanol Development and National Economic Resilience

Ashhabul Manggala Sanggoleo Tosepu — 2026-09-30

Indonesia's energy vulnerability as a net importer of fuel oil risks weakening its national economic resilience. Transitioning towards energy independence through the green downstreaming of agricultural commodities into bioethanol is highly strategic but hampered by massive capital expenditure that burdens the State Budget (APBN). This research aims to formulate an innovative Green Waqf financing model as an independent alternative funding solution for bioethanol infrastructure development. The research utilizes a descriptive qualitative approach through library research and content analysis, designing an integration model using Hexahelix collaboration. The analysis outlines the financing framework, stakeholder roles, and feasibility evaluations based on SWOT, SMART, and Social Return on Investment (SROI). The results show that a Green Waqf portfolio, consisting of perpetual and temporary waqf, is capable of financing green downstreaming projects without burdening the national budget. The SROI evaluation demonstrates high feasibility, projecting a ratio of 1.64 in the first five years. This waqf-based bioethanol downstreaming model offers a novel approach to reducing gasoline import dependency, creating jobs, and strengthening national economic resilience sustainably.

Pengaruh Penerapan Manajemen Risiko Terhadap Non Performing Financing Pada Produk Pembiayaan Usaha Mikro di Bank Syariah Indonesia

Dian Mulia Sari — 2026-09-30

This study aims to analyze the effect of risk management implementation, proxied by the Capital Adequacy Ratio (CAR), Financing to Deposit Ratio (FDR), and Operating Expenses to Operating Income (BOPO), on Non-Performing Financing (NPF) of micro-business financing products at Bank Syariah Indonesia, both partially and simultaneously. This research uses a quantitative approach with secondary data in the form of monthly time-series data for the 2021–2025 period, obtained from the published financial reports of Bank Syariah Indonesia and the Sharia Banking Statistics of the Financial Services Authority (OJK). The analysis technique used is multiple linear regression with Newey-West (HAC) correction using EViews 13 software. The results show that, partially, CAR, FDR, and BOPO each have a positive and significant effect on NPF. Simultaneously, CAR, FDR, and BOPO have a significant effect on NPF, with a contribution of 88.7% (Adjusted R²), while the remaining 11.3% is influenced by other factors outside the model. This study concludes that the implementation of risk management, reflected through these three financial ratios, plays an important role in maintaining the quality of micro-business financing in Islamic banks.

Transparansi Informasi Keuangan sebagai Strategi Penguatan Kepercayaan Publik dan Daya Saing Bank Syariah Indonesia

Imelda Malona Tarigan — 2026-09-30

This study aims to analyze the role of financial information transparency in strengthening public trust and competitiveness in Islamic banking, with a particular focus on Bank Syariah Indonesia (BSI). The study employs a qualitative approach using a literature review and content analysis of relevant scholarly literature and official publications. The findings indicate that systematic disclosure of financial and non-financial information, including information on risk, corporate governance, and institutional performance, plays an important role in reducing information asymmetry and enhancing public understanding of the bank’s condition and performance. From an Islamic banking perspective, transparency extends beyond regulatory compliance and reflects fundamental values of amanah (trustworthiness), justice, and accountability. Adequate disclosure can strengthen institutional credibility, foster public trust, support customer loyalty, and contribute to institutional sustainability. Therefore, financial information transparency can be positioned as an integral component of strategic governance that supports the strengthening of public trust and the competitiveness of Bank Syariah Indonesia amid an increasingly competitive and information-driven banking industry.

Pengembangan Dokma Smart Mobile sebagai Platform Keuangan Syariah Berbasis Teknologi Mobile untuk Mendukung Ekonomi Syariah di Indonesia

Nia Nurhayati — 2026-09-30

Indonesia’s Islamic financial inclusion index reached only 13.41% according to the 2025 SNLIK, substantially lower than conventional financial inclusion at 79.71%, despite Indonesia ranking third in the Global Islamic Economy Indicator 2023/2024 and having total Islamic financial assets of IDR 9,927 trillion. This gap highlights the need for an integrated digital platform specifically designed to support members of non-bank Islamic financial institutions. This study aims to analyze the urgency of digital Islamic financial inclusion and formulate the DOKMA Smart Mobile concept. The study employs a descriptive qualitative method through a systematic literature review of scientific articles and official reports from the OJK, Bank Indonesia, and KNEKS for the 2022–2026 period, using SMART Goals, SWOT, and Pentahelix frameworks. The findings formulate DOKMA Smart Mobile through three main modules: real-time multi-channel Islamic transfers, a comprehensive financial information dashboard, and Islamic ecosystem navigation supported by big data analytics. This integration has the conceptual potential to expand access, improve service convenience, and strengthen users’ connectivity with the Islamic financial ecosystem. DOKMA Smart Mobile offers a digital transformation model aligned with the direction of the 2023–2027 Roadmap for the Development and Strengthening of the Islamic Banking Industry in Indonesia.

Transparansi Pengelolaan Dana Ta’zir pada Fintech Dana Syariah: Analisis Kesesuaian dengan Fatwa DSN-MUI No. 17/DSN-MUI/IX/2000

Shofi Hanifah — 2026-09-30

This study aims to analyze the transparency of ta’zir fund management on the Dana Syariah fintech platform and assess its compliance with DSN-MUI Fatwa No. 17/DSN-MUI/IX/2000 concerning sanctions for customers who are able but deliberately delay payment. The study employs a qualitative approach with a descriptive-analytical method. Data were collected through a literature review and documentation of relevant reports and official publications. The findings indicate that Dana Syariah imposes ta’zir sanctions for late payments by developers. In accordance with the fatwa, funds collected from such sanctions are not recognized as institutional income but are required to be allocated for social purposes. Transparency in the management and reporting of ta’zir funds is therefore essential to ensure accountability and consistency between fintech practices and sharia principles. This study contributes to the literature by focusing specifically on the transparency and reporting of ta’zir funds on a sharia-compliant fintech platform, an area that remains relatively underexplored. The findings highlight the importance of disclosing information on the sources, management, and distribution of ta’zir funds as part of strengthening governance, sharia compliance, and public trust in the digital Islamic finance ecosystem.

Pengaruh Literasi Keuangan Syariah, Kontrol Diri, Financial Self-Efficacy, dan Gaya Hidup terhadap Perilaku Menabung

Adenesya Nur Astiva — 2026-09-30

This study aims to analyze the influence of Islamic financial literacy, self-control, financial self-efficacy, and lifestyle on saving behavior in Islamic banks among students in the Special Region of Yogyakarta. This study uses a quantitative approach with a survey method, using primary data with a sample of 100 respondents. The analysis method is multiple linear regression using the SPSS version 26 program. The results show that the Islamic financial literacy variable has a positive and significant effect on saving behavior with a significant value of 0.000 <0.05 and a calculated t value of 5.538> t table 1.661. Self-control has a positive and significant effect on saving behavior with a significant value of 0.036 <0.05 and a calculated t value of 2.130> 1.661. Financial self-efficacy has a positive and significant effect on saving behavior with a significant value of 0.017 <0.05 and a calculated t value of 2.436> 1.661. Lifestyle has a positive and significant effect on saving behavior with a significance value of 0.000 <0.05 and a calculated t value of 4.133> 1.661. Sharia financial literacy, self-control, financial self-efficacy, and lifestyle simultaneously influence saving behavior with a significance level of 0.000 <0.05 and F_count of 29.400 > F_table of 2.47.