El Barka: Journal of Islamic Economics and Business

Future-Proofing Islamic Business: A Systematic Review of Strategic Foresight Implementation Using Vosviewer

Fajar Surya Ari Anggara — 2023-11-07

Islamic businesses encounter distinctive problems and opportunities in the current dynamic and uncertain commercial landscape. In VUCA environment, success hinges on the capacity to anticipate future developments and quickly adjust strategies accordingly. What are the current trends, concerns, opportunities, and challenges faced by Islamic businesses while adopting strategic foresight in the VUCA era for future studies? This research’s objective is to identify patterns, problems, prospects, and obstacles encountered by Islamic enterprises in VUCA world. This review seeks to identify essential themes, insights, and patterns regarding trend analysis, concerns, opportunities, and challenges faced by Islamic firms in the VUCA world by a thorough analysis of scholarly works. VOSviewer extracted Scopus search results. We analysed and mapped 590 publications on future-proofing Islamic business: a systematic evaluation of strategic foresight implementation. Based on the mapping results, 200 articles on strategic foresight from 2003 to 2023, 190 about Islamic business terms from 2005 to 2023, and 200 about VUCA from 2013 to 2023 were found. Many potential future research questions related topics such as how can strategic foresight help corporation forecast environmental changes, how can strategic foresight help Islamic business meet changing stakeholders needs, and how can strategic foresight improve Islamic business promising future

Women's Participation in Productive Business Development through the Modeling of Baitul Māl Wa at-Tamwīl in Palembang

Heri Junaidi — 2023-11-08

This study is motivated by the fact that women's efforts to participate in developing productive businesses do not yet have the right model so that their activities appear to be just a side job. Meanwhile, women's productivity in the micro economy in the new normal era will have a positive impact on strengthening the home economy, as well as restoring the activities of micro businesses that have gone bankrupt as a result of the pandemic. The presence of Baitul Maal Wa Tamwil with the financing assistance model and financial management literacy of Baitul Maal Wa Tamwil makes the administration process easier and more synergistic. The data used for this article comes from qualitative research, using interviews and relevant literature. The respondents of this research are Palembang gender activist academics, BMT administrators, business actors in areas with a majority of women who carry out productive business development in Palembang. interviews using the snowball sampling method. The research results showed that women's participation in productive business development after a long period in the domestic sphere due to the COVID-19 pandemic has become more varied and provides additional benefits for the family economy. The presence of BMT helps women's productive businesses, providing administrative convenience for obtaining financing and changing the home management model to family management established by BMT. This research then found that after a long period of time women were in the domestic sphere due to the regulations during the Covid-19 Pandemic, their product activity patterns changed to profitable home businesses. Furthermore, the management model used by BMT is more accepted and supported by Palembang women who are developing their businesses.

Comparative Analysis of Waqf Institutions Governance in India and Singapore

Mohd Owais — 2023-11-10

Waqf refers to a specific form of philanthropic charitable act that is practiced by allocating a non-perishable tangible asset. It involves designating categories of beneficiaries who are entitled to receive its benefits or income. This research investigates the governing structures of Waqf institutions in India and Singapore, with the objective of comprehending the intricate factors that influence their operational functionality. This research aims to explore the differences and similarities in the governance structures of waqf in both countries, considering its significance in their socio-religious landscapes. The main objectives of this comparative analysis are to examine the governance models of Waqf institutions in India and Singapore, identify regulatory mechanisms, and evaluate their impact on the administration and utilization of Waqf assets. Additionally, the study aims to illuminate the socio-economic implications of the differences in governance and assess the effectiveness of each model in preserving the intended socio-religious goals of Waqf endowments. This paper is grounded on research conducted using available written materials, and it embraces the qualitative research framework to analyze the literature at hand. By assessing and comparing the governance of Waqf institutions in India and Singapore, significant disparities are uncovered. India's approach is characterized by decentralization and the existence of various regulatory bodies, Singapore adopts a more centralized approach. The study sheds light on how different governance structures impact the effectiveness, transparency, and sustainable management of Waqf assets. Financial sustainability, community involvement, and adherence to socio-religious purpose emerge as pivotal factors that differentiate the two models.

Can Indonesia Become A Cashless Society through Digitalization and Financial Literacy?

Wening Purbatin Palupi Soenjoto — 2023-11-13

After the Covid-19 pandemic, it cannot be denied that online shopping has increased shopping behavior patterns using non-cash money. This is due to restrictions on community activities and cash is considered to be a trigger for the spread of the Covid19 virus. This research looks at the phenomenon of using cash as an impact of the Covid-19 pandemic, whether it triggers an increase in non-cash financial literacy and whether government programs for people's movement to use non-cash money can form a non-cash society as a form of effective use of non-cash money or even trigger consumer behavior with minimal understanding non-cash financial literacy. This research uses a qualitative, phenomenal approach by collecting data through interviews with 50 informants with criteria aged 19-21 years and to triangulate the data, interviews were conducted with 2 employees of Bank BSI Jombang and BRI Pulung Ponorogo who have expertise in the banking sector. Based on the research results, it is stated that cashless users aged 19-21 years, influence consumer behavior but have not yet been balanced with detailed knowledge of digital financial literacy and still the function of non-cash money is mostly on shopping behavior so that digital financial skills in non-cash only limited to debits and credits in the cash flow of bank accounts. There is a difference between women and men in usage, namely that men study the products they will buy using cashless and are not easily influenced by promotions compared to women who easily use cashless without studying the details of the products they will buy so they are easily influenced by promotions. It can be used as a basis for policy making in the economic and banking sectors.

A Systematic Literature Review on Islamic Expenditures

Ahmad Sobiyanto — 2023-11-17

The purpose of this study is to identify past research trends on Islamic spending, evaluate research collaborative relationships, and identify future research directions.It uses 14 articles published between 2003-2022 about Islamic Expenditures indexed in Scopus (Q1-Q4) using a qualitative and quantitative approach, the Bibliometric method and Systematic Literature Review (SLR). This study uses VosViewers software and Publish or Perish. It is known that the author who has the most publications on Islamic Expenditure is U.H. Umar. The article with the most citations was the article entitled "A proposed model for waqf financing public goods and mixed public goods in Malaysia". The journal with the largest number of publications is the International Journal of Islamic and Middle Eastern Finance and Management. The countries that contributed the most to the release were Malaysia, Nigeria and Pakistan. This study makes several contributions, including for future researchers, the research results can be used as a reference to identify influential authors, articles, journals, countries, findings and methods. For researchers, the results of this study can be used as a benchmark and literature necessary for the development of Shariah consumer research and to reassess the gaps in Islamic cost or cost research.

Relationship between Customer Experience and Digital Islamic-Only Banks: A Serial Mediation of Brand Trust and Brand Equity

Ahmad Febriyanto — 2023-11-19

The main objective of this study is to investigate the construction of customer experience, trust, and brand equity in the relationships between Islamic Digital-Only Banks. This model aims to provide a solution to the problems faced by Islamic banking. The study utilized a sample of 262 respondents, who were given an online questionnaire for data collection. The research sample was selected using a convenience sampling approach and specifically focused on consumers of Islamic Digital-Only Banks in Central Java and the Special Region of Yogyakarta. The collected data were analyzed using the partial least squares structural equation modelling (SEM-PLS) method. The findings indicate that the process of creating trust in Islamic Digital-Only Banks brands through the provided customer experience acts as a precursor to enhancing brand equity. Consequently, this can contribute to fostering customer loyalty. Therefore, it is of utmost importance for Islamic Digital-Only Banks in Indonesia to prioritize delivering exceptional customer experiences. Key features such as simplicity in various processes and the company's promptness in resolving customer issues can serve as critical factors in building customer loyalty.

Measuring the Level of Fossil Energy Consumption, Economic Development, and International Trade on Co2 Emission Production in Indonesia

Tri Ulfa Wardani — 2023-11-22

Environmental health and climate change have become a global concern; there has been an increase in the amount of CO₂ emissions from 1,720 million tons of CO₂ equivalent in 2020 to 2,950 million tons of CO₂ equivalents which has caused an increase in air temperature and widespread global warming. The purpose of this research is to see the relationship between energy consumption in the form of fossil energy, economic development, international trade and CO₂ production in Indonesia. This research was built within the framework of a quantitative approach with an error correction model estimation model, data obtained from the world bank and world development indicators for the period from 1994-2021. Furthermore, the data is processed with the help of the STAT.17 application. Research to answer the question, do fossil energy consumption, economic development and international trade have short-term and long-term effects on the production of CO₂ emissions in Indonesia. This study found that fossil energy consumption has both short and long term effects on CO₂ emissions. Meanwhile, the variables of economic development and international trade only have a short-term effect. Thus this research is expected to be able to become the basis for strengthening to encourage the use of renewable energy towards sustainable development. This research is one of the comprehensive studies on economic development and environmental health.