Muqtasid: Jurnal Ekonomi dan Perbankan Syariah

Fintech adoption and zakat efficiency: The moderating role of Islamic bank performance

Nur Suci Ismiyati Mei Murni — 2026-07-14

Fintech provides innovative solutions to improve the efficiency of zakat collection and distribution through digital payment systems, online applications, and blockchain technology. However, the effectiveness of fintech adoption may depend on the internal financial conditions of Islamic banks. This study examines the effect of fintech adoption on zakat efficiency and investigates the moderating role of bank financial performance in Indonesian Islamic banks. Using a quantitative approach with panel data from 12 Islamic Commercial Banks during the 2015–2024 period, fintech adoption is measured through a fintech adoption index derived from annual reports, while zakat efficiency is measured using the zakat distribution ratio. Financial performance is represented by Return on Assets (ROA) and Return on Equity (ROE). The findings reveal that fintech adoption does not directly affect zakat efficiency. However, ROA strengthens the relationship between fintech adoption and zakat efficiency, whereas ROE weakens it. These results indicate that the effectiveness of fintech in supporting Islamic banks’ social functions depends more on efficient asset management than equity performance. This study highlights the importance of integrating digital transformation with sound financial management to optimize zakat management

Integrating maqāsid shariah literacy into the financial capability framework: Evidence from Islamic family financial planning

Dea Aryandhana Mulyana Haris — 2026-07-14

This study examines the influence of maqāsid shariah literacy, institutional trust, and Islamic financial literacy on Islamic family financial planning competence. Previous studies on Islamic financial planning have largely focused on technical financial literacy while overlooking ethical-spiritual dimensions and institutional trust within the financial capability framework. This study addresses this theoretical gap by integrating maqāsid-based literacy into the financial capability framework, offering a distinct value-oriented perspective rarely explored in prior empirical research. Using a quantitative approach, data were collected from Muslim households in West Java, Indonesia, and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The findings reveal that maqāsid shariah literacy and institutional trust significantly influence Islamic family financial planning competence, whereas Islamic financial literacy does not show a significant effect. The study theoretically extends the financial capability framework by incorporating maqāsid-oriented and ethical spiritual dimensions into Islamic financial behavior and family financial planning discourse

Paylater usage experience among State Islamic University students: Key factors

Siti Amaroh — 2026-08-04

This study examines the effect of financial behavior, perceived usefulness, and Islamic values on Paylater usage experience, with locus of control as a mediating variable. A quantitative approach was employed, and 208 students at the State Islamic Universities in Central Java as respondents. Data were analyzed using Partial Least Squares Structural Equation Modelling. The results indicate that financial behavior negatively affects Paylater usage experience, whereas perceived usefulness has a positive effect. Islamic values positively influence locus of control and negatively affect Paylater usage experience, while financial behavior also positively influences locus of control. However, perceived usefulness does not affect locus of control, and locus of control neither influences Paylater usage experience nor mediates the relationship between financial behavior, perceived usefulness, and Islamic values on Paylater usage experience. The findings imply that Islamic universities should strengthen financial literacy, Islamic financial ethics, and consumer education to promote responsible use of digital credit services among students

Risk-adjusted performance and market timing of Islamic equity mutual funds in Indonesia: A multi-model analysis

Yasir Maulana — 2026-08-04

This study evaluates the risk-adjusted performance and market-timing ability of 40 Sharia equity mutual funds in Indonesia over the period from January 2021 to December 2023. Five models are applied: Sharpe Ratio, Treynor Ratio, Jensen’s Alpha, Modigliani-Modigliani (M²), and the Treynor-Mazuy model, using the Jakarta Islamic Index 70 (JII70) as the benchmark. All 40 funds underperformed the benchmark on a risk-adjusted basis, with universally negative Sharpe, M², Treynor, and Jensen’s Alpha values. The Treynor-Mazuy analysis shows that virtually no fund demonstrated statistically significant market-timing ability. These findings suggest that fund managers have yet to demonstrate consistent superior stock selection or timing skills during the post-pandemic recovery phase. For investors, these results underscore the importance of selecting funds based on risk-adjusted metrics. For fund managers, the findings call for enhanced active strategies and better integration of quantitative tools within Sharia constraints. For policymakers, stronger transparency standards for performance are needed. This study contributes to the Islamic finance literature by providing a multi-model empirical benchmark for Sharia equity fund performance in an underexplored market context