Nur Rizqi Febriandika

Halal food production is a crucial sector for Muslims, especially Generation Z, who spend time eating in stalls and restaurants instead of eating homemade food. This tendency is higher than in the previous generation. Thus, this study aims to estimate the factors influencing the purchase intention of halal food for Generation Z Muslims in Indonesia. This quantitative study uses a questionnaire distributed randomly online to 352 respondents. Data analysis and hypotheses were examined using the structural equation model (SEM) approach. The results show that religious belief, exposure, and health reasons are essential in increasing halal awareness. Meanwhile, halal awareness and knowledge positively contributed to increasing interest in buying halal food. On the other hand, Islamic brands do not affect the buying interest of Generation Z Muslims in halal products. This shows that Islamic brands in the food sector have no impact on Generation Z Muslims in a Muslim-majority country like Indonesia. This also confirms previous studies conducted in Muslim-majority countries such as Saudi Arabia that Islamic brands do not increase interest in buying halal food. This is because they are used to buying food without seeing the Islamic brand as long as it is halal. However, this result may be different if Muslims live in a non-Islamic country since Islamic branding can provide a comfortable feeling for Muslims in a non-Islamic country.

The volatility of rising oil prices has certainly made the market more out of control. Market participants are very sensitive to various information and to global issues such as Russia’s invasion of Ukraine. This study aims to review the reaction of the Indonesian Islamic stock market in the energy sector before and after Russia’s invasion of Ukraine. The variables used are stock returns, abnormal returns, and trading volume activity. The sample of this study is represented by Indonesian sharia stocks in the energy sector using a purposive sampling method. The research period was from February 4, 2022 to March 18, 2022. The research method used was the Event Study Method (ESM) and paired sample different tests with the Microsoft Excel program and SPSS version 26. The results of the study show that there is a significant difference in the average stock returns in the periods of 3, 7, and 14 days before and after Russia’s invasion of Ukraine. There are also differences in abnormal returns for the 3-day and 14-day observation periods, while for the 7-day observation period, there are no significant differences in abnormal returns. Besides, there is an average difference in volume activity during the periods of 3 days, 7 days, and 14 days before and after the Russian invasion of Ukraine. Indirectly, this information about Russia’s invasion of Ukraine affected the performance of the capital market. This also shows that the semi-strong form of the efficient market hypothesis is proven in this study.

This study aims to examine the spillover and contagion effects of global financial markets on the Indonesian Sharia Stock Index (ISSI) post-COVID-19. The study uses the Vector Error Correction Model method to explore the short-term and long-term relationships between ISSI and global financial markets. The data used in this study are time series data, namely the ISSI and several other countries that have a significant influence on the global economy, which were observed from May to July 2022. The results of the study show that the USD has a positive influence on ISSI in the short and long term. At the same time, the JPY and HKD have a negative influence on ISSI. The GBP and SGD do not have a significant influence on ISSI developments. The economic, business and financial sectors began to adjust after the COVID-19 pandemic ended, including the Indonesian Sharia Stock Index. Contagion occurs from one country’s financial system to another, which is influenced by aspects of volatility, exchange rates, the global crisis, the stock market, and stock indices. It is considered that this study can help the government to adjust better conditions of Islamic stocks in Indonesia.

Acknowledgment
The authors would like to thank the Research and Innovation Institute (LRI), Universitas Muhammadiyah Surakarta, for the enormous financial support in writing this study through the HIT funding scheme with number 02/A.6-II/FAI/1/2022.

TikTok Shop boosts TikTok’s huge potential as an e-commerce platform that encourages sellers and buyers to increase the number of transactions. The emergence of this feature encourages the online impulse buying phenomenon on the TikTok platform. This study aims to examine the factors that influence online impulse buying on TikTok in Indonesia through the constructs of brand review, sales promotion, customer satisfaction, religiosity, and brand expectation. This quantitative research uses a questionnaire that is distributed randomly online and collected from 312 respondents in Indonesia. Using structural equation modeling (SEM), data analysis was conducted and hypotheses were examined. The results show that customer satisfaction (β: 0.501) and brand review (β: 0.358) play an important role in increasing brand expectation. At the same time, sales promotion (ρ-value > 0.05) has no impact on brand expectation. This study highlights that religiosity (β: –0.239) and brand expectation (β: –0.510) can reduce online impulse buying behavior. Brand expectation (β: –0.510) is the most dominant variable in reducing online impulse buying behavior on TikTok.

Islamic banking must concentrate on customer service and loyalty to be competitive because the financial sector delivers almost identical goods and services. Mobile banking is one of the most recent advances in the financial sector and can be advantageous to bank customers and banking institutions. This study aims to explore the elements that affect Islamic bank customers’ propensity to adopt Islamic mobile banking services. Internet connection quality, bank reputation, and awareness are included as new factors to the Technology Acceptance Model (TAM) theoretical framework used in this study to evaluate the relevant issue. The online survey was administered through a questionnaire, yielding 265 responses obtained from Islamic Mobile Banking users in Indonesia. The PLS-SEM method was used to analyze the data. Results indicated that perceived utility, internet connection quality, consumer awareness, and bank reputation had a substantial beneficial effect on customer inclinations to utilize Islamic vehicle banking services. However, perceived usability does not have a significant favorable effect. Understanding these characteristics would enable participants in the Islamic finance industry to design and plan relevant strategies to promote financial services to present and prospective users.

Acknowledgment
The author would like to acknowledge the Research and Innovation Institute (LRI), Universitas Muhammadiyah Surakarta, for providing significant financial assistance in writing this research through the HIT funding scheme with number 01/A.6-II/FAI/1/2022.

This study aims to analyze the performance of Islamic philanthropic institution during the COVID-19 pandemic (2020–2021) by using a balanced scorecard approach. The balanced scorecard assesses a company or institution based on four perspectives: finance, customer, internal business, and growth and learning. For internal business and growth and learning performance perspectives, data were taken from interviews, and the annual report of the institution was taken for a finance perspective. For customer perspectives, the study used a questionnaire distributed to 100 respondents who are regular donors to philanthropic institution. They play an essential role because regardless of the economic conditions that occur, they are still obliged to donate as a form of the obligation of a rich Muslim to pay zakat. The results showed that the customer perspective had the highest value in its performance results compared to the other three perspectives. Islamic philanthropic institution has a high orientation to customers where customer satisfaction is prioritized in improving the performance of zakat institutions, especially during the pandemic. This is in line with the performance of Islamic philanthropic institution, which continues to increase performance during the pandemic. Despite experiencing a decline in zakat funds in the second wave of COVID-19, Islamic philanthropic institution increased infaq and sadaqah funds during the same period.

Acknowledgment
The authors thank the Research and Innovation Institute (LRI), Universitas Muhammadiyah Surakarta, for the enormous financial support in writing this research through the HIT funding scheme with number 01/A.6-II/FAI/1/2022.

This study investigates the factors influencing impulse buying behavior in online food purchases in Indonesia. The research gathered data from 270 valid respondents from the Muslim community through an online survey (Google Forms). Demographic analysis revealed a predominantly young, single-student population, primarily from Central Java. The study employed the Structural Equation Modeling (SEM) technique to analyze the data and test the hypotheses. The impulse buying tendency scale included seven variables: religiosity, platform quality, social influence, intentions, self-control, consumer mood and Impulse buying tendency. The results indicate that self-control (β: –0.140, p-value: 0.024) plays a crucial role in mitigating impulse buying tendencies whereas religiosity (β: 0.304, p-value < 0.001) can increase the level of self-control. Additionally, platform quality (β: 0.488, p-value < 0.001) significantly impacts individuals’ intention to engage in impulsive purchases. Consumer mood (β: 0.681, p-value < 0.001) is the highest cause of impulse buying behavior. Notably, self-control can reduce impulsive buying tendencies, which means that the higher the self-control ability, the lower the possibility of making impulse purchases. However, the social influence (β: –0.175, p-value: 0.026) has a negative effect on self-control.

This research paper aims to explore the market efficiency of stock exchanges in of ASEAN-5 countries, Indonesia, Malaysia, Singapore, Thailand, and the Philippines, during the COVID-19 pandemic. Stock market efficiency is the degree to which stock prices reflect all available relevant information. In an efficient market, stock prices will immediately rise or fall to reflect new information released by a company. This study uses the Stochastic Frontier Analysis (SFA) method to determine the efficient value over time. Market efficiency generally refers to how well financial markets in these selected countries reflect all available information, particularly in the context of the COVID-19 pandemic. SFA is useful here as it can separate random errors from inefficiencies, allowing us to isolate the impact of COVID-19 on market efficiency levels across these countries. The results show that the stock markets of ASEAN-5 countries (Indonesia, Malaysia, Thailand, Singapore, and Philippines) are efficient during the COVID-19 pandemic. Based on the hypothesis test, for the overall period of 2021 and 2023, the average efficiency ranges from 0.68 to 0.72, and for the time period/per year the average efficiency ranges from 0.66 to 0.74. The efficiency of the Philippine stock market based on time period/per year shows the average maximum efficiency in 2021 (0.74) and 2023 (0.73). While the average efficiency of the Malaysian stock market shows the minimum level of efficiency in 2020 (0.66) and 2021 (0.68).

Acknowledgment
The authors would like to thank the Research and Innovation Institute (LRI), Universitas Muhammadiyah Surakarta, for the enormous financial support in writing this study.