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Purpose – The purpose of the research is to analyze the efficiency of Islamic banks in Indonesia. The data used in this research are panel data observed from 2012 until 2016. The sampling of this research is conducted on five Sharia banks in Indonesia, that is, Bank Muamalat, Bank SyariahMandiri, BukopinSyariah, BRI Syariah, and Bank Mega Syariah.

Design/Methodology/Approach – The study uses a quantitative method to analyze the efficiency of Sharia banking with formulation of comparison of operating expenses to operating revenues (BOPO).

Finding – The result of this research concludes that Sharia banking in Indonesia has not been efficient during the last five years, that is, 2012–2016. This can be seen from the range of banking efficiency ratio. The average level of Islamic banking efficiency ranges between 89.73% and 94.16%. Bank Muamalat whose range is 94.16% shows the highest average efficiency ratio compared to other Sharia banks. Meanwhile, Bank Mega Syariah maintains the lowest average efficiency ratio that is 89.37%. The five Sharia banks have a high efficiency ratio of over 80%. This shows that Sharia banking in Indonesia is inefficient

Originality/Value – The bank should be able to balance between cost (cost) and revenue. Sharia banks must also be able to create good product innovation in order to increase the collection of funds from the community, such as for competitive outcomes, prizes, or other programs that raise public interest to use the services of Sharia banking.

Research Limitations/Implications – This inefficiency is due to the high bank operating costs compared to the bank’s operating income.

The study aims to examine the difference of financial-based brand equity of Sharia-compliant and non-Sharia-compliant companies listed in the stock market.

The five-year data were collected from 561 companies listed in the Indonesian stock market (349 Sharia-compliant firms and 212 non-Sharia-compliant firms).

Based on five years of observations, the study shows that Sharia-compliant companies have much higher brand equity than companies that are not Sharia-compliant. However, the study did not find consistent results when the study examined the differences between brand equity in newly listed Sharia-compliant firms in the short run (two-quarters of the observations). In other words, Sharia-compliant status positively impacted a company’s brand equity only in the long run.

The study examines only the brand equity of Sharia- and non-Sharia-compliant companies in the Indonesian stock market.

The study suggests that companies should list their equity in the Islamic stock market as the empirical evidence shows that the companies listed in the Sharia index have much higher brand equity than companies listed in the non-Sharia index, although this impact can only be seen in the long run.

The study integrates finance and marketing perspectives, which are often disconnected in daily business. In addition, the study provides a piece of empirical evidence on the effect of financial decision to be listed in the Islamic stock market on the establishment of brand equity, which represents the long-term intangible assets of the firm in the eyes of the customers.

The purpose of this paper is to analyze marketability constructed from market share and concentration and to test its effect on the profitability and the mediation effects of profit‒loss sharing under stewardship theory.

This research employs data of financial statements published by ten sharia commercial banks listed in the Indonesia Financial Services Authority during the period 2011–2016. The data are analyzed into path analysis model using multiple mediators.

The result reveals that sharia banks’ marketability in Indonesia tends to be low. Based on the test of significance through Partial Least Square, it is found that marketability has a positive effect on the level of profitability, indicating that market share and concentration of sharia banks positively lead the change on the level of Return on Asset and Return on Equity. This paper further identifies the mediation effects emerged through mudharabah and musharakah. The results point out that mudharabah has a partial effect and musharakah has a competitive effect on the relationship between market share and profitability.

This paper can be a decision-maker for Central Bank and Financial Services Authority for encouraging sharia banks to enhance the power market through the mode of finances with profit‒loss sharing.

The growth of sharia banks is currently becoming highlight of the literature of sharia banks. This paper provides insights into stewardship theory that sharia banking management provides the concept of the alignment of interest.

The innovation of cryptography technique and blockchain has made cryptocurrency an alternative medium of exchange due to its safety, transparency and cost effectiveness. But its main feature cannot be separated from the users who use cryptocurrency for their illegal transactions. There are several arguments related to the legality of cryptocurrency. The purpose of this paper is to analyze the nature of cryptocurrency based on characteristics of money, legal perspective, economic perspective and Sharia perspective.

In this study, the methodology used is descriptive with a qualitative approach. The object of this research is cryptocurrency. The data are secondary data obtained from peer-reviewed journal articles, conference papers review, working paper and Sharia consultant reports addressing the legality of cryptocurrency. The literature review analysis includes the following steps: material collection, descriptive analysis, discussion with people in Sharia competency and intuitive-subjective material evaluation.

Regarding the characteristic of money, cryptocurrency is acceptable. But in terms of the legal perspectives, cryptocurrency does not meet the criteria as currency. From the economic perspective, cryptocurrency does not fully meet the characteristic currency due to high price volatility, and from the Sharia perspective, cryptocurrency can be considered property (mal) but not as a monetary value (thamanniyah).

The research findings are based on the journal articles, working paper and Sharia consultant report, and it may lack Sharia’s opinion. Any further discussion related to Sharia perspectives will be a great input to enrich the study.

This study also includes the implications related to the opportunities and the risks of cryptocurrency that can be discussed for the development of the cryptocurrency in the future.

This study includes the implication cryptocurrency is using as nature of money and not as speculative instrument.

This study argued the legality of cryptocurrency in four perspectives such as the nature of money, legal, economy and Sharia perspective.

This study aims to explore the relationship between the objectives of Islamic banking, customer satisfaction and customer loyalty in the South African context. Diving deep, this study also explores the relationship between customer satisfaction and customer loyalty.

Purposive and snowball sampling techniques were used, resulting in 163 respondents participating in this study. The data was collected using an online survey and analysed using a structural equation model based on the partial least squares method.

The results indicate that the construct related to the objectives of Islamic banking influences both customer satisfaction and customer loyalty. In addition, customer satisfaction is also found to influence a customer’s loyalty to the Islamic bank.

In South Africa, to the best of the authors’ knowledge, this study is the first of its kind; thus, the results provide context-specific insights into the extant literature on Islamic banking for Muslims residing in a non-Muslim majority country.

Purpose – The aim of this study is to analyze the effects of macro- and micro-economic variables on the ratio of troubled financing (Non-Performing Financing, NPF).

Design/Methodology/Approach – The method used in this research is the data panel fixed effect with 13 banks and 4 periods of data report (semi-annual report 2014–2015).

Findings – The regression result achieved that variable inflation significantly influences the ratio of NPF. Variable Gross Domestic Product and assets total significantly influence the ratio of NPF too. While the SBI sharia’s variable and Financing to Deposit Ratio did not significantly affect NPF in Syariah’s Unit of Aceh Bank Pembangunan Daerah (BPD) in Indonesia.

Research Limitations/Implications – This study uses panel data which are a combination of time series data and cross-section.

Practical Implications – The policymakers can design a macro-policy carefully and better fiscal policies.

Originality/Value – This research was conducted on the Syariah’s Unit of BPD in Indonesia during the period 2014–2015 and it has not been done before.

Financing is one of the main activities and a major source of revenue for Islamic Cooperatives. This study aimed to analyze the effect of capital structure, third party funds and non-performing financing to the finance portfolio as well as to analyze the effect of capital structure, deposits, non-performing financing and the distribution of funding to profitability. The analysis technique used is multiple regression analysis, using F test and t test. The results of the analysis showed that the capital structure, third party funds and non-performing financing significantly effect on the distribution of funding. Capital structure, third party funds, and the distribution of funding has a significant effect on profitability, Sharia Cooperative BMT in Indonesia. While non-performing financing does not affect the profitability of Islamic Cooperative Baitul Maal Tamwil in Indonesia.

Purpose – The purpose of this research is to know the Dimension of an Islamic Model Value on the existence of walmart Syariah, Indonesia.

Design/Methodology/Approach – The data used are primary data sources. The method of analysis used in this research is SEM method using Smart PLS software.

Finding – The show results that customer satisfaction are formed from traditional and Islamic value dimensions.

Research Limitations/Implication – The implications of this research are the need to socialize the concept of Islamic value dimensions to the general public so that the public understanding of Islamic value dimensions is wider and easier to understand.

Originality/Value – This study is worth a new finding because it analyzes the scope of understanding of the value of Islamic value dimensions in Sharia Walmart prospective buyers.

This paper aims at explaining variances in the contribution of Islamic crowdfunding platforms (ICFPs) to sustainable development (SD), by adopting an institutional logic perspective (ILP). ICFPs represent a dual institutional overlap between two logics (the Western-mainstream and the Islamic logic) which have an impact on corporate social responsibility (CSR) interpretations, practices, and decisions and whose conflicts are mitigated by choosing different resolution strategies. The authors aim at showing that this choice affects SD differently.

The authors develop a conceptual typology through the following steps: (1) choice of variables and identification of corresponding variable domains, through literature review. Variables chosen are the elemental CSR dimensions related to various social and environmental corporate responsibilities to whom diverse meaning and emphasis are given under the Western-mainstream and Islamic logics. (2) Identification of three distinct ideal types of ICFPs, building on different resolution strategies to mitigate conflicts between logics; (3) development, for each ideal type, of a set of implications related to SD; (4) implementation of a first test aiming at assigning real cases to each ideal type.

The authors identify Western-mimicking (platforms adopting as resolution strategy decoupling or compartmentalizing strategies), Islamic-driven (platforms focusing on one prevailing logic) and Syncretism-inspired (platforms adopting hybridizing practices) ideal-types.

It is the first paper suggesting ILP to explain variances in crowdfunding platforms' role in addressing SD. It focuses on a specific type of CF platforms till now neglected.

Purpose – This paper presents a research personal construct experience of the Tionghoa community, shaping the social reality of Aceh enactment. The case of the Tionghoa community in Banda Aceh and Lhokseumawe city, Aceh Province, Indonesia, is studied to evaluate their ability to construct their experience and socialize them.

Design/Methodology/Approach – This research is designed using a phenomenological approach which is oriented to cross-cultural studies.

Findings – The personal construct experience of Tionghoa community includes attitudes, assumptions, self-concept, and interpretation of Aceh reality. Through the construction of their experience, Tionghoa community is able individuals who have a number of unique desires and identities, and also as a social person who is ready to blend in Aceh.

Research Limitations/Implications – This reality is practiced by almost all Tionghoa in Aceh so that the social behavior that appears on the surface tends to make them stable, calm, courageous, and worry-free of Aceh people.

Originality/Value – This personal construct experience of Tionghoa community will have policy making both in Aceh in particular and in Indonesia, as multi-ethnic, religions, languages, and cultural consistency.