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All Journal Journal of Islamic Monetary Economics and Finance
Salina Kassim
International Islamic University Malaysia, Malaysia
Economics, Econometrics & Finance

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PRINCIPAL-AGENT PREFERENCES IN IMPERFECT MARKETS: THEORETICAL ANALYSIS ON MURABAHAH AND IJARAH Hechem Ajmi; Hassanuddeen Abdul Aziz; Salina Kassim; Walid Mansour
Journal of Islamic Monetary Economics and Finance Vol 5 No 1 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (968.569 KB) | DOI: 10.21098/jimf.v5i1.1050

Abstract

This paper aims to determine the optimal contract for the principal and the agent in imperfect market, when murabahah and ijarah are used. The financial contracting enforceability approach is employed to determine the contract that maximizes the value of the firm subject to agents’ constraints when the shock is low and high, and regarding market frictions. Furthermore, this approach allows us to assess the level of market frictions that agents may bear in case of low shock and high shocks. Findings reveal that the simulated values of the market frictions’ parameters for both contracts increase when moving from the low shock to the high shock. Such evidence implies that the agent is more likely to cheat and hide significant information about the project when the shock is high. As a response to this higher risk, the simulated values of the profit margin parameters for the principal rise also when the shock is high in order to compensate for the increase of market frictions and mitigate conflicts of interest. By comparing both contracts based on the simulated optimal values of the firm, it is noticeable that the gap between both contracts is very tight, which can be attributed to their common debt-based financial arrangements. However, the results show that ijarah allows the principal and the agent to generate the highest value in case of low shock and high shock, comparing to murabahah. Therefore, ijarah seems to be more attractive for the principal and the agent than murabahah.
COMPARING THE INTERTEMPORAL EFFICIENCY OF ISLAMIC BANKS IN INDONESIA AND MALAYSIA Lina Nugraha Rani; Salina Kassim
Journal of Islamic Monetary Economics and Finance Vol 6 No 4 (2020)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v6i4.1147

Abstract

This study aims to measure and compare the intertemporal efficiency of Islamic banks in Indonesia and Malaysia using data envelopment analysis (DEA) together with window (intertemporal) analysis for the period 2012–2018 and applying an intermediation approach. Window analysis is used to indicate the stability of efficiency over the study period. The findings show that the intertemporal technical efficiency (TE) of Islamic banks in Indonesia was 77.4% with stability score of 0.034, which was significantly more efficient and more stable than Malaysian banks at 75.1% with stability score of 0.169. Moreover, the the intertemporal pure technical efficiency (PTE) of Islamic banks in Indonesia was 91.7% with stability score 0.020, which was also significantly more efficient and more stable than Malaysian banks at 88.0% PTE and stability score of 0.161. In contrast, the intertemporal scale efficiency (SE) of Islamic banks in Indonesia was 84.5%, slightly lower than that of Malaysian banks at 85.3% but not significantly different. PTE improvement has contributed to TE improvement, while SE has not reached an optimal level. Comparison to previous results also showed that since the global financial crisis the PTEs of Islamic banks in Indonesia and Malaysia have improved while SEs have worsened. Therefore, efforts to improve SE by expanding the size of Islamic banks to reach optimum economies of scale are urgently needed.
CAN ISLAMIC MICROFINANCE ALLEVIATES POVERTY IN INDONESIA? AN INVESTIGATION FROM THE PERSPECTIVE OF THE MICROFINANCE INSTITUTIONS Adhitya Ginanjar; Salina Kassim
Journal of Islamic Monetary Economics and Finance Vol 6 No 1 (2020)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v6i1.1203

Abstract

This study examines the poverty alleviation efforts undertaken by the Islamic microfinance institutions (IMFIs) in Indonesia. We focused on the role played by the IMFIs in view of their direct involvements in the process of dealing with the borrowers, and their better understanding about the financial inclusion agenda as well as the financial guidelines and regulations issued by the relevant authorities. In methodology, a total of 34 managers of Baitul Maal wat Tamwil (BMTs) were taken as respondents from the Jakarta, Bogor, Depok, Tangerang and Bekasi (JABODETABEK) areas. A two-step approach was adopted in arriving at enriching findings: first, a survey questionnaire was distributed to the respondents, and subsequently, an in-depth interview was conducted to outline data related to the model design. The findings of this study highlight specific dimensions to improve financial inclusion among the poor. Apart from providing important inputs for better decision-making for the BMTs to further enhance its role in poverty alleviation, this study suggests a variety of strategies to warrant success of poverty alleviation efforts by BMT.
PERCEPTION AND INTENTION TO PARTICIPATE IN MICROTAKAFUL SCHEME AMONG INDONESIANS: AN APPLICATION OF AJZEN'S THEORY OF PLANNED BEHAVIOR Muh Zul Hazmi Rapi; Salina Kassim
Journal of Islamic Monetary Economics and Finance Vol 9 No 1 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v9i1.1615

Abstract

This study examines the intention of Indonesian Middle of Pyramid (MOP) and Botton of Pyramid (BOP) and their intention to participate in microtakaful products. The study develops an extended theory of planned behavior (TPB) model and uses structural equations modelling (SEM) to analyze data gathered from 428 respondents. Responses are obtained through a combination of online surveys and traditional paper-based distribution of questionnaires. The findings show that there is a high intention to participate in microtakaful among the respondents, with the subjective norm, price, and knowledge having positive influences on the intention to participate in microtakaful products. Meanwhile, compatibility is shown to have a positive influence on the attitude toward microtakaful, and normative belief has a positive influence on the subjective norm. However, the result shows that relative advantage has a negative influence on the attitude toward microtakaful, and attitude and price show a negative influence on the intention to participate in microtakaful products. Generally, there is a positive intention toward microtakaful among the respondents; however, knowledge and pricing are important factors that hinder the development of the microtakaful industry in Indonesia. These findings provide valuable information for the Indonesian microtakaful market and other Islamic micro institutions.
Co-Authors Adhitya Ginanjar Hassanuddeen Abdul Aziz Hechem Ajmi Muh Zul Hazmi Rapi Rani, Lina Nugraha Walid Mansour