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All Journal Jurnal Keuangan dan Perbankan EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Journal of Economic, Bussines and Accounting (COSTING) Journal of Islamic Monetary Economics and Finance Prosiding Temu Profesi Tahunan PERHAPI Management Studies and Entrepreneurship Journal (MSEJ) International Journal of Emerging Issues in Islamic Studies
Taufik Faturohman
Institut Teknologi Bandung
Religion Chemical Engineering, Chemistry & Bioengineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Energy Social Sciences Other

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DO SOCIO-DEMOGRAPHIC CHARACTERISTICS AND FINANCIAL LITERACY MATTER FOR SELECTING ISLAMIC FINANCIAL PRODUCTS? Salma Fadhilah Widityani; Taufik Faturohman; Raden Aswin Rahadi; Yulianti Yulianti
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.v6i1.1057

Abstract

Indonesia is a promising market for the Islamic finance industry since most of the population is Muslim. However, the growth of Islamic finance in Indonesia is still low. Therefore, Islamic financial literacy needs to be improved in order to grow the Islamic finance industry significantly. The purpose of this study is to determine the factors that enhance Islamic financial literacy among college students in Indonesia. The development of validated constructs for Islamic financial literacy is important because conventional financial literacy might contain some elements that are not compatible with Islamic financial principles. This study also measures the level of Islamic financial literacy and its relationship with socio-demographic characteristics using multilinear regression. Furthermore, the relationship between Islamic financial literacy and the possession of Islamic financial products is observed by logistic regression. The determinant factors are perception, attitude and behaviour, and knowledge. The study found that type of educational institution, Islamic finance course experience, being educated to Master’s degree level, having one’s own income, and having an income above five million have a significant relationship with the Islamic financial literacy of college students. The factors that have a significant relationship with the possession of Islamic financial products are Islamic financial literacy, choice of major, Islamic finance course experience, and monthly income above five million. This research attempts to provide an Islamic financial literacy measurement through exploratory factor analysis. The development of a validated instrument for an Islamic financial literacy index and its determinant factors is our scientific and practical contribution to the literature on Islamic financial literacy in Indonesia.
USER ACCEPTANCE OF ONLINE WAQF APPLICATIONS: EVIDENCE FROM INDONESIA Taufik Faturohman; Irfan Hassandi; Yulianti Yulianti
Journal of Islamic Monetary Economics and Finance Vol 6 No 3 (2020)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v6i3.1117

Abstract

Waqf is an Islamic asset endowment to be kept in faith and used for charitable or religious purposes. Its function is to demonstrate the potential and economic benefits of waqf assets for worship and other people’s prosperity. Indonesia has great opportunities to raise more significant amounts of waqf funds. One strategy that appears effective with regard to waqf, especially cash waqf, is to provide an online service. Hence, this research attempts to analyse whether the perceived usefulness, perceived ease of use, perceived religiosity, and amount of information influences user acceptance of using an online waqf application process by implementing the technology acceptance model (TAM). Moreover, the study incorporates structural equation modelling (SEM) to interpret the path analysis of the model. The study fills the gap in the literature concerning the context of use of the technology acceptance model for online waqf in Indonesia. We find that the variables that directly influence user acceptance of online waqf application are perceived usefulness and perceived ease of use, with perceived ease of use influencing perceived usefulness. In addition, perceived ease of use is influenced by the amount of information. Furthermore, the majority of respondents prefer to have projects such as mosques, Islamic boarding schools, schools, and hospital construction projects. To increase user acceptance, online waqf developers should provide more information about the application process and develop more user-friendly software with many features. Moreover, regulators should provide incentives for online waqf developers to maximise cash waqf collection.
SOCIAL MEDIA DATA TO DETERMINE LOAN DEFAULT PREDICTING METHOD IN AN ISLAMIC ONLINE P2P LENDING Hasna Nabila Laila Khilfah; Taufik Faturohman
Journal of Islamic Monetary Economics and Finance Vol 6 No 2 (2020)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v6i2.1184

Abstract

Currently, financial technology is growing rapidly in Indonesia. One of financial technology major type is online peer to peer lending platform. Islamic online peer to peer lending is also emerging. However, credit risk still a major concern for this platform. In order to address this issue, social media assessment is developed. Therefore, in this paper, authors aimed to identify social media variables that could be used as default probability predictors and to determine predictability level by added social media data to the model. Six independent variables consist of social media data and seven control variables from historical payment and demographic data are used to construct credit scorecard and logistic. The result identifies five variables that could be considered and used as default probability predictor which are Posting Frequency in Midnight, Followers, Following, Employment, and Tenor. Interestingly, number of religion accounts followed in Instagram is not a significant variable. Furthermore, the model with selected variables through the combination of demographic, historical payment, and social media data could increase the predictability level by 6.6%.
DO ISLAMIC BANKS IN INDONESIA TAKE EXCESSIVE RISK IN THEIR FINANCING ACTIVITIES? Muhamad Anindya Hiroshi Purbayanto; Taufik Faturohman; Yulianti Yulianti; Arson Aliludin
Journal of Islamic Monetary Economics and Finance Vol 8 No 1 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i1.1431

Abstract

This study analyzes the risk-taking behavior of Indonesian Islamic Banks by examining whether the relation between financing Growth rate and non-performing financing (NPF). We employ threshold regression models and bank-level data of 24 Islamic banks (full-fledged Islamic banks and Islamic banking windows) covering the period from 2009 to 2019. We find evidence for the excessive risk-taking of Islamic Banks. More specifically, while the relation between NPF and FGR is negative when the one-lagged NPF is below the threshold (estimated to be 5.42%), it turns positive once it is above the threshold. This means that banks with NPF above the 5.42 percent threshold tend to take risky loans.
ISLAMIC STOCK PORTFOLIO OPTIMIZATION USING DEEP REINFORCEMENT LEARNING Taufik Faturohman; Teguh Nugraha
Journal of Islamic Monetary Economics and Finance Vol 8 No 2 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i2.1430

Abstract

The Islamic principles in identifying stocks as Shari’ah principles have inevitability restrict the number of stocks that Muslims can invest in and consequently may affect the return from investment. In this paper, we examine the potential of Deep Reinforcement Learning in optimizing the portfolio returns of Islamic stocks. We model stock trading as a Markov Decision Process problem because of its stochastic and interactive nature. Then, we define the trading objective as a problem of maximization, while the DRL agents used are actor-critic algorithms. The selected portfolio consists of 30 most liquid Islamic stocks in Indonesia that constitute JII index and compare with that of the benchmark portfolio, namely the 45 most liquid conventional stocks or LQ45. The performance is compared using several algorithms. The result show that trading on Islamic stocks from January 2019 to December 2020 using the DRL agents could outperform the benchmark index of conventional stocks. Using DRL agents, fund managers would be able to optimize the portfolio on daily basis, minimize risk during crisis or turbulence, and outperform the conventional stocks.
ANILISIS DAMPAK BIAYA DAN LINKUNGAN PADA SKENARIO OPTIMASI PEMANFAATAN LIMBAH OLI SEBAGAI PENCAMPUR BAHAN PELEDAK (STUDI KASUS PT BERAU COAL) Saeful Aziz; Taufik Faturohman
Prosiding Temu Profesi Tahunan PERHAPI 2022: PROSIDING TEMU PROFESI TAHUNAN PERHAPI
Publisher : PERHAPI

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

PT Berau Coal sebagai perusahaan pertambangan yang bergerak di bidang energi untuk komoditas batubara, berkontribusi dalam penyediaan energi global. Salah satu upaya PT Berau Coal dalam mengurangi intensitas konsumsi energi dan emisi adalah dengan menerapkan konsep 3R waste oil sebagai blending agent untuk kegiatan peledakan pada proses penambangan. Improvement project ini memberikan banyak manfaat bagi perusahaan terutama dari segi aspek keuangan dalam hal efisiensi biaya dan kepatuhan lingkungan. Pelaksanaan proyek ini telah dilakukan sejak tahun 2015. Selama kurun waktu 2015-2020 masih terdapat kesenjangan antara realisasi penggunaan limbah oli sebagai blending agent dengan rata-rata komposisi pelaksanaan sebesar 34% dari limbah oli yang tersedia. kapasitas pabrik pengolahan dan izin yang ada optimum sebesar 48%. Penelitian ini menghitung gap yang kemudian didefinisikan sebagai hilangnya peluang yang terjadi pada periode 2015-2020 dan memberikan skenario optimasi pemanfaatan limbah oli pada periode 2021-2025 untuk menciptakan dampak optimal pada efisiensi biaya dan dampak lingkungan. Penelitian ini menggunakan metode kuantitatif. Ruang lingkup penelitian ditinjau dari aspek finansial dengan pendekatan konsep capital budgeting dan aspek lingkungan melalui pendekatan konsep Proper dan carbon pricing hingga monetisasi manfaat pengurangan emisi karbon. Data diperoleh dari berbagai sumber antara lain data perusahaan, studi pratinjau, dan data yang tersedia di berbagai media publikasi. Hasil pengolahan data, dampak optimalisasi pemanfaatan limbah oli dengan komposisi 100% terhadap efisiensi biaya adalah $2.086.995.64 atau meningkat 232% dari NPV pemanfaatan limbah oli dengan kinerja eksisting. Kontribusi pengurangan intensitas konsumsi energi meningkat sebesar 0,62% dari pencapaian pemanfaatan limbah oli dengan kinerja yang keluar atau setara dengan 585.296,31 GJ. Kontribusi penurunan intensitas emisi GRK meningkat 0,04% dari pencapaian pemanfaatan limbah oli dengan kinerja eksisting atau setara dengan 7.241,99 ton CO2eq atau setara dengan $41.122,92. Kesimpulannya, optimalisasi pemanfaatan limbah oli bumi sebagai pengganti bahan bakar minyak sebagai campuran bahan peledak memberikan dampak ganda yang optimal terhadap efisiensi biaya dan mengurangi intensitas konsumsi energi dan emisi.
Sharia Risk of Government-Owned Islamic Rural Banks during COVID-19 in Indonesia Riza Zahrotun Nisa; Yunieta Anny Nainggolean; Taufik Faturohman
Jurnal Keuangan dan Perbankan Vol 25, No 4 (2021): October 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i4.5859

Abstract

This study examines the effect of government ownership on the sharia risk of Islamic rural banks using all publicly available data of 156 BPRSs from 23 provinces in Indonesia. This research uses a quantitative method with secondary data obtained from the Financial Services Authority (OJK). Regressions using panel data regressions are employed to analyze the relationship between government ownership and sharia risk. Non-halal income is employed to measure the sharia risk between 2019 Q4 and 2020 Q3, representing the timeline before and during COVID-19. In all models and periods, the results found a significant positive effect of government ownership variables on non-halal income. However, the degree decreases during the COVID-19 pandemic. It reveals that government-owned Islamic rural banks are found to have lower non-halal income during the pandemic. We also find that more significant firms with higher leverage tend to have higher non-halal income. This study is expected to contribute to the still thin literature on sharia risk, especially in the context of Islamic rural banks in Indonesia. Results will have implications to the regulator to assure the sharia compliance of the Islamic finance industry. This is essential to gain trust from the Islamic society, which is concerned about the observance of Islamic banks.JEL: G21
Waqf-Based Entrepreneurship Direct Financing Model: Potential and Challenges Rindawati Maulina; Wawan Dhewanto; Taufik Faturohman
International Journal of Emerging Issues in Islamic Studies Vol. 3 No. 1 (2023): July 2023
Publisher : Research Synergy Foundation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31098/ijeiis.v3i1.1398

Abstract

Continuous effort to strengthen the integration of Islamic commercial finance and Islamic social finance becomes salient. The use of waqf (Islamic endowment) assets for various sector and infrastructure development, which is supported by technological advancement, can also help the economy recover, particularly in the current economic downturn caused by the Covid-19 pandemic. Unfortunately, waqf-based entrepreneurs who contribute significantly to the sustainability of waqf benefits continue to face significant difficulties in obtaining capital for the development of waqf assets. Based on a review of the existing literature and findings from case study through in-depth interviews with selected respondents, the study aims to propose a direct financing model for waqf-based entrepreneurs by empowering affluent Muslim potentials through Islamic banks. There are five (5) fundamental criteria considered as strategic for the integration model to successfully empower waqf-based entrepreneurship in Indonesia, namely continuous literacy and education on contemporary waqf, transformation of regulatory and management transparency, improvement of the professionalism and business capacity of the waqf-based entrepreneurs, synergy and collaboration among stakeholders, and integrated and reliable infrastructure.
Evaluating Islamic Stock Portfolio Weighting Method: Application Of Global Minimum Variance In Indonesia Islamic Stock Market Arienka Prilitaningtyas; Taufik Faturohman
Journal of Economic, Bussines and Accounting (COSTING) Vol 7 No 1 (2023): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/costing.v7i1.6365

Abstract

Investing in stocks can be a smart alternative to saving money in a bank or keeping cash on hand due to the negative impact of inflation. It offers various advantages, such as generating income and safeguarding wealth against inflation. Investing in stocks comes with risks, which can be mitigated through strategic portfolio construction. Multiple methods exist for portfolio weighting, one of the popular portfolio weighting methods is Global Minimum Variance (GMV) by Markowitz (1952). This research aims to provide evidence about the performance of the GMV Method for Islamic retail investors using the Jakarta Islamic Index as the investment universe. The study analyzes the out-of-sample performance of GMV compared to Benchmark Indexes, which are IHSG, LQ45, ISSI, and JII. The finding of this study provides that constructing an Islamic stock portfolio using GMV help historically able to help the investor to gain a better return compared to ISSI, LQ45, and JII in the overall observation period and earned better returns compared to all benchmark indexes after the Covid-19 Period. Global Minimum Variance also helps the investor to gain better risk-adjusted return compared to ISSI and JII in the overall observation period and after the Covid-19 Period. Therefore, the retail investor could use GMV to construct their Islamic Portfolio to gain better returns than the market.
Financing Strategy Of Refuse Derived Fuel (Rdf) Plant Based On Investment Project Analysis (Case Study Cilacap RDF Plant) Reni Romaulina; Taufik Faturohman
Journal of Economic, Bussines and Accounting (COSTING) Vol 7 No 4 (2024): Journal of Economic, Bussines and Accounting (COSTING)
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/costing.v7i4.10879

Abstract

Refused Derived Fuel (RDF) is a waste processing method that can be used as co-firing in the cement industry. Currently, the Cilacap RDF Plant is one of the RDFs successfully operating in Indonesia, with a machine capacity of up to 200 tons/day. This success has encouraged many local governments to build RDF facilities to handle waste. The research aims to propose alternative funding scenarios for the development of RDF so that it can be applied in other places. Not all regions have the same opportunities as RDF Cilacap, where investment financing includes the construction of RDF facilities and machinery covered by many stakeholders. This study also calculates the potential for reducing CO2 emissions with the RDF plant and estimates the potential carbon trading value from the reduction in CO2 emissions. The analysis method in alternative scenario studies uses investment project analysis such as Discounted Cash Flow (DCF), NPV, IRR, Profitability Index, Payback Period, Discounted Payback Period, and IPCC 2006 to calculate CO2 emission reductions. The potential for reducing CO2 emissions in this study is calculated by comparing the value of CO2 produced if waste is disposed of in a landfill (open dumping) and the waste is processed into RDF. The research results show that the third scenario is suitable and feasible for regions planning to build an RDF Factory. It is recommended that the Central Government bear the responsibility for the RDF Factory building infrastructure and the investors or third parties take responsibility for the machinery. The potential for reducing CO2 emissions with the existence of the RDF Plant Cilacap for 20 years is 231,944.86 tons. If multiplied by the average price in the secondary market, IDR 69,600 (USD 4.45), the potential for obtaining funds is IDR 16,143 million, or equivalently, we calculate it in present value to IDR 5,284 million.
Co-Authors Alberridho S. Effendi Arienka Prilitaningtyas Arson Aliludin Daffa Kenian Irsya Hasna Nabila Laila Khilfah Irfan Hassandi Muhamad Anindya Hiroshi Purbayanto Raden Aswin Rahadi Reni Romaulina Rindawati Maulina Riza Zahrotun Nisa Saeful Aziz Salma Fadhilah Widityani Teguh Nugraha Wawan Dhewanto Winiarti Yulianti Yulianti Yulianti Yulianti Yunieta Anny Nainggolean