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This Author published in this journals
All Journal Jurnal Keuangan dan Perbankan Gadjah Mada International Journal of Business Journal of Indonesian Economy and Business Jurnal Ekonomi & Keuangan Islam Influence: International Journal of Science Review The International Journal of Financial Systems
Eddy Junarsin
Faculty Of Economics And Business Universitas Gadjah Mada
Humanities Computer Science & IT Economics, Econometrics & Finance Engineering Public Health Social Sciences

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A Structural Equation Model of Governing Factors Influencing the Development of Sustainable Insurance Product in the Future: Evidence from Indonesian Insurance Industry Ismalina, Poppy; Junarsin, Eddy; Maftuchah, Istiana
The International Journal of Financial Systems Vol. 1 No. 1 (2023)
Publisher : Otoritas Jasa Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61459/ijfs.v1i1.8

Abstract

Designing and proposing sustainable insurance programs to insurance companies that run their businesses in Indonesia have been one of the insurers’ approaches to creating more stable and certain industry climate. Moreover, the Indonesian Financial Services Authority or OJK encourages financial services sector actors in creating, developing sustainable product innovations, and supporting financing of production activities that can create economic growth, social justice and environmental quality improvement. We conduct survey and analyze whether insurance companies in Indonesia are interested in implementing sustainable finance in insurance industry and developing sustainable insurance products. Participants’ responses depict insurance firms’ paradigm on sustainable insurance. In this study a framework is proposed for governing factors that impact the development of sustainable insurance product in the future such as the level of knowledge, readiness, and current sustainable insurance product development. To clarify the relationships, a structural equation model is utilized to examine the framework fit with the hypothesis for the four latent variables of this study. Acceptable goodness of fit is established for validity of the measurement model. The test of validity is accepted for the structural model in this study. The SEM results conclude that an insurer’s knowledge of sustainable finance principles affects the insurance firm’s readiness to implement sustainable insurance. Subsequently, the insurer’s readiness affects its current level of sustainable insurance product development. Eventually, the insurer’s knowledge and current development in sustainable insurance products have a positive effect on the insurance firm’s willingness to develop sustainable insurance products in the future. Thus, this study provides valuable information about factors affecting the development of sustainable insurance products in the future as a key for a successful implementation of sustainable finance in Indonesian insurance industry.
Mudharabah, musyarakah, financing risk, and performance of Islamic banks: Empirical evidence from Indonesia Annizar, Radhita Asfarina; Junarsin, Eddy
Jurnal Ekonomi & Keuangan Islam Volume 11 No. 1, January 2025
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol11.iss1.art9

Abstract

Purpose – This study examines the effects and thresholds of mudharabah and musyarakah on the financing risk and performance of Indonesian Islamic banks. Methodology – Using panel data and quadratic regression analysis, we explore the nonlinear relationships among mudharabah, musyarakah, financing risk, and performance of Islamic banks in Indonesia using a sample of 14 Indonesian Islamic banks during the period to 2008-2020.Findings – We find that mudharabah is negatively related to financing risk and positively (in the initial stage) linked to Islamic bank performance. Mudharabah will reduce financing risk if the proportion of mudharabah to total loans is in the range of 5.5-12.6%. A proportion of mudharabah below 5.5% or above 12.6% worsens non-performing financing (NFP), loan loss provision (LLP), and Z-score. In contrast, musyarakah is found to be positively (although marginally) related to financing risk and negatively and weakly associated with the performance of Indonesian Islamic banks. Implications – Our findings have consequential implications for both practitioners and policymakers. Understanding the dual effects of mudharabah and musyarakah can help to implement strategies that optimize investment portfolios, enhance profitability, and minimize risk. For policymakers, these results highlight the need for regulatory frameworks that encourage optimum thresholds of mudharabah financing to mitigate risk while spurring performance. Originality – This study contributes to the literature by identifying a turning point in mudharabah financing that minimizes financing risk, a realm previously underexplored in Islamic finance. By incorporating this nuanced insight, our study provides a novel perspective on how Islamic banks can attain strategic equilibrium between risk management and performance improvement.
Co-Authors Agus Heruanto Hadna, Agus Heruanto Annizar, Radhita Asfarina Eduardus Tandelilin Kusdhianto Setiawan Linda Ariany Mahastanti Maftuchah, Istiana Marwan Asri Muhadjir Darwin Pelawi, Rizky Yusviento Poppy Ismalina Purwanto, Bernadus M. Puthut Indroyono Puthut Indroyono Shenghui Tong Shenghui Tong Soegiarto, Jimmy Sri Handaru Yuliati