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All Journal Gadjah Mada International Journal of Business Global Review of Islamic Economics and Business Jurnal Ekonomi dan Bisnis Islam Li Falah: Jurnal Studi Ekonomi dan Bisnis Islam Economica: Jurnal Ekonomi Islam International Journal of Islamic Economics and Finance (IJIEF) Jurnal Ekonomi & Keuangan Islam MALIA Journal of Islamic Monetary Economics and Finance EkBis: Jurnal Ekonomi dan Bisnis Journal of Islamic Economic and Business Research Journal of Islamic Economics Lariba International Journal of Islamic Finance (IJIF)
Salina Kassim
International Islamic University Malaysia
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences Other

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Qualitative Study on the Factors Affecting the Occurrence of Agency Problem in Microenterprise Financing in Baitul Maal wa Tamwil Martiana, Andri; Kassim, Salina; Zakariyah, Habeebullah; Siti Raihanun
Journal of Islamic Economic and Business Research Vol. 4 No. 2: December 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jiebr.v4i2.323

Abstract

Baitul Maal wa Tamwil (BMT), a financial cooperative organization, managed by people, can provide informal funding for households. However, the agency problem poses challenges for financial institutions operating in that micro sector, as financiers may struggle to monitor borrower characteristics, efforts, or profitability, leading to inefficiencies in the microcredit market. Further research is needed to determine the root causes of these problems. Empirical investigations show that the recommended methodology has not been effective, indicating a need for better methodological amendments and critical reevaluation. This study investigates factors affecting agency problems in microenterprise financing using a qualitative approach. The study involved 49 participants from eight selected BMTs, academics, and regulators, who were interviewed, observed, and analyzed for in-depth understanding. Data verification was done through triangulation, and reliability was ensured through transcript review, accurate codes, and continuous comparison with codes using NVivo. According to the study's findings, member behavior, incomplete financial analysis, lack of human resources, poor communication, Sharia compliance concerns, and lack of Islamic financial literation led to agency problem in BMT. The formation of this issue is predominantly due to poor management, inadequate levels of assistance, and incompetent management. The study reveals that issues in BMT microenterprise finance are primarily due to poor management, inadequate assistance, and incompetence. The problem is exacerbated by member behavior, incomplete financial analysis, lack of human resources, poor communication, Sharia compliance concerns, and lack of Islamic financial literacy. The study recommends adopting agency theory, increasing operational efficiency, strengthening member education, and managing compliance concerns. Practical suggestions include improving regulatory frameworks and training programs.
Enhancing The Role of Zakat and Waqf on Social Forestry Program in Indonesia Ali, Khalifah Muhamad; Kassim, Salina; Jannah, Miftahul; Ali, Zulkarnain Muhammad
Economica: Jurnal Ekonomi Islam Vol. 12 No. 1 (2021)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2021.12.1.6657

Abstract

Abstract: This research aims to initiate the integration model of zakat-waqf with Social Forestry Program. The study is a conceptual paper and qualitative using secondary data and descriptively analyzed. It reviews several existing models related to Zakat and Waqf's role in financing the agriculture and forestry sectors to formulating a novel model for poverty alleviation from communities in and around forests expected to reduce forest destructions in Indonesia. The study concluded that zakat-waqf could finance the Social Forestry program to overcome poverty, inequality and increase the welfare of people living in and around forests. It will provide economic and ecological benefits, especially in reducing forest damage. This research can encourage other researchers to explore the potential of zakat-waqf for financing forestry sectors.Abstrak: Penelitian ini bertujuan untuk menginisasi model integrasi zakat dan wakaf dengan program Perhutanan Sosial. Penelitian adalah riset konseptual yang menggunakan data sekunder dan analisis deskriptif. Penelitian ini mengulas beberapa model eksisting mengenai peran zakat dan wakaf dalam membiayai sektor pertanian dan kehutanan untuk menyusun formula baru yang diharapkan mampu menjadi solusi kemiskinan masyarakat di dalam dan sekitar hutan, yang kemudian diharapkan menurunkan tingkat kebakaran dan kerusakan hutan di Indonesia. Hasil penelitian menunjukkan bahwa zakat dan wakaf dapat menjadi sumber pembiayaan program Perhutanan Sosial untuk mengatasi kemiskinan, kesenjangan, dan meningkatkan kesejahteraan masyarakat di dalam dan sekitar hutan. Program ini dapat memberikan manfaat ekonomi dan ekologi, spesifiknya untuk mengurangi kerusakan hutan. Penelitian ini diharapkan dapat mendorong peneliti-peneliti lain untuk menganalisis lebih lanjut mengenai potensi zakat dan wakaf untuk membiayai sektor kehutanan.
Presenting a Smart Sukuk Model for Islamic Microfinance Institutions in Bangladesh: Towards Achieving SDGs Muhammad, Niaz Makhdum; Kassim, Salina; Mahadi, Nur Farhah Binti; Ali, Engku Rabiah Adawiyah Engku
EkBis: Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2024): EkBis: Jurnal Ekonomi dan Bisnis
Publisher : Fakultas Ekonomi dan Bisnis Islam, UIN Sunan Kalijaga Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/EkBis.2024.8.2.2278

Abstract

The Islamic bonds and debts, according to Islamic Shariah, are referred to as Sukuk, which provides cheaper and interest-free funding options for businesses and lower-risk bonds for individual investors. This study aims to present a novel fintech-based (Smart) SRI Sukuk model that can be useful for Islamic microfinance institutions (IMFIs) of Bangladesh in managing the source of funds. This study adopted a systematic literature review approach to assess the benefits of using Smart SRI Sukuk for IMFIs. In addition, 15 experts on Islamic finance were interviewed to determine the best possible ways to integrate technology into the SRI Sukuk model. The outcomes of this study have confirmed the effectiveness of using a blockchain and smart contract-based SRI Sukuk for managing the source funds of Islamic microfinance institutions in Bangladesh. The Smart SRI Sukuk can be immensely beneficial for IMFIs that always find it difficult to arrange the source funds and manage those in an efficient manner. This study also focuses on emancipating the poor from the vicious cycle of poverty through implementing Islamic microfinance system, and thus contributing to achieving the sustainable development goals (SDGs). Future researchers and experts in Islamic finance will also find the ideas presented in this research helpful.
DEBT TAKING AND CHARITY-GIVING AMONG LOW-INCOME HOUSEHOLDS: STRENGTHENING RESILIENCE IN ISLAMIC PERSPECTIVE Arsyianti, Laily Dwi; Kassim, Salina; Adeyemi, Adewale Abideen
Journal of Islamic Monetary Economics and Finance Vol. 4 No. 1 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v4i1.739

Abstract

Households’ financial problem was perceived to be solved by taking other source of fund such as debt. In Islam, taking debt should be considered as the last resource when other sources were not available. Islam gives solution for those who have financial problem. Giving just small amount of money would give barakah to the giver. Charity-giving is not privilege for the rich people, but also for those in dire conditions. This paper attempts to explore whether low-income households’ perception on consecutive debt-taking influences their perception on regular charity-giving especially to achieve stipulated outcomes, i.e. households’ financial resilience. Structural Equation Modelling (SEM) is employed to analyse 1780 data from respondents across six areas in Indonesia. Low-income households perceived consecutive debt-taking to have negative relationship with regular charity-giving and positive relationship with outcomes (households’ financial condition and lifestyle satisfaction). Meanwhile, regular charity-giving has negative relationship with the outcomes when consecutive debt-taking intervene the relationship. Financial education and selection of financing institution have been proven to have relationships with variables which influence both regular charity-giving and consecutive debt-taking behaviours. As recommendation, charity education or sharing values should be included in the current financial education program. Formal financial institutions and social finance institution should also encourage supervision and continuously give financial education to social funds receivers.
COMPARATIVE ANALYSIS OF BANK STABILITY IN INDONESIA: A NON-PARAMETRIC APPROACH ON DIFFERENT BANKING MODELS Abdul Karim, Norzitah; Alhabshi, Syed Musa Syed Jaafar; Kassim, Salina; Haron, Razali
Journal of Islamic Monetary Economics and Finance Vol. 3 No. 2 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v3i2.891

Abstract

The present study, grounded in theory of financial intermediation, provides new empirical evidence on comparison of bank stability measures of Islamic banks, conventional banks and other bank models in Indonesia. Specifically, 72 conventional banks, 4 Islamic banks, 3 conventional banks with Islamic subsidiaries and 2 subsidiary Islamic banks in Indonesia are considered, focusing on the sample period of 1999-2015. The study adopts z-score as a measure of bank stability, while a non-parametric multiple comparison analysis was used to test the significance of the differences in the bank stability of the different bank models, namely Islamic banks, conventional banks, Subsidiary Islamic banks and conventional banks with Islamic subsidiaries. The sample period is further divided into three sub-periods, namely, before the global financial crisis (1999-2006), during the global financial crisis (2007-2009) and after the global financial crisis (2010-2015) so as to gain more detail findings on the impact of the global financial crisis on the banks’ stability. The impact of local crisis periods (1999-2001) on bank stability of different bank models is also investigated. Findings of this study contribute towards extending the theory of financial intermediation through empirical works of stability of different banking models namely Islamic banks, conventional banks, Subsidiary banks and conventional banks with Islamic subsidiaries.
Sentiment analysis of cash waqf using the SentiStrength lexicon-based approach Maulida, Syahdatul; Akbar, Nashr; Kassim, Salina
Journal of Islamic Economics Lariba Vol. 11 No. 2 (2025)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol11.iss2.art5

Abstract

IntroductionCash waqf is getting popular due to its potential contribution to support socio-economic initiatives as well as its flexibility for donors to participate. Despite this, criticisms surrounding cash waqf are also increasing as the sector continues to expand, which might adversely affect sentiment among future donors. ObjectivesThis study aims to analyze sentiments and perceptions towards cash waqf and subsequently identify specific factors affecting public perceptions toward cash waqf. MethodA total of 242 Scopus-indexed scholarly publications related to cash waqf (1979–2025) were analyzed using the sentiment analysis model: the lexicon-based tool SentiStrength. Sentiment distribution, consistency, and model performance were compared to provide a comprehensive interpretation. ResultsThe findings indicate that neutral sentiment is the highest, with a percentage of 46%, followed by positive sentiment at 34% and negative sentiment at 20%. The positive sentiments include the permissibility of cash waqf from the Islamic perspective by Imam Zufar, the potential of cash waqf to enhance the productivity of immovable waqf assets, an innovative instrument for socio-economic development, the significant role of cash waqf in economic development, and the flexible use of cash waqf to support business ecosystems in diverse sectors. On the other hand, several negative sentiments towards cash waqf cover debates about the impermanence of money as an object of waqf, suboptimal performance of trustees (nazir), relatively low societal awareness and literacy, a mismatch between its potential and the realization, the utilization of cash waqf mostly for religious and social activities (not in productive sectors that may generate income), lack of standardized reporting for cash waqf management, and lack of transparency in reporting to the public.ImplicationsThe findings urge policymakers to tackle the negative sentiments by improving governance, enhancing public awareness, strengthening institutional management of cash waqf, and addressing transparency issues. By addressing these issues, growth of the waqf sector can be further enhanced and accelerated due to increased public trust and participation in cash waqf. Originality/NoveltyThis study offers a novel contribution to Islamic social finance research by applying sentiment analysis to a corpus of 242 Scopus-indexed academic articles focused on cash waqf. While previous studies have extensively explored the legal, operational, and financial dimensions of cash waqf, limited attention has been given to how this topic is framed and evaluated in scholarly discourse. By employing SentiStrength, a lexicon-based sentiment classification tool, this research identifies underlying positive and negative sentiment patterns within academic narratives, thereby uncovering dominant perceptions and concerns around cash waqf implementation.
A Behavioral Analysis Behind the Intention to Adopt Islamic Financial Products and Services in Malaysia: Underpinning Social Cognitive Theory Zulfaka, Auni; Kassim, Salina
International Journal of Islamic Finance Vol. 3 No. 1 (2025): May 2025
Publisher : Department of Islamic Financial Management, Faculty of Economics and Islamic Business, Sunan Kalijaga State Islamic University, Yogyakarta, Indonesia.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/ijif.v3i1.2335

Abstract

The growing global Muslim population and the increasing demand for halal products have also spurred interest in Islamic financial services, where the interplay between sacred and profane influences consumer choices. However, the market share of Islamic banking in Malaysia is still overshadowed by conventional banking, with only 33.4% of total deposits in 2018 attributed to Islamic banks. This indicates a significant challenge in attracting customers, where psychological factors play crucial roles in influencing behavioral intentions to adopt Islamic banking services. The study attempts to discover and provide an understanding on the ‘determinants factors on intention to adopt Islamic financial products and services with the integration of Social Cognitive Theory, Islamic financial literacy and the financial behavior of the consumer in Malaysia’. Partial Least Square PLS-SEM technique is used to analyze the 363 data in order to provide statistical result from respondents in the Klang Valley. The results demonstrate that all variables tested in this study have a strong relationship and identified as the determinants of intention to adopt Islamic financial products and services. The result from this study also provides practical implication for Islamic finance institutions to produce and market their Islamic financial products in the right and targeted market group.
FINANCIAL RESILIENCE AMONG WOMEN SMALL AND MEDIUM ENTERPRISE IN MALAYSIA DURING AND AFTER COVID-19: THE ROLE OF ISLAMIC SOCIAL FINANCE Mahadi, Nur Farhah; Yusuf, Muhammad-Bashir Owolabi; Kassim, Salina; Mohd Yusoff, Syarah Syahira Binti
Journal of Islamic Monetary Economics and Finance Vol. 10 No. 4 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i4.2009

Abstract

The COVID-19 pandemic disproportionately impacted women-owned small and medium enterprises (SMEs) in Malaysia, exposing their vulnerabilities and highlighting the need for effective resilience strategies. This study examines the role of Islamic social finance in enhancing the financial resilience of these businesses during and beyond the pandemic. To achieve this goal, the study explores three key areas i.e., identifying factors shaping the financial resilience of women-owned SMEs in Malaysia during and beyond the pandemic, assessing the effectiveness of Islamic social finance instruments in fostering financial resilience for these businesses, and formulating recommendations for effective policies that strengthen the financial resilience of women-owned SMEs, enabling them to navigate future pandemics more effectively. Using a Partial Least Squares Structural Equation Modeling (PLS-SEM) method and 330 respondents, we document no significant effects of Islamic social finance instruments on the financial resilience of women-owned SMEs. We argue that this documented insignificance could be due to the ways Islamic Social Finance (ISF) is operationalized. At the same time, contradicting previous research on the ISF women-owned SMEs financial resilience, we also believe that further investigation is needed. ACKNOWLEDGMENT This research is supported by the Ministry of Higher Education of Malaysia (MOE) through Fundamental Research Grant Scheme (FRGS/1/2021/SS01/UIAM/03/3).
Best practices of waqf: Experiences of Malaysia and Saudi Arabia Md Saad, Norma; Kassim, Salina; Hamid, Zarinah
Journal of Islamic Economics Lariba Vol. 2 No. 2 (2016)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol2.iss2.art5

Abstract

The main focus of this paper is to examine the best practices of selected waqaf entities in Malaysia and Saudi Arabia. The waqaf entities involved in this study include two corporate waqaf institutions namely Kumpulan Waqaf An-Nur Berhad and IIUM Endowment Fund and five waqaf entities under Islamic Development Bank in Saudi Arabia.This study analyses projects and programs undertaken by these selected waqf entites to achieve their respective objectives.  Such a comparison is necessary considering the diverse experiences of these selected waqaf entities in view of the differences in their endowments and different corporate management models. The paper concludes that these waqaf entities have adopted an innovative approach developing waqf programs and experimenting new ways of managing and investing waqaf assets. They have created opportunities for the improvement of waqaf institutions and revitalize the potentials of these waqaf assets to yield greater benefits to the society.
Does The Covid-19 Pandemic Affect Financing of Islamic Banks in Indonesia? Achsani, Muhammad Nur Faaiz F; Kassim, Salina; Haron, Razali
MALIA: Jurnal Ekonomi Islam Vol 16 No 2 (2025)
Publisher : Department of Islamic Economics, Faculty of Islamic Religion, Yudharta University Pasuruan, East Java, Indonesia.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35891/ml.v16i2.6252

Abstract

Introduction: This study investigates the influence of macroeconomic and bank-specific variables on financing activities in Indonesian Islamic banks, particularly during the COVID-19 pandemic, to assess the sector's financial resilience and alignment with sustainable finance principles. Methods: This research employs a quantitative approach using dynamic panel data analysis covering the period from 2011 to 2023, with variables including Gross Domestic Product, inflation, interest rates, non-performing financing, bank size, profitability, and a pandemic indicator. Results: The findings reveal that while the COVID-19 pandemic did not significantly affect financing, interest rates and bank size had a significant positive impact. Other variables such as GDP, inflation, non-performing financing, and profitability did not exhibit statistically significant effects. The resilience observed in Islamic banks is attributed to their reliance on ethical principles, risk-sharing mechanisms, and asset-backed financing structures. Conclusion and suggestion: The study concludes that Indonesian Islamic banks-maintained stability during the pandemic, reinforcing their role in promoting long-term financial sustainability and economic resilience. Policymakers and regulators are encouraged to support the Islamic banking sector as a key component of sustainable finance frameworks, leveraging its unique characteristics to contribute to broader development goals.
Co-Authors Abdul Karim, Norzitah Achmad Hidayat Achsani, Muhammad Nur Faaiz F Achsani, Muhammad Nur Faaiz Fathah Adeyemi, Adewale Abideen Alhabshi, Syed Musa Syed Jaafar Ali, Engku Rabiah Adawiyah Engku Ali, Zulkarnain Muhammad Dhimmar, Sonali Fuadi, Nasrul Fahmi Zaki Hamid, Zarinah Jarita Duasa Jauhari, Farah Farhana Khalifah Muhamad Ali Laily Dwi Arsyianti Mahadi, Nur Farhah Mahadi, Nur Farhah Binti Martiana, Andri Maulida, Syahdatul Md Saad, Norma Miftahul Jannah Mohammad Irfan Mohd Yusoff, Syarah Syahira Mohd Yusoff, Syarah Syahira Binti Muhammad, Niaz Makhdum Nashr Akbar, Nashr Rapi, Muh Zul Hazmi Razali Haron, Razali Siti Raihanun Yusuf, Muhammad-Bashir Owolabi Zahid, Mohd Zakariyah, Habeebullah Zulfaka, Auni