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THE ANALYSIS OF DESCRIPTIVE STATISTICS ON THE USE OF SYARIAH FINTECH IN INDONESIA Sahlan Yahya; Bayu Arie Fianto
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 7 (2020): Juli-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss20207pp1336-1349

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This research presents a preliminary study on the use of Islamic fintech in terms of several aspects, namely, socio-economic aspects, geographical aspects, social influence, religiosity. Socio-economic aspects consist of gender, age, education level, income level, and type of work. Geographical aspects consist of the distance of residence from the nearest financial institution and location of residence. Data is collected by giving questionnaires to users of Islamic fintech and non-users of Islamic fintech. The results of this study are in the form of an explanation or excavation of information related to which aspects show the difference between users and non-users of Islamic fintech. This research was conducted because of the lack of research about the use of Islamic fintech in terms of various aspects above. This study contributes to the behavior of Indonesian people in utilizing Islamic fintech as a provider of Islamic financial services in the Industrial Revolution 4.0 era.Keywords: Islamic fintech, socioeconomic aspects, geographical aspects, social influence, religiosityREFFERENCESAfifuddin dan Beni Ahmad Saebani. 2009. Metodologi penelitian kualitatif. Bandung: Pustaka Setia.Arif, M Nur Rianto Al. 2015. Pengantar Ekonomi syariah teori dan praktik. Bandung: Pustaka Setia.Astuti, Rika Pristian Fitri. 2016. Pengaruh Status Sosial Ekonomi Orang Tua, Literasi Ekonomi dan Life Style Terhadap Perilaku Konsumsi Mahasiswa Jurusan pendidikan Ekonomi IKIP PGRI Bojonegoro. Bojonegoro: Fakultas Pendidikan Ilmu Pengetahuan Sosial. Jurnal Edutama. Vol 3, no. 2 Juli 2016Bachri, Bachtiar S. 2010. Meyakinkan Validitas Data Melalui Triangulasi Pada Penelitian Kualitatif. Universitas Negeri Surabaya. Vol. 10, No. 1, hal 46-61.Baidhowi, Bagus dan Irham Zaki. 2014. Implementasi konsumsi Islam Pada Pengajar Pondok Pesantren (Studi Kasus Pengajar Pondok Pesantren Aqobah Kecamatan Diwek Kabupaten Jombang). Universitas Airlangga. Vol. 1, No. 9.Chan, Arianis. 2010. Pengaruh Ekuitas Merek Terhadap Proses Keputusan Pembelian Konsumen:Sstudi Kasus Bank Muamalat Indonesia Cabang Bandung. Universitas Padjajaran. Jabv6n1.texFauzia, Ika Yunia dan Abdul Kadir Riyadi. 2014. Prinsip Dasar Ekonomi Islam perspektif Maqashid Syariyyah. Jakarta: KencanaIda, N. 2009. Pengaruh Ekonomi Mikro. Universitas Muhammadiah Malang Press. MalangKhan, M Fahim. 2014. Esai-Esai Ekonomi Islam. Jakarta: RajaGrafindo Persada Moleong, Lexy J. 2005. Metode Penelitian Kualitatif. Bandung: Remaja Rosdakarya.Panjaitan, Poopy. 2017. Pengaruh Social Media terhadap Produktifitas Kerja Generasi Millenial. Malang: Jurnal Administrasi BisnisPujiyono, Arief. 2006. Teori Konsumsi Islam. Jurnal Dinamika Pembangunan. III (2) : 196-207.Rosyidi, Suherman. 2006. Pengantar Teori Ekonomi. Jakarta: Raja Grafindo PersadaShihab, M. Quraish. 2004. Tafsir al-Mishbah: Pesan, Kesan dan Keserasian al-Qur’an. Jakarta: Lentera Hati. volume 1, cetakan. Ke 2.Siddiqi, Muhammad Nejatullah. 2004. Kegiatan Ekonomi dalam Islam. Jakarta: PT. Bumi AksaraSitepu, Novi Indriyani. 2016. Perilaku Konsumsi Islam Di Indonesia. Universitas Syiah Kuala Banda Aceh. Vol. 2, No. 1Sugiyono. 2014. Memahami Penelitian Kualitatif. Bandung: Alfabeta.Sumar’in. 2013. EkonomiIslam: Sebuah Pendekatan Ekonomi Mikro Perspektif Islam. Yogyakarta: Graha IlmuSuwiknyo, Dwi. 2010. Kompilasi Tafsir Ayat-Ayat Ekonomi Islam. Yogyakarta: Pustaka Pelajar.Yin, Robert K. 2003. Studi Kasus (desain dan metode). Jakarta: PT Raja Grafindo Persada.Yin, Robert K. 2015. Studi Kasus: Desain dan Metode. Jakarta: PT Raja Grafindo
THE INFLUENCE OF MACROECONOMIC VARIABLES AND DOW JONES ISLAMIC MARKET INDEX ON STOCK PRICES IN INDONESIA SHARIAH SHARES INDEX (ISSI) 2012-2019 Dinda Azzahroh Fathimiyah; Bayu Arie Fianto
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 7 No. 11 (2020): November-2020
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol7iss202011pp2183-2191

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ABSTRAKPenelitian ini bertujuan untuk menganalisis Pengaruh Inflasi, Nilai Tukar, Harga Minyak Dunia, Harga Emas Dunia, dan Dow Jones Islamic Market Index (DJIM) terhadap Harga Saham pada Indeks Saham Syariah Indonesia (ISSI) Tahun 2012-2019. Data yang digunakan dalam penelitian ini adalah data closing price menggunakan pendekatan penelitian kuantitatif metode Error Correction Model (ECM). Variabel-variabel yang digunakan dalam penelitian ini adalah inflasi, nilai tukar, harga minyak dunia, harga emas dunia, dan Dow Jones Islamic Market Index (DJIM). Hasil estimasi menunjukkan bahwa variabel inflasi dan harga minyak dunia dalam jangka panjang berpengaruh signifikan positif terhadap harga saham ISSI. Sedangkan harga emas dunia dalam jangka panjang berpengaruh signifikan negatif terhadap harga saham ISSI. Namun, variabel nilai tukar dan DJIM tidak berpengaruh signifikan terhadap harga saham ISSI. Penelitian ini menambahkan uji robustness dengan out of sampling data yang terdiri 25%, 50%, 75% yang menunjukkan penerapan periode yang berbeda dapat melalui tahapan metode dan menghasilkan estimasi yang konsisten.Kata Kunci: Harga Saham, Makroekonomi, Indeks Saham Syariah Indonesia ABSTRACTThis study aims to analyze the effect of inflation, exchange rates, world oil prices, world gold prices, and the Dow Jones Islamic Market Index (DJIM) on stock prices in the Indonesian Islamic stock index (ISSI) 2012 - 2019. Data used in this study is data closing price using a quantitative research approach using the Error Correction Model (ECM) method. The variables used in this study are inflation, exchange rates, world oil prices, world gold prices, and the Dow Jones Islamic Market Index (DJIM). The estimation results show that the inflation variable and world oil price, in the long run, have a significant positive effect on the ISSI stock price. Meanwhile, the world gold price, in the long run, has a significant negative effect on the ISSI stock price. However, the exchange rate and DJIM variables did not have a significant effect on the ISSI stock price. This study adds a robustness test out of sampling data consisting of 25%, 50%, 75% which shows that the application of different periods can go through the method stages and produce consistent estimates.Keywords: Stock Price, Macroeconomics, Indonesian Sharia Stock Index
THE INFLUENCE OF ISLAMIC CORPORATE GOVERNANCE ON THE PERFORMANCE OF SHARIA BANKS: AN EMPIRICAL STUDY OF INDONESIA AND MALAYSIA Faris Achmad Muhtadin Billah; Bayu Arie Fianto
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 8 No. 2 (2021): Maret-2021
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol8iss20212pp243-254

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ABSTRAKPenelitian ini bertujuan untuk mengetahui pengaruh karakteristik Islamic corporate governance terhadap kinerja bank syariah di Indonesia dan Malaysia. Dengan menggunakan regresi data panel 28 bank syariah di Indonesia dan Malaysia periode 2013-2019, penelitian ini menemukan adanya pengaruh Islamic corporate governance (ICG) secara simultan terhadap kinerja bank syariah. Hasil estimasi dengan dan tanpa variabel kontrol menunjukkan hanya variabel tingkat pendidikan Dewan Pengawas Syariah (DPS) yang konsisten memiliki pengaruh negatif signifikan terhadap kinerja bank syariah. Dengan menambahkan variabel kontrol, hasil penelitian menunjukkan bahwa variabel gender diversity dan frekuensi rapat DPS masing-masing berpengaruh positif dan negatif terhadap kinerja bank syariah. Hasil penelitian ini memberikan wawasan bagi regulator untuk dapat meningkatkan kinerja bank syariah melalui praktik ICG. Kata Kunci: Bank syariah, Dewan Pengawas Syariah, Indonesia, Islamic corporate governance, Kinerja bank, Malaysia. ABSTRACTThis study aims to determine the impact of Islamic corporate governance characteristics on the performance of Islamic banks in Indonesia and Malaysia. By using panel data regression of 28 Islamic banks in Indonesia and Malaysia for the 2013-2019 period, this study found the simultaneous influence of Islamic corporate governance (ICG) characteristics on the performance of Islamic banks. The results with and without control variables show that only the Sharia Supervisory Board (SSB) education level consistently has a significant negative effect on the performance of Islamic banks. By adding the control variable, the results show that the gender diversity variable and the frequency of SSB meetings have a positive and negative effect on the performance of Islamic banks, respectively. The results of this study provide insights for regulators to improve the performance of Islamic banks through ICG practices.Keywords: Bank performance, Indonesia, Islamic corporate governance, Islamic banks, Malaysia, Syariah Supervisory Board. DAFTAR PUSTAKAAgrawal, N., & Lakshmi, V. (2020). Board composition and board size impact on financial performance of the company. International Journal of Public Sector Performance Management, 6(5), 737–747. https://doi.org/10.1504/IJPSPM.2020.110142Ajili, H., & Bouri, A. (2018). Corporate governance quality of Islamic banks: measurement and effect on financial performance. International Journal of Islamic and Middle Eastern Finance and Management, 11(3), 470–487. https://doi.org/10.1108/IMEFM-05-2017-0131Alam, N., & Homy, A. (2020). The impact of corporate governance and agency effect on earnings management – A test of the dual banking system. Research in International Business and Finance, 54(April), 1–16.Al-Jaifi, H. A. (2020). Board gender diversity and environmental, social and corporate governance performance: evidence from ASEAN banks. Asia-Pacific Journal of Business Administration, 12(3–4), 269–281. https://doi.org/10.1108/APJBA-12-2018-0222Alsartawi, A. M. (2019). Performance of Islamic banks: Do the frequency of shariʿah supervisory board meetings and independence matter?. ISRA International Journal of Islamic Finance, 11(2), 303–321. https://doi.org/10.1108/IJIF-05-2018-0054Aslam, E., & Haron, R. (2020). Does corporate governance affect the performance of Islamic banks? New insight into Islamic countries. Corporate Governance, 20(6), 1073–1090. https://doi.org/10.1108/CG-11-2019-0350Baklouti, I. (2020). Is the sharia supervisory board a friend or an enemy of Islamic banks? Journal of Islamic Marketing. https://doi.org/10.1108/JIMA-04-2020-0118Baltagi, B. H. (2005). Econometric analysis of panel data, 3rd ed. New York: John Wiley & Sons.Bank Negara Malaysia. (2013). 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Corporate governance and financial performance in Islamic banks: The role of the sharia supervisory board in multiple-layer management. Banks and Bank Systems, 14(4), 183–191.De Haan, J., & Vlahu, R. (2016). Corporate governance of banks: A survey. Journal ofEconomic Surveys, 30(2), 228–277. https://doi.org/10.1111/joes.12101.Farag, H., Mallin, C., & Ow-yong, K. (2018). Corporate governance in Islamic banks: New insights for dual board structure and agency relationships. Journal of International Financial Markets, Institutions & Money, 54, 59–77.Fuzi, S. F. S., Halim, S. A. A., & Julizaerma, M. K. (2016). Board independence and firm performance. Procedia Economics and Finance, 37(16), 460–465. https://doi.org/10.1016/s2212-5671(16)30152-6Hakimi, A., Rachdi, H., Rim, B. S. M., & Hssini, H. (2018). Do board characteristics affect bank performance? Evidence from the Bahrain Islamic banks. Journal of Islamic Accounting and Business Research, 9(2), 251–272. https://doi.org/10.1108/JIABR-06-2015-0029Peraturan Bank Indonesia Nomor 11/33 Tahun 2009.Isa, M., & Lee, S. P. (2020). Does the shariah committee influence risk-taking and performance of Islamic banks in Malaysia? Journal of Islamic Accounting and Business Research, 11(9), 1739–1755. https://doi.org/10.1108/JIABR-12-2018-0207Iskandar, B. A., & Laila, N. (2016). Pengaruh komponen risk-based bank rating terhadap profitabilitas bank umum syariah di Indonesia (Periode 2011–2014). Jurnal Ekonomi Syariah Teori dan Terapan, 3(3), 173–186Islamic Financial Services Board. (2009). Guiding principles on shariah governance systems for institutions offering Islamic financial services. Diakses dari https://ifsb.org/download.php?id=4366&lang=English&pg=/published.phpJungmann, C. (2006). The effectiveness of corporate governance in one-tier and two-tier board systems: Evidence from the UK and Germany. European Company and Financial Law Review, 3(4). https://doi.org/10.1515/ecfr.2006.019Khalil, A., & Boulila, T. N. (2020). The impact of the shariah board’s characteristics on the financial soundness of Islamic banks. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-08-2018-0127Khan, I., & Zahid, S. N. (2020). The impact of shari’ah and corporate governance on Islamic banks performance: evidence from Asia. International Journal of Islamic and Middle Eastern Finance and Management, 13(3), 483–501. https://doi.org/10.1108/IMEFM-01-2019-0003Lassoued, M. (2018). Corporate governance and financial stability in Islamic banking. Managerial Finance, 44(5), 524–539. https://doi.org/10.1108/MF-12-2016-0370Mansour, W., & Bhatti, M. I. (2018). The new paradigm of Islamic corporate governance. Managerial Finance, 44(5), 513-523. https://doi.org/10.1108/MF-01-2018-0043Mayur, M., & Saravanan, P. (2017). Performance implications of board size, composition and activity: Empirical evidence from the Indian banking sector. Corporate Governance (Bingley), 17(3), 466–489. https://doi.org/10.1108/CG-03-2016-0058Mazzotta, R., & Ferraro, O. (2020). Does the gender quota law affect bank performances? Evidence from Italy. Corporate Governance (Bingley), 20(6), 1135–1158. https://doi.org/10.1108/CG-08-2019-0252Meslier, C., Risfandy, T., & Tarazi, A. (2020). Islamic banks equity financing, shariah supervisory board, and banking environments. Pacific-Basin Finance Journal, 62. https://doi.org/https://doi.org/10.1016/j.pacfin.2020.101354Mishra, S. (2020). Do independent directors improve firm performance? Evidence from India. Global Business Review, 1-19. https://doi.org/10.1177/0972150920917310Mollah, S., Hassan, M. K., Al Farooque, O., & Mobarek, A. (2017). The governance, risk-taking, and performance of Islamic banks. Journal of Financial Services Research, 51, 195–219. https://doi.org/10.1007/s10693-016-0245-2Mollah, S., & Zaman, M. (2015). Shari’ah supervision, corporate governance and performance: Conventional vs Islamic banks. Journal of Banking & Finance, 58, 418–435. https://doi.org/10.1016/j.jbankfin.2015.04.030Moundigbaye, M., Rea, W. S., & Reed, W. R. (2018). Which panel data estimator should I use? Economics: The Open-Access, Open-Assessment E-Journal, 12(4). https://doi.org/10.1080/00036840802600087Nomran, N. M., & Haron, R. (2019). Dual board governance structure and multi-bank performance: A comparative analysis between Islamic banks in Southeast Asia and GCC countries. Corporate Governance (Bingley), 19(6), 1377–1402. https://doi.org/10.1108/CG-10-2018-0329Nomran, N. M., & Haron, R. (2020a). Shari’ah supervisory board’s size impact on performance in the Islamic banking industry: An empirical investigation of the optimal board. 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Shariah Compliant Macaulay’s Duration Model Testing: Evidence from Islamic banks in Indonesia Syed Alamdar Ali Shah; Raditya Sukmana; Bayu Arie Fianto
Journal of Islamic Economic Laws Vol 4, No 2: July 2021
Publisher : Muhammadiyah University Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v4i2.15358

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The purpose of this research is to test Shariah compliant duration models on Islamic banks in Indonesia. This will be achieved using data of earning assets and risk bearing liabilities of Indonesian Islamic banks from 2009 to 2019. Using multiple regressions the results suggest that Shariah compliant duration models are robust to calculate duration of earning assets, return bearing liabilities and Islamic banks. This research adds to the previous research of testing Shariah compliant duration model. Ultimately, it will improve profitability, risk efficiency and Shariah efficiency by improved Shariah compliant measures of risk management. This will ultimately improve market capitalization and returns stability in the long run. A major limitation of the study is very short length of data of Islamic banks. Still another limitation is difference in commencement of business of various Islamic banks that makes length of data unequal.
The influence of macroeconomics and population in country of origin on tourist arrivals to Indonesia Rachmania Nurul Fitri Amijaya; Mohammad Yusron Sholikhin; Bayu Arie Fianto
Jurnal Ekonomi & Keuangan Islam Volume 5 No. 2, July 2019
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jeki.vol5.iss2.art4

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This study aims giving an evaluation to develop the government and tourism agencies performance, which provides services, facilities, and infrastructures, whom Muslim-friendly, to attract the interest of Muslim tourist, that contributes to economic growth in Indonesia. It uses quantitative methods to examine the influence of macroeconomy and population in country of origin towards tourist arrivals to Indonesia. Regression panel data is used to examine the combination of time series from 2012-2017, and 5 countries from OIC, become cross-section data. It can be concluded that macroeconomy is not significant, while the population is significant towards Muslim tourist arrivals with 96% level influence. Therefore, the increasing of population from country of origin will rise tourist arrivals to Indonesia, which contributes to economic growth in Indonesia.
What drives the inflow of FDI in OIC countries? Evidence from Top 10 hosts of inward FDI flows Indri Supriani; Bayu Arie Fianto
Jurnal Ekonomi & Keuangan Islam Volume 6 No. 2, July 2020
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jeki.vol6.iss2.art2

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Purpose­­­ – This study investigates the driven factors of Foreign Direct Investment (FDI) inflow in selected OIC member countries. The selection of samples observation based on the top 10 hosts of inward FDI flows countries, includes the United Arab Emirates (UAE), Morocco, Indonesia, Turkey, Iran, Egypt, Bangladesh, Kazakhstan, Oman, and Malaysia.Methodology – The data for this study are obtained from World Bank and United Nations Development Programme (UNDP) database for the period 2001-2018. This study adopted panel regression analyses and utilized the Random Effect Model.Findings – This study reveals that GDP and trade openness were positive and significantly plays a vital role in driving the FDI inflow. Whereas, the exchange rate, inflation, and human development index did not have a significant impact on FDI inflow in the top 10 hosts of inward FDI flows countries.Research limitation – The main limitation of this research is the lack of a variable that represents the Islamicity index, which can differentiate the driven factors of FDI in Muslim and non-Muslim organization countries.Practical implication – This study suggests that members of OIC countries should provide a conducive investment environment which is represented by higher GDP growth and engage in various international trade agreements because those factors have higher possibilities in impacting the FDI inflow. Moreover, the rules which describe the investment priority amongst the member of OIC countries must be ratified immediately to decrease the percentage of the FDI inflows goes to non-OIC members.Originality – This study has advanced the knowledge by examining the driven factors of FDI in the specifically selected members of OIC countries, which based on the highest FDI inward. Thus, this study provides significant insights for policymakers for the rest of the member OIC countries to attract FDI inflows referring to the top 10 hosts of inward FDI flows countries. 
Mobile banking services quality and its impact on customer satisfaction of Indonesian Islamic banks Bayu Arie Fianto; Charissa Kezia Rahmawati; Indri Supriani
Jurnal Ekonomi & Keuangan Islam Volume 7 No. 1, January 2021
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jeki.vol7.iss1.art5

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Purpose – This study investigates the influential factors of mobile banking service quality dimension (enjoyment, security, ease, design, and application system) of Indonesian Islamic banks toward customer satisfaction.Methodology – This study uses 100 respondents who are Islamic mobile banking users in Indonesia and applies the Partial Least Square for Structural Equation Modeling (PLS-SEM) approach.Findings – This study reveals that the enjoyment, security, design, and application system of Islamic mobile banks significantly impact customer satisfaction. This study suggests that Islamic banks should pay more attention to increasing their mobile banking application systems, which is the most crucial factor influencing customer satisfaction.Research limitations – This study is limited to the sample of five top Islamic banks’ customers in Indonesia with 100 respondents. Thus, the result of this study cannot be generalized to other countries.Practical implications – The findings offer valuable insights into Islamic banks about improving their mobile banking services’ quality to gain more satisfied customers, which benefited their financial and non-financial performances.Originality – This study specifically involved users of Islamic mobile banking from five Islamic banks, received the Top Brand Award in 2019. Therefore, this study provides significant guidelines for the rest of the Islamic banks in Indonesia to improve their customer satisfaction using mobile banking by referring to the Top 5 Brand Award.
Determinants of Underpricing in Islamic and Non-Islamic Shares on IPO Vabila Ananta Setya; Indri Supriani; Bayu Arie Fianto
Shirkah: Journal of Economics and Business Vol 5, No 1 (2020)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (898.029 KB) | DOI: 10.22515/shirkah.v5i1.276

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This study aims at investigating the factors affecting the share’s underpricing in service companies of the Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX) covering the period from 2011 to 2017. Compared to the precedent studies, this study provides an empirical comparison between Islamic and non-Islamic shares on 22 underpricing stock samples from 44 IPOs in Islamic service shares and 21 underpricing samples from 32 IPOs in non-Islamic service shares. This study adopts a multiple linear regression analysis and an independent sample t-test method. It is revealed that the underwriter's reputation and auditor's reputation have a significant effect on the underpricing of IPO on IDX, both in Islamic and non-Islamic service companies. The result of independent samples t-test indicates that Islamic service shares companies have better financial performance compared to non-Islamic service shares companies. Predicated upon the results, this study implicatively insinuates that companies based on Shariah compliance could anticipate the underpricing level more expeditiously since the Shariah principles are in line with the decreasing level of underpricing.
Revisiting the Contribution of Islamic Banks’ Financing to Economic Growth: The Indonesian Experience Indri Supriani; Bayu Arie Fianto; Najim Nur Fauziah; Ryan Rahmah Maulayati
Shirkah: Journal of Economics and Business Vol 6, No 1 (2021)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (727.447 KB) | DOI: 10.22515/shirkah.v6i1.383

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The contribution of Islamic banking towards economic growth remains debatable amongst academicians and practitioners. This study investigates the relationship between Islamic banks’ financing and economic growth in Indonesia which is the largest Muslim population country. This study adopts Autoregressive-Distributed Lag (ARDL) and utilizes time-series quarterly data from 2011Q1 to 2019Q3. The study uses four predictors: financing to deposit ratio, gross capital fixed formation, inflation, and trade openness. The results from the auto-regressive distributed lag model indicate that, in the long-run, Islamic banks' financing has a significant impact on the Indonesian economy. However, in the short-run, financing does not make a substantial contribution to Indonesian economic growth. The study’s key implication is that financing by Islamic banks still makes a limited contribution to economic growth in Indonesia. This study enhances the literature review, specifically on evaluating the contribution of Islamic banks towards economic growth. Numerous existing studies on this topic covering the crisis period data, which might suffer from data bias. Therefore, this study addresses this topic, excluding the global financial crises period such as 1998, 2008, and 2020, to demonstrate Islamic banks' evident contribution to Indonesian economic growth.
Comparative Analysis of Murabahah and Mudharabah Financing Risk from Islamic Microfinance Institutions Perspective Azhar Alam; Raditya Sukmana; Bayu Arie Fianto; Azzam Izzuddin
AL-MUZARA'AH Vol. 10 No. 1 (2022): AL-MUZARA'AH (June 2022)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.10.1.79-92

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The most frequently used financing contracts in Islamic financial institutions are murabahah and mudharabah. This study aims to reveal the phenomenon in the field about the description of the risk comparison between murabahah financing and mudharabah financing from the BMT side. This study uses descriptive qualitative research methods through data collection methods with in-depth interviews with nine respondents who have experience handling the risks of murabahah financing and mudharabah financing at BMT. This study shows that the risk of mudharabah financing is greater than the risk of murabahah financing. In practice, mudharabah financing tends to be relatively high due to asymmetric information and moral hazard. The inherent risk in murabahah financing is the risk of member default due to default or member negligence in returning installments. This study also identifies risk factors such as trust risk and sharia legal risk for murabahah financing with wakalah contracts. This study shows that BMT applies the precautionary principle and is appropriate to maintain the institution's health to minimize the risks that occur. This research is expected to be a reference in managing the risk of murabahah financing and mudharabah financing with innovative strategies. The BMT Islamic Microfinance Institution needs to stimulate and educate to reduce the risk of mudharabah financing so that it can become a top priority for financing.