Article Per Year (5 Year)
p-Index From 2021 - 2026
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All Journal Indonesian Capital Market Review Journal of Central Banking Law and Institutions
Ahmed, Habib
Unknown Affiliation
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

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Outreach and Profitability Trade-off: Does Synergy between Islamic Banking and Islamic Microfinance Institutions Matter? Nasution, Ruri Eka Fauziah; Ahmed, Habib
The Indonesian Capital Market Review Vol. 7, No. 2
Publisher : UI Scholars Hub

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Abstract

The purpose of this study is to examine the effectiveness of linkage program between Islamic Banking (IB) and Baitul Maal Wat Tamwil (BMT) on BMT financing growth and profitability. This study also aims to compare three linkage models and to explore the keys factors that affect the implementation of linkage program. To achieve these objectives, both quantitative and qualitative research methods are employed. The dataset consists of the financial statement of 26 BMT in Indonesia and interviews with 12 managers of BMT and IB in Jakarta. The findings suggest that a synergy between IB and BMT through linkage program has significant impact on BMT financing growth and BMT ROE. Among three linkage models, executing model appears to be the most preferable model, both by BMT and IB. The finding also suggests that internal and external factors at BMT level have impacts on the effectiveness of linkage program.
Digital (Crypto-Based) Capital Markets for Financial Inclusion: Security Tokens and Infrastructure Ahmed, Habib; Khan, Nida
Journal of Central Banking Law and Institutions Vol. 5 No. 2 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v5i2.274

Abstract

While small and medium enterprises (SMEs) play an important role in the economy, they face huge impediments to raising capital. Financial institutions are generally not eager to lend to SMEs for various reasons, and capital markets involve complex processes and infrastructure, which inhibit small firms from raising capital. While most research on cryptoassets focuses on cryptocurrencies, this paper examines how security tokens can enhance financial inclusion and presents a framework for enabling digital, crypto-based capital markets. The use of digital technology and the issuance of security tokens significantly reduce transaction costs, enabling SMEs to raise funds and providing opportunities to investors to invest in alternative asset classes. This study identifies the frameworks and features of cryptoassets and exchanges that SMEs can use to raise capital, as well as the issues that must be addressed in doing so. Specifically, the paper discusses issues related to the issuance, listing, trade, and post-trade mechanisms in digital exchanges. The use of Shariah-compliant equity- and assetbased security tokens to raise capital through digital capital markets can play an important role in enhancing financial inclusion and promoting development in Organisation of  Islamic Cooperation member countries.
Co-Authors Khan, Nida Nasution, Ruri Eka Fauziah