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All Journal Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Journal of Islamic Monetary Economics and Finance
Adhitya Ginanjar, Adhitya
Faculty of Economy and Business, Islamic State University Syarif Hidayatullah
Religion Economics, Econometrics & Finance Social Sciences

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POLICY RATES PASS-THROUGH IN INDONESIA’S DUAL BANKING SYSTEM: DOES BUSINESS CYCLE MATTER? Triwibowo, Sugeng; Oktaviani, Defy; Ginanjar, Adhitya; Ardiansyah, Danu F.
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.v8i1.1424

Abstract

This paper examines the pass-through of the policy rate to conventional and Islamic bank rates during the recessionary and expansionary episodes for the case of Indonesia. Applying an error-correction modelling to monthly data from June 2014 to April 2021, our findings confirm that the interest rate pass-through is sensitive to the business cycle for both conventional and Islamic banks. The policy rate pass-through to deposit rates is higher during the recession for both banking types. We also note that the lending rates of conventional banks fully adjust to the policy rate in the recessionary phase. The findings for Islamic financing rates are interesting. Namely, they tend to move inversely with the policy rates during the expansionary period. Meanwhile, depending on the rates, they are either over-responsive or less responsive during the recessionary phase. Finally, the degree of short-run adjustment in most banking rates is not influenced by the business cycle. These findings suggest that Islamic banking rates are less synchronized to the monetary policy rate, indicating that sharia-based banking barely supports counter-cyclical monetary policy.
Roles of Islamic Microfinance Institutions in Improving Financial Inclusion in Indonesia: Empirical Evidence from Baitulmaal wa Tamwil Ginanjar, Adhitya; Kassim, Salina Hj
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 13 No. 1 (2021)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v13i1.19842

Abstract

Abstract. This research aims to investigate the role of Islamic microfinance institutions (IMFIs) in promoting financial inclusion in Indonesia. It takes seven areas, namely, Jakarta, Bogor, Depok, Tangerang, Bekasi, Yogyakarta and Nusa Tenggara Barat as samples. Only managers of the IMFIs are taken as respondents since they are the decision makers and understanding of the mission of the IMFIs. A complete of 481 managers of Baitulmaal Wa Tamwil (BMTs) which administered under the Sharia Cooperative Centre involved in the study. Qualitative method was used in this research for determining the variables in advancing model that developed with two mechanism in the data collection; the first mechanism involved a survey questionnaire, and the second mechanism involved in-depth interview. The findings of this research reveal current issues and challenges in strengthening the role of IMFIs in promoting financial inclusion and highlight recommendations for policy makers to promote financial inclusion. Abstrak. Penelitian ini bertujuan untuk mengetahui peran lembaga keuangan mikro Islam (LKMS) dalam mendorong inklusi keuangan di Indonesia. Dibutuhkan tujuh area riset, yakni wilayah Jakarta, Bogor, Depok, Tangerang, Bekasi, Yogyakarta dan Nusa Tenggara Barat sebagai sampel. Hanya manajer LKMS yang diambil sebagai responden karena mereka adalah pengambil keputusan dan memiliki pemahaman yang jelas tentang misi LKMS. Sebanyak 481 pengurus Baitulmaal Wa Tamwil (BMT) di bawah naungan Induksi Koperasi Syariah sebagai sampel. Metode kualitatif digunakan dalam penelitian ini dengan dua mekanisme yang dikembangkan dalam pengumpulan data; mekanisme pertama melibatkan kuesioner survei, dan mekanisme kedua melibatkan wawancara meSndalam. Temuan penelitian ini mengungkapkan isu dan tantangan terkini dalam memperkuat peran LKMS dalam mendorong inklusi keuangan. Hasil ini juga menyoroti beberapa rekomendasi bagi BMT dan pembuat kebijakan untuk mempromosikan inklusi keuangan. 
Co-Authors Ardiansyah, Danu F. Kassim, Salina Hj Oktaviani, Defy Sugeng Triwibowo