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International Journal of Islamic Economics and Finance (IJIEF)

ijief
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Published by Universitas Muhammadiyah Yogyakarta

ISSN : 26223562 EISSN : 26224372 DOI : -

Core Subject : Economy,

Economics, Econometrics & Finance

International Journal of Islamic Islamic Economics and Finance (IJIEF) is a journal which is bianually issued (January and July) and initiated by International Program for Islamic Economics and Finance (IPIEF). The publisher of this journal is Universitas Muhammadiyah Yogyakarta. The publication of this journal though tighly-peer reviewed process using Open Journal System (OJS). For the publication, IJIEF only accept research article and publish it in electronic (PDF) version. The electronic publication can be accessed openly on the website http://journal.umy.ac.id/index.php/ijief/index. IJIEF commit to embrace the best research article in islamic economics and finance fields from the whole world and publish it consistently.

Arjuna Subject : -

Articles 192 Documents

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Switching Intentions Among Millennial Banking Customers to Fintech Lending Muhammad Anif Afandi
International Journal of Islamic Economics and Finance (IJIEF) Vol 3, No 2 (2020): IJIEF Vol 3 (2), July 2020
Publisher : Universitas Muhammadiyah Yogyakarta

The purpose of this study is to analyze of switching intentions among millennial banking customers to the financing services of FinTech lending in Indonesia using the PPM framework. 245 primary data were collected by Likert 5 scale category which was subsequently conducted data analysis using the OLS method. The results showed that in the perspective of push effects, all factors have no significant effect on switching intentions or in other words the millennial banking customers have considered that credit/financing services in banking is quite good that it does not encourage them to switch. In the perspective of pull effects, ease of use and pricing benefit factors of FinTech lending have significant effect on switching intentions so that it attracts them to switch. Meanwhile, in the perspective of mooring effects, the factors of service products and reputation significantly affect switching intentions so as to impede them to switch. In addition, Islamic banking customers are known to have higher potential to switch to the financing services of FinTech lending. The results of this study provide useful information for the banking industry, FinTech lending and regulators to be able to develop strategies and effective policies amid the potential of customer switching

Socioeconomic Impact of COVID-19 in MENA region and the Role of Islamic Finance M. Kabir Hassan; Mustafa Raza Rabbani; Yomna Abdulla
International Journal of Islamic Economics and Finance (IJIEF) Vol 4, No 1 (2021): IJIEF Vol 4 (1), January 2021
Publisher : Universitas Muhammadiyah Yogyakarta

This paper analyses the socio-economic impact of the noble Corona virus (COVID-19) on ‘Middle East and North Africa’ (MENA) region as well as the role and opportunities of Islamic finance post COVID-19. The findings show that pandemic has affected the MENA region massively like any other region in the world. Since around 69% of the word’s crude oil supply is from this region alone, this causes it to suffer from dual shocks of COVID-19 pandemic as well as the declining crude prices that is caused by shocks from both ends, negative supply shock and a negative demand shock. The 19 countries in MENA region include from some of the richest countries of the world such as, Qatar, Kuwait, and Saudi Arabia, to some of the most vulnerable, poor and war ridden countries like Yemen, Syria, and Morocco. To mitigate the adverse effects of the pandemic, we suggest some immediate actions that can be taken such as a public fund to support health system, financial support to individuals and SME’s, financial support to corporations in order to prevent job loss and layoff and assurance of liquidity in domestic markets to prevent liquidity crunch. Finally, the paper analyses the role of Islamic finance in the region in recovery post COVID-19 and show that Islamic finance can be utilized as an alternative financial system in providing the relief to the COVID-19 affected people and entrepreneurs.

The Role of Institution and Macroeconomic Policy Mix on Economic Growth in Muslim Country Muhammad Ghafur Wibowo; Hadri Kusuma; Ibnu Qizam
International Journal of Islamic Economics and Finance (IJIEF) Vol 5, No 1 (2022): IJIEF Vol 5 (1), January 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v5i1.11646

This study examines the role of the fiscal and monetary policy mix on economic growth with the St. model. Louis, which Andersen and Jordan developed in 1968, included the variable quality of institutions (governance) as a moderator. This research model uses the independent variable in the form of money supply (M) as a proxy for monetary policy and government expenditure (G) and government debt (D) as a proxy for fiscal policy. The governance index variable (INS) consists of 6 indicators, namely 1). Voice and Accountability; 2). Political Stability and Absence of Violence/Terrorism; 3). Government Effectiveness; 4). Regulatory Quality; 5). Rule of Law; 6). Control of Corruption. The objects of this research are all member countries of the Organization of the Islamic Conference (OIC), 57 countries. Due to the limited data that can be accessed, 46 countries were selected as research samples with a research period of 2005-2018. The analytical tool used in this study is a moderating panel data regression consisting of 28 equations. This study indicates that fiscal policy (government expenditure) and monetary policy (money supply) have a significant effect on economic growth. The government debt has a negative effect on economic growth in OIC countries. The quality of governance has a positive effect on economic growth in the OIC countries. This shows the important role of the quality of governance in the economy, as in the latest economic growth theory. The quality of governance cannot moderate the effect of the fiscal and monetary policy mix on economic growth in the OIC countries. The governance index plays a more direct role in economic growth, not as an effective moderator for government economic policies. The governance index is more effective in moderating various economic variables, which are private economic activities.

Islamic Bank’s Performance In The Light of Competition and CSR Yunice Karina Tumewang; Novita Kusuma Maharani
International Journal of Islamic Economics and Finance (IJIEF) Vol 2, No 1 (2019): IJIEF Vol 2 (1), July 2019
Publisher : Universitas Muhammadiyah Yogyakarta

This study aims to examine the effect of competition and Corporate Social Responsibility (CSR) disclosure toward Islamic banks’ financial performance. It used Generalized Least Square with panel data of Islamic Banks in ASEAN and GCC from 2012-2016 obtained from Orbis Bank Focus. H-Statistic (Panzar-Rosse) test was employed to measure the degree of competition and the relationship between variables. This study found that competition contributes a negative effect toward performance of Islamic banks, while CSR contributes a positive effect toward performance of Islamic banks. The result of this study suggests the management of Islamic banks to be more aware of the importance of management of CSR programs for the acceleration of SDGs set by UN as well as survival of companies in the future. Additionally, this study would like to support to push ahead government plan to strengthen domestic Islamic bank through consolidation or a merger of state-owned Islamic banks in order to lower the degree of competition which ultimately leads to a better performance of Islamic banks as well as an enhanced financial deepening in Indonesia.

Crowdfunding as an Alternative Mode of Financing for Micro and Small Enterprises: A Proposed Qard-al-Hasan Contract Abdulmajeed Muhammad Raji Aderemi; Muhammad Shahrul Ifwat Ishak
International Journal of Islamic Economics and Finance (IJIEF) Vol 3 (2020): IJIEF Vol 3(SI), Special Issue: Islamic Social Finance and Ethics
Publisher : Universitas Muhammadiyah Yogyakarta

The global financial crisis that occurred in 2008, coupled with the evolution and globalization of social media and technology has made the evolvement of crowdfunding easy to use as a means of financing. However, the concept of crowdfunding is correlated with spiritual and religious responsibility which can increase the economic growth of Micro and Small Enterprises. In light of this, this paper aims to investigate the capacity of crowdfunding and proposes a crowdfunding model that adheres to the principle of Shari’ah by adopting a legitimate contract known as Qard-al-Hasan. In this regard, the study adopts qualitative research using secondary data with descriptive, and inductive approaches in the analysis. The result shows that Qard-al-Hasan based crowdfunding is great for pioneering business people to get access to financing their small and micro enterprises in compliance with Shariah. However, the findings of this paper will provide a new mechanism for financing micro and small enterprises in line with Shariah.

Islamic Finance, Small and Medium Enterprises and Job Creation in Turkey: An Empirical Evidence (2009-2017) Seyf Eddine Benbekhti; Hadjer Boulila; Abdelnacer Bouteldja
International Journal of Islamic Economics and Finance (IJIEF) Vol 4 (2021): IJIEF Vol 4 (SI), Special Issue: Islamic Banking
Publisher : Universitas Muhammadiyah Yogyakarta

The aim of this paper is to investigate if Islamic finance can solve the funding problem of SMEs and facilitate access to finance for SMEs, and how can these last participate in job creation in Turkey in order to face the problem of unemployment. The paper adopts a Vector Autoregressive model (VAR) based on monthly data (2009-2017). The results revealed that Islamic finance is a golden opportunity and a sufficient alternative financial source for SMEs. In addition, as SMEs can reduce unemployment by contributing to the labor market. This study contributes to the existing literature by presenting a promising financing tool to the prospective borrowers of SMEs (farmers, underserved groups, and small entrepreneurs) which is Islamic financing. This alternative can be an effective tool for both muslim and non-muslim countries in regard that conventional finance is more expensive and SMEs are unable to pay high interest rates. It would also help in establishing low unemployment levels. This paper suggested that Islamic banks and Islamic financial institutions should converge more on the SMEs by providing funding to SMEs which would lead to boosting production and economic development.

PROPOSING AWQAF ALTERNATIVE PLAN (AAP): THE WAY FORWARD & SUSTAINABLE HIGHER EDUCATION FINANCIAL SYSTEM Anwar Allah Pitchay; Mohd Najwadi Yusoff Abdul Rahman; Mohamed Asmy Mohd Thas Thaker; Zubir Azhar; Al Amin Mydin; Mohamad I’sa Abd Jalil
International Journal of Islamic Economics and Finance (IJIEF) Vol 1, No 1 (2018): IJIEF Vol 1 (1), July 2018
Publisher : Universitas Muhammadiyah Yogyakarta

The future direction of the public university is to self-sustained due to the inconsistency of the national economic growth. For example, reduced in the national income has forced the Malaysian government to cut the allocation of funds to various ministries’ in 2016 compared to 2015 budget. The consequences of this phenomenon the government has reduced the allocation of budget to Ministry of Higher Education, which is cut by RM2.4 billion, from RM15.78 billion in 2015 compared to RM13.37 billion in 2016. This scenario has imposed various challenges to many public universities’ management to manage university expenses and explore new avenue to generate income. There are various ways to generate income and we find most of the tertiary education in Malaysia is not able to practice effective management especially in managing the cost of organizing a program. For example, food and beverages (FB) spend by the university during events are not effective and most of the time is wasted. This argument is developed based on the observation and also supported by an informal interview with a vice-chancellor (VC) of one of the public university in Malaysia. The VC do agree that the university management needs to find a solution to overcome the issue of wastage due to the forecasted cost rather than an accurate cost to organize a university’s events. Therefore, we believe that the main issue faced the university’s management is to identify an exact number of participants and etc. Thus, the current practice is based on the forecasted estimation rather than accurate estimation. Therefore, to solve this problem, the present study aims to provide an opportunity to the tertiary education in Malaysia which able to estimate an accurate cost and at the same time able to create waqf fund using effective fund management approach by proposing awqaf alternative plan (AAP) model. The proposed model is expected to generate Waqf fund and eliminate wastage management practice.

Quantitative Economic Evaluation of Zakah-Poverty Nexus in Kano State, Nigeria Daud Mustafa; Abubakar Jamilu Baita; Hussaina Datijjo Adhama
International Journal of Islamic Economics and Finance (IJIEF) Vol 3, No 1 (2020): IJIEF Vol 3 (1), January 2020
Publisher : Universitas Muhammadiyah Yogyakarta

Nigeria is the largest economy in Africa and yet, a poverty-ridden oil-producing country. Thus, poverty remains a persistent macroeconomic challenge in Nigeria with devastating consequences, especially in the Muslim populated states like Kano. Surprisingly, Kano state, which is the most populated state in Nigeria with more than 15 million people, is one of the 14 most poverty-ridden states in Nigeria, despite the practice of Zakah institution (ZI). Therefore, this study empirically evaluates the revenue base and impacts of ZI on poverty alleviation in Kano state. Hence, 1,230 copies of questionnaires were administered and seven high profile Zakah payers were interviewed. Meanwhile, the data analysis was accomplished using descriptive statistics, correlation, and regression techniques, among others. The major findings indicate that the enormous revenue base of ZI for poverty alleviation exists, because of the significant Zakah payment by high ability Zakah payers. Similarly, ZI positively impacts on poverty alleviation. All in all, the findings lend credence to the Zakah-effectiveness hypothesis. Hence, this study recommends that Kano state government should exemplify more accountability and transparency in Zakah management. Moreover, a Ministry of Zakah and Hubusi Affairs should be established with the mandates of poverty alleviation and economic empowerment in the state.

Do Google Trends and Shariah Compliant Stocks Co-Integrated? An Evidence from India Mohammad Irfan
International Journal of Islamic Economics and Finance (IJIEF) Vol 3, No 2 (2020): IJIEF Vol 3 (2), July 2020
Publisher : Universitas Muhammadiyah Yogyakarta

The objective of the study is to understand the dynamic relationship between Shariah-compliant stocks and the Google search value index (GSVI). The search strength is identified by the search volume of Shariah-compliant stocks on Google. The sample for the study consists of Shariah-compliant stocks commonly available in all the three Shariah indices in India, sample stock data has been extracted on a weekly basis from Sept 2014 to Sept 2019. The results of the study are based on the diagnostic analysis suggests that there is no serial correlation as demonstrated by LM residual test, CUSUM test shows stability in data, coefficient Wald test is showing there is no short-run causality running between selected Shariah-compliant stocks and GSVI. The outcome suggests that there is a long-run equilibrium relationship existing between Shariah-compliant stocks and the Google search value index. Trace statistics has five co-integration equations and Max-Eigen statistics has one co-integration. The vector error correction model (VECM) suggests the acceptability of the model. There are many potential investment opportunities for investors in the Islamic stock market of India. The motive of Shariah is to provide an avenue for ethical and viable investment to the investors. This study will not only be advantageous for the Muslim investors but also the other investors, industrialist, Shariah-compliant advisor as well.

Comparison of Islamic and Conventional Banking Financial Performance during the Covid-19 Period Ulumuddin Nurul Fakhri; Angga Darmawan
International Journal of Islamic Economics and Finance (IJIEF) Vol 4 (2021): IJIEF Vol 4 (SI), Special Issue: Islamic Banking
Publisher : Universitas Muhammadiyah Yogyakarta

The COVID-19 pandemic that is spreading in Indonesia has affected economic growth, likewise banks sector. This study aims to determine the financial performance factors that are affected by the COVID-19 pandemic, both in Islamic and conventional banking which are included in the CBGB 2 category so that banks in Indonesia can anticipate it. This study uses the Artificial Neural Network (ANN) method with 6 financial performance variables in the period of January 2020 - September 2020, namely Capital Adequacy Ratio (%), Operating Expenses / Operating Income (%), Net Operation Margin (%), Landing on Deposits. Ratio (%), Short Term Mismatch (%) which are used as the independent variable, as well as Return on Assets which is used as the dependent variable. The results showed that the COVID-19 pandemic affected financial performance factors in the form of a Funding to Deposit Ratio of 35.21%; Short Term Mismatch of 26.92% and Net Operation Margin of 26.92% in Islamic banking. Whereas in conventional banking, Operating Expenses to Operating Income was 72.87% and the Capital Adequacy Ratio was 17.31%. This result is also in line with previous research where Islamic banking is more vulnerable than conventional banking in facing financial crises.

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Home Page

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Contact Name Susilo Nur Aji Cokro Darsono

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Contact Name
Susilo Nur Aji Cokro Darsono

Contact Email
susilonuraji@umy.ac.id

Phone
+628565022013

Journal Mail Official
ijief@umy.ac.id

Editorial Address
-

Location
Kab. bantul,

Daerah istimewa yogyakarta

INDONESIA