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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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Contemporary Issues on Cash Waqf: A Thematic Literature Review Khaled Nour Aldeen; Inayah Swasti Ratih; Sri Herianingrum
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

This paper presents the most recent works on cash Waqf, focusing on identifying contemporary scholars' work in this area, providing a novel framework to indicate the existing gap, subsequently, it opens the door wider for new research commitment. This research adopts the paradigm of qualitative approach research, based on disk-based research. Google Scholar was employed, searching through the passage. Only contemporary English documents within the period of 2002-2019 were the subject of this study. Lately, cash Waqf has been proven as a proper method for poverty alleviation. Previous studies attempted to address several models in order to enhance socio-economics issues. This research is a distinct attempt, as to the best of our knowledge, there is no previous research addressed the subject matter. Moreover, this study is expected to assist the interested scholars by offering comprehensive conclusion about have been done in the field. Hence, opens new doors for scholars to develop new innovative cash Waqf models to bridge the socio-economic issues. Our findings depict that Malaysian and Indonesian scholars show a robust research commitment on cash Waqf during 2002-2019. Furthermore, this study highlights the existing gap that must be researched to enrich the potentials of cash Waqf, future research should address other countries practices in term of cash Waqf, moreover, validating a proposed model through interviews to ensure that a proposed model is applicable. In terms of cash Waqf awareness, research might consider peer influence”, “self-efficacy in contributing to cash Waqf.

Participation Banks in Turkey: Issues and Proposes Strategies Based on SWOT Analysis Zulfahmi Zulfahmi; Abrista Devi; Eyup Asker; Rusni Hassan
International Journal of Islamic Economics and Finance (IJIEF) Vol 4 (2021): IJIEF Vol 4 (SI), Special Issue: Islamic Banking
Publisher : Universitas Muhammadiyah Yogyakarta

Turkey has a long history in Islamic civilisation. However, there is still lack of research to examine participatory banks in Turkey. This is despite the fact that the legacy of strong Islamic law, the majority Muslim population, and the strategic location of the country have failed to serve as catalyst to boost market share of participation banks in the country. This study is aimed at developing priority ranking of SWOT factors and strategies on the participatory bank development in Turkey. Data are collected from experts and practitioners of Participation (Islamic) bank in Turkey. Analytic Network Process (ANP) is used as the methods of analysis. The finding shows that the aspects of participatory banks in Turkey are derived from strengths, opportunities, weakness and threats factors. Sharia board is the main strength of this study, while inadequate competitive product is the main weakness. In the future, government support stands as the first priority from opportunity aspect. Islamic bank in Turkey also needs to aware on the absence of separate law as the main priority of threats aspect. Another finding shows that separated law and regulation is the main strategies of the study. Concomitantly, the study suggests separate law and regulation as the main strategy to enhance banks participation in Turkey. This study could serve as reference point for the regulator in formulating appropriate policy strategies to increase market share of participatory banks in Turkey.

EXPLORING THE CHALLENGES OF CONVENTIONAL BANKING PRACTICES AND PROSPECTS OF INTRODUCING AN ISLAMIC BANKING IN TAJIKISTAN: USING QUALITATIVE APROACH Ashurov Sharofiddin; Ahmed Fauzi Bin Idris; Anwar Hasan Abdullah Othman
International Journal of Islamic Economics and Finance (IJIEF) Vol 1, No 1 (2018): IJIEF Vol 1 (1), July 2018
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.111

The purpose of this research is to explore the challenges of current banking practices in Tajikistan and investigate the prospects of introducing the new Islamic banking system. In which the Islamic banking may help in bring back the trust to the people for dealing with the banking system that will lead to enhance the economy growth. This study applied the qualitative method by conducting in depth interviews with the experts comprising seven respondents. The result of respondents showed that there is list of challenges that current banking practices facing in Tajikistan. This therefore encourage for introducing an Islamic banking system in Tajikistan. Among the challenges in Conventional Banking system that respondents identified are distrust, an interest-based (Ribâ) system, and long processes with complicated systems. This is because the listed challenges by respondents are crippling the entire banking system, if the authority is not concerning for catering the existed challenges. Moreover, the findings signify the challenges of conventional banking practice that the authorities of the country and practitioners must avoid when Islamic banks are established. In addition, the practitioners need to focus on improving the current banking practice to avoid the challenges identified in the study.

Exploring the Knowledge of Islamic Banking Among Libyan Bankers Mohamed A.M. Abderahim El-Brassi; Syed Musa Alhabshi; Anwar Hasan Abdullah Othman
International Journal of Islamic Economics and Finance (IJIEF) Vol 3, No 1 (2020): IJIEF Vol 3 (1), January 2020
Publisher : Universitas Muhammadiyah Yogyakarta

Although it has been five years since the beginning of the conversion to the Islamic banking system (IBS) in Libya., the level of knowledge of Islamic banking (IB) products and services among bankers is yet to be investigated. The study uses a quantitative research design to address the issue. A total of 207 complete and valid questionnaires were collected from bankers in several Libyan commercial banks. Statistical Package for Social Sciences SPSS version 23.0 was employed to analyze the data. Findings showed that bankers have a basic to moderate level of knowledge of IB services and products. They were unaware of some important Islamic services and products such as Musharakah, Murabahah to the purchase ordered (MPO), current Islamic account and investment banking account. The findings also concluded that the bankers were only knowledgeable about concepts of Islamic principles such as the permissibility of selling and prohibition of riba. However, they were unaware of how riba is applied in the banking system. This study urges relevant Libyan stakeholders such as government and top bank management to develop intensive Islamic banking training programs. In order to increase the level of knowledge and awareness of bankers towards IB. This would help to facilitate the conversion to (IBS) in the country.

The Future of Indonesia Islamic Banking Industry: Bankruptcy Analyzing the Second Wave of Global Financial Crisis Patria Yunita
International Journal of Islamic Economics and Finance (IJIEF) Vol 3, No 2 (2020): IJIEF Vol 3 (2), July 2020
Publisher : Universitas Muhammadiyah Yogyakarta

This study aims to analyze the resilience of the Indonesia Islamic banking industry from bankruptcy risk in times of financial crisis. This study use binary regression as dependent variable. The Islamic banking industry bankruptcy risk generated from capital buffering changes in accordance with POJK No. 11 / POJK.03 / 2016. Economic Growth, BI rate, Inflation rate and Islamic Money Market O/N rate as independent variables. To anticipate the unobserved heterogeneity, Bank Profitability, USD Exchange Rate, Federal Reserves Interest Rate and Money Supply (M2) are used as control variables. Data analysis to predict bankruptcy uses logistic regression model of the global financial crisis in Indonesia. Data obtained from monthly statistics report of Bank Indonesia and the Financial Services Authority from Januari 2008 until December 2019 by the structural break which impacted the Islamic banking capital on December 2012. Our analysis divide indonesia financial condition into two difference time, before and after the structural break. By Probit Logit Regression Model, it was concluded that USD exchange rate is independent variable which is consistently influence the probability of islamic banking bankruptcy risks in all period. BI rate not significantly affected the probability of Islamic banking bankruptcy because profit and loss sharing method applied in Islamic banking. Before the structural break the probability of bankruptcy significantly affected by Money Supply, USD exchange rate and economic growth. But after the structural break, the probability of bankruptcy significantly affected by Bank Profitability, USD exchange rate, BI rate and Islamic Money Market rate. This model precisely predicted by Count R Squared of 75.81% - 86.67%.

Shariah Disclosure Practices in Malaysian Islamic Banks using the Shariah Disclosure Index Nur Afiqah Md Amin; Noraini Mohd Ariffin; A.H. Fatima
International Journal of Islamic Economics and Finance (IJIEF) Vol 4 (2021): IJIEF Vol 4 (SI), Special Issue: Islamic Banking
Publisher : Universitas Muhammadiyah Yogyakarta

Islamic banks are required to ensure their operations and activities comply with the Shariah principles. According to Islamic Financial Services Act (2013) in Malaysia, all operations and activities of Islamic financial institutions including Islamic banks have to comply with decisions made by the Shariah Advisory Council (SAC) of Bank Negara Malaysia (BNM) and the Shariah Committee (SC) of the Islamic financial institution to ensure Shariah compliance. In practice, Shariah compliance is considered a crucial factor by bank stakeholders, especially Muslim customers in their decision to use Islamic financial products. Thus, one of the ways for Islamic banks to convey their Shariah-compliance to their stakeholders is through annual reports. This study examines the level of compliance on Shariah disclosure in the annual reports of Malaysian Islamic banks. A Shariah disclosure index, comprising mandatory and voluntary items, was developed from Bank Negara Malaysia (BNM) guidelines and Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards. Shariah disclosure data were collected from the annual reports for the year 2016 of the 16 Islamic banks in Malaysia. Based on Institutional Theory, this study hypothesised high compliance, however the results revealed that none of the banks had full compliance to the mandatory items. Nevertheless, some of these banks disclosed voluntary items. The findings provide useful insights to the regulators and stakeholders on Islamic banks’ compliance on Shariah disclosure. The study also reveals the importance of disclosing additional items in the annual reports of Islamic banks.

Asymmetric Impact of Oil Prices and Stock Prices on Bank’s Profitability: Evidence from Saudi Islamic Banks Md Fouad Bin Amin
International Journal of Islamic Economics and Finance (IJIEF) Vol 5, No 1 (2022): IJIEF Vol 5 (1), January 2022
Publisher : Universitas Muhammadiyah Yogyakarta

The soundness of financial institutions including banks depends on both internal factors and external factors. The profitability of the banks largely affected by external shocks like oil prices and stock prices. As an oil-exporting country, Saudi economy particularly its banking sector largely rely on the oil prices. This study examines the asymmetric impact of oil prices and stock prices on Saudi Islamic banks’ profitability for the period 2000-2020. Two Saudi Islamic banks’ profitability is examined by the factors like Return on Equity (ROE) and Return on Assets (ROA) with the help of a nonlinear autoregressive distributed lag (NARDL) model. The estimated results are observed to be unbiased and robust. The results of this study show that OILP and STOCKP have significant role in determining the Islamic banks’ profitability in Saudi Arabia. Both higher oil prices and stock prices have positive influence on ROE and ROA of Saudi Islamic banks. This study suggest that development and efficiency of Saudi stock market is important and macroeconomic policy should support the country’s economic diversification. The management of Islamic banks need to focus on effective risk assessment and market monitoring tools to face the fluctuation of oil prices and their stock prices as these factors affect their profitability. Besides, Saudi Islamic banks need to diversify their investment portfolios into more productive and export oriented private sectors such as Small Medium Enterprises (SMEs). This strategic policy will enable Islamic banks to absorb any future shock of oil prices without affecting their profitability.

Literature Review on REITs and Islamic REITs and Lessons Learned for Islamic REITs in Indonesia Imam Wahyudi Indrawan; Wahyu Ningsih
International Journal of Islamic Economics and Finance (IJIEF) Vol 2, No 1 (2019): IJIEF Vol 2 (1), July 2019
Publisher : Universitas Muhammadiyah Yogyakarta

Real Estate Investment Trusts (REITs) as a new instrument in many capital markets is an interesting topic. Although not yet to be popular globally, REITs has gained popularity as flexible, cost efficient and profitable real estate investment vehicle for investors as well as provide liquidity for real estate sector, especially in advanced markets like in US, Japan and Singapore. The emergence of Islamic Financial Institutions (IFIs) coincided with increasing popularity of REITs open opportunity for development of Islamic REITs (I-REITs) as competitive but sharia compliant REITs compared to the conventional one. The dominance of Malaysia as market player of I-REITs as well as many underresearched areas open opportunity for betterment of the current I-REITs markets. This paper is a literature review with two objectives. First, to compile and review existing articles on REITs, both conventional and Islamic, and second, to gain lesson learned as material for development of I-REITs in Indonesia as ultimate goal. It is expected that this literature review will generate ideas for future development proposals on I-REITs, particularly in Indonesia. This study found that literature on I-REITs is relatively thin compared to its conventional counterparts, and Indonesia is still left behind in I-REITs development despite regulatory framework is already in force. Therefore, further effort to promote supply and demand of I-REITs in Indonesia should be taken as a way to diversify Islamic investment avenues for sharia oriented investors.

Predictors of Young People’s Career Intentions as Islamic Bankers Hanudin Amin
International Journal of Islamic Economics and Finance (IJIEF) Vol 3, No 2 (2020): IJIEF Vol 3 (2), July 2020
Publisher : Universitas Muhammadiyah Yogyakarta

Understanding the willingness of university students pursuing their career as Islamic bankers has proven to be one of the most challenging research topics in the Islamic banking field. This study examines the factors affecting the career intentions as Islamic bankers among university students in Malaysia. Drawing upon Decomposed Theory of Planned Behavior (DTPB), this study examined the factors determining the students' willingness to become Islamic bankers as their future job. Our analysis is based on the 350 respondents involved. Results obtained show that all factors are examined were instrumental in determining the career intentions as Islamic bankers. Our findings should be interpreted with caution. We identified two limitations, first is on the use of the university students as proxies and second our data which was confined to Islamic finance program whilst neglecting other students from business and finance disciplines. The results help improve the role of bank managers to provide proper packages of training to improve the students’ confident to become future Islamic bankers. Besides, this study extends the DTPB’s applicability to include career intentions as Islamic bankers in a Malaysia context.

Investigating E-Servicescape Influence to Customer Response In Digital Islamic Banking Prima Andriani; Noni Setyorini; Ahmad Hafiyyan Shibghatalloh
International Journal of Islamic Economics and Finance (IJIEF) Vol 4, No 1 (2021): IJIEF Vol 4 (1), January 2021
Publisher : Universitas Muhammadiyah Yogyakarta

The mobile banking application is developed using the e-servicescape concept to create positive response in customers as application users. The objective of study is investigating the relationship between e-servicescape, trust, virtual word of mouth customer in Islamic banking. This study is quantitative approach that used Structural Equation Modelling (SEM). We collected data using an online questionnaire adapted from previous research, then distributed to all Islamic banking customers in Indonesia. The sampling technique used purposive random sampling involving 158 respondents with criteria such as Islamic bank customers in Indonesia who use mobile application services. The results of the study that all hypotheses are accepted. All dimensions of e-servicescape has a positive and significat effect on e-servicescape, e-servicescape has a positive and significat effect on trust, and trust has a positive and significant effect on customer virtual word-of-mouth. This research provides theoretical and practical contributions which will also be discussed further in this paper.

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Susilo Nur Aji Cokro Darsono

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Home Page

OAI Link

Editorial Team

Contact

Reviewer

Google Scholar

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

Abstract

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Abstract

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