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International Journal of Islamic Economics and Finance (IJIEF)
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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Accounting for Waqf Institutions: Business, Not-for-Profit or Hybrid Entities? Umar Habibu Umar; Md Harashid Haron
International Journal of Islamic Economics and Finance (IJIEF) Vol 4, No 2 (2021): IJIEF Vol 4 (2), July 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (419.266 KB) | DOI: 10.18196/ijief.v4i2.11734

Abstract

Despite the tremendous religious and socio-economic contributions of waqf institutions to Muslim communities across the globe, there was no universal accounting standard to adopt by such institutions until 15 Rabi’II (equivalent to 30th November 2020) when the Accounting Standard for waqf institutions (FAS No. 37) was approved by the Board of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) for adoption with effect from 01 January, 2022. Hence, the objective of this study is to analyze the nature of waqf institutions with a view to establishing whether their appropriate financial accounting and reporting practices should be for business, not-for-profit or both. The documentary research method was applied to achieve the aim of this study through a systematic analysis of relevant accounting and Shariáh standards. Findings and views of earlier studies were also used. The study reveals that though waqf institutions operate like charitable organizations, they are mandated to undertake or attach to commercial activities in order to generate income for the sustainability of their activities. This signified that they are hybrid and as such, they are supposed to report both waqf and commercial activities in their annual reports and accounts. Hence, the study calls on Islamic countries to provide regulations, guidelines and more importantly accounting standards that will compel or motivate waqf institutions to prepare annual reports and accounts showing both their charitable and commercial activities. 
The Effect of Macroeconomic and Bank-Specific Variables to Risk-Taking of Islamic Bank in Indonesia Faaza Fakhrunnas
International Journal of Islamic Economics and Finance (IJIEF) Vol 1, No 2 (2019): IJIEF Vol 1 (2), January 2019
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1011.393 KB) | DOI: 10.18196/ijief.129

Abstract

This study aims to delineate the relationship between macroeconomic factors and bank-specific variables to risk-taking of Islamic bank. Adopting panel co-integration approach, this study posits macroeconomic and bank-specific factors as exogenous variables consisting to interest rate, exchange rate, inflation, bank size and equity to asset ratio. Risk-taking as endogenous variable has proxies non-performing loan or financing and bankruptcy risk. By using quarterly data from 2010-Q4 to 2017-Q4, this study finds the risk-taking behavior of all banks has long-term relationship with macroeconomic factors. In terms of bank specified characteristic, bank size becomes substantial factor for the bank’s risk mitigation. When the samples are grouped based on Islamic bank’s size, the big size of Islamic bank has no long-term co-integration to macroeconomic variables. As opposed to that, the middle and small size of Islamic bank have long-term relationship to macroeconomics factors and all macroeconomic variables affect the risk-taking of Islamic bank. It concludes that the medium and small size of Islamic banks are more vulnerable from external shock.
Analysis of Mustahik Empowerment Program in Indonesia: The Case of Non-State Zakat Organization Mawardi Mawardi; Budi Trianto; Masrizal Masrizal
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 | Full PDF (131.557 KB) | DOI: 10.18196/ijief.v5i1.12900

Abstract

The mustahik (the poor and the needy) empowerment program is one of the priority activities carried out by the zakat institution. This study aims to determine whether organizational support and entrepreneurial characteristics possessed by mustahik affect the success of the mustahik empowerment program. This study also aims to determine whether the mustahik empowerment program can alleviate poverty. This research was conducted utilizing Partial Least Square-Structural Equation Modelling (PLS-SEM) method. The population in this study was the mustahiks who received empowerment programs from non-governmental zakat organizations in Pekanbaru City, with a total sample of 60 mustahiks. The results of this study found that there was a positive and significant relationship between organizational support and the mustahik empowerment program. This study also uncovered a significant positive relationship between entrepreneurial characteristics and the mustahik empowerment program. It was also unveiled that the mustahik empowerment program had a positive and significant relationship with the success of poverty alleviation. These results imply that organizational support and entrepreneurial characteristics are important variables in the mustahik empowerment program. Therefore, zakat institutions must pay more attention to these variables to get maximum results in poverty alleviation. 
Islamic Fintech, Archaeology of a Discourse Belabes, Abderrazak
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.v5i1.11248

Abstract

The objective of this paper is to present an archaeology of the discourse on Islamic fintech to highlight its mimetic character, i.e. the desire to imitate globalized finance to obtain the same thing in terms of prestige. The archaeology of the discourse revealed the following: (i) The difference between the classic Islamic conception of finance and Islamic fintech lies in the mobilization of digital technology innovation in the field of finance. (ii) The difference between Islamic fintech and conventional fintech lies in the compatibility of Islamic financial products and services with Maqāṣid al-Sharīʿah. After shedding light on the themes of social innovation and slow technology, the study recommends paying special attention to the notion of design thinking in the sense that it offers the opportunity to imagine solutions through the intersection of analysis, intuition, experimentation, and human connection. It is imperative to invest in local startups to innovate solutions that meet both the needs of users and the ambitions of organizations, while taking care not to destroy social structures, and allowing each person to develop its own specific world (milieu, Umwelt, fûdo 風土).
Dual Banking System Stability Index in the Shadow of COVID-19 Pandemic Yunita, Patria
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.v5i1.11837

Abstract

The financial system is categorized as stable if there is no excessive volatility from financial pressures or crises. The IMF indicates that the crisis is not only related to one element but more than two or three elements of the crisis. The banking system's stability is measured by the banking stability index, gauging the effectiveness of monetary policy and financial risk. This study aims to measure the stability of the Indonesian banking system in the dual banking system model. The indicator to measure banking stability used the Z-score statistic based on fluctuations of Return on Assets for each type of bank. The Markov Switching Vector Autoregressive (MSVAR) model method was used to analyze the volatility of banking stability. Independent variables used included credit risk (NPL), Loan to Deposit Ratio, Liquidity Risk, Net Interest Margin, Capital Adequacy Ratio, Money Market Rate, Inflation, Gross Domestic Product, Federal Reserve rate, and Exchange Rate. The results of the regime switch analysis concluded that Indonesia's banking stability experienced a structural break due to the effects of the pandemic in April 2020. Based on the average Z-score value, the Islamic banking stability index was higher than conventional banking. In other words, Islamic banking was more stable than the conventional banking system. The Islamic banking stability index (iZscore) was significantly influenced by the level of Net Operating Margin, Financing to deposit ratio, Potential Loss Profit Sharing, Islamic Money Market Rate, and Exchange Rate. However, non-performing financing did not affect Islamic banking stability since the profit-sharing system implemented by Islamic banking stability was more influenced by the ratio of potential loss and profit-sharing system.
The Role of Attitudes toward Local Product in Green Marketing Strategy: Evidence from Muslim Consumers M Qoshid Al Hadi; Iman Setya Budi
International Journal of Islamic Economics and Finance (IJIEF) Vol 5, No 2 (2022): IJIEF Vol 5 (2), July 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v5i2.14643

Abstract

The impact of the COVID-19 pandemic has increasingly aroused the awareness of companies towards environmental issues. The company began to make changes in energy utility to reduce environmental impacts, including its marketing pattern. In addition, the issue of the government's campaign to love local products has also influenced consumer purchase intention. For this reason, this study aims to examine the impact of green marketing strategy (GMS) variables, which are green advertising and green brand image, and the attitudes toward local products as the moderating role, on Muslim purchase intention. This study used the partial least square–structural equation modeling (PLS-SEM) method. The data collected from 89 Muslim consumers in Banjarmasin, Indonesia, were processed using SmartPLS. This study uncovered that both GMS variables significantly affected the consumers’ purchase intention. However, this study also found that the attitude toward local products did not moderate the relationship between the two previous variables on purchase intention, but it significantly affected consumers’ purchase intention directly.
Bank Reactions to COVID-19 Pandemic and Currency Crisis: Empirical Evidence from Iran Reza Gholami; Aisyah Abdul-Rahman
International Journal of Islamic Economics and Finance (IJIEF) Vol 5, No 2 (2022): IJIEF Vol 5 (2), July 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v5i2.14825

Abstract

Since 2019, the global economy is suffering from a crisis caused by a novel virus called Covid-19 which create uncertainty condition for investors by affecting both supply and demand side of the economy, simultaneously. It is expected that investors be more cautious in investing under uncertain condition created by Covid-19, but this issue has been neglected in the literature. We address it by examining the banks’ behavior in constructing their portfolio based on empirical evidence from the Islamic Republic of Iran (Iran). We focus on banking system as it is a major investor in the economy that is more sensitive to any surprises due to the structure of its business model. By categorizing the Iranian banks’ assets into fixed, variable, and no-interest rate, we examine the weight change of the three contracts in the banks’ portfolio during the Covid-19 and a regular currency crisis. We apply ARDL regression analysis for monthly data (January 2010 to June 2021) from Iranian Central Bank. The results revealed that the weight of the fixed rate contracts in the banks’ portfolio, on average, is higher during crisis compared to normal periods, and is even higher facing Covid-19 or uncertainty condition. This study adds to the literature of Covid-19 crisis and its findings help policymakers to provide a prompt reply of such crisis through banking system.
Comparison of the Environmental, Social, and Governance Stock Index with Sharia Stock Index Performance Before and During the COVID-19 Pandemic in Southeast Asia Een Nuraeni; Faaza Fakhrunnas
International Journal of Islamic Economics and Finance (IJIEF) Vol 5, No 2 (2022): IJIEF Vol 5 (2), July 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v5i2.13392

Abstract

COVID-19 is a pandemic event with a global impact from a health and economic point of view. The number of confirmed cases of COVID-19 that continues to grow has caused several countries to implement lockdown policies. However, it has implications for an increasingly depressed stock market. Thus, it can affect the performance of stock indexes in various countries. For this reason, this research aims to examine the effects of the COVID-19 pandemic on the Islamic stock index and the environmental, social, and governance stock index in Southeast Asia and then compare the two indexes when responding to the COVID-19 pandemic. The models used in this research were event study and Vector Error Correction Model (VECM). This study utilized time-series data with a five-month daily period from December 2019 to April 2020. The event study model results showed that the number of positive cases of COVID-19 significantly affected the stock index performance, except for the ESG stock indexes in Singapore. Moreover, the VECM results revealed that the number of positive cases of COVID-19 had a significant effect on the stock index performance in the long and short term, except for the sharia stock index, which did not have a significant impact on the short term in Singapore and did not have a significant impact on the long term in Malaysia, namely the HIJRAH index.
The Role of Islamic Religiosity on the Relationship Between Risk, Trust, and Intention to Use Digital Payments During the COVID-19 Pandemic Yudi Sutarso
International Journal of Islamic Economics and Finance (IJIEF) Vol 5, No 2 (2022): IJIEF Vol 5 (2), July 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v5i2.13990

Abstract

There has been limited study on risk perception faced by digital payment customers, particularly during the COVID-19 pandemic, motivating this study to analyze the role of risk and trust on the intention and use of digital payments and confirm the moderating role of Islamic religiosity in the model. This study used the Partial Least Squares -Structural Equation Model (PLS-SEM) method, including a survey of 270 customers of three digital payment service providers: OVO, Gopay, and Dana. The key finding revealed that security and operational risks significantly impacted trust, even though they did not affect the intention to continue. Another significant result uncovered that Islamic religiosity moderated the effect of operational risk on trust. In this case, customers with a lesser religiosity level were more sensitive to the risk's impact. The significant contribution of this study is an expanding theory on the relationship between perceived risk, trust, and the use of digital payments. The study also offers recommendations to practitioners on managing risk and trust to increase the likelihood of using digital payment in the future. Furthermore, practitioners must consider religiosity regarding risk management, trust, and consumer protection.
Patronage Factors of Motor Vehicle Takaful in Kano State, Nigeria Alhassan Yahaya; Sagir Muhammad Sulaiman; Habu Abdu Aminu
International Journal of Islamic Economics and Finance (IJIEF) Vol 5, No 2 (2022): IJIEF Vol 5 (2), July 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v5i2.14970

Abstract

The Nigerian insurance industry has been associated with low patronage, thus contributing less than 1% to the Gross Domestic Product (GDP). The marketing and distribution segment of the Nigerian oil and Gas industry is facing multiple challenges including difficulty in transporting product through pipelines which necessitate the use of alternative means of transportation by road (Trucks). The main objective of this study is to empirically examine the determinants of patronage of motor vehicle Takaful by members of National Association of Road Transport Owners (NARTO-PTD) Kano State. The population of the study is 320 registered members of NARTO-PTD. Using Taro Yamane sample size formula, the study arrives at a sample of 178 respondents who were selected using simple Random Sampling Techniques. Partial Least Square - Structural Equation Modelling (PLS-SEM) method was employed to test the hypotheses of the study. The result reveals that while awareness is insignificant but perception and religiosity significantly affect patronage of motor vehicle takaful by members of NARTO-PTD in Kano State. The study recommends Takaful Companies to develop policies that will further encourage those highly religious and attract those that are not highly religious through organizing educative programs in masjids and other religious avenues and places of worship. Lastly, the study recommends developing policies that will strengthening the perception (NARTO-PTD) members toward Takaful.

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