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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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Islamic Banking and Financial Development: A Cross-Country Analysis Baita, Abubakar Jamilu; Umar, Umar Habibu; Shawa, Jamilu Sani
International Journal of Islamic Economics and Finance (IJIEF) Vol 7, No 2 (2024): IJIEF Vol 7 (2), July 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v7i2.19579

Abstract

Islamic banking has become an integral part of the modern financial system. Therefore, this study examined the effect of Islamic banking on financial development in countries with a matured practice of Islamic finance. These countries include Iran, Saudi Arabia, Malaysia, UAE, Kuwait, Qatar, Turkey, Bangladesh and Indonesia. Besides, we collected data on Islamic banks' assets and financial development indicators over nine (9) years between 2012 and 2020. The study applied heteroscedastic panel corrected standard errors (HPCSE) regression model to estimate results. The findings indicated that Islamic banks contribute significantly to improving financial development after controlling for banking characteristics (credit risk and capital adequacy ratio) and macroeconomic factors (real per capita GDP, inflation and trade openness). Due to data limitations, this study covers only nine countries over nine years (2012 -2020). The findings provided insight into the contribution of Islamic banks to financial development, which can motivate regulatory authorities and policymakers to improve the practice of Islamic banking and finance through the provisions of enabling and motivational regulations and policies. This study provided a novel contribution as this issue is underresearched. Most existing studies concentrate on the macroeconomic and institutional determinants of financial development, thus relegating the role of Islamic banking in spurring financial development.
Safeguarding Stability and Enhancing Profitability: The Case of Islamic Banking in Indonesia Mubarok, Faizul; Wibowo, Martino; Latif, Sahraman D Hadji
International Journal of Islamic Economics and Finance (IJIEF) Vol 7, No 1 (2024): IJIEF Vol 7 (1), January 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v7i1.20537

Abstract

This study examines the impact of crises, non-performing financing variables, exchange rates, inflation, and interest rates on Islamic banks' short-term and long-term profitability in Indonesia. Profitability (ROA) fluctuations are also assessed in consideration of exogenous shocks. This analysis uses the Vector Error Correction Model (VECM) to examine monthly data from 2007 to 2023. The results suggest that non-performing financing (NPF), exchange rates (BIRT), and inflation (IFLS) have a substantial impact on the long term. While the crisis variable exhibits a relatively less substantial influence, interest rates reveal distinct short-term and long-term impacts. The Impulse Response Function data indicate that NPF, KURS, and IFLS have a negligible effect on ROA. NPF primarily influences ROA variation, as determined by the Forecast Error Variance Decomposition; KURS follows suit. Islamic Banks' management must diligently oversee non-performing loans, exchange rates, and inflation and astutely devise interest rate strategies. The factors impacting the profitability of Islamic banks in Indonesia are thoroughly examined in this study.
What Drives Millennials' and Gen Z's Intentions to Participate in Cash Waqf Linked Sukuk? Perspectives from Islamic Altruism Reyhanmulky, Muhammad; Supriani, Indri; Al-Ghifary, Muhammad Syauqy
International Journal of Islamic Economics and Finance (IJIEF) Vol 7, No 2 (2024): IJIEF Vol 7 (2), July 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v7i2.20703

Abstract

Waqf, in its conceptual essence, has the potential to enhance social and economic mobility, thus alleviating poverty. Nevertheless, the effective collection of waqf faces numerous challenges, particularly in adapting to the needs of Millennials and Generation Z. The objective of this research attempt is to examine how Islamic altruism moderates the impact of crucial determinants of cash waqf linked sukuk (CWLS) on fund collection. By employing the Structural Equation Model-Partial Least Squares (SEM-PLS) method, data were collected from 283 respondents belonging to the Indonesian millennial and Gen Z demographics via a self-structured questionnaire. The results emphasize that Islamic altruism does not play a substantial role in moderating the determinants of CWLS among the economic variables associated with Islam. Regarding domain-based economic decisions, individual contributions to CWLS are not reliably moderated by Islamic altruism. Despite adhering to the waqf principle, Islamic altruism, which entails the voluntary provision of assistance to others without personal gain, does not exert any influence on economic motivations for participating in CWLS. Furthermore, this research indicates that income level, religiosity, sharia financial literacy, and a strong inclination towards CWLS significantly influence the intention of Millennials and Generation Z to participate. Indonesia, being a Muslim-majority nation, could potentially witness significant progress in the field of financial waqf, specifically in the area of CWLS. The research's practical implications offer significant insights and direction for stakeholders, aiding in the formulation of efficacious policies and initiatives that promote CWLS fundraising among Millennials and Generation Z. This is novel research, and from the perspective of Islamic altruism theory, there has been a dearth of studies examining the critical factors that determine individual contribution in CWLS.
Examining Cash Waqf from the Perspectives of Malaysian Actual Donors Amin, Hanudin; Jam, Nor Syakina; Ring, Patrick J; Suhartanto, Dwi; Mai, Muhamad Umar; Razak, Dzuljastri Abdul; Shaikh, Imran Mehboob
International Journal of Islamic Economics and Finance (IJIEF) Vol 7, No 1 (2024): IJIEF Vol 7 (1), January 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v7i1.21334

Abstract

This study examined the cash waqf giving behaviour in Malaysia covering Selangor, Perak, Negeri Sembilan and Pahang. The theory of planned behaviour (TPB) was employed as a point of departure to observe the factors influencing the cash waqf behaviours involving 777. SPSS 27 was then utilised to assess and consider the data to test hypotheses and draw statistical conclusions. The TPB’s factors were instrumental in shaping the expansion of cash waqf giving in Malaysia. The added variable, Islamic altruism was also statistically influential and played an important role in determining the behaviour formation.  Besides, in the post hoc analyses, we discovered a mediating role of attitude for the tested and examined independent variables involved. The usefulness of the results obtained was confined to the theory used as well as the geographical areas chosen. The results obtained can be learned by Malaysian waqf institutions to further strengthen the waqf collections by optimising the significant variables found in this study. This study is the first to check the effects of the TPB's factors in the context of actual behaviour, which adds more knowledge to the existing waqf literature available in the world.
Productivity Comparison between Conventional and Islamic Commercial Banks in Indonesia during the COVID-19 Pandemic Octrina, Fajra; Jamilah, Almi
International Journal of Islamic Economics and Finance (IJIEF) Vol 7, No 1 (2024): IJIEF Vol 7 (1), January 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v7i1.16323

Abstract

This study was conducted to measure and compare the productivity level between conventional and Islamic commercial banks in Indonesia during the COVID-19 pandemic. The number of samples used in this study was 105 banks consisting of 95 conventional banks and 10 Islamic banks. The level of productivity was measured using the Malmquist Productivity Index (MPI) method and Data Envelopment Analysis (DEA) with an intermediation approach, while the productivity of conventional and Islamic commercial banks was compared using normality and different tests. The results showed that the productivity level of the Islamic banks with a Total Factor Productivity Changes (TFPCH) value of 1.001 was driven by technological advances. Meanwhile, the conventional banks were not productive. On the other hand, the results of the different tests showed that there was no significant difference between the productivity level of the conventional and Islamic banks. Conventional banks must enhance innovations in the use of technology in their operational activities to improve their productivity and maintain their high efficiency achievement. Meanwhile, Islamic banks could improve their efficiency in the operational activities so that they would achieve higher productivity and to innovate continually with the use of technology. During the study observation, there was no study comparing between the productivity level of conventional and Islamic commercial banks during the COVID-19 pandemic in Indonesia. Therefore, this research was the first study to discuss the comparison of productivity level between conventional and Islamic commercial banks in Indonesia during the COVID-19 pandemic.
Predictors of Islamic Financial Inclusion in the Northwest Nigeria: A Preliminary Cross-Sectional Investigation Aliyu, Shehu Usman Rano; Danlami, Abubakar Hamid; Shehu, Farida Mohammed
International Journal of Islamic Economics and Finance (IJIEF) Vol 7, No 2 (2024): IJIEF Vol 7 (2), July 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v7i2.21386

Abstract

Financial inclusion is seen widely as a tool for attaining macroeconomic objectives of economic growth, poverty reduction, economic prosperity, and the like. The phenomenon of Islamic financial inclusion is a decade old in Nigeria. As prelude (pilot) to broader study, this paper conducts a preliminary assessment of predictors of Islamic financial inclusion in the Northwest zone which is composed of seven (7) states in Nigeria. Leveraging on expositions in both the theoretical and empirical literature on dimensions of financial inclusion; access, use, quality, and barriers, this study constructs three logistic regression models based on access to financing facilities, access through automated teller machine (ATM), and access using unstructured supplementary service data (USSD) banking code. Results show that while the access to financing logistic model outperforms the other two models, household’s location and years of business (YOB) experience were statistically significant across all three models implying that those in the urban areas and with more years of business experience tend to be more financially included than their counterparts in the rural areas. In line with intuition, age of the household and YOB experience are averse to the use of ATM card and USSD code for banking transactions. The paper recommends improved infrastructure provision and increased reach to rural areas through innovative banking service delivery to enhance financial inclusion in the zone. This study is among earliest attempts that assesses the predictors of Islamic financial inclusion in the Northwest, Nigeria.
Investigating the Determinants of Islamic Banks’ Financing Quality: A Regional Approach Fakhrunnas, Faaza; Anto, M. B. Hendrie
International Journal of Islamic Economics and Finance (IJIEF) Vol 7, No 1 (2024): IJIEF Vol 7 (1), January 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v7i1.18532

Abstract

The quality of Islamic banks’ financing is pivotal to determine the banking performance. When an Islamic bank has good quality of financing activities, the bank can generate more financial return due to less exposure to bad financing. This study aims to investigate the determinants of Islamic banks’ financing quality by considering the regional approach. The study utilized non-performing financing as the proxy of bank’s quality financing. The dependent variables consisted of inflation, financing growth, financing to deposit ratio, and asset. In addition, dummy variables were used to identify the period of the COVID-19 pandemic and the regional effect in Java and other regions outside Java. By adopting panel data analysis, this study observed 33 provinces in Indonesia from January 2004 to October 2021. The findings of the study revealed that the determinant of Islamic banks’ financing quality in consumption scheme was different from equity and investment schemes. Moreover, only Islamic banks’ financing quality in consumption scheme had exposure to inflation risk. Regional influence was present in all sorts of financing schemes at the time the COVID-19 pandemic significantly impacted financing quality in investment and consumption schemes. This study suggests that Islamic banking practitioners and financial authorities should understand the different behavior of each financing scheme in order to maintain Islamic banks’ financing quality.
The Theory of Reasoned Action and The Prospects of Waqf-Muzar’ah-Supply Chain Model in Zanzibar Moh'd, Issa Salim
International Journal of Islamic Economics and Finance (IJIEF) Vol 7, No 1 (2024): IJIEF Vol 7 (1), January 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v7i1.15206

Abstract

The contribution of the agricultural sector to the development of Zanzibar Islands is considerable. This very important sector through the clove industry was the economic backbone upon which the government of Zanzibar relied for its foreign exchange and national revenue. However, since 1964, agricultural productivity particularly clove production has continually and significantly decreased due to many problems and challenges, especially financial ones. For example, financial intermediaries including banks, cooperatives and micro-enterprises provide micro-financing to the farmers but with high interest rates along with collateral requirements. The numerous programmes, measures and policies adopted by the relevant parties to find solutions to the dwindling clove production have failed. This study has therefore proposed a Waqf-Muzara’ah- Supply Chain model (WMSCM) to address the challenges. The study has used Theory of Reasoned Action adopt the model. To the model, SPSS, AMOS and SEM have used accordingly. The results show that, both the attitude and subjective norm of the clove farmers in Zanzibar towards using the proposed model are statistically significant and have influence on their behavioral intention in using the model.
Islamic Finance and Economic Performance: A Panel Analysis in Selected Countries Alferez, Michelle; Bagtasos, Noel Francis; Chio, Khrystelle Shane; Payot, Justine; Laygan, Resa Mae; Abing, Martha Joy; Capulong, Charlyn; Teves, Maria Rizalia
International Journal of Islamic Economics and Finance (IJIEF) Vol 7, No 2 (2024): IJIEF Vol 7 (2), July 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v7i2.22562

Abstract

Financial crises, and stock markets over the years have amply shown how investors’ sentiment affect asset prices and the effectiveness of stock markets. Such a crisis brought down financial institutions sent stock markets tumbling, and left consumers scrambling due to subprime mortgages. With this, Islamic finance adoption has driven demand for Islamic financial products being free from interest. Hence, this study aimed to determine how Islamic finance can influence the economy of 19 selected countries adopting Islamic finance. These countries have marginal to significant scores in Islamic Finance across the years. This study utilized panel data from 2013 to 2021, which was gathered from the Global Islamic Finance Report, Global Innovation Report, and World Bank. A number of diagnostic tests and analyses were performed in order to reach a result that addressed the objectives and problem statement. The Panel Corrected Standard Errors analysis was used as the final model to treat heteroscedasticity, cross-sectional dependence, and autocorrelation. Based on the regression results, Islamic finance has a positive and statistically significant effect on the economy. The regression results indicate a positive and statistically significant impact of Islamic finance on the economies of the studied countries. This finding underscores the potential of Islamic finance to stimulate economic growth, enhance financial stability, and foster inclusivity in financial markets. Consequently, the findings highlight the pivotal role of macroeconomic variables and the adoption of Islamic finance principles in shaping economic outcomes.
The Socio-Economic Contribution of Muʾlft qulub and Fi sabilillah Zakat: Contemporary Applications in Sri Lanka Jiffry, Arafath Careem
International Journal of Islamic Economics and Finance (IJIEF) Vol 7, No 2 (2024): IJIEF Vol 7 (2), July 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v7i2.17966

Abstract

The zakat obligation mandates Muslims with surplus wealth to donate to specific beneficiaries. In Sri Lankan zakat jurisprudence, Muʾlft qulub is narrowly interpreted to include only recent converts to Islam, while Fi sabilillah is limited to warriors fighting for Islam. This interpretation follows the Shafiʿi school of thought, which advises against distributing zakat to non-Muslims or to righteous individuals broadly. This restrictive approach undermines the broader objectives of zakat, such as promoting social justice, reducing poverty, enhancing welfare, ensuring economic stability, and fostering inter- and intra-community relationships. The paper employs a qualitative content analysis methodology alongside a Muslim minority fiqh approach to connect Islamic principles with the socio-economic context of the Sri Lankan Muslim minority. It argues that the classical jurisprudential interpretation is inadequate for addressing the unique challenges of the modern Sri Lankan socio-economic environment. By applying a fiqh of the Muslim minority approach, the paper suggests a moderate expansion of the Muʾlft qulub and Fi sabilillah categories. This expansion would help achieve the broader socio-economic goals of zakat and empower the Muslim community in Sri Lanka.

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