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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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BUILDING THE INDEX OF RESILIENCE FOR ISLAMIC BANKING IN INDONESIA: A PRELIMINARY RESEARCH Arumsari, Fanny; Wiranatakusuma, Dimas Bagus; Ahmad, Abu Umar Faruq
International Journal of Islamic Economics and Finance (IJIEF) Vol 1, No 1 (2018): IJIEF Vol 1 (1), July 2018
Publisher : Universitas Muhammadiyah Yogyakarta

The 2007-2008 global financial crises had brought severe financial instability in financial institutions, and since then it became more complex and irreparable. Therefore, it has become inevitable to examine various tools that can monitor resilience of these financial institutions, especially the banking system that plays significant role in economic development of a country. Although Islamic banking operates in the same financial environment, its distinguishing features and fundamental differences demand different treatment in building resilience. The scope of existing literature of banking surveillance tools is either to some extent, mostly limited to banking sector in general, orÂ it is dominated by partial developments. Hence, there is a significant gap that lies in the literature to address the specificity of Islamic and conventional Â banking surveillance tools analysis to build resilience that can contribute to reduce the span of financial instability in a country. This study seeks to explore to fill in this gap in Indonesian jurisdiction. The study finds that optimum resilience level of Shari`ah banking in Indonesia exists in specific range as a result of the contribution that is made by each and Â every indicator. The study also attempts to find a way to trace some indicators that could effectively contribute to prevent the instability of Shari`ah compliant banking system in Indonesia.Â

Implementing a Central Bank Issued Digital Currency with Economic Implications Considerations Mohamed, Hazik
International Journal of Islamic Economics and Finance (IJIEF) Vol 3, No 1 (2020): IJIEF Vol 3 (1), January 2020
Publisher : Universitas Muhammadiyah Yogyakarta

A central bank-issued digital currency (CBDC) could solve the volatility of a privately-issued cryptocurrency as well as keep intact its potential benefits. This research intended to analyze the possibilities for implementing a CBDC in a viable format that is also Shariah-compliant which may have the capacity to tackle issues plaguing the current financial system. We discuss possible scenarios and the resulting impact and consequences of CBDC implementation, through a deep examination of the benefits, opportunities, costs and issues of several conceptual formats. Methodologically, we used qualitative, comparative and analytical assessments on the critical impact on crucial levers like dilution to monetary policy, and the stability of the financial system. Finally, we found that the best format was a non-interest bearing CBDC for the interbank settlement and wholesale payment systems which would have the least disruption to the economy but strongest monetary policy transmission.

Challenges of Zakat Integration as Source of State Revenue Yasni, Raynal; Erlanda, Agam Reynaldi Reza
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

In the era of new public financial management, where society participation and cost sharing in public goods provision are inevitably pursued by government, some sources can still be explored such as zakat, infaq, and sadaqah as social awareness activities for Muslims that are prevalent in the community. There are also other donations on the basis of certain motivations which can reduce the burden of tax revenue to support public policy. The phenomenon of mutual cooperation and caring to help others through social donations emerged even more apparent when the Covid-19 pandemic entered a period of social restrictions. This study aims to examine the challenges faced in integrating zakat as an alternate state revenue. The method used is descriptive qualitative using primary data in the form of semi-structured interviews. Determination of the source of data on the interviewee is done purposively. They are chosen to represent zakat practitioners, representatives of government and taxation institutions, and academics. The results showed various challenges in integrating zakat as an alternative source of state revenue, namely uniting government programs with receivers, distribution process, strong zakat institutions, supervisory institutions, public trust, increased compliance, issues on state ideology, alignment of rules with other religious communities, revenue earmarking, and spending flexibility.

Fintech and Its Potential Impact on Islamic Banking and Finance Industry: A Case Study of Brunei Darussalam and Malaysia Ali, Hassnian; Abdullah, Rose; Zaini, Muhd Zaki
International Journal of Islamic Economics and Finance (IJIEF) Vol 2, No 1 (2019): IJIEF Vol 2 (1), July 2019
Publisher : Universitas Muhammadiyah Yogyakarta

Fintech is growing at an exponential rate which leads to the emergence of innovative business models. Advanced technologies like Blockchain, internet of things (IoTâ€™s), artificial intelligence (AI), and robotics have become mature enough to create disruption in banking and finance industry both conventional and Islamic finance industry. Brunei Darussalam and Malaysia, both, offer wide range of Shari'a compliant services. The main purpose of this study is to investigate the potential impact of Fintech on the Islamic banking and finance industry in Brunei and Malaysia. Accordingly, this research deals with the qualitative method to accomplish and fulfill the research objectives. Content analysis and Semi-structured interview approach were employed throughout the research. The results clearly show that Fintech hasÂ great potential impact on both conventional and Islamic finance industry. This potential impact is in both ways i.e. positive and negative. And, the response and reaction of Islamic finance industry towards the emergence of Fintech and its potential impact seems very slow as compared to their conventional counterparts. This study has indicated important points which include the necessity for the Islamic financial institution to cope with the growth of Fintech.

Millennials Behaviour towards Digital Waqf Innovation Wadi, Dudun Anugerah; Nurzaman, Mohamad Soleh
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

High growth of internet and smartphone users has resulted in the emergence of various digital start-up companies. Those innovation has changed peopleâ€™s habit, one of which is the online donation habit. However, waqf as a form of Islamic endowment has not been much in demand by the public. Todayâ€™s existing digital waqf platform has not succeeded in cultivating waqf in communities, specifically for Millennials which will dominate 70% Indonesiaâ€™s workforce in 2020-2030. This research aims to find Millennials determinants of waqf technology adoption using modified UTAUT2 model. To build respondent perception of waqf and innovation proposed, a short video was used since its rise as marketing tool. This research also examines video marketing effectiveness using EPIC model. Result from data analysis using PLS SEM model shows that Performance Expectancy, Effort Expectancy, and Social Influence are major determinants toward waqf technology acceptance. Video marketing is also found to be very effective as a marketing tool for digital waqf.

Dispute Resolution for Islamic Banks in Indonesia Puneri, Atharyanshah
International Journal of Islamic Economics and Finance (IJIEF) Vol 4 (2021): IJIEF Vol 4 (SI), Special Issue: Islamic Banking
Publisher : Universitas Muhammadiyah Yogyakarta

The rapid growth of Islamic banking and finance industry demanded an improvement in term of standards, frameworks, policy, technologies, resources, and guidelines in order to go beyond without compromising the core values of Islam itself. In the context of legal framework of Islamic banking and finance, it is most likely this industry needs to be highly regulated in order to avoid manipulation and abuse by the irresponsible parties. One of the crucial issue in the area of Islamic Banks in Indonesia is regarding about the dispute resolution mechanism for Islamic Banks. Based on Indonesian positive law, there are two alternative dispute resolution mechanisms that can be exercised by parties to settle disputes in cases involving Islamic Financial Institutions (IFIs) namely through litigation or non-litigation. Litigation comes under the jurisdiction of the Religious Court. Researcher in this study are look deeper into the dispute resolution mechanism for Islamic Banks in Indonesia, as well as going through some decided cases. And based on the study done, it was found that alternative dispute resolution mechanism is more effective to resolve Islamic Banks dispute rather than litigation. In the future, researchers may conduct more research to examine deeper about the dispute resolution mechanism for the whole Islamic Economics and Finance in Indonesia. Moreover, researchers need to look at the regulators' and legislatorsâ€™ perception towards dispute resolution and legal environment.

Inflationary Dynamics of Consumer and Producer Financing: A case of Islamic and Conventional Banking in Pakistan Manzoor, Arslan; Arshed, Noman
International Journal of Islamic Economics and Finance (IJIEF) Vol 4, No 2 (2021): IJIEF Vol 4 (2), July 2021
Publisher : Universitas Muhammadiyah Yogyakarta

One of the macroeconomics objectives is to stabilize purchasing power for the masses, which remains a leading economic problem in Pakistan for years. Economists are convinced about some degree of inflation in the economy to mobilize economic resources, with the condition to keep it to a minimum. Currently, Islamic finance is setting its firm footing in Pakistan and competing with the conventional financial system. Under this scenario, this study compares the Shariâ€™ah compliant financing provided by Islamic financial institutes, and human made standards of conventional financial institutions. This study explores the effect of consumer financing and producer financing of Islamic and conventional banks on the inflation of Pakistan. Quarterly secondary data between 2009Q2 to 2019Q2 extracted from the State Bank of Pakistan reports and International Financial Statistic. ARCH model is used to estimate the model. Empirical results displayed that Islamic consumer financing, as expected in theory, helps to control inflation. The preaching of moderation in Islamic finance makes Islamic consumer financing less inflationary, and asset-based Islamic producer financing will perform better in reducing inflation. Islamic consumer financing is well participating in the management of inflation. However, Islamic producer financing lacks inflation curtailing ability. The small share in the financial market, and lack of long-term investment plans, are the few reasons why Islamic producer financing is not managing inflation.

Awareness and Perceptions of Muslim Society towards Islamic Banking in the Philippines Sahraman D. Hadji Latif
International Journal of Islamic Economics and Finance (IJIEF) Vol 1, No 2 (2019): IJIEF Vol 1 (2), January 2019
Publisher : Universitas Muhammadiyah Yogyakarta

The aim of this study was to determine and analyse the level of awareness and perceptions of Muslim society towards Islamic banking in the Philippines.Self-structured questionnaires were administered and distributed to 70 employees of some selected offices of the Mindanao State University (MSU), Marawi City and the data were processed and analyzeddescriptively.The results revealed that most of the respondents are aware of the existence of the Al-Amanah Islamic Investment Bank of the Philippines and that interest and uncertainties are prohibited in all forms of business transactions including in Islamic banking. Conversely, they are not aware of Islamic banking products and services and its modes of financing such as musharakah, mudharabah, murabaha and Ijaraah. Furthermore, the study found that most of the respondents perceived that Al-Amanah Islamic Investment Bank of the Philippines has not done enough to promote and market its products and service to the public. The problem of peace and order, and the lack of emphasis placed on the importance of Islamic banking in the country have affected its development. The study also indicated that majority of respondents believed that Islamic banking has a potential positive future in the Philippines. Hence, promotion through policies and marketing strategies is necessary in strengthening Islamic banking in the country.

Economic Thought, Foundational Problems of Mainstream Economics and the Alternative of Islamic Economics Omercic, Jasmin; Bin Mohamed Haneef, Mohamed Aslam; Omar Mohammed, Mustafa
International Journal of Islamic Economics and Finance (IJIEF) Vol 3, No 2 (2020): IJIEF Vol 3 (2), July 2020
Publisher : Universitas Muhammadiyah Yogyakarta

Economic thought always permeated human living. Economic thought and the development of economics as a discipline in the last few centuries made it central to the world order. However, the foundational problems that mainstream economics suffers from led to uncounted crises and issues within the same order that created it. A physicalist ontology, rationalist epistemology, axiological futility, and methodological deficiency are the problems of philosophical foundations of mainstream economics we reviewed in this paper. The methodology of this paper is qualitative and generally adopts the library research and critical content analysis methods to review and respond to identified foundational problems. Muslims islah and tajdid responses to the West and mainstream economics problems and issues found shape in Islamisation of Knowledge (IOK) and Islamic Economics (IE). The recent shift to Integration of Knowledge (IoK) universalizes the appeal and revives the zeal for IE development in light of IoK based on IOK in this paper. A thorough analysis of IOK, IoK, and IE responses to the West and mainstream economics enabled us to appraise it as the alternative and solution to the foundational problems. The paper clarified the way for future research in IE in light of IoK and directed the academia and industry towards economic reasoning based on robust foundations.

Determinant of FDI Inflows in OIC Countries Megasari, Tania; Saleh, Samsubar
International Journal of Islamic Economics and Finance (IJIEF) Vol 4, No 1 (2021): IJIEF Vol 4 (1), January 2021
Publisher : Universitas Muhammadiyah Yogyakarta

This study aims to analyze the determinants of foreign direct investment (FDI) in the Organization of Islamic Cooperation (OIC) country members for the period 2005 to 2018 The determinant variables of FDI are corruption, political stability and macroeconomic variables such as inflation, exchange rates, economic growth, and trade openness. Analysis used in the studyÂ is the fixed effect model (FEM) of the OIC data panel.The results showed that economic growth and trade openness had a significant influence on foreign direct investment (FDI), while the effects of corruption, political stability, inflation and the exchange rate have no significant effect on foreign direct investment (FDI).

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Susilo Nur Aji Cokro Darsono

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susilonuraji@umy.ac.id

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+628565022013

Journal Mail Official
ijief@umy.ac.id

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Location
Kab. bantul,

Daerah istimewa yogyakarta

INDONESIA

Abstract

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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

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

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