Jurnal Ekonomi & Keuangan Islam
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Jurnal Ekonomi dan Keuangan Islam (JEKI) covers in detail a large number of topics related to Islamic Economics and Islamic Finance, comprising the latest empirical studies, country-specific studies, policy evaluations on Islamic economics and comparative international Islamic finance. This journal provides a forum for scientific exchange for academicians, practitioners, keen observers, and independent researchers, by publishing high-quality theoretical, empirical, and policy contributions.
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Jurnal Ekonomi dan Keuangan Islam (JEKI) promotes the exchange of ideas and information among researchers around the world and strives to keep the economists updated on the latest research related to Islamic economics and Islamic finance. Scientists with an interest in Islamic economics and Islamic finance may rely on this journal as one of their essential sources.
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<![CDATA[Macroeconomic’s effect on Islamic and conventional banking profitability: Evidence from Indonesian dual-banking system ]]>
<![CDATA[Achmad Fadlil Abidillah]]>;
<![CDATA[Roisatun Kasanah]]>;
<![CDATA[Sulistya Rusgianto]]>
<![CDATA[ Jurnal Ekonomi & Keuangan Islam Volume 8 No. 1, January 2022 ]]>
Publisher : <![CDATA[Faculty of Economics, Universitas Islam Indonesia ]]>
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DOI: 10.20885/jeki.vol8.iss1.art1
<![CDATA[Purpose – This paper aims to analyze the effect of macroeconomic and global crisis variables on Islamic and conventional banking profitability, evidence from Indonesian dual-banking system.Methodology – Time-series data from 2008q1–2021q2 were analyzed using an Autoregressive Distributed Lag (ARDL) model. This method can describe both long run and short run equilibrium between banking profitability and macroeconomic variables.Findings – The results point out that in a long run model, sharia banking's profitability is more resistant to macroeconomics shock than conventional's. Then, in a short run model, sharia's ROA and conventional's ROA face different effects of economic growth, exchange rate, and global crisis. Sharia's NPM is more affected by macroeconomic variables than conventional's.Originality – This study used an ARDL model to develop a dynamic relation between macroeconomic variables and dual bankings profitability.]]>
<![CDATA[Problems and solutions in zakat digitalization: Evidence from South Kalimantan, Indonesia ]]>
<![CDATA[Sri Maulida]]>;
<![CDATA[Fahmi Al Amruzi]]>;
<![CDATA[Budi Rahmat Hakim]]>;
<![CDATA[Irfan Syauqi Beik]]>
<![CDATA[ Jurnal Ekonomi & Keuangan Islam Volume 8 No. 1, January 2022 ]]>
Publisher : <![CDATA[Faculty of Economics, Universitas Islam Indonesia ]]>
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DOI: 10.20885/jeki.vol8.iss1.art7
<![CDATA[Purpose – This study aims (i) to analyze the readiness of zakat management institutions in zakat digitalization and (ii) to analyze the problems and solutions in managing zakat funds through digital platforms.Methodology – The study used two methods, called the interview and the Delphi-ANP methods. The data used in this study were the results of interviews with zakat managers (OPZ) in South Kalimantan (BAZNAS and LAZNAS). Besides practitioners, it also involved experts from various universities in South Kalimantan.Findings – The results showed that most zakat institutions in South Kalimantan, Most zakat institutions have a good understanding and readiness to shift to digital platforms. Based on the analysis of problems and solutions in using digital platforms in zakat management, the study found alternative priority problems and solutions for zakat institutions. The problems and solutions covered human resources, IT, institution management and socialization and communication, muzakki, society, government and digitization. In particular, the main cluster of priority problems was management, and the main cluster of priority solutions included human resources.Originality – The researchers reviewed several studies that explained problems and theories of zakat management through digital platforms. However, there is still seemingly no study reviewing problems to manage zakat funds through digital platforms provided by zakat institutions.Practical implications – This research shows that OPZ needs to recruit IT and Digital Marketing people. In addition, it suggests OPZ designs and creates crowdfunding, e-wallet, e-commerce, website, and social media. Following that, OPZ should do digital planning for zakat collection and training conducted by BAZNAS Province and Center to OPZ periodically. They also need to establish a partnership with scholars (Ulama) and the government agencies to increase the payment zakat digitally.]]>
<![CDATA[Solutions to money laundering prevention through Regulatory Technology (RegTech): Evidence from Islamic and conventional banks ]]>
<![CDATA[Alivia Meyrizka Utami]]>;
<![CDATA[Mega Dwi Septivani]]>
<![CDATA[ Jurnal Ekonomi & Keuangan Islam Volume 8 No. 1, January 2022 ]]>
Publisher : <![CDATA[Faculty of Economics, Universitas Islam Indonesia ]]>
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DOI: 10.20885/jeki.vol8.iss1.art2
<![CDATA[Purpose – This study aims to examine the effect of the relationship between RegTech and Money Laundering Prevention (MLP). This study also examines the differences between RegTech in Islamic and conventional banks.Methodology – The current study used explanatory research to test hypotheses using primary data obtained through a survey with a questionnaire conducted online with 100 respondents from bank employees, both conventional and Islamic in Indonesia. In addition, an independent t-test was used.Findings – The results reveal that Transaction Monitoring (TM) and Cost and Time (CT) significantly affect MLP, while electronic Know Your Customer (eKYC) does not affect MLP. The comparative test of the differences in RegTech in Islamic and conventional banks confirm differences in transaction monitoring and cost efficiency between Islamic and conventional banks. At the same time, there is no difference in eKYC between Islamic and conventional banks.Originality – Research related to RegTech in Islamic and conventional banks' money laundering prevention efforts is still very limited in Indonesia. This study will contribute to the existing literature on Islamic finance and the development of financial technology in Indonesia.]]>
<![CDATA[The benefit segmentation sharia tourism in Indonesia ]]>
<![CDATA[Sumadi Sumadi]]>;
<![CDATA[Octavia Gandra Sari]]>
<![CDATA[ Jurnal Ekonomi & Keuangan Islam Volume 8 No. 1, January 2022 ]]>
Publisher : <![CDATA[Faculty of Economics, Universitas Islam Indonesia ]]>
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DOI: 10.20885/jeki.vol8.iss1.art8
<![CDATA[Purpose – This study aims to determine the priorities and benefits sought by Muslim consumers for sharia tourism in Indonesia. The study population was the potential tourist consumer, and convenience sampling methods carried out the sampling.Methodology – The data were collected by field surveys with a sample of 300 respondents. Dendrogram cluster approach and chi-square test analysis were used to analyze the benefit segmentation.Findings – The study results explain the attributes of the tourism category to form clusters based on the reasons for the proximity of the benefits sought by consumers. Muslim tourists have a top priority for natural tourism, with the following priorities were cultural tourism, culinary tourism, and religion by sharia facilities. In terms of gender, there is no difference in the choice of the four categories of sharia tourism. Meanwhile, in terms of age and income, there is a significant difference in the choice of four categories of sharia tourism in Indonesia, with the most considerable portion choosing culinary tourism. The findings of this study imply that cluster analysis is suitable for explaining benefit segmentation. Information on the benefit of experience tourists seek an input for sharia tourism destination providers for the target market for Muslim tourists.Practical Implication – Practically the findings of this research can be used as information to develop tourism marketing strategies by the government and tourism actors with Muslim segments and target markets, both nationally and internationally. Therefore, they can formulate a marketing strategy based on demographic consideration.]]>
<![CDATA[Liquidity risk in economic uncertainty: Evidence from Indonesian Islamic banks ]]>
<![CDATA[Muhammad Anis]]>;
<![CDATA[Baitul Hamdi]]>
<![CDATA[ Jurnal Ekonomi & Keuangan Islam Volume 8 No. 1, January 2022 ]]>
Publisher : <![CDATA[Faculty of Economics, Universitas Islam Indonesia ]]>
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DOI: 10.20885/jeki.vol8.iss1.art3
<![CDATA[Purpose – This paper aims to analyze the effect of economic uncertainty on liquidity risk of Islamic banks in Indonesia by observing the impact of economic uncertainty (World Uncertainty Index), macroeconomic factors (GDP Growth and Inflation Rate), and bank-specific factors (CAR and ROA) on liquidity risk.Methodology – Using time-series quarterly data from OJK’s Islamic Banking Statistics 2015-2021, this research applies Auto-Regressive Distributed Lag (ARDL) and Error Correction Term (ECT) to see the long-term impact and short-term response of economic uncertainty, inflation rate, GDP growth, ROA and CAR on liquidity risk of Islamic Bank.Findings – This research finds that economic uncertainty has a positive and significant effect on liquidity risk in the short term and long term. It means the increase in uncertainty index caused by the crisis, war, or pandemic like nowadays will enhance the liquidity risk of Islamic banking. At the same time, the inflation rate has a significant negative effect on liquidity risk in the short-term and long term.Originality – This research uses a combination of macroeconomic variables and bank-specific factors, and the economic uncertainty variable from the World Uncertainty Index. In this case, one of the reasons for liquidity problems apart from fund management failure is unfavorable economic conditions. In addition, this study also provides several recommendations in maintaining banking liquidity risk.Research limitations – This study uses time-series data with a limited period (2015Q1-2021Q2). In addition, this uses cumulative data on Islamic banking in Indonesia; thus, it does not describe the conditions in each Islamic bank, although certainly there are some different conditions between each other. Therefore, it is hoped that studies will complement these limitations in the future.]]>
<![CDATA[Is Islamic banking stronger than conventional banking during the Covid-19 pandemic? Evidence from Indonesia ]]>
<![CDATA[I Made Dauh Wijana]]>;
<![CDATA[I Wayan Widnyana]]>
<![CDATA[ Jurnal Ekonomi & Keuangan Islam Volume 8 No. 1, January 2022 ]]>
Publisher : <![CDATA[Faculty of Economics, Universitas Islam Indonesia ]]>
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DOI: 10.20885/jeki.vol8.iss1.art9
<![CDATA[Purpose – We intended to test and compare the durability of Islamic banking and conventional banking during the Covid-19 pandemic in Indonesia. To that end, we first compared their performance before and during the pandemic. Next, we examined the effects of pandemic shocks on the performance of each of them.Methodology – The data covers 80 banks in Indonesia, which were divided into four groups, namely Islamic and conventional commercial banks, and Islamic and conventional rural banks. Each group consisted of 20 banks. Our observation period is 10 quarters, which was divided into two periods, namely the period before the pandemic (Q1-2019 – Q1-2020) and the period during the pandemic (Q2-2020 – Q2-2021). For comparison, we used a paired sample t-test, while testing the effect of shocks using a panel regression model.Findings – Islamic banking outperformed conventional banking, both before and during the Covid-19 pandemic. The Covid-19 pandemic has predominantly shaken conventional banking indicators and has only slightly shaken Islamic banking. However, this does not mean Islamic banks were superior to their conventional counterparts because both were shaken, it's just that conventional banks experienced a bigger shock than their Islamic counterparts.Originality – This is an original study that examines and compares the performance between Islamic and conventional banking using financial ratios during the Covid-19 pandemic.]]>
<![CDATA[Islamic Finance and Indonesia's Economy: An Empirical Analysis ]]>
<![CDATA[Ghina Sakinah]]>;
<![CDATA[Rahmatina A Kasri]]>;
<![CDATA[Nurkholis Nurkholis]]>
<![CDATA[ Jurnal Ekonomi & Keuangan Islam Volume 8 No. 1, January 2022 ]]>
Publisher : <![CDATA[Faculty of Economics, Universitas Islam Indonesia ]]>
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DOI: 10.20885/jeki.vol8.iss1.art4
<![CDATA[Purpose – Islamic finance is becoming increasingly important both globally and in Indonesia. However, studies on the relationship between Islamic finance and Indonesia’s economy are scant. Therefore, this study aims to analyse the short-term and long-term relationship between Islamic finance and Indonesia’s economy. Methodology – This study uses monthly data for the period 2011–2020 which are estimated using the Vector Error Correction Model (VECM). The dependent variable is Indonesia’s Growth Domestic Product (GDP), while the independent variables are macroeconomic variables (gross fixed capital formation, trade openness and inflation), Islamic finance (Islamic banking, capital market and Sukuk) and a Covid-19 dummy variable.Findings – The study found a one-way causal relationship between Islamic finance and Indonesia’s economy. In the short term, Sukuk (Islamic bonds) has a significant effect on Indonesia’s GDP. While in the long term, Islamic banks and Islamic mutual funds are found to impact Indonesia’s GDP significantly. These results imply a positive relationship between Islamic finance and Indonesia’s GDP in both the short and long term. It is also notable that rates of investment, inflation and the occurrence of the Covid-19 pandemic have a significant impact on GDP.Originality – Most studies linking Islamic finance and economic size only use Islamic banking to proxy Islamic finance. However, while Islamic banking institutions dominate the Islamic finance landscape, non-bank Islamic financial institutions such as the capital market are becoming increasingly important in many countries, including Indonesia. This study fills the gap by incorporating Islamic capital market variables such as Islamic mutual funds and Sukuk to explain the relationship between Islamic finance and economic size in the world’s largest Muslim country.Research limitations – Due to data limitations, this study uses only Islamic mutual funds and Sukuk to represent non-bank financial institutions, which as a sector includes various other sub-sectors.Practical implications – Policymakers, industry and academics could use the research findings to accelerate the development of Islamic finance in Indonesia and strengthen its role in supporting and aiding the recovery of the Indonesian economy.]]>
<![CDATA[Recommendations for collection and development strategy of waqf funds: A case study on waqf institutions ]]>
<![CDATA[Putri Purwandari Hasan]]>;
<![CDATA[Elvia R. Shauki]]>
<![CDATA[ Jurnal Ekonomi & Keuangan Islam Volume 8 No. 1, January 2022 ]]>
Publisher : <![CDATA[Faculty of Economics, Universitas Islam Indonesia ]]>
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DOI: 10.20885/jeki.vol8.iss1.art10
<![CDATA[Purpose – This study aims to examine phenomena related to the collection and development of waqf funds by waqf institutions and formulate recommendations regarding applicable strategies to optimize the collection and development of waqf funds based on the principles of commitment-trust theory.Methodology – This study applied a case study approach with a qualitative method at 5 (five) different waqf institutions in Indonesia to further explore the phenomena related to the collection and development of waqf funds. Data was collected through semi-structured interviews.Findings – The results of this study indicate that several problems, i.e. low literacy of waqf, lack of professionalism of nazhir, and low accountability of waqf institutions are still encountered by waqf institutions in collecting and developing waqf funds. In addition, the efforts made by waqf institutions have not been sufficiently qualified to foster waqif’s commitment and trust to optimize the collection and development of waqf funds. Therefore, several recommendations on applicable strategies for waqf managers are formulated based on the four precursors outlined in the commitment-trust theory, namely shared values, relationship benefits, communication, and non-opportunistic behavior. These recommendations include reaffirming the values of waqf institutions, making efforts to maintain good relations with waqifs, keeping good communication with waqifs, and improving transparency of financial reports.Originality – This study complements the research gap of the limited studies on the collection and development of waqf funds. In addition, previous studies on this topic did not implement the commitment-trust theory.]]>
<![CDATA[Stability of insurance efficiency during the Covid-19 pandemic: A comparative study between Islamic and conventional insurance in Indonesia ]]>
<![CDATA[Ihsanul Ikhwan]]>;
<![CDATA[Aam Slamet Rusydiana]]>
<![CDATA[ Jurnal Ekonomi & Keuangan Islam Volume 8 No. 1, January 2022 ]]>
Publisher : <![CDATA[Faculty of Economics, Universitas Islam Indonesia ]]>
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DOI: 10.20885/jeki.vol8.iss1.art5
<![CDATA[Purpose – The purpose of this study is to measure and compare The Stability of the efficiency of insurance companies, particularly during the COVID-19 pandemic, at 70 insurance institutions (both sharia and conventional) in Indonesia over Five years, from 2016 to 2020.Methodology – Non-parametric approach, Data Envelopment Analysis (DEA), then extended by Window DEA analysis was employed as the research method.Findings – This study found that COVID-19 has little effect on Insurance efficiency. COVID-19 has a detrimental impact on the efficiency of conventional insurance but does not affect Sharia insurance. This study also found that most Indonesian Insurances are considered the worst performers in terms of efficiency and efficiency stability during the study period. Most of the insurances are included in quadrant IV (low efficiency and high stability). Furthermore, according to the window DEA analysis, the most relatively stable value of Indonesian Insurances is Sinarmas Conventional InsuranceOriginality – The study that focuses on measuring the efficiency of sharia insurances compared to the efficiency of conventional insurances in Indonesia during the COVID-19 outbreak has never been conducted. This study was the first to measure and compare the efficiency of Indonesian Insurances using the Window DEA analysis.]]>
<![CDATA[Designing of digital-based Islamic social finance model through role of mosque ]]>
<![CDATA[Aminah Nuriyah]]>;
<![CDATA[Ulumuddin Nurul Fakhri]]>
<![CDATA[ Jurnal Ekonomi & Keuangan Islam Volume 8 No. 1, January 2022 ]]>
Publisher : <![CDATA[Faculty of Economics, Universitas Islam Indonesia ]]>
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DOI: 10.20885/jeki.vol8.iss1.art6
<![CDATA[Purpose – This study aims to optimize the role of mosques in increasing economic welfare and reducing widespread public usury loans. Moreover, this study also aims to determine the right model for Islamic financial activities.Methodology – This is a qualitative study and the Analytic Network Process (ANP) BOCR model was utilized to obtain the ideal model according to literature reviews and expert opinion. This study conducted in-depth interviews with 5 experts (Ulama, Regulators (Financial Services Authority), Fintech Practitioners, fintech academics, and the Indonesian Mosque Council).Findings – Three alternative models were chosen by the experts, namely the Crowdfunding Model (0.47), Peer-to-Peer landing (0.37), and Bank Infaq (0.17). In addition, the experts suggested for attention to be made to the cost factor (0.47) so as not to burden the mosque. Moreover, according to the experts, the benefits (0.28) that will be obtained will be greater for the welfare of the mosque and residents around the mosque if fintech crowdfunding is implemented.Originality – Research on the role of mosques in improving people's welfare by utilizing fintech is very rarely done. The results of this study are expected to increase the role of the community in collecting funds and controlling the distribution of tabarru' funds.Research limitations – This type of research is exploratory, and empirical research is needed for in-depth results.Practical implications – If this research is implemented, it will accelerate the recovery of economic conditions during a crisis.Social implications – The successful implementation of the Islamic Social Finance (ISF) model by utilizing the role of the mosque will improve the welfare of the community evenly.]]>
