Jurnal Ekonomi & Keuangan Islam
AIMS
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.
SCOPE
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.
Articles
171 Documents
<![CDATA[E-zakat fund accountability: Study on amil zakat institution Lazismu in Tokopedia ]]>
<![CDATA[Shabrina Ramadania]]>;
<![CDATA[Elvia Rosantina Shauki]]>
<![CDATA[ Jurnal Ekonomi & Keuangan Islam Volume 9 No. 1, January 2023 ]]>
Publisher : <![CDATA[Faculty of Economics, Universitas Islam Indonesia ]]>
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DOI: 10.20885/JEKI.vol9.iss1.art10
<![CDATA[Purpose – This study aims to explore and construct an accountability model for managing E-Zakat Funds in Lazismu for zakat funds collected online through Tokopedia. Methodology – This study applies a qualitative approach with a case study design. Interviews were used to collect the data with 7 (seven) informants, namely two from Lazismu, two from Tokopedia, and three informants from muzakki. Content, thematic, and constant comparative analyses were applied in this study.Findings – Exposed selves’ theory is very clear considering that no regulation applies this form of liability, thus creating limitations in claiming something beyond the supposed obligation. Opaque selves theory is also the reason that Tokopedia has not displayed the personal data of each muzaki for the e-zakat paid due to Tokopedia’s customer privacy. Decision Usefulness Theory, Tokopedia has fulfilled the needs according to the recipient criteria needed in this case, muzaki. Still, Tokopedia has not acted transparently regarding the distribution of funds in detail to the public and other stakeholders.Implications – This finding indicates the need for Amil Zakat Institutions (LAZ) management to pay special attention to e-zakat accountability. The results of this study offer an e-zakat accountability model that can be used by LAZ, which raises funds through the marketplace. Originality – There is still limited research that specifically examines the accountability of e-zakat funds.]]>
<![CDATA[General equilibrium model of Islamic macroeconomic framework tracing through zakat, profit share, and producers’ maslahah ]]>
<![CDATA[Munrokhim Misanam]]>
<![CDATA[ Jurnal Ekonomi & Keuangan Islam Volume 9 No. 2, July 2023 ]]>
Publisher : <![CDATA[Faculty of Economics, Universitas Islam Indonesia ]]>
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DOI: 10.20885/JEKI.vol9.iss2.art10
<![CDATA[Purpose – This paper is trying to build an analysis framework that can work like IS-LM in Western economics. Regarding the methodology, the discussion is developed from the role of profit share rate and zakat of unemployed (uninvested) wealth. Methodology – The research method is the first step to build an equilibrium Islamic financial market. In the Islamic financial market, Islam has prohibited interest rates due to usury (riba) and, as a bride, uses the concept of profit and loss sharing. The second step is to establish a goods market equilibrium. The last step is to build an equilibrium financial and goods market in Islamic macroeconomics.Findings – The result of the vestige finds two curves: first, the one representing the equilibrium in the commodity market (IP). At the same time, the other shows the equilibrium in the financing (counterpart of credit) market (FF). Those curves can then do the traditional task of IS and LM. So, the found framework can comprehensively analyze an economy of the Islamic type.Implication – This research uses the basic intuition of Islamic teachings, such as the role of the zakat of uninvested funds. In this arrangement, the zakat of uninvested funds is a “penalty” for not investing in the fund.Originality – The study is original in build models general equilibrium model of Islamic macroeconomic framework tracing through zakat, profit share, and producers’ maslahah.]]>
<![CDATA[The effect of e-service quality on e-loyalty of Islamic banking customers: Does e-satisfaction act as mediator? ]]>
<![CDATA[M. Rafi Rezeki]]>;
<![CDATA[M. Shabri Abd. Majid]]>;
<![CDATA[Salina H. Kassim]]>
<![CDATA[ Jurnal Ekonomi & Keuangan Islam Volume 9 No. 2, July 2023 ]]>
Publisher : <![CDATA[Faculty of Economics, Universitas Islam Indonesia ]]>
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DOI: 10.20885/JEKI.vol9.iss2.art6
<![CDATA[Purpose – This study aims to measure and analyze the mediating role of e-satisfaction on the effect of e-service quality on e-loyalty of the customers of Bank Syariah Indonesia (BSI) in Banda Aceh, Indonesia.Methodology – This study gathered the primary data by distributing questionnaires to a number of 200 BSI customers that were selected as the respondents of the study using a purposive sampling technique. A Structural Equation Modelling (SEM) technique is used to test the four proposed hypotheses.Findings – The study recorded that e-service quality has positively affected the e-satisfaction and e-loyalty of the BSI customers, respectively. E-satisfaction enjoyed by banking customers has enhanced their e-loyalty. In addition, the study documented that e-satisfaction has a partial mediating effect on the relationship between e-service quality and the BSI customers’ e-loyalty.Implications – The findings of the study suggest that to promote the customers’ e-loyalty, the BSI management should focus on improving customers’ e-satisfaction by strengthening e-service quality.Originality – This study explored the mediating role of e-satisfaction on the effect of e-service quality on e-loyalty, focusing on the users of e-banking facilities of the largest Islamic banking institution in Indonesia. Therefore, this study provides significant guidelines for the Islamic banks in maintaining and enhancing e-loyalty of customers through improving their customer satisfaction by providing a high quality of services digitally nationwide.]]>
<![CDATA[Are sharia bank financings in Indonesia procyclical? ]]>
<![CDATA[Arifa Pratami]]>;
<![CDATA[Akhsyim Afandi]]>;
<![CDATA[Jaka Sriyana]]>;
<![CDATA[Nur Feriyanto]]>
<![CDATA[ Jurnal Ekonomi & Keuangan Islam Volume 9 No. 2, July 2023 ]]>
Publisher : <![CDATA[Faculty of Economics, Universitas Islam Indonesia ]]>
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DOI: 10.20885/JEKI.vol9.iss2.art4
<![CDATA[Purpose – The study aims to determine whether Islamic banks' debt financing and equity financing are procyclical or counter-cyclical.Methodology – The data used in this study cover eight Islamic commercial banks and span from 2008 to 2020, thereby including 72 observations. The analysis employs the dynamic panel data model estimated using the GMM method (Generalized Method of Moments).Findings –The debt-based financing, under murabahah, salam, istishna, and ijarah contracts, did not display clear procyclical or counter-cyclical behavior. In contrast, equity financing based on mudharabah and musyarakah contracts demonstrated procyclical characteristics concerning economic fluctuation.Implications – Policymakers need to pay more attention to Islamic banks with a greater proportion of equity financing for both micro and macroprudential policy purposes since procyclicality is likely to be associated with higher risks. Similarly, Islamic banks with greater proportion of equity financing need to watch carefully the behavior of their equity financing concerning its effect on risks for the purpose of their risk management and prudential policy. Originality – This research paper fills in the absence of studies that examine which category of Islamic bank financing – debt-based or equity-based financing - is more procyclical.]]>
<![CDATA[Nexus between financial inclusion and Islamic financing distribution: Evidence from Indonesian MSMEs ]]>
<![CDATA[Sri Yayu Ninglasari]]>;
<![CDATA[Sulaeman Sulaeman]]>;
<![CDATA[Indri Supriani]]>;
<![CDATA[M. Fikri Himmawan]]>
<![CDATA[ Jurnal Ekonomi & Keuangan Islam Volume 9 No. 2, July 2023 ]]>
Publisher : <![CDATA[Faculty of Economics, Universitas Islam Indonesia ]]>
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DOI: 10.20885/JEKI.vol9.iss2.art2
<![CDATA[Purpose – The purpose of this study is to investigate the relationship between financial inclusion and the distribution of Islamic banking financing to Indonesia's MSME industry.Methodology – This study utilizes the Vector Error Correction Model (VECM) approach covering the period between 2015 to 2020.Findings – The study's findings suggest that the use of all-inclusive financial variables, as represented by the number of ATMs, branch offices, and Third-Party Fund (TPF), has a significant effect on the distribution of financing in the short-term but not in the long term. Furthermore, macroeconomic as well as internal control variables, such as inflation and Non-Performing Financing, have been shown to have a significant influence. The impulse-response function analysis shows that the financing distribution responds positively to financial inclusion variables such as ATMs and branch offices. TPF, inflation, ROA, and exchange rate variables were found to have negative responses in the case of a shock.Implications – The findings of this study are expected to be used as a basis to develop government policies, particularly in supporting the post-COVID-19 national economic recovery through a comprehensive financial program that can broaden access to financing from Islamic banks for the general public, particularly MSME actors who have been severely impacted by the COVID-19 pandemic.Originality – This investigation utilizes three distinct indicators to assess the relationship between Islamic financing distribution in Islamic banking and financial inclusion for MSMEs. These include measures of financial inclusion, financial performance metrics of Islamic banking institutions, and macroeconomic variables.]]>
<![CDATA[The asymmetric impact of macroeconomic variables on Islamic bank home financing in Indonesia ]]>
<![CDATA[Faaza Fakhrunnas]]>;
<![CDATA[Mohammad Abdul Matin Chowdhury]]>;
<![CDATA[MB Hendrie Anto]]>
<![CDATA[ Jurnal Ekonomi & Keuangan Islam Volume 9 No. 2, July 2023 ]]>
Publisher : <![CDATA[Faculty of Economics, Universitas Islam Indonesia ]]>
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DOI: 10.20885/JEKI.vol9.iss2.art1
<![CDATA[Purpose – The study investigates the performance of non-performing financing (NPF) in the housing sector concerning the asymmetric influence of macroeconomic conditions. Methodology – The method of the study adopts nonlinear autoregressive distributed lag (NARDL), while the data of the study ranges from 2014m6 to 2022m2.Finding – The findings reveal an asymmetric relationship between macroeconomic variables and NPF is present both in the short and long run. In addition, the COVID-19 has worsened the NPF of Islamic banks' home financing in some sectors in the short run, while only such financing in the flat and apartment market has suffered during the pandemic in the long run.Implication – The implication of the study suggests that the Islamic banking industry and financial authority need robust risk management and financial policies, respectively, to achieve and maintain the stability of Islamic banks in home financing activities. Originality – The study is original in measuring the impact of macroeconomic influences on Islamic banks' home financing from a nonlinear viewpoint.]]>
<![CDATA[Analysis of determining optimal portfolio in BPKH’s portfolios using Tangency Portfolio model ]]>
<![CDATA[Agam Maulana Ardi]]>;
<![CDATA[Darwanto Darwanto]]>
<![CDATA[ Jurnal Ekonomi & Keuangan Islam Volume 9 No. 2, July 2023 ]]>
Publisher : <![CDATA[Faculty of Economics, Universitas Islam Indonesia ]]>
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DOI: 10.20885/JEKI.vol9.iss2.art3
<![CDATA[Purpose – This study aims to analyze the actual portfolio of BPKH from the hajj fund investment and examine the optimization investment portfolio for BPKH based on PP No.5 Tahun 2018.Methodology – The data used in this study was quarterly in the form of price and coupon for Sukuk instruments and the equivalent of yield rate for Sharia deposits. This study uses the Markowitz Diversification method with the Tangency Portfolio model as a model to determine optimal portfolio. Findings – The result of this study showed that BPKH’s actual portfolios in 2018 and 2019 can’t be determined as efficient portfolios and the optimal portfolio. Meanwhile, BPKH’s actual portfolios in 2020 and 2021 are included as efficient portfolios but not optimal portfolio. The result of an optimal portfolio in this study has a composition as follows: 30% of Sharia deposits, 5,60% of SBSN, and 64,40% of SDHI.Implication – The finding of an optimal portfolio can recommend BPKH to allocate most of the hajj fund in SDHI than SBSN because the SBSN has high risk and still to allocate in Sharia deposits as worth maximum based on regulation in PP No.5 Tahun 2018. BPKH needs to diversify hajj fund investment wider such as Lembaga Tabung Haji (LTH) has done in Malaysia.Originality – This study contributes to evaluate of whether BPKH’s actual portfolios in the first third years since BPKH operation and after the first third years of BPKH operation are efficient and optimal or not. Furthermore, this study provides a combination of instruments in the scenario optimal portfolio.]]>
<![CDATA[Does board diversity in Islamic banks matter? ]]>
<![CDATA[Taufiqurrahman, Taufiqurrahman]]>
<![CDATA[ Jurnal Ekonomi & Keuangan Islam Volume 9 No. 2, July 2023 ]]>
Publisher : <![CDATA[Faculty of Economics, Universitas Islam Indonesia ]]>
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DOI: 10.20885/JEKI.vol9.iss2.art5
<![CDATA[Purpose – This paper discusses the diversity of boards and the performance of Islamic banks in three different conditions. Specifically, I will prove whether the diversity of the board is important for the performance of Islamic banks in normal conditions, turbulence, and recovery. Methodology – The data includes all Islamic and conventional commercial banks in Indonesia during 2018-2022. The research period is divided into normal, turbulent, and recovery conditions. The data were analyzed with a panel regression model. Findings – The results show that the level of board diversity in Islamic banks is lower than that of their conventional counterparts. In general, the level of board diversity is very important to encourage better bank performance. The effect of board diversity on performance is only significant in recovery conditions, but in times of turbulence, it is the opposite. In addition, I also find that diversity is most important for the BoD, while for the BoC it is the opposite. Novelty – This study is different from previous research. This study examines the factors of board diversity as a whole and focuses on board diversity as a whole. Therefore, this research will better reflect the actual conditions. Originality – This is the first paper to study the relationship between board diversity and bank performance in three conditions. It is also the first to compare the effects of diversity on Islamic banks with their conventional counterparts.]]>
<![CDATA[Impact of banking performance indicators on share price of Islamic banks listed on GCC stock exchanges ]]>
<![CDATA[Yasser Saleh Ali Almonifi]]>;
<![CDATA[Vasant K. Bhosle]]>
<![CDATA[ Jurnal Ekonomi & Keuangan Islam Volume 9 No. 2, July 2023 ]]>
Publisher : <![CDATA[Faculty of Economics, Universitas Islam Indonesia ]]>
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DOI: 10.20885/JEKI.vol9.iss2.art8
<![CDATA[Purpose – This study aims to explore the impact of banking performance indicators on share price of Islamic banks listed on GCC stock exchanges. Methodology – The research methods related to quantitative approach are based on the data collected through the reports of 17 Islamic banks and seven stock exchanges in GCC for the period from 2012 to 2021, where the panels approach tests and fixed effect model were used to measure performance.Findings – The study findings indicate that return on assets has a negative and non-significant impact on the Islamic banks share price in the stock exchanges, also, the return on equity and price/earnings ratio have a non-significant positive impact on the banks share price, while there is a negative and significant impact between earnings per Share and the banks share price index.Implications – This research has significant administrative and applied implications. To gain a competitive advantage and achieving a greater market value, banks can further improve their investment performance. Furthermore, this research highlights the importance of developing Islamic banking performance and enhancing investment and financing strategies for stakeholders in Islamic banks, as well as in the financing and investment sector.Originality – This study is considered as one of the main studies contributing to the analysis of the impact of banking performance indicators on share price of Islamic banks listed on GCC stock exchanges.]]>
<![CDATA[The role of financial performance on the profitability of Indonesian Islamic banks ]]>
<![CDATA[Lidia Sjarief]]>;
<![CDATA[Muhammad Abdul Ghoni]]>;
<![CDATA[Muchammad Taufiq Affandi]]>
<![CDATA[ Jurnal Ekonomi & Keuangan Islam Volume 9 No. 2, July 2023 ]]>
Publisher : <![CDATA[Faculty of Economics, Universitas Islam Indonesia ]]>
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DOI: 10.20885/JEKI.vol9.iss2.art9
<![CDATA[Purpose – This study aims to analyse the effect of non performing financing (NPF), capital adequacy ratio (CAR), financing to deposit ratio (FDR), and Bank Indonesia shariah promissory notes (SBIS) on Islamic banks’ profitability (ROA) in Indonesia.Methodology – The data set consists of 10 Islamic banks operating in Indonesia between 2017—2021. The secondary data was collected from the Financial Services Authority (Otoritas Jasa Keuangan, OJK). A method of panel data is used for this study by using Stata 17 to process the data.Findings – The estimation results showed that NPF partially has a significant negative relationship on ROA, both CAR and SBIS have a significant effect on ROA, while FDR does not affect ROA. Simultaneously, NPF, CAR, and FDR do not affect ROA. But NPF, CAR, FDR, and SBIS simultaneously have a positive and significant effect on the Islamic Bank's profitability (ROA) by the year 2017 – 2021.Implications – Islamic banks need to be more selective in providing financing to customers so that financing risks can be minimized. In addition, CAR and SBIS need to be increased or maintained so that the profitability level of Islamic banks can be maximized.Originality – This research tries to re-examine the effect of financial performance on the profitability of Islamic banks in 2017-2021.]]>
