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INDONESIA
Jurnal Ekonomi & Keuangan Islam
Published by Universitas Islam Indonesia
ISSN : 2088996     EISSN : 26146908     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
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.
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Articles 171 Documents
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Does the 2008-global financial crisis matter for the determinants of conventional and Islamic banking performances in Indonesia? M. Shabri Abd. Majid; Sri Ulina
Jurnal Ekonomi & Keuangan Islam Volume 6 No. 2, July 2020
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jeki.vol6.iss2.art1

Abstract

Purpose – This study explores comparatively the effects of capital adequacy, non-performing loans/financing, liquidity, and operating expenses on Indonesia’s conventional and Islamic banking performances between the pre-and post-2008 Global Financial Crisis (GFC) periods.Methodology – The study selected the three respective largest conventional and Islamic banks as a sample of the study using a purposive sampling technique. The data for the pre-2008 GFC period (i.e., 2003 – 2008) and the post-2008 GFC period (i.e., 2009 – 2017) were analyzed using a panel multiple regression analysis.Findings – The study documented different influences of capital adequacy, liquidity, non-performing loans/financing, and operating expenses on conventional and Islamic banking performances between the pre- and post-2008 GFC. Research limitations – This study only investigated the banks’ characteristics as the determinants of banking performances and compared merely the effects the pre- and post-2008 GFC periods.Practical implications – To maintain and enhance their performances, the Islamic and conventional banks should adopt different financial policies between the normal and turbulent economic periods. The Islamic banks were in a better position amid the crisis, showing an urgent need for the government to further promote Islamic banks, as they could offer better solutions for economic stability.Originality – The study examined a larger number of conventional and Islamic banks over more extended and updated study periods, namely six years (i.e., 2003-2008) before the 2008 GFC and ten years (i.e., 2009-2018) after the 2018 GFC. The study is among the first attempts to comparatively analyze the determinants of Indonesia’s Islamic and conventional banking performances between the pre- and post-2008 GFC periods using the panel multiple regression analysis to arrive at more comprehensive and robust empirical evidence.
What drives the inflow of FDI in OIC countries? Evidence from Top 10 hosts of inward FDI flows Indri Supriani; Bayu Arie Fianto
Jurnal Ekonomi & Keuangan Islam Volume 6 No. 2, July 2020
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jeki.vol6.iss2.art2

Abstract

Purpose­­­ – This study investigates the driven factors of Foreign Direct Investment (FDI) inflow in selected OIC member countries. The selection of samples observation based on the top 10 hosts of inward FDI flows countries, includes the United Arab Emirates (UAE), Morocco, Indonesia, Turkey, Iran, Egypt, Bangladesh, Kazakhstan, Oman, and Malaysia.Methodology – The data for this study are obtained from World Bank and United Nations Development Programme (UNDP) database for the period 2001-2018. This study adopted panel regression analyses and utilized the Random Effect Model.Findings – This study reveals that GDP and trade openness were positive and significantly plays a vital role in driving the FDI inflow. Whereas, the exchange rate, inflation, and human development index did not have a significant impact on FDI inflow in the top 10 hosts of inward FDI flows countries.Research limitation – The main limitation of this research is the lack of a variable that represents the Islamicity index, which can differentiate the driven factors of FDI in Muslim and non-Muslim organization countries.Practical implication – This study suggests that members of OIC countries should provide a conducive investment environment which is represented by higher GDP growth and engage in various international trade agreements because those factors have higher possibilities in impacting the FDI inflow. Moreover, the rules which describe the investment priority amongst the member of OIC countries must be ratified immediately to decrease the percentage of the FDI inflows goes to non-OIC members.Originality – This study has advanced the knowledge by examining the driven factors of FDI in the specifically selected members of OIC countries, which based on the highest FDI inward. Thus, this study provides significant insights for policymakers for the rest of the member OIC countries to attract FDI inflows referring to the top 10 hosts of inward FDI flows countries. 
The effect of macroeconomics variables to Net Asset Value (NAV) growth of sharia mutual funds in Indonesia Intan Aulia Ardhani; Jaenal Effendi; Mohammad Iqbal Irfany
Jurnal Ekonomi & Keuangan Islam Volume 6 No. 2, July 2020
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jeki.vol6.iss2.art5

Abstract

Purpose­­­ – This study aims to perform the short-term and long-term relationships between net asset value of Islamic mutual funds within macroeconomic variables, to analyze responses towards the economic shock, and to analyze the composition of the net asset value of Islamic mutual funds within selected macroeconomic variables.Methodology – Monthly data over the 2015-2019 period were analyzed using the Vector Error Correction Model (VECM), impulse response test, and variance decomposition test.Findings – The results show that inflation, money supply, and gross domestic products had a positive and significant effect on the net asset value of Islamic mutual funds, on the other hand, the rupiah exchange rate had a negative thus insignificant effect on the net asset value of Islamic mutual funds.Research limitation/implication – The main limitation of this research is the lack of a variable that represents the Islamicity index, which can differentiate the driven factors of FDI in Muslim and non-Muslim organization countries.Practical implication – This study suggests that the society and the government should collaborate to maintain the stability of the rupiah exchange rate by buying domestic products, strengthening the real sector.Originality – Here we provide an update data of macroeconomics variables dynamics (e.g. GDP, inflation, exchange rate, and money supply) and its implication to Islamic mutual funds – i.e. net asset value over 2015-2019. We used a novel timeseries analytical approach (VECM) to estimate the magnitude of macroeconomics effects to Islamic mutual funds in Indonesia.
Determination of Malaysian consumer intention toward purchasing Takaful scheme for mental health disorders Khairil Faizal Khairi; Nur Hidayah Laili; Aimi Fadzirul Kamarubahrin
Jurnal Ekonomi & Keuangan Islam Volume 6 No. 2, July 2020
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jeki.vol6.iss2.art3

Abstract

Purpose – The purpose of this paper is to determine the factors influencing Malaysian consumer toward intention to purchase Takaful scheme for mental health disorders.Design/methodology – This paper adopts a quantitative approach by using an extended Theory of Reasoned Action (TRA) model. A pilot study with the total of 60 questionnaires were obtained from online survey to examine the significance relationship using multiple regression analysis.Findings – The result from this study portrays that subjective norm are strong predictors of a Malaysian consumer intention to purchase Takaful scheme for mental health disorders. Moreover, factors such as awareness, perception and attitude have positive and significant impacts on consumer intention to purchase takaful scheme for mental health disorders in Malaysia.Research limitation – There are some constraints. First, it focuses only on the actions of Malaysian consumers against a takaful scheme for mental health disorders; thus, the findings cannot be generalized to other takaful schemes. Therefore, more studies in other takaful settings, such as general takaful, need to begin. Second, this study considered only four factors were awareness, perception, attitude and subjective norm, and the factors selected might not cover all the factors which may have an effect on Malaysia's intentions toward takaful mental health disorders scheme.Originality - This study not only helps takaful operators design, develop and promote better approved takaful products and services, but also offers a new insight into how these products and services can be marketed to these particular consumers. Previous empirical studies that employed TRA focused on various types of variables, such as attitude and subjective norm, especially in the financial service environment. This research thus adds to the body of information by analysing the relative value of the goal affecting it.
The effects of Fama-French five factor and momentum factor on Islamic stock portfolio excess return listed in ISSI U’um Munawaroh; Sunarsih Sunarsih
Jurnal Ekonomi & Keuangan Islam Volume 6 No. 2, July 2020
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jeki.vol6.iss2.art4

Abstract

Purpose – The purpose of this study is to examine the effect of Fama-French five-factor and momentum factor on Islamic stock portfolio excess returns listed in the Indonesia Sharia Stock Index (ISSI).Methodology – This study used return data from ISSI group, starting from January 2013 to December 2017, which are then formed into time series data with excess monthly stock portfolio. This study adapted the Fama and French (2015) methodology using 2x3 and 2x2 to form the portfolio and applied Ordinary Least Square (OLS) with monthly data frequency to test the relevance of the model to the expected stock return of 183 companies.Findings – The results showed that the risk premium, the book-to-market ratio which is proxied by High Minus Low (HML), the investment that is proxied by Conservative Minus Aggressive (CMA), and the momentum which is proxied by Up Minus Down (UMD) has a positive effect on the excess return of the company's stock portfolio registered in Indonesia Sharia Stock Index (ISSI) during the period. While, the size and profitability variable do not affect the expected stock return.Research limitations – The results of this study provides relevant information about the relationship between risk and stock return using Fama and French five-factor model and momentum. However, future researchers can expand the scale of the research by adding research periods and using daily return research data. It is intended that the results are more representative of the actual market conditions at the moment.Originality – Researches on the factors that influence the selection of Islamic stock portfolios based on excess return using Fama-French five-factor including the momentum factor are still limited. This study contributes to the asset pricing development by investigating factors influencing performance of ISSI’s portfolio excess return using five-factor model and momentum factor. 
Determinants of cash holdings: Analysis of Islamic and conventional banks in Indonesia Syifa Rahmatika; Muamar Nur Kholid
Jurnal Ekonomi & Keuangan Islam Volume 7 No. 1, January 2021
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jeki.vol7.iss1.art7

Abstract

Purpose – This research aims to investigate the effect of dividend payment, cash conversion cycle, corporate social responsibility (CSR) disclosure, and corporate governance, which are integrated with the independence and size of the board of commissioners, on cash holdings in the banking industry in Indonesia, both in the conventional and Islamic banks.Methodology – Samples in this research were selected using the purposive sampling technique with the criteria of conventional banks registered in the Indonesia Stock Exchange (ISE) and Islamic banks registered in the Financial Services Authority (FSA) that released annual reports and financial reports during 2014-2019. There were 17 conventional banks and 11 Islamic banks met the criteria. Data were analyzed using multiple linear regression through Statistical Product and Service Solutions (SPSS) software.Findings – This research reveals that the effect of CSR disclosure and size of the board of commissioners on cash holdings is different between Islamic and conventional banks. Meanwhile, other variables used in this research have no significant effect on cash holding value, both in conventional and Islamic banks.Research limitations – Related to the samples of conventional banks, this research only investigates the ones registered in the ISE, not all conventional banks in Indonesia.Originality – This research provides empirical data related to the determinants of cash holdings in Islamic and conventional banks, which was rarely investigated in the previous research. Moreover, this research also uses the most updated data, Islamic and conventional banks during 2014-2019
Projection of Indonesian Islamic commercial banks efficiency and stability in the Covid-19 period using DEA and panel ARDL M. Fikri Himmawan; Novian Abdi Firdausi
Jurnal Ekonomi & Keuangan Islam Volume 7 No. 1, January 2021
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jeki.vol7.iss1.art2

Abstract

Purpose – This study aims to assess the efficiency and stability of Indonesia Islamic Commercial Banks, and then the results are used as a projection in the Covid-19 period. It uses the sample from 14 Islamic Commercial Banks in Indonesia and its quarterly data from 2017 to 2020.Methodology – The DEA method analyses VRS and CRS scale using output orientation. The Panel ARDL also uses two models from the specifications in DEA, with the inputs as independent variables and the outputs as dependent variables.Findings – The result of DEA is visualized in four quadrants from each CRS and VRS model. Respectively in each model, 1 and 5 banks are highly efficient and stable, 5 and 2 banks have high efficiency but low stability, 4 and 2 banks have low efficiency but high stability, 4 and 5 banks have low efficiency and stability. In the Panel ARDL, third party fund, operational expenses, and total financing have significant and stable long-run effect in both models. In the short-run, only operational expenses significantly affect operational earnings, whereas only total financing significantly affects total assets.Practical implications – Banks may use strategies such as absorbing workforces as marketing representatives, utilizing cooperative agreements, crowdfunding, improving banking technology, creating provisions on expected credit loss, and deferring profit.Research limitations – The limitation of this study is the small sample size because only 14 Islamic commercial banks are used as the sample, without considering the Islamic business units of the conventional banks so the predictive strength of the result only constrained in the Islamic commercial banks.Originality – The study uses two different methods in assessing Islamic Commercial Banks especially in the Covid-19 period, hence adding insights on Islamic Commercial Banks in the pandemic period and further contributes to the Islamic banking field of study.
Factors determining behavioral intentions to use Islamic crowdfunding platform in times of Covid-19 in Indonesia: Evidence from TAM approach Sulaeman Sulaeman
Jurnal Ekonomi & Keuangan Islam Volume 7 No. 1, January 2021
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jeki.vol7.iss1.art3

Abstract

Purpose – The research paper aims to test empirically the behavioral intention of crowdfunders to use the Islamic crowdfunding platform model based on the theory of the Technology Acceptance Model (TAM).Methodology – The study used primary data that are collected by using the online survey questionnaires and then the analysis is conducted using partial least squares (PLS).Findings – The empirical evidence shows that the perceived usefulness (PU) has a significant positive impact on the behavioral intention (BI) of crowdfunders to use Islamic crowdfunding platform. Furthermore, the perceived ease of use (PEOU) also has a significant and positive relationship as well as direct effect with perceived usefulness (PU) of crowdfunders to use the online platforms. Meanwhile, that perceived ease of use (PEOU) has an insignificant relationship with the behavioral intention (BI) of crowdfunders to use the Islamic crowdfunding platform during the Covid-19 pandemic in Indonesia. Practical implications – The present study has implications for Islamic FinTech companies to provide investment platforms for crowdfunders and financial services for micro small and medium-sized enterprises (MSMEs) during the pandemic of Covid-19.Originality – The finding of this study will contribute to the existing literature in the areas of Islamic FinTech especially on the factors influencing behavioral intentions to use the Islamic crowdfunding platform in times of Covid-19 in Indonesia.
Financing diversification and Indonesian Islamic bank's non-performing financing Agus Widarjono; Ari Rudatin
Jurnal Ekonomi & Keuangan Islam Volume 7 No. 1, January 2021
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jeki.vol7.iss1.art4

Abstract

Purpose – This study empirically analyzes the effect of the financing diversification with some control variables including both bank-specific variables such as bank's size, CAR, efficiency and the macroeconomic variables such as the inflation and exchange rate, on the Islamic bank's non-performing financing (NPF).Methodology – The aggregate Islamic bank data encompassing Islamic commercial banks and Islamic business units are used. The Autoregressive Distributed Lag Model (ARDL) is employed using the monthly data covering January 2011 to December 2019.Findings – The cointegration test indicates that the long-run relationship among variables being studied exists. Our results document that higher concentrated financing generates high NPF. Higher asset significantly contributes to reducing NPF. In addition, higher operating efficiency can reduce NPF. The instability of the exchange rate also generates the high NPF.Research limitations – This study employs aggregate data but applying them may conceal for individual Islamic bank.Practical implications – Our results suggest that Islamic banks must lessen the high concentrated financing by optimizing both PLS and non-PLS contracts to reduce Islamic banks' financing risk.Originality – Our study includes financing diversification to examine Islamic bank's financing risk. The existing empirical studies, to the best of our knowledge, have not addressed the impact of financing diversification on financing risk. 
Do Islamic banks more stable than conventional banks? Evidence from Indonesia Rahmatina A Kasri; Chairilisa Azzahra
Jurnal Ekonomi & Keuangan Islam Volume 6 No. 2, July 2020
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jeki.vol6.iss2.art6

Abstract

Purpose – Albeit Islamic banks are often considered more stable than conventional banks, empirical evidence to support the stability view is relatively scanty. This study, therefore, mainly aims to investigate whether Islamic banks are more stable than conventional banks in Indonesia. To enrich and support the analysis, it will also compare the factors influencing the stability of Islamic banks and conventional banks in the country.Methodology – This paper employs a dynamic panel data model using the system-GMM (General Method of Moment) estimator. The data used are quarterly data from 83 conventional banks and 11 Islamic banks in Indonesia during September 2015-June 2019 period. Findings – The study did not find any significant difference in the stability of conventional and Islamic banks. This result is presumably influenced by the small size and small market share of Islamic banks, as well as many similarities between the two types of banking systems. Furthermore, the stability of the conventional bank in Indonesia is more influenced by macroeconomic factors including interest rate, exchange rate and financial inclusions, meanwhile the stability of Islamic banks is more influenced by the banks’ specific factors such as financing growth, efficiency and risk management factors.Research limitations – The data used in the study is limited to the period from September 2015 to June 2019. The variables utilized are also limited to those taken from publicly available financial statements.Originality – This paper provides additional empirical evidence regarding Islamic banking stability in Indonesia by using the latest data. While theoretically Islamic banks are expected to be more stable than conventional banks, this study did not find strong support for the case of Indonesia during the period of observation.

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