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Ihtifaz: Journal of Islamic Economics, Finance, and Banking
Published by Universitas Ahmad Dahlan
ISSN : 26224755     EISSN : 26225798     DOI : 10.12928
Core Subject : Economy, Social,
Economics, Econometrics & Finance Social Sciences
The Ihtifaz, Journal of Islamic Economics, Finance, and Banking published by Department of Islamic Banking, Ahmad Dahlan University, is a peer-reviewed open access international journal published twice in a year (June and December). The Ihtifaz aims to provide an international forum for researchers and professionals to share their ideas on all topics related to Islamic Economics, Finance, and Banking. It publishes its issues in an online (e-ISSN 2622-5798) and a printed (p-ISSN 2622-4755) version.
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Articles 5 Documents
 1 
Search results for , issue "Vol. 5 No. 1 (2022)" : 5 Documents clear
SME Financial Governance and Access to Capital in Islamic Microfinance Institutions Julia Noermawati Eka Satyarin; Muhsin Hariyanto; Syah Amelia Manggala Putri; Puri Tri Nanda; Anisatun Anggraeni
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 5 No. 1 (2022)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v4i2.5837

Abstract

Introduction: One of the obstacles faced by MSEs to achieve independence in entrepreneurship is limited working capital. The government through Bank Indonesia has required banks and microfinance institutions to provide working capital to SMEs. However, there are obstacles in its distribution, namely the fulfillment of the requirements for submitting financing related to MSE financial information. There are still many MSEs that cannot provide accurate financial information because they do not carry out financial management properly, such as making financial reports. Meanwhile, fund providers, including Islamic microfinance institutions, require financial information to analyze the customer's ability to repay the financing. Purpose: Knowing how the financial management of MSEs and the obstacles faced in making financial reports, and how MSEs provide financial information to obtain working capital from Islamic Microfinance Institutions. Methodology: This research was conducted with a descriptive qualitative method. The object of this research is the financial reporting of MSEs that are needed by Islamic Microfinance Institutions in making decisions to accept or reject the application for financing by MSEs. The data used are primary and secondary data obtained through interviews, documentation, and observation. Findings: The majority of UMK KSPPS BMT Niten customers do not perform financial management, especially in preparing financial reports. Constraints were faced due to the lack of awareness of MSEs on the importance of financial management, especially in preparing financial reporting, lack of knowledge about financial management, especially in preparing financial reporting, and limited time. KSPPS BMT Niten obtains financial information of prospective UMK customers or financial information of existing UMK customers through direct interviews. Paper Type: Research Article
Return-Volatility Spillovers between Malaysian Islamic and Conventional Equity Markets Matiur Rahman; Lonnie Turpin; Muhammad Mustafa
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 5 No. 1 (2022)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v5i1.5874

Abstract

Introduction: Financial volatility spillover effects have also been of keen interest to economic policymakers. The viability of financial institutions and the smooth functioning of financial markets may be disrupted by increasing financial volatility spillover effects. A better understanding across markets is essential for policymakers, investors, and consumers. Purpose: This paper explores the issue of return-volatility spillovers in a bivariate context between the Malaysian Islamic equity market, Dow-Jones Islamic Market, Malaysian Conventional equity market, and overall US stock market creating four different pairs. Methodology: GARCH-M models are estimated using daily data from January 2007 through June 2019. Findings: In all four cases, there is evidence of weak returns and volatility spillovers from one market to another. They imply relative tranquility between markets, as considered at a time. Islamic equity markets do not seem distinct from conventional equity markets from investors’ perspectives. Investors may thus prefer to invest in both Islamic and conventional equities for portfolio diversification.
Does Corporate Social Responsibility Affect Stock Returns? Scott
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 5 No. 1 (2022)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v5i2.5951

Abstract

Introduction: This paper finds that U.S. firms with higher corporate social responsibility (CSR) compliance levels have higher stock returns from 2006 to 2014. This result is robust after controlling for size, book to market ratio, momentum, etc Purpose: There appears to be a positive relationship between corporate social responsibility compliance level and product market competition level. Methodology: Obtain CSR data from Global Reporting Initiative. Monthly stock return files and annual firm fundamentals are downloaded from CRSP and Compustat database. In the GRI dataset, we quantify firm’s compliance level as numeric values from 0 to 5, with 5 being the highest compliance level. The compliance level score mapping is displayed in Table 1 in the appendix. Findings: This paper finds that engagement in CSR activities have a positive impact on stock returns. This effect is robust after controlling for firm characteristics such as size, book to market equity ratio.
Systemic Risk Definitions and Network Applications in Financial Systems Hossein Dastkhan
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 5 No. 1 (2022)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v5i1.5968

Abstract

Introduction: Although the complex financial markets more often lead to moresocial welfare in modern economic systems, they can also cause more severefailures in the case of market downturns. Accordingly, Similar to other complexsystems, financial markets are also exposed to systemic risks. Consideringthe importance of systemic risks in financial markets, we reviewed differentconcepts, definitions, and the related principles of the systemic risk.Purpose: Accordingly, similar to other complex systems, financial markets arealso exposed to systemic risks. Considering the importance of systemic risks infinancial markets, we reviewed different concepts, definitions, and the relatedprinciples of the systemic risk. We also reviewed the main definitions of financialsystemic risk in different aspects.Methodology: To analyze the systemic risks in the financial markets, weintroduce the main approaches of systemic risk analysis and elaborate financialnetwork analysis as one of the main approaches.Findings: The results show that the systemic risk events can be related to thebuildup of small shock on different agents in the financial systems as well asgreat shocks in one or a few numbers of financial agents.
Halal Tourism: A Systematic Literature Review Azidni Rofiqo Zidni; Mahfud Sholihin; Syafiq Mahmadah Hanafi; Asadillah Irsyad Maulana
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 5 No. 1 (2022)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v5i1.6490

Abstract

Purpose: This study aims to analyze the article has been the most influential; underlying references that influenced; and the main subjects and issues related to halal tourism. Methodology: The Systematic Literature Review (SLR) method is used in collecting and analyzing a set of articles that are considered to be related to the topic of the study. While for data analysis, bibliometry, Scopus analyzer and VOSviewer are used. The keywords 'Halal Tourism' and 'Islamic Tourism' using this study. A total of 64 selected articles were obtained during the search and filtering process. Findings: The findings of the study reviewed from the development of research trends show that research on the halal tourism or Islamic tourism between 2001 and 2020 tends to be volatile. There is 1 type of journal from a total of 35 journals, namely Journal of Islamic Marketing that produces the highest number of articles among other journals. Hamira Zamani-Farhani's research became more widely cited research in halal tourism research. Mohamed Buttor is a prdouctive writer who influences halal tourism research. The main topics and trends in the discussion of halal tourism are divided into tird topics. Firstly, 45% of them are related to tourism concept. Secondly, 16% discuss tourism industry. Third, 55% concern tourism management.  

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