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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 105 Documents
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How Does Muslim Consumer Interest the Implementation of Islamic Consumption Behaviour during The Covid-19 Pandemic? Asma' Munifatussa'idah; Sulaeman Sulaeman
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 4 No. 2 (2021)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v4i2.2934

Abstract

Introduction: The implementation of the Islamic consumption behaviour is applying consumption actions or behaviors under Islamic principles. The application of Islamic consumption is influenced by the motivation and interest of a person to get satisfaction with goods/services. Purpose: This research paper aims to analyze the influence of Muslim Consumer Interest in halal goods/services on the implementation of Islamic Consumption Behavior. Methodology: The analytical method used quantitative analysis of primary data with non-probability sampling techniques. A total of 110 respondents were surveyed through an online questionnaire on the Muslim consumer in Semarang. The analysis model using a linear regression model. Findings: The results in this study showed the consumption of halal goods/services by Muslim Consumer Interest (CI) has a positive and significant influence toward the implementation of Islamic Consumption Behavior (ICB) in Semarang. The results of this study have implications for the government and regional policymakers, especially in Semarang, as evaluation materials and policies for campaigning the Islamic consumption behavior program. In addition, this study also contribute to the existing literature and add to the study of Islamic consumption theory based on a quantitative analysis approach. Paper Type: Research Article
The Intention of Investing Sharia Stocks on Millennials: The Role of Sharia Financial Literacy Multazam Mansyur Addury; Anton Priyo Nugroho; Salehuddin Khalid
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 3 No. 2 (2020)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v3i2.3170

Abstract

Introduction to The Problem: Millennials are a generation that has a very rapid growth. More than 30 percent of Indonesia's population is millennials, but many of the Millennials have not been intentioned in investing in sharia stocks.Purpose/Objective Study: The purpose of this research is to examine the impact of sharia financial literacy on Millennials on the intention of investing in sharia stocks, or it has other factors.Design/Methodology/Approach: This research used Sharia financial literacy and the Theory of Planned Behavior. This research used five variables namely Sharia financial literacy, attitudes, subjective norms, behavioral controls, and intentions. This study used purposive sampling method, from muslim millennials in Yogyakarta. Total respondents to this study are 112 with 20-40 years old or a millennials generation and already have income. Multiple linear regression analysis techniques used as primary analytical techniques.Findings: The results proved that Sharia financial literacy and subjective norms did not affect the intention of investing in sharia stocks. Other variables, such as behavioral attitudes and controls, proved to have a significant influence on the intention of investing in sharia stocks.
Debt-Based Versus Equity-Based Financing: A Comparative Analysis on Efficiency of Islamic Financial System Abdullateef Abdulqadir Maikabara; Sri Maulida; Abdulmajeed M Aderemi
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 4 No. 1 (2021)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v4i1.3171

Abstract

Introduction to The Problem: The financial system, as a subset of economics, plays a prominent role in solidifying the socio-economic development and wellbeing of people of a society. However, debt-based and equity-based financing are the main models employed by Islamic financial institutions to help small and medium enterprises (SMEs) that need funding to facilitate their businesses' projects. Operationally, debt-based financing seems to be the prominent financing model than equity-based financing, which only accounts for either zero or small scale in Islamic financial institutions.Objective Study: This study explores the rightful financing model that can contribute much better to the efficiency of the Islamic financial system in achieving socio-economic development.Methodology: To achieve the study's purpose, a literature-based method and secondary data collection technique are adopted as related previous studies from articles, books, conferences, and working papers are reviewed and analyzed.Findings: Equity-based model as a partnership model is somewhat more productive in contributing to socio-economic development than debt-based financing, but not being widely applied due to specific issues such as high risk, agency problem, costumer’s awareness, and sensitivity, and others more. It is recommended that researchers empirically investigate the suitable financing model between debt-based and equity-based financing models to ensure the achievement of sustainable socio-economic development.
Identifying the Core Driver for the Islamic Banking Capital Adequacy Regulation Henry Penikas; Valeriya Stefanenko
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 4 No. 2 (2021)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v4i2.4531

Abstract

Introduction: COVID-19 pandemic raised the stability challenges for the modern banking systems. As a remedy, the regulators and investors turned their eyes to the Islamic Banking. Many people view it as a full substitute to the dominant conventional banking establishments. We hypothesized that the benefits of the Islamic Banking can be fully enjoyed if and only if it is accompanied with the robust regulatory framework. Such a framework could offer room for the national discretion to define ‘alpha’ parameter within the capital adequacy ratio. The novelty of our paper is the largest collected to date set of alpha value embedded in the Islamic Banking jurisdictions. Purpose: This research paper aims to able to identify the core driver to locally determine the value of alpha. The credit-to-GDP ratio was shown to be such a driver. We demonstrated that the earlier academic research had offered the Vasicek-based theoretical models for the Islamic Banking that had implied right the opposite values of alpha. Methodology: We have eight independent determinants with presenting the alpha values for 11 countries registered in 2007 and in 2016.Those are the four macroeconomic variables. we have collected the input data for the regression model. Findings: The credit-to-GDP ratio was shown to be such a driver. We demonstrated that the earlier academic research had offered the Vasicek-based theoretical models for the Islamic Banking that had implied right the opposite values of alpha. Thus, the usage of the determinant revealed by us could be of help to the central bankers when shaping the framework for Islamic Banking capital adequacy. Paper Type: Research Article
Bank Customer Loyalty at Post-Implementation of Automatic Exchange of Information (AEOI) in Indonesia Sukirno Sukirno; Nabella Putri Hari Pratiwi; Abolfazl Amanollanejad
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 4 No. 2 (2021)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v4i2.5768

Abstract

Introduction: Many studies have been conducted massively in around the globe, nevertheless still no study conducted on exploring the impact of banking industries’ AEOI adoption on customer loyalty, trust, commitment and satisfaction. Purpose: The purpose of this paper is to investigate the effect of trust, commitment, and satisfaction on customer loyalty and, in turn, the indirect effect of satisfaction on customer loyalty at post-implementation of the Automatic Exchange of Information (AEOI). Methodology: A model is advanced and tested using partial least squares path modeling (PLS-SEM) and data were collected from a sample of 200 banking industry customers in Indonesia. Findings: The results indicate significant and positive relationships among trust, commitment, satisfaction, and customer loyalty. Moreover, it is found that satisfaction has an indirect effect in relation to trust, commitment, and customer loyalty. The findings and limitations are discussed and recommendations for the policy makers and researchers are also provided. Paper Type: Research Article
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.
A Review on Cash Waqf for Education in Malaysia: Challenges and Impacts Wan Hasanah Megat Ajib
Ihtifaz: Journal of Islamic Economics, Finance, and Banking Vol. 5 No. 2 (2022)
Publisher : Universitas Ahmad Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.12928/ijiefb.v5i2.5923

Abstract

Introduction: The cash waqf has been practiced widely since the beginning of the 15th Century during the reign of the Ottoman Empire and The Fatwa Committee of the 77th National Council for Islamic Religious Affairs Malaysia announced its permissibility in Malaysia on 12 April 2007. Since that, the cash waqf is developed rapidly and most of the collection is focused on educational purposes. This study identifies the challenges and impacts of cash waqf in Malaysia specific for education. Purpose: This study identifies the challenges and impacts of cash waqf in Malaysia specific for education. Methodology: This study used a descriptive method based on previous studies, secondary data from the published book, and regulatory bodies’ official portals. Findings: The findings showed four main challenges faced by the waqf authority; (1) lack of expertise by the waqf staff and manager in cash waqf management; (2) low level of public awareness and less understanding of the university’s top management; (3) inconsistency of enactments because of the state’s enactment; (4) Improper documentation and no publication on the latest annual report. Despite the challenges, the implementation of cash waqf contributed more good impacts on students and educational institutions such as (1) improve the facilities of schools and universities, (2) more university waqf centers had been established, (3) the welfare of disabled and poor students is guaranteed, and (4) enrich the quality of higher education through research grants.
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.

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