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Journal of Islamic Monetary Economics and Finance
Published by Bank Indonesia
ISSN : 24606146     EISSN : 24606618     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
JIMF is an international peer-reviewed and scientific journal which is published quarterly by Bank Indonesia Institute. JIMF is a type of scientific journal (e-journal) in Islamic economics, monetary, and finance. By involving a large research communiy in an innovative public peer-review process, JIMF aims to provide fast access to high quality papers and continual platform for sharing studies of academicians, researchers, and practitioners; disseminate knowledge and research in various fields of Islamic economics, Monetary and Finance; encourage and foster research in the area of Islamic Economics, Monetary, and Finance; and bridge the gap between theory and practice in the area Islamic Economics, Monetary and Finance.
Arjuna Subject : -
Articles 9 Documents
 1 
Search results for , issue "Vol 10 No 1 (2024)" : 9 Documents clear
REVISITING THE DYNAMIC CONNECTEDNESS, SPILLOVER AND HEDGING OPPORTUNITIES AMONG CRYPTOCURRENCY, COMMODITIES, AND ISLAMIC STOCK MARKETS Mezghani, Taicir; Rabbani, Mustafa Raza; Trichilli, Yousra; Abbes, Boujelbène
Journal of Islamic Monetary Economics and Finance Vol 10 No 1 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i1.1813

Abstract

The study investigates the dynamic interconnections and opportunities for hedging among cryptocurrency, commodity, and Islamic stock markets using DCC-GARCH and Spillover connectedness models. Using daily data covering the Russia-Ukraine war and COVID-19 outbreak from December 1, 2019 to April 15, 2022, we document weak and frequently negative correlation between Bitcoin and Islamic stock markets. Thus, Bitcoin could be viewed as a haven from Islamic stock market losses. The results also indicate that Bitcoin's diversification benefits are normally steady and increase considerably during turbulence. Furthermore, the net return spillovers from the Bitcoin market remain above zero during most of the study period. We also find that utilizing Bitcoin as a hedge during the COVID-19 pandemic phase leads to higher expenses. The outcomes of this investigation are expected to carry substantial ramifications for Indonesian investors and portfolio managers who adhere to Shariah law since they will enable them to comprehend the advantages of diversifying portfolios across various periods of stock holding or investment horizons.
STABILITY OF SHARIAH-COMPLIANT STOCKS IN INDONESIA, MALAYSIA, AND GCC: THE ROLES OF MONETARY AND FISCAL POLICIES AND CONTAGION Loang, Ooi Kok
Journal of Islamic Monetary Economics and Finance Vol 10 No 1 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i1.1899

Abstract

This study examines the roles of monetary and fiscal policies and contagion in the market stability of Indonesia, Malaysia, and the Gulf Cooperation Council countries during the pandemic and post-pandemic periods from 2020 to 2023. We find that fiscal policy measures, such as reserve requirements and the government expenditure-to-GDP ratio significantly increase the market volatility during the pandemic. As for monetary policy tools, while they had limited effectiveness during the pandemic, they regained significance in stabilizing the markets post-pandemic. We also find that the patterns of market contagion patterns tend to vary across countries, with Qatar and Bahrain showing changing levels of contagion while Saudi Arabia, UAE, Kuwait, and Oman consistently displaying moderate to high contagion, the results that are in line with the adage, "when the U.S. sneezes, the global economy has a cold". The study's implications for managers and policymakers in Muslim-majority countries include robust risk management and contingency planning due to higher market contagion in economically integrated economies. Additionally, the limited impact of conventional monetary policies during the pandemic highlights the need to explore alternative approaches to enhance market stability during economic downturns.
CORPORATE ATTRIBUTES AND BANKRUPTCY PREDICTION: THE CASE OF LISTED HALAL FOOD AND BEVERAGE COMPANIES Umar, Umar Habibu; Abduh, Muhamad; Besar, Mohd Hairul Azrin
Journal of Islamic Monetary Economics and Finance Vol 10 No 1 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i1.1928

Abstract

This study investigates the relationship between corporate attributes and the probability of bankruptcy among halal food and beverage companies in five countries: Indonesia, Malaysia, Pakistan, Saudi Arabia, and the United Arab Emirates (UAE). Analyzing data from 56 firms from 2008 to 2021 using static panel data method, we find that the working capital period (cash conversion cycle), leverage, and firm growth increase the probability of bankruptcy for these companies. In contrast, liquidity, profitability, and firm size reduce bankruptcy probability. The findings reveal essential firm attributes that can guide the management of halal food and beverage firms, relevant regulators, and potential investors in ensuring the firms’ long-term viability.
THE IMPACTS OF CASH WAQF LINKED SUKUK EMPOWERMENT PROGRAMS: EMPIRICAL EVIDENCE FROM INDONESIA Yumna, Aimatul; Masrifah, Atika Rukminastiti; Muljawan, Dadang; Noor, Feri; Marta, Joan
Journal of Islamic Monetary Economics and Finance Vol 10 No 1 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i1.1940

Abstract

This study analyzes the impact of Cash Waqf Linked Sukuk (CWLS) empowerment programs on beneficiaries’ welfare, financial inclusion, social participation, and spirituality. Using questionnaires administered to the beneficiaries and non-beneficiaries of the empowerment programs in Central Lampung, South Tangerang, Trenggalek East Java, and Bima Nusa Tenggara Indonesia, the study constructs three impact indicators: the welfare index, financial inclusion index, and social and spiritual index. The data are analyzed using the difference-in-difference (DiD) method, where the three impact indices are compared between the two groups of respondents in 2021 and 2022. We find that the CWLS empowerment programs improve the welfare and financial inclusion of beneficiaries but have no discernible effect on social and spiritual participation. However, the DID analysis reveals that the overall impacts of welfare, financial inclusion, and social and spiritual participation are not statistically different between beneficiaries and non-beneficiaries in 2021 and 2022. This study provides significant implications for policymakers and nadzir to enhance the impacts of CWLS on socioeconomic development and poverty alleviation. Acknowledgment This research was funded by Departemen Ekonomi dan Keuangan Syariah (DEKS), Bank Indonesia.
THE ROLE OF ISLAMIC FINANCIAL INCLUSION IN POVERTY, INCOME INEQUALITY, AND HUMAN DEVELOPMENT IN INDONESIA Novreska, Sasiaprita; Arundina, Tika
Journal of Islamic Monetary Economics and Finance Vol 10 No 1 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i1.1973

Abstract

This study empirically analyses the role of Islamic financial inclusion in overcoming poverty, income inequality, and human development problems by employing yearly panel data of 33 provinces in Indonesia from 2014 to 2022. The results show that, except Aceh and DKI Jakarta, all provinces in Indonesia have low Islamic Financial Inclusion Index (IFII). Our analysis reveals that Islamic financial inclusion exerts significant roles in poverty reduction and human development improvement, while it is insignificantly related to income inequality. During the Covid-19 pandemic, the effect on human development of financial inclusion is further strengthened. We further note that the effects of Islamic financial inclusion depends on the levels of Human Development Index (HDI), where poverty reduction and human development improvement are apparent only in provinces with high and very high HDI.
INFORMAL ECONOMY, ISLAMIC FINANCE DEVELOPMENT, AND SUSTAINABLE DEVELOPMENT IN MUSLIM-MAJORITY COUNTRIES Muhammed, Ismail Aremu; Khalid, Ahmed Masood; Premaratne, Gamini
Journal of Islamic Monetary Economics and Finance Vol 10 No 1 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i1.1987

Abstract

The paper focuses on the impact of informal economy and Islamic finance development on sustainable development using a panel dataset of 15 Muslim-majority countries from 2016 to 2022. The results based on the feasible GLS and panel quantile regression methods reveal that Islamic finance development has a positive impact on sustainable development. Meanwhile, the informal economy has a negative impact on sustainable development. Assessing the components of Islamic finance development, we further note that only quantitative development/financial performance and knowledge indicators are effective in achieving sustainable development. Besides these key results, GDP per capita, trade openness, and foreign direct investment emerge to be positive factors while the natural resource rents a negative factor in sustainable development. We reason that low productivity and precarious working conditions associated with informal economy may have hindered economic, social, and environmental wellbeing. The positive contribution of the Islamic finance development especially those related to Islamic financial performance and knowledge sharing to sustainable development hints the importance of further development of the Islamic financial sector in these countries.
BUSY COMMISSIONERS AND FIRM PERFORMANCE: DO SHARIAH-COMPLIANT FIRMS MATTER? Rahardjoputri, Rolina; Risfandy, Tastaftiyan; Utami, Ayu Dwi
Journal of Islamic Monetary Economics and Finance Vol 10 No 1 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i1.1995

Abstract

The empirical literature on a one-tier board system has recently focused on busy directors, defined as directors holding multiple similar positions in more than one firm simultaneously. In the same spirit, this paper investigates the impact of busy commissioners (instead of busy directors) on firms' performance for the case of Indonesia, a country adopting a two-tier board system. We find that busy commissioners do not impact accounting performance but are negatively associated with market performance. The markets tend to react negatively to the presence of busy commissioners, while actually the firms are also not advantaged financially by their presence. Interestingly, we also find that Shariah-compliant firms tend to have better accounting performance but not with market performance. Our analysis further reveals that the negative impact of busy commissioners on market performance diminishes in non-Shariah-compliant firms. Perhaps, the different characteristics of Shariah-compliant and non-Shariah-compliant companies, wherein Shariah-compliant firms tend to restrict leverage and cash level, account for the results. These findings are robust across various regressions. This research calls on policymakers to enforce the regulation regarding commissioners to reduce its detrimental impact on performance. The regulators should also collaborate with relevant agencies to educate and promote the existence of Shariah-compliant firms in Indonesia. Acknowledgment The authors would like to thank Universitas Sebelas-Maret, Indonesia, for the partial funding for this study.
SHARIAH RISK FACTOR AND STOCK RETURN IN THE INDONESIAN STOCK MARKET DURING COVID-19 AND THE RUSSIA-UKRAINE CONFLICT Dharani, Munusamy; Hassan, M. Kabir; Hermawan, Danny
Journal of Islamic Monetary Economics and Finance Vol 10 No 1 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i1.2020

Abstract

Using a sample of 544 Indonesian stocks, we examine the performance of the Shariah and non-Shariah stocks from 2018-2023. Employing panel regressions to investigate the impact of the Shariah investment principles on the average stock returns, we observe a positive relationship between the Shariah firms and average stock return in the market. Consequently, the study forms the Shariah and non-Shairah portfolios and analyzes their performance using the asset pricing model. We document evidence that the Shariah portfolio provides a higher abnormal return than the non-Shariah portfolio. Further, we report that the Shariah portfolio provides a higher abnormal return than the non-Shariah portfolio after controlling COVID-19 and the Russia-Ukraine war. Finally, we create the Shariah risk factor and conclude that it is one factor that explains the deviation in the stock return in the Indonesian stock market. The study recommends that policymakers consider this factor to derive the cost of equity, discount rate, and cost of capital.
ACCELERATING DIGITALIZATION IN THE SHARIA ECONOMY AND FINANCE FOR INCLUSIVE AND SUSTAINABLE GROWTH IN THE POST-PANDEMIC RECOVERY Warjiyo, Perry
Journal of Islamic Monetary Economics and Finance Vol 10 No 1 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i1.2103

Abstract

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