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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 8 Documents
 1 
Search results for , issue "Vol 10 No 3 (2024)" : 8 Documents clear
THE INFLUENCE OF FINANCING MODEL AND CREDIT RISK ON FINANCIAL STABILITY (STUDY OF ISLAMIC RURAL BANKS IN JAVA ISLAND) Addury, Multazam Mansyur; Ramadhani, Aprilia Kinasih Putri
Journal of Islamic Monetary Economics and Finance Vol 10 No 3 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i3.1788

Abstract

This study examines the impact of profit-sharing financing and profit-margin financing on financial stability of Islamic Rural Banks (IRBs) in Java Island and incorporates credit risk as an intervening variable. Utilizing a panel dataset of 90 registered IRBs operating in Java Island from 2011 to 2021 and applying path analysis, we find that profit margin financing has a significant negative impact on the financial stability of IRBs, both directly and indirectly through its association with credit risk. In contrast, profit sharing financing shows a positive and significant direct effect on financial stability. This result implies that profit margin financing may pose a greater risk to the financial stability of IRBs than profit-sharing financing. The study highlights the need for IRBs to carefully manage their financing strategies, taking into consideration the potential risks associated with profit margin financing. Effective risk management practices are crucial for mitigating credit risk and ensuring the overall stability of IRBs. The research emphasizes the importance of a selective approach in providing profit-sharing financing to mitigate potential risks. It also underscores the significance of striking a balance between profitability and credit risk management to ensure the long-term stability of IRBs.
DO INVESTORS GET BENEFITS FROM CORPORATE GREEN SUKUK ISSUANCE Riaz, Tabassum; Selamat, Aslam Izah; Nor, Normaziah Mohd; Hassan, Ahmad Fahmi Sheikh
Journal of Islamic Monetary Economics and Finance Vol 10 No 3 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i3.1944

Abstract

This study evaluates whether investors benefit from green sukuk by examining the responses of stock returns to the announcements of corporate green sukuk (green Islamic bonds) issuance. Applying the standard event study methodology, it finds that stock returns respond positively and significantly to the announcements of green sukuk issuance, suggesting that investors perceive and react favorably to the announcement. This significantly positive response is observed both for the individual firm (through CARs) and for a sample of all firms (through CAARs). Thus, it can be concluded that investors benefit from the announcements of green sukuk issuance. Further, this study draws a comparative analysis of investors’ response to the announcements of corporate green sukuk and corporate green bond issuance, and the findings also show that investors respond positively to the announcements of green bond issuances. However, the investors’ response is slightly higher to the announcements of corporate green sukuk issuance compared to corporate green bonds, and the investors get slightly more benefit from green sukuk issuance as compared to green bond issuance. These finding inform policymakers for the formulation of strategies to attract investors by integrating green bonds with shariah principles to fund environment-friendly projects and consequently mitigate the climate change risk. ACKNOWLEDGEMENT This research was funded by University of the Punjab, Lahore-Pakistan under the Overseas Ph.D. Scholarship for faculty members.
THE ADOPTION OF ISLAMIC FINANCE BY CAMEROONIAN SME ENTREPRENEURS: ARE THERE GENDER DISPARITIES? Haruna, Ali; Kountchou, Armand Mboutchouang; Oumbé, Honoré Tekam; Wirajing, Muhamadu Awal Kindzeka
Journal of Islamic Monetary Economics and Finance Vol 10 No 3 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i3.1959

Abstract

The recent surge in the global asset value of Islamic finance has pushed Cameroonian policymakers to consider this mode of finance as an important element of the national financial inclusion strategy. This study examines the factors that influence the adoption of Islamic finance by SME entrepreneurs on the one hand and gender differences in adoption on the other hand in Cameroon, a non-Muslim-dominated African country. Based on a sample of 1,358 SME entrepreneurs, a simple logistic model is adopted to analyze the determinants of the decision to adopt Islamic finance while the Fairlie decomposition is afterward employed to test for gender disparities vis-a-vis the adoption of this mode of finance. Results of the logistic regression show that the need to abide by the Sharia law, awareness, attitude, intention, location, and gender positively and significantly affect the decision to patronize the Islamic mode of financing by Cameroonian SME entrepreneurs while subjective norms and age exert negative effects. The results of the Fairlie decomposition show that there exists a mean difference of 8% to the disadvantage of female entrepreneurs concerning the adoption of Islamic finance and that this gap is widened by religious motivation, awareness, intention, and location. Policymakers are encouraged to enhance the level of Islamic finance awareness of SME entrepreneurs, and the sharia compliance of Islamic finance institutions by obliging them to operate under the guidance of qualified sharia boards. These policies should be supported by the implementation of accompanying measures, such as the eradication of societal norms that restrict women's ability to use Islamic finance services.
BOARD STRUCTURE AND ISLAMIC BANK STABILITY: A STANDALONE RISK COMMITTEE MODERATING EFFECT Umar, Umar Habibu; Abduh, Muhamad; Besar, Mohd Hairul Azrin; Kurawa, Junaidu Muhammad
Journal of Islamic Monetary Economics and Finance Vol 10 No 3 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i3.1972

Abstract

This study investigates the impact of board attributes on the stability of Islamic banks and whether the presence a standalone risk management committee (SARC) moderates their relation. Applying the feasible generalized least squares (FGLS) regression as well as the two-step system generalized method of moments (GMM) estimator for robustness to a panel sample of 43 Islamic banks across 15 countries over eleven years from 2010 to 2020, we document evidence suggesting that board meetings, board gender diversity and foreign directors do not influence the stability of Islamic banks. Conversely, board members holding doctorate degrees (PhDs) significantly and negatively affect the stability of Islamic banks. In addition, the presence of SARC significantly improves the stability of Islamic banks. The study further finds that SARC partially and positively moderates the effects of board members with PhDs and foreign directors on the stability of Islamic banks.
HALAL AWARENESS: IMPACT ON PURCHASING HALAL MEDICINES UNVEILED Al Maslul, Syaifullah; Priantina, Anita
Journal of Islamic Monetary Economics and Finance Vol 10 No 3 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i3.1994

Abstract

Indonesia offers significant opportunities for the halal sector thanks to its predominantly Muslim population. However, there is a notable lack of certified halal medicines, which is surprising given the crucial role that medicines play in human life. This study aims to investigate how awareness of halal practises influences Muslim consumers' intention to purchase halal medicines, with a particular focus on the Jabodetabek region. The study is based on a total of 150 respondents and employs a partial least squares structural equation modelling (PLS-SEM). From the analysis, it is found that awareness of halal products has a significant influence on the intention to purchase halal medicines. In addition, both subjective norms and perceived behavioural control are identified as significant factors influencing the intention to purchase halal medicines. However, it is worth noting that attitude does not have a statistically significant influence on the intention to purchase halal medicines. This result may be attributed to the limited availability of halal-certified medicines, which influences the attitude of individuals in the decision-making process.
STRENGTHENING ZAKAH COMPLIANCE AMONG INDONESIAN MUSLIMS THROUGH THE ROLE OF INSTITUTIONAL CAPABILITIES Razak, Syaparuddin; Nasuka, Moh.; Syahabuddin, Syahabuddin; Arsyad, Kamaruddin; Darwis, Muh.
Journal of Islamic Monetary Economics and Finance Vol 10 No 3 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i3.2081

Abstract

This study examines the mediating role of institutional capabilities in the complex interplay between zakah regulation, leadership, and entrepreneurial competencies, aiming to understand their collective impact on the augmentation of zakah compliance. To this end, a questionnaire was distributed to 833 Indonesian Muslims who actively contribute zakat to official institutions, and the data are analyzed using partial least squares structural equation modeling. The findings underscore the pivotal role of institutional capabilities as a mediator between zakah regulation, leadership, and entrepreneurial competencies, with entrepreneurial skills exerting the most notable influence on zakah compliance. Further, perceived taqwa emerges as a robust influencer of compliance, while zakah regulation demonstrates a dual impact on both compliance and institutional capabilities. Additionally, the study advocates for prioritizing the development of entrepreneurial competencies within zakah institutions, aligning regulations with institutional growth, and nurturing perceived taqwa to fortify zakah compliance on a global scale. Departing from conventional approaches, this study adopts an innovative method by evaluating the efficacy of zakat institutions through institutional capabilities, particularly focusing on entrepreneurial competencies. The introduction of institutional capabilities as a mediating factor signifies a departure from the traditional framework, providing a novel perspective on the evaluation of resource reallocation and strategic direction.
EXCHANGE RATES AND STOCK MARKET DYNAMICS: ISLAMIC VERSUS CONVENTIONAL FINANCIAL SYSTEMS El Khoury, Rim; Alshater, Muneer M.; Alqaralleh, Huthaifa
Journal of Islamic Monetary Economics and Finance Vol 10 No 3 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i3.2096

Abstract

This study investigates the changes and persistence in dynamic connectedness between stock market performance and exchange rate fluctuations, comparing conventional and Islamic financial systems. With an eye on a global financial landscape characterized by the integration of capital markets and the adoption of floating exchange rate regimes, it examines the effects of exchange rate variations on the dynamics of the stock market in nine different countries - the United Kingdom, Australia, Japan, Singapore, Canada, China, India, Korea, and South Africa. The study employs daily data spanning from November 2015 to July 2023 and uses a comprehensive analysis of three-step methodology, including nonparametric causality-in-quantiles tests, asymmetric slope Conditional Autoregressive Value-at-Risk (CAViaR), and Time-Varying Parameter Vector Autoregressive (TVP-VAR) Connectedness measure. Our results underline the asymmetric impact of exchange rate fluctuations on stock markets and highlights the distinctive characteristics of Islamic financial markets. Comparing Islamic and conventional stock markets in the context of exchange rate fluctuations, this study not only serves to fill a gap in the existing literature but also emphasizes the significance of currency exchange rate swings for global investors, policymakers, and practitioners trying to understand the intricacies of global financial markets.
ISLAMIC FINANCIAL INCLUSION AND ECONOMIC GROWTH IN OIC COUNTRIES: PANEL QUANTILE REGRESSION ANALYSIS Ameziane, Massinissa
Journal of Islamic Monetary Economics and Finance Vol 10 No 3 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i3.2150

Abstract

This study examines how Islamic financial inclusion contributes to economic growth across different quantiles within the OIC countries. Sarma’s method is used to construct a novel index of Islamic financial inclusion (IIFI) and a quantile regression with fixed effects approach is applied to data spanning the period 2015 to 2020 from 25 OIC countries. The findings reveal that Islamic financial inclusion contributes positively to economic growth in the OIC countries across different segments of the GDP per capita with the impact being consistent across all segments. By expanding the network of Islamic banks and enhancing the technological infrastructure for financial access, policymakers can harness the transformative potential of Islamic finance to promote sustainable economic growth and development in the OIC countries.

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