cover
Article Per Year (5 Year)
All
Home Page
OAI Link
Editorial Team
Contact
Reviewer
Google Scholar
Contact Name
ali sakti
Contact Email
journal.jimf@gmail.com
Phone
-
Journal Mail Official
journal.jimf@gmail.com
Editorial Address
-
Location
Kota adm. jakarta pusat,
Dki jakarta
INDONESIA
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 10 Documents
 1 
Search results for , issue "Vol 6 No 4 (2020)" : 10 Documents clear
SUSTAINABILITY-DISCLOSURES AND FINANCIAL PERFORMANCE: SHARIAH COMPLIANT VS NON-SHARIAH- COMPLIANT INDONESIAN FIRMS Mudeer Ahmed Khattak; Mohsin Ali; Aman Khan Burki
Journal of Islamic Monetary Economics and Finance Vol 6 No 4 (2020)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v6i4.1087

Abstract

We investigate the impact of sustainability-performance disclosure (SPD) on firm performance on a cross industry sample of 71 firms over the period 2011-2018. We also compare the relationship between shariah compliant firms (SCFs) and non-shariah-compliant firms(NSCF). To control for possible issues of unobserved heterogeneity, endogeneity and autocorrelation, we use the system generalized method of moments approach. We found that disclosure of sustainability performance increases a firm’s financial performance. Firms which disclose information on their sustainability practices were found to have higher earnings on assets and equity, which clearly supports the argument of information asymmetry. In the comparison of shariah-compliant and non-shariah-compliant firms, it was found that SCFs are at an advantage by being shariah compliant and that disclosure of sustainability performance increases the financial performance of such firms, whereas for non- shariah-compliant firms, the impact was found to be negative. One of the main findings from the research is that while firms’ involvement in corporate sustainability activities is encouraged, they also need to disclose any related information to their stakeholders, general public to capitalise on this investment, in return for a good reputation and consider going shariah complaint. Our study further recommends that the management of firms in Indonesia should focus on shariah compliance and consider sustainability-practice and sustainability-performance disclosures with a positive mindset, recognising them as means of gaining an advantage rather than as an obligation.
ZAKAT AND POVERTY ALLEVIATION IN INDONESIA: A PANEL ANALYSIS AT PROVINCIAL LEVEL Evi Aninatin Ni'matul Choiriyah; Abdul Kafi; Irma Faikhotul Hikmah; Imam Wahyudi Indrawan
Journal of Islamic Monetary Economics and Finance Vol 6 No 4 (2020)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v6i4.1122

Abstract

As a pillar of Islam and an instrument for poverty alleviation, zakat is perceived as an effective tool for tackling the problem of poverty in the Muslim world. However, whether zakat is effective in improving indicators of both quantity and quality of poverty is still a question requiring empirical investigation. This study is aims to empirically investigate the role of impactful zakat in poverty alleviation as indicated by the BAZNAS prosperity index (Indeks Kesejahteraan BAZNAS or IKB), at provincial level in Indonesia. This study covers annual data from 28 provinces in Indonesia for the years 2017 and 2018. Data analysis uses a panel-data approach, with three indicators of poverty – the poverty headcount ratio (P0), poverty gap index (P1), and poverty severity index (P2) – as dependent variables. The study finds that higher BAZNAS IKB, used as a sign of impactful zakat, significantly reduces P0 but has insignificant effect on P1 and P2. The results of this study imply that zakat managers should put emphasis on the poorest section of the poor population to enable improvements in poverty indicators through zakat utilization.
BENEFITS THAT ISLAMIC AND CONVENTIONAL BANKS CAN ATTAIN BY IMPLEMENTING GREEN BANKING Kashfia Sharmeen; Ahsan Mahbub Yeaman
Journal of Islamic Monetary Economics and Finance Vol 6 No 4 (2020)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v6i4.1134

Abstract

This paper aims to ascertain the benefits that Islamic and conventional banks in Bangladesh can reap by implementing green banking, and also the drivers that motivate banks to behave environmentally. The Green Compliance Index (GCI) was introduced here to measure banks’ environmental behaviour. It was prepared based on central bank guidelines. In this study, with the participation of all 40 private commercial banks (PCBs), 32 conventional banks and 8 Islami Shariah-based PCBs, firm specific variables were collected through content analysis of the GCI. Structural equation modelling-partial least squares (SEM-PLS), together with the bootstrapping method, were used to evaluate the research data. These were collected and sorted from the FY annual report of 2018. For further support, a generalized linear model (GLM) was used to assess the outcomes. The results show that the effects of green compliance on possible benefits are significantly higher for Islamic banks. In contrast, these banks comply less with the green banking codes than conventional banks do in Bangladesh. Company size and the independence of bank directors appear to have a significant influence on compliance with the green banking codes, while governance does not show such an association for either group of banks. As Islamic banks have a greater scope to attain benefits, policymakers should introduce more interactive green banking products and loan schemes for prospective consumers, especially in industrial sectors where there is a greater possibility of being sustainable and environmentally friendly. Based on the findings, policy recommendations are made for practitioners, regulators and future researchers.
ZAKAT AND SDG 6: A CASE STUDY OF BAZNAS, INDONESIA Fahmi Ali Hudaefi; Abdul Aziz Yahya Saoqi; Hidayaneu Farchatunnisa; Ulfah Lathifah Junari
Journal of Islamic Monetary Economics and Finance Vol 6 No 4 (2020)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v6i4.1144

Abstract

Recent zakat distribution by the National Board of Zakat, Republic of Indonesia (BAZNAS), such as the construction of private lavatories for underprivileged households, have contributed to the idea that zakat promotes the sustainability of clean water and sanitation (SDG 6). However, this notion demands detailed academic explanation to better understand it systematically. This paper thus aims to explore the degree to which the toilet construction project has benefitted its recipients. This case study of BAZNAS’s project in Kendel, Boyolali, Indonesia, employs a qualitative approach based on participatory observation and semi-structured interviews. The findings explain the perspectives of local community after receiving the assistance, including the identification of reduction in numbers of local people affected by diarrhoea. This information may validate the relationships between health, water and sanitation. Furthermore, the findings capture the involvement of local government in the project execution. Thus, social and practical implications are revealed by this study. This study pioneers the establishment of scholarly-based evidence about the programme of individual toilet construction executed by BAZNAS, and about the perspectives of its recipients in the wake of receiving the aid.
COMPARING THE INTERTEMPORAL EFFICIENCY OF ISLAMIC BANKS IN INDONESIA AND MALAYSIA Lina Nugraha Rani; Salina Kassim
Journal of Islamic Monetary Economics and Finance Vol 6 No 4 (2020)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v6i4.1147

Abstract

This study aims to measure and compare the intertemporal efficiency of Islamic banks in Indonesia and Malaysia using data envelopment analysis (DEA) together with window (intertemporal) analysis for the period 2012–2018 and applying an intermediation approach. Window analysis is used to indicate the stability of efficiency over the study period. The findings show that the intertemporal technical efficiency (TE) of Islamic banks in Indonesia was 77.4% with stability score of 0.034, which was significantly more efficient and more stable than Malaysian banks at 75.1% with stability score of 0.169. Moreover, the the intertemporal pure technical efficiency (PTE) of Islamic banks in Indonesia was 91.7% with stability score 0.020, which was also significantly more efficient and more stable than Malaysian banks at 88.0% PTE and stability score of 0.161. In contrast, the intertemporal scale efficiency (SE) of Islamic banks in Indonesia was 84.5%, slightly lower than that of Malaysian banks at 85.3% but not significantly different. PTE improvement has contributed to TE improvement, while SE has not reached an optimal level. Comparison to previous results also showed that since the global financial crisis the PTEs of Islamic banks in Indonesia and Malaysia have improved while SEs have worsened. Therefore, efforts to improve SE by expanding the size of Islamic banks to reach optimum economies of scale are urgently needed.
ONLINE PAYMENT: INDIVIDUAL CHARACTERISTICS AND DIGITAL FINANCIAL INCLUSION IN OIC COUNTRIES Rizqi Umar Al Hashfi; Alyta Shabrina Zusryn; Novi Lailatul Khoirunnisa; Ammelia Rizza Fitri Ayu Listyowati
Journal of Islamic Monetary Economics and Finance Vol 6 No 4 (2020)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v6i4.1148

Abstract

Digital financial inclusion (DFI) is a prominent issue in the digital era, since it focuses on the use of technology to serve unbanked people at low cost. The adoption of mobile money platforms that allow users to make efficient peer-to-peer and real-time transactions is one aspect of the DFI agenda. This study aims to investigate the determinants of mobile money usage using data derived from the 2017 Global Financial Inclusion survey conducted by the World Bank and Gallup and applying probit regression and the Heckman selection model to check robustness. Even though access to a financial institution is relatively low, the percentage of mobile money usage in Organisation of Islamic Cooperation (OIC) countries is slightly higher than in non-OIC countries and worldwide. The rate of adoption of mobile money is higher for individuals making online transactions, with more educated and more prosperous males tending to be more included in the use of digital financial services. The U-shape hypothesis for the relationship between age and the use of mobile money is not supported. Our research contributes to the theoretical development of the Unified Theory of Acceptance and Use of Technology 2 in illustrating the use of mobile technology. The empirical results are recommended for use by practitioners, regulators and policymakers in creating and fostering a sound ecosystem for digital finance development.
DO ISLAMIC EQUITY STYLE INDICES CONTAIN ECONOMIC INFORMATION? Shahrin Saaid Shaharuddin; Wee-Yeap Lau; Tien-Ming Yip
Journal of Islamic Monetary Economics and Finance Vol 6 No 4 (2020)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v6i4.1182

Abstract

This study aims to investigate whether the Islamic equity style index contains economic information which is useful for investors and financial practitioners. The study fills the gap in the previous literature by investigating the relationship between Islamic equity style indices and macroeconomic variables. Using a Vector Autoregressive (VAR) model with monthly data from June 2006 to May 2017, our results show that first, there is unidirectional flow of information from Large Growth (LG) to the Leading Economic Indicator (LEI); second, Large Growth (LG) Granger-causes the Kuala Lumpur Composite Index (KLCI); third, Large Value (LV) also Granger-causes KLCI. A robustness check with an Augmented VAR model obtained similar results to the short-run model. Our results imply that equity style indices have prior information which is faster than LEI and KLCI. This knowledge is certainly useful for fund managers when designing Shariah-compliant portfolio investments. For policymakers, Islamic equity style indices are useful for predicting the direction of other macroeconomic variables such as business cycles, and hence help to predict the future direction and turning points in the economy.
DO WORKERS’ REMITTANCES PROMOTE ECONOMIC GROWTH? A CASE STUDY OF PAKISTAN Sarmad Ellahi; Muhammad Omer
Journal of Islamic Monetary Economics and Finance Vol 6 No 4 (2020)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v6i4.1187

Abstract

This study investigates the role of workers’ remittances in promoting economic growth in Pakistan, using data from 1976-2017. Remittances are an important source of Sharia-compliant (mostly) FX inflows, which may contribute to the economic development of many Islamic and non-Islamic economies. Nonetheless, they are more relevant to Islamic economies, as they could potentially reduce the requirements of interest-based FX financing from donor agencies and/or from global capital markets. The impact of workers’ remittances on the economic growth of Islamic developing economies remains a little explored area. Our research, which employs a case study of Pakistan, is first in this direction. We used the GMM estimation procedure to obtain efficient estimates in the presence of endogeneity and simultaneity bias. Our estimates show that an increase in remittance inflows positively affects the economic growth of Pakistan. The increase in per capita GDP could be primarily due to an increase in the consumption of low-income recipients. It is likely that this consumption demand promotes investment activity; however, the study could not establish the impact of remittances on such activity.
INVESTIGATING VOLATILITY BEHAVIOUR: EMPIRICAL EVIDENCE FROM ISLAMIC STOCK INDICES Burhanuddin Burhanuddin
Journal of Islamic Monetary Economics and Finance Vol 6 No 4 (2020)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v6i4.1256

Abstract

The main purpose of this research is to apply five univariate GARCH models to the daily stock returns of four major sharia stock indices. Two symmetric versions of the GARCH model (GARCH and MGARCH) and three asymmetric versions (EGARCH, TGARCH and PGARCH) are employed to estimate and forecast the volatility of four major sharia indices. The results provide strong evidence that all models can depict the volatility behaviours in all four sharia index returns. The two symmetric models indicate that the volatility of a sharia index’s returns depend on its previous own lags, and statistically prove that a rise in volatility (risk) leads to an increase in mean (return), i.e. the risk premium effect. Meanwhile, the three asymmetric models suggest that negative shocks to daily returns tend to have higher impact on the volatility of sharia indices than positive shocks of the same magnitude. Moreover, based on the values of forecasting errors – root mean square errors (RMSE) and mean absolute errors (MAE) – the asymmetric GARCH models outperform the symmetric models in forecasting the volatility of four major sharia indices. However, the very small difference values of RMSE and MAE among the univariate GARCH-type models denote that no single model is superior to the others.
CONCEPTUALISING ISLAMIC CREDIT CARDS BASED ON MUSHĀRAKA MUTANĀQISA Ahmed M. Alkhan; M. Kabir Hassan; Rashedul Hasan
Journal of Islamic Monetary Economics and Finance Vol 6 No 4 (2020)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v6i4.1257

Abstract

The purpose of this paper is to conceptualise an Islamic credit card (or mushāraka card) based on the Islamic principles of mushāraka mutanāqisa. A qualitative methodology was employed, with qualitative content analysis used on AAOIFI Shari’a Standard (SS) No. 12 “Sharikah (Musharaka) and Modern Corporations” to derive key rulings and controls for mushāraka mutanāqisa, which were then used to conceptualise an Islamic credit card based on mushāraka mutanāqisa. Theoretically, it should be possible to develop an Islamic credit card based on the Islamic rulings of mushāraka mutanāqisa. The concept provided in this paper could be adopted as a pilot project by Islamic retail banks. Evidence suggests that a new revised standard for credit cards (included within AAOIFI Shari’a Standard (SS) No. 2) was under construction while this research was being undertaken. Therefore, it was not possible to review what perhaps may be relevant information for conceptualising a new Islamic credit card. The research intends to fill the gap by qualitatively conceptualising an Islamic credit card based on a mushāraka mutanāqisa in an in-depth manner, especially with the use of AAOIFI as a base for the conceptual analysis.

Page 1 of 1 | Total Record : 10

 1 

Filter by Year

2020 2020


Reset
Filter By Issues
All Issue Vol. 11 No. 4 (2025) Vol. 11 No. 3 (2025) Vol. 11 No. 2 (2025) Vol. 11 No. 1 (2025) Vol 11 No 1 (2025) Vol 10 No 4 (2024) Vol. 10 No. 4 (2024) Vol 10 No 3 (2024) Vol. 10 No. 3 (2024) Vol 10 No 2 (2024) Vol. 10 No. 2 (2024) Vol 10 No 1 (2024) Vol. 10 No. 1 (2024) Vol. 9 No. 4 (2023) Vol 9 No 4 (2023) Vol 9 No 3 (2023) Vol. 9 No. 3 (2023) Vol. 9 No. 2 (2023) Vol 9 No 2 (2023) Vol. 9 No. 1 (2023) Vol 9 No 1 (2023) Vol 8 No 4 (2022) Vol. 8 No. 4 (2022) Vol 8 No 3 (2022) Vol. 8 No. 3 (2022) Vol 8 No 2 (2022) Vol. 8 No. 2 (2022) Vol. 8 No. 1 (2022) Vol 8 No 1 (2022) Vol 8 (2022): Special Issue: Islamic Social Finance Vol. 8 (2022): Special Issue: Islamic Social Finance Vol. 7 (2021): Special issue 1: Islamic Economy and Finance in times of Covid-19 Pandemic Vol 7 (2021): Special issue 1: Islamic Economy and Finance in times of Covid-19 Pandemic Vol 7 No 4 (2021) Vol. 7 No. 4 (2021) Vol. 7 No. 3 (2021) Vol 7 No 3 (2021) Vol. 7 No. 2 (2021) Vol 7 No 2 (2021) Vol 7 No 1 (2021) Vol. 7 No. 1 (2021) Vol 6 No 4 (2020) Vol 6 No 3 (2020) Vol 6 No 2 (2020) Vol 6 No 1 (2020) Vol 5 No 4 (2019) Vol 5 No 3 (2019) Vol 5 No 2 (2019) Vol. 5 No. 2 (2019) Vol 5 No 1 (2019) Vol 4 No 2 (2018) Vol. 4 No. 2 (2018) Vol 4 No 1 (2018) Vol. 4 No. 1 (2018) Vol 3 No 2 (2018) Vol. 3 No. 2 (2018) Vol. 3 (2018): SPECIAL ISSUE Vol 3 (2018): SPECIAL ISSUE Vol. 3 No. 1 (2017) Vol 3 No 1 (2017) Vol. 2 No. 2 (2017) Vol 2 No 2 (2017) Vol 2 No 1 (2016) Vol. 2 No. 1 (2016) Vol. 1 No. 2 (2016) Vol 1 No 2 (2016) Vol 1 No 1 (2015) Vol. 1 No. 1 (2015) More Issue