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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 8 No 2 (2022)" : 8 Documents clear
THE DEFAULT IN ISLAMIC PEER TO PEER LENDING: AN APPLICATION OF THE GENERAL STRAIN THEORY Dety Nurfadilah; Dida Nurhaida; Sudarmawan Samidi
Journal of Islamic Monetary Economics and Finance Vol 8 No 2 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i2.1432

Abstract

While the Islamic peer to peer (P2P) lending is useful especially during the present Covid-19 Pandemic, its default risk remains high. In this study, we apply the extended general strain theory to investigate borrowers’ default intention on the Islamic P2P lending during the pandemic period. Using the SEM-PLS method to analyse data gathered from a survey, we find economic pressure and socialization difficulty to be significant in increasing negative affects (life dissatisfaction, perceived unfairness, and inferiority feeling) and hence indirectly affecting the willingness to repay. Further, we find that socialization difficulty does not seem to have direct influences on default intention. Finally, moral norms appear to be a significant moderating factor in the framework. These should contribute to a better scoring system of the Islamic P2P lending.
DETERMINANTS OF PUBLIC-PRIVATE PARTNERSHIP IMPLEMENTATION IN OIC COUNTRIES Rahmatina Awaliah Kasri; Muhammad Rizki Siddiq; Farid Arif Wibowo
Journal of Islamic Monetary Economics and Finance Vol 8 No 2 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i2.1437

Abstract

This study examines the Private-Public Partnership (PPP) implementation for financing public infrastructure and its determinants for the case of OIC countries during the period 2015–2019. Using the fixed-effects panel model and considering public resource constraints and market, macroeconomic, institutional and cultural variables as potential factors, it documents that the regulatory quality, political stability, Islamicity Index and inflation variables positively influence the implementation of PPP for financing public infrastructure in the OIC region. Meanwhile, aid is found to negatively affect the PPP implementation. These findings suggest that PPP implementation tends to be higher in countries with good institutions, stable macroeconomic conditions, low public resources, low levels of aid and strong adherence to Islamic values. The results are expected to provide insights for policymakers and private sectors involved in the implementation of PPP in OIC countries.
RELATIONSHIP BETWEEN BOARD INDEPENDENCE AND CSR SPENDING OF ISLAMIC BANKS IN BANGLADESH Umar Habibu Umar
Journal of Islamic Monetary Economics and Finance Vol 8 No 2 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i2.1451

Abstract

This study examines the relationship between board independence and CSR expenditures on education, health and human and disaster relief for the case of Islamic banks in Bangladesh, Using unbalanced panel data from 2010 to 2020, the results indicate that board independence is positively and significantly associated with CSR expenditures on education and human and disaster relief sectors but is insignificantly related to the CSR expenditure on health. Thus, in forming the governance framework of Islamic banks, there is a need to have board independence to promote the social responsibility of Islamic banks. Indeed, our results suggest that it should be a regulatory requirement.
SHARĪʿAH-COMPLIANT FINTECH USAGE AMONG MICROENTREPRENEURS IN MALAYSIA: AN EXTENSION OF UTAUT MODEL Nik Hadiyan Nik Azman; Mohd Zaidi Md Zabri
Journal of Islamic Monetary Economics and Finance Vol 8 No 2 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i2.1417

Abstract

Fintech has been beneficial to the financial services industry and has markedly enhanced financial inclusivity. While the fintech has already made its mark, there has been somewhat limited use of sharīʿah-compliant fintech (such as P2P lending, crowdfunding, wealthtech, e-wallets) by Muslim microentrepreneurs (MEs) in Malaysia. Hence, this study examines the factors that affect sharīʿah-compliant fintech usage and its effect on income sustainability via an extended Unified Theory of Acceptance and Use of Technology (UTAUT). One hundred sixty-five (165) questionnaires were distributed to Muslim MEs who are users of sharīʿah-compliant fintech. This study reveals that performance expectancy and facilitating conditions have positive and significant effects on the use of sharīʿah-compliant fintech. The extended relationship of sharīʿah-compliant fintech adoption and income sustainability also presents a significant and positive relationship in which sharīʿah-compliant fintech has the potential to increase and, more importantly, sustain MEs’ income level.
ISLAMIC STOCK PORTFOLIO OPTIMIZATION USING DEEP REINFORCEMENT LEARNING Taufik Faturohman; Teguh Nugraha
Journal of Islamic Monetary Economics and Finance Vol 8 No 2 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i2.1430

Abstract

The Islamic principles in identifying stocks as Shari’ah principles have inevitability restrict the number of stocks that Muslims can invest in and consequently may affect the return from investment. In this paper, we examine the potential of Deep Reinforcement Learning in optimizing the portfolio returns of Islamic stocks. We model stock trading as a Markov Decision Process problem because of its stochastic and interactive nature. Then, we define the trading objective as a problem of maximization, while the DRL agents used are actor-critic algorithms. The selected portfolio consists of 30 most liquid Islamic stocks in Indonesia that constitute JII index and compare with that of the benchmark portfolio, namely the 45 most liquid conventional stocks or LQ45. The performance is compared using several algorithms. The result show that trading on Islamic stocks from January 2019 to December 2020 using the DRL agents could outperform the benchmark index of conventional stocks. Using DRL agents, fund managers would be able to optimize the portfolio on daily basis, minimize risk during crisis or turbulence, and outperform the conventional stocks.
RELIGIOUS RESPONSES TO SUSTAINABLE DEVELOPMENT GOALS: AN ISLAMIC PERSPECTIVE Foyasal Khan; Mohamed Aslam Haneef
Journal of Islamic Monetary Economics and Finance Vol 8 No 2 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i2.1453

Abstract

This paper investigates the role of religion in Sustainable Development (SD) and offers an Islamic perspective to Sustainable Development Goals (SDGs). Applying a multidimensional approach to development, this paper presents 17 SDGs into the six dimensions —i.e.,Social, Human Capital, Economic, Sustainable Lifestyle, Environmental, and Institutional. From the discusions of the dimensions from Islamic perspective, some key findings are: Islam lays emphasis on human capital development (SDG 3 and 4) which is a key element in accelerating economic Growth (SDG-8). Islam also offers a wide range of social financial tools such as Zakat, waqf that can be used to address SDG 1 (poverty), 2 (hunger), 5 (gender eqaulity), and 10 (reducing inequality). Islamic finance offers a number of tools for long-term financing such as sukuk that can masterfully be used for building sustainable infrastructure (SDG-9) and sustainable cities (SDG-11). This study also reviews some Islamic principles from the Holy Qur'an that can positively promote several SDGs. Wasatiyyah (Moderation) principle can be used for sustainable consumption and production (SDG-12), Khalifah ( God’s vicegerent on Earth) for utilizing Water and sanitation (SDG-6) and energy (SDG-7). Maslahah ( public interest) for dealing with natural resources; Salam (peace), ‘Adl wa al-Ihsan (justice and benevolence) for SDG-16 (peace, justice and strong institutions) and Ta‘āwanū ‘alal-Birri (cooperation one another in goodness) for SDG-17 (partnerships for the goals).
DETERMINANTS OF SYSTEMATIC AND UNSYSTEMATIC LIQUIDITY RISK IN ISLAMIC BANKS Anwar Hussain; Ploypailin Kijkasiwat; Bushra Mobeen Ijaz; Fitim Deari
Journal of Islamic Monetary Economics and Finance Vol 8 No 2 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i2.1474

Abstract

This study examines whether systematic (macroeconomic) and unsystematic (bank specific) factors determine liquidity risk in Islamic banks. The study employs a sample of Islamic banks from Pakistan, Qatar, Malaysia, UAE, Bangladesh, Bahrain, and Saudi Arabia over the period 2008 – 2019. Using Least Square estimation methods to estimate the model separately for each country, we find the results to be mixed and different across countries. The results also show that non-performing loans, bank size, leverage ratio and return on assets are key unsystematic drivers in determining the liquidity risk of Islamic banks. This study points out the fragility of Islamic banks in relation to managing liquidity risk.
BETWEEN TWO CRISES: DO ISLAMIC BANKS SUFFER? Rihab Grassa; Adel Sarea; Sherif El-Halaby; Anissa Naouar Damak
Journal of Islamic Monetary Economics and Finance Vol 8 No 2 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i2.1475

Abstract

This study compares the effects of the Global Financial crisis and COVID-19 pandemic on the Islamic banking sector in the Gulf Cooperation Council (GCC). Using a sample of 32 Islamic banks observed over the period 2006 to 2020, the paper reveals that the two events have different effects on the Islamic banking sector. Overall, Islamic banks are not as profitable and resilient in the COVID-19 pandemic as in the global financial crisis. However, Islamic banks in GCC countries has gained experience and become more efficient and stable over time. The policy implication of this study supports digitalization and the increased prominence of financial technology (Fintech). In addition, monetary authorities in the GCC have to introduce innovative products to help the Islamic banking sector to be more resilient to such crises.

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