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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 3 (2022)" : 8 Documents clear
EVALUATING INDONESIAN ISLAMIC BANKING SCHOLARLY PUBLICATIONS: A DATA ANALYTICS Hassan, Muhammad Kabir; Hudaefi, Fahmi Ali; Agung, Ahmad
Journal of Islamic Monetary Economics and Finance Vol 8 No 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i3.1560

Abstract

This study employs bibliometric analysis to evaluate 443 scholarly works on the topics of Indonesian Islamic banking published on 194 academic platforms, and authored by 1049 scholars. The machine learning tools i.e., R Studio and VOSviewer were employed to analyse the Scopus’ bibliographical data automatically harvested from the database. We developed four research questions based on the theories that are fundamental to bibliometric study, i.e., performance analysis, citation and co-citation analyses, bibliographic coupling and social network analysis, to identify the most impactful manuscripts, scholarly journals, authors, and institutions of affiliation. We further established the discussion of the current issues in Indonesian Islamic banking topics from the keyword analysis and the bibliographic coupling. These findings derive some recommendations for future research. This study provides a supply of scholarly novelty in the assessment of Indonesian Islamic banking publications which are both practically and theoretically importance to regulators, academia and industry professionals. Acknowledgment The authors would like to thank Bank Indonesia for the funding that made this study possible.
LOAN PORTFOLIO COMPOSITION OF ISLAMIC AND CONVENTIONAL BANKS PRE- AND POST-COVID-19 PANDEMIC? CASE OF INDONESIA Dawood Ashraf; Muhammad Suhail Rizwan; Danny Hermawan Adiwibowo; Richard Irfan Yusan
Journal of Islamic Monetary Economics and Finance Vol 8 No 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i3.1561

Abstract

This study investigates how the Covid-19 pandemic has affected the loan portfolio composition of Indonesian Islamic and conventional banks. By using a sample of 108 conventional and 9 Islamic banks, we find that conventional banks issued more consumption loans during the sample period. On the contrary, Islamic banks granted more investment loans than consumption loans. In addition, given limited support from the central bank, Islamic banks still increased their contribution to investment loans portfolio more rapidly during the COVID-19 pandemic. These results support the view that Islamic banks provide funding to long-term investment projects and may contribute more to sustainable economic growth. This finding could have policy implications for both Islamic banks and the government. Despite the fact that Islamic banking is in its infancy in Indonesia, it provides funding for the real economy. Regulators may assist the Islamic banking sector in developing risk management capacity in various sectors, including agriculture, manufacturing, trading, distribution, hotels, and restaurants. Furthermore, implementing a well-integrated policy framework that includes monetary, fiscal, and financial services can also assist in optimizing the momentum of economic recovery after the pandemic despite global supply disruptions, the Russian-Ukraine war, and climate change.
SHARIAH COMPLIANT FIRMS AND RISK SHARING UNDER PANDEMIC ERA Faruk Balli; Jardine A. Husman
Journal of Islamic Monetary Economics and Finance Vol 8 No 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i3.1562

Abstract

In this paper we analyse the Shari’ah Compliant (here after SC) firms and how do they share the output risk under pandemic era. Firms that are accepted to be SC, have been exposed to financial ratio restrictions (like debt ratios, profit ratio or current assets). For those firm not able to use debt to eliminate the income shocks, It is expected that firms after a negative output shock would be reflected to shareholders. In this paper, we measure to what extent SC firms share the risk of income shocks with the market and shareholders. Under pandemic era, SC firms have been exposed to substantial negative income shocks. For the sake of holding their SC certificates, debt leverage is not considered as an option but dropping (or cutting down) dividend payments would make the firms look bad, if they have not done it before. At this stage, firms that have the flexibility to share their income shocks with both market and shareholders before, i.e, produce more on boom market and distribute more dividends and produce less on recession and distribute less dividends, are performed better – stock prices returned to original levels earlier-during the pandemic area.
DO ISLAMIC CRYPTOCURRENCIES PROVIDE DIVERSIFICATION OPPORTUNITIES TO INDONESIAN ISLAMIC INVESTORS? Syed Aun R. Rizvi; Mohsin Ali
Journal of Islamic Monetary Economics and Finance Vol 8 No 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i3.1563

Abstract

This study examines whether Islamic gold-backed cryptocurrencies (Onegram and X8X) provide any diversification benefits to the Islamic investors of Indonesia. We study the co-movements between return and volatility of cryptocurrencies and Indonesian Islamic equity indices during the pre-COVID-19 and COVID-19 periods. We employ Multivariate Generalized Autoregressive Conditional Heteroscedastic-Dynamic Conditional Correlation (M-GARCH-DCC) and Continuous Wavelet Transforms (CWT) for this study. We find that the COVID-19 crisis enhanced the spillover effect among the Islamic gold-backed cryptocurrencies and Islamic equities. We also provide evidence that Indonesian investors may invest in cryptocurrencies to minimize the equity sector risks during the pandemic. Our results bear significant implications for portfolio diversification strategies for Indonesian investors.
THE PERFORMANCE OF INDONESIAN ISLAMIC RURAL BANKS DURING COVID-19 OUTBREAK: THE ROLE OF DIVERSIFICATION Tastaftiyan Risfandy; Desti Indah Pratiwi
Journal of Islamic Monetary Economics and Finance Vol 8 No 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i3.1564

Abstract

This research investigates how Islamic rural banks performed during the Covid-19 outbreak and how diversification is associated with the performance of the banks. Islamic rural banks provide a unique setting because they serve limited customers in a specific region in Indonesia, different from national commercial banks that accommodate all types of customers in all regions. To investigate this issue, we employ panel data of 164 Islamic rural banks dispersed across 23 provinces in Indonesia from 2020q4-2021q3. We find that covid-19 is negatively associated with the profitability of Islamic rural banks, implying that covid 19 has affected all sectors, including banks with niche markets such as Islamic rural banks. We also find that diversification is negatively related to the Islamic rural banks’ performance. This finding suggests that instead of expanding their business scope, Islamic rural banks should focus on their main business activity because their non-financing income is adversely related to their performance. Our finding suggests that policymakers effectively monitor Islamic rural banks to remain focused on their main business activity.
INCENTIVES, SOCIAL NORMS, AND BUSINESS CYCLE: AN EXAMPLE OF BUSINESS LOANS PROVISION BY ISLAMIC BANKS M. Ishaq Bhatti; Suren Basov
Journal of Islamic Monetary Economics and Finance Vol 8 No 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i3.1565

Abstract

The interaction of social norms and incentives is a subject of growing interest in economic literature. Basov and Bhatti (2013) pointed out that invoking a social norm is both a blessing, since it allows mitigating moral hazard problem, and a curse, since it restricts the class of admissible contractual arrangements. In this paper, we reiterate this point using particular example of the effects of restrictions imposed on contracts by Shariah law on the optimal risk-incentive trade-off. We show that extra rigidity imposed by Shariah law leads to a greater reluctance to invest into daring new ideas, which are profitable in expectation, but may also result in significant losses. A shared set of social norms between the lender and the entrepreneur allows mitigating adverse consequences of the excess rigidity through creation of good will and may even lead to an improved performance. The adverse consequences may vary according to the stages of business cycle. As a result, recessions can have negative long-term effects and longer booms may be followed by longer recessions. We also hypothesize that turning a social norm into a law will deprive it of the ability to generate good will, while leaving the negative aspects intact. We find a tentative support of this hypothesis by comparing relative performance of Islamic banks in three regions: South East Asia (primarily, Malaysia), Middle East, and the UK.
DETERMINANTS OF IPO OVERSUBSCRIPTION ON ISLAMIC STOCKS: EVIDENCE FROM INDONESIA Azwar Aulia Rasyad; Bayu Arie Fianto; Rogier Busser
Journal of Islamic Monetary Economics and Finance Vol 8 No 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i3.1566

Abstract

This study aims to investigate factors that affect IPO oversubscription on Islamic stocks. Using data of 202 IPOs indexed from Indonesia Sharia Stock Index, this study uses ordinary least squaresand quantile regression to test the formulated hypothesis from 2011 to 2020. This study finds that issue price and issue size negatively affect IPO oversubscription. Meanwhile, firm size and raw return positively affect IPO oversubscription. The findings of this study offer implications forcompanies especially related to go public subscription. This study can be reference for investors as well when engage in IPO related activities for Islamic stocks.
EFFECT OF ISLAMIC FINANCIAL SYSTEM STABILITY ON ECONOMIC PERFORMANCE IN INDONESIA Siong Hook Law; Masagus M. Ridhwan
Journal of Islamic Monetary Economics and Finance Vol 8 No 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i3.1567

Abstract

This study constructs a financial stability index for the Islamic financial system of Indonesia using the dynamic factor model and then links it to economic performance employing a nonlinear autoregressive distributed lag (NARDL) model. The financial stability index constructed from a broad range of macrofinancial variables captures well the 2008-2009 global financial crisis and the 2020-2021 COVID 19 pandemic crisis periods. The most significant results suggest that positive and negative shocks in Islamic financial stability in the long run increase and decrease economic performance, respectively. The quantile regression results also demonstrate that Islamic financial stability is statistically significant throughout all quantiles in promoting economic performance, although it plays a greater role at lower quantiles and diminishes when the economic performance is at a high level. Our results highlight that the stability of the Islamic financial system deepening would positively enhance economic performance.

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