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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 9 No 2 (2023)" : 8 Documents clear
SOCIOECONOMIC DEVELOPMENT IN MUSLIM COUNTRIES: IBN KHALDUN’S DEVELOPMENT MODEL-BASED APPROACH Ira Eka Pratiwi
Journal of Islamic Monetary Economics and Finance Vol 9 No 2 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v9i2.1574

Abstract

This study constructs a measure of socioeconomic development in Muslim countries based on Ibn Khaldun’s model of development. It proposes a composite index of development based on three dimensions, namely human empowerment, government and institution, and economic growth, and terms it as Ibn Khaldun-based socioeconomic development index (I-SDI). A total of 13 indicators are selected to represent each dimension and are employed for construction of the index using an equal weighted method and additive aggregation approach. In general, we note that many Muslim countries are underperformed., as indicated by the low value of I-SDI. We further find that Muslim countries that perform well in government and institution dimensions tend to experience better socioeconomic development. We believe that the proposed I-SDI is non-redundant and robust and hence can be utilized as an alternative way of measuring the development in Muslim countries. In other words, the Ibn Khaldun’s model of development is exceptionally meaningful in explaining the socio-economic performance of Muslim countries.
THE INTERCONNECTEDNESS PATTERN OF CRYPTOCURRENCIES AND ISLAMIC INVESTMENT CLASSES Zaheer Anwer
Journal of Islamic Monetary Economics and Finance Vol 9 No 2 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v9i2.1600

Abstract

This study explores the dynamic co-movement of Islamic asset classes and cryptocurrencies for the period 01 March, 2017 to 15 June, 2022 by employing Wavelet methodology. The Islamic investment classes are represented by Islamic equities, Islamic Socially responsible investments, Real estate investment trusts and Sukuk. The results reveal that in normal times, there is negligible co-movement of both the asset classes. By contrast, both the investment classes exhibit significant spillover effect during the health crisis period. An important implication from these findings is that both the asset classes offer diversification opportunity during normal times but not during extreme times.
SUSTAINABLE DEVELOPMENT GOALS, HERDING, AND RISK-AVERSE BEHAVIOR IN MUSLIM COUNTRIES Ooi Kok Loang
Journal of Islamic Monetary Economics and Finance Vol 9 No 2 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v9i2.1611

Abstract

This study examines the impact of Sustainable Development Goals (SDGs) on behavioral biases, namely herding and risk-averse behaviors, in Sharia-compliant stocks. It also explores the mediating effect of investors' sentiments on the relationship between SDGs and behavioral biases. Adopting panel data and quantile regressions, we find that SDGs 4, 8, 10, 11, and 13 significantly and positively correlate with stock returns in Indonesia, Kuwait, Oman, and Qatar. However, SDG 7 is the only SDG goal that is significant to Saudi and UAE stock returns. The results imply a complete mediation as the SDGs have caused changes in investors' sentiment and subsequently triggered the investors to herd and become risk-averse. The impact of SDGs is more pronounced in the upper and lower quantiles of Indonesia, Saudi, and UAE stock returns, as well as the median quantile of Bahrain, Kuwait, Oman, and Qatar stock returns. The results of this study can benefit policymakers, regulators, and practitioners in identifying the best SDG practices to assist Sharia-compliant stocks in Indonesia and Gulf Cooperation Council (GCC) countries to attain better stock returns and improve investors' sentiments and behaviors. The results can also assist governments in weighing the impact and benefits of adopting SDGs in different Muslim countries.
MUSLIM WOMEN SWITCHING INTENTION TO HALAL COSMETIC: PUSH-PULL-MOORING MODEL APPLICATION Pambekti, Galuh Tri; Nugraha, Septy Setia; Yusfiarto, Rizaldi
Journal of Islamic Monetary Economics and Finance Vol 9 No 2 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v9i2.1633

Abstract

This study focuses on the factors that contribute to switching intentions from non-halal cosmetics to halal cosmetics by Muslim women in Indonesia. Using a questionnaire and purposive sampling, we compile data from a total of 236 women who use halal cosmetics and then apply the SEM-PLS for data analysis. The results show that the pull effect significantly affects Muslim women's intention to switch to halal cosmetics and is moderated negatively by switching costs. By contrast, the push effect doesn’t significantly affect the intention to switch to halal cosmetics. In addition, halal awareness and switching costs directly affect Muslim women's switching intentions from non-halal to halal cosmetics. Acknowledgment The authors would like to thank Bank Indonesia Institute, Bank Indonesia, for the funding that made this study possible.
BANK RESILIENCE AND POLITICAL INSTITUTIONS: DO BANKING BUSINESS MODELS MATTER? Wajahat Azmi; Mohsin Ali; ‪Muhammad Umar Islam
Journal of Islamic Monetary Economics and Finance Vol 9 No 2 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v9i2.1640

Abstract

This paper investigates the effect of political institutions on bank stability of dual banking countries. Applying the two-step GMM approach to a panel sample of Islamic and conventional banks from 2005 to 2020, we arrive at the following results. First, we observe that the quality of political institutions leads to more stable banking system, which is in line with the view that quality political institutions improve the transparency, thereby reducing adverse selection and leading to overall improvement in the banking stability. Second, when we look at components of political institutions, we document the significance of the voice and accountability dimension in enhancing bank stability. Finally, as a side result, we find evidence that competition leads to stability for Islamic banks. These findings are robust to several robustness tests. The implications of our findings are provided in the paper.
LINKING RELIGIOSITY TO SOCIO-ENTREPRENEURSHIP INTENTION: A CASE OF MUSLIM YOUTH Annes Nisrina Khoirunnisa; Uma Zalfa Salsabiil; Fajar Sodik; Nala Syifa Dewanti; Rizaldi Yusfiarto
Journal of Islamic Monetary Economics and Finance Vol 9 No 2 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v9i2.1647

Abstract

Using an integrated entrepreneurial model, this study examines social entrepreneurship intention of Muslim youth in Indonesia. In the study, a total of 206 Muslim youths is surveyed and the data are analyzed using the partial least squares structural equation model (PLS-SEM). The findings show that, while religiosity does not have a direct effect on socio-entrepreneurial intention, it increases perceived desirability. We reason that the religiosity of Muslim youth is more on the formation of positive perceptions, which give rise to desires and intentions to be socio-entrepreneurs. Thus, the application of social entrepreneurship among Muslim youth in Indonesia is supported by not only profits but also individual beliefs in creating social value and prospering society.
FINANCIAL SUSTAINABILITY OF A FIRM: DEBT-BASED OR EQUITY-BASED FINANCING TO PURSUE? Sha'ari, Umul Ain'syah; Hamzah, Siti Raihana Bt; Kamil, Karmila Hanim
Journal of Islamic Monetary Economics and Finance Vol 9 No 2 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v9i2.1653

Abstract

This study examines the potential of utilizing equity-based financing by companies in achieving financial sustainability as compared to debt-based financing. To this end, a conceptual framework of equity-based financing over debt-based financing is developed to provide an understanding of the concept of equity-based financing. Subsequently, this study analyses the credit risk exposure between equity and debt for selected sectors in Malaysia. More specifically, a Monte Carlo method is employed to examine the feasibility of the equity-based financing model in fostering the financial sustainability of companies through simulation of equity-based and debt-based financing models from the global financial crisis (GFC) period to the Covid-19 phase. This study finds that equity-based financing can reduce credit risk exposure when returns are tied to the company’s performance. The findings also show that equity-based financing can achieve financial sustainability regardless of any economic events. To conclude, equity-based financing can thus be a viable capital financing option for companies because it can contribute to long-term financial sustainability. Acknowledgment The authors would like to thank the Department of Higher Education, Ministry of Education Malaysia, for the funding that made this study possible.
DETERMINANTS OF THE INTENTION TO PAY ZAKAT ONLINE: THE CASE OF INDONESIA Rahmatina A. Kasri; Meis Winih Sosianti
Journal of Islamic Monetary Economics and Finance Vol 9 No 2 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v9i2.1664

Abstract

In this paper, we extend the Unified Theory of Acceptance and Use of Technology (UTAUT) model to examine factors that shape the intention of Muslims in Indonesia to pay zakat online. In the analysis, we include performance expectancy, effort expectancy, social influence, facilitating conditions, trust in zakat institutions, zakat literacy and Islamic religiosity as potential factors. The study employs primary data gathered from 734 respondents and uses the Structural Equation Modeling (SEM) method for data analysis. The main result shows that facilitating conditions, performance expectancy, trust in zakat institutions, social influence, and zakat literacy influence the intention to pay zakat online. However, effort expectancy and Islamic religiosity turn out to be insignificant determinants of the intention to pay online zakat. The findings suggest that zakat stakeholders must enhance trust and intensify education about zakat. Zakat organizations must also improve the quality of the online zakat system, highlight the benefits of zakat online, and optimize the use of social media to increase zakat collection through digital channels.

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