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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
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Search results for , issue "Vol. 10 No. 2 (2024)" : 8 Documents clear
ASSESSING THE VIABILITY OF MUZA’RAH AGRO FINANCING AS A SUSTAINABLE SOLUTION FOR SMALL-SCALE FARMERS: A CASE STUDY FROM PAKISTAN Hamza, Sahibzada Muhammad; Shirazi, Nasim Shah
Journal of Islamic Monetary Economics and Finance Vol. 10 No. 2 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i2.1729

Abstract

The interplay between the Muza’rah (Sharecropper) agro-financing structure and its impact on rural income and rural poverty alleviation constitutes a multifaceted phenomenon. In this study, we seek to understand of the relation between Muza’rah agro-financing structure and rural income and the mediating role of national agricultural output for the case of Pakistan, a predominantly Muslim country characterized by a well-established Islamic banking and finance infrastructure. Using data from the Pakistan Social and Living Standard Survey (PSLM), the research reveals that the rural per capita income is significantly and negatively related to the Muza’rah agro-financing structure, which is further strengthened by the level of the national agricultural output. The finding underscores the importance of nuanced understanding for policymakers and practitioners engaged in poverty alleviation efforts, emphasizing the need to consider contextual variables and a nation's developmental status when designing interventions to improve rural livelihoods.
ISLAMIC FINANCING FOR RENEWABLE ENERGY IN INDONESIA: UNLOCKING POTENTIAL DEMAND FROM GCC INVESTORS Kasri, Rahmatina A.; Rulindo, Ronald; Sakti, Muhammad Rizky Prima; Rifqi, Muhammad; Yuniar, Adela Miranti
Journal of Islamic Monetary Economics and Finance Vol. 10 No. 2 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i2.1846

Abstract

This study examines the interest of Gulf Cooperation Council (GCC) investors in financing renewable energy (RE) projects in Indonesia using Islamic financing schemes. It employs a multi-criteria decision-making (MCDM) method and Analytical Hierarchy Process (AHP) model with expert respondents representing institutional investors from the GCC states. To validate and enrich the analysis, it also conducted Focus Group Discussion and additional interviews with industry players and Indonesian regulators. The main finding indicates that the return on investment is the most crucial factor in selecting appropriate RE projects, followed by risk and impact of the projects. Furthermore, while the GCC investors do not have sufficient knowledge about the potential and sources of RE in Indonesia, they consider the solar panel project as most preferable. Next, the study finds investment return, Shariah compliance and liquidity as the main criteria in choosing Islamic financing instruments, where equity-based are the most preferred instrument, followed by asset-backed securities and blended financing instruments. In addition, tax incentives, cross subsidy and feed-in-tariffs are the most preferred incentives needed by the investors. The additional interviews that we conducted further affirm these findings. The results are expected to provide insights for the Indonesian policy makers, particularly fiscal and financial/monetary authorities, and the GCC investors to invest in Indonesia for financing RE projects using Islamic financing schemes. Acknowledgment We gratefully acknowledge the support provided by Universitas Indonesia Research Grant. The grant facilitated the research presented in this paper, allowing us to conduct data collection and analysis as well as disseminate our findings to a wider audience.
SHARIAH COMPLIANCE OF BANGLADESHI ISLAMIC BANKS: DOES IT DIFFER ACROSS BANK MODALITIES? Rahman, Syed Mohammad Khaled; Chowdhury, Mohammad Ashraful Ferdous; Hossain, Md. Mofazzal; Islam, Fakrul; Mim, Tanvin Hossin; Nirjon, Nazmul Alam
Journal of Islamic Monetary Economics and Finance Vol. 10 No. 2 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i2.1887

Abstract

This study assesses the degree of Shariah compliance of different Islamic banking modalities in Bangladesh from the perspectives of investment clients, depositors, and bankers. It adopts a structured questionnaire developed based on AAOIFI standards to gather data from 392 respondents. ANOVA tests and t-tests are applied to identify significant Shariah non-compliance areas and differences in Shariah compliance scores among different Islamic bank modalities. From investment clients’ perspective, it is seen that in every mode of investment except Ijarah, Shariah is explicitly violated throughout the Islamic banking industry. Significant Shariah non-compliance is seen in Bai-Murabaha, Bai-Muajjal, cash memos, and receipt and disbursement of goods, while Shariah is complied with in contract documents and client dealings. Bankers view all aspects except financial charges for delay to be Shariah compliant. From the depositors’ perspective, Shariah non-compliance is observed in the non-disclosure of information. There is no significant difference in Shariah compliance level between full-fledged and non-full-fledged Islamic banks. These findings should prove useful as a reference point for Bangladesh Bank, Islamic banks, policymakers, depositors, investors, and regulators to address Shariah non-compliance areas to ensure adherence to Shariah standards. Acknowledgment The authors would like to thank SUST Research Centre, for the funding that made this study possible.
PROFIT-AND-LOSS SHARING FINANCING, OPERATING EXPENSES, AND THE INTERMEDIATION COSTS OF ISLAMIC RURAL BANKS IN INDONESIA Robiatun NB, Fahmia; Susamto, Akhmad Akbar; Saleh, Samsubar
Journal of Islamic Monetary Economics and Finance Vol. 10 No. 2 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i2.1914

Abstract

This paper examines the effect of profit-and-loss sharing financing (PLS financing) and operating expenses on the intermediation costs of Islamic rural banks in Indonesia. Using a panel dataset of 147 Islamic rural banks over the period 2011-2021 and dynamic panel regressions, it shows that, in general, PLS financing exerts no significant influence on the Islamic rural banks’ intermediation costs, as measured by the net margin. Meanwhile, the operating expenses are significantly and positively affecting the banks’ net margin, the result that is robust to different regression specifications. Accordingly, the initiatives to promote PLS financing will, at least, not necessarily have a detrimental effect on the net margin. Operating expenses matter more, underscoring the need for serious efforts to improve the effectiveness of Islamic local banks’ cost management.
HUMAN CAPITAL DRIVERS TO SERVICE INNOVATION: EVIDENCE FROM ISLAMIC BANKING IN INDONESIA Pertiwi, Ruspita Rani; Jannah, Syayyidah Maftuhatul; Sodik, Fajar
Journal of Islamic Monetary Economics and Finance Vol. 10 No. 2 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i2.1969

Abstract

This study examines the human capital drivers and how they contribute to service innovation in Indonesian Islamic banking. A questionnaire is used to gather data from a total of 225 Islamic banking employees, and then partial least squares structural equation modeling (PLS-SEM) is applied for data analysis. Moreover, the Maqashid Sharia concept from Abu Zaharah is used to enrich the study findings from an Islamic viewpoint. The findings reveal that human capital drivers comprising leadership strategies, employee engagement, and workforce optimization have both direct and indirect positive effects on service innovation. We believe that our key contribution to the work is providing a service innovation model, where the constructs in the framework employed so far have not been studied comprehensively in the context of Islamic organizations. Furthermore, the developed model integrates more relevant factors to the construction of a strategic human capital management system that can boost service innovation in Islamic banking.
ETHICS IN FOCUS: A BIBLIOMETRIC AND CONTENT ANALYSIS OF ISLAMIC BANKING AND FINANCE RESEARCH Zahari, Siti Aisyah; Shahimi, Shahida; Alma’amun, Suhaili; Ismail, Abdul Ghafar
Journal of Islamic Monetary Economics and Finance Vol. 10 No. 2 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i2.1992

Abstract

This study performs a bibliometric analysis of the literature on ethics in Islamic banking and finance (IBF) in the Scopus database. A total of 366 scholarly articles pertaining to the subject of ethics in IBF are analyzed using VOSviewer, Wordstats, Harzing’s Publish or Perish and Microsoft Excel. The development of the literature on ethics in IBF is outlined in this study, along with a list of the most significant authors, as well as relevant nations, groups, and journal sources. Moreover, the study identifies six major clusters namely, corporate image and customer loyalty of IBF, ethical decision making in IBF, Islamic work ethics, IBF standards and supervisory, ethical products and services of IBF, and maqasid al-shariah and IBF. The findings show an increasing number of citations and documents related to ethics in IBF whereby, the journal of "International Journal of Islamic and Middle Eastern Finance and Management" makes a substantial contribution to the field of ethics in IBF, both in terms of number of articles published and citation counts. The study offers the opportunity for future research to focus on these topics. Acknowledgment This paper is part of the research funded by the Faculty of Economics and Management, Universiti Kebangsaan Malaysia under Geran Inisiatif Penyelidikan (EP-2023-016) entitled "The Policy Framework of Ethical Banking for Malaysian Financial Institutions". We would also like to express our gratitude to the participants and discussants of The 9th International Islamic Monetary Economics and Finance Conference (9th IIMEFC), held on 25th October 2023, who provided valuable insights that significantly contributed to the improvement of the paper.
BOARD OVERSIGHT AND DIVIDEND POLICIES IN MALAYSIAN SHARIAH-COMPLIANT COMPANIES Jamadar, Yasmin; Tabash, Mosab I.; Hossain, Mohammad Imtiaz; Shahriar, Mohammad Shibli
Journal of Islamic Monetary Economics and Finance Vol. 10 No. 2 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i2.2066

Abstract

A stable dividend policy is often in the best interests of both the company and its shareholders. Considering the importance of dividend policy, we examine the determinants of dividend payment in Malaysian Sharia-compliant listed firms and the moderating role of board directors. To this end, we apply a static-panel model using data of Malaysian Shariah-compliant listed firms from 2014 to 2020. We find that ROA (Return on Asset) and Price-Earnings ratio (PER) have a significant positive impact on the dividend payout ratio (DPR). On the other hand, NAV (Net Asset Value) shows a negative and significant relationship with the DPR. Our findings also reveal that the board of directors significantly and positively influence the decision to pay dividends. The findings of the study hold significant importance for corporations in determining a suitable dividend policy that can ensure the sustainability of a consistent dividend payout and ensure their organization's financial stability, particularly in Malaysian-listed Shariah-compliant firms.
IMPACT OF LIQUIDITY CREATION ON REAL ECONOMIC OUTPUT: EVIDENCE FROM FULL-FLEDGED ISLAMIC BANKS AND HYBRID CONVENTIONAL BANKS Ismail, Izlin; Bacha, Obiyathulla Ismath; Mantai, Mohammed Mahmoud
Journal of Islamic Monetary Economics and Finance Vol. 10 No. 2 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i2.2147

Abstract

We examine the impact of the liquidity creation of Full-fledged Islamic Banks (FIBs) and Hybrid Conventional Banks (HCBs) on real economic output for a sample of 10 countries over the 11-year period from 2012–2022. Using the Feasible Generalized Least Squares (FGLS) framework, we show that both FIBs and HCBs liquidity creation per capita impact real economic output positively. However, HCBs have a greater impact on real economic output than FIBs. These results are statistically and economically significant. We further examine the impact of the liquidity created by both banking systems during the COVID-19 pandemic. Interestingly, for both bank types, liquidity creation has a negative impact on real output during the COVID-19 pandemic. However, in terms of magnitude, the negative impact is more pronounced for the HCBs. We also observe a non-linear impact of liquidity creation on real output, where the non-linearity is more pronounced among the HCBs. As for policy, our results imply that governments should incentivize FIBs to expand their scope and engage more in greenfield financing to have greater impact on real economic output.

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