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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. 11 No. 2 (2025)" : 8 Documents clear
ACCOUNTING EDUCATION, DISCIPLINE, AND SUPERVISION WHEN WOMEN IN CHARGE IN ISLAMIC MICROFINANCE: CASE STUDIES OF INDONESIA AND PAKISTAN Mukhlisin, Murniati; Tamanni, Luqyan
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i2.1747

Abstract

This paper investigates the relations between women's freedom within the family and their access to accounting education, adherence to discipline, and supervision for the cases of Indonesia and Pakistan using the Structural Equation modelling. The participation of women in microfinance is deemed crucial for the success of poverty alleviation programs, particularly in countries where group-based initiatives are prevalent. The observation reveals that women involved in Islamic microfinance programs experience economic, moral, and religious empowerment, enabling them to overcome economic challenges and poverty, thereby enhancing their living standards. The findings indicate that women's ability to manage family finances has a direct impact on their access to accounting education, discipline, and supervision. The argument posits that autonomy plays a significant role in influencing accounting education, discipline, and supervision within the observed groups in Indonesia and Pakistan. The study further documents that the influence of women's life freedom in Baitut Tamkin Tazkia Madani (BTTM) Indonesia on accounting education and supervision surpasses that in Akhuwat Pakistan. Conversely, the impact of women's life freedom in BTTM on accounting discipline is lower than that in Akhuwat. This research addresses the existing gap in the literature concerning the study of women and Islamic microfinance, emphasizing the importance of considering Islamic perspectives on women, family, and microfinance in social policies aimed at poverty eradication. ACKNOWLEDGMENT The authors gratefully acknowledge the partial support of the Ministry of Religious Affairs of the Republic of Indonesia, as well as the research support provided by BTTM (Bogor, Indonesia) and Akhuwat (Lahore, Pakistan). We also express our sincere appreciation to the journal’s editors and anonymous reviewers for their constructive comments and valuable suggestions.
TRENDS, EVOLUTION AND FUTURE RESEARCH DIRECTIONS IN WAQF: A BIBLIOMETRIC ANALYSIS THROUGH COMPLEX NETWORKS Kashi, Aghilasse; Amor, Abdelkader; Al-Hashemi, Ali; Mahamat Issa, Bechir
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i2.2317

Abstract

This study employs a quali-quantitative approach that combines both bibliometric standard method and content analysis process to analyse WAQF publications and derive the current trends, evolution and future research directions in this important sector of Islamic finance industry. Our final dataset consists of 645 publications retrieved from the Scopus database and covers the period from 1975 to 2023. We use VOSviewer, Bibliometrix R-Package, and Microsoft Excel to conduct our three-stage analysis, namely bibliometric performance analysis, bibliometric network map analysis, and content analysis. Our descriptive analysis indicates that Malaysia and Indonesia top the list of most influential countries, hold the most relevant institutions, and accommodate on average half of the top ten most productive and impactful authors. Our network map analysis on the other hand ascertains the existence of four primary research themes namely, cash WAQF; WAQF as part of Islamic social finance ecosystem and its contribution to sustainable development; accountability; and governance and disclosure. An important policy implication of our results is that policymakers should integrate WAQF and Islamic social finance institutions into the mainstream financial system, establish effective regulatory and governance ecosystems for WAQF institutions to increase their ability to boost people’s social welfare, expand the spectrum of impact investment, and strengthen their contribution to more sustainable growth.
INNOVATIVE CAPACITY IN MUSLIM-MAJORITY COUNTRIES: DOES ISLAMIC FINANCE PLAY A ROLE? Muhammed, Ismail Aremu
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i2.2375

Abstract

The paper examines the influences of Islamic finance and overall financial development on innovative capacity of Muslim-majority nations. It employs a panel dataset comprising 15 Muslim-majority countries over the period 2016-2022. Innovative capacity is measured by the number of patent applications, decomposed into applications made by residents and non-residents. Employing the Feasible GLS technique and taking into account the presence of heteroskedastic and serially correlated errors, we find that the development of Islamic finance is vital for innovations. More specifically, we find robust evidence suggesting that Islamic finance positively affects innovations by non-residents while it has no influence on innovations by residents. Furthermore, overall financial development also significantly influences innovations by non-residents but not innovation by residents. Moreover, there is evidence that trade openness and foreign direct investment positively influence innovations and natural resource rents exert negative impact on innovations. The study concludes that financial system policies that encourage the awareness, accessibility, and depth of Islamic finance operations are needed to boost innovative capacity. Awareness campaign and policies aimed at developing technical education in these countries should be pursued to boost the innovative capacities of residents, which is considerably lower when compared to innovative activities from abroad.
WEATHERING THE STORM: SHARIAH COMPLIANCE, DIGITAL INNOVATION, AND STOCK PERFORMANCE DURING COVID-19 Modjo, Mohamad Ikhsan; Putridamni, Florencia; Lin, Ariella Shenny
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i2.2437

Abstract

The COVID-19 pandemic disrupted global financial markets, highlighting the need for factors that enhance resilience. This study examines whether Shariah compliance and digital innovation, individually and together, mitigate declines in stock performance during economic downturns. Drawing on Signaling Theory and Dynamic Capabilities Theory (DCT), this study argues that Shariah compliance serves as a signal of strong governance, while digital innovation enhances adaptability. Using firm-level data from Indonesia and a difference-in-differences (DID) model, our findings suggest that both factors help firms withstand crises, with digital innovation amplifying the benefits of Shariah compliance. This study provides insights into how Islamic finance and digital transformation contribute to financial stability. ACKNOWLEDGMENT This research is funded by HIBAH Penelitian International BINUS University 2024 (BINUS International Research Grant 2024). The authors would like to express their sincere gratitude to BINUS University for the support and funding provided.
DOES GEOPOLITICAL RISK MATTER FOR ASEAN5 ECONOMIES? EVIDENCE ON CONVENTIONAL AND ISLAMIC COMPLIANT INDICES Anwer, Zaheer; Ahmad, Fiaz
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i2.2469

Abstract

We assess the interlinkage of geopolitical risk and returns of conventional and Shariah Compliant indices from five ASEAN economies for the period Jan 2019 – Mar 2023 using daily data. We assess this phenomenon through the lens of the Efficient Market Hypothesis (EMH) and Risk and Return Theory. The sampled indices belong to Morgan Stanely Capital International (MSCI) and Standard and Poor (S&P). We employ Quantile Regression and Wavelet Coherence approaches. The results reveal that geopolitical risk does not significantly affect ASEAN5 indices for both conventional and Shariah Compliant categories. Moreover, there is very little dynamic co-movement between geopolitical risk and sampled indices. Malaysia and Indonesia emerge as the countries exhibiting the least co-movement and offer safe haven properties against geopolitical risk. The findings carry important implications for investors and policymakers.
ISLAMIC LABEL AND STOCK PRICE CRASH RISK Sutrisno, Bambang; Trinugroho, Irwan; Arifin, Taufiq; Risfandy, Tastaftiyan
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i2.2661

Abstract

This study explores how an Islamic label on firms influences stock price crash risk in Indonesia. We utilize a sample of 566 nonfinancial firms listed between 2016 and 2021, apply panel data method, and find that the Islamic label benefits the firms by lowering crash risk. Investors consider firms with the Islamic label as lower risk due to leverage constraints they must adhere to, which contributes to a decreased crash risk. Our primary results are robust to various sensitivity analyses. We also find that dividend policy and audit quality strengthen the Islamic label-crash risk nexus. The COVID-19 pandemic weakens the link between the Islamic label and crash risk. Furthermore, the Islamic label-crash risk nexus persists for up to two years.  
RELIGION AND GREEN: THE DUAL POWER OF ESG AND SHARIAH-COMPLIANT STOCKS IN BRAND VALUES OF MALAYSIA, INDONESIA, AND SAUDI ARABIA Loang, Ooi Kok; Candra, Sevenpri
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i2.2687

Abstract

This study examines the differential impact of Environmental, Social, and Governance (ESG) factors and Shariah compliance on brand value and stock returns across Malaysia, Indonesia, and Saudi Arabia using a sample of 1,474 publicly listed Shariah-compliant firms. Using panel data regression, quantile-on-quantile regression, Granger causality, and FGLS methods, we find that ESG factors significantly enhance brand value and stock returns in Malaysia and Indonesia, with stronger effects than conventional stocks, especially under positive investor sentiment. However, in Saudi Arabia, ESG factors are insignificant, and Shariah compliance alone drives financial performance, indicating that alignment with Islamic principles is a prerequisite for market impact in this context. The quantile-on-quantile analysis further shows that ESG and Shariah compliance yield stronger effects at higher quantiles of brand value, benefiting firms with greater brand equity. These results validate the signaling theory, highlighting ESG and Shariah compliance as mechanisms to reduce information asymmetry and enhance investor confidence in Islamic financial markets. For policymakers, this study underscores the need for robust ESG and Shariah compliance standards, advocating transparent reporting to foster market trust and attract sustainable investment, particularly by advancing a Shariah-compliant green economy in Saudi Arabia and beyond.
RISK-ADJUSTED RETURNS AND SPILLOVER DYNAMICS AMONG EMERGING DIGITAL CURRENCIES Husodo, Zaäfri Ananto; Hasan, Md. Bokthiar; Rafia, Humaira Tahsin; Ridhwan, Masagus M.; Uddin, Gazi Salah; Prasetyo, Muhammad Budi
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i2.2771

Abstract

This study investigates the interconnected dynamics among diverse digital currencies, specifically focusing on risk-adjusted returns, tail risks, dynamic spillovers, and portfolio implications. Unlike prior research, which typically examines individual digital currency classes separately or in limited combinations, our study integrates six distinct classes of digital currencies, namely Islamic gold-backed cryptocurrencies, green cryptocurrencies, gold-backed stablecoins, non-fungible tokens (NFTs), decentralized finance (DeFi) assets, and conventional cryptocurrencies, enabling direct comparisons of risk-return dynamics and systemic interdependencies. Using Value at Risk (VaR), Conditional Value at Risk (CVaR), quantile-based Vector Autoregression (Quantile VAR), and network connectedness analysis, we provide nuanced insights into the behavior of these assets across various market conditions (bullish, bearish, and normal states). Our results demonstrate that conventional cryptocurrencies and DeFi assets consistently deliver positive risk-adjusted returns, whereas Islamic gold-backed cryptocurrencies exhibit notably higher downside risks and negative performance. Spillover analysis reveals pronounced connectedness, particularly in extreme market states, with conventional cryptocurrencies identified as primary transmitters of market shocks and gold-backed stablecoins and Islamic gold-backed cryptocurrencies as recipients. Our findings underscore significant diversification opportunities offered by pairs of assets exhibiting low connectedness, especially in normal market conditions. Furthermore, portfolio optimization analysis highlights the superior hedging effectiveness and lower hedging costs associated with gold-backed stablecoins and conventional cryptocurrency pairs. This comprehensive investigation delivers critical implications for investors, suggesting informed strategies for asset allocation and risk management. Policymakers can also utilize our insights to design adaptive regulatory frameworks that address systemic risks arising from digital currency markets. ACKNOWLEDGMENT Gazi Salah Uddin gratefully acknowledges the Faculty of Economics and Business, Universitas Indonesia, for the academic appointment as Adjunct and Visiting Professor, and expresses sincere appreciation for the institutional support and research facilities extended during his residency, which significantly contributed to the completion of this work.

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