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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. 11 No. 3 (2025)" : 8 Documents clear
IS IMPULSIVE BUYING FOR MUSLIM FASHION PRODUCTS INVARIABLY FOLLOWED BY POST-PURCHASE REGRET? THE ROLE OF S-O-R THEORY Hasibuan, Abdul Nasser; Afandi, Ahmad; Windari
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 3 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i3.2074

Abstract

The growth of e-commerce has not only expanded the Muslim fashion industry but also fostered impulsive buying among customers. This article analyses the behaviour of Muslim customers using the S-O-R model to detect impulsive buying and subsequently post-purchase regret.  In the analysis, we consider the role of religiosity in the link between the two. We collect data via self-administered questionnaires from 312 Muslim respondents and apply Partial Least Square structural equation modelling (PLS-SEM) to analyse the data using AMOS version 24.0. The results suggest that scarcity cues, fear of missing out, and live commerce have a significant influence on impulsive buying. Additionally, scarcity cues can lead to fear of missing out, based on their positive worth. The impulsive buying also invariably culminates in post-purchase regret. However, religion weakens the link between impulsive buying and post-purchase regret.  Religiosity also reduces post-purchase regret. The results of our study can help authorities in understanding purchasing behavior of Muslims and consequently crafting initiatives to encourage purposeful purchase of fashions by Muslims.
WHAT FACTORS INFLUENCE THE WELFARE OF ZAKAT BENEFICIARIES? Ayuniyyah, Qurroh; Hambari; Hakiem, Hilman; Faisal, Ahmad
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 3 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i3.2171

Abstract

This study investigates the influence of demographic, social, and economic variables on the welfare of zakat beneficiaries in West Java, Indonesia. Using a sample of 1,300 zakat beneficiaries, the paper applies the Chi-square Automatic Interaction Detector (CHAID) method. Our findings suggest the crucial role of monitoring by amil institutions in the respective areas on the improvement of material and spiritual conditions of zakat beneficiaries. The study suggests that amil plays a major part in the success of zakat distribution programs and the programs should be further enhanced for the betterment of zakat beneficiaries. This study also shows that apart from zakat distribution programs, there are also some demographic, social, and economic variables that affect the income and spiritual conditions of zakat beneficiaries.
NEW DIMENSIONS OF ISLAMIC THEORY OF ETHICAL BEHAVIOUR: AN EMPIRICAL INVESTIGATION Amin, Hanudin
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 3 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i3.2307

Abstract

This study examines factors that explain ethical behaviours of young lecturers in two Malaysian universities.  To this end, we develop an Islamic theory of ethical behaviour (ITEB) incorporating piety, vicegerency, accountability, ethical behaviour and religious satisfaction as key factors, the measurements of which are validated by Shariah scholars, and apply the theory to a sample of 496 young lecturers.  Employing Partial Least Squares – Structural Equation Modelling (PLS-SEM) with SmartPLS4.0 software, we reach the conclusion that all ITEB factors are significantly related to the ethical behaviour. Among them, vicegerency is likely the strongest driver of ethical behaviour, followed by accountability and piety. Ethical behaviour and religious satisfaction are also significantly related.  This study offers the ITEB as a meaningful framework for upstanding ethical conducts through the lens of young lecturers. ACKNOWLEDGMENT This write-up is funded by Islamic Economics Research and Innovation Fund (IERIF) 2024, INCEIF University, ISRA Research Management Centre (ISRARMC/IERIF/AWARD/2024/BATCH 1/63), Malaysia.
DIVERSIFYING ISLAMIC HAVEN ASSETS Nugroho, Bayu Adi
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 3 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i3.2327

Abstract

This study reassesses the safe haven properties of gold and Sukuk using a new framework that incorporates nonstationary volatility and proposes a trading strategy to construct a gold – Sukuk – Islamic equities portfolio that can outperform the hard-to-beat naïve method and the covariance-based approaches. In line with previous studies, it employs data of four exchange-traded funds: Dow Jones Global Sukuk, Wahed FTSE USA Shariah, MSCI Emerging Market Islamic, and SPDR Gold. In the study, an enhanced version of wavelet quintile correlation is proposed to re-evaluate the haven qualities of gold and Sukuk. The results show that gold and Sukuk are safe haven assets. Next, applying a dual momentum strategy, we demonstrate that the risk-adjusted returns of our proposed trading strategy outshine the naïve method and the covariance-based approaches. Our research employs real returns and a rolling window approach to avoid money illusion, overfitting, look-ahead bias, and flawless hindsight. The main results prevail in the robustness tests.
DOES DIGITAL FINANCIAL INCLUSION IMPACT ESG PERFORMANCE IN ISLAMIC AND CONVENTIONAL FINANCIAL INSTITUTIONS? A GLOBAL EVIDENCE Hassan, M. Kabir; Rabbani, Mustafa Raza; Kiran, Madiha
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 3 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i3.2340

Abstract

This study investigates the impact of digital financial inclusion on corporate ESG performance using a global sample of 660 conventional and Islamic institutions from 2010 to 2022. The study reveals that digital financial inclusion can significantly promote corporate ESG performance. What sets this study apart is its use of the novel methodology of fixed effects model and Methods of Moments Quantile Regression (MMQR) to empirically identify how digital financial inclusion affects corporate ESG performance from lower to higher quantiles (0.1 to 0.9). Further, the analysis using 1st and 2nd SLS shows that digital financial inclusion has a more pronounced impact on Islamic banks' ESG scores, mainly when involved in the high implementation of digitalization. These significant results are assured by legitimacy and stakeholder theories. ESG factors have been significantly affected by adopting modern digital applications and platforms in regulated industries of Islamic institutions. Sub-Sample analysis of financial institutions and heterogeneity analysis of more and less board independence and board size significantly impact implementing digital financial inclusion and ESG performance, instilling the need to mitigate banks' risks by disclosing non-financial information and resolving agency conflicts among stakeholders aimed at investing in sustainable green projects. Finally, our results remain robust after addressing endogeneity issues and conducting robustness checks, offering new insights into the evolving digital financial inclusion and ESG performance.
FACTORS INFLUENCING MUSLIM PREFERENCE FOR ISLAMIC BANKING IN RUSSIA Priantina, Anita; Tekueva, Marina; Aufa, Aufa
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 3 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i3.2443

Abstract

This study analyzes factors influencing preference of Muslims in Russia to choose Islamic Banking. This is important as Russia has recently introduced Islamic banking into their national banking system. Modified Theory of Planned Behavior is used to structure the empirical model which is analyzed using SMART PLS4 with PLS-SEM method. Using data gathered from 476 respondents, the result shows that attitude, perceived behavioral control, and religiosity have significant influences on intention, and intention significantly influences the behavior of choosing Islamic Banking in Russia. However, subjective norms and trust are not significant. Educational campaigns incorporating norms and Islamic values, along with developing a special regulatory framework to ensure Sharia compliance, are recommended. Future studies may explore additional variables to enhance understanding of Islamic Banking practices in Russia.
HOW ASEAN4 CONVENTIONAL, ISLAMIC, AND ESG INDICES REACT TO TWITTER MARKET UNCERTAINTY? Anwer, Zaheer
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 3 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i3.2699

Abstract

We investigate the time varying return spillover of ASEAN4 asset classes from four countries including Thailand, Philippines, Malaysia and Indonesia, and Twitter based market uncertainty measure, using daily data from 01-Sep-2014 to 21-Apr-2023. The estimations are performed using TVP-VAR approach. The results reveal that the dynamic connectedness of ASEAN4 markets fluctuates significantly. It peaked during bearish periods (2015-2016 and 2020) and remained low during market booms (2017-2018 and 2022). Islamic and ESG indices exhibit patterns similar to conventional indices. Indonesia and Malaysia emerge as net shock transmitters until the pandemic, with Thailand becoming a net transmitter post-COVID. Thailand’s role shifts between receiver and transmitter based on economic conditions relative to other ASEAN countries. Twitter Market Uncertainty Index (TMUENG) primarily remains a receiver, with limited impact on ASEAN4 Conventional, Islamic, and ESG indices. The findings are robust to a battery of robustness tests and carry important policy implications for investors and policymakers.
DEVELOPMENT OF SHARIA HOSPITALS AS A SOURCE OF NEW ECONOMIC GROWTH Sulistiadi, Wahyu; Ayuningtyas, Dumilah; Permanasari, Vetty Yulianty; Jati, Prasetyaning; Gustina, Ira; Widyasanti, Nisrina
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 3 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i3.2714

Abstract

The development of Sharia hospitals represents a unique integration of Islamic values into healthcare services, fostering new avenues for economic growth. This study has three key objectives: (1) examining factors contributing to the establishment of Sharia hospitals, (2) analyzing the essential elements of Sharia hospital development using the Business Model Canvas (BMC) to ensure sustainability; and (3) assessing Sharia hospitals' potential to drive economic growth. Through a mixed-methods approach, quantitative data were collected from 619 patients and 149 respondents, while qualitative insights were gathered through focus group discussions and in-depth interviews with stakeholders including hospital managers and policymakers. Results indicate that Sharia hospitals report higher levels of patient satisfaction and loyalty compared to non-sharia hospitals, with significant emphasis on service quality, and experiential marketing. The integration of Islamic financial instruments such as Zakat, Infak, Sedekah, and Wakaf (ZISWAF) also enhances financial accessibility for underserved populations, promoting equitable healthcare. Indonesia also has the opportunity to open up Muslim-friendly health tourism destinations, attracting patients from other Muslim-majority countries. The growth of Sharia hospitals also contributes to the expansion of the halal ecosystem in Indonesia. This is not only beneficial for the health sector but also drives economic growth. ACKNOWLEDGMENT The authors acknowledge the support from the Research Grant Bank Indonesia (RGBI) 2024, for funding this research endeavor.

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