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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.
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Articles 8 Documents
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Search results for , issue "Vol. 11 No. 4 (2025)" : 8 Documents clear
EXPLORING CUSTOMER LOYALTY DRIVERS IN INDONESIAN ISLAMIC BANK AFTER CYBERSECURITY BREACHES USING SEM APPROACH Sari, Mia; Indra, Indra; Riani, Ririn
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 4 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i4.2233

Abstract

This study explores the factors influencing customer loyalty at Bank Syariah Indonesia (BSI) after cyberattacks, using the Expectation Confirmation Theory (ECT) as the theoretical framework. A quantitative approach with Partial Least Squares-Structural Equation Modeling (PLS-SEM) is applied, analyzing data from 225 customers affected by service disruptions, ATM use, and Mobile Banking. The findings indicate that customer loyalty is significantly affected by service quality, religiosity, and customer trust. Furthermore, customer trust after a cyberattack is significantly influenced by service quality and religiosity. The Compliance, Assurance, Reliability, Tangibles, Empathy, and Responsiveness (CARTER) model is used to measure service quality, emphasizing both technical and ethical aspects. The results highlight the importance of successful crisis management, clear communication, improved security, and compensating customers in retaining and potentially growing the customer base post-attack. This research underscores the significance of the CARTER model in evaluating service quality and the role of religiosity in fostering customer loyalty. The study emphasizes that Islamic banks should integrate technical and ethical aspects of service to minimize negative impacts and maintain customer loyalty.
ISLAMIC FINTECH FINANCING ADOPTION AMONGST ASNAF MICRO ENTREPRENEURS IN MALAYSIA: EXTENDED UTAUT2 Jauhari, Farah Farhana; Mohd Yusoff, Syarah Syahira; Kassim, Salina
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 4 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i4.2341

Abstract

Zakat serves as a significant mechanism for improving Asnaf’s income. Participants in the Islamic financial industry have acknowledged its potential and adopted various fintech strategies, per Bank Negara Malaysia's support for a more proactive collaborative approach to enhance Malaysia's Islamic social finance (ISF) landscape. Statistics and reports about technology adoption among Asnaf are scarce. This study examines how the extended Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) and Technology-Organisation-Environment (TOE) factors affect Asnaf micro entrepreneurs in Malaysia's use of Islamic fintech financing. Following a thorough data screening process, a total of 292 samples is accepted for analysis using a partial least squares structural equation model (PLS-SEM). Performance expectancy, price value, shariah financial literacy, perceived trust, and consumer pressure all significantly and positively influence the intention to use Islamic fintech financing. Subsequently, adoption is significantly influenced by behavioural intentions and facilitating conditions. This research represents one of the initial investigations into end users' factors influencing the adoption of Islamic fintech among Asnaf micro entrepreneurs, a field that is still nascent.
INFORMATION ASYMMETRY AND RELIGIOUS SEASONALITY Al-Awadhi, Abdullah M.; Bash, Ahmad; Algharabali, Barrak; Khatatbeh, Ibrahim
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 4 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i4.2495

Abstract

This paper examines the seasonality in information asymmetry as proxied by the probability of informed trading (PIN) in relation to the Islamic holy month of Ramadan. It utilizes data collected from Boursa Kuwait, covering the period from January 2013 to December 2018, and pooled panel regressions to test the hypothesis that increasing religiosity during Ramadan would reduce the probability of informed trading. The results reveal that the PIN increases during Ramadan relative to other Islamic calendar months, contrary to our hypothesis. Further tests reveal that institutional trading activities increase during Ramadan compared to individual trading. We argue that the presence of sophisticated traders (institutional traders) in the market during Ramadan contributes to the observed increase in the PIN effect. This study contributes to the literature by exploring the relationship between religiosity and information asymmetry in the context of an Islamic financial market, offering new insights into the behaviour of institutional traders during the holy month of Ramadan. We refer this  phenomenon as the “Ramadan PIN effect”, which differs from the previously documented "Ramadan returns effect" and "Ramadan liquidity effect".
ISLAMIC FINANCE'S ROLE IN SOCIAL EQUITY AND POVERTY ALLEVIATION: TRENDS AND GAPS Ahmid, Almabrok F
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 4 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i4.2611

Abstract

This study investigates global research trends on the role of Islamic finance in promoting social equity and poverty alleviation. Using bibliometric and content analysis methods, we analyze publications on the subject  from Scopus from 1991 to 2025 using Rstudio, VOSviewer and Excel to identify key authors, institutions, and journals and to perform a thematic analysis. The results show increasing academic interest, with publication peaking from 2020 onwards. Leading contributors are M. Kabir Hassan and Universiti Utara Malaysia (UUM) for respectively authors and institutions. Dominant themes include zakat, waqf, Islamic microfinance, and financial inclusion, alongside emerging areas like Islamic fintech and productive zakat.  Despite its growth, the field remains fragmented, with gaps in governance, regional representation, and long-term impact assessments. Future research should focus on integrating Islamic finance with national poverty strategies, addressing gender disparities, and leveraging technology for greater financial inclusion. This study provides a comprehensive roadmap for scholars and policymakers, contributing to a deeper understanding of Islamic finance as a tool for fostering social equity and poverty alleviation.
WHAT HAS BEEN DISCUSSED ON ZAKAT INSTITUTIONS? A BIBLIOMETRIC STUDY Andriani, Andriani; Sukoharsono, Eko Ganis; Andayani, Wuryan; Roekhudin, Roekhudin
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 4 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i4.2683

Abstract

This study conducts a comprehensive bibliometric analysis of research on zakat published between 2011-2024 with the aims to map its intellectual structure, thematic evolution, and collaboration networks. Using science mapping principles, 312 documents from Scopus database are analyzed through co-authorship, citation counts, co-occurrence patterns, thematic analysis, and network visualization using R-based bibliometrix package and biblioshiny interface with AI-assisted visualization. Results reveal five distinct thematic clusters: social and psychological aspects of zakat compliance; digital transformation and technology adoption; institutional efficiency with Malaysian focus; financial governance and accountability; and macro-level zakat management in Indonesia. The field demonstrates remarkable growth with a 28.29% annual growth rate, dominated by Malaysian and Indonesian institutions accounting for over 65% of publications. Research evolution shows a progression from foundational governance issues (2011-2016) to strategic management (2016-2020) and contemporary digital innovation (2020-2024). The study identifies significant research gaps, particularly the absence of in-depth qualitative methodologies and limited cross-country comparative studies. This study offers novel insights into the evolution of zakat governance and highlights the need for interdisciplinary and cross-regional research to strengthen institutional relevance and inclusivity in zakat management.
SHARIA-COMPLIANT DEPOSIT INSURANCE AND DEPOSIT FLOWS: EVIDENCE FROM A DUAL BANKING MARKET Pamungkas, Putra; Lepetit, Laetitia; Rugemintwari, Clovis
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 4 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i4.2696

Abstract

We investigate whether the introduction of Islamic Deposit Insurance (IDI) affects deposit flow of and the pricing by Islamic banks vis-à-vis conventional banks for the case of Indonesia. Using December 2014 announcement of a separate deposit insurance scheme for Indonesia’s Islamic and traditional banks into two different funds as an exogenous event, we analyze the change in the growth of deposits, the number of accounts, and the pricing by Islamic and conventional banks in a difference-in-difference (DID) setting. Our findings indicate that the announcement significantly boosts the growth of small deposits in Islamic banks compared to traditional banks, with an apparent increase in deposit growth after separating deposit insurance funds.
ESG COMMITMENT AND BANK'S DEFAULT RISK IN EMERGING AND DEVELOPING COUNTRIES: DOES ISLAMIC BANK MATTER? Fakhrunnas, Faaza; Kenc, Turalay; Zhang, Hengchao
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 4 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i4.2789

Abstract

This paper examines the impact of ESG commitment on banks’ default risk in emerging and developing countries. Using a panel dataset comprising 157 banks from 28 countries over the period 2016-2022 and the Two-Step Generalized Method of Moments (2-Step GMM), it reveals that banks’ ESG commitment reduces banks’ probability of default (PD). Islamic banks also matter for ESG commitments, where Islamic banks have a higher probability of default than conventional banks while committing to the governance pillar. The findings of the study imply that financial authorities and banking institutions in emerging and developing countries need to spur banks’ ESG commitment. However, it must be carefully implemented in Islamic banks, considering that it likely increases Islamic banks' PD. The study contributes to the empirical research concerning the nexus between ESG commitment and banks' default by extending the measurement of the probability of default and delving deep into investigating its relation  to Islamic banks.
SUSTAINABILITY-BASED ISLAMIC CORPORATE GOVERNANCE AND ISLAMIC BANKS’ MULTI-PERFORMANCE: EVIDENCE FROM INDONESIA Lestari, Irna Puji; Hanafi, Mamduh Mahmadah; Wardhana, Leo Indra
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 4 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i4.2927

Abstract

This study develops a Sustainability-based Islamic Corporate Governance (SICG) index that integrates the roles of the Shariah board, regular board, and sustainable board and examines how it impacts multi-dimensional performance of Islamic banks. It employs a sample of 15 Islamic commercial banks in Indonesia from 2010 to 2023. The findings reveal that governance elements have a positive impact on particularly financial performance, while its influence on social performance is limited. For environmental and sustainability performance, a positive impact is primarily observed in the roles of the regular and sustainable boards. Further analysis through the Paris Agreement interaction confirms that most of these findings are consistent and support the role of SICG in enhancing various performances of Islamic banks. These results highlight the need for Islamic banks in Indonesia to transition toward SICG and suggest that policymakers facilitate this transformation by developing relevant regulations and guidelines to align governance structures with broader sustainability objectives.

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