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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 9 Documents
 1 
Search results for , issue "Vol. 12 No. 1 (2026)" : 9 Documents clear
Optimizing Islamic Portfolio Formation Using Mathematical and Shariah Approaches Aziz, Abdul; Abdurakhman, Abdurakhman
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 1 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i1.2300

Abstract

This paper introduces the Best Sharia-based Capital Asset Pricing Model (BSCAPM), a mathematical modification of the BCAPM model integrating Islamic finance principles. The study focuses on optimizing the beta in the model, incorporating factors aligned with Islamic principles, such as zakat and purification, while excluding short selling. Using data from the Jakarta Islamic Index (JII) from June 2020 to May 2024, the BSCAPM portfolio outperforms the BCAPM portfolio in terms of the Sharpe ratio. The results suggest that BSCAPM could serve as an effective alternative for modeling in Islamic investments, providing Muslim investors with a Shariah-compliant, optimal portfolio formation model. The research contributes to the underexplored domain of portfolio selection modeling in the Islamic sector, enriching references on asset pricing of Shariah portfolios, particularly in the Indonesian Shariah stock market.
Analyzing the Impact of Systems, Human Capital, and Anti-Bribery Practices on Business Satisfaction: The Case of Halal Certification in Indonesia Fauziah, Fauziah; Muchtar, Ibnu Hasan; Esquivias, Miguel Angel; Zulkarnain, Siti Hafsah; Maharani, Rosa Melia; Wulandari, Novita Eka
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 1 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i1.2579

Abstract

Maintaining good service quality in halal certification procedures has become crucial as the demand for halal products grows globally. Focusing on Indonesia, this study investigates the relationship between firm satisfaction with halal certification services and support systems, human capital, and anti-bribery practices. The study uses Structural Equation Modelling (SEM) and the SERVQUAL framework to analyze survey data from 2,367 businesses with halal certifications in 32 Indonesian provinces. The aim is to reveal the determinants of satisfaction and the impact of institutional performance on service delivery. The findings demonstrate that employees with responsiveness, empathy, assurance, and good communication significantly improve not only the perceived quality of services but also the efficacy of anti-bribery initiatives. Meanwhile, support systems that enhance employee performance and customer satisfaction include sufficient equipment, transparent quality control, and complaint procedures. These findings highlight that integrity and professionalism are just as important as technical systems to make certification successful. This study provides insights for certifying organizations and legislators in formulating strategies to boost the competitiveness of Indonesia's halal market, increase efficiency, and build confidence. Strengthening institutional capacity and reducing bureaucratic barriers can help ensure a more reliable and business-friendly certification ecosystem. ACKNOWLEDGMENT This work was supported by Airlangga University under the Research Scheme “Penelitian Unggulan Halal” (Grant Number: 63/ST/UN3. HALAL/PT.March 01, 2024).
Resilience of Islamic Stock Indexes to Economic Uncertainty: Quantile-on-Quantile Insights Siddiqui, Ozair; Khan, Naveed
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 1 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i1.2626

Abstract

This paper examines the impact of country specific EPU on Islamic stock indexes of developed, emerging, and frontier markets using Quantile on Quantile Regression (QQR). For robustness, we employ causality in mean and variance. We gather Islamic stock indexes and country specific EPU data from nine markets, classified as developed, emerging, and frontier, from January 2010 to November 2024. Our findings demonstrate that EPU exhibits predictive power for Islamic stock indexes across different quantiles (lower to higher). Additionally, the effect of EPU on respective Islamic stock indexes is asymmetric. Finally, we also show that country specific EPU negatively (positively) impacts Islamic stocks during bearish (bullish) periods of economic activity. These findings add to our understanding of and contribute to the limited literature on Islamic stock markets, highlighting their unique characteristics and responses to policy-driven uncertainties.
Beyond Prohibitions: Unveiling the Hidden Dynamics of Islamic Economics and Finance Uluyol, Burhan
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 1 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i1.2781

Abstract

Despite theoretical differences between conventional and Islamic finance, critics argue that Islamic finance remains operationally similar to conventional finance. This apparent convergence in substance has led to growing disillusionment among stakeholders, prompting calls for a reassessment of the objectives and principles underlying Islamic finance. The objective of this study is twofold: first, to conduct a comprehensive comparative analysis between Islamic finance and conventional finance, and second, to explore the hidden dynamics of Islamic economics and finance by investigating its special theoretical features. By conducting intensive library research and reviewing main studies in Islamic economics and Finance, this study examines the salient features of Islamic economics and finance. The study identifies several hidden dynamics, including the role of money as a medium of exchange, prohibition of debt securitization, financing real sector development, the role of Islamic finance in infrastructure development, and the impact of Shariah screening mechanisms on stock market crashes. By examining the salient features of Islamic Economics and Finance, this research aims to provide theoretical insights that will contribute to academic literature, while also guiding regulators and industry practitioners in innovating financial products that more authentically embody the ethical spirit of Islamic finance.
The Shariah-Compliant Risk Factor and Distress Risk: Evidence from the U.S. Stocks Ben Mdalla, Olfa; Benouda, Olfa
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 1 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i1.2788

Abstract

This paper tests the Shariah-compliant-augmented three-factor model (TFM) in the U.S. stock market from July 2005 to June 2024. In particular, we investigate whether the Shariah Compliant (SC) risk factor, measured as the difference in returns between the portfolio of non-Shariah-compliant (NSC) firms and that of SC firms, constitutes a systematic source of risk able to explain financial distress. We find that the SC risk factor is a major determining factor in pricing of stock portfolios classified by size, book-to-market and Shariah compliance, along with those of distressed and non-distressed firms. Additionally, we point out that the SC risk factor explains the cross-section of stock returns even when other financial distress risk factors are considered, suggesting that it contains significant distress-related information. Finally, we show that this risk factor is significantly related to innovations in term spread, which is consistent with Merton’s ICAPM explanation. Overall, the findings indicate that the SC factor represents a systematic, undiversifiable distress risk factor. These results have important implications for asset management using SC stocks, supporting an SC-augmented TFM to fairly value assets and suggesting that SC investment may provide protection against financial distress.
Consumer Insights on Halal Certification: Awareness, Perception, and Visibility as Key Determinants of Purchase Behaviour Jalil, Mohamad Isa Abd; Samsu, Siti Hajar; Andriani, Debrina Puspita; Shariff Abd. Kadir, Shariff Umar; Ahmed, Habib
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 1 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i1.3086

Abstract

This study investigates consumer insights on halal certification in Malaysia by examining awareness, perception, visibility, trust, and purchase behaviour, with religious belief as a moderator. Using a non-probability purposive sampling method, 801 valid responses were collected and analysed with Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that perception and awareness significantly influence trust, while visibility has no significant effect. Trust and religious belief strongly predict purchase behaviour, and religious belief also moderates the relationship between trust and purchase. It should be noted, however, that the sample disproportionately represents Indigenous Sabah respondents, while Malay respondents—the national majority—are underrepresented. Therefore, the findings are context-specific and not generalisable to the entire Malaysian population. Despite this limitation, the study provides useful insights into consumer trust in halal certification and offers practical recommendations for practitioners, regulators, and policymakers, as well as theoretical contributions for future research.
Reassessing Attention to Fintech: Spillover Effects on Conventional and Islamic Financial Stocks Ridzuan, Abdul Rahim; Izadin, Ahmad Al Izham; Loang, Ooi Kok; Shaari, Mohd Shahidan; Candra, Sevenpri
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 1 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i1.3300

Abstract

This study applies an integrated Quantile Vector Autoregression and Quantile Regression to examine spillover dynamics in the FinTech context. By analysing the period from 2019 to 2024, which includes significant events such as the COVID-19 pandemic, the 2023 banking crisis, and notable regulatory developments, the study captures nonlinear and asymmetric relationships between FinTech attention (ATFIN), FinTech stock performance (FINTS), and financial stock returns, for both conventional (FINS) and Islamic (IFINS) stocks. The findings suggest that ATFIN tends to respond to market movements during normal and bearish conditions, while it becomes a net transmitter during bullish periods, amplifying investor sentiment and speculative activity. Conventional financial stocks consistently emerge as strong transmitters of market spillovers, whereas Islamic financial stocks function mainly as receivers, especially during market upswings, indicating their potential role as a stabilizing force. These results contribute to the literature on behavioural finance and financial contagion by highlighting the asymmetric behaviour of FinTech attention across market regimes. The study also offers practical implications for regulators and institutional investors. Monitoring ATFIN may help identify speculative trends, while Islamic FinTech models could appeal to more risk-averse investment profiles.
Shari’ah Analytics of Arabic Currency Terms and Implications for Cryptocurrency Hudaefi, Fahmi Ali; Zakiy, Muhammad; Laallam, Abdelkader; Athief, Fauzul Hanif Noor; Apriantoro, Muhamad Subhi
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 1 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i1.3328

Abstract

This study introduces Sharīʿah analytics, a novel methodological framework leveraging machine learning and big data analytics, to systematically analyze classical Islamic jurisprudential texts (furūʿ al-fiqh kitābs), and further assesses cryptocurrencies against the Islamic monetary principles. Sharīʿah analytics is done via computationally processing 55 texts across four Sunni and one Shia legal tradition, examining Arabic currency-related terms and their fundamentals to explain whether cryptocurrencies align with pre-modern juristic definitions rooted in physicality, standardization, and regional acceptance. Findings reveal that cryptocurrencies inherently diverge from classical criteria, e.g., weight-based valuation, intrinsic material purity, and communal consensus, interpreting them non-compliant with traditional Islamic currency frameworks. This approach advances Islamic monetary scholarship, offering a data-driven lens to reconcile ethical monetary principles with emerging digital economies. The study fills a gap in existing literature by systematically contextualizing cryptocurrency debates within primary juristic sources rather than relying on speculative analogies or fragmented scholarly opinions. ACKNOWLEDGMENT This research received funding from the Deanship of Scientific Research, Vice Presidency for Graduate Studies and Scientific Research, King Faisal University, Saudi Arabia [KFU252890]. In addition, this research also received funding from Majelis Pendidikan Tinggi Penelitian dan Pengembangan (Diktilitbang) Muhammadiyah Risetmu Penelitian Reguler Batch IX [0259.1043/I.3/D/2025].
The Role of Islamic Economics and Finance in the Era of Digital Transformation, Sustainable Growth and Geopolitical Uncertainty Warjiyo, Perry
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 1 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i1.3463

Abstract

This paper is based on a keynote speech delivered at The 11th International Islamic Monetary Economics and Finance Conference (11th IIMEFC). As a keynote contribution, this article does not include a formal abstract.

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