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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. 12 no. 3 (2026)" : 8 Documents clear
Extending the UTAUT to Examine Factors Influencing Intention to Infaq and Sadaqah Using Mobile Banking: Evidence from Millennials Muslim in Indonesia Uus Ahmad Husaeni
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 3 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i3.2453

Abstract

This study extends the Unified Theory of Acceptance and Use of Technology (UTAUT) model to examine the factors that influence intentions to infaq and sadaqah using mobile banking among the millennial Muslim generation in Indonesia. In addition to UTAUT variables, namely performance expectancy, effort expectancy, social influence, and facilitating conditions, we include trust in institutions, religiosity, and habit as potential factors. Primary data gathered by means of questionnaires from 207 respondents are analyzed using the Partial Least Square-Structural Equation Modeling (PLS-SEM) method. The main results indicate that performance expectancy, effort expectancy, social influence, facilitating conditions, trust in institutions, and religiosity influence the intention to infaq and sadaqah using mobile banking. However, habit does not determine the intention to infaq and sadaqah using mobile banking. The social influence is the most dominant factor. This shows that Muslim millennials in Indonesia have a fairly high social sensitivity as a form of social responsibility. It also confirms that encouragement from family, friends, and influential people around them is an important consideration for Muslim millennials to give infaq and sadaqah through mobile banking.
Determinants of Financial Inclusion in the OIC and OECD Countries: Are They Different? Tengku Roziana; Mohamed Eskandar Shah; Mohamed Ariff; Mohammed Umar
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 3 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i3.2582

Abstract

Financial inclusion is a pivotal policy tool to integrate the underprivilege segments of society into the formal financial system. This issue is particularly important within predominantly Muslim nations, where poverty and inequality remain persistent challenges, and a substantial portion of the populace remains excluded from financial services. This seems to be paradoxical, especially given the substantial expansion of Islamic finance over the preceding decade. Therefore, this research aims to investigate the factors that determine financial inclusion within Organisation of Islamic Cooperation (OIC) member states. To put our findings into perspective, we compare our analysis with Organisation of Economic Co-operation and Development (OECD) countries. We use Least Square Dummy Variable (LSDV) estimator across 35 OIC and OECD countries from the period of 2005 to 2021. Our study finds that in OIC countries income per capita, tertiary education attainment, institutional quality, internet accessibility, population and age dependency matter for financial inclusion. Unlike OECD, OIC countries have to make substantial investment on digital infrastructures, youth and women empowerment, and boosting income level. Lessons are also drawn for Islamic banking in these countries.
Artificial Intelligence and Big Data Strategies to Enhance Islamic Banks’ Competitiveness and Sustainable Development Ahmad Hisham Alnajjar; Majdi Ali Ghaith
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 3 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i3.2651

Abstract

This study investigates the impact of artificial intelligence and big data strategies on Islamic banks' competitiveness and sustainable development in Jordan, employing an integrated theoretical framework combining the Resource-Based View (RBV) and Dynamic Capabilities Theory (DCT). The research targets 487 managers and department heads from 15 Islamic banks, with a sample size of 214 participants selected through stratified random sampling. It employs a quantitative cross-sectional design, using PLS-SEM for data analysis. The findings reveal that AI implementation, big data analytics capabilities, and data management practices are significantly and positively associated with both bank competitiveness and sustainable development performance. Employee digital competency significantly affects competitiveness but shows no significant impact on sustainable development performance. The results provide valuable implications for banking executives, policymakers, and practitioners in implementing digital transformation strategies. The study contributes to the existing literature by integrating technological capabilities with Islamic banking principles, offering a comprehensive framework for understanding digital transformation in religious-based financial institutions. The originality of this research lay in its examination of the combined effects of AI and big data strategies in Islamic banking, particularly in the Middle Eastern context, while considering both competitive and sustainable development outcomes.
Islamic Social Financial Instruments and Sustainable Community Development: Evidence Synthesis on Community Resilience Abdallah Mambo Dallu
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 3 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i3.3063

Abstract

This study investigates how Islamic Social Finance (ISF)—through zakat, waqf, and sadaqah—supports sustainable community development by strengthening economic, social, institutional, psychological, and environmental resilience. Using a PRISMA-guided systematic literature review and bibliometric analysis of 93 studies published between 2010 and 2025, the paper synthesizes fragmented scholarship to identify the mechanisms through which ISF enhances resilience. Findings show that zakat provides short-term stabilization and crisis relief, waqf enables long-term asset creation and public-goods provision, and sadaqah delivers flexible emergency support. Integrated ZISWAF models, particularly those inspired by Ascarya, emerge as the most effective structure for maximizing development outcomes when supported by strong governance, institutional coordination, and digital innovation. The study contributes (i) a consolidated evidence highlighting thematic fragmentation in ISF research; (ii) an integrated conceptual map linking ISF to resilience theory and the SDGs; and (iii) a multidimensional framework explaining how ISF instruments jointly foster community resilience. Policy recommendations include strengthening governance and regulatory coherence, accelerating digital transformation, adopting integrated ZISWAF delivery models, and expanding ISF applications in environmental sustainability and climate resilience.
Examining the Impact of Waqf Literacy on Waqf Behaviour Nashr Akbar; Salina Hj. Kassim; Fahd Mohammed Obad Al-Shaghdari; Irfan Syauqi Beik
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 3 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i3.3267

Abstract

This paper investigates the impact of waqf literacy on waqf donation of Muslims in Indonesia. It applies the Partial Least Square - Structural Equation Modeling (PLS-SEM) to data from 642 respondents. Using the Theory of Planned Behaviour (TPB) framework extended to past behaviour as an additional component, we find that waqf literacy positively impacts attitude, social norms, perceived behavioural control (PBC), and past behaviour. In addition, it has an indirect influence on waqf intention through those four TPB components. Moreover, the non-linearity test finds the quadratic effect of waqf literacy on most TPB components. This finding shows significant contribution of Waqf literacy on Muslims’ waqf donation indirectly through the Theory of Planned Behaviour. As a result, all waqf stakeholders should pay more attention toward waqf literacy in order to boost waqf collection.
Sustainability Committees and Environmental Initiatives: Insights from Dual Banking Systems in Emerging Markets Yunice Karina Tumewang; Rumaizah Azizah Al Adawiyah; Kemala Putri Ayunda
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 3 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i3.3271

Abstract

Recently, companies have become more concerned with environmental sustainability, and many of them have established sustainability committees (SCs) to entrench sustainability in their strategic planning and corporate culture. Drawing upon insights from stakeholder and legitimacy theories, this study investigates the nexus between SCs and environmental initiatives (EI) in emerging markets having both conventional and Islamic banks.  Applying panel regressions, we find evidence indicates that the presence of an SC is positively associated with overall environmental scores, environmental products, environmental innovations, and resource reduction. Subsample analyses reveal that, for IBs, establishing SCs significantly affects overall environmental and resource reduction scores, suggesting that SCs in IBs may primarily drive symbolic (e.g., overall environmental and resource reduction scores) rather than substantive environmental efforts (e.g., environmentally-friendly products and innovations).  In contrast, SC establishment shows a significant effect across all four dimensions of EI for conventional banks (CBs), underscoring its more comprehensive role in shaping environmental outcomes within CBs. These findings have important theoretical, practical, and policy implications for bank managers, regulators, and other key stakeholders.
Trends and Determinants of Sustainability Sukuk Issuance: Evidence from Global Markets Nazrul Hazizi Noordin
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 3 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i3.3341

Abstract

Despite the growing prominence of sustainability sukuk in the global realm of sustainable finance, little is known about the dynamics of their issuance. This study is the first to document the evolution of sustainability sukuk issuance and explore the determinants of its size. Using a cross-country sukuk dataset comprising 11,944 issuances between 2012 (i.e., the year when the first sustainability sukuk was issued) to 2022, it highlights that sustainability sukuk remains a minuscule fraction of overall sukuk markets, and its rapid growth during the last recent years is mostly concentrated in Islamic finance-oriented countries like Indonesia, Malaysia, and Saudi Arabia, while other developing Muslim-majority nations show limited participation. Examining determinants, we find that a higher security quality, a more extended debt structure, and major international currency denominations (e.g., USD and Euro) positively influence the size of the sustainability sukuk issue. Additionally, we uncover two unique drivers of sustainability sukuk issuance. The first is second party opinion, where its increased costs reduce issue size. The second is the underlying equity-based Islamic contracts, which encourage larger issuances compared to sale-based contracts. Our results also indicate that issuances by government entities and financial institutions, and those raised for social purposes rather than green projects, tend to be larger. Lastly, we find that a higher level of economic development and greater reliance on international trade in the issuing country may lead to a larger issue size. This paper concludes by calling for policies and incentives to encourage future sustainability sukuk issuance.
ICT, High-Tech Exports, and Institutions as Drivers of Bank Expansion Growth in a Dual Banking System Sulaeman Sulaeman; Arizal Tom Liwafa; Bayu Arie Fianto
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 3 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i3.3458

Abstract

This study examines how information and communication technology (ICT) adoption, high-tech exports (HTE), and institutional quality (IQ) influence bank-level expansion growth (BEG) in 218 Islamic and conventional banks operating in 12 countries from 2010 to 2023. Using bank-level panel data analysis, the results reveal that ICT adoption is the most powerful driver of bank expansion growth, reinforcing digital transformation as a universal catalyst for efficiency, competitiveness, and outreach. While HTE alone has a limited and statistically insignificant effect, its interaction with ICT generates a significant synergistic impact, indicating that national innovation capacity amplifies the growth benefits of digitalization. Institutional quality exhibits a positive but indirect role, functioning primarily as an enabling condition that supports bank expansion—particularly for Islamic banks—through stronger governance and regulatory credibility. Comparative findings show that Islamic banks rely more on institutional integrity and technological complementarity, whereas conventional banks depend more on operational efficiency and digital maturity. Robustness checks using dynamic panel estimators confirm the consistency of these relationships. Policy implications highlight the importance of strengthening digital infrastructure, promoting high-tech innovation, and improving institutional governance to foster sustainable and inclusive bank expansion within a dual banking framework.

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