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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 10 Documents
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Search results for , issue "Vol. 4 No. 2 (2018)" : 10 Documents clear
THE MONEY DEMAND FUNCTIONS IN ISLAMIC ECONOMY: NEW EVIDENCE FROM IRAN-ARDL APPROACH Sadeghi, Farzaneh; Khadivy Rofougar, Saeed
Journal of Islamic Monetary Economics and Finance Vol. 4 No. 2 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v4i2.922

Abstract

The demand for money is one of the most fundamental issues of the monetary economy for policy decision. On the other hand, according to the principle of prohibition of Riba, attitudes about the money market conditions in Islamic economics, is quite different from conventional economics. Hence achieving the money demand function in an Islamic country would be necessary. Most studies about the money demand in Islamic economy used the Keynesian approach, while in modern macroeconomics, money demand function derived by using the microeconomics-based approach. Hence in this article investigate some models of the microeconomics-based approach, then, in accordance with Islamic principles, it choose the best among them that is shopping-time model. After that we derive the Islamic money demand function. The results indicate that the demand for money is the function of income and rental rates of sukuk. The marginal product of capital due to an additional unit of income spend for Infaq (spending in Allah's way), depend on the expected inflation rate, depreciation rate and rental rates of Sukuk. In this paper, apply ARDL approach to estimate the money demand function in Islamic republic of Iran in period of 1978-2008 i.e. after Islamic revolution. The results suggested that M1 and M2 money demand are co-integrated with income and rental rate of Sukuk. Incorporating CUSUM and CUSUMSQ tests into co-integration analysis, we conclude that M2 money demand is more stable than M1.
AN INNOVATIVE FINANCING INSTRUMENT TO PROMOTE THE DEVELOPMENT OF ISLAMIC MICROFINANCE THROUGH SOCIALLY RESPONSIBLE INVESTMENT SUKUK Khouildi, Mohamed Yassine; Hj. Kassim, Salina
Journal of Islamic Monetary Economics and Finance Vol. 4 No. 2 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v4i2.935

Abstract

Socially responsible investment (SRI) sukuk has a high potential to be an innovative financing mechanism for Islamic microfinance. This paper explores the possibility of implementing SRI sukuk for raising funds to support the microfinance industry and to promote financial inclusion. It also aims to identify the associated issues and challenges in implementing the SRI sukuk for microfinance purpose. The paper uses qualitative research method through a thorough review of existing literature, archives, and library research related to the area of social, sustainable and responsible investment sukuk, Islamic microfinance and their related issues. The SRI sukuk has a high potential to be developed as innovative shariah-compliant mechanism as shown by Malaysian experience in issuing the SRI sukuk to develop socially-related projects including the educational and green energy sectors. The paper also highlights and learn from the successful experience of the European Bank for Reconstruction and Development in issuing the first microfinance bonds. The findings from this study provide inputs to the relevant stakeholders in implementing new financial tools to develop the social sector, especially Islamic microfinance in helping the poor and assist them to become economically independent. New innovative tools for raising funds in microfinance is highly needed to achieve sustainability of the microfinance industry. Type of paper: Research paper
MODELLING SMEs’ BEHAVIORAL INTENTION TO ADOPT ISLAMIC CROWDFUNDING-SMALL AND MEDIUM ENTERPRISES (ICSMEs) MODEL AS A SOURCE OF FINANCING IN MALAYSIA Mohd Thas Thaker, Mohamed Asmy Bin
Journal of Islamic Monetary Economics and Finance Vol. 4 No. 2 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v4i2.961

Abstract

The present study has proposed Islamic Crowdfunding-Small and Medium Enterprises (ICSMEs) model to assist SMEs in meeting their need to access external financial services in Malaysia. Upon the proposed model, this study examines the behavioural intention of SMEs to use ICSMEs model. The primary data are collected from the survey administered to SMEs in the Klang Valley (n=250) and the analysis is conducted using Partial Least Squares (SmartPLS). Furthermore, the model has been validated its acceptance in the field by adopting the Technology Acceptance Model (TAM). This study has revealed that both the perceived usefulness and perceived easy to use are found to have a positive impact on the behavioral intention of SMEs to use ICSMEs model, which later assist them to access to financial services in Malaysia. Furthermore, perceived easy to use has a positive relationship and direct effect with perceived usefulness of SMEs to use the ICSMEs model. The findings of this study can be used to develop a specific framework in which to examine other components of using the ICSMEs model’s behavior and to plan appropriate intervention strategies to increase financial accessibility by SMEs.
THE SINGLE CURRENCY FOR ISLAMIC NATIONS: DO HETEROGENEITIES MATTER? Agustiar, Memet
Journal of Islamic Monetary Economics and Finance Vol. 4 No. 2 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v4i2.964

Abstract

The purpose of this study is to assess the readiness of 44 OIC member countries to form a currency union and to test whether the Optimum Currency Area (OCA) criteria remain relevant to a large region like the OIC. Large geographic size is subject to socio-economic and geographic disparities. This study employs the OCA-index to estimate the degree of readiness of the OIC to form a currency union. Five selected criteria –business cycle synchronization, trade openness, inflation similarity, the size of the economy, and distance – were employed to determine the OCA using Ordinary Least Squares regression. The findings of this study estimate that 63 percent of pairs of countries in the OIC are ready to form a currency union. The selected OCA’s criteria present the best-fit variable in explaining the OCA for the OIC. This paper verifies that economic and geographic heterogeneities are not the main obstacle to forming a currency union. This study provides an important contribution to the theory of OCA primarily in clarifying the application of the OCA conditions in a large observation like the OIC, which comprises many countries and many blocs.
MONETARY TRANSMISSION MECHANISM UNDER DUAL FINANCIAL SYSTEM IN INDONESIA: CREDIT-FINANCING CHANNEL Fikri, Reza Jamilah
Journal of Islamic Monetary Economics and Finance Vol. 4 No. 2 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v4i2.1001

Abstract

The presence of Islamic and conventional banking in the dual financial system of Indonesia equally hold the role as financial intermediator which theoretically banks collect fund from the debitors to be distributed to creditors. However, along with the changing of time there has been a development in the financial industry, when financial deregulation occurs, where the role of providing credit is not only owned by the banks but also other financial institutions. As the result, banks are no longer considered as the center of financial intermediation but could be replaced by other financial instruments. This study aims to reconsider the role of banking as financial intermediation in the monetary transmission mechanism using three methodoligal approaches which are Vector Autoregression and Vector Error Correction Model (VAR-VECM), Error Correction Model (ECM), and Autoregressive Distributed Lag (ARDL). The long-term results of ECM and VECM estimations both show that credit and finacing channel are still relevant to be employed in the monetary transmission mechanism after the development of financial sector and the change of monetary policy, yet only have an impact to economy and do not give effect to inflation. While the result of ARDL estimation indicates that none of the variables affect the monetary policy objectives which means that credit and financing channel are considered to be getting weaker in the monetary transmission mechanism.
CASH WAQF INVESTMENT AND POVERTY ALLEVIATION: CASE OF TABUNG MASJIDS IN MALAYSIA Hasan, Rashedul; Hassan, M. Kabir; Rashid, Mamunur
Journal of Islamic Monetary Economics and Finance Vol. 4 No. 2 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v4i2.1006

Abstract

Recent investigations of the financial management practices of mosques in Indonesia have influenced this study, which investigates the ability of mosques in Malaysia to invest cash waqf for development activities. The impact of cash waqf investment is further extended to study the importance of such cash waqf donations toward poverty alleviation. 100 mosques in Melaka and Terengganu are selected for the purpose of conducting a survey using a self-developed questionnaire. Data collected from the survey are tested for their validity and reliability before conducting Structural Equation Modelling (SEM) analysis using Smart PLS 3.0. This study finds that cash waqf donation plays a positive role in increasing the ability of the selected states to alleviate poverty. The negative relationship between cash waqf investment and donation raises the need for a rigorous analysis. A conceptual model integrating cash waqf investment, donation, and poverty alleviation is provided in this study, which is the first of its kind. The results provided by the study will allow regulators and mosque fund managers to understand the significance of cash waqf donations and the importance of effective cash waqf management. Efficient investment of cash waqf can ensure sustainable and perpetual income that will allow a mosque to play a vital role in improving the living standards of the Muslim Ummah. The findings of the study cannot be generalized for all states in Malaysia due to the limitation of purposive sampling.
DOES FRACTIONAL RESERVE BANKING SYSTEM EXIST IN INDONESIAN ISLAMIC BANKING? Syamlan, Yaser Taufik; Istiana, Nur
Journal of Islamic Monetary Economics and Finance Vol. 4 No. 2 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v4i2.1009

Abstract

Fractional Reserve Banking is the banking and financial system that have been applied in most countries around the world. This research aims to look at the impact empirically and at the contributions given from the components of fractional reserve banking against inflation that occurs in Sharia Commercial Banks and Sharia Business Unit. The fractional reserve banking components covered in these studies are statutory reserve requirement, total deposit, total financing, Mismatch Ratio, and Total non-performing financing. This research is using VAR VECM and ECM as analysis tools and also collecting secondary data from OJK that spanned from June 2014 to September 2018. The results of this research have found that Indonesian Islamic bank is doing the fractional reserve banking system (FRBS). Furthermore, the largest contributor of FRBS in Sharia Commercial Bank (BUS) is the Statutory Reserve Requirment while in sharia Business Unit the results showed that Third Party Fund and Mismatch ratio gives the greatest contributions against inflation. Interestingly, the UUS has greater contribution and shock to the inflation if we compare to the BUS. To prevent the effect of it in the future, controlling mismatch and introducing the irrevocable investment account might be the solutions.
DESIGNING INTEGRATED ZAKAT-WAQF MODELS FOR DISASTER MANAGEMENT Sulistyowati, Sulistyowati
Journal of Islamic Monetary Economics and Finance Vol. 4 No. 2 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v4i2.1011

Abstract

This study aims to analyze four previous conceptual models related to zakat and waqf by Indrawan et al. (2018), Ascarya et al. (2018), Tanjung (2018), Hassan (2010) and also designing various Integrated Zakat and Waqf Models for disaster management and evaluate them as best model which is most suitable in community, local, and national scopes. In-depth interviews and literature study from relevant sources are conducted to develop the models. The proposed models called Integrated Zakat and Waqf Model for Disaster Management (IZWDM) that involves of social and commercial aspects provides of three alternative models according to three steps of disaster management namely IZWDM-A for Relief step; IZWDM-B for Recovery step; and IZWDM-C for Reconstruction step. This study is expected to enhance all parties to do more synergy in managing disasters that happened in Indonesia.
REGIONAL AND ACCESSIBILITY ANALYSIS OF THE BANKING SYSTEM AND THEIR IMPACTS TOWARD REGIONAL FINANCIAL INCLUSION IN INDONESIA Asyatun, Irma
Journal of Islamic Monetary Economics and Finance Vol. 4 No. 2 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v4i2.1015

Abstract

Financial inclusion has been widely discussed in the global level. The increased engagement in discussion of financial inclusion is inseparable from the implementation of policy priorities which are seemingly leaning towards improving financial inclusion to tackle poverty and growing inequality in a country. This article seeks to identify whether regional variables (income level, educational level, income inequality, population size and banking accessibility) are significant on influencing financial inclusion in Indonesia. This study proxied financial inclusion level by measuring the financial inclusion index using the method developed by Sarma in 2012. The research is conducted for 3 years, between 2012-2015. Employing the panel data estimation method, the results indicate that income level, educational level, and banking accessibility possess significant impact on financial inclusion in regional Indonesia.
ALTERNATIVE OF MONETARY POLICY INDICATOR: PANEL DATA ANALYSIS FROM ISLAMIC BANKS IN MALAYSIA Ahmad, Zuriyati; Ismail, Abdul Ghafar
Journal of Islamic Monetary Economics and Finance Vol. 4 No. 2 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v4i2.1017

Abstract

The monetary policy indicators such as monetary aggregates, interest rates and Monetary Condition Index (MCI) are the traditional monetary policy indicators used in order to obtain early indication of the impact of monetary policy. These indicators could function as appropriate monetary policy indicators that will provide information to the monetary policy makers. The development in Islamic financial system however creates a challenge to find a monetary policy indicator, which is in conformity with Islamic teaching. Therefore, this paper is aimed to examine the future growth of nominal GDP as an alternative variable for monetary policy indicator in Islamic monetary system. The investigation will benefit from data of 17 Islamic banks in Malaysia which implement full fledge or Islamic windows scheme spanning from 2005 to 2010. GMM system method is used to analyze the data in hope to validate the appropriateness of the alternative monetary policy indicator. The result suggests that the future growth of nominal GDP is significant as monetary policy indicator and could be applied by the central bank in implementing the monetary policy especially in the dual banking system.

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