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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 5 Documents
 1 
Search results for , issue "vol. 5 no. 1 (2019)" : 5 Documents clear
House Price Changes and Islamic Bank Stability: Evidence from Malaysia Shiau Hui Kok; Normaz Wana Ismail
Journal of Islamic Monetary Economics and Finance Vol. 5 No. 1 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i1.1044

Abstract

In this paper, we examine the relationship between house price and Islamic bank stability in Malaysia. In particular, in relating to Islamic bank stability to Malaysian house price changes, we evaluate the nature of the relationship from the perspective of nonlinearities. The Autoregressive Distributed Lag (ARDL) model is applied to a sample that consists of 9 Islamic banks in Malaysia for the period of 2000-2016. Our results indicate that there is an inverted U-shaped relationship between house price and Islamic bank stability in the long run. Meanwhile, the relationship is insignificant in the short-run. To put it differently, initially, the higher house prices, the more stable the bank. Then, the impact of house prices on bank stability becomes negative when house prices surpass the threshold point. As far as the bank-specific characteristics are concerned, the cost to income ratio is found to significantly and negatively related to the bank stability. Such a result has policy implications in which it is crucial for achieving balance in the housing market, and efficiently managing the cost is equally important to ensure Islamic bank soundness.
The Credit Supply Channel of Monetary Policy Transmission Mechanism: An Empirical Investigation of Islamic Banks in Pakistan versus Malaysia Syed Muhammad Abdul Rehman Shah; Abdul Rashid
Journal of Islamic Monetary Economics and Finance Vol. 5 No. 1 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i1.1046

Abstract

The transmission mechanism of monetary policy is explained through the relationships between a change in money supply and the level of real income. Monetary policy transmits to the real sector through several different channels. Such channels include the interest rate channel, the exchange rate channel, the asset-pricing channel, the credit supply channel, and the bank balance sheet channel. This paper empirically investigates the credit supply channel of monetary policy and explores the differential impact of monetary policy on credit supply of Islamic banks in Pakistan versus Malaysia. The robust two-step System-Generalize Method of Moments (GMM) estimator is applied on an unbalanced panel dataset over the period 2005-2016. While estimating the effects of three alternative measures of monetary policy on banks’ credit supply, several bank-specific variables are included in the specification as control variables. We provide strong evidence on the existence of credit supply channel in the baseline models for both countries and differential impact of monetary policy through Islamic banks in Pakistan versus Malaysia in the extended models. Our findings suggest that there is a vital need to consider the nature of Islamic banks while devising the instruments of an effective monetary policy in countries with dual banking system like Pakistan, Malaysia, Indonesia, Bahrain, Saudi Arabia, Qatar and others.
Islamic Banking and Economic Growth: Applying the Conventional Hypothesis Ahmad Jawad; Klein Christian
Journal of Islamic Monetary Economics and Finance Vol. 5 No. 1 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i1.1047

Abstract

Growth in Islamic banking has gained lot of interest and attention during last few years. The debate currently shifts from theoretical to empirical framework. The growth in empirical work has given rise to a new concept, which can be called as “Islamic banking development” (IBD). It will be interesting to test nexus between IBD and growth, since literature suggests a positive result for conventional finance and growth. Our study uses a panel of 24 countries for a period of 11 years using annual data (2004-2014) to test conventional hypothesis of supply leading or demand following between IBD and growth. In addition, we also investigate direction of causality in a panel setting between the two. Apart from the topic, this paper differs from existing limited literature, on the basis of dataset used and the estimation procedure to assess the nexus. Our results suggest that IBD affect growth positively. Comprehensive tests suggest the presence of a long run relationship between IBD and growth. Moreover, the direction of causality seems to follow supply leading hypothesis: IBD affects economic growth, and that evidence on a reverse causality was not found. This is true, even when we control for CFD.
The Role of Halal Certification on Purchase Intention Towards Food Products from MENA Countries: A SEM Study Firdaus Fanny Putera Perdana; Muhammad Tahir Jan; Remzi Altunişik; Irwandi Jaswir; Betania Kartika
Journal of Islamic Monetary Economics and Finance Vol. 5 No. 1 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i1.1048

Abstract

Kullu Halal (all Halal) is a concept that is highly applied in the Middle Eastern and North African (MENA) region as the majority of the population is Muslim. Many products from non-Muslim countries are also exported to the MENA countries and some of them are exposed to animal-based ingredients. Halal certification studies in the MENA region are found to be quite minimal to non-existent. The paper is designated to analyze the effects of Halal certification towards the purchase intention of Muslim consumers on food products from Muslim majority countries in the MENA countries. Theory of Planned Behavior (TPB) was used as a platform to predict the consumers’ intention to purchase the Halal certified products. A self-administered questionnaire was selected as a method and the respondents are the Muslim consumers living in certain areas of Klang Valley, Malaysia. Five hundred questionnaires were distributed, and 417 questionnaires were considered usable. Structural Equation Modeling (SEM) was used as a method in this research. Attitude, Subjective Norm, and Perceived Behavioral Control showed a strong correlation with Purchase Intention and the results were statistically significant at p < 0.05. Algeria was found to be the least trustworthy country by the respondents, followed by Iran, Lebanon, Iraq, and Bahrain. The results indicate that the presence of Halal certification is important and will be profitable for the food industry players in the MENA region. Despite being Muslim majority countries, it is important to ensure the presence of Halal certification in the products from MENA countries, especially from those that received low scores in the country of origin study.
Halal Governance in Indonesia: Theory, Current Practices, and Related Issues Fahmi Ali Hudaefi; Irwandi Jaswir
Journal of Islamic Monetary Economics and Finance Vol. 5 No. 1 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i1.1049

Abstract

Considering Indonesia’s target to lead halal industry worldwide, the discussion upon the current practices of halal governance in the country is critical to get into a comprehensive insight. Several major drawbacks within the previous studies on this topic is found along the followings. There has never been a study that has specifically discussed the term of halal governance substantively or comprehensively investigated the subject matters in Indonesia. Driven by this gap, we set out to review halal governance practices in Indonesia by employing a qualitative method of documentary. In doing so, the present paper firstly discusses the substantive materials upon lines of defense in halal governance that covers the four themes, which the present paper particularly reviews as the current practices in Indonesia. From the present discussion, this paper offers the novelty on the explanation of lines of defense in halal governance, and that of the current practices in Indonesia along with the related issues presently associated with it. In addition, this paper further delivers the applicable advises for the improvement of the practices. This study is relevant for the stakeholders of halal industry including the domestic government agencies, practitioners and academics.

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