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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. 7 No. 3 (2021)" : 8 Documents clear
IMPLEMENTATION AND IMPACT OF A HALAL FOOD STANDARD: AN EMPIRICAL STUDY OF MALAYSIA Sari, Dian Permata; Jaswir, Irwandi; Haji Che Daud, Mohd. Radzi bin
Journal of Islamic Monetary Economics and Finance Vol. 7 No. 3 (2021)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i3.1302

Abstract

As a Malaysian halal food standard, MS1500 was established to strengthen the Malaysian role in the global halal market. This study aims to identify the factors affecting the implementation of MS1500, its positive impact, and the relationship between its implementation and impact. The food and beverages industry in Malaysia, which already has a halal certificate and halal logo, was chosen as the study population. The covariance-based structural equation modelling (CB-SEM) method was employed, with 212 sample companies. The results show that Perception-On-Implementation, Halal-Control-System-Activity and Owner-Management-Employee-Limitation were the factors affecting the implementation of MS1500. Four positive impacts of its implementation were also found: Trade & Free Movement, Innovation, Clean & Save Production-Process and Consumer & Corporate Image. In addition, it was discovered that the better the implementation of MS 1500, the greater the positive impact that could be achieved by the industry. It was also found that in Malaysia, finance and regulations were not the factors causing limitations in the implementation of the halal food standard. The findings of the study can be used as an input for Malaysian government in planning suitable programmes to promote the implementation of the standard. Moreover, the extent of the positive impacts of the implementation on the industry is expected to encourage all food sectors in Malaysia to apply and fully implement MS1500 in their daily operations.
DESIGNING SALAM-MUZARA’AH LINKED WAQF TO FINANCING AGRICULTURAL SECTOR Majid, Rifaldi
Journal of Islamic Monetary Economics and Finance Vol. 7 No. 3 (2021)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i3.1309

Abstract

The main objective of this study is to propose an innovative integrated financing model at the microfinance level for the agricultural sector and how to mitigate the risk associated with the model. In the study, we perform in-depth interviews of experts and gather secondary data from relevant sources. The proposed model is called Salam-Muzara’ah Linked Waqf (SMW) as a sharia-compliant scheme that integrates Islamic commercial finance through the salam and muzara’ah contract with Islamic social finance through the utilization of cash waqf return as well as using the idle waqf land as agricultural lands to be implemented by Baitul Maal wat Tamwil (BMT). In the model, the risk of commodities delivered by farmers to BMT is subsidized or borrowed by Nazhir of waqf land while the surplus of cash waqf is distributed to cover Murabaha margin of necessary agricultural equipment purchased from BMT. This research is expected to solve the problem of limited land and financing as well as to create innovation and inclusiveness of Islamic financial products through the synergy of all parties in the agricultural sector.
ADVANCEMENT AND SETBACK IN ISLAMIC BANKING PRODUCTIVITY IN ASEAN: DO TECHNOLOGICAL CHANGES MATTER? Rusydiana, Aam Slamet; Assalafiyah, Aisyah
Journal of Islamic Monetary Economics and Finance Vol. 7 No. 3 (2021)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i3.1322

Abstract

This study applies Data Envelopment Analysis (DEA) to measure the efficiency level of 24 Islamic banks in four ASEAN countries (Indonesia, Malaysia, Brunei Darussalam and Thailand) over the 2010-2019 period. Specifically, this study uses the Banker, Charnes and Cooper (BCC) model as a basic approach in DEA with variable return to scale assumption. The Malmquist index was also employed to explain whether the changes in Islamic banks’ efficiency and productivity is affected by the efficiency changes or technological changes. According to the Malmquist index scores on total factor productivity (TFP) change, 17 of the 24 Islamic banks (or 70.8 percent) achieved an improvement in productivity over the research period, with Thailand recording the highest productivity level increase. Overall, the most productive Islamic bank was Affin Islamic Bank Berhad. Finally, it was observed that there was a productivity growth in the last two years of the period, namely 2017-2018 and 2018-2019. The productivity change was driven more by efficiency than by technology, implying that Islamic banks in ASEAN countries must improve the technological aspect.
ISLAMIC ENDOGENOUS MONEY: EVIDENCE FROM THE ISLAMIC BANKING SYSTEM IN INDONESIA AND MALAYSIA Umam, Khoirul; Ismail, Abdul Ghafar; Tohirin, Achmad; Sriyana, Jaka
Journal of Islamic Monetary Economics and Finance Vol. 7 No. 3 (2021)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i3.1351

Abstract

This paper proposes a theoretical model of endogenous Islamic money and empirically analyses the endogeneity of Islamic money supply under fiat and fractional reserve systems. The causal relations between Islamic money and macro and financial variables are assessed using the autoregressive distributed lag (ARDL) model and error-correction modelling (ECM). The results suggest that the greater the maturity and the larger the asset share in the Islamic financial system, the better the endogeneity of money. They also reveal that the profit and loss sharing system can connect the economy to money, minimise the exogenous potential of the fractional reserve requirement system, and eliminate the exogenous feature of the fiat money system. Accordingly, the study argues that an Islamic endogenous money system can be developed in fiat and fractional reserve banking systems.
ISLAMIC BANKING DEVELOPMENT AND FINANCIAL INCLUSION IN OIC MEMBER COUNTRIES: THE MODERATING ROLE OF INSTITUTIONS Kamalu, Kabiru; Wan Ibrahim, Wan Hakimah Binti
Journal of Islamic Monetary Economics and Finance Vol. 7 No. 3 (2021)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i3.1364

Abstract

This study argues that the effect of Islamic banking development on financial inclusion is enhanced when there exist better quality institutions. A cross section dependency test, cointegration test, causality test, and system GMM (generalized method of moments) are applied to achieve this objective. Employing panel data from 30 Organisation of Islamic Cooperation (OIC) member countries over the period 2013-2018, the analysis suggests that Islamic banking promotes financial inclusion. Furthermore, it documents evidence which suggests negative and significant coefficients of the interaction between Islamic banking development and institutional quality. This means that Islamic banking development works well in promoting financial inclusion in countries with low institutional quality.
SAY NO TO INFLATION TARGETING: A CALL FOR THE ADAPTATION OF A ZERO-INTEREST REGIME Rehman, Atiq ur
Journal of Islamic Monetary Economics and Finance Vol. 7 No. 3 (2021)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i3.1366

Abstract

In its early history, monetary policy focused on numerous objectives, including stable growth, full employment, stable exchange rates and price stability. In the 1990s, many countries shifted their monetary policy framework from monetary aggregate/interest rate targeting to inflation targeting, in which inflation was regarded as the primary target of monetary policy, and interest rates the primary tool for achieving target inflation. Inflation targeting has diverted the focus of central banks from growth and employment to price stability. Unfortunately, there is considerable evidence which shows that inflation targeting frameworks are unable to control inflation in the way central banks want, and in fact lead to a greater departure from optimal growth and employment, the two key targets of sustainable development goals (SDGs). There is also evidence suggesting a strong association between inflation targeting and the move away from several other SDGs. Employing a systematic review of the related literature and Granger causality tests applied to data from various countries, this paper shows that inflation targeting fails to control inflation and has several undesirable impacts on a wide range of socioeconomic indicators. It is argued that the zero-interest regime is the optimal regime with respect to the impact on socioeconomic indicators, and also supports the interest free economy advocated by Islam.
A BAYESIAN GAME FOR A PROFIT AND LOSS SHARING CONTRACT Lessy, Djaffar; Diener, Marc; Diener, Francine
Journal of Islamic Monetary Economics and Finance Vol. 7 No. 3 (2021)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i3.1367

Abstract

This paper presents a Bayesian game model for a profit-and-loss sharing (PLS) contract. We develop the model in two parts, one for a non-social bank and the other for a social bank. The model is proposed to reduce the adverse selection problem inherent in PLS contracts. The game starts with incomplete information; Islamic banks do not know exactly what type of agent is applying for a PLS contract, and whether the agents are efficient or non-efficient. We assume that the banks assign the agent type to a prior probability. Determination of the profit-sharing ratio of the contract is then discussed, and we look for the Bayesian Nash equilibrium as a solution or outcome of the game. We show that banks offer interesting but risky contracts to agents if they assign high probability to the agents being efficient. In contrast, they offer less risky contracts if they assign high probability to the agents being non-efficient. The results can be considered by Islamic banks to reduce the adverse selection problem in PLS contracts.
ISLAMIC BANKING MARKET DISCIPLINE IN INDONESIA Suliyono, Joko; Risfandy, Tastaftiyan
Journal of Islamic Monetary Economics and Finance Vol. 7 No. 3 (2021)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i3.1376

Abstract

This paper examines the market discipline of Islamic banks, as manifested by the responses of depositors with regard to their deposits and profit-sharing ratio to the fundamentals of the banks in the case of Indonesia. We analyse the supply and demand function of deposits using panel data from 10 Islamic banks from 2010 Q1 to 2019 Q4. We empirically find that market discipline in Indonesian Islamic banks is relatively weak, and conjecture that this is for two reasons. First, religious depositors have driven the unusual behaviour of Islamic banks, as we find that they stay with the same bank, even if it has poor fundamental conditions. Second, the profit and loss sharing mechanism means that Islamic bank depositors do not have great flexibility in demanding a higher rate relevant to the risk they must bear. This is because depositors' actual return is set to be consistent with the actual profit obtained from the banks' lending activities. Our results lead to the call for policymakers to effectively monitor the fundamental conditions of Islamic banks and to collaborate with agencies and organisations that promote Islamic bank development in Indonesia.

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