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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 476 Documents
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ISLAMIC FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH IN NIGERIA: A BOUNDS TESTING APPROACH Tasiu Tijjani Sabiu; Muhamad Abduh
Journal of Islamic Monetary Economics and Finance Vol 6 No 3 (2020)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v6i3.1191

Abstract

Using a bounds testing approach to the cointegration and error correction method developed within the autoregressive distributed lag (ARDL) framework, this paper analyses the short- and long-run dynamic relationships between Islamic financial development and economic growth in Nigeria. Quarterly time-series data (2012:1 to 2019:3) are employed for the variables, together with non-interest bank financing to the private sector and real gross domestic product as indicators of Islamic financial development and economic growth respectively. The results indicate a significant short- and long-run relationship between Islamic financial development and economic growth. The relationship, however, is neither Schumpeter’s supply-leading nor Robinson’s demand-following type; rather, it appears to be bi-directional. In addition, empirical evidence is found that underscores the important role of Islamic bank financing in the economic performance of Nigeria. The paper recommends that improvement of the Islamic financial system in Nigeria may foster economic development and enhance welfare and poverty alleviation in the long run.
ISLAMIC BANKING AND BANK PERFORMANCE IN MALAYSIA: AN EMPIRICAL ANALYSIS Mansor H. Ibrahim
Journal of Islamic Monetary Economics and Finance Vol 6 No 3 (2020)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v6i3.1197

Abstract

This paper examines the performance of Malaysia’s banking sector and its relationship to the presence of Islamic banking in the country. More specifically, by controlling for the theoretically relevant determinants of bank performance we compare the efficiency, profitability and risk of Islamic banks to conventional banks and examine the spillover effects of Islamic banking penetration on bank performance. To these ends, we adopt a panel modelling approach. Taking note that our focal variables comprise the time-invariant Islamic banking dummy and potentially endogenous Islamic banking share, we apply the Hausman–Taylor (HT) instrumental-variable estimator in the analysis. Our results indicate that Islamic banks in Malaysia are less profitable than their conventional counterparts and that Islamic banking penetration is associated with lower bank profitability. However, the increasing presence of Islamic banking appears to make Malaysian banks less risky and, with limited evidence, more efficient. Finally, the efficiency–risk trade-off seems to have potential as the Islamic banking portion of the sector increases in size. These results are reasonably robust compared to alternative specifications of the model.
CHALLENGES FACING ISLAMIC BANKING IN IRAN: EVALUATION AND POLICY IMPLICATIONS Hossein Meisamy; Hassan F. Gholipour
Journal of Islamic Monetary Economics and Finance Vol 6 No 3 (2020)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v6i3.1241

Abstract

Iran is one of the few countries that has instituted shariah-compliant banking nationwide and does not have a conventional banking sector. However, since the Riba-Free Banking Act (RFBA) was passed and put into practice in 1983, the Iranian Islamic banking system has experienced some significant challenges and shortcomings. The main purpose of this paper is to identify the various impediments facing the Iranian Islamic banking industry and to suggest a prioritized listing of these challenges. To achieve this goal, a three-round Delphi study (a method designed to aid consensus building) is used to determine the major challenges and rank them based on relative importance. The research panel consulted consists of 32 Iranian Islamic banking experts with in-depth knowledge and experience. The results show that the top five challenges to the Islamic banking system in Iran are (1) the governmental attitude towards Islamic banking; (2) lack of competition; (3) not revising the law (RFBA); (4) lack of shariah supervision; and (5) lack of accounting and auditing standards. This paper contributes to the literature addressing Islamic banking by critically analysing the more than three decades of Iranian experience in implementing shariah-compliant banking.
INVESTIGATING VOLATILITY BEHAVIOUR: EMPIRICAL EVIDENCE FROM ISLAMIC STOCK INDICES Burhanuddin Burhanuddin
Journal of Islamic Monetary Economics and Finance Vol 6 No 4 (2020)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v6i4.1256

Abstract

The main purpose of this research is to apply five univariate GARCH models to the daily stock returns of four major sharia stock indices. Two symmetric versions of the GARCH model (GARCH and MGARCH) and three asymmetric versions (EGARCH, TGARCH and PGARCH) are employed to estimate and forecast the volatility of four major sharia indices. The results provide strong evidence that all models can depict the volatility behaviours in all four sharia index returns. The two symmetric models indicate that the volatility of a sharia index’s returns depend on its previous own lags, and statistically prove that a rise in volatility (risk) leads to an increase in mean (return), i.e. the risk premium effect. Meanwhile, the three asymmetric models suggest that negative shocks to daily returns tend to have higher impact on the volatility of sharia indices than positive shocks of the same magnitude. Moreover, based on the values of forecasting errors – root mean square errors (RMSE) and mean absolute errors (MAE) – the asymmetric GARCH models outperform the symmetric models in forecasting the volatility of four major sharia indices. However, the very small difference values of RMSE and MAE among the univariate GARCH-type models denote that no single model is superior to the others.
CONCEPTUALISING ISLAMIC CREDIT CARDS BASED ON MUSHĀRAKA MUTANĀQISA Ahmed M. Alkhan; M. Kabir Hassan; Rashedul Hasan
Journal of Islamic Monetary Economics and Finance Vol 6 No 4 (2020)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v6i4.1257

Abstract

The purpose of this paper is to conceptualise an Islamic credit card (or mushāraka card) based on the Islamic principles of mushāraka mutanāqisa. A qualitative methodology was employed, with qualitative content analysis used on AAOIFI Shari’a Standard (SS) No. 12 “Sharikah (Musharaka) and Modern Corporations” to derive key rulings and controls for mushāraka mutanāqisa, which were then used to conceptualise an Islamic credit card based on mushāraka mutanāqisa. Theoretically, it should be possible to develop an Islamic credit card based on the Islamic rulings of mushāraka mutanāqisa. The concept provided in this paper could be adopted as a pilot project by Islamic retail banks. Evidence suggests that a new revised standard for credit cards (included within AAOIFI Shari’a Standard (SS) No. 2) was under construction while this research was being undertaken. Therefore, it was not possible to review what perhaps may be relevant information for conceptualising a new Islamic credit card. The research intends to fill the gap by qualitatively conceptualising an Islamic credit card based on a mushāraka mutanāqisa in an in-depth manner, especially with the use of AAOIFI as a base for the conceptual analysis.
THE SIGNIFICANCE OF ISLAMIC SOCIAL FINANCE IN STABILISING INCOME FOR MICRO-ENTREPRENEURS DURING THE COVID-19 OUTBREAK Nik Hadiyan Nik Azman; Tajul Ariffin Masron; Haslindar Ibrahim
Journal of Islamic Monetary Economics and Finance Vol 7 (2021): Special issue 1: Islamic Economy and Finance in times of Covid-19 Pandemic
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i0.1307

Abstract

The COVID-19 pandemic has heavily impacted micro-entrepreneurs worldwide. Some need to remain open to survive; some need to shift employees to remote work, and some need to shut down to save cost. Although there is an incentive and assisting funds given by the government, the fund might only last for three months. The funds might be accessed through Islamic Social Finance tools (Zakat, Waqf, Baytulmal, Ar-Rahnu). ISF is assisting and supporting micro-entrepreneurs to survive. Although ISF mitigates the risk by providing fund assistance to micro-entrepreneurs, it is essential to know how far this assistance can further backing them to survive in doing business. Therefore, this study intends to investigate the significance of social finance in Islamic ways to stabilize micro-entrepreneurs' income during the COVID-19 pandemic. A survey consists of 200 questionnaires distributed to micro-entrepreneurs in three states in Malaysia between June to August 2020. The finding shows that ISF plays an essential role in stabilizing income among micro-entrepreneurs during pandemic COVID-19.
40-YEAR BIBLIOMETRIC ANALYSIS OF WAQF: ITS CURRENT STATUS AND DEVELOPMENT, AND PATHS FOR FUTURE RESEARCH Khaled Nour Aldeen
Journal of Islamic Monetary Economics and Finance Vol 7 No 1 (2021)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i1.1308

Abstract

Waqf (Islamic endowment) has received great attention from contemporary scholars, in line with the increasing attention being paid to social welfare. However, it is conceptually unclear, with no consensus having been reached among researchers on its current status. This study provides a brief overview of recent Waqf research developments, hence paving the way for future research. The research employs a bibliometric approach to analysing and summarising the trends and status quo in Waqf growth. Only articles written in English extracted from both the Web of Science and Scopus databases were considered for the study. The paper is an attempt to establish a solid conceptual base and to suggest directions for future research. The research provides a clear picture of the growth of Waqf, and indicates research gaps by reaching comprehensive conclusions about what has been achieved in the field. It hence opens new doors for scholars to develop innovative Waqf models to bridge socioeconomic issues. Our findings show that Indonesian and Malaysian scholars and their educational institutions have had a robust research commitment to the theme of Waqf during the last forty years. However, there is a lack of research on the countries where Waqf was first practised.
THE ASYMMETRIC VOLATILITY OF THE ISLAMIC CAPITAL MARKET DURING THE COVID-19 PANDEMIC Achmad Nurdany; Muhammad Hanif Ibrahim; Muhammad Fathul Romadoni
Journal of Islamic Monetary Economics and Finance Vol 7 (2021): Special issue 1: Islamic Economy and Finance in times of Covid-19 Pandemic
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i0.1312

Abstract

This study attempts to identify the existence of asymmetric volatility in the Islamic capital market in Indonesia during the Covid-19 pandemic. The paper employs the symmetric analysis of the GARCH (1,1) model and the asymmetric analysis of the TGARCH (1,1) model in order to identify Islamic capital market behaviour during the first 200 days after the first Covid-19 cases were confirmed. We used the daily closing prices of the Indonesia Sharia Stock Index (ISSI). The symmetric analysis of the GARCH (1,1) model revealed that the current value of return on the ISSI does not have a significant impact on its future value. On the other hand, the TGARCH (1,1) model showed that the asymmetric parameter coefficient was positive and statistically significant. Good news and bad news does not have the same level of impact on the volatility of returns on the ISSI. Furthermore, coefficients αi and γi in the variance equation indicate that good news has a higher volatility impact than bad news. The results indicate that investors should not to worry about the bad news effect of the Covid-19 pandemic, while the government should continue the mitigation of the spread of the coronavirus along with its economic recovery policy.
WHY DO MUZAKI PAY ZAKAT THROUGH INSTITUTIONS? THE THEORY OF PLANNED BEHAVIOUR APPLICATION Muhammad Akbar Fadzkurrahman Annahl; Ali Chamani Al Anshory; Mahdiah Aulia
Journal of Islamic Monetary Economics and Finance Vol 7 (2021): Special issue 1: Islamic Economy and Finance in times of Covid-19 Pandemic
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i0.1313

Abstract

This research investigates the factors that influence the intention of paying zakat maal through zakat institutions. By paying zakat in such a way, muzaki can support zakat institutions in eradicating poverty through a broader and deeper distribution of zakat funds. However, the realisation of zakat collection remains low compared to its potential, which means that the number of muzaki who pay zakat through institutions also remains limited. The research applied the extended theory of planned behavior (TPB) framework with knowledge, trust, and perceived ease of use as additional variables to address the issue in question. Subsequently, an online questionnaire was conducted using the purposive sampling method, which generated 383 respondents. The primary data were examined using the PLS-SEM method. Based on the results, all the proposed hypotheses were accepted. Considering that paying zakat via institutions provides a better way to assist rightful recipients, various suggestions are made to zakat managers, policymakers, and muzaki. The research highlights a new perspective by examining the intention of paying zakat maal through institutions with the additional variables of knowledge, trust, and perceived ease of use.
ISLAMIC, GREEN, AND CONVENTIONAL CRYPTOCURRENCY MARKET EFFICIENCY DURING THE COVID-19 PANDEMIC Emna Mnif; Anis Jarboui
Journal of Islamic Monetary Economics and Finance Vol 7 (2021): Special issue 1: Islamic Economy and Finance in times of Covid-19 Pandemic
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i0.1315

Abstract

Unlike conventional cryptocurrencies, Islamic ones are new technologies backed by tangible assets and are characterised by their fundamental values. After the COVID-19 outbreak, cryptocurrency responses have shown different behaviour to stock market reactions. However, there is a lack of studies on the efficiency of Islamic and green cryptocurrencies during the pandemic. This paper attempts to analyse the behaviour of three typical families of cryptocurrencies (conventional, Islamic, and green) extracted according to their availability in daily frequencies during COVID-19. For this purpose, their efficiency levels are studied before and after the outbreak by employing multifractal detrended fluctuation analysis (MFDFA) to make the best predictions and strategies. The inefficiency of the cryptocurrencies is assessed through a magnitude of long-memory (MLM) efficiency index, and the impact of COVID-19 on their efficiency is evaluated. The primary results show that HelloGold was the most efficient market before the COVID-19 outbreak and that subsequently Ethereum has been the most efficient. In addition, the findings reveal that the cryptocurrency reactions are not similar and show more resilience in the Ethereum and Litecoin markets than in other cryptocurrency markets. The main contribution of this study is the evaluation of the impact of COVID-19 on the various classes of crypto money. This work has practical implications, as it provides new insights into trading opportunities and market reactions. Moreover, he work has theoretical implications based on its evaluation of three distinct models from different doctrine viewpoints.

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