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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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HOW THE COVID-19 CRISIS IS AFFECTING CUSTOMERS’ INTENTION TO USE ISLAMIC FINTECH SERVICES: EVIDENCE FROM INDONESIA Dety Nurfadilah; Sudarmawan Samidi
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.v7i0.1318

Abstract

The objective of this study is to investigate the factors that are affecting customers’ intention to use Islamic FinTech services during the Covid-19 crisis. It expands the technology acceptance model (TAM) by adding government support as a new variable for the context of Islamic FinTech services during the pandemic. Using TAM as a framework, we propose a model outlining the impact of government regulation, perceived usefulness, perceived ease of use, perceived trust, and user innovativeness on consumer attitude behaviour and the intention to use Islamic FinTech services, such as payment and peer-to-peer lending. 220 sets of data were collected from an online survey and analysed using partial least squares-structural equation modelling (PLS-SEM). The results show that government support for Islamic FinTech during the Covid-19 pandemic has had an indirect impact on attitude behaviour in using Islamic services through perceived ease of use and perceived usefulness. Attitude behaviour was found to have an impact on intention.
ARE ISLAMIC STOCKS LESS EXPOSED TO SENTIMENT-BASED MISPRICING THAN NON-ISLAMIC ONES? EVIDENCE FROM THE INDONESIAN STOCK EXCHANGE Rizqi Umar Al Hashfi; Ahmad Maulin Naufa; U’um Munawaroh
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.v7i1.1319

Abstract

The aim of this research is to verify the role of Islamic value in stock mispricing in the Indonesian capital market. Empirically, high investor sentiment can lead to mispricing on equity appraisal. When investors feel excessively optimistic about their valuation, equity will be overpriced, or vice versa. The presence of Islamic values, such as the prohibition of interest, speculative and uncertain transactions, and excessive leverage, arguably reduce sentiment-based mispricing. Daily and cross-sectional market data were employed. In addition, principal component analysis was conducted to construct a firm-specific investor sentiment variable. With regard to the method, the Hausman-Taylor (H-T) approach was used to deal with heterogeneity, endogeneity, and the time-invariant variable in Fama-MacBeth regression. The results show that our baseline analysis confirms the mispricing of overall stocks. However, Islamic stocks are less exposed to sentiment-based mispricing than their non-Islamic counterparts. The results are consistent with our robustness test, in which we estimate the equation model across industry and portfolio. Finally, our findings imply various insights for both investors and policymakers.
DOES DIGITAL FINANCIAL INCLUSION MATTER FOR BANK RISK-TAKING? EVIDENCE FROM THE DUAL-BANKING SYSTEM Hasanul Banna; Md Rabiul Alam
Journal of Islamic Monetary Economics and Finance Vol 7 No 2 (2021)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i2.1320

Abstract

This paper examines the nexus between digital financial inclusion (DFI) and levels of bank risk-taking, using a sample of 283 commercial banks (Islamic and conventional) from six countries over the period 2011 to 2019 and deploying panel-corrected standard errors, two-stage least squares-instrumental variables and dynamic panel two-step generalized method of moments estimators. The findings suggest that Islamic banks take more risks than their counterpart conventional banks. The empirical evidence also indicates that an increase in the DFI index score reduces the overall level of bank risktaking and increases that of banking stability for commercial and conventional banks compared to Islamic ones. A strong association between DFI and bank risk-taking suggests that DFI not only reduces the default risk, leverage risk and portfolio risk of banks, but also increases financial mobility in the sample countries. Consequently, an inclusive digitalised banking industry ensures sustainable economic growth, which is likely to help maintain financial sustainability in times of crisis such as the Covid-19 pandemic. Our results are shown to be robust by various robustness checks. The study contributes to both the Islamic and conventional banking, as well as the digital financial inclusion, literature. The findings of the study provide various policy implications for policymakers and standard-setters in the countries examined.
MULTIDIMENSIONAL RISK AND RELIGIOSITY TOWARDS INDONESIAN MUSLIMS’ SHARIA INVESTMENT DECISION Irna Puji Lestari; Wenang Ginanjar; Ari Warokka
Journal of Islamic Monetary Economics and Finance Vol 7 No 2 (2021)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i2.1321

Abstract

The decision-making process for Sharia investment needs to consider the individual’s risk tolerance since every type of investment is closely attached to the risk-return trade-off. This study examines whether multidimensional risk tolerance and religiosity influence Sharia investment decisions. The study used 300 potential Muslim investors in Indonesia as the primary data source through an online survey with a convenience sampling method and analysed the data using Partial Least Squares Structural Equation Modelling (PLS-SEM). The results show that three multidimensional risks (risk propensity, risk attitude and risk capacity) have a significant effect on the Sharia investment decision. The research also tested the moderating effect of religiosity levels by performing Multi-Group Analysis (MGA) and found significant differences between risk propensity and sharia investment decisions among moderate and devout religious individuals.
DOES ISLAMIC BANKING PROMOTE FINANCIAL STABILITY? EVIDENCE FROM AN AGENT-BASED MODEL Omer Faruk Tekdogan; Burak Sencer Atasoy
Journal of Islamic Monetary Economics and Finance Vol 7 No 2 (2021)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i2.1323

Abstract

Islamic banking has come to the forefront as being one of the fastest growing branch of the global financial industry in recent years. In this study we evaluate whether coexistence of Islamic and conventional banks promote financial stability. In this respect, we evaluate two types of financial systems: (1) A system solely comprised of conventional banks, (2) a dual system in which conventional and Islamic banks coexist and interact with each other. Accordingly, we design two agent-based models representing aforementioned systems and examine possible contagious effects and causes of bank failures by employing the volatility spillover methodology. We find that Islamic banks greatly promote stability by providing liquidity during financial shocks and create more liquidity per asset compared to conventional banks. We also find that they tend to hold more cash than conventional banks, which cushion the effects of a possible liquidity squeeze. Conventional banks, on the other hand, tend to have reserve deficits, which intensify during shock periods. We conclude that coexistence of both bank types creates a win-win situation and contributes to financial stability.
ISLAMIC REGULATIONS AND ISLAMIC BANK MARGINS: AN EMPIRICAL INVESTIGATION INTO ASEAN COUNTRIES Fatin Nur Hidayah Taib Khan; Nurhafiza Abdul Kader Malim; Tajul Ariffin Masron
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.v7i1.1327

Abstract

This paper examines the impact of Islamic regulations on Islamic bank margins in ASEAN countries, utilising the fixed-effect method. The sample consists of 27 Islamic banks in Malaysia, Indonesia, Singapore and Thailand covering the period 2009 to 2017. The results suggest that Islamic regulations, such as the Islamic regulatory framework and Shari’ah supervisory board, are negatively associated with Islamic bank margins. These results have important policy implications for regulators, indicating that they should impose a separate regulatory framework for Islamic banks and bank managers to increase the number of Shari’ah scholars on the Shari’ah board in lowering Islamic bank margins. Overall, the findings suggest that Islamic banks should adopt regulations that should follow Shari’ah requirements, as they help to lower the cost of financial intermediation. As for the other control variables, only the Lerner index has a positive and significant impact on ASEAN Islamic bank's margin. Therefore, appropriate policies are necessary to foster competition in Islamic banks.
HALAL AWARENESS AND HALAL TRACEABILITY: MUSLIM CONSUMERS’ AND ENTREPRENEURS’ PERSPECTIVES Syayyidah M. Jannah; Hasan Al-Banna
Journal of Islamic Monetary Economics and Finance Vol 7 No 2 (2021)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i2.1328

Abstract

The objective of this paper is to analyse the role of halal awareness, employing variables that can be both influential (determinant) and influenced (output). The study examines two perspectives, namely those from consumers and business actors. From a consumer perspective, this relates to the influence of halal awareness on the intention to purchase a halal product. Meanwhile, from the perspective of business actors, it considers how halal awareness affects the halal traceability of products. Halal traceability is also analysed from the consumers’ perspective as a moderating variable in the relationship between halal awareness and consumer purchase intentions. Questionnaires were distributed online and data were collected from 176 consumers and 95 entrepreneurs. SEM-PLS was then applied to analyse the data. The results show that halal awareness influences the consumers’ purchase intention and the halal traceability of the business actors. While the consumers’ halal awareness was determined by knowledge and halal certification. In contrast, religiosity has an insignificant influence on the consumers’ halal awareness. Meanwhile, the halal awareness of the business actors was influenced by knowledge, halal certification and religiosity. Halal traceability failed to moderate the relationship between halal awareness and consumer purchase intentions.
UNDERSTANDING THE FACTORS INFLUENCING BANKING CUSTOMERS’ FINANCIAL ASSET OWNERSHIP Aimatul Yumna; Joan Marta
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.v7i1.1330

Abstract

The objective of this study is to evaluate the factors which influence banking customers' financial asset ownership. Using the pyramid of Maslahah framework, the study classifies the needs of banking customers into four levels: those for basic financial services (hajjiyat); for financial assets for security or as a precaution (darruriyat); for financial assets for investment (tahsiniyah); and those for financial assets for religious purposes. To answer the research questions, a binomial logistic model was applied and the primary data were collected using a questionnaire survey with 300 respondents in Indonesia. It was found that the pattern of ownership of financial assets follows the order proposed in the theory of the pyramid of Maslahah. The study also found that financial asset ownership for transaction needs was mainly influenced by the variables of income and credit and that ownership of such assets for security or precautionary needs was largely determined by life cycle variables. In addition, ownership for investment needs was strongly influenced by the level of education, and for religious needs it was mainly determined by income levels and life cycle variables. The study findings provide important information for mapping the financial needs of Islamic banking customers.
AN ALTERNATIVE CREDIT GUARANTEE SCHEME FOR FINANCING MSEs IN ISLAMIC BANKING M. Luthfi Hamidi; Fikri Salahudin
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.v7i1.1331

Abstract

The objective of this paper is to propose a model for a financing guarantee scheme (FGS) funded by the voluntary sector (through zakat, infaq, and sadaqah, or ZIS funds) to support small and medium-sized enterprises (SMEs). We argue that the existing credit guarantee scheme (CGS) relies on government funding, but that in the current Covid-19 pandemic it is experiencing unstable financial capability. Hence, the sustainability of the CGS program is questionable. We employ the input-output (I-O) approach to identify the expected impact if the proposed FGS is applied. We further substantiate the proposal with seven Indonesian Syariah experts’ opinions, of whom five suggest that the alternative scheme is acceptable. The simulation using I-O shows that if IDR1 trillion (out of IDR10 trillion from ZIS funds in 2019) is disbursed through the scheme, this will increase economic growth by 0.0117%, representing economic activities worth IDR1.235 trillion, and creating 2,151 new jobs. We further discuss the implications of the findings for the Islamic banking industry in the future and for regulators.
EXAMINATION OF MUSLIM CONSUMERS’ INTENTIONS TO EAT AT FINE DINING RESTAURANTS Muhammad Amiruddin Al- Farisi; Latifah Putranti; Nuraini Desty Nurmasari
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.v7i1.1334

Abstract

This paper aims to identify the functional, symbolic, hedonic and Islamic value constructs of Muslim consumers’ satisfaction with fine dining restaurants. In addition, it develops the role of religiosity in the relationship between hedonic and Islamic symbolic values ​​in consumer satisfaction and examines the effect of such satisfaction on the willingness to pay more. The method used in the research is based on a Structural Equation Modeling (SEM), with data collected using a questionnaire; 281 valid respondents took part in the study. The results show that in terms of the influence of the dimensions of perceived value in explaining customer satisfaction, the functional, hedonic and Islamic have has a positive and significant effect, whereas the symbolic value variable is is perceived to have no significant effect on satisfaction. Furthermore, customer satisfaction has a significant positive effect on the willingness to pay more. In comparison, religiosity does not moderate the effect of perceived symbolic value on consumer satisfaction. However, it does moderate the effect of hedonic and Islamic value.

Page 16 of 48 | Total Record : 476

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