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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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SOCIAL-COMMERCIAL INTERCONNECTION: LESSONS FROM BANK MUAMALAT INDONESIA & BAITULMAAL MUAMALAT AFFILIATION Ai Nur Bayinah; Muhammad Said; Munzier Suparta
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.v7i2.1339

Abstract

This research aims to explore the model of interconnection between the Islamic Bank and Zakat Management Organisation, as the two represent the implementation of Islamic economics in Indonesia. Using the Group Method of Data Handling (GMHD) tool to discern the strength of the relationship between the two representative entities, Bank Muamalat Indonesia and Baitulmaal Muamalat, it also followed the hyper postphenomenology approach to sharpen the result by obtaining essential confirmation from key informants with respect to determining the ideal model. The result showed a robust and reciprocal correlation between the account variables and its influence was statistically significant. Furthermore, it was interpreted as an effort to improve the image of the banking system while providing added value, forms of corporate responsibility and a spirit of service to customers. The results led to convergence on the formulation of the ideal model, which depends on the moral intentions of the owners of capital, government alignment and the literacy of directors, control needs and public awareness. Thus, it bridges the findings of previous studies and recommends a model that inseparable moral economic instruments.
BETTER SAFE HAVENS DURING COVID-19: A COMPARISON BETWEEN ISLAMIC AND SELECTED FINANCIAL ASSETS Hedi Ben Haddad; Nader Trabelsi
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.v7i0.1343

Abstract

This study examines the safe haven properties of six assets (the S&P Technology Index, S&P GSCI Commodity Index, bitcoin, the Dow Jones Islamic Equity Index, the Dow Jones Global Sukuk Index and US Treasury bonds) during contiguous infectious diseases, employing the equity index returns of three regional markets (S&P500, S&P Europe, and S&P Asia-Pacific) over the period 2010 - 2020 Q2. In the research, information-rich methodological tools such as the Markov switching approach and the DCC-GARCH model are used. Our results suggest that Sukuk and bonds act as safe havens for different types of investors during the ongoing COVID-19 crisis. This property is, however, is not confirmed for the S&P Technology Index, Commodity Index, bitcoin or the DJ Islamic Equity Index. Moreover, using the time-varying VAR model and the new measure of pandemic uncertainty proposed by Baker et al. (2020), the results demonstrate that the COVID-19 pandemic has led to uncertainty and heightened volatility spillovers among regional equities and the safe haven assets examined. The key results of the study are robust and useful for portfolio managers and investors.
MARK-UP VS. INTEREST-BASED FINANCING ON GDP: AN APPLICATION OF AGENT-BASED COMPUTATIONAL MODEL Diyah Putriani; Gairuzazmi Mat Ghani; Mira Kartiwi
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.v7i1.1345

Abstract

This study aims to introduce the application of artificial intelligence in the area of Islamic finance by examining the dynamic changes of gross domestic product (GDP) under fully markup-based financing. The application of artificial intelligence using agent-based computational model (ABM) is employed to conduct the simulation. The simulation result shows that the movement of GDP under markup-based financing which represents Islamic financial system has better performance compared to interest-based lending. In this regard, profit shared to depositors has positive impact on GDP which also proofs that Islamic banking system may promote sustainable economic growth and may create wealth for the whole society. This study proofs that Islamic bank essentially more stable than conventional bank and hence may fights against crisis. This study is potentially the initial work to examine the dynamic changes of economic growth under fully Islamic financial system by applying artificial intelligence concept as its methodology. Thus, this study is expected to contribute to the development of Islamic economics and finance research.
STAR AND POOR FUND PHENOMENA IN ISLAMIC- AND CONVENTIONAL-FOCUSED FAMILIES: EMERGING COUNTRY EVIDENCE Anas Ahmad Bani Atta; Ainulashikin Marzuki
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.v7i2.1349

Abstract

The aim of this study is to investigate star and poor phenomena and their impact on the flows of Islamic-focused family (IFF) and conventional-focused family (CFF). The sample includes the four emerging countries with the largest number of Islamic mutual funds from 2007 to 2018 (Saudi Arabia, Malaysia, Indonesia, and Pakistan). Panel regression analysis was used to examine the impact of dummy star and poor as independent variables, and family age, size, number of funds, past returns, and total risk as control variables for fund family flows. The results show that the dummy star has a significantly positive relationship with family flows. Family managers have succeeded in attracting more investors by using the strategy of advertising the best performing funds. However, in both, all families and IFF, the dummy poor has a negative relationship, but is insignificant. On the other hand, for CFFs, the dummy poor is significantly negative. This is because investors in IFFs, unlike those in CFFs, have more loyalty due to their moral and religious goals in addition to traditional goals. The novel finding of the study is the difference in the star phenomenon between the IFF and CFF. The findings are important for managers, as they will help them to create appropriate strategies to attract more flows and increase the assets under their management. In addition, the findings will help investors to direct their money to appropriate families.
DETERMINANTS OF INDONESIAN CONVENTIONAL AND ISLAMIC BANK DEPOSITOR TRUST DURING THE COVID-19 PANDEMIC Eko Fajar Cahyono; Lina Nugraha Rani; M. Fariz Fadillah Mardianto
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.v7i1.1352

Abstract

Depositor trust plays an essential role in the banking sector. The main objective of this study is to test several factors that significantly affect depositors’ confidence in conventional and Islamic banks in Indonesia during the COVID-19 pandemic. We conducted qualitative research with a sample of 217 customers who had a minimum of two bank accounts, one conventional, and one Islamic. In a questionnaire, customers were asked their opinions related to indicators of the variables studied, such as depositor trust, and their perceptions of inflation, conventional bank interest, the equivalent yield rate of Islamic banks, and industry perception Productivity Index. The results of the questionnaire were analysed using the partial least squares (PLS) method. The PLS analysis results show that the indicators related to conventional bank interest and the equivalent yield rate of Islamic banks significantly affected depositors’ trust and hands. In other words, customers were influenced when making bank deposits by the factors related to conventional bank interest and the equivalent yield rate of Islamic banks. The external aspect of the industrial production index based on the PLS test had a significant effect on depositors’ trust in both types of bank. In contrast, the external factor of inflation did not significantly affect depositors’ trust in either conventional or Islamic banks. Therefore, based on the PLS-SEM results, conclusions can be drawn regarding the factors influencing depositor trust.
IMPACT OF ISLAMIC BANKING INCLUSION ON SME EMPLOYMENT GROWTH IN NIGERIA Tasiu Tijjani Sabiu; Muhamad Abduh
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.v7i1.1354

Abstract

Despite the considerable resources devoted to SMEs by Islamic banks worldwide, and Nigeria in particular, there has been no rigorous empirical evidence regarding the effectiveness of Islamic banking inclusion on employment growth in SMEs globally. This study fills this gap by analysing the effectiveness of access to Islamic banking financing in promoting MSME's growth in Kano Metropolis, Nigeria. We focus on the impact of the credit lines facilitated by Jaiz Bank Plc in fostering firms’ growth measured in terms of employment. A survey based on a quasi- experimental approach was employed and the data were collected by means of a questionnaire distributed to a sample of 385 MSMEs' beneficiaries and non-beneficiaries of Islamic bank financing in Kano Metropolis, Nigeria. Using difference-in-difference and propensity score matching techniques to deal with selection bias, the study found significant positive effects on MSMEs’ employment growth. In addition, the paper highlights the important role of Islamic bank financing in mitigating the unemployment crisis in Nigeria. The paper recommends that improvement of the Islamic banking system by employing PLS financing, especially Musharaka, could foster MSMEs' financial inclusion and job creation.
HOW HAS THE COVID-19 PANDEMIC AFFECTED THE REAL AND MONETARY SECTORS IN INDONESIA? Patria Yunita
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.v7i0.1361

Abstract

This study aims to find empirical evidence for the effects of the Covid-19 pandemic on the Indonesia real and monetary sectors. The real sector condition is represented by fluctuations in the farmer exchange rate in ten provinces; this rate has direct and indirect effects on farmers’ welfare. On the other hand, the condition of the monetary sector is illustrated by shifts in the consumer confidence index due to fluctuations in Islamic and conventional financial system indicators. We used a panel regression model to examine the farmer exchange rate and a binary logistic regression model to examine the consumer confidence index. The results statistically demonstrate that the pandemic conditions have affected both the real sector and the consumer confidence index of the Islamic financial sector. However, the pandemic has not affected the consumer confidence index of the conventional financial sector. This phenomenon exists because of the speculative action from conventional investors in taking risks and opportunities, which are forbidden in the Islamic context. The indicator which shifts the conventional consumer confidence index is the composite stock index (IHSG), while the Islamic consumer confidence index is shifted by changes in the Islamic money market rate, the Jakarta Islamic index and the Islamic banking capital ratio. Our empirical findings conclude that, in such a critical situation, the behaviour of conventional and Islamic consumers is totally different, thus influencing consumer confidence in each sector.
THE REGIME SWITCHING OF CYCLE INSTABILITY OF ISLAMIC BANKING AND THE ECONOMY: EVIDENCE FROM INDONESIA, MALAYSIA, AND PAKISTAN Irfan Nurfalah; Aam Slamet Rusydiana
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.v7i2.1362

Abstract

This study aims to examine the cyclical instability of Islamic banking in Indonesia, Malaysia, and Pakistan. A stable Islamic banking system can give the public confidence to conduct transactions and thus grow the economy. The proxy variable for stability used is the z-score, with 156 periods of research data from January 2007 to December 2019. The Markov Switching Vector Autoregression (MS-VAR) method was employed. The results show that Islamic banking stability in Indonesia based on the z-score is more stable than others. Nevertheless, in terms of the regression of all the variables, regime shifting, and the duration of the crisis, overall Malaysian Islamic banking displays the best performance. The instability of the Indonesian model is mostly affected by inflation, whereas Malaysia and Pakistan are affected by the financing to deposit ratio and the fluctuation in global oil, respectively.
EVOLVING MONETARY ECONOMICS IN ISLAMIC PERSPECTIVE Muhammad Ayub; M. Fahim Khan
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.v7i2.1372

Abstract

The challenges facing the Islamic banking and finance industry include, inter alia, resolving the issue of ‘form over substance’, adopting value-based social and ethical finance, and reinforcing public confidence that its business and services conform to the principles of Shari’ah in both letter and spirit. These challenges can be faced only if Islamic finance is based on the money and monetary perspective of Islamic economics. An important aspect for discussion in this context is the issue of money creation. This paper is based on an analysis of the literature on conventional and Islamic economics and Islamic finance. It comprises observational and narrative research mainly because monetary policy from an Islamic perspective has not been implemented in any jurisdiction in the modern world. Its objective is thus to suggest how monetary policy might evolve from the perspective of Islamic law of contracts. It discusses an economic model in which a new theory of monetary economics could become a basis for evolving Islamic finance in its value-based perspective. It also discusses monetary economics and monetary policy from an Islamic perspective in the context of contemporary Muslim economies. The Islamic financial system must be based on the Islamic system of money, monetary economics and exchange principles. Hence, economists and policymakers may first focus on evolving monetary economics and policy from an Islamic perspective, to serve as a basis for structural reforms.
IMPLEMENTATION AND IMPACT OF A HALAL FOOD STANDARD: AN EMPIRICAL STUDY OF MALAYSIA Dian Permata Sari; Irwandi Jaswir; Mohd. Radzi bin Haji Che Daud
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.

Page 17 of 48 | Total Record : 476

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