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INDONESIA
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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HALAL COSMETICS REPURCHASE INTENTION: THE ROLE OF MARKETING IN SOCIAL MEDIA Mohamad Isa Abd Jalil; Suddin Lada; Mohd Ashari Bakri; Zakiah Hassan
Journal of Islamic Monetary Economics and Finance Vol 7 No 4 (2021)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i4.1379

Abstract

This research aims to study the effects of social media marketing strategies on the repurchase intention among buyers of halal cosmetics manufactured in Malaysia. The study, based on the theory of social media marketing, identifies the nexus, and considers the mediating functions of word-of-mouth brand recognition and electronic word-of-mouth communication (e-WOM). The work takes a holistic view of brand recognition and e-WOM with reference to the two main relations, social media marketing strategy and repurchasing intention. The partial least squares structural equation modelling (PLS-SEM) method was employed and data collected from 300 respondents (followers) via an online questionnaire. The results indicate that there is a significant influence of social media marketing (SMM) on repurchase intention, brand awareness, and e-WOM; the impact is higher on brand awareness, followed by repurchase intention and eWOM. These results demonstrate that efficient brand management of the use of social media platforms will help increase brand awareness among halal cosmetics buyers. When used correctly, SMM may assist the distribution and communication of the most up-to-date information on cosmetic products and brands, resulting in increased awareness and repurchase intent. At the same time, eWOM is a useful tool for their respective followers to disseminate information to followers. The research has important implications for the halal cosmetics sector, as it contributes to the theoretical and management literature on social media marketing strategy.
IMPACT OF PSYCHOLOGICAL CHARACTERISTICS ON THE BUSINESS PERFORMANCE OF MUSLIM WOMEN ENTREPRENEURS IN SRI LANKA M. A. C. Salfiya Ummah
Journal of Islamic Monetary Economics and Finance Vol 7 No 4 (2021)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i4.1380

Abstract

Women entrepreneurship is a highly stressful initiative which requires mental efforts related to psychological characteristics. In some Islamic families, women are less empowered, as their mobility is constrained and certain traditions and values observed by society affect their achievement in business. Therefore, this study aims to investigate the effects of several psychological capital (PC) factors on the business performance (BP) of Muslim women entrepreneurs (MWEs) in Sri Lanka. The measurement of PC entails the factors of need for achievement (NA), risk taking (RT), internal locus of control (ILC), and independent motives (IM). Data were collected using a structured questionnaire; the study sample involved 260 MWEs from Sri Lanka’s Eastern Province selected via the simple random sampling technique. The structural equation modeling (SEM) method with AMOS was used to test the proposed hypotheses. The findings show that only RT had a significant and positive impact on BP, whereas NA, ILC, and IM did not significantly influence the BP of MWEs in Sri Lanka. In short, those who were risk takers were able to make positive achievements in their business ventures. The study findings provide evidence of the significance of family members, spouses and social stigma on MWEs’ psychological state and ultimately their business performance.
SUKUK AND ISLAMIC BANKING FINANCING : THEIR IMPACTS ON THE REAL SECTOR Budi Trianto; Masrizal Masrizal
Journal of Islamic Monetary Economics and Finance Vol 7 No 4 (2021)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i4.1407

Abstract

Indonesia continues to strive to develop Islamic finance, especially its Islamic banking and sukuk, to support the real sector. The growth of Islamic finance in Indonesia is expected to encourage the development of the national economy. This study aims to investigate the impact of Islamic banking financing and sukuk financing on Indonesia’s industrial output. Applying the Autoregressive Distributed Lags (ARDL) framework to monthly data from January 2011 to December 2018, we find that Islamic bank financing contributes positively to the real sector in both the long and short term. In addition, we also document a positive long-run contribution of sukuk financing to industrial output. Indeed, over the long run, sukuk financing tends to have a greater real impact than Islamic banking financing. The results of the study imply that Islamic banking and sukuk play a vital role in supporting the real sector in Indonesia. Accordingly, recent initiatives by the country to further develop its Islamic finance are steps in the right direction.
THE IMPACT OF ISLAMIC FINANCIAL DEVELOPMENT ON ENERGY INTENSITY: EVIDENCE FROM ISLAMIC BANKS Abdul-Jalil Ibrahim; Nasim S. Shirazi; Amin Mohseni-Cheraghlou
Journal of Islamic Monetary Economics and Finance Vol 7 No 4 (2021)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i4.1409

Abstract

The relationship between financial development and energy intensity is yet to be firmly established as the literature is newly emerging, and the few empirical studies that have been conducted provide conflicting results. While some conclude that there is a U-shaped relationship between financial development and energy intensity, others show a linear relationship between the two variables. This study investigates the relationship between financial development and energy intensity by focusing on the role of Islamic financial development. It covers 30 countries where Islamic banks are present. Using the fixed-effects panel model, the empirical results suggest that Islamic banking development significantly increases energy intensity in the sample countries. We also identify other important factors that increase it. These include carbon emissions, renewable energy use and energy imports. The findings point to the importance of designing policies to incentivise Islamic banks and Shari'ah-compliant investors to finance clean energy technologies as a potent tool for reducing energy intensity, achieving sustainable development, and greening Islamic finance.
DEA WINDOW ANALYSIS OF INDONESIAN ISLAMIC BANK EFFICIENCY Aam Slamet Rusydiana; Aisyah As-Salafiyah
Journal of Islamic Monetary Economics and Finance Vol 7 No 4 (2021)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i4.1410

Abstract

This study measures the efficiency of Islamic banks in Indonesia using data envelopment analysis (DEA) window methods on 14 Indonesian Islamic banks covering the period from 2011 to 2020. The results show that the efficiency of Islamic banks averages 80% and showed an increasing trend over the study period. Based on stability measures, namely standard deviation (SD), Long Distance per Window (LDW), Long Distance per Period (LDP), and Long Distance per Year (LDY), we find that the efficiency of PT Bank BRI Syariah (BSI) and PT Bank Syariah Mandiri (BSI) is relatively stable.
THE ROLE OF PLS FINANCING ON ECONOMIC GROWTH: INDONESIAN CASE Masrizal Masrizal; Budi Trianto
Journal of Islamic Monetary Economics and Finance Vol 8 No 1 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i1.1378

Abstract

This paper investigates the role of PLS financing and non-PLS financing of Islamic banks in supporting the real sector for the case of Indonesia using monthly data from January 2009 to December 2018. Applying the ARDL approach to model their long-run and short-run relations, we find positive contribution of the PLS financing scheme to Indonesia's economic growth. Comparing the PLS and non-PLS financing, we note that the PLS financing has a larger impact on growth, both in the long run and short run. Accordingly, for Islamic finance to have larger growth impact, concrete steps and initiatives must be put in place to increase Islamic financing based on PLS arrangements.
DOES ISLAMIC SOCIAL CAPITAL ENHANCE SMEs SUSTAINABLE PERFORMANCE? Yusfiarto, Rizaldi; Pambekti, Galuh Tri; Setiawan, Ananda; Khoirunnisa, Annes Nisrina; Nugraha, Septy Setia
Journal of Islamic Monetary Economics and Finance Vol 8 No 1 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i1.1398

Abstract

The study examines the roles of Islamic social capital and firm innovativeness in maintaining sustainable performance of SMEs in Indonesia. Compiling data from 186 respondents and using the partial least squares structural equation modeling approach (SEM-PLS), the study documents the importance of Islamic social capital for many aspects of businesses. The Islamic social capital not only supports business activities but also strengthens business networks, which in turn boosting firms’ innovation its performance. Acknowledgment The authors would like to thank Bank Indonesia.
CROWDFUNDING AND ISLAMIC SECURITIES: THE ROLE OF FINANCIAL LITERACY Rifaldi Majid; Rizky Aditya Nugraha
Journal of Islamic Monetary Economics and Finance Vol 8 No 1 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i1.1420

Abstract

This study investigates the effect of Islamic Financial Literacy (IFL) on the intention of prospective Muslim investors to invest through the Islamic securities crowdfunding FinTech (I-SCF FinTech) platform. Using data gathered from 100 respondents and employing the Partial Least Square – Structural Equation Modeling, we find IFL to have a significant effect on behavioral intention. The results of this study should benefit those involved in the I-SCF FinTech. Further, they point to the need to strengthen product and contract literacy and the importance of supervision and implementation of contracts that are in line with sharia principles through synergy between the Financial Service Authority (OJK) and the crowdfunding FinTech associations as well as relevant stakeholders.
POLICY RATES PASS-THROUGH IN INDONESIA’S DUAL BANKING SYSTEM: DOES BUSINESS CYCLE MATTER? Sugeng Triwibowo; Defy Oktaviani; Adhitya Ginanjar; Danu F. Ardiansyah
Journal of Islamic Monetary Economics and Finance Vol 8 No 1 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i1.1424

Abstract

This paper examines the pass-through of the policy rate to conventional and Islamic bank rates during the recessionary and expansionary episodes for the case of Indonesia. Applying an error-correction modelling to monthly data from June 2014 to April 2021, our findings confirm that the interest rate pass-through is sensitive to the business cycle for both conventional and Islamic banks. The policy rate pass-through to deposit rates is higher during the recession for both banking types. We also note that the lending rates of conventional banks fully adjust to the policy rate in the recessionary phase. The findings for Islamic financing rates are interesting. Namely, they tend to move inversely with the policy rates during the expansionary period. Meanwhile, depending on the rates, they are either over-responsive or less responsive during the recessionary phase. Finally, the degree of short-run adjustment in most banking rates is not influenced by the business cycle. These findings suggest that Islamic banking rates are less synchronized to the monetary policy rate, indicating that sharia-based banking barely supports counter-cyclical monetary policy.
ESG ACTIVITIES AND BANK EFFICIENCY: ARE ISLAMIC BANKS BETTER? Ahmed W. Alam; Hasanul Banna; M. Kabir Hassan
Journal of Islamic Monetary Economics and Finance Vol 8 No 1 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i1.1428

Abstract

In this paper, we investigate the differential impact of ESG activities on banks’ technical efficiency for conventional and Islamic banks. We employ a Data Envelopment Analysis (DEA) technique to determine the efficiency scores of the banks. Based on a sample of 14 conventional and 11 Islamic banks from 4 countries over the period 2011 - 2019, we find that average DEA-generated efficiency of conventional (Islamic) banks is about 38.8% (42.45%). Baseline Tobit regressions suggest that ESG has an overall positive impact on banks’ efficiency. Further, we analyze the relationship for conventional and Islamic banks separately. We find that the positive effect sustains for conventional banks but turns out to be insignificant for Islamic banks. Our individual ESG dimension-wise analyses suggest that environmental activities positively influence the efficiency of both conventional and Islamic banks, whereas social activities strengthen the efficiency of conventional banks only. We do not find any significant result in favor of governance-related initiatives. Our baseline results survive the robustness test based on Simar and Wilson (2007) two-stage efficiency analysis. Based on our findings, we argue that Islamic banks lack sufficient investment on ESG friendly initiatives. We recommend that Islamic banks increase their awareness of the benefits of ESG practices and pay attention to improve their overall and dimension-wise ESG scores with a goal to improve their banking efficiency.

Page 19 of 48 | Total Record : 476

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