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Journal of Islamic Monetary Economics and Finance

JIMF
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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 467 Documents

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BEHAVIORAL INTENTION TO PAY ZAKAH ON EMPLOYMENT INCOME AMONG ACADEMICIANS IN KANO STATE, NIGERIA Dandago, Kabiru Isa; Muhammad, Aliyu Dahiru; Abba, Safiyya Abubakar
Journal of Islamic Monetary Economics and Finance Vol 2 No 1 (2016)
Publisher : Bank Indonesia

The institution of zakah is the cornerstone of the Islamic economic system and the disbursement of the zakah fund in line with the Qur’anic injunction ensures equitable distribution and transfer of wealth from the rich to the poor. However, zakah practice in many Muslim countries left wide gap especially in realizing the goal of zakah in poverty reduction. For instance, zakah on employment income is largely neglected despite its juristic backing and changing economic structure that creates high professional income earners that form either upper middle class or lower middle class of the society. The objective of this paper is to explore the intention of income earners to pay zakah on their employment income in Kano State as this will add to the zakatable sources of the State Zakah commission. The paper employed Theory of Reasoned Action to examine the behavioral intention of 300 academics across Kano state government owned tertiary educational institutions to pay zakah on their income. Structural equation modeling was used to analyze the data collected. The overall result shows that the respondents have favorable behavioral intention towards payment of zakah on employment income. Specifically, the positive effect of both attitudinal beliefs and subjective norm on the behavioral intention is revealed. Hence, the need to come up with a comprehensive policy that will boost zakah collection, consequently its distribution to reduce extreme poverty in the state.

OPINION OF THE ZAKAH RECIPIENTS ABOUT THE ROLE OF ZAKAH ON THE HOUSEHOLD FOOD SECURITY: EVIDENCE FROM THE RURAL BANGLADESH Tarique, Kazi Md.; Mahmud, Kazi Tanvir; Hasan, Md. Kamrul
Journal of Islamic Monetary Economics and Finance Vol 2 No 1 (2016)
Publisher : Bank Indonesia

All economically solvent muslims according to the eligibility yardstick of giving zakah, are oblized to pay zakah. Payment of zakah is to distribute a certain part of once wealth among the poor, as per the Islamic philosophy, so that the poor can graduate from poverty utilizing this zakah fund. The prime objective of this study is to assess the opinion of the zakah recipients about the impact of zakah funds on their living- standard in terms of food security. Logit model is used to assess the opinion of the zakah recipients on their food security status. The study found no significant impact of zakah fund on the food security of some selected receipents in the rural areas of Bangladesh.

DETERMINANTS OF CASH WAQF CONTRIBUTION IN KLANG VALLEY AND SELANGOR: A SEM APPROACH Sakti, Muhammad Rizky Prima; bin Mohd Thas Thaker, Hassanuddin; Qoyum, Abdul; Qizam, Ibnu
Journal of Islamic Monetary Economics and Finance Vol 2 No 1 (2016)
Publisher : Bank Indonesia

Cash waqf is becoming one of the popular Islamic financial instruments which not only focus on the religiosity but also has significant impact to the ummah development. This waqf scheme does not require richness in wealth, yet everybody in the society can contribute to cash waqf. The importance of cash waqf is getting popular as it has benefited in many ways, for example it can be used to develop assets and abandoned land for business and agricultural purposes. In addition, cash waqf also can be utilized to help institutions who are facing financial problem or liquidity issues. Nonetheless, rarely we found in the literature that empirically examines the cash waqf determinants and contributions. This paper is one of the few empirical studies that investigate the determinants towards the contribution of cash waqf in Malaysia. The purpose of this paper is to investigate the main factors that influence people towards the contribution of cash waqf instruments, special reference to the Klang Valley and Selangor. This paper employs structural equation modeling (SEM) to verify the determinants of cash waqf contribution. In doing so, we use primary data by distributing self-administrated questionnaire constituting a sample of 114 respondents from Klang Valley and Selangor. Our empirical results reveal that the main factors that driven people towards the contribution of cash waqf products are attitude and social influences, however interestingly religion obligation is not influence the contribution of cash waqf.

MEASUREMENT OPTIMALIZATION OF ZAKAT DISTRIBUTION AT LEMBAGA AMIL ZAKAT USING VARIABLE MEASUREMENT OF ECONOMY Haque, Marissa; Nasri, Rizfaldi; Nuraini, Nuraini; Yusuf, M
Journal of Islamic Monetary Economics and Finance Vol 2 No 1 (2016)
Publisher : Bank Indonesia

The aim of this research conducted is to optimalize the zakat distribution using economy variabel measurement. Design/Metodology. The Quantitative Research Method is used to analyze financial data, with Optimalize Model as Z variable design, Measurement of Economy as Y variable and Objective Output as X variable, using AMOS program and SEM as tool analysis to confirm that the model can be used as a measurement tool. Research result. Using some indicators to analyze every variable, obtaining output and objective result, influence optimalization of measurement of economy. Conclusion. The measurement of optimalization of zakat distribution using measurement of economy variable, with independent variable/output exogenous and objective, can be used as a model to measure Lembaga Amil Zakat performance. Furthermore, this research need to have some indicators’ development especially in the area of objective variable.

WAQF ACCOUNTABILITY FROM THE STAKEHOLDER SALIENCE THEORY: A CASE STUDY Ihsan, Hidayatul; Sulaiman, Maliah; Mohd Alwi, Norhayati; Akhyar Adnan, Muhammad
Journal of Islamic Monetary Economics and Finance Vol 2 No 1 (2016)
Publisher : Bank Indonesia

This study aims to address the issue of accountability in a waqf institution. Specifically, the focus of this study is to shed more light on how the mutawalli (waqf trustee) discharges accountability in managing waqf. In so doing, an interpretive case study in one Indonesian waqf institution, that is, Dompet Dhuafa (DD), was undertaken. The data were obtained through semi-structured interviews. Other sources of data collection techniques employed along with the interviews include observations and document reviews. Furthermore, this study uses the accountability mechanisms as the conceptual lens. The accountability mechanisms consist of disclosure statements and reports, performance assessment, participation, self-regulation and social auditing. In addition to the accountability mechanims, the stakeholder salience theory is also used to understand how the mutawalli shows accountability to multiple stakeholders. The findings of this study reveal that although DD recognizes the salient nature of its stakeholders, it does not prevent the mutawalli from showing accountability to all stakeholders. The mutawalli is of the view that accountability is not limited to accounting and reporting. Moreover, the mutawalli believes that showing accountability to different groups of stakeholder requires different mechanisms of accountability. As such, this study concludes that DD’s commitment to accountability is proven through its effort to deal with stakeholder salience.

FINANCIAL INSTABILITY HYPOTHESIS (FIH) OF MINSKY: CONTEXTUALIZING THE ROLES OF ISLAMIC COMMERCIAL AND SOCIAL FINANCE Suharto, Ugi
Journal of Islamic Monetary Economics and Finance Vol 2 No 2 (2017)
Publisher : Bank Indonesia

The main subject of this paper is to discuss some issues in Minsky’s Financial Instability Hypothesis (FIH) and relate them with Islamic finance position in enhancing the stability of financial system. The methodology used in the paper is descriptive analysis. It describes a particular concept, namely the financial instability hypothesis and then analyses, applies and compares that concept with other concept, i.e. the Islamic finance concept. It is shown in the paper that Islamic finance, both in its commercial and social aspect, can play its role in stabilizing financial system. The significant contribution of the paper is by bringing together the hypothesis of Minsky with Islamic finance theory and practice. It should be stated here, however, that among the limitations of the paper is that the reference on Minsky’s point of view is mostly based on his brief article entitled “The Financial Instability Hypothesis” without referring to his vast writings on various topics directly or indirectly related to his notion of Financial Instability Hypothesis.

A MATHEMATICAL MODEL OF PROFIT-LOSS SHARING SCHEME OF SMALL INVESTMENT FOR TRADITIONAL MARKET TRADERS USING THE SEMI-FUZZY LOGIC APPROACH Sumarti, Novriana; Marendri, Adythia Dean
Journal of Islamic Monetary Economics and Finance Vol 2 No 2 (2017)
Publisher : Bank Indonesia

A mathematical model of micro-finance investment using profit-loss sharing scheme are made and implemented to simulated data. Here profits from the venture will be shared in a portion between the investor and the entity running the business. The scheme can be classified as Musharaka type of investment in Sharia economy. The proposed model is theoretically implemented with data from small-scale traders at a local traditional market who have small turnover. They are common target of usurers who lend money with high interest rate and penalties. If the traders are in unfortunate conditions, they are potentially in poorer condition than before committing themselves to the usurer. In the conventional practices of the profit sharing scheme, the investor will get a fixed portion of the trader’s income, which is applied for all kind of small-scale traders. If the traders are diligent and hard worker and have very high turnover, then the investor will gain much more profit whether the contributed capital is small or large. In this paper, the scheme is implemented using Semi-Fuzzy Logic Approach so that the profit-loss sharing scheme can achieve its intended goal, which is to make a profitable investment not only for the investor but also for traders. The approach is not fully using Fuzzy Logic because some variables are still in crisp numbers and the optimization problem is regular in the form of crisp numbers. Based on the existing data, the results show that the optimal profit share is depended on the income of the traders. The higher the income coming from the venture, the lesser the profit share for the investor which is reasonable with the fixed initial contributed capital.

AN EXPLORATION OF CUSTOMERS’ SWITCHING BEHAVIOR IN ISLAMIC BANKING INDUSTRY Rama, Ali
Journal of Islamic Monetary Economics and Finance Vol 2 No 2 (2017)
Publisher : Bank Indonesia

The existence of the switching behavior among Islamic bank customers may affect to the survival of the Islamic banks of the country. Switching behavior is mostly as an outcome of the negative service experience that may be related to several factors. The purpose of the study is to provide an insight of the drivers that lead to a bank customer switching behavior from one Islamic bank to another bank. The study employed survey method through questionnaire instrument and distributed to Islamic banking customers in several areas of Banten Province, Indonesia. The result of statistical analysis shows that customer satisfaction, service quality, shariah compliance, prices and involuntary switching have their significant effect on customers’ switching behavior in the Islamic banks. However, service failure and advertisement are not statistically significant in driving bank switching. Therefore, the Islamic bank manager should shape their business model around customers’ needs and focuses operational improvements on customers’ most valued interactions.

AR-RAHNU AS A SOURCE OF FINANCIAL SUSTAINABILITY FOR WOMEN MICRO-ENTREPRENEURS IN MALAYSIA Nik Azman, Nik Hadiyan; Hj. Kassim, Salina
Journal of Islamic Monetary Economics and Finance Vol 2 No 2 (2017)
Publisher : Bank Indonesia

Muslims in Malaysia had practiced ar-rahnu for fulfilling their financial need, especially for emergency purposes since early 1990s. The pioneer of ar-rahnu in Malaysia is Muassasah Gadaian Islam Terengganu (MGIT) in January 1992, followed by the Kelantan Capitalization Berhad (PKB) in March 1992. Both of these Islamic pawn centres are among the earliest exponents to the Islamic pawn scheme in Malaysia. Ar-rahnu is an increasingly popular financing option among micro-entrepreneurs in Malaysia, particularly women micro-entrepreneurs. Women micro-entrepreneurs play a vital role in the Malaysian economy and could be considered as the backbone of the industrial development in Malaysia. This study examines the role of ar-rahnu as a source of financial stability for women micro-entrepreneurs. 600 questionnaires were distributed at three states in Malaysia which are Kelantan, Terengganu and Kedah. Then, this study used SPSS and SEM Amos to analyses the data for 600 respondents (women micro-entrepreneurs) in Malaysia. In essence, this study finds that shariah compliancy, locality, service charges, collateral and customer satisfaction has positive and significant impact towards the use of ar-rahnu. The study also found use of ar-rahnu has significant impact towards financial self-sufficiency for women micro-entrepreneurs.

THE BANK LENDING CHANNEL OF MONETARY POLICY TRANSMISSION IN A DUAL BANKING SYSTEM H. Ibrahim, Mansor
Journal of Islamic Monetary Economics and Finance Vol 2 No 2 (2017)
Publisher : Bank Indonesia

This paper examines the impact of monetary policy on bank lending in a dual banking system, i.e. Malaysia. Making use of an unbalanced panel data set of 38 Islamic and conventional banks covering mostly 2001-2014, we find evidence that variations in monetary policy affect lending growth of Islamic banks and, to some extent, conventional banks. The results further reveal that, in conformity with studies using aggregate Islamic financing data, the Islamic financing growth reacts more strongly to monetary policy changes. Moreover, we find no marked difference between full-fledged Islamic banks and Islamic bank subsidiaries in their responses to monetary policy. While we also document some evidence indicating the significant relations between bank-specific variables and lending growth, the bank-specific variables do not seem to have any role in impacting the potency of the bank lending channel. Finally, we find that lending growth is directly related to economic growth, suggesting procyclicality of bank lending/financing in Malaysia. These results have important implications for effective implementation of monetary policy and further development of Islamic banks in Malaysia.

Page 2 of 47 | Total Record : 467

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Contact Name
ali sakti

Contact Email
journal.jimf@gmail.com

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Journal Mail Official
journal.jimf@gmail.com

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-

Location
Kota adm. jakarta pusat,

Dki jakarta

INDONESIA