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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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DEVELOPING ISLAMIC BANKING PERFORMANCE MEASURES BASED ON MAQASID AL-SHARI’AH FRAMEWORK: CASES OF 24 SELECTED BANKS Mohammed, Mustafa Omar; Md Taib, Fauziah
Journal of Islamic Monetary Economics and Finance Vol. 1 No. 1 (2015)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v1i1.483

Abstract

Islamic banking has achieved remarkable growth that has surpassed the growth of the conventional banking system. Yet, studies show that the performances of Islamic banks (IBs) seem to be trailing behind the conventional banks (CBs). Is the poor performance of IBs the result of mismatch between their objectives and their performance measurement criteria or it is a reflection of their true performances? The objectives of Islamic banking had not been formally addressed. Mustafa and Taib (2009) derived the objectives of Islamic banking from Abu Zahara’s theory of the objectives of Shari’ah (Maqasid al-Shari’ah) and, based on these Shari’ah objectives, developed a model of Islamic banking performance measures. They named it as Performance Measures based on Maqasid al-Shari’ah framework or the PMMS model. This paper has tested the PMMS model on a sample 24 banks (12 IBs and 12 CBs). The twenty four banks were also evaluated using the traditional conventional financial measures. Mann-Whitney U-Test results show IBs faring well in their performances when measured using the PMMS model than when they are measured using the conventional banking performance yardstick. Policy prescriptions and recommendations for further studies are provided at the concluding section of the paper.
WHY DO PEOPLE SEE A FINANCIAL SYSTEM AS A WHOLE VERY IMPORTANT? Masyita, Dian
Journal of Islamic Monetary Economics and Finance Vol. 1 No. 1 (2015)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v1i1.484

Abstract

The action of one person will affect the others and then the action of one country will affect other countries. Financial crisis is like a contagious disease, which spreads everywhere. The failure in capturing systemic risk is the interconnected market events (’network externalities’) can produce self-reinforcing cycles then create the harmful situation. What happened in the banking regulation particularly Basel II? In reality, Basel II did not work completely in 2008. Since the implementation of risk management based on Basel II has been a prerequisite for a bank, it is supposed to make a positive impact. Misplaced reliance on mathematical model and statistics in managing risk could one of the problems in the decision making process. Using system thinking, system dynamics paradigm and theory of feedback system, this paper tries to see the risk management from different perspective and to enrich the understanding of how financial systems work: what drives them and causes the behavior. Many lessons can be learnt from this financial contagion since Islamic banking and finance system has inevitably been a part of the international financial systems.
ASSESSMENT ON THE ISLAMIC BANKING MARKET SHARE PROJECTION BY BANK INDONESIA AND PROPOSED METHODS Sukmana, Raditya; Kuswanto, Heri
Journal of Islamic Monetary Economics and Finance Vol. 1 No. 1 (2015)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v1i1.485

Abstract

Indonesian Islamic banking market share projected by Bank Indonesia is an integral part in developing the industry in the country. By setting a projection which will then be used as a benchmark / target, Islamic banks can make a necessary program to attract new customers which eventually increase its asset. If the increase of the asset is significant,the Islamic bank market share may increase. The problem is that the current projection by Bank Indonesia seems to be off target. It means that the projection is pretty much above the actual value. This paper attempts to utilize two projection methods namely Spline and Auto-ARIMA which we think can provide a better result. This study uses the monthly data covering period since January 2006 until December 2012. The result shows that our projections, especially using Spline method, are closer to the actual value of the Islamic banking industry market share. It means that the gap between the projection and the actual value of market share is lesser than the gap on the Bank Indonesia calculation. Moreover, this study argue that, the projection of the Islamic banking market share made by BI will not be achieved unless with government support. So far, government has not made any policy which deposit some of the national budget in the Islamic bank. This study calculates that if government regularly depositing 1% of total National Government Budget in Islamic banks, the projection of Islamic banking market share made by BI will be acheived. As a conclusion, the role of government is very significant in developing the Islamic banking industry in Indonesia.
MEASURING ZAKAT IMPACT ON POVERTY AND WELFARE USING CIBEST MODEL Beik, Irfan Syauqi; Arsyianti, Laily Dwi
Journal of Islamic Monetary Economics and Finance Vol. 1 No. 2 (2016)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v1i2.524

Abstract

This research attempts to analyze the role of productive-based zakat program in reducing poverty level of mustahik (zakat recipient) households from the perspective of material and spiritual dimensions. The study utilizes primary data which is obtained from interview through questionnaire in DKI Jakarta and Bogor Regency. 221 respondents are selected and interviewed as research samples. They are zakat beneficiaries managed by BAZIS DKI Jakarta and Dompet Dhuafa. The primary data collection was conducted on February until May 2015. CIBEST model comprising four indices is used as tool of analysis. These indices are welfare index, material poverty index, spiritual poverty index and absolute poverty index. It is found that the presence of zakat utilization program is able to increase welfare index of the mustahik by 96.8 percent. The material poverty index and absolute poverty index can also be reduced by 30.15 percent and 91.30 percent, respectively. Unpredictable result occurs on spiritual poverty index in which there is an increase of two households living under spiritual poverty. It means that these two zakat recipient households suffer weakening spiritual values despite materially better-off in the presence of zakat program.
A CASH WAQF INVESTMENT MODEL: AN ALTERNATIVE MODEL FOR FINANCING MICRO-ENTERPRISES IN MALAYSIA Duasa, Jarita; Thaker, Mohamed Asmy Bin Mohd Thas
Journal of Islamic Monetary Economics and Finance Vol. 1 No. 2 (2016)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v1i2.533

Abstract

This study was designed to empirically determine: (i) to look the factors causes micro enterprises opt for using internal funding instead of external funding; and (ii) to observe the probability of micro enterprises opt for Cash Waqf fund as alternative source of funding their business. The primary data is collected from the administered survey questions in Klang Valley (Selangor and Kuala Lumpur) and the analysis is conducted using statistical analysis and Structural Equation Modeling (SEM). The model is validated its acceptance in the field by adopting the Theory of Reasoned Action (TRA). From the findings, among the factors that lead micro enterprises to use internal funding are strict collateral requirement by commercial financial institutions, high cost of financing, strict documentation requirement and good financial and business track record. Unfortunately, most of them cannot fulfill these conditions and continue to face the problem of accessing finance. The present study has developed the Cash Waqf Investment model to support micro enterprises to improve their access to finance and enhance the skills. Based on the responses received from the field, it has been shown that the intention and readiness of micro enterprises in accepting the model as a source of financial and human capital development services is impressive.
THE EFFECTIVENESS OF ZAKAT FUNDING THROUGH DOMPET DHUAFA BEASTUDI ETOS SCHOLARSHIP PROGRAM Srinovita, Yulya; Udiutomo, Purwa; Haryadi, Pedri
Journal of Islamic Monetary Economics and Finance Vol. 1 No. 2 (2016)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v1i2.534

Abstract

The Problems of education and poverty are interrelated. The poor people cannot access higher education and they will remain poor with insufficient education. Therefore, the effort to break the cycles of poverty is to provide opportunities for the poor to obtain higher education Dompet Dhuafa through Beastudi Etos empowers education by providing coaching, mentoring and education financing funding. The population of this research is all of the beneficiaries alumni Beastudi Etos scholarship with a total sample of 190 respondents. The result of the research has shown that Beastudi Etos scholarship program is one of the programs that are quite effective in breaking the cycles of poverty through education and economic improvement. The result also indicates that the program is effective in creating excellent and independent generation. It is shown that 81.58% of respondents have successfully completed their studies (Bachelor, Master and Doctoral degrees), the others are in the process of finishing bachelor degree. 88.95% of the respondents have worked and earn income more than 7,000,000 Rupiah/month, 21.5% have dependents from 1 up to 13 persons. In general, the respondents state that coaching and mentoring which has been given is affected on the character (97.4%), skills (94.2%), socials skill (97.9%), and social generosity (97.9%).
EFFECTIVENESS OF ZAKAT-BASED PROGRAMS ON POVERTY ALLEVIATION AND ECONOMIC EMPOWERMENT OF POOR WOMEN: A CASE STUDY OF BANGLADESH Anis, Fahami Muhammad; Kassim, Salina H.
Journal of Islamic Monetary Economics and Finance Vol. 1 No. 2 (2016)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v1i2.539

Abstract

Among the many problems facing Bangladesh, poverty remains a key problem affecting millions of lives. During the past few decades, many initiatives have been implemented such as microcredit and cash transfer programs, yet the results seemed to be ambiguous. New frontiers are now sought to find new sources of finance which could offer a more effective and sustainable solution to the root cause of the poverty problem. Considering the idea of entrepreneurship and group-based development approach of microcredit, a zakat-based development approach was initiated in Bangladesh at a private level by an organization called Center for Zakat Management (CZM) for poverty alleviation and sustainable economic empowerment targeting poor women in rural areas. This paper aims to assess the effectiveness of the CZM efforts in utilizing zakat funds for promoting entrepreneurship among poor rural women. Focusing on the case of Bangladesh, this study assesses the effectiveness of zakat on aspects such as income, house hold expense and fixed asset accumulation of the poor client based on the “before and after” approach. Groups comprising of poor individuals and families are given equity capital/seed money and are encouraged to embark on small businesses according to their own liking. The groups are supervised for a period of a minimum of three years to ensure all individuals within the group are able to continue with their activities and ultimately, free themselves from the shackles of poverty and graduate into sustainable livelihood. Results indicate a significant nominal and real increase in average monthly income, increase in fixed assets and an increase in monthly average household expenditure before and after receiving zakat money. Results also demonstrate factors such as age of the entrepreneur, family size, type of business involved and the amount of zakat received to have a strong influence in determining the success of women entrepreneurs. Education level of the entrepreneur, on the other hand, does not seem to have significant impact on the success or failure of the entrepreneur. The findings from this paper shed light on the effectiveness of zakat-based approach in alleviating poverty and ensuring sustainable economic empowerment of the poor rural women.
THE ROLE OF CORPORATE ZAKAT ON OPTIMAL CAPITAL STRUCTURE POLICY: EVIDENCE FROM MALAYSIAN FIRMS Talattov, Abrapuspa Ghani; Sanusi, Nur Azura; Kusairi, Suhal; Shaari, Abu Hassan
Journal of Islamic Monetary Economics and Finance Vol. 1 No. 2 (2016)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v1i2.544

Abstract

In the finance literature, the relationship between capital structure and firm value has been extensively investigated, both theoretically and empirically. The main issue on corporate finance is how firms dealing with the important decision of capital structure. In this study, a model of capital structure is formulated in which corporate tax and zakat payment exist by firms into the consideration of combination of debt and equity. The theoretical model as shown by comparative statics prove the implication which is negatively relationship between leverage of the firm and the corporate zakat payment. Meanwhile, the empirical evidence reveals several implication as follows, (1) tax deduction reduces the current liability item relative to the firms that prefer equity financing, (2) the significant of zakat is consistent with the theoretical model that zakat would encourage firm to issue more equity than debt, (3) the strong significant relationship between return on assets with the leverage are the leading indicator of capital structure in all models.
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

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v2i1.591

Abstract

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

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v2i1.592

Abstract

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.

Page 31 of 48 | Total Record : 476

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