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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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THE ROLE OF ISLAMIC CAPITAL MARKET FOR MICRO, SMALL, AND MEDIUM ENTERPRISES (MSMES) THROUGH SYNERGY OF MUTUAL FUND AND VENTURE CAPITAL INSTITUTION Sanrego, Yulizar D.
Journal of Islamic Monetary Economics and Finance Vol. 3 No. 1 (2017)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v3i1.711

Abstract

It is worldly known that one of the main obstacles which is often faced by the micro, small, and medium enterprises (MSMEs) practitioners is the ability to access sources of funding. At the time where the absorption of banking credit to MSMEs is still very limited, the role of sharia capital market is considered as an alternative to support this limitation. Expanding the role of sharia capital market finds it moment when Indonesia Finance Service Authority (FSA) issued regulations that provide space for the capital market to also active in real sector businesses. In accordance with the FSA Rules N0.37/2014, mutual fund (unit trust) in the form of Collective Investment Contract (CIC) - Limited Investment/ Participation Fund (LPF) has the objective to pave the way for mutual fund investors to make direct investments in real investments. The proposed model that might be realized to smoothen the intermediary role of sharia capital market to the development of MSMEs is through the hybrid model that might linking mutual fund/investment manager and corporate, particularly venture capital. Using Analytical Network Process (ANP) approach this paper indicates that with the value of rater agreement 1.0, the research found that there are four main cluster problems which become an obstacle the proposed model, namely: (a) the reputation of mutual fund/investment manager; (b) investment grade rating of corporate (venture capital); (c) risk appetiate of investor as shahib al-mal; and (d) government regulation. Policy recommendation that might become solution, according to the value of rater agreement 1.0 is sequentially as follow, namely: (a) fully support from government; especially for a relatively new mutual fund with no experience in the capital markets industry; (b) Corporate (venture capital) should be able to offer Islamic Microfinance Finance Institutions (IMFIs) and MSMEs that have good business feasibility to the mutual fund/investment manager as well as investor; (c) the government should be able to guarantee legal certainty in the context of protection, including advocacy for investors; and last but not least (d) There is an extremely hope that investors could change their investment behavior paradigm, from risk averse to risk taker.
THE BEHAVIOURAL INTENTION OF INVESTORS TO USE ISLAMIC BANKING’S INVESTMENT ACCOUNT PLATFORM (IAP) AS A SOURCE OF INVESTMENT PORTFOLIO: A STRUCTURAL EQUATION MODELING APPROACH Mohd Thas Thaker, Mohamed Asmy bin; Mohd Thas Thaker, Hassanudin bin
Journal of Islamic Monetary Economics and Finance Vol. 3 No. 1 (2017)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v3i1.712

Abstract

As an alternative source of financing, Investment Account Platform (IAP) becomes a new phenomenon of raising financing for SMEs from a large pool of investors via the internet, and investment diversification portfolio tools among investors in Malaysia. The purpose of this study is to identify critical factors that influence behavioral intention of investors to invest in IAP’s projects in Malaysia. The primary data (n=1000 respondents) are collected from the investors in the Klang Valley, Malaysia and the analysis is conducted using Structural Equation Modeling (SEM). Furthermore, the model has validated its acceptance in the field by adopting the Technology Acceptance Model (TAM). This study has revealed that both the perceived usefulness and perceived easy to use are found to have a positive impact on the behavioral intention of investors to use IAP in Malaysia. Furthermore, perceived easy to use has a positive relationship and direct effect with perceived usefulness of investors to use IAP.
GOLD NETTING TO STRENGTHEN FINANCIAL SYSTEM STABILITY Meera, Ahamed Kameel Mydin
Journal of Islamic Monetary Economics and Finance Vol. 3 No. 1 (2017)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v3i1.713

Abstract

Economic and financial crises seem to occur with increased frequency. Indeed now most countries, including several advanced economies like the US, Europe and Japan, are in serious economic recession. Employment and business opportunities have been much dampened. Inflation seems to be soaring globally and nations are witnessing widening gaps in income and wealth distribution. Many of these advanced economies are also facing shrinking population sizes that translate into aging problems and labor shortages. On top of those, there are environmental issues, including global warming. All these, in turn, have caused regional and global political conflicts and turmoil. The Arab Spring and the sovereign debt problems faced by some European countries like Greece are examples of this. Sustainability of economics and environment is thus of paramount concern of today. This paper considers those problems and suggests Interest-free Gold-based Electronic Netting System (IGENS) as an effective way of injecting liquidity into the economy, practically free, that can spur business and employment while bringing about structural stability, inflation checked with both economic and environmental sustainability. Netting or muqassah is a transaction allowed in shari’ah and is practiced worldwide in different forms. Examples include the highly successful WIR Bank of Switzerland, various Local Exchange Trading Schemes (LETS) and Bilateral and Multilateral Payment Arrangements between central banks.
STUDY ON THE EFFICIENCY OF CASH WAQF MANAGEMENT IN MALAYSIA Khamis, Siti Razifah; Che Mohd Salleh, Marhanum
Journal of Islamic Monetary Economics and Finance Vol. 4 No. 1 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v4i1.732

Abstract

The role of Waqf is synonym with the purpose of developing the economics as well as social well-being by means of a charity-based system. Revitalization of cash Waqf gives advantage to Muslims countries to further enhance this charity system. However, the efficiency of cash Waqf management is still questionable due to several internal management issues. This research is conducted to explore current practices of Waqf institutions in managing cash Waqf concerning human resource, documentation and reporting aspect; to investigate challenges faced by Waqf institutions in managing cash Waqf in terms of human resource, documentation and reporting aspects; and to suggest a few ways that can enhance the efficiency of cash Waqf management focusing in the three aspects. To achieve these objectives, qualitative methodology has been adopted where the data of this research was collected through semi-structured interview and review of past literatures as well as relevant documents. The finding of the research shows that majority of Waqf institutions have made efforts in promoting cash Waqf based on its regulation, financial sources, collaboration, duration of cash Waqf implementation and its strategic planning. However, the current practices of human resource, documentation and reporting are not suitable with the current pace of evolution to fully realize the benefit of cash Waqf. This research revealed the loopholes in the management of cash Waqf and suggested several ways for improvement as a reference for Waqf institutions in order to improve their cash Waqf implementation. It is a significant endeavor for Waqf institutions in Malaysia to develop knowledge on cash Waqf management as well as provoking speedy development progress of cash Waqf implementation in Malaysia.
RESPONSIVENESS OF SOCIAL VALUES AND REAL GROSS DOMESTIC BRUTO ON MONEY DEMAND IN INDONESIA Aditia, Maulana Rifki; Cahyono, Eko Fajar
Journal of Islamic Monetary Economics and Finance Vol. 3 (2018): SPECIAL ISSUE
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v3i0.735

Abstract

The purpose of this study was to determine the effect, estimates shocks and determine the contribution of , social values, real GDP currency, demand deposits wadi'ah, Mudaraba savings, deposits mudaraba and Islamic Bank Returns to money demand in Indonesia. Real GDP and social values theoretically able to increase money demand using each mechanism. Money demand represented by M2 with a composition comprising of fiat money, wadiah demand deposits, mudaraba savings and mudaraba investment deposits completed Islamic Bank return as balancing cost in Money demand. The research method used in this research is comparative quantitative. This research utilizes 8 (eight) variable which then unit root test, determining Lag Optimal, Cointegrate-Test, VECM Estimates, Impulse Response Function and Variance Decomposition are carried out. The results of VECM estimation showed that real GDP, fiat money, wadiah demand deposits, sharia return, mudaraba savings and mudaraba investment deposits are significantly influencing the amount of Money demand in long term. In short term, social values significantly influencing the amount of money demand in Indonesia. The results of Impulse response showed that real GDP positively responded by the M2. Then, social values positively responded, fiat money positively responded, wadiah deposits positively responded, mudaraba savings negatively responded, mudaraba deposits positively responded and sharia return positively responded by the M2IS. Variance decomposition results showed that social values has the biggest contribution, then followed by demand deposits wadi'ah, mudaraba deposits, mudaraba savings, currency, real GDP and return sharia smallest.
DEBT TAKING AND CHARITY-GIVING AMONG LOW-INCOME HOUSEHOLDS: STRENGTHENING RESILIENCE IN ISLAMIC PERSPECTIVE Arsyianti, Laily Dwi; Kassim, Salina; Adeyemi, Adewale Abideen
Journal of Islamic Monetary Economics and Finance Vol. 4 No. 1 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v4i1.739

Abstract

Households’ financial problem was perceived to be solved by taking other source of fund such as debt. In Islam, taking debt should be considered as the last resource when other sources were not available. Islam gives solution for those who have financial problem. Giving just small amount of money would give barakah to the giver. Charity-giving is not privilege for the rich people, but also for those in dire conditions. This paper attempts to explore whether low-income households’ perception on consecutive debt-taking influences their perception on regular charity-giving especially to achieve stipulated outcomes, i.e. households’ financial resilience. Structural Equation Modelling (SEM) is employed to analyse 1780 data from respondents across six areas in Indonesia. Low-income households perceived consecutive debt-taking to have negative relationship with regular charity-giving and positive relationship with outcomes (households’ financial condition and lifestyle satisfaction). Meanwhile, regular charity-giving has negative relationship with the outcomes when consecutive debt-taking intervene the relationship. Financial education and selection of financing institution have been proven to have relationships with variables which influence both regular charity-giving and consecutive debt-taking behaviours. As recommendation, charity education or sharing values should be included in the current financial education program. Formal financial institutions and social finance institution should also encourage supervision and continuously give financial education to social funds receivers.
REVISITING ANALYSIS OF THE ROOT CAUSES ON FINANCIAL CRISIS IN ISLAMIC PERSPECTIVE Luik, Mega T.R.; Fatoni, Ahlis
Journal of Islamic Monetary Economics and Finance Vol. 4 No. 1 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v4i1.745

Abstract

Steady financial system stability is important in an economy. The financial crisis showed a constantly recurring problem that has not been resolved completely. Macroprudential policy which became the term savior after the subprime mortgage crisis was essentially a temporary not eliminate the root causes of the problems of the financial crisis. This study attempts to revise the root causes of the financial crisis in the perspective of Islam by using three approaches namely Vector Error Correction Model (VECM), Error Correction Model (ECM), and Distributed-Lag Autoregressive (ARDL). The result of this study that the consistence of ribâ (interest rate) variable as the main factor of crisis; ribâ increases the inflation and decreases the growth. The IRF (impluse response function) result and FEVD (forcast error varian decomposition) show 21.87% interest rate (INT) increases the inflation and decreases the growth by 9.5%, while profit-loss sharing (PLS) variable contributes to decreases the inflation by 0.02% and increases the growth by 0.61%, reciprocally with ECM approach that interest rate (INT) has positive effect to inflation and negative effect to growth (financial crisis) vice versa PLS sicnificantly has negative effect to inflation and positive effect to grwoth, whereas ARDL approach shows that PLS increases the grwoth at long and short run but also increases the inflation at long run. Another conventional variabels consistantly contribut to financial crisis acording to all aproachs; volatile food (VFP) and administred price (ADM).
THEORETICAL IMPACT OF ENHANCED MUSHARAKAH MUTANAQISAH HOME FINANCING ON REAL ESTATE PRICES Asadov, Alam I.; Ibrahim, Mansor H.
Journal of Islamic Monetary Economics and Finance Vol. 4 No. 1 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v4i1.747

Abstract

This paper theoretically analyzes two alternative modes of home financing. The first mode is the conventional housing loan and the other is Enhanced Musharakah Mutanaqisah (EMM) home financing. Our results reveal the EMM based setting is superior to the conventional housing loans in at least two aspects. These are the prevention of house price inflation in all phases of economic business cycle and the smoothening of real estate cycles. This means that, under the EMM, the risk of real estate bubble formation is subdued, which should prove to be welfare improving.
SOLUTION TO OVERCOME THE BANKRUPTCY POTENTIAL OF ISLAMIC RURAL BANK IN INDONESIA Devi, Abrista; Firmansyah, Irman
Journal of Islamic Monetary Economics and Finance Vol. 3 (2018): SPECIAL ISSUE
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v3i0.750

Abstract

This paper investigates the direct and indirect effect of macro and microeconomics variables toward financial distress by using efficiency variable as mediator. This research used time series and monthly-published report data of Islamic Banking Statistics and Macroeconomics data. The Springate Model is used to measure financial distress through s-score, while the Data Envelopment Analysis (DEA) approach is used to measure Islamic rural bank’s efficiency. The finding implies that the efficiency of Islamic rural bank in Indonesia is mainly caused by microeconomics variables where CAR and NPF directly have significant and negative effect on efficiency, while ROA and FDR directly have significant and positive effect on efficiency. The financial distress of Islamic rural bank in Indonesia is mainly caused by micro and macroeconomics variables where CAR and SIZE directly have significant and positive effect on financial distress score, while NPF and Exchange rate directly have significant and negative effect on efficiency. Efficiency is strongly having a role in mediating the effect of microeconomics variables toward financial distress score of Islamic rural bank
CONSTRUCTING ISLAMIC BANKING RESILIENCE INDEX IN INDONESIA Wiranatakusuma, Dimas Bagus
Journal of Islamic Monetary Economics and Finance Vol. 3 (2018): SPECIAL ISSUE
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v3i0.760

Abstract

Islamic banking plays critical roles in providing many essential economic functions and services to the entire financial system and the overall economy. Thus, a strong and the resilience of Islamic banking is the foundation and pre-condition for achieving sustainable economic growth, given that banks are at the centre of the credit intermediation process between savers and investors. One of the main causes of past financial crisis was that the banking sector had built up excessive both on-and-off balance sheet levereage. To address such financial crisis, the resilience of Islamic banking needs to be developed. Therefore, this paper searches the level of resilience of Islamic banking by building the Islamic Banking Resilience Index (IBRI). The level of resilience is analyzed through the construction of the composite index. The composite is compiled on the basis of several single variables index. Its construction follows an ideal sequence of five steps: theoretical framework, data selection, normalization, weighting and aggregation, and visualization of the result. Twelve variables are used to construct the composite index by using monthly data since January 2010 until December 2016. The composite index is able to figure out the resilience level of Islamic banking in Indonesia over periods of observation. At the resilience level, Islamic banking is able to deal with shocks and stresses, while keep providing financial services. The level of resilience is capable of preserving the elements of banking sector not failing from both crash and stagnation phase. Therefore, construction of IBRI is important as surveillance tools and underlying reason for further policy response and implementation. The composite index, represented by IBRI, is able to show the level of resilience of Islamic banking in Indonesia. The paper finally suggests that the resilience of Islamic banking requires a solid capital and liquidity management in order to provide a stronger ability in absorbing shocks and promoting financial services.

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