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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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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.
POLICY RATES PASS-THROUGH IN INDONESIA’S DUAL BANKING SYSTEM: DOES BUSINESS CYCLE MATTER? Triwibowo, Sugeng; Oktaviani, Defy; Ginanjar, Adhitya; Ardiansyah, Danu F.
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.
DO ISLAMIC BANKS IN INDONESIA TAKE EXCESSIVE RISK IN THEIR FINANCING ACTIVITIES? Purbayanto, Muhamad Anindya Hiroshi; Faturohman, Taufik; Yulianti, Yulianti; Aliludin, Arson
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.v8i1.1431

Abstract

This study analyzes the risk-taking behavior of Indonesian Islamic Banks by examining whether the relation between financing Growth rate and non-performing financing (NPF). We employ threshold regression models and bank-level data of 24 Islamic banks (full-fledged Islamic banks and Islamic banking windows) covering the period from 2009 to 2019. We find evidence for the excessive risk-taking of Islamic Banks. More specifically, while the relation between NPF and FGR is negative when the one-lagged NPF is below the threshold (estimated to be 5.42%), it turns positive once it is above the threshold. This means that banks with NPF above the 5.42 percent threshold tend to take risky loans.
DETERMINANTS OF PUBLIC-PRIVATE PARTNERSHIP IMPLEMENTATION IN OIC COUNTRIES Kasri, Rahmatina Awaliah; Siddiq, Muhammad Rizki; Wibowo, Farid Arif
Journal of Islamic Monetary Economics and Finance Vol. 8 No. 2 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i2.1437

Abstract

This study examines the Private-Public Partnership (PPP) implementation for financing public infrastructure and its determinants for the case of OIC countries during the period 2015–2019. Using the fixed-effects panel model and considering public resource constraints and market, macroeconomic, institutional and cultural variables as potential factors, it documents that the regulatory quality, political stability, Islamicity Index and inflation variables positively influence the implementation of PPP for financing public infrastructure in the OIC region. Meanwhile, aid is found to negatively affect the PPP implementation. These findings suggest that PPP implementation tends to be higher in countries with good institutions, stable macroeconomic conditions, low public resources, low levels of aid and strong adherence to Islamic values. The results are expected to provide insights for policymakers and private sectors involved in the implementation of PPP in OIC countries.
STABILITY OF ISLAMIC BANK EFFICIENCY IN INDONESIA AND MALAYSIA: HAS COVID-19 MADE ANY DIFFERENCE? Ikhwan, Ihsanul; Riani, Ririn
Journal of Islamic Monetary Economics and Finance Vol. 9 No. 3 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v9i3.1526

Abstract

This study examines whether COVID-19 has affected the stability of Islamic banking efficiency in Indonesia and Malaysia using the Data Envelopment Window Analysis (DEWA) using data from 2017 to 2022. The findings indicate that Islamic banks in Malaysia exhibit a higher level of efficiency and stability as compared to their counterparts in Indonesia across all three efficiency measures, namely Technical Efficiency (TE), Pure Technical Efficiency (PTE), and Scale Efficiency (SE). In addition, the findings show that Islamic banks in both countries have stable efficiency performance over the period under investigation and hence the Covid-19 pandemic has not affected their efficiency levels. From the analysis, we further note that financing and labor costs are the main sources of inefficiency in Malaysian Islamic banks while fixed assets and operating revenue contribute the most to Indonesian Islamic banks’ inefficiency.
BANK RESILIENCE AND POLITICAL INSTITUTIONS: DO BANKING BUSINESS MODELS MATTER? Azmi, Wajahat; Ali, Mohsin; Islam, ‪Muhammad Umar
Journal of Islamic Monetary Economics and Finance Vol. 9 No. 2 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v9i2.1640

Abstract

This paper investigates the effect of political institutions on bank stability of dual banking countries. Applying the two-step GMM approach to a panel sample of Islamic and conventional banks from 2005 to 2020, we arrive at the following results. First, we observe that the quality of political institutions leads to more stable banking system, which is in line with the view that quality political institutions improve the transparency, thereby reducing adverse selection and leading to overall improvement in the banking stability. Second, when we look at components of political institutions, we document the significance of the voice and accountability dimension in enhancing bank stability. Finally, as a side result, we find evidence that competition leads to stability for Islamic banks. These findings are robust to several robustness tests. The implications of our findings are provided in the paper.
Accounting Education, Discipline, and Supervision When Women in Charge in Islamic Microfinance: Case Studies of Indonesia and Pakistan Mukhlisin, Murniati; Tamanni, Luqyan
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i2.1747

Abstract

This paper investigates the relations between women's freedom within the family and their access to accounting education, adherence to discipline, and supervision for the cases of Indonesia and Pakistan using the Structural Equation modelling. The participation of women in microfinance is deemed crucial for the success of poverty alleviation programs, particularly in countries where group-based initiatives are prevalent. The observation reveals that women involved in Islamic microfinance programs experience economic, moral, and religious empowerment, enabling them to overcome economic challenges and poverty, thereby enhancing their living standards. The findings indicate that women's ability to manage family finances has a direct impact on their access to accounting education, discipline, and supervision. The argument posits that autonomy plays a significant role in influencing accounting education, discipline, and supervision within the observed groups in Indonesia and Pakistan. The study further documents that the influence of women's life freedom in Baitut Tamkin Tazkia Madani (BTTM) Indonesia on accounting education and supervision surpasses that in Akhuwat Pakistan. Conversely, the impact of women's life freedom in BTTM on accounting discipline is lower than that in Akhuwat. This research addresses the existing gap in the literature concerning the study of women and Islamic microfinance, emphasizing the importance of considering Islamic perspectives on women, family, and microfinance in social policies aimed at poverty eradication. ACKNOWLEDGMENT The authors gratefully acknowledge the partial support of the Ministry of Religious Affairs of the Republic of Indonesia, as well as the research support provided by BTTM (Bogor, Indonesia) and Akhuwat (Lahore, Pakistan). We also express our sincere appreciation to the journal’s editors and anonymous reviewers for their constructive comments and valuable suggestions.
Trends, Evolution and Future Research Directions in Waqf: A Bibliometric Analysis through Complex Networks Kashi, Aghilasse; Amor, Abdelkader; Al-Hashemi, Ali; Mahamat Issa, Bechir
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i2.2317

Abstract

This study employs a quali-quantitative approach that combines both bibliometric standard method and content analysis process to analyse WAQF publications and derive the current trends, evolution and future research directions in this important sector of Islamic finance industry. Our final dataset consists of 645 publications retrieved from the Scopus database and covers the period from 1975 to 2023. We use VOSviewer, Bibliometrix R-Package, and Microsoft Excel to conduct our three-stage analysis, namely bibliometric performance analysis, bibliometric network map analysis, and content analysis. Our descriptive analysis indicates that Malaysia and Indonesia top the list of most influential countries, hold the most relevant institutions, and accommodate on average half of the top ten most productive and impactful authors. Our network map analysis on the other hand ascertains the existence of four primary research themes namely, cash WAQF; WAQF as part of Islamic social finance ecosystem and its contribution to sustainable development; accountability; and governance and disclosure. An important policy implication of our results is that policymakers should integrate WAQF and Islamic social finance institutions into the mainstream financial system, establish effective regulatory and governance ecosystems for WAQF institutions to increase their ability to boost people’s social welfare, expand the spectrum of impact investment, and strengthen their contribution to more sustainable growth.
Innovative Capacity in Muslim-Majority Countries: Does Islamic Finance Play a Role? Muhammed, Ismail Aremu
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i2.2375

Abstract

The paper examines the influences of Islamic finance and overall financial development on innovative capacity of Muslim-majority nations. It employs a panel dataset comprising 15 Muslim-majority countries over the period 2016-2022. Innovative capacity is measured by the number of patent applications, decomposed into applications made by residents and non-residents. Employing the Feasible GLS technique and taking into account the presence of heteroskedastic and serially correlated errors, we find that the development of Islamic finance is vital for innovations. More specifically, we find robust evidence suggesting that Islamic finance positively affects innovations by non-residents while it has no influence on innovations by residents. Furthermore, overall financial development also significantly influences innovations by non-residents but not innovation by residents. Moreover, there is evidence that trade openness and foreign direct investment positively influence innovations and natural resource rents exert negative impact on innovations. The study concludes that financial system policies that encourage the awareness, accessibility, and depth of Islamic finance operations are needed to boost innovative capacity. Awareness campaign and policies aimed at developing technical education in these countries should be pursued to boost the innovative capacities of residents, which is considerably lower when compared to innovative activities from abroad.
Weathering the Storm: Shariah Compliance, Digital Innovation, and Stock Performance during COVID-19 Modjo, Mohamad Ikhsan; Putridamni, Florencia; Lin, Ariella Shenny
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 2 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i2.2437

Abstract

The COVID-19 pandemic disrupted global financial markets, highlighting the need for factors that enhance resilience. This study examines whether Shariah compliance and digital innovation, individually and together, mitigate declines in stock performance during economic downturns. Drawing on Signaling Theory and Dynamic Capabilities Theory (DCT), this study argues that Shariah compliance serves as a signal of strong governance, while digital innovation enhances adaptability. Using firm-level data from Indonesia and a difference-in-differences (DID) model, our findings suggest that both factors help firms withstand crises, with digital innovation amplifying the benefits of Shariah compliance. This study provides insights into how Islamic finance and digital transformation contribute to financial stability. ACKNOWLEDGMENT This research is funded by HIBAH Penelitian International BINUS University 2024 (BINUS International Research Grant 2024). The authors would like to express their sincere gratitude to BINUS University for the support and funding provided.

Page 39 of 48 | Total Record : 476

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