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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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Does Geopolitical Risk Matter for ASEAN5 Economies? Evidence on Conventional and Islamic Compliant Indices Anwer, Zaheer; Ahmad, Fiaz
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.v11i2.2469

Abstract

We assess the interlinkage of geopolitical risk and returns of conventional and Shariah Compliant indices from five ASEAN economies for the period Jan 2019 – Mar 2023 using daily data. We assess this phenomenon through the lens of the Efficient Market Hypothesis (EMH) and Risk and Return Theory. The sampled indices belong to Morgan Stanely Capital International (MSCI) and Standard and Poor (S&P). We employ Quantile Regression and Wavelet Coherence approaches. The results reveal that geopolitical risk does not significantly affect ASEAN5 indices for both conventional and Shariah Compliant categories. Moreover, there is very little dynamic co-movement between geopolitical risk and sampled indices. Malaysia and Indonesia emerge as the countries exhibiting the least co-movement and offer safe haven properties against geopolitical risk. The findings carry important implications for investors and policymakers.
Islamic Label and Stock Price Crash Risk Sutrisno, Bambang; Trinugroho, Irwan; Arifin, Taufiq; Risfandy, Tastaftiyan
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.v11i2.2661

Abstract

This study explores how an Islamic label on firms influences stock price crash risk in Indonesia. We utilize a sample of 566 nonfinancial firms listed between 2016 and 2021, apply panel data method, and find that the Islamic label benefits the firms by lowering crash risk. Investors consider firms with the Islamic label as lower risk due to leverage constraints they must adhere to, which contributes to a decreased crash risk. Our primary results are robust to various sensitivity analyses. We also find that dividend policy and audit quality strengthen the Islamic label-crash risk nexus. The COVID-19 pandemic weakens the link between the Islamic label and crash risk. Furthermore, the Islamic label-crash risk nexus persists for up to two years.  
Promoting Inclusive and Sustainable Growth with Sharia Economy amid the Age of Digitalization and Global Uncertainty Warjiyo, Perry
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 1 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i1.2675

Abstract

This paper is based on a keynote speech delivered at The 10th International Islamic Monetary Economics and Finance Conference (10th IIMEFC). As a keynote contribution, this article does not include a formal abstract.
Religion and Green: The Dual Power of ESG and Shariah-Compliant Stocks in Brand Values of Malaysia, Indonesia, and Saudi Arabia Loang, Ooi Kok; Candra, Sevenpri
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.v11i2.2687

Abstract

This study examines the differential impact of Environmental, Social, and Governance (ESG) factors and Shariah compliance on brand value and stock returns across Malaysia, Indonesia, and Saudi Arabia using a sample of 1,474 publicly listed Shariah-compliant firms. Using panel data regression, quantile-on-quantile regression, Granger causality, and FGLS methods, we find that ESG factors significantly enhance brand value and stock returns in Malaysia and Indonesia, with stronger effects than conventional stocks, especially under positive investor sentiment. However, in Saudi Arabia, ESG factors are insignificant, and Shariah compliance alone drives financial performance, indicating that alignment with Islamic principles is a prerequisite for market impact in this context. The quantile-on-quantile analysis further shows that ESG and Shariah compliance yield stronger effects at higher quantiles of brand value, benefiting firms with greater brand equity. These results validate the signaling theory, highlighting ESG and Shariah compliance as mechanisms to reduce information asymmetry and enhance investor confidence in Islamic financial markets. For policymakers, this study underscores the need for robust ESG and Shariah compliance standards, advocating transparent reporting to foster market trust and attract sustainable investment, particularly by advancing a Shariah-compliant green economy in Saudi Arabia and beyond.
Risk-Adjusted Returns and Spillover Dynamics among Emerging Digital Currencies Husodo, Zaäfri Ananto; Hasan, Md. Bokthiar; Rafia, Humaira Tahsin; Ridhwan, Masagus M.; Uddin, Gazi Salah; Prasetyo, Muhammad Budi
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.v11i2.2771

Abstract

This study investigates the interconnected dynamics among diverse digital currencies, specifically focusing on risk-adjusted returns, tail risks, dynamic spillovers, and portfolio implications. Unlike prior research, which typically examines individual digital currency classes separately or in limited combinations, our study integrates six distinct classes of digital currencies, namely Islamic gold-backed cryptocurrencies, green cryptocurrencies, gold-backed stablecoins, non-fungible tokens (NFTs), decentralized finance (DeFi) assets, and conventional cryptocurrencies, enabling direct comparisons of risk-return dynamics and systemic interdependencies. Using Value at Risk (VaR), Conditional Value at Risk (CVaR), quantile-based Vector Autoregression (Quantile VAR), and network connectedness analysis, we provide nuanced insights into the behavior of these assets across various market conditions (bullish, bearish, and normal states). Our results demonstrate that conventional cryptocurrencies and DeFi assets consistently deliver positive risk-adjusted returns, whereas Islamic gold-backed cryptocurrencies exhibit notably higher downside risks and negative performance. Spillover analysis reveals pronounced connectedness, particularly in extreme market states, with conventional cryptocurrencies identified as primary transmitters of market shocks and gold-backed stablecoins and Islamic gold-backed cryptocurrencies as recipients. Our findings underscore significant diversification opportunities offered by pairs of assets exhibiting low connectedness, especially in normal market conditions. Furthermore, portfolio optimization analysis highlights the superior hedging effectiveness and lower hedging costs associated with gold-backed stablecoins and conventional cryptocurrency pairs. This comprehensive investigation delivers critical implications for investors, suggesting informed strategies for asset allocation and risk management. Policymakers can also utilize our insights to design adaptive regulatory frameworks that address systemic risks arising from digital currency markets. ACKNOWLEDGMENT Gazi Salah Uddin gratefully acknowledges the Faculty of Economics and Business, Universitas Indonesia, for the academic appointment as Adjunct and Visiting Professor, and expresses sincere appreciation for the institutional support and research facilities extended during his residency, which significantly contributed to the completion of this work.
Is Impulsive Buying for Muslim Fashion Products Invariably Followed by Post-Purchase Regret? The Role of S-O-R Theory Hasibuan, Abdul Nasser; Afandi, Ahmad; Windari
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 3 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i3.2074

Abstract

The growth of e-commerce has not only expanded the Muslim fashion industry but also fostered impulsive buying among customers. This article analyses the behaviour of Muslim customers using the S-O-R model to detect impulsive buying and subsequently post-purchase regret.  In the analysis, we consider the role of religiosity in the link between the two. We collect data via self-administered questionnaires from 312 Muslim respondents and apply Partial Least Square structural equation modelling (PLS-SEM) to analyse the data using AMOS version 24.0. The results suggest that scarcity cues, fear of missing out, and live commerce have a significant influence on impulsive buying. Additionally, scarcity cues can lead to fear of missing out, based on their positive worth. The impulsive buying also invariably culminates in post-purchase regret. However, religion weakens the link between impulsive buying and post-purchase regret.  Religiosity also reduces post-purchase regret. The results of our study can help authorities in understanding purchasing behavior of Muslims and consequently crafting initiatives to encourage purposeful purchase of fashions by Muslims.
What Factors Influence the Welfare of Zakat Beneficiaries? Ayuniyyah, Qurroh; Hambari; Hakiem, Hilman; Faisal, Ahmad
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 3 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i3.2171

Abstract

This study investigates the influence of demographic, social, and economic variables on the welfare of zakat beneficiaries in West Java, Indonesia. Using a sample of 1,300 zakat beneficiaries, the paper applies the Chi-square Automatic Interaction Detector (CHAID) method. Our findings suggest the crucial role of monitoring by amil institutions in the respective areas on the improvement of material and spiritual conditions of zakat beneficiaries. The study suggests that amil plays a major part in the success of zakat distribution programs and the programs should be further enhanced for the betterment of zakat beneficiaries. This study also shows that apart from zakat distribution programs, there are also some demographic, social, and economic variables that affect the income and spiritual conditions of zakat beneficiaries.
New Dimensions of Islamic Theory of Ethical Behaviour: An Empirical Investigation Amin, Hanudin
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 3 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i3.2307

Abstract

This study examines factors that explain ethical behaviours of young lecturers in two Malaysian universities.  To this end, we develop an Islamic theory of ethical behaviour (ITEB) incorporating piety, vicegerency, accountability, ethical behaviour and religious satisfaction as key factors, the measurements of which are validated by Shariah scholars, and apply the theory to a sample of 496 young lecturers.  Employing Partial Least Squares – Structural Equation Modelling (PLS-SEM) with SmartPLS4.0 software, we reach the conclusion that all ITEB factors are significantly related to the ethical behaviour. Among them, vicegerency is likely the strongest driver of ethical behaviour, followed by accountability and piety. Ethical behaviour and religious satisfaction are also significantly related.  This study offers the ITEB as a meaningful framework for upstanding ethical conducts through the lens of young lecturers. ACKNOWLEDGMENT This write-up is funded by Islamic Economics Research and Innovation Fund (IERIF) 2024, INCEIF University, ISRA Research Management Centre (ISRARMC/IERIF/AWARD/2024/BATCH 1/63), Malaysia.
Diversifying Islamic Haven Assets Nugroho, Bayu Adi
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 3 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i3.2327

Abstract

This study reassesses the safe haven properties of gold and Sukuk using a new framework that incorporates nonstationary volatility and proposes a trading strategy to construct a gold – Sukuk – Islamic equities portfolio that can outperform the hard-to-beat naïve method and the covariance-based approaches. In line with previous studies, it employs data of four exchange-traded funds: Dow Jones Global Sukuk, Wahed FTSE USA Shariah, MSCI Emerging Market Islamic, and SPDR Gold. In the study, an enhanced version of wavelet quintile correlation is proposed to re-evaluate the haven qualities of gold and Sukuk. The results show that gold and Sukuk are safe haven assets. Next, applying a dual momentum strategy, we demonstrate that the risk-adjusted returns of our proposed trading strategy outshine the naïve method and the covariance-based approaches. Our research employs real returns and a rolling window approach to avoid money illusion, overfitting, look-ahead bias, and flawless hindsight. The main results prevail in the robustness tests.
Does Digital Financial Inclusion Impact ESG Performance in Islamic and Conventional Financial Institutions? A Global Evidence Hassan, M. Kabir; Rabbani, Mustafa Raza; Kiran, Madiha
Journal of Islamic Monetary Economics and Finance Vol. 11 No. 3 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i3.2340

Abstract

This study investigates the impact of digital financial inclusion on corporate ESG performance using a global sample of 660 conventional and Islamic institutions from 2010 to 2022. The study reveals that digital financial inclusion can significantly promote corporate ESG performance. What sets this study apart is its use of the novel methodology of fixed effects model and Methods of Moments Quantile Regression (MMQR) to empirically identify how digital financial inclusion affects corporate ESG performance from lower to higher quantiles (0.1 to 0.9). Further, the analysis using 1st and 2nd SLS shows that digital financial inclusion has a more pronounced impact on Islamic banks' ESG scores, mainly when involved in the high implementation of digitalization. These significant results are assured by legitimacy and stakeholder theories. ESG factors have been significantly affected by adopting modern digital applications and platforms in regulated industries of Islamic institutions. Sub-Sample analysis of financial institutions and heterogeneity analysis of more and less board independence and board size significantly impact implementing digital financial inclusion and ESG performance, instilling the need to mitigate banks' risks by disclosing non-financial information and resolving agency conflicts among stakeholders aimed at investing in sustainable green projects. Finally, our results remain robust after addressing endogeneity issues and conducting robustness checks, offering new insights into the evolving digital financial inclusion and ESG performance.

Page 40 of 48 | Total Record : 476

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