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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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Factors Influencing Muslim Preference for Islamic Banking in Russia Priantina, Anita; Tekueva, Marina; Aufa, Aufa
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.v11i3.2443

Abstract

This study analyzes factors influencing preference of Muslims in Russia to choose Islamic Banking. This is important as Russia has recently introduced Islamic banking into their national banking system. Modified Theory of Planned Behavior is used to structure the empirical model which is analyzed using SMART PLS4 with PLS-SEM method. Using data gathered from 476 respondents, the result shows that attitude, perceived behavioral control, and religiosity have significant influences on intention, and intention significantly influences the behavior of choosing Islamic Banking in Russia. However, subjective norms and trust are not significant. Educational campaigns incorporating norms and Islamic values, along with developing a special regulatory framework to ensure Sharia compliance, are recommended. Future studies may explore additional variables to enhance understanding of Islamic Banking practices in Russia.
How ASEAN4 Conventional, Islamic, and ESG Indices React to Twitter Market Uncertainty? Anwer, Zaheer
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.v11i3.2699

Abstract

We investigate the time varying return spillover of ASEAN4 asset classes from four countries including Thailand, Philippines, Malaysia and Indonesia, and Twitter based market uncertainty measure, using daily data from 01-Sep-2014 to 21-Apr-2023. The estimations are performed using TVP-VAR approach. The results reveal that the dynamic connectedness of ASEAN4 markets fluctuates significantly. It peaked during bearish periods (2015-2016 and 2020) and remained low during market booms (2017-2018 and 2022). Islamic and ESG indices exhibit patterns similar to conventional indices. Indonesia and Malaysia emerge as net shock transmitters until the pandemic, with Thailand becoming a net transmitter post-COVID. Thailand’s role shifts between receiver and transmitter based on economic conditions relative to other ASEAN countries. Twitter Market Uncertainty Index (TMUENG) primarily remains a receiver, with limited impact on ASEAN4 Conventional, Islamic, and ESG indices. The findings are robust to a battery of robustness tests and carry important policy implications for investors and policymakers.
Development of Sharia Hospitals as a Source of New Economic Growth Sulistiadi, Wahyu; Ayuningtyas, Dumilah; Permanasari, Vetty Yulianty; Jati, Prasetyaning; Gustina, Ira; Widyasanti, Nisrina
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.v11i3.2714

Abstract

The development of Sharia hospitals represents a unique integration of Islamic values into healthcare services, fostering new avenues for economic growth. This study has three key objectives: (1) examining factors contributing to the establishment of Sharia hospitals, (2) analyzing the essential elements of Sharia hospital development using the Business Model Canvas (BMC) to ensure sustainability; and (3) assessing Sharia hospitals' potential to drive economic growth. Through a mixed-methods approach, quantitative data were collected from 619 patients and 149 respondents, while qualitative insights were gathered through focus group discussions and in-depth interviews with stakeholders including hospital managers and policymakers. Results indicate that Sharia hospitals report higher levels of patient satisfaction and loyalty compared to non-sharia hospitals, with significant emphasis on service quality, and experiential marketing. The integration of Islamic financial instruments such as Zakat, Infak, Sedekah, and Wakaf (ZISWAF) also enhances financial accessibility for underserved populations, promoting equitable healthcare. Indonesia also has the opportunity to open up Muslim-friendly health tourism destinations, attracting patients from other Muslim-majority countries. The growth of Sharia hospitals also contributes to the expansion of the halal ecosystem in Indonesia. This is not only beneficial for the health sector but also drives economic growth. ACKNOWLEDGMENT The authors acknowledge the support from the Research Grant Bank Indonesia (RGBI) 2024, for funding this research endeavor.
EXAMINATION OF MUSLIM CONSUMERS’ INTENTIONS TO EAT AT FINE DINING RESTAURANTS Al-Farisi, Mohammad Amiruddin; Putranti, Latifah; Nurmasari, Nuraini Desty
Journal of Islamic Monetary Economics and Finance Vol. 7 No. 1 (2021)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v7i1.1334

Abstract

This paper aims to identify the functional, symbolic, hedonic and Islamic value constructs of Muslim consumers’ satisfaction with fine dining restaurants. In addition, it develops the role of religiosity in the relationship between hedonic and Islamic symbolic values ​​in consumer satisfaction and examines the effect of such satisfaction on the willingness to pay more. The method used in the research is based on a Structural Equation Modeling (SEM), with data collected using a questionnaire; 281 valid respondents took part in the study. The results show that in terms of the influence of the dimensions of perceived value in explaining customer satisfaction, the functional, hedonic and Islamic have has a positive and significant effect, whereas the symbolic value variable is is perceived to have no significant effect on satisfaction. Furthermore, customer satisfaction has a significant positive effect on the willingness to pay more. In comparison, religiosity does not moderate the effect of perceived symbolic value on consumer satisfaction. However, it does moderate the effect of hedonic and Islamic value.
HOW FEASIBLE IS A CONVERTIBLE IJARAH CONTRACT FOR SME FINANCING?: A SIMULATION APPROACH Dalimunthe, Zuliani; Syakhroza, Akhmad; Nasution, Mustafa E.; Husodo, Zaafri A.
Journal of Islamic Monetary Economics and Finance Vol. 5 No. 2 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i2.1070

Abstract

Islamic financial institutions have relied for decades on margin-based contracts to provide financing for the business sector, despite the basic idea that Islamic finance is expected to provide an equity-based or a profit and loss sharing (PLS) contract. This fact raises the need to encourage the use of a margin-based instrument with an innovative scheme that allows for conversion of the contract into a PLS-based contract. Moreover, we propose a convertible ijarah contract to fill this need. A convertible ijarah contract is an ijarah (rent) contract that is convertible to a PLS contract according to the Islamic financier’s decision. In this study, we simulate three scenarios of project financing with (a) murabaha as a margin-based contract, (b) musharaka as a PLS contract and (c) a convertible ijarah contract. The aim is to evaluate whether the convertible ijarah contract will provide a higher return for the financier compared to the other contracts. The main input of the simulation is nine sectors of Indonesian SMEs’ financial performance. We found that when the financial performance of Indonesian SMEs was measured by short-term financial performance, the convertible ijarah contract outperformed the murabaha contract for all sectors but did not outperform the musharaka contract, except for low-margin sectors. However, when the financial performance of Indonesians SMEs was measured by long-term economic performance, we found that the convertible ijarah contract outperformed the murabaha contract and musharaka contract for almost all sectors. Kami menemukan bahwa kontrak ijarah konversi mengungguli kontrak murabahah dan
ROSCAs THROUGH THE ISLAMIC COMMUNITY: AN ALTERNATIVE TO ENHANCING ENTREPRENEURSHIP AND WEALTH Pambekti, Galuh Tri; Yusfiarto, Rizaldi; Nugraha, Septy Setia
Journal of Islamic Monetary Economics and Finance Vol. 8 (2022): Special Issue: Islamic Social Finance
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i0.1371

Abstract

The purpose of the study is to analyse the influence of the motives and benefits of participation in Rotating Savings and Credit Associations (ROSCAs) on household wealth and entrepreneurship through mediating community commitment. Structural equation modeling (SEM) was used on the data collected using purposive sampling and a sample of 225 respondents in the provinces of East Java, Central Java, West Java, D.I. Yogyakarta, and D.K.I. Jakarta. The results show that ROSCAs have a direct effect on entrepreneurial intention and may affect household wealth. It is also concluded that ROSCAs can be an instrument of Islamic social finance, as their characteristics are not burdensome to members. They involve the principle of cooperation, and are not affected by interest rates or inflation. Acknowledgment The authors would like to thank Bank Indonesia Institute, Bank Indonesia, for the funding that made this study possible.
PERFORMANCE OF CONVENTIONAL, ISLAMIC, AND SOCIAL RESPONSIBLE INVESTMENT (SRI) INDICES DURING COVID-19: A STUDY OF INDONESIAN STOCK MARKET Hidayah, Nur; Swastika, Putri
Journal of Islamic Monetary Economics and Finance Vol. 8 No. 4 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i4.1483

Abstract

This paper investigates (i) the volatility of Indonesian Islamic, SRI, and Conventional equities, (ii) their serial correlation, and (iii) their dynamic correlation and relationship during the COVID-19 pandemic. Using MGARCH-DCC, our findings suggest that the Islamic index is most volatile but performs more efficiently than the others and exhibits no co-movement with Conventional and SRI during the Pandemic crisis. The study empirically shows the resilience and efficiency of the Islamic stocks in Indonesia during the Pandemic. These findings provide valuable and practical recommendations on portfolio diversification for investors and offers policy implications for regulators interesting in and dealing with impact or responsible investing. Acknowledgment The authors would like to thank KNEKS for the academic writing workshop series that made this study possible.
ISLAMIC BANK CUSTOMERS’ ADOPTION OF DIGITAL BANKING SERVICES: EXTENDING DIFFUSION THEORY OF INNOVATION Shaikh, Imran Mehboob; Amin, Hanudin; Noordin, Kamaruzaman; Shaikh, Junaid Mehboob
Journal of Islamic Monetary Economics and Finance Vol. 9 No. 1 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v9i1.1545

Abstract

This paper examines the factors that drive non-users of digital banking services rendered by Pakistani Islamic banks to adopt digital banking using the Diffusion theory of Innovation (DOI). We gather data from 208 Islamic bank customers who do not use digital banking services. Findings of the study reveal that adoption of digital services offered by Islamic banks are largely decided by relative advantage, technology self-efficacy and complexity. All the factors above are influential in determining the digital banking adoption by non-users. The finding serves as an essential input to banks and policy makers in expanding the adoption of digital banking services of Islamic banks. Acknowledgment The authors would like to thank Bank Indonesia Institute, Bank Indonesia, for the funding that made this study possible.
EVALUATING INDONESIAN ISLAMIC BANKING SCHOLARLY PUBLICATIONS: A DATA ANALYTICS Hassan, Muhammad Kabir; Hudaefi, Fahmi Ali; Agung, Ahmad
Journal of Islamic Monetary Economics and Finance Vol. 8 No. 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i3.1560

Abstract

This study employs bibliometric analysis to evaluate 443 scholarly works on the topics of Indonesian Islamic banking published on 194 academic platforms, and authored by 1049 scholars. The machine learning tools i.e., R Studio and VOSviewer were employed to analyse the Scopus’ bibliographical data automatically harvested from the database. We developed four research questions based on the theories that are fundamental to bibliometric study, i.e., performance analysis, citation and co-citation analyses, bibliographic coupling and social network analysis, to identify the most impactful manuscripts, scholarly journals, authors, and institutions of affiliation. We further established the discussion of the current issues in Indonesian Islamic banking topics from the keyword analysis and the bibliographic coupling. These findings derive some recommendations for future research. This study provides a supply of scholarly novelty in the assessment of Indonesian Islamic banking publications which are both practically and theoretically importance to regulators, academia and industry professionals. Acknowledgment The authors would like to thank Bank Indonesia for the funding that made this study possible.
ENVIRONMENTAL, SOCIAL, GOVERNANCE INVESTING, COVID-19, AND CORPORATE PERFORMANCE IN MUSLIM COUNTRIES Tekin, Hasan; Güçlü, Fatih
Journal of Islamic Monetary Economics and Finance Vol. 9 No. 1 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v9i1.1592

Abstract

We examine the impact of Environment, Social, and Governance–ESG investing on corporate performance of non-financial firms in Muslim countries during the pandemic. Employing the random effect panel model with 1,546 firm-year observations, we find that the ESG combined score and its pillars have significant influence on corporate performance during the COVID-19 period. Namely, the performance of firms with higher ESG is relatively less affected as compared to the performance of firms with lower ESG. We also note that firms in Malaysia and the United Arab Emirates with high ESG have better operational (financial) performance. Finally, from the sectorial perspective, health care and energy (consumer staples) firms with higher ESG have higher operational (financial) performance during the pandemic. Acknowledgment The authors would like to thank Bank Indonesia Institute, Bank Indonesia, for the funding that made this study possible.

Page 41 of 48 | Total Record : 476

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