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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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THE COVID-19 LOCKDOWN EFFECTS ON MENTAL WELL-BEING AND RELIGIOSITY: EVIDENCE FROM INDONESIA Andariesta, Dinda Thalia; Ridhwan, Masagus M.; Rezki, Jahen Fachrul; Indira, Mutiara Helga
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.v9i1.1609

Abstract

We investigate the effects of COVID-19 lockdowns on frequency of online search on mental well-being and religiosity-related terms in Indonesia using high-frequency data from Google Trends and Bank Indonesia Consumer Survey from January 1st, 2018, to February 28th, 2021. Monthly search terms and consumer survey data are merged at the provincial level, which results in a total of 131,300 individual observations. Using event analysis and instrumental variable approaches, our study suggests that lockdown policy is significantly associated with higher search intensity of mental well-being and religiosity-related terms compared to the pre-lockdown period. Our findings suggest that mentally disturbed people tend to lean on religion to cope with stressful events during a crisis. Our study has substantial policy implications on ensuring appropriate government interventions that minimize the detrimental effect of COVID-19 on mental well-being. Acknowledgment We are grateful to Bank Indonesia's Department of Statistics for helping us to provide the survey data.
MUSLIM WOMEN SWITCHING INTENTION TO HALAL COSMETIC: PUSH-PULL-MOORING MODEL APPLICATION Pambekti, Galuh Tri; Nugraha, Septy Setia; Yusfiarto, Rizaldi
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.v9i2.1633

Abstract

This study focuses on the factors that contribute to switching intentions from non-halal cosmetics to halal cosmetics by Muslim women in Indonesia. Using a questionnaire and purposive sampling, we compile data from a total of 236 women who use halal cosmetics and then apply the SEM-PLS for data analysis. The results show that the pull effect significantly affects Muslim women's intention to switch to halal cosmetics and is moderated negatively by switching costs. By contrast, the push effect doesn’t significantly affect the intention to switch to halal cosmetics. In addition, halal awareness and switching costs directly affect Muslim women's switching intentions from non-halal to halal cosmetics. Acknowledgment The authors would like to thank Bank Indonesia Institute, Bank Indonesia, for the funding that made this study possible.
SHARI'A SUPERVISORY BOARD AND ISLAMIC BANKS’ INSOLVENCY RISK Umar, Umar Habibu; Abduh, Muhamad; Besar, Mohd Hairul Azrin
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.v9i3.1635

Abstract

This study examines how the characteristics and quality of Shari'a supervisory board (SSB) influence the insolvency risk of Islamic banks. It employs unbalanced panel data of 43 Islamic banks in 15 countries between 2010 and 2020, which are hand-collected from the banks’ annual reports. The results indicate that the SSB quality index, SSB Islamic finance professional expertise and SSB competency increase insolvency risk while the SSB members with PhDs reduce it. Meanwhile, SSB size, SSB meetings, SSB gender diversity (SSBG) and SSB members from foreign countries have no significant influence on the insolvency risk. These findings have implications for policymakers and regulators in carving policies and regulations in restraining the SSB from taking excessive risk. They can also guide the Islamic banks' board of directors and shareholders in appointing the SSB members. Acknowledgment The authors are grateful to the Bank Indonesia Institute and Bank Indonesia for the honorarium given after the publication.
HOW DO CORPORATE SUSTAINABILITY AND PANDEMIC AFFECT CASH HOLDINGS IN MUSLIM COUNTRIES? Tekin, Hasan; Burgazoglu, Huseyin
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.v8i4.1649

Abstract

We investigate how corporate sustainability (Environmental, Social, and Governance-ESG) influences cash holdings of non-financial firms in Muslim countries from 2003 to 2021. Using panel models, we find that firms with lower ESG hold more cash over the entire period, which aligns with the agency and precautionary motives of cash holdings. We also note that the negative relation between ESG and cash holding is not affected by the COVID-19 pandemic. Looking at individual countries in the sample, we note a positive relation between ESG and cash balances for Saudi Arabia. Meanwhile, similar to the full sample, their relation is negative for firms from Malaysia and Turkiye. Finally, the ESG and cash policies of firms in different industries tend to vary. Overall, firms in Muslim countries use cash holdings as a substitute for corporate sustainability without any changes in the COVID era. Acknowledgment The authors would like to thank Bank Indonesia Institute, Bank Indonesia, for the funding that made this study possible.
MEASURING THE EFFICIENCY OF WAQF FUND IN INDONESIA Rusydiana, Aam Slamet; Sukmana, Raditya; Laila, Nisful
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.v8i0.1650

Abstract

This research measures the efficiency of waqf funds managed by philanthropic institutions in Indonesia using the Data Envelopment Analysis (DEA) approach over the 2013-2021 period. The unit of analysis consists of nine philanthropic waqf institutions. In the measurement of efficiency, the study takes human resource expenses and operational costs as inputs and collection and distribution of waqf funds as outputs. The findings indicate that the efficiency of philanthropic organizations in handling waqf funds varies from year to year between 2013 and 2021. The paper also notes that the Covid pandemic has no substantial impact on the efficiency of the waqf institutions. Interestingly, regional institution clusters are more efficient than mass organization and national institution clusters. Acknowledgment The authors would like to thank the Faculty of Economics and Business, Airlangga University, Indonesia, for the support that made this study possible
FINANCIAL SUSTAINABILITY OF A FIRM: DEBT-BASED OR EQUITY-BASED FINANCING TO PURSUE? Sha'ari, Umul Ain'syah; Hamzah, Siti Raihana Bt; Kamil, Karmila Hanim
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.v9i2.1653

Abstract

This study examines the potential of utilizing equity-based financing by companies in achieving financial sustainability as compared to debt-based financing. To this end, a conceptual framework of equity-based financing over debt-based financing is developed to provide an understanding of the concept of equity-based financing. Subsequently, this study analyses the credit risk exposure between equity and debt for selected sectors in Malaysia. More specifically, a Monte Carlo method is employed to examine the feasibility of the equity-based financing model in fostering the financial sustainability of companies through simulation of equity-based and debt-based financing models from the global financial crisis (GFC) period to the Covid-19 phase. This study finds that equity-based financing can reduce credit risk exposure when returns are tied to the company’s performance. The findings also show that equity-based financing can achieve financial sustainability regardless of any economic events. To conclude, equity-based financing can thus be a viable capital financing option for companies because it can contribute to long-term financial sustainability. Acknowledgment The authors would like to thank the Department of Higher Education, Ministry of Education Malaysia, for the funding that made this study possible.
ASSESSING THE VIABILITY OF MUZA’RAH AGRO FINANCING AS A SUSTAINABLE SOLUTION FOR SMALL-SCALE FARMERS: A CASE STUDY FROM PAKISTAN Hamza, Sahibzada Muhammad; Shirazi, Nasim Shah
Journal of Islamic Monetary Economics and Finance Vol. 10 No. 2 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i2.1729

Abstract

The interplay between the Muza’rah (Sharecropper) agro-financing structure and its impact on rural income and rural poverty alleviation constitutes a multifaceted phenomenon. In this study, we seek to understand of the relation between Muza’rah agro-financing structure and rural income and the mediating role of national agricultural output for the case of Pakistan, a predominantly Muslim country characterized by a well-established Islamic banking and finance infrastructure. Using data from the Pakistan Social and Living Standard Survey (PSLM), the research reveals that the rural per capita income is significantly and negatively related to the Muza’rah agro-financing structure, which is further strengthened by the level of the national agricultural output. The finding underscores the importance of nuanced understanding for policymakers and practitioners engaged in poverty alleviation efforts, emphasizing the need to consider contextual variables and a nation's developmental status when designing interventions to improve rural livelihoods.
IS ISLAMIC BANKING PERFORMANCE IN MALAYSIA TRULY BETTER THAN INDONESIA? Naja, Abdul Hakam; Indiastuti, Rina; Masyita, Dian; Cupian, Cupian
Journal of Islamic Monetary Economics and Finance Vol. 9 No. 4 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v9i4.1784

Abstract

This article analyzes the performance of Islamic banking in Malaysia and Indonesia using a comprehensive evaluation framework. Malaysia is known for its leading role in Islamic finance, while Indonesia has faced criticism for slower growth. The study argues that assessing Islamic banking performance solely based on financial metrics is insufficient and proposes a broader framework based on the Maqasid Shariah (objectives of Islamic law) for a more objective standard. Using data from 2010 to 2019, the study constructs a Maqasid Shariah Index of Islamic Bank (MSI-iB) and adopts a T-test as well as a panel data model to evaluate their performance. The index includes five sub-indices representing different aspects of the Maqasid Shariah framework. Results show varied scores among Islamic banks in both countries with no statistical difference between the two countries, but with Indonesia leading in religiosity and intellectuality dimensions and Malaysia leading in the posterity dimension. These results challenge the perception that Malaysia's Islamic banking performance is inherently superior to Indonesia's based solely on financial metrics. Considering the Maqasid Shariah framework is crucial to evaluating Islamic banking performance, highlighting the significance of non-financial indicators. The study concludes that a comprehensive perspective is necessary, incorporating both financial and non-financial factors, to assess overall performance.
THE INFLUENCE OF FINANCING MODEL AND CREDIT RISK ON FINANCIAL STABILITY (STUDY OF ISLAMIC RURAL BANKS IN JAVA ISLAND) Addury, Multazam Mansyur; Ramadhani, Aprilia Kinasih Putri
Journal of Islamic Monetary Economics and Finance Vol. 10 No. 3 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i3.1788

Abstract

This study examines the impact of profit-sharing financing and profit-margin financing on financial stability of Islamic Rural Banks (IRBs) in Java Island and incorporates credit risk as an intervening variable. Utilizing a panel dataset of 90 registered IRBs operating in Java Island from 2011 to 2021 and applying path analysis, we find that profit margin financing has a significant negative impact on the financial stability of IRBs, both directly and indirectly through its association with credit risk. In contrast, profit sharing financing shows a positive and significant direct effect on financial stability. This result implies that profit margin financing may pose a greater risk to the financial stability of IRBs than profit-sharing financing. The study highlights the need for IRBs to carefully manage their financing strategies, taking into consideration the potential risks associated with profit margin financing. Effective risk management practices are crucial for mitigating credit risk and ensuring the overall stability of IRBs. The research emphasizes the importance of a selective approach in providing profit-sharing financing to mitigate potential risks. It also underscores the significance of striking a balance between profitability and credit risk management to ensure the long-term stability of IRBs.
REVISITING THE DYNAMIC CONNECTEDNESS, SPILLOVER AND HEDGING OPPORTUNITIES AMONG CRYPTOCURRENCY, COMMODITIES, AND ISLAMIC STOCK MARKETS Mezghani, Taicir; Rabbani, Mustafa Raza; Trichilli, Yousra; Abbes, Boujelbène
Journal of Islamic Monetary Economics and Finance Vol. 10 No. 1 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i1.1813

Abstract

The study investigates the dynamic interconnections and opportunities for hedging among cryptocurrency, commodity, and Islamic stock markets using DCC-GARCH and Spillover connectedness models. Using daily data covering the Russia-Ukraine war and COVID-19 outbreak from December 1, 2019 to April 15, 2022, we document weak and frequently negative correlation between Bitcoin and Islamic stock markets. Thus, Bitcoin could be viewed as a haven from Islamic stock market losses. The results also indicate that Bitcoin's diversification benefits are normally steady and increase considerably during turbulence. Furthermore, the net return spillovers from the Bitcoin market remain above zero during most of the study period. We also find that utilizing Bitcoin as a hedge during the COVID-19 pandemic phase leads to higher expenses. The outcomes of this investigation are expected to carry substantial ramifications for Indonesian investors and portfolio managers who adhere to Shariah law since they will enable them to comprehend the advantages of diversifying portfolios across various periods of stock holding or investment horizons.

Page 42 of 48 | Total Record : 476

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