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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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ISLAMIC FINANCING FOR RENEWABLE ENERGY IN INDONESIA: UNLOCKING POTENTIAL DEMAND FROM GCC INVESTORS Kasri, Rahmatina A.; Rulindo, Ronald; Sakti, Muhammad Rizky Prima; Rifqi, Muhammad; Yuniar, Adela Miranti
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.v10i2.1846

Abstract

This study examines the interest of Gulf Cooperation Council (GCC) investors in financing renewable energy (RE) projects in Indonesia using Islamic financing schemes. It employs a multi-criteria decision-making (MCDM) method and Analytical Hierarchy Process (AHP) model with expert respondents representing institutional investors from the GCC states. To validate and enrich the analysis, it also conducted Focus Group Discussion and additional interviews with industry players and Indonesian regulators. The main finding indicates that the return on investment is the most crucial factor in selecting appropriate RE projects, followed by risk and impact of the projects. Furthermore, while the GCC investors do not have sufficient knowledge about the potential and sources of RE in Indonesia, they consider the solar panel project as most preferable. Next, the study finds investment return, Shariah compliance and liquidity as the main criteria in choosing Islamic financing instruments, where equity-based are the most preferred instrument, followed by asset-backed securities and blended financing instruments. In addition, tax incentives, cross subsidy and feed-in-tariffs are the most preferred incentives needed by the investors. The additional interviews that we conducted further affirm these findings. The results are expected to provide insights for the Indonesian policy makers, particularly fiscal and financial/monetary authorities, and the GCC investors to invest in Indonesia for financing RE projects using Islamic financing schemes. Acknowledgment We gratefully acknowledge the support provided by Universitas Indonesia Research Grant. The grant facilitated the research presented in this paper, allowing us to conduct data collection and analysis as well as disseminate our findings to a wider audience.
SHARIAH COMPLIANCE OF BANGLADESHI ISLAMIC BANKS: DOES IT DIFFER ACROSS BANK MODALITIES? Rahman, Syed Mohammad Khaled; Chowdhury, Mohammad Ashraful Ferdous; Hossain, Md. Mofazzal; Islam, Fakrul; Mim, Tanvin Hossin; Nirjon, Nazmul Alam
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.v10i2.1887

Abstract

This study assesses the degree of Shariah compliance of different Islamic banking modalities in Bangladesh from the perspectives of investment clients, depositors, and bankers. It adopts a structured questionnaire developed based on AAOIFI standards to gather data from 392 respondents. ANOVA tests and t-tests are applied to identify significant Shariah non-compliance areas and differences in Shariah compliance scores among different Islamic bank modalities. From investment clients’ perspective, it is seen that in every mode of investment except Ijarah, Shariah is explicitly violated throughout the Islamic banking industry. Significant Shariah non-compliance is seen in Bai-Murabaha, Bai-Muajjal, cash memos, and receipt and disbursement of goods, while Shariah is complied with in contract documents and client dealings. Bankers view all aspects except financial charges for delay to be Shariah compliant. From the depositors’ perspective, Shariah non-compliance is observed in the non-disclosure of information. There is no significant difference in Shariah compliance level between full-fledged and non-full-fledged Islamic banks. These findings should prove useful as a reference point for Bangladesh Bank, Islamic banks, policymakers, depositors, investors, and regulators to address Shariah non-compliance areas to ensure adherence to Shariah standards. Acknowledgment The authors would like to thank SUST Research Centre, for the funding that made this study possible.
STABILITY OF SHARIAH-COMPLIANT STOCKS IN INDONESIA, MALAYSIA, AND GCC: THE ROLES OF MONETARY AND FISCAL POLICIES AND CONTAGION Loang, Ooi Kok
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.v10i1.1899

Abstract

This study examines the roles of monetary and fiscal policies and contagion in the market stability of Indonesia, Malaysia, and the Gulf Cooperation Council countries during the pandemic and post-pandemic periods from 2020 to 2023. We find that fiscal policy measures, such as reserve requirements and the government expenditure-to-GDP ratio significantly increase the market volatility during the pandemic. As for monetary policy tools, while they had limited effectiveness during the pandemic, they regained significance in stabilizing the markets post-pandemic. We also find that the patterns of market contagion patterns tend to vary across countries, with Qatar and Bahrain showing changing levels of contagion while Saudi Arabia, UAE, Kuwait, and Oman consistently displaying moderate to high contagion, the results that are in line with the adage, "when the U.S. sneezes, the global economy has a cold". The study's implications for managers and policymakers in Muslim-majority countries include robust risk management and contingency planning due to higher market contagion in economically integrated economies. Additionally, the limited impact of conventional monetary policies during the pandemic highlights the need to explore alternative approaches to enhance market stability during economic downturns.
THE EFFECT OF ISLAMIC FINANCIAL DEVELOPMENT AND HUMAN DEVELOPMENT ON INCOME INEQUALITY: DOES ISLAMIC FINANCE KUZNETS CURVE VALID IN THE OIC COUNTRIES? Kamalu, Kabiru; Wan Ibrahim, Wan Hakimah Bint
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.v9i4.1903

Abstract

Income inequality is evident in all countries regardless of the level of development or income status. Islamic financial system has Shariah-compliant financial instruments that, when properly utilized, can facilitate equitable income distribution in the OIC member countries. This study examines the effect of Islamic financial development and human development on income inequality in the OIC. The study also analyzes the validity of the Islamic finance Kuznets curve hypothesis. We employ FMOLS and DOLS estimators with data from 20 OIC member countries covering the period from 2012 to 2022. The results show that Islamic financial development and human development promote equitable income distribution. The findings also confirm the validity of the Islamic finance Kuznets curve hypothesis. Thus, to reduce the income gap in the OIC, Islamic financial institutions should expand further via for examples innovation in Shariah-compliant Islamic financial products and services. In addition, policymakers should prioritize policies and programs that can promote Islamic financing and improve human development in the OIC member countries.
PROFIT-AND-LOSS SHARING FINANCING, OPERATING EXPENSES, AND THE INTERMEDIATION COSTS OF ISLAMIC RURAL BANKS IN INDONESIA Robiatun NB, Fahmia; Susamto, Akhmad Akbar; Saleh, Samsubar
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.v10i2.1914

Abstract

This paper examines the effect of profit-and-loss sharing financing (PLS financing) and operating expenses on the intermediation costs of Islamic rural banks in Indonesia. Using a panel dataset of 147 Islamic rural banks over the period 2011-2021 and dynamic panel regressions, it shows that, in general, PLS financing exerts no significant influence on the Islamic rural banks’ intermediation costs, as measured by the net margin. Meanwhile, the operating expenses are significantly and positively affecting the banks’ net margin, the result that is robust to different regression specifications. Accordingly, the initiatives to promote PLS financing will, at least, not necessarily have a detrimental effect on the net margin. Operating expenses matter more, underscoring the need for serious efforts to improve the effectiveness of Islamic local banks’ cost management.
CORPORATE ATTRIBUTES AND BANKRUPTCY PREDICTION: THE CASE OF LISTED HALAL FOOD AND BEVERAGE COMPANIES Umar, Umar Habibu; Abduh, Muhamad; Besar, Mohd Hairul Azrin
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.v10i1.1928

Abstract

This study investigates the relationship between corporate attributes and the probability of bankruptcy among halal food and beverage companies in five countries: Indonesia, Malaysia, Pakistan, Saudi Arabia, and the United Arab Emirates (UAE). Analyzing data from 56 firms from 2008 to 2021 using static panel data method, we find that the working capital period (cash conversion cycle), leverage, and firm growth increase the probability of bankruptcy for these companies. In contrast, liquidity, profitability, and firm size reduce bankruptcy probability. The findings reveal essential firm attributes that can guide the management of halal food and beverage firms, relevant regulators, and potential investors in ensuring the firms’ long-term viability.
THE IMPACTS OF CASH WAQF LINKED SUKUK EMPOWERMENT PROGRAMS: EMPIRICAL EVIDENCE FROM INDONESIA Yumna, Aimatul; Masrifah, Atika Rukminastiti; Muljawan, Dadang; Noor, Feri; Marta, Joan
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.v10i1.1940

Abstract

This study analyzes the impact of Cash Waqf Linked Sukuk (CWLS) empowerment programs on beneficiaries’ welfare, financial inclusion, social participation, and spirituality. Using questionnaires administered to the beneficiaries and non-beneficiaries of the empowerment programs in Central Lampung, South Tangerang, Trenggalek East Java, and Bima Nusa Tenggara Indonesia, the study constructs three impact indicators: the welfare index, financial inclusion index, and social and spiritual index. The data are analyzed using the difference-in-difference (DiD) method, where the three impact indices are compared between the two groups of respondents in 2021 and 2022. We find that the CWLS empowerment programs improve the welfare and financial inclusion of beneficiaries but have no discernible effect on social and spiritual participation. However, the DID analysis reveals that the overall impacts of welfare, financial inclusion, and social and spiritual participation are not statistically different between beneficiaries and non-beneficiaries in 2021 and 2022. This study provides significant implications for policymakers and nadzir to enhance the impacts of CWLS on socioeconomic development and poverty alleviation. Acknowledgment This research was funded by Departemen Ekonomi dan Keuangan Syariah (DEKS), Bank Indonesia.
DO INVESTORS GET BENEFITS FROM CORPORATE GREEN SUKUK ISSUANCE Riaz, Tabassum; Selamat, Aslam Izah; Nor, Normaziah Mohd; Hassan, Ahmad Fahmi Sheikh
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.v10i3.1944

Abstract

This study evaluates whether investors benefit from green sukuk by examining the responses of stock returns to the announcements of corporate green sukuk (green Islamic bonds) issuance. Applying the standard event study methodology, it finds that stock returns respond positively and significantly to the announcements of green sukuk issuance, suggesting that investors perceive and react favorably to the announcement. This significantly positive response is observed both for the individual firm (through CARs) and for a sample of all firms (through CAARs). Thus, it can be concluded that investors benefit from the announcements of green sukuk issuance. Further, this study draws a comparative analysis of investors’ response to the announcements of corporate green sukuk and corporate green bond issuance, and the findings also show that investors respond positively to the announcements of green bond issuances. However, the investors’ response is slightly higher to the announcements of corporate green sukuk issuance compared to corporate green bonds, and the investors get slightly more benefit from green sukuk issuance as compared to green bond issuance. These finding inform policymakers for the formulation of strategies to attract investors by integrating green bonds with shariah principles to fund environment-friendly projects and consequently mitigate the climate change risk. ACKNOWLEDGEMENT This research was funded by University of the Punjab, Lahore-Pakistan under the Overseas Ph.D. Scholarship for faculty members.
THE ADOPTION OF ISLAMIC FINANCE BY CAMEROONIAN SME ENTREPRENEURS: ARE THERE GENDER DISPARITIES? Haruna, Ali; Kountchou, Armand Mboutchouang; Oumbé, Honoré Tekam; Wirajing, Muhamadu Awal Kindzeka
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.v10i3.1959

Abstract

The recent surge in the global asset value of Islamic finance has pushed Cameroonian policymakers to consider this mode of finance as an important element of the national financial inclusion strategy. This study examines the factors that influence the adoption of Islamic finance by SME entrepreneurs on the one hand and gender differences in adoption on the other hand in Cameroon, a non-Muslim-dominated African country. Based on a sample of 1,358 SME entrepreneurs, a simple logistic model is adopted to analyze the determinants of the decision to adopt Islamic finance while the Fairlie decomposition is afterward employed to test for gender disparities vis-a-vis the adoption of this mode of finance. Results of the logistic regression show that the need to abide by the Sharia law, awareness, attitude, intention, location, and gender positively and significantly affect the decision to patronize the Islamic mode of financing by Cameroonian SME entrepreneurs while subjective norms and age exert negative effects. The results of the Fairlie decomposition show that there exists a mean difference of 8% to the disadvantage of female entrepreneurs concerning the adoption of Islamic finance and that this gap is widened by religious motivation, awareness, intention, and location. Policymakers are encouraged to enhance the level of Islamic finance awareness of SME entrepreneurs, and the sharia compliance of Islamic finance institutions by obliging them to operate under the guidance of qualified sharia boards. These policies should be supported by the implementation of accompanying measures, such as the eradication of societal norms that restrict women's ability to use Islamic finance services.
HOW DOES ISLAM SUPPORT THE GREEN ECONOMY? A STUDY ON TURATH PERSPECTIVE Mirzal, Husnul; Zaki, Irham; Zusak, M Bastomi Fahri
Journal of Islamic Monetary Economics and Finance Vol. 10 No. 4 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v10i4.1962

Abstract

This study addresses how Islam supports a green economy using a thematic analysis of the turath. The results show that Islam strongly supports the implementation of the green economy. The green economy has been a part of Islamic teachings long before its conception in this modern era. In Islam, there are the four main goals of the green economy, namely creating an economy that is inclusive and fair, environmentally friendly, resources sustainable, and resources efficient. Islam can provide guidance and for solutions to all human problems, including those related to the economy and environment. As a policy recommendation, the Government and related parties can leverage on a religious approach to develop a green economy by for examples including Islamic values as well as involving Islamic institutions and Islamic figures in the National Green Economy Development Roadmap such that its goals can be better achieved.

Page 43 of 48 | Total Record : 476

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