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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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SHARIAH RISK FACTOR AND STOCK RETURN IN THE INDONESIAN STOCK MARKET DURING COVID-19 AND THE RUSSIA-UKRAINE CONFLICT Dharani, Munusamy; Hassan, M. Kabir; Hermawan, Danny
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.v10i1.2020

Abstract

Using a sample of 544 Indonesian stocks, we examine the performance of the Shariah and non-Shariah stocks from 2018-2023. Employing panel regressions to investigate the impact of the Shariah investment principles on the average stock returns, we observe a positive relationship between the Shariah firms and average stock return in the market. Consequently, the study forms the Shariah and non-Shairah portfolios and analyzes their performance using the asset pricing model. We document evidence that the Shariah portfolio provides a higher abnormal return than the non-Shariah portfolio. Further, we report that the Shariah portfolio provides a higher abnormal return than the non-Shariah portfolio after controlling COVID-19 and the Russia-Ukraine war. Finally, we create the Shariah risk factor and conclude that it is one factor that explains the deviation in the stock return in the Indonesian stock market. The study recommends that policymakers consider this factor to derive the cost of equity, discount rate, and cost of capital.
CONSUMERS' BEHAVIOURAL INTENTION TO ADOPT SHARI’AH-COMPLIANT DIGITAL GOLD PLATFORM IN MALAYSIA: EXTENSION OF UTAUT MODEL Hamdan, Nur Hazirah binti; Kassim, Salina binti; Nik Azman, Nik Hadiyan; Abd Rahman, Noor Amira Syazwani Binti
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.v11i1.2035

Abstract

The advancement of technology has resulted in the emergence of digital platforms, such as digital gold platforms, as alternative channels for retail investment. In this study, we investigate factors that influence consumers’ behavioural intentions towards a Shari’ah-compliant digital gold platform in Malaysia. The study incorporates trust and Shari’ah-compliance as constructs in the extended UTAUT model. Gathering data from 130 respondents and applying SmartPLS 4.0 for data analysis, the study documents the significance of performance expectancy, effort expectancy, trust, and Shari’ah-compliance. Meanwhile, facilitating conditions and social influence turn out to be insignificant. The study notes that feeling safe, secure, and transparent as well as having Shari’ah-compliant features are crucial factors that influence consumer intention to adopt the Shari’ah-compliant digital gold platform in Malaysia. It is also critical to be aware of the services provided by Shari’ah-compliant providers and financial institutions by utilising the social network within the Shari’ah-compliant finance sphere. ACKNOWLEDGEMENT The second author (Nik Hadiyan Nik Azman) would like to Acknowledge “Ministry of Higher Education Malaysia for Fundamental Research Grant Scheme with Project Code: FRGS/1/2021/SS01/USM/03/1”.
BOARD OVERSIGHT AND DIVIDEND POLICIES IN MALAYSIAN SHARIAH-COMPLIANT COMPANIES Jamadar, Yasmin; Tabash, Mosab I.; Hossain, Mohammad Imtiaz; Shahriar, Mohammad Shibli
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.v10i2.2066

Abstract

A stable dividend policy is often in the best interests of both the company and its shareholders. Considering the importance of dividend policy, we examine the determinants of dividend payment in Malaysian Sharia-compliant listed firms and the moderating role of board directors. To this end, we apply a static-panel model using data of Malaysian Shariah-compliant listed firms from 2014 to 2020. We find that ROA (Return on Asset) and Price-Earnings ratio (PER) have a significant positive impact on the dividend payout ratio (DPR). On the other hand, NAV (Net Asset Value) shows a negative and significant relationship with the DPR. Our findings also reveal that the board of directors significantly and positively influence the decision to pay dividends. The findings of the study hold significant importance for corporations in determining a suitable dividend policy that can ensure the sustainability of a consistent dividend payout and ensure their organization's financial stability, particularly in Malaysian-listed Shariah-compliant firms.
STRENGTHENING ZAKAH COMPLIANCE AMONG INDONESIAN MUSLIMS THROUGH THE ROLE OF INSTITUTIONAL CAPABILITIES Razak, Syaparuddin; Nasuka, Moh.; Syahabuddin, Syahabuddin; Arsyad, Kamaruddin; Darwis, Muh.
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.v10i3.2081

Abstract

This study examines the mediating role of institutional capabilities in the complex interplay between zakah regulation, leadership, and entrepreneurial competencies, aiming to understand their collective impact on the augmentation of zakah compliance. To this end, a questionnaire was distributed to 833 Indonesian Muslims who actively contribute zakat to official institutions, and the data are analyzed using partial least squares structural equation modeling. The findings underscore the pivotal role of institutional capabilities as a mediator between zakah regulation, leadership, and entrepreneurial competencies, with entrepreneurial skills exerting the most notable influence on zakah compliance. Further, perceived taqwa emerges as a robust influencer of compliance, while zakah regulation demonstrates a dual impact on both compliance and institutional capabilities. Additionally, the study advocates for prioritizing the development of entrepreneurial competencies within zakah institutions, aligning regulations with institutional growth, and nurturing perceived taqwa to fortify zakah compliance on a global scale. Departing from conventional approaches, this study adopts an innovative method by evaluating the efficacy of zakat institutions through institutional capabilities, particularly focusing on entrepreneurial competencies. The introduction of institutional capabilities as a mediating factor signifies a departure from the traditional framework, providing a novel perspective on the evaluation of resource reallocation and strategic direction.
EXCHANGE RATES AND STOCK MARKET DYNAMICS: ISLAMIC VERSUS CONVENTIONAL FINANCIAL SYSTEMS El Khoury, Rim; Alshater, Muneer M.; Alqaralleh, Huthaifa
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.v10i3.2096

Abstract

This study investigates the changes and persistence in dynamic connectedness between stock market performance and exchange rate fluctuations, comparing conventional and Islamic financial systems. With an eye on a global financial landscape characterized by the integration of capital markets and the adoption of floating exchange rate regimes, it examines the effects of exchange rate variations on the dynamics of the stock market in nine different countries - the United Kingdom, Australia, Japan, Singapore, Canada, China, India, Korea, and South Africa. The study employs daily data spanning from November 2015 to July 2023 and uses a comprehensive analysis of three-step methodology, including nonparametric causality-in-quantiles tests, asymmetric slope Conditional Autoregressive Value-at-Risk (CAViaR), and Time-Varying Parameter Vector Autoregressive (TVP-VAR) Connectedness measure. Our results underline the asymmetric impact of exchange rate fluctuations on stock markets and highlights the distinctive characteristics of Islamic financial markets. Comparing Islamic and conventional stock markets in the context of exchange rate fluctuations, this study not only serves to fill a gap in the existing literature but also emphasizes the significance of currency exchange rate swings for global investors, policymakers, and practitioners trying to understand the intricacies of global financial markets.
A MAQASID-BASED WELFARE INDEX IN INDONESIA: AN EMPIRICAL INVESTIGATION Suliswanto, Muhammad Sri Wahyudi; Mahyudi, Mohd; Barom, Mohd Nizam
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.v11i1.2098

Abstract

Acknowledging the importance of having an alternative welfare measurement to the prevailing material-based conventional welfare index, this study formulates a maqasid-based welfare index that encapsulates the material, spiritual, and social needs of individuals and then calculates the index for all regions in Indonesia. Our proposed index is based on a comprehensive set of maqasid indicators and on appropriate weighting of each maqasid indicator to arrive at the index scores for all regions in the country. From the results, four provinces in Indonesia are at the high level of Maqasid-based welfare. They are Aceh, Nusa Tenggara Barat, Gorontalo, and Sulawesi Barat. Meanwhile, twenty-five provinces are at the medium range of welfare. The index we compute for each region should prove useful as it would allow policymakers to tailor welfare strategies to each province’s strong and weak areas of the maqasid al-shariah. ACKNOWLEDGEMENT Special thanks to Universitas Muhammadiyah Malang and International Islamic University Malaysia for their research support and valuable resources provided throughout this study.
Accelerating Digitalization in the Sharia Economy and Finance for Inclusive and Sustainable Growth in the Post-Pandemic Recovery Warjiyo, Perry
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.v10i1.2103

Abstract

This paper is based on a keynote speech delivered at The 9th International Islamic Monetary Economics and Finance Conference (9th IIMEFC). As a keynote contribution, this article does not include a formal abstract.
IMPACT OF LIQUIDITY CREATION ON REAL ECONOMIC OUTPUT: EVIDENCE FROM FULL-FLEDGED ISLAMIC BANKS AND HYBRID CONVENTIONAL BANKS Ismail, Izlin; Bacha, Obiyathulla Ismath; Mantai, Mohammed Mahmoud
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.v10i2.2147

Abstract

We examine the impact of the liquidity creation of Full-fledged Islamic Banks (FIBs) and Hybrid Conventional Banks (HCBs) on real economic output for a sample of 10 countries over the 11-year period from 2012–2022. Using the Feasible Generalized Least Squares (FGLS) framework, we show that both FIBs and HCBs liquidity creation per capita impact real economic output positively. However, HCBs have a greater impact on real economic output than FIBs. These results are statistically and economically significant. We further examine the impact of the liquidity created by both banking systems during the COVID-19 pandemic. Interestingly, for both bank types, liquidity creation has a negative impact on real output during the COVID-19 pandemic. However, in terms of magnitude, the negative impact is more pronounced for the HCBs. We also observe a non-linear impact of liquidity creation on real output, where the non-linearity is more pronounced among the HCBs. As for policy, our results imply that governments should incentivize FIBs to expand their scope and engage more in greenfield financing to have greater impact on real economic output.
ISLAMIC FINANCIAL INCLUSION AND ECONOMIC GROWTH IN OIC COUNTRIES: PANEL QUANTILE REGRESSION ANALYSIS Ameziane, Massinissa
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.v10i3.2150

Abstract

This study examines how Islamic financial inclusion contributes to economic growth across different quantiles within the OIC countries. Sarma’s method is used to construct a novel index of Islamic financial inclusion (IIFI) and a quantile regression with fixed effects approach is applied to data spanning the period 2015 to 2020 from 25 OIC countries. The findings reveal that Islamic financial inclusion contributes positively to economic growth in the OIC countries across different segments of the GDP per capita with the impact being consistent across all segments. By expanding the network of Islamic banks and enhancing the technological infrastructure for financial access, policymakers can harness the transformative potential of Islamic finance to promote sustainable economic growth and development in the OIC countries.
RESEARCH STATUS AND PROSPECTS OF SHARIAH COMPLIANCE IMPACT ON FIRM RISK, PERFORMANCE AND RESILIENCE Touti, Nihal; Alaoui Taïb, Asmâa
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.v10i4.2152

Abstract

This article performs a bibliometric analysis on the impacts of Shariah compliance on firms’ risk, performance, and resilience. Using Scopus database, a total of 1063 documents have been identified and analyzed utilizing VOSviewer. In the analysis, we evaluate co-authorship, keyword co-occurrence, and citation to identify influential authors, countries, and sources. The findings reveal a consistent increase in publications, particularly noticeable from 2014 onwards, indicating a growing interest in this research domain. Notably, the study highlights the pivotal role of Shariah compliance in enhancing corporate governance, financial risk management, and sustainable development, thus directly impacting the risk, performance, and resilience of firms. Globally it seems that by adhering to Shariah principles, firms can mitigate risks effectively, enhance their performance, and strengthen their capacity to withstand market fluctuations and economic uncertainties, thereby improving their overall resilience. These findings underscore the global significance of Shariah-compliant finance and emphasize the imperative for further research to deepen the understanding of its implications for firms.

Page 45 of 48 | Total Record : 476

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