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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 511 Documents
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Beyond Prohibitions: Unveiling the Hidden Dynamics of Islamic Economics and Finance Burhan Uluyol
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 1 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i1.2781

Abstract

Despite theoretical differences between conventional and Islamic finance, critics argue that Islamic finance remains operationally similar to conventional finance. This apparent convergence in substance has led to growing disillusionment among stakeholders, prompting calls for a reassessment of the objectives and principles underlying Islamic finance. The objective of this study is twofold: first, to conduct a comprehensive comparative analysis between Islamic finance and conventional finance, and second, to explore the hidden dynamics of Islamic economics and finance by investigating its special theoretical features. By conducting intensive library research and reviewing main studies in Islamic economics and Finance, this study examines the salient features of Islamic economics and finance. The study identifies several hidden dynamics, including the role of money as a medium of exchange, prohibition of debt securitization, financing real sector development, the role of Islamic finance in infrastructure development, and the impact of Shariah screening mechanisms on stock market crashes. By examining the salient features of Islamic Economics and Finance, this research aims to provide theoretical insights that will contribute to academic literature, while also guiding regulators and industry practitioners in innovating financial products that more authentically embody the ethical spirit of Islamic finance.
The Shariah-Compliant Risk Factor and Distress Risk: Evidence from the U.S. Stocks Olfa Ben Mdalla; Olfa Benouda
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 1 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i1.2788

Abstract

This paper tests the Shariah-compliant-augmented three-factor model (TFM) in the U.S. stock market from July 2005 to June 2024. In particular, we investigate whether the Shariah Compliant (SC) risk factor, measured as the difference in returns between the portfolio of non-Shariah-compliant (NSC) firms and that of SC firms, constitutes a systematic source of risk able to explain financial distress. We find that the SC risk factor is a major determining factor in pricing of stock portfolios classified by size, book-to-market and Shariah compliance, along with those of distressed and non-distressed firms. Additionally, we point out that the SC risk factor explains the cross-section of stock returns even when other financial distress risk factors are considered, suggesting that it contains significant distress-related information. Finally, we show that this risk factor is significantly related to innovations in term spread, which is consistent with Merton’s ICAPM explanation. Overall, the findings indicate that the SC factor represents a systematic, undiversifiable distress risk factor. These results have important implications for asset management using SC stocks, supporting an SC-augmented TFM to fairly value assets and suggesting that SC investment may provide protection against financial distress.
Consumer Insights on Halal Certification: Awareness, Perception, and Visibility as Key Determinants of Purchase Behaviour Mohamad Isa Abd Jalil; Siti Hajar Samsu; Debrina Puspita Andriani; Shariff Umar Shariff Abd. Kadir; Habib Ahmed
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 1 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i1.3086

Abstract

This study investigates consumer insights on halal certification in Malaysia by examining awareness, perception, visibility, trust, and purchase behaviour, with religious belief as a moderator. Using a non-probability purposive sampling method, 801 valid responses were collected and analysed with Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that perception and awareness significantly influence trust, while visibility has no significant effect. Trust and religious belief strongly predict purchase behaviour, and religious belief also moderates the relationship between trust and purchase. It should be noted, however, that the sample disproportionately represents Indigenous Sabah respondents, while Malay respondents—the national majority—are underrepresented. Therefore, the findings are context-specific and not generalisable to the entire Malaysian population. Despite this limitation, the study provides useful insights into consumer trust in halal certification and offers practical recommendations for practitioners, regulators, and policymakers, as well as theoretical contributions for future research. Acknowledgment This paper was supported by the Geran Penyelidikan Dana Kluster (DKP) Fasa 1/2023 (DKP0020). The authors gratefully acknowledge the financial support provided through this grant, which has facilitated the implementation of this research. The authors also sincerely thank the journal’s editors and reviewers for their valuable comments and suggestions that helped improve the quality of this paper.
Reassessing Attention to Fintech: Spillover Effects on Conventional and Islamic Financial Stocks Ahmad Al Izham Izadin; Ooi Kok Loang; Mohd Shahidan Shaari; Abdul Rahim Ridzuan; Sevenpri Candra
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 1 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i1.3300

Abstract

This study applies an integrated Quantile Vector Autoregression and Quantile Regression to examine spillover dynamics in the FinTech context. By analysing the period from 2019 to 2024, which includes significant events such as the COVID-19 pandemic, the 2023 banking crisis, and notable regulatory developments, the study captures nonlinear and asymmetric relationships between FinTech attention (ATFIN), FinTech stock performance (FINTS), and financial stock returns, for both conventional (FINS) and Islamic (IFINS) stocks. The findings suggest that ATFIN tends to respond to market movements during normal and bearish conditions, while it becomes a net transmitter during bullish periods, amplifying investor sentiment and speculative activity. Conventional financial stocks consistently emerge as strong transmitters of market spillovers, whereas Islamic financial stocks function mainly as receivers, especially during market upswings, indicating their potential role as a stabilizing force. These results contribute to the literature on behavioural finance and financial contagion by highlighting the asymmetric behaviour of FinTech attention across market regimes. The study also offers practical implications for regulators and institutional investors. Monitoring ATFIN may help identify speculative trends, while Islamic FinTech models could appeal to more risk-averse investment profiles.
Shari’ah Analytics of Arabic Currency Terms and Implications for Cryptocurrency Fahmi Ali Hudaefi; Muhammad Zakiy; Abdelkader Laallam; Fauzul Hanif Noor Athief; Muhamad Subhi Apriantoro
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 1 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i1.3328

Abstract

This study introduces Sharīʿah analytics, a novel methodological framework leveraging machine learning and big data analytics, to systematically analyze classical Islamic jurisprudential texts (furūʿ al-fiqh kitābs), and further assesses cryptocurrencies against the Islamic monetary principles. Sharīʿah analytics is done via computationally processing 55 texts across four Sunni and one Shia legal tradition, examining Arabic currency-related terms and their fundamentals to explain whether cryptocurrencies align with pre-modern juristic definitions rooted in physicality, standardization, and regional acceptance. Findings reveal that cryptocurrencies inherently diverge from classical criteria, e.g., weight-based valuation, intrinsic material purity, and communal consensus, interpreting them non-compliant with traditional Islamic currency frameworks. This approach advances Islamic monetary scholarship, offering a data-driven lens to reconcile ethical monetary principles with emerging digital economies. The study fills a gap in existing literature by systematically contextualizing cryptocurrency debates within primary juristic sources rather than relying on speculative analogies or fragmented scholarly opinions. Acknowledgment Fahmi Ali Hudaefi would like to thank Dr Haula Noor (Universitas Islam Internasional Indonesia) for introducing him to Islamicate Digital Humanities, which grounds the idea of Shariah analytics. This research received funding from the Deanship of Scientific Research, Vice Presidency for Graduate Studies and Scientific Research, King Faisal University, Saudi Arabia [KFU252890]. In addition, this research also received funding from Majelis Pendidikan Tinggi Penelitian dan Pengembangan (Diktilitbang) Muhammadiyah Risetmu Penelitian Reguler Batch IX [0259.1043/I.3/D/2025].  
The Role of Islamic Economics and Finance in the Era of Digital Transformation, Sustainable Growth and Geopolitical Uncertainty Perry Warjiyo
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 1 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i1.3463

Abstract

This paper is based on a keynote speech delivered at The 11th International Islamic Monetary Economics and Finance Conference (11th IIMEFC). As a keynote contribution, this article does not include a formal abstract.
The Impact of Corporate and Shari’ah Governance on the Risk Profile of Islamic Financial Institutions Muhammad Akmal; Syed Muhammad Abdul Rehman Shah; Awais ur Rehman; Muhammad Shehryar
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 2 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i2.2089

Abstract

This study analyzes the effects of corporate and Shari’ah governance on risk-taking practices in Islamic financial institutions in Pakistan. It also investigates the role of institutional quality in moderating these effects. A sample of 28 institutions over the period 2011–2022, including Islamic commercial banks, Takaful operators and Modarba companies, was utilized for the analysis. Applying the generalized method of moments (GMM) estimator, the results suggest that several individual characteristics of corporate governance and its index are significantly related to Shari’ah non-compliance and solvency risk. The findings also reveal that institutional quality significantly contributes to the lowering of risk. It is recommended that modern corporate and Shari’ah governance practices be adopted to manage both Shari’ah non-compliance and solvency risk.
Integrating Sharia and SRI Portfolio to Achieve Kaffah and Sustainability Farah Amalia; Ratno Agriyanto; Harjum Muharam; Andi Sri Wahyuni
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 2 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i2.2146

Abstract

This study explores integrating Sharia principles with Socially Responsible Investing (SRI) to achieve comprehensive Sharia values (kaffah) and sustainability for the case of Indonesia. Proposing screening criteria and forming a sustainable Sharia-SRI portfolio, the study compares its performance with Islamic-screened and conventional portfolios. Using shares from the Indonesian Sharia Stock Index (ISSI) and SRI-Kehati, and analyzing their daily closing prices for ten year period spanning from 2014 to 2023, the Wilcoxon Signed Rank Test reveals that the Sharia-SRI integrated portfolio yields higher returns than ISSI and SRI-Kehati over the long term. These findings suggest that integrating Sharia and SRI can address environmental and human rights issues, attract more investors, achieve kaffah and promote ethical investment practices.
Intention to Adopt Islamic Microfinance in the Gambia: The Mediating Role of Attitude Cherno Jallow; Mehmet Bulut
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 2 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i2.2283

Abstract

This study investigates the factors that influence existing and potential customers’ intention to adopt Islamic microfinance in the Gambia using the Theory of Planned Behavior (TPB). The study further examines the mediating role of attitude towards the intention to adopt Islamic microfinance. Collecting data from 350 respondents in the Gambia through a self-administered questionnaire, we analyze the relationships between TPB constructs and the intention to adopt Islamic microfinance using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results reveal significant relationships between TPB constructs and the intention to adopt Islamic microfinance. Further results show that awareness and knowledge significantly influence intention to adopt Islamic microfinance through the mediating role of attitudes. This research adds to the extant literature on Islamic microfinance by providing empirical evidence on factors influencing behavioral intentions. It extends the application of TPB to Islamic microfinance, offering valuable insights to policymakers and practitioners. Findings suggest that enhancing awareness and knowledge about Islamic microfinance can positively influence attitudes towards its adoption. In light of the findings, policymakers and financial institutions should focus on educational campaigns and information dissemination to promote Islamic microfinance as a viable financial inclusion tool.
The Impact of Service Quality on Halal Purchase Decisions: A Study of Customer Satisfaction and Word of Mouth Ejaz Aslam; Malik Shahzad Shabbir; Anam Iqbal; Mohammad Jaradat; Adeeb Alhebri; Salem Hamad Aldawsari; Syed Ahtsham Ali; Laila Refiana Said
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 2 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i2.2715

Abstract

This study empirically examines a mediated moderated mechanism to explain customer satisfaction with halal purchase intentions via word of mouth, grounded on Expectation-Confirmation Theory (ECT). Compiling data from purchasers of fast-moving consumer goods (FMCG) by means of structured questionnaires, we employ partial least squares structural equation modeling (PLS-SEM) to address the objective of the study. Our findings indicate that service quality reliability plays a pivotal role in influencing customer satisfaction. Likewise, the physical environment in which customers are provided services plays a decisive role in consumer fulfillment. This indicates that service excellence reliability also performs a crucial function in ensuring satisfaction among customers. Acknowledgment The authors extend their appreciation to the Deanship of Research and Graduate Studies at King Khalid University for funding this work through a large-group Research Project under grant number (RGP.2/66/47).

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