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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 484 Documents
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ESG Practices and Islamic Finance Principles During Geopolitical Uncertainty: A Methodologically Rigorous Test from Indonesian Capital Markets (2011–2024) Alwahidin La Pade; Amanda La Hadi; Alija Avdukic; Mohammad Nur Rianto Al Arif
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.v12i2.3109

Abstract

This study examines whether ESG and Shariah compliance has synergistic crisis buffers for Indonesian capital markets based on stakeholder theory and Islamic finance stability principles. Using 3,976 firm-year observations (2011-2024) and System-GMM estimation, we find no significant interaction effects of ESG and Shariah during geopolitical crises.  However, we identify four boundary conditions for the null findings: (1) market saturation (73.9% Shariah compliance erodes firm differentiation); (2) crisis specificity (systemic shocks transcend firm-level stakeholder adaptations); (3) parallel legitimacy (ESG and Shariah accommodate distinct stakeholder channels); and (4) measurement horizon (short-term returns overlook stakeholders' long-term value). Theoretically, we establish that stakeholder benefits depend on firm differentiation, and crisis type specificity—applicable to idiosyncratic, but not systemic crises. Practically, regulators should treat sustainable finance and Islamic finance as dual development pathways, and investors should use an ESG-Shariah framework to foster non-financial well-being during a crisis, not to seek return generation. Our contributions not only offer empirical boundary conditions for stakeholder theory in developing Islamic markets but also demonstrate how methodological factors influence values-based investing studies. The findings are contingent on our governance-centric ESG proxy, the elevated Shariah compliance percentage in Indonesian markets, and the short-term return-focused evaluation outcome.
A Framework of Zakat on Digital Assets in Malaysia: Perspectives of Millennials Hanudin Amin
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.v12i2.3242

Abstract

This study examines key factors influencing the acceptance of zakat on digital assets in Malaysia. It employs a modified Attitude-Social Influence-Efficacy (ASE) model and makes use of SmartPLS 4.0 to investigate the acceptance of zakat on digital assets among 440 millennial zakat payers. All factors derived from the ASE and the perceived fatwa legitimacy demonstrate significant relationships with the acceptance of zakat on digital assets. Our findings have practical implications. Namely, zakat institutions can enhance zakat on digital assets and utilisation by applying key concepts from the ASE model and considering the importance of fatwa legitimacy.
Climate Change Adaptation: Does Islamic Banking Play a Role? Nazrul Hazizi Noordin; Faaza Fakhrunnas
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.v12i2.3322

Abstract

This study examines the role of Islamic banking in advancing climate change adaptation. Applying fixed effects and System Generalised Method of Moments estimators to panel data from 29 dual banking countries from 1995 to 2021, we find that a one-standard-deviation increase in the share of Islamic banking assets is associated with a 1.773-point improvement in the climate adaptability index. When climate adaptation is decomposed into its two constituent dimensions, climate vulnerability and climate readiness, we find that Islamic banks contribute significantly to enhancing climate readiness, while their impact on reducing vulnerability is less pronounced. The contribution is particularly salient in countries where Islamic banking is systemically important, underscoring the significance of market penetration and institutional embeddedness. Additionally, Islamic banks are shown to have maintained a consistent, positive contribution to climate adaptation both before and after the adoption of the Paris Agreement in 2015. These findings underscore the normative alignment between the ethical foundations of Islamic finance and the environmental commitment of global communities. This study offers important policy implications, including the need for stronger regulatory support, deeper integration of Islamic finance within national climate strategies, and strengthened climate governance within Islamic banks. It also adds to the literature by providing new empirical evidence on the distinctive and evolving role of Islamic banking in supporting macro-level climate resilience.
Does Cybersecurity Influence the Impact of AI on Bank Risk-Taking? Evidence from Dual-Banking Countries Hasanul Banna; Masagus M. Ridhwan; Rudy Marhastari
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.v12i2.3476

Abstract

Using 5,806 bank–year observations from 17 Asian and African economies over the years 2012–2022, we examine how artificial intelligence (AI) adoption influences bank risk-taking and whether cybersecurity capacity moderates this relationship. We find that AI intensity is associated with higher risk-taking at prevailing adoption levels.  We also note that their relationship is concave, suggesting a shift from “risk-ramping” during early deployment to “discipline” as model governance and monitoring mature. We also find that stronger cybersecurity attenuates AI’s marginal risk effect. Heterogeneity is evident: conventional banks exhibit higher turning points, reflecting a longer risk ramp, whereas Islamic banks peak earlier, consistent with stricter governance structures and more risk-averse practices. Results are robust in various sensitivity analyses. The findings suggest that AI scaling in banking requires synchronized advancement in cybersecurity and a model-risk management framework, aligned with evolving supervisory doctrine on digital resilience and AI governance.

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