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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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The Role of Integrated Islamic Commercial and Social Finance in Reducing Income Inequality in Indonesia Arif Widodo
Journal of Islamic Monetary Economics and Finance Vol. 5 No. 2 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i2.1063

Abstract

Recent years saw the heated debates among prominent economists on the growing inequality in advanced economies, and accordingly, many solutions to this serious problem have been put forward. Among the practical-cum-workable solution is progressive taxation for wealth and income, especially the top one percent. Such a solution, however, has been implemented in Islamic perspective what so-called, zakah which is now referred to as social finance. In this paper, using the Gini coefficient data covering 34 provinces in Indonesia over a decade, we examine whether the role of social finance in tandem with commercial finance can adequately solve the problem of wealth distribution in Indonesia, one of the largest Democratic-Muslim countries in the world. Using the Generalized Method of Moments (GMM) model, the results demonstrated that Islamic commercial finance solely is proven statistically incapable of tackling inequality while the social finance (zakah) is performing very well in this matter over all specifications. Most importantly, when both are incorporated in a model, the result showed a significant reduction in income inequality implying that the integrated Islamic finance which can be implemented in both Islamic microfinance institution and Islamic banking is more capable, as opposed to when both are separated, of helping address the income inequality problem in Indonesia.
Monetary Policy Pass-Through, Excess Liquidity and Price Spillover: A Comparative Study of Conventional and Islamic Banks of Pakistan Muhammad Omer
Journal of Islamic Monetary Economics and Finance Vol. 5 No. 2 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i2.1064

Abstract

This study investigates the comparative pass-through of policy rate to the retail prices, spillover of prices between Islamic and conventional banking systems, and the impact of excess liquidity on these pass-throughs using data from interbank market of Pakistan. The results suggest that the monetary policy shock affect retail prices of Islamic banks similar to conventional banks, confirming the results of earlier studies. Moreover, there is a strong spillover between the prices of two systems; Islamic banks are following (leading) the conventional banks in pricing the lending (deposit) products. Islamic bank has acquired advantage in the deposit pricing by taping the religious depositors, which also may have promoted financial inclusion thereby contributing to the economic growth and improved income distribution in the society. Our findings suggest that the presence of excess liquidity have no effect on pass-through of policy rate in the Islamic system, which is contrary to the prevalent notion. However, excess liquidity significantly affects the spillovers of prices between the systems. These results support the hypothesis that the Islamic banks are investing in interest-based government securities indirectly via conventional banks. Our findings may help in enhancing the regulatory efficiency of the central banks and the conduct of the monetary policy in the countries where dual banking system exists.
The Integration of Islamic Commercial and Social Economy through Productive Waqf to Promote Pesantren Welfare Ratih Winarsih; Atika Rukminastiti Masrifah; Khoirul Umam
Journal of Islamic Monetary Economics and Finance Vol. 5 No. 2 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i2.1065

Abstract

A pesantren (Islamic boarding school) as an Islamic educational institution based on self-financing system has implemented waqf as a pillar of its development and become a potential waqf asset development. The productive waqf is considered as a key instrument for providing funds to actualizing its educational program. Since both productive waqf and pesantren emphasize sustainability, and since productive waqf can assist to support the process of education in pesantren, the study aims to investigate an integrated Islamic social and commercial economy model applicable in pesantren. This will ensure utilization of the combined resources of productive waqf and pesantren in promoting pesantren welfare. The study focuses on 263 operational chief, assatidz or teacher, musyrif, musyrifah or santri companion and santri or students in Pesantren in Java and Sumatra using. Structural Equation Modeling (SEM) adopted to examine the relationship among the five constructs i.e., productive waqf, business unit, project financing, human resource and pesantren welfare. While the reliability and validity are established, the structural relationship between the constructs reveals that the integrated model has a strong relationship with the pesantren welfare in many ways. In relation with business unit and profitable commercial activities, human resources have its significant role to assist pesantren tries its level best to realize developed productive waqf. Specifically, the result shows all five constructs have significant impact in promoting pesantren welfare, which suggests that the model as well as the instrument should be further implemented in pesantren.
Ibn Khaldun Model on Poverty: The Case of Organization of Islamic Conference (OIC) Countries Ahlis Fatoni; Sebastian Herman; Adam Abdullah
Journal of Islamic Monetary Economics and Finance Vol. 5 No. 2 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i2.1066

Abstract

If we consider the state of the world economy, especially in the OIC countries, some countries have to struggle in dealing with the problems of poverty. Hypothetically, the wealth of natural resources is potentially in the welfare of the population, but the facts on the ground say the situation is another in which it is far from being well-being. This study aims to analyze poverty in OIC countries by using a development model proposed by Ibn Khaldun. The model consists of six variables: human resource variable (proxy HDI), the variable role of government (proxy government spending in education and health), variable of development (proxy foreign direct investment), state assets variable (proxy for GDP/capita), justice variable (gini index proxy) and sharia variable (a proxy perception index of corruption). This study uses panel data regression analysis with nine object OIC member countries (Indonesia, Malaysia, Egypt, Azerbaijan, Kazakhstan, Tajikistan, Kyrgyzstan, Turkey and Benin) over the years from 2010 to 2016. The results showed that the variables of development model Ibn Khaldun significant effect on poverty in OIC countries is development variable, the variable role of government (proxy for government spending in health sector), justice variable, wealth nation variable and control variables (unemployment). While the role of government variable (proxy government spending in the education sector), HR variables and sharia variables not significant. From these studies, it can be concluded that not all the variables of development model Ibn Khaldun significant effect on poverty in OIC countries.
Customer-Perceived Value in Creating Customer Satisfaction and Revisit Intention in Sharia Hotels Fitranty Adirestuty
Journal of Islamic Monetary Economics and Finance Vol. 5 No. 2 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i2.1067

Abstract

The purpose of this study was to identify the relationship between Islamic service quality, Muslim Customer Perceived Value (MCPV), customer satisfaction, and revisit intention on sharia hotels in Bandung. A systematic random sampling was used to draw sample of 255 customers. The hotel includes Orange Home Sharia, Sharia Narapati Hotel, Cottage Daarul Jannah, Daarul Mutmainah, and MQ Guest House. This research used Structural Equation Modeling to measure the variables of service quality (Gayatri, 2013) and Muslims Customer Perceived Value (MCPV) (Eid and Gohary, 2015) to measure the perceived value variables. Eleven hypotheses were developed and tested using a sample of 255 Muslim tourists. Exploratory and confirmatory factor analysis was used to test the validity of the measures, while the structural equation modeling in hypotheses testing. The strength of the relationship between the constructs indicates that features of the suggested MCPV model are crucial to achieving Muslim customer retention in the tourism industry. Findings also suggest that the availability of the suggested Islamic attributes value, along with conventional value dimensions, could satisfy Muslim tourists when they buy a tourism package.
Classical and Contemporary Fiqh Approaches to Re-Estimating the Zakat Potential in Indonesia Maya Asfarina; Ascarya Ascarya; Irfan Syauqi Beik
Journal of Islamic Monetary Economics and Finance Vol. 5 No. 2 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i2.1068

Abstract

This study aims to re-estimate the potential of zakat in Indonesia based on the classical and contemporary fiqh approaches, as well as including optimistic and realistic scenarios with different assumptions. Under the classical fiqh approach, the potential amount of zakat was calculated based on the zakatable assets that have been agreed upon by all scholars, including only zakat on savings. Meanwhile, using the contemporary fiqh approach, the zakat potential was calculated based on a new classification of zakatable assets agreed by contemporary scholars after considering the issue of economic development, including professional (household) zakat, corporate zakat and zakat on savings. The results show that, based on the classical fiqh approach, the potential zakat amount is IDR 69.57 trillion, or equivalent to 0.56% of GDP under the optimistic scenario, and it is IDR 13.26 trillion, or equivalent to 0.11% of GDP, under the realistic scenario. Meanwhile, based on the contemporary fiqh approach, the potential zakat amount is IDR 216.54 trillion, or equivalent to 1.75% of GDP, under the optimistic scenario, and it is IDR 74.87 trillion, or equivalent to 0.60% of GDP, under the realistic scenario. The estimated zakat potentials are still significantly higher than actual zakat collection recorded. However, the results of classical approach under the realistic scenario (0.11% of GDP) is the closest to the real 2018 zakat collection of 0.05% of GDP, which could be the indication that most Indonesian Muslims follow classical fiqh approach in calculating their zakat maal obligation.
Financial Inclusions, Financial Stability, and Income Inequality in OIC Countries: A GMM and Quantile Regression Application Fatima Muhammad Abdulkarim; Hamisu Sadi Ali
Journal of Islamic Monetary Economics and Finance Vol. 5 No. 2 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i2.1069

Abstract

This paper examines the relationship among financial inclusion, financial stability, and income inequality in some selected Organization of Islamic Corporations (OIC) countries. Data were analyzed using dynamic panel estimation and quantile regression for 47 OIC countries during 2006 - 2016. The results of dynamic GMM reveal that financial inclusion has a positive and significant effect on both financial stability and income inequality. This implies that increased financial access helped narrow the gap between the rich and poor as well as provided financial stability in OIC countries. Therefore, policy makers should strive to design policies that will make financial services more available and affordable to the masses. Thus, it is safe to conclude that availability of both Islamic and conventional finances in OIC countries contributes positively to the development of the countries.
Developing an Islamic Financial Inclusion Index for Islamic Banks in Indonesia: A Cross-Province Analysis M. Mahbubi Ali; Muhammad Rizky Prima Sakti; Abrista Devi
Journal of Islamic Monetary Economics and Finance Vol. 5 No. 4 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i4.1098

Abstract

This study measures an Islamic financial inclusion index in Indonesia based on three dimensions, namely the accessibility, availability and usage of Islamic banking services. Additionally, it measures the relationship between the Islamic financial inclusion index and the human development index (HDI). The study found that the level of Islamic financial inclusion in Indonesia is relatively low at the national level. DKI Jakarta is the most financially inclusive province in Indonesia, followed by East Java and Nanggroe Aceh Darussalam. In contrast, East Nusa Tenggara has the lowest average Islamic financial inclusion index. The findings also revealed a positive correlation between the Islamic financial inclusion index and HDI. Those provinces with the highest Islamic financial inclusion index were also likely to have a higher HDI. The findings of the present study suggest that both policymakers and the Islamic financial industry should play a greater role in improving financial access to low-income segments, especially in the eastern part of Indonesia such as East Nusa Tenggara and Papua provinces.
Qard-Al-Hassan as a Tool for Poverty Alleviation: A Case Study of the Fael Khair Waqf Program in Bangladesh Farah Muneer; Foyasal Khan
Journal of Islamic Monetary Economics and Finance Vol. 5 No. 4 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i4.1100

Abstract

The central focus of the Islamic economic system is on socioeconomic justice and the overall welfare of society, especially at the bottom of the pyramid segment. Qard-al-Hassan, alongside zakat and sadaqah, is one of the instruments for the redistribution of income and wealth from the rich to the poor in Islam. In 2007, Bangladesh was struck by super cyclone SIDR, leaving 3,406 people dead. Moreover, SIDR caused unprecedented damage to homes, crops and livelihoods. The Fael Khair Waqf (FKW) Program came as a response to the urgent need to assist the victims of the cyclone and initiated an interest-free micro-loan (Qard-al-Hassan) scheme to restore the livelihoods of a large segment of the victims and to lift them out of poverty. While investigating the effectiveness of Qard-al-Hassan in poverty reduction, this paper also examines the FKW program as a case study. Analysis was conducted of 1600 households using an independent sample t-test and logistic regression to investigate to what extent the program has been effective in reducing poverty. The findings of the logistic analysis are that the probability of being poor for FKW participants is around 1.46 times lower than for non-participants. Moreover, the Qard-al-Hassan of FKW lowers the cost of borrowing significantly and hence participants can accumulate more assets, which might help them to improve their economic status. Overall, the effectiveness of the program implies that development practitioners and researchers should promote the outreach of Qard-al-Hassan so that the extreme poor can easily avail themselves of the services.
Do Internet Marketing Factors with Islamic Values Improve SME Performance? Rizaldi Yusfiarto; Galuh Tri Pambekti
Journal of Islamic Monetary Economics and Finance Vol. 5 No. 4 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i4.1101

Abstract

Internet marketing is regarded as the right business strategy for small and medium-sized enterprises (SMEs) in the current revolutionary era. This study aims to determine the impact of internet marketing factors on improving the business performance of SMEs using the Islamic perspective. Specifically, the aim of this study is to examine how the influence of landing pages, search engine optimisation and customer databases affects SME performance through internet marketing with Islamic values. Statistical testing was undertaken to build and test statistical models in the form of causal models, along with factor analysis, path analysis and regression. The analysis was therefore undertaken using the structural equation modelling (SEM) approach. The research project was conducted among the internet marketer community in Indonesia, with a sample of 245 business units based on the desired criteria. Analysis of the research results shows that the hypotheses in this study as a whole are accepted, from which it can be concluded that a business strategy that uses a combination of internet marketing aspects and Islamic perspectives can be a competitive advantage. This is especially true in the aspects of building consumer trust, categorising consumer preferences specifically and producing broad customer relationship solutions.

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