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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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Modelling a Sustainability Model of Islamic Microfinance Institutions Yuli Indah Sari; Widiyanto bin Mislan Cokrohadisumarto
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.v5i4.1127

Abstract

Islamic microfinance institutions (IMFIs) – such as Baitul Maal wat Tamwil (BMT - with cooperative legal entities), established in Indonesia as part of the shariah-compliant financial industry sector (part of the halal sector) – need to maintain their sustainability in order to encourage poverty alleviation and economic growth. In observing the sustainability of BMT, there has been relatively little research involving aspects of the quality of the human resources that carry out internal activities. Therefore, the aim of this study is to create a model that is useful for predicting the sustainability of IMFIs, especially BMT, based on variables that are considered important, namely financing growth, Islamic human capital, fraud and Islamic leadership. The model was analysed using multiple regression analysis based on the stepwise method. The primary data (cross-sectional) were obtained in 2019 using questionnaires completed by 105 respondents comprising the administrators and managers of BMTs in Semarang and Pekalongan, Central Java, Indonesia. We found that only two variables have a significant influence on the sustainability of IMFIs: financing growth and Islamic human capital. Practitioners can apply the results of the study to improve the performance of Islamic microfinance, especially BMT, through the distribution of funding in the context of economic improvement (especially micro-enterprise), spiritual strengthening for human resources, risk prevention and appropriate leadership criteria.
Sharia-Compliant Credit Card Exposure and Utilisation in the Growing Digital Economy Laily Dwi Arsyianti; Adelia Adelia
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.v5i4.1138

Abstract

Many cashless payment tools have been introduced into the Indonesia market in the form of electronic money cards. The Sharia-compliant credit card is a traditional electronic payment tool, but is provided by only two Islamic finance institutions among the many in Indonesia. The increase in Sharia-compliant credit card transactions over time may mean banks are exposed to non-performing risk. Customer behaviour varies in the use of such cards, and this may cause unpredicted results with regard to card performance. Therefore, the purposes of this study are: 1) to identify the behaviour of Sharia-compliant credit card users and 2) to analyse the factors which influence this behaviour. The primary data were gathered by distributing questionnaires with a total sample of 170 respondents and were analysed by employing structural equation modeling. The research shows that gender, age, and education influence perceived behaviour control, and that expenditure influences subjective norms. Customers’ attitudes, subjective norms and perceived behaviour control are proven to influence their intentions, while customers’ intentions, perceived behaviour control and income influence their behaviour when using Sharia-compliant credit cards. For further sustainable inclusive growth, issuers should pay attention to education for specific audiences.
Proving Al-Maqrizi’s Concept of the Determinants of Inflation: Cross Border Analysis Nashr Akbar; Abdul Wahid al Faizin
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.v5i4.1142

Abstract

This research discusses the determinants of inflation according to Al-Maqrizi, one of Ibnu Khaldun’s disciples. He argued that inflation is caused by natural and human error factors; the latter include government corruption and the excess supply of non-metal money. This study conducts a critical review of the work of al-Maqrizi, ighatsatul ummah bi kasyfil ghummah, supported by a panel data regression of cross-country data related to rates of inflation, rates of corruption and the number of natural disasters. The empirical data show that the rate of inflation is positively related to human error factors: corruption, tax and money supply. The results indicate the relevance of al-Maqirizi’s postulates to the modern day economy. However, natural disasters are not proven to be a significant factor for inflation at the country level. This paper contributes to the importance of the study of classical Muslim scholars’ thinking in order to understand current economic problems and ways of solving them.
Big Data Algorithms and Prediction: Bingos and Risky Zones in Sharia Stock Market Index Shahid Anjum; Naveeda Qaseem
Journal of Islamic Monetary Economics and Finance Vol. 5 No. 3 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i3.1151

Abstract

Each country with a stock exchange normally calculates various indexes. So is the case for Malaysia’s Kuala Lumpur Stock exchange (KLSE). FTSE BURSA Malaysia EMAS Sharia price index (FTBMEMA) is one of its Sharia indexes. In an effort to find which other indices may forecast this Sharia index, we selected 23 relevant indexes and two exchange rates. Momentum indicators for short, medium and long term have been calculated for the variables. The objective of this study is to find predictive indicators for FTBMEMA out of the population of 188 original and derived variables. Difficulty arises in reducing the number of variables for regression or other predictive models like neural networks. In this preliminary study, data mining attribute selection algorithms along with cross validation criteria have been used, through the use of Java class library Weka (JCLW), for reducing the number to statistically relevant variables for our regression estimation in an effort to forecast various performance parameters for FTBMEMA like performing either in a mean performance range, having jackpots and bingos or falling into danger zones. Provided the extent of the required predictive accuracy, the results may bring additional insights for diversifying and hedging various types of investment portfolios as well as for maximizing returns by portfolio managers.
The Microenterprising Size and Acceptance of Islamic Health Insurance (Takaful) in Northwestern Nigeria Mansur Ahmed Kazaure; Addul Rashid Abdullah
Journal of Islamic Monetary Economics and Finance Vol. 5 No. 3 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i3.1153

Abstract

Application of Theory of Planned Behavior (TPB) in Islamic Health Insurance (takaful) acceptance revealed mixed findings. Hence, the need for a moderating variable to explain the conflicting results. This paper examines the moderating role of size of microenterprise among the TPB variables. To achieve this end, quantitative methodology adopted through distribution of research questionnaires among the participants of the study. Results indicate that attitude, social influence, perceived behavioral control and size of microenterprises significantly influence Islamic Health Insurance (takaful) acceptance intention among microenterprises in northwestern Nigeria. The findings also revealed that size of microenterprise moderates the effect of social influence on Islamic Health Insurance acceptance intention, but it failed to moderate the influence of attitude and perceived behavioral control on Islamic Health Insurance acceptance intention in same context. It implied that size of microenterprises does not matter most in Islamic Health Insurance acceptance; nonetheless, the finding contributes to the Theories of Reasoned Action and Planned Behavior as it provides evidence on the significant moderating role of size on the effect social influence on Islamic Health Insurance acceptance intention among microenterprises.
Socio-Demographic Determinants of Credit Rationing at Baitul Maal wa Tamwil in Indonesia Permata Wulandari; Salina Kassim
Journal of Islamic Monetary Economics and Finance Vol. 5 No. 3 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i3.1156

Abstract

This study seeks to identify credit rationing socio-demographic determinants to Islamic microfinance to achieve welfare improving goals in three Bottom of the Economic Pyramid (BOP) regions: Yogyakarta, East Lombok and Makassar, South Sulawesi, Indonesia. Another primary focus of this study is to highlight the suggested solutions from Islamic microfinance practitioners to overcome the challenges in the practice of credit rationing assessment. 2,650 borrowers at the BOP in 26 Islamic Microfinance Institutions (MFIs) in Indonesia were selected based on cluster sampling and purposive sampling methods. A questionnaire is adapted from several previous studies. Multinomial logistics regression is used in this paper. Results show that the determinant of credit rationing based on socio-demographic factors, reflecting certain socio-demographic factors that include age, gender, account balance, dependents, salary, monthly income, formal education, access to financing facility in the previous year, distance, and years of saving, has significant influence on the probability of getting financing. Thus, in order to reduce the credit-rationing problem, the major implications from this study are that Baitul Maal wa Tamwil (BMT) should enhance the participation of women, using monthly income rather than salary determinants, provide credit plus financing and realize a one village one BMT program. The solutions would enhance the participation of BOP borrowers at BMT.
Determination of Professionalism and Transparency and Its Implications for the Financial Performance of Zakat Institutions Rifzaldi Nasri; Nur Aeni; Marissa Grace Haque-Fawzi
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.v5i4.1158

Abstract

The objective of this study is to determine the influence of the professionalism and transparency of zakat management on financial performance, especially in the case of the Amil Zakat Institution of Daarut Tauhid Peduli Jabodetabek. The method used in the research is SEM (structural equation modeling) using AMOS, with 156 respondents. The results show that: (1) professionalism has a negative and insignificant impact on the transparency of zakat management; (2) professionalism has a positive and significant impact on financial performance; and (3) the transparency of zakat management has positive and significant impacts on financial performance. Moreover, the indicators of competence have the highest loading factors of professionalism; the indicator of information on fund management has the highest loading factors of transparency; while the indictor of measurement of economics has the highest loading factor of financial performance. To sum up, this research suggests that zakat institutions should improve their transparency and professionalism in order to improve their financial performance in the future.
Islamic Financial Development, Economic Growth and CO2 Emissions in Indonesia Azwar Iskandar; Bayu Taufiq Possumah; Khaerul Aqbar
Journal of Islamic Monetary Economics and Finance Vol. 6 No. 2 (2020)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v6i2.1159

Abstract

This study aims to investigate the dynamic relationship between Islamic financial development, economic growth, and CO2 emissions with Environmental Kuznets Curve (EKC) approach in Indonesia over the 2000-2018 period. This study employs the Auto Regressive Distributed Lag (ARDL) bound testing approach and the Error Correction Mechanism (ECM) to examine the existence of long-run and short-run relationship between variables. From the results of the model, we do not find any support for the existence of the EKC for Indonesia. Moreover, the results present that there is no dynamic relationship in the short run among growth, Islamic finance development and CO2 emission. Long-run findings suggest that CO2 emission from transport; other sectors, excluding residential buildings and commercial and public services; and residential buildings and commercial and public services sector are significantly associated to the Islamic finance development in Indonesia. The findings of this study shows that Islamic finance development can help the country to adjust its CO2 emissions and play its role in protecting the environment by encouraging environmental-friendly and energy-efficient projects. A strong and efficient financial sector would be helpful in facilitating the investment process by advancing loans for business in condition with curbing CO2 emissions.
Addressing Accountability and Transparency Challenges in Waqf Management Using Blockchain Technology Norlaila Mazura Hj. Mohaiyadin; Aini Aman; Mohd Rizal Palil; Suzana Muhamad Said
Journal of Islamic Monetary Economics and Finance Vol. 8 (2022): Special Issue: Islamic Social Finance
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i0.1413

Abstract

This study identifies how blockchain technology can address accountability and transparency challenges in waqf management system by using institutional theory and Islamic institutional logic. An interpretative qualitative research approach is employed, with case studies of Malaysian public university waqf administrators, and data analysis is performed using open, axial, and selective coding. The findings suggest that in terms of coercive isomorphism there are two transparency challenges related to blockchain solutions in the waqf management system: 1) errors in the issuance of receipts (process), which are expected to be overcome by blockchain solutions in the form of individual network technology and ID identifiers; and 2) difficulties in waqf distribution (process), which are predicted to be solved by blockchain solutions in the form of controlling tools, public ledgers, and obtaining waqf distribution data. In normative isomorphism, there are two accountability challenges with blockchain solutions in the waqf management system: 1) difficulties in controlling waqf activities (process), which are expected to be overcome by blockchain solutions which allow internal control; and 2) decisions on waqf distribution (output), which should be solved by blockchain solutions which allow awareness among stakeholders of waqf distribution. In mimetic isomorphism, there is one accountability challenge in the process which has blockchain solutions in the waqf management system, namely system integration, which is predicted to be overcome by a blockchain solution related to traceability. The contributions of the study include extending institutional theory and Islamic institutional logic, and providing blockchain best practices for waqf institutions in addressing accountability and transparency challenges.
Incentives, Social Norms, and Business Cycle: An Example of Business Loans Provision by Islamic Banks M. Ishaq Bhatti; Suren Basov
Journal of Islamic Monetary Economics and Finance Vol. 8 No. 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i3.1565

Abstract

The interaction of social norms and incentives is a subject of growing interest in economic literature. Basov and Bhatti (2013) pointed out that invoking a social norm is both a blessing, since it allows mitigating moral hazard problem, and a curse, since it restricts the class of admissible contractual arrangements. In this paper, we reiterate this point using particular example of the effects of restrictions imposed on contracts by Shariah law on the optimal risk-incentive trade-off. We show that extra rigidity imposed by Shariah law leads to a greater reluctance to invest into daring new ideas, which are profitable in expectation, but may also result in significant losses. A shared set of social norms between the lender and the entrepreneur allows mitigating adverse consequences of the excess rigidity through creation of good will and may even lead to an improved performance. The adverse consequences may vary according to the stages of business cycle. As a result, recessions can have negative long-term effects and longer booms may be followed by longer recessions. We also hypothesize that turning a social norm into a law will deprive it of the ability to generate good will, while leaving the negative aspects intact. We find a tentative support of this hypothesis by comparing relative performance of Islamic banks in three regions: South East Asia (primarily, Malaysia), Middle East, and the UK.

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