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Journal of Islamic Monetary Economics and Finance

JIMF
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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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CASH WAQF INVESTMENT AND POVERTY ALLEVIATION: CASE OF TABUNG MASJIDS IN MALAYSIA Hasan, Rashedul; Hassan, M. Kabir; Rashid, Mamunur
Journal of Islamic Monetary Economics and Finance Vol 4 No 2 (2018)
Publisher : Bank Indonesia

Recent investigations of the financial management practices of mosques in Indonesia have influenced this study, which investigates the ability of mosques in Malaysia to invest cash waqf for development activities. The impact of cash waqf investment is further extended to study the importance of such cash waqf donations toward poverty alleviation. 100 mosques in Melaka and Terengganu are selected for the purpose of conducting a survey using a self-developed questionnaire. Data collected from the survey are tested for their validity and reliability before conducting Structural Equation Modelling (SEM) analysis using Smart PLS 3.0. This study finds that cash waqf donation plays a positive role in increasing the ability of the selected states to alleviate poverty. The negative relationship between cash waqf investment and donation raises the need for a rigorous analysis. A conceptual model integrating cash waqf investment, donation, and poverty alleviation is provided in this study, which is the first of its kind. The results provided by the study will allow regulators and mosque fund managers to understand the significance of cash waqf donations and the importance of effective cash waqf management. Efficient investment of cash waqf can ensure sustainable and perpetual income that will allow a mosque to play a vital role in improving the living standards of the Muslim Ummah. The findings of the study cannot be generalized for all states in Malaysia due to the limitation of purposive sampling.

DOES FRACTIONAL RESERVE BANKING SYSTEM EXIST IN INDONESIAN ISLAMIC BANKING? Syamlan, Yaser Taufik; Istiana, Nur
Journal of Islamic Monetary Economics and Finance Vol 4 No 2 (2018)
Publisher : Bank Indonesia

Fractional Reserve Banking is the banking and financial system that have been applied in most countries around the world. This research aims to look at the impact empirically and at the contributions given from the components of fractional reserve banking against inflation that occurs in Sharia Commercial Banks and Sharia Business Unit. The fractional reserve banking components covered in these studies are statutory reserve requirement, total deposit, total financing, Mismatch Ratio, and Total non-performing financing. This research is using VAR VECM and ECM as analysis tools and also collecting secondary data from OJK that spanned from June 2014 to September 2018. The results of this research have found that Indonesian Islamic bank is doing the fractional reserve banking system (FRBS). Furthermore, the largest contributor of FRBS in Sharia Commercial Bank (BUS) is the Statutory Reserve Requirment while in sharia Business Unit the results showed that Third Party Fund and Mismatch ratio gives the greatest contributions against inflation. Interestingly, the UUS has greater contribution and shock to the inflation if we compare to the BUS. To prevent the effect of it in the future, controlling mismatch and introducing the irrevocable investment account might be the solutions.

DESIGNING INTEGRATED ZAKAT-WAQF MODELS FOR DISASTER MANAGEMENT Sulistyowati, Sulistyowati
Journal of Islamic Monetary Economics and Finance Vol 4 No 2 (2018)
Publisher : Bank Indonesia

This study aims to analyze four previous conceptual models related to zakat and waqf by Indrawan et al. (2018), Ascarya et al. (2018), Tanjung (2018), Hassan (2010) and also designing various Integrated Zakat and Waqf Models for disaster management and evaluate them as best model which is most suitable in community, local, and national scopes. In-depth interviews and literature study from relevant sources are conducted to develop the models. The proposed models called Integrated Zakat and Waqf Model for Disaster Management (IZWDM) that involves of social and commercial aspects provides of three alternative models according to three steps of disaster management namely IZWDM-A for Relief step; IZWDM-B for Recovery step; and IZWDM-C for Reconstruction step. This study is expected to enhance all parties to do more synergy in managing disasters that happened in Indonesia.

REGIONAL AND ACCESSIBILITY ANALYSIS OF THE BANKING SYSTEM AND THEIR IMPACTS TOWARD REGIONAL FINANCIAL INCLUSION IN INDONESIA Asyatun, Irma
Journal of Islamic Monetary Economics and Finance Vol 4 No 2 (2018)
Publisher : Bank Indonesia

Financial inclusion has been widely discussed in the global level. The increased engagement in discussion of financial inclusion is inseparable from the implementation of policy priorities which are seemingly leaning towards improving financial inclusion to tackle poverty and growing inequality in a country. This article seeks to identify whether regional variables (income level, educational level, income inequality, population size and banking accessibility) are significant on influencing financial inclusion in Indonesia. This study proxied financial inclusion level by measuring the financial inclusion index using the method developed by Sarma in 2012. The research is conducted for 3 years, between 2012-2015. Employing the panel data estimation method, the results indicate that income level, educational level, and banking accessibility possess significant impact on financial inclusion in regional Indonesia.

ALTERNATIVE OF MONETARY POLICY INDICATOR: PANEL DATA ANALYSIS FROM ISLAMIC BANKS IN MALAYSIA Ahmad, Zuriyati; Ismail, Abdul Ghafar
Journal of Islamic Monetary Economics and Finance Vol 4 No 2 (2018)
Publisher : Bank Indonesia

The monetary policy indicators such as monetary aggregates, interest rates and Monetary Condition Index (MCI) are the traditional monetary policy indicators used in order to obtain early indication of the impact of monetary policy. These indicators could function as appropriate monetary policy indicators that will provide information to the monetary policy makers. The development in Islamic financial system however creates a challenge to find a monetary policy indicator, which is in conformity with Islamic teaching. Therefore, this paper is aimed to examine the future growth of nominal GDP as an alternative variable for monetary policy indicator in Islamic monetary system. The investigation will benefit from data of 17 Islamic banks in Malaysia which implement full fledge or Islamic windows scheme spanning from 2005 to 2010. GMM system method is used to analyze the data in hope to validate the appropriateness of the alternative monetary policy indicator. The result suggests that the future growth of nominal GDP is significant as monetary policy indicator and could be applied by the central bank in implementing the monetary policy especially in the dual banking system.

HOUSE PRICE CHANGES AND ISLAMIC BANK STABILITY: EVIDENCE FROM MALAYSIA Shiau Hui Kok; Normaz Wana Ismail
Journal of Islamic Monetary Economics and Finance Vol 5 No 1 (2019)
Publisher : Bank Indonesia

In this paper, we examine the relationship between house price and Islamic bank stability in Malaysia. In particular, in relating to Islamic bank stability to Malaysian house price changes, we evaluate the nature of the relationship from the perspective of nonlinearities. The Autoregressive Distributed Lag (ARDL) model is applied to a sample that consists of 9 Islamic banks in Malaysia for the period of 2000-2016. Our results indicate that there is an inverted U-shaped relationship between house price and Islamic bank stability in the long run. Meanwhile, the relationship is insignificant in the short-run. To put it differently, initially, the higher house prices, the more stable the bank. Then, the impact of house prices on bank stability becomes negative when house prices surpass the threshold point. As far as the bank-specific characteristics are concerned, the cost to income ratio is found to significantly and negatively related to the bank stability. Such a result has policy implications in which it is crucial for achieving balance in the housing market, and efficiently managing the cost is equally important to ensure Islamic bank soundness.

THE CREDIT SUPPLY CHANNEL OF MONETARY POLICY TRANSMISSION MECHANISM: AN EMPIRICAL INVESTIGATION OF ISLAMIC BANKS IN PAKISTAN VERSUS MALAYSIA Syed Muhammad Abdul Rehman Shah; Abdul Rashid
Journal of Islamic Monetary Economics and Finance Vol 5 No 1 (2019)
Publisher : Bank Indonesia

The transmission mechanism of monetary policy is explained through the relationships between a change in money supply and the level of real income. Monetary policy transmits to the real sector through several different channels. Such channels include the interest rate channel, the exchange rate channel, the asset-pricing channel, the credit supply channel, and the bank balance sheet channel. This paper empirically investigates the credit supply channel of monetary policy and explores the differential impact of monetary policy on credit supply of Islamic banks in Pakistan versus Malaysia. The robust two-step System-Generalize Method of Moments (GMM) estimator is applied on an unbalanced panel dataset over the period 2005-2016. While estimating the effects of three alternative measures of monetary policy on banks’ credit supply, several bank- specific variables are included in the specification as control variables. We provide strong evidence on the existence of credit supply channel in the baseline models for both countries and differential impact of monetary policy through Islamic banks in Pakistan versus Malaysia in the extended models. Our findings suggest that there is a vital need to consider the nature of Islamic banks while devising the instruments of an effective monetary policy in countries with dual banking system like Pakistan, Malaysia, Indonesia, Bahrain, Saudi Arabia, Qatar and others.

ISLAMIC BANKING AND ECONOMIC GROWTH: APPLYING THE CONVENTIONAL HYPOTHESIS Ahmad Jawad; Klein Christian
Journal of Islamic Monetary Economics and Finance Vol 5 No 1 (2019)
Publisher : Bank Indonesia

Growth in Islamic banking has gained lot of interest and attention during last few years. The debate currently shifts from theoretical to empirical framework. The growth in empirical work has given rise to a new concept, which can be called as “Islamic banking development” (IBD). It will be interesting to test nexus between IBD and growth, since literature suggests a positive result for conventional finance and growth. Our study uses a panel of 24 countries for a period of 11 years using annual data (2004-2014) to test conventional hypothesis of supply leading or demand following between IBD and growth. In addition, we also investigate direction of causality in a panel setting between the two. Apart from the topic, this paper differs from existing limited literature, on the basis of dataset used and the estimation procedure to assess the nexus. Our results suggest that IBD affect growth positively. Comprehensive tests suggest the presence of a long run relationship between IBD and growth. Moreover, the direction of causality seems to follow supply leading hypothesis: IBD affects economic growth, and that evidence on a reverse causality was not found. This is true, even when we control for CFD.

THE ROLE OF HALAL CERTIFICATION ON PURCHASE INTENTION TOWARDS FOOD PRODUCTS FROM MENA COUNTRIES: A SEM STUDY Firdaus Fanny Putera Perdana; Muhammad Tahir Jan; Remzi Altunişik; Irwandi Jaswir; Betania Kartika
Journal of Islamic Monetary Economics and Finance Vol 5 No 1 (2019)
Publisher : Bank Indonesia

Kullu Halal (all Halal) is a concept that is highly applied in the Middle Eastern and North African (MENA) region as the majority of the population is Muslim. Many products from non-Muslim countries are also exported to the MENA countries and some of them are exposed to animal-based ingredients. Halal certification studies in the MENA region are found to be quite minimal to non-existent. The paper is designated to analyze the effects of Halal certification towards the purchase intention of Muslim consumers on food products from Muslim majority countries in the MENA countries. Theory of Planned Behavior (TPB) was used as a platform to predict the consumers’ intention to purchase the Halal certified products. A self-administered questionnaire was selected as a method and the respondents are the Muslim consumers living in certain areas of Klang Valley, Malaysia. Five hundred questionnaires were distributed, and 417 questionnaires were considered usable. Structural Equation Modeling (SEM) was used as a method in this research. Attitude, Subjective Norm, and Perceived Behavioral Control showed a strong correlation with Purchase Intention and the results were statistically significant at p < 0.05. Algeria was found to be the least trustworthy country by the respondents, followed by Iran, Lebanon, Iraq, and Bahrain. The results indicate that the presence of Halal certification is important and will be profitable for the food industry players in the MENA region. Despite being Muslim majority countries, it is important to ensure the presence of Halal certification in the products from MENA countries, especially from those that received low scores in the country of origin study.

HALAL GOVERNANCE IN INDONESIA: THEORY, CURRENT PRACTICES, AND RELATED ISSUES Fahmi Ali Hudaefi; Irwandi Jaswir
Journal of Islamic Monetary Economics and Finance Vol 5 No 1 (2019)
Publisher : Bank Indonesia

Considering Indonesia’s target to lead halal industry worldwide, the discussion upon the current practices of halal governance in the country is critical to get into a comprehensive insight. Several major drawbacks within the previous studies on this topic is found along the followings. There has never been a study that has specifically discussed the term of halal governance substantively or comprehensively investigated the subject matters in Indonesia. Driven by this gap, we set out to review halal governance practices in Indonesia by employing a qualitative method of documentary. In doing so, the present paper firstly discusses the substantive materials upon lines of defense in halal governance that covers the four themes, which the present paper particularly reviews as the current practices in Indonesia. From the present discussion, this paper offers the novelty on the explanation of lines of defense in halal governance, and that of the current practices in Indonesia along with the related issues presently associated with it. In addition, this paper further delivers the applicable advises for the improvement of the practices. This study is relevant for the stakeholders of halal industry including the domestic government agencies, practitioners and academics.

Page 7 of 48 | Total Record : 476

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Contact Name
ali sakti

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journal.jimf@gmail.com

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Journal Mail Official
journal.jimf@gmail.com

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-

Location
Kota adm. jakarta pusat,

Dki jakarta

INDONESIA