Garuda - Garba Rujukan Digital

Article Per Year (5 Year)

All

Journal of Islamic Monetary Economics and Finance

JIMF
Website

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

6 7 8 9 10

PRINCIPAL-AGENT PREFERENCES IN IMPERFECT MARKETS: THEORETICAL ANALYSIS ON MURABAHAH AND IJARAH Hechem Ajmi; Hassanuddeen Abdul Aziz; Salina Kassim; Walid Mansour
Journal of Islamic Monetary Economics and Finance Vol 5 No 1 (2019)
Publisher : Bank Indonesia

This paper aims to determine the optimal contract for the principal and the agent in imperfect market, when murabahah and ijarah are used. The financial contracting enforceability approach is employed to determine the contract that maximizes the value of the firm subject to agents’ constraints when the shock is low and high, and regarding market frictions. Furthermore, this approach allows us to assess the level of market frictions that agents may bear in case of low shock and high shocks. Findings reveal that the simulated values of the market frictions’ parameters for both contracts increase when moving from the low shock to the high shock. Such evidence implies that the agent is more likely to cheat and hide significant information about the project when the shock is high. As a response to this higher risk, the simulated values of the profit margin parameters for the principal rise also when the shock is high in order to compensate for the increase of market frictions and mitigate conflicts of interest. By comparing both contracts based on the simulated optimal values of the firm, it is noticeable that the gap between both contracts is very tight, which can be attributed to their common debt-based financial arrangements. However, the results show that ijarah allows the principal and the agent to generate the highest value in case of low shock and high shock, comparing to murabahah. Therefore, ijarah seems to be more attractive for the principal and the agent than murabahah.

CONSUMER PURCHASING BEHAVIOR OF HALAL COSMETICS: A STUDY ON GENERATIONS X AND Y Elfira Maya Adiba
Journal of Islamic Monetary Economics and Finance Vol 5 No 1 (2019)
Publisher : Bank Indonesia

The halal economic industry is currently developing not only in Indonesia, but also on the global level. The global economic sector is not only limited to the sharia financial sector and halal food, but also halal cosmetics. The increasing number of Muslim population in the world has caused the increasing demand for halal cosmetics, as many other factors influencing the demand for halal cosmetics. The purpose of this study is to examine the influence of halal knowledge and Islamic religiosity toward customer behavior that is mediated by consumer attitude. Data were collected from questionnaires distributed to respondents in Surabaya, Sidoarjo, and Gresik, East Java, Indonesia. 145 respondents were identified as generation Y, while 40 as generation X. Primary data were analyzed by PLS. The results showed that halal knowledge and Islamic religiosity had a significant effect on consumer behavior perfectly mediated by attitude. Such results give implication to the halal cosmetics company to design appropriate marketing strategies in order to increase Indonesian exports for halal products, so it could help the national economy.

STRENGTHENING NATIONAL ECONOMIC GROWTH AND EQUITABLE INCOME THROUGH SHARIA DIGITAL ECONOMY IN INDONESIA Amrin Barata
Journal of Islamic Monetary Economics and Finance Vol 5 No 1 (2019)
Publisher : Bank Indonesia

The rapid progress of information and communication technology (ICT) creates a new look of the Indonesian economy, transforming from the conventional economy into a digital economy. The part of the digital economy currently developing worldwide, include in Indonesia is, Fintech (Financial Technology) and E-commerce. Additionally, Indonesia contributes to 4 percent of total e-commerce sales around the world. The development of Fintech in Indonesia is still at early stages, as many industries have not developed such a practice. Besides, there are many opportunities that have not been explored to its full potential. The research employs Input Output (I-O) analysis, using shock of IDR 3.90 trillion in investment of the sharia e-commerce subsector, we found through this study that the national economic growth grew by 0.048 percent or the economic output increased by IDR 5.08 trillion. As for the impact on gross value added (GVA) grew by 0.072 percent or increased by IDR 3.72 trillion. In addition, national labor income increased by IDR 795.36 billion with investment in sharia e-commerce subsectors. After an additional shock to the Fintech and the trade sector, economic growth increased by 0.052 percent or IDR 5.48 trillion. Sharia e-commerce and sharia Fintech should be able to have a big impact on the economic growth, increasing the amount of labor needed so that it can absorb more national labor. Thus, economic growth, increased income, and job creation will potentially reduce poverty and inequality in that the implications in the long term will further strengthen sustainable national economic growth.

DEVELOPING HALAL TRAVEL AND HALAL TOURISM TO PROMOTE ECONOMIC GROWTH: A CONFIRMATORY ANALYSIS Abrista Devi; Irman Firmansyah
Journal of Islamic Monetary Economics and Finance Vol 5 No 1 (2019)
Publisher : Bank Indonesia

The purpose of this paper is to identify the factors of various backgrounds in the literature having to do with halal purchase intention of Muslim travellers on halal travel and tourism sector. It also aims to investigate which antecedents, among all, that have the dominant determinants toward the development of halal travel and tourism purchaseintention. A total of 255 respondents originating from several major cities of West Java were involved in random sampling technique to measure their personal perception on the determinant factors of halal purchase intention. Data were collected through structured questionnaire with a five-point Likert scale. The questionnaire has been divided into two main parts, the first part identifies the respondent identity, while the second part provide 6 main sub-part statements on halal awareness, personal societal perception, religious belief, halal marketing, halal travel & tourism, and infrastructure. Confirmatory Factor Analysis (CFA) will be used to acquire the most critical to the least critical indicators in explaining purchase intention on halal travel and tourism industry sector. The paper concludes that most customers rely on halal marketing, making it the dominant determinant factor. Meanwhile, the second dominant determinant is halal travel and tourism. Then, the third determinant is halal awareness. Religious beliefs and personal societal perceptions are the last two priorities. This paper offers a detailed insight into various behaviors of customer’s purchase intention on halal travel and tourism sector as well as delivers a new model of purchase intention through detailed latent-variables. Finally, the relevant stakeholders, in particular government, should enhance the halal marketing on travel and tourism through various programs and activities, such as massive promotion, socialization, and literacy.

THE HALAL ASPECT AND ISLAMIC FINANCING AMONG MICRO, SMALL, AND MEDIUM ENTERPISES (MSMEs) IN YOGYAKARTA: DOES BERKAH MATTER? Abdul Qoyum; Neneng Ela Fauziyyah
Journal of Islamic Monetary Economics and Finance Vol 5 No 1 (2019)
Publisher : Bank Indonesia

The development of Halal industry points out an amazing result around the world, including Indonesia. Surprisingly, the biggest contributor for its growth is Micro, Small and Medium Enterprises (MSMEs). In order to improve its significant contribution, the combination of Halal MSMEs and Islamic financing becomes very crucial. Nevertheless, there is still a lack of awareness of the concept and of intention from MSMEs regarding the penetration of Islamic financing. Therefore, this study investigates the determinants affecting the MSMEs’ desire for utilizing Islamic financing from the Islamic financial institution and encouraging Halal MSMEs to adopt Islamic financing in all business activities. A survey was conducted on 58 MSMEs in Yogyakarta, Indonesia by employing self-administered questionnaire as the main approach for data collection. By using Structural Equation Modeling- Partial Least Square (SEM-PLS) analysis, this study reveals that from the variables examined, Cost Benefit and Halal Awareness are the two factors that have impact on the Use of Islamic Financing. In addition, Cost Benefit and Reputation are the two variables that have direct impact on the Attitude of MSMEs toward Islamic Financing. Interestingly, this research also finds that Berkah as the key component in Islamic financing will be gained by MSMEs when they use Islamic financing instrument, and, thus will encourage Halal MSMEs’ intention to reuse Islamic financing. Moreover, service quality and competitiveness are very crucial to maintain the customer satisfaction. In addition, preaching Berkah as key component in Muslim life is an important agenda in the future development of Halal Industry, especially in MSMEs sectors.

THE PROSPECTS FOR ISLAMIC SOCIAL BANKING IN INDONESIA M. Luthfi Hamidi; Andrew C. Worthington; Tracey West; Rifki Ismal
Journal of Islamic Monetary Economics and Finance Vol 5 No 2 (2019)
Publisher : Bank Indonesia

Despite significant growth and development in recent years, Islamic banking (IB) continues to face widespread criticism due to its apparently weak social outcomes. This study investigates the social performance of Islamic banking in Indonesia, including its justification as an IB objective and the means of improvement. We surveyed 506 current and potential Islamic banking customers across six Indonesian provinces, combined with in-depth interviews with 10 Islamic banking experts consisting of regulators, practitioners, Sharia scholars, and academics. The findings strengthen previous results on the topic in that 42.89% of respondents consider that IB in Indonesia is socially defensive (doing the least that is required in terms of social outcomes), while 6.92% believe that it is reactive (doing less than that required). Of the remaining respondents, 34.78% consider the social performance as accommodative (doing all that is required) and 15.42% see it as proactive (doing more than is required). Most respondents (52.96%) suggest improvement by combining corporate social responsibility and the ZIS ( Zakat, Infaq, shadaqah)- Waqf system. Only some (7.11%) suggest the establishment of Islamic social banking, whose main feature would be to design an alternative to collateral so that low- and middle-income customers could more readily access bank financing. We recommend that regulators and practitioners take action to address these challenges through incentives and long-term strategic planning.

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

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

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

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

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.

Page 8 of 48 | Total Record : 476

6 7 8 9 10

Filter by Year

2015 2026

Filter By Issues

All Issue Vol. 12 No. 1 (2026) Vol. 11 No. 4 (2025) Vol. 11 No. 3 (2025) Vol. 11 No. 2 (2025) Vol. 11 No. 1 (2025) Vol 11 No 1 (2025) Vol 10 No 4 (2024) Vol. 10 No. 4 (2024) Vol 10 No 3 (2024) Vol. 10 No. 3 (2024) Vol 10 No 2 (2024) Vol. 10 No. 2 (2024) Vol 10 No 1 (2024) Vol. 10 No. 1 (2024) Vol. 9 No. 4 (2023) Vol 9 No 4 (2023) Vol 9 No 3 (2023) Vol. 9 No. 3 (2023) Vol. 9 No. 2 (2023) Vol 9 No 2 (2023) Vol. 9 No. 1 (2023) Vol 9 No 1 (2023) Vol 8 No 4 (2022) Vol. 8 No. 4 (2022) Vol 8 No 3 (2022) Vol. 8 No. 3 (2022) Vol 8 No 2 (2022) Vol. 8 No. 2 (2022) Vol. 8 No. 1 (2022) Vol 8 No 1 (2022) Vol 8 (2022): Special Issue: Islamic Social Finance Vol. 8 (2022): Special Issue: Islamic Social Finance Vol. 7 (2021): Special issue 1: Islamic Economy and Finance in times of Covid-19 Pandemic Vol 7 (2021): Special issue 1: Islamic Economy and Finance in times of Covid-19 Pandemic Vol 7 No 4 (2021) Vol. 7 No. 4 (2021) Vol. 7 No. 3 (2021) Vol 7 No 3 (2021) Vol. 7 No. 2 (2021) Vol 7 No 2 (2021) Vol 7 No 1 (2021) Vol. 7 No. 1 (2021) Vol 6 No 4 (2020) Vol 6 No 3 (2020) Vol 6 No 2 (2020) Vol 6 No 1 (2020) Vol 5 No 4 (2019) Vol 5 No 3 (2019) Vol 5 No 2 (2019) Vol. 5 No. 2 (2019) Vol 5 No 1 (2019) Vol 4 No 2 (2018) Vol. 4 No. 2 (2018) Vol 4 No 1 (2018) Vol. 4 No. 1 (2018) Vol 3 No 2 (2018) Vol. 3 No. 2 (2018) Vol. 3 (2018): SPECIAL ISSUE Vol 3 (2018): SPECIAL ISSUE Vol. 3 No. 1 (2017) Vol 3 No 1 (2017) Vol. 2 No. 2 (2017) Vol 2 No 2 (2017) Vol 2 No 1 (2016) Vol. 2 No. 1 (2016) Vol. 1 No. 2 (2016) Vol 1 No 2 (2016) Vol 1 No 1 (2015) Vol. 1 No. 1 (2015) More Issue

Home Page

OAI Link

Editorial Team

Contact

Reviewer

Google Scholar

Contact Name
ali sakti

Contact Email
journal.jimf@gmail.com

Phone
-

Journal Mail Official
journal.jimf@gmail.com

Editorial Address
-

Location
Kota adm. jakarta pusat,

Dki jakarta

INDONESIA

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Home Page

OAI Link

Editorial Team

Contact

Reviewer

Google Scholar

Contact Name ali sakti

Contact Email journal.jimf@gmail.com

Phone -

Journal Mail Official journal.jimf@gmail.com

Editorial Address -

Location Kota adm. jakarta pusat, Dki jakarta INDONESIA

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Contact Name
ali sakti

Contact Email
journal.jimf@gmail.com

Phone
-

Journal Mail Official
journal.jimf@gmail.com

Editorial Address
-

Location
Kota adm. jakarta pusat,

Dki jakarta

INDONESIA