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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 476 Documents
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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 | Full PDF (627.364 KB) | 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 | Full PDF (380.332 KB) | 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 | Full PDF (709.026 KB) | 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.
HOW FEASIBLE IS A CONVERTIBLE IJARAH CONTRACT FOR SME FINANCING?: A SIMULATION APPROACH Dalimunthe, Zuliani; Syakhroza, Akhmad; Nasution, Mustafa E.; Husodo, Zaafri A.
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 | Full PDF (401.213 KB) | DOI: 10.21098/jimf.v5i2.1070

Abstract

Islamic financial institutions have relied for decades on margin-based contracts to provide financing for the business sector, despite the basic idea that Islamic finance is expected to provide an equity-based or a profit and loss sharing (PLS) contract. This fact raises the need to encourage the use of a margin-based instrument with an innovative scheme that allows for conversion of the contract into a PLS-based contract. Moreover, we propose a convertible ijarah contract to fill this need. A convertible ijarah contract is an ijarah (rent) contract that is convertible to a PLS contract according to the Islamic financier’s decision. In this study, we simulate three scenarios of project financing with (a) murabaha as a margin-based contract, (b) musharaka as a PLS contract and (c) a convertible ijarah contract. The aim is to evaluate whether the convertible ijarah contract will provide a higher return for the financier compared to the other contracts. The main input of the simulation is nine sectors of Indonesian SMEs’ financial performance. We found that when the financial performance of Indonesian SMEs was measured by short-term financial performance, the convertible ijarah contract outperformed the murabaha contract for all sectors but did not outperform the musharaka contract, except for low-margin sectors. However, when the financial performance of Indonesians SMEs was measured by long-term economic performance, we found that the convertible ijarah contract outperformed the murabaha contract and musharaka contract for almost all sectors. Kami menemukan bahwa kontrak ijarah konversi mengungguli kontrak murabahah dan
THE IMPACT OF HALAL AT THAYYIB AND CONSUMPTION ETHICS ON ECONOMIC GROWTH: AN ECONOMIC TAFSIR OF AL-BAQARAH 168 Taqiyah D. Insani; Abdul W. Al-Faizin; Muhammad N. H. Ryandono
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 | Full PDF (489.701 KB) | DOI: 10.21098/jimf.v5i2.1071

Abstract

This study investigates the contribution of Islamic banks and Islamic windows to the growth of the Nigerian economy. Data were obtained using structured questionnaires. 379 copies of questionnaires were administered based on the sample size obtained via the use of Taro Yamane formula. 367 questionnaires were successfully retrieved. Variables such as deposit activities, loan activities, and perception of bank employees were also adopted as explanatory or independent variable and dependent variable respectively. To support the study hypothesis were also formulated. For the analysis, measures of central tendency (tables, frequency and percentages) and inferential statistics (Logit Regression) were used. The result revealed that the variables (i.e. deposit and loan activities) have a positive impact on the growth of Nigeria’s economy because the probability values of the variables (P=0.003 and 0.019) were less than alpha (α =0.05) level of significance. In other words, this implies that Islamic banks and windows have largely supported private consumption, business investments of its customers, aid government spending via sharia bonds (sukuk) to fund developmental projects of its customers. The study concludes that Islamic banks and windows have contributed towards the growth of the Nigeria’s economy. Furthermore, the study recommends that there is need for creating the necessary legal framework to ensure its smooth operations, intensify efforts on creating public awareness, rolling out more sharia compliant products that can take care of the peculiarities that exist in business environment and training and retraining of staff on effective Islamic banking.
THE PERCEPTION ON THE CONTRIBUTION OF ISLAMIC BANKS AND ISLAMIC WINDOWS TOWARDS THE GROWTH OF NIGERIAN ECONOMY Jibril Musa Talba; Ibrahim Mohammed Lawal; Umar Babagana Imam
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.v5i3.1033

Abstract

This study was to assess the perception on the contribution of Islamic banks and Islamic windows towards the growth of the Nigerian economy. To document this, data were obtained through the use of structured questionnaires. 379 copies of questionnaires were administered based on the sample size obtained via the use of Taro Yamane formula. 367 questionnaires were successfully retrieved. Variables such as deposit activities, loan activities and perception of bank employees were also adopted as explanatory or independent variable and dependent variable respectively. To support the study hypothesis were also formulated. For the analysis, measures of central tendency (tables, frequency and percentages) and inferential statistics (Logit Regression) were used. The result revealed that the variables (i.e. deposit and loan activities) have a positive impact on the growth of Nigeria’s economy because the probability values of the variables (P=0.003 and 0.019) were less than alpha (α =0.05) level of significance. In other words, this implies that Islamic banks and windows have largely supported private consumption, business investments of its customers, aid government spending via sukuk to fund developmental projects of its customers. The study concludes that Islamic banks and windows have contributed towards the growth of the Nigeria’s economy. Furthermore, the study recommends that there is need for creating the necessary legal framework to ensure its smooth operations, intensify efforts on creating public awareness, rolling out more shariah compliant products that can take care of the peculiarities that exist in business environment and training and retraining of staff on effective Islamic banking.
DO SOCIO-DEMOGRAPHIC CHARACTERISTICS AND FINANCIAL LITERACY MATTER FOR SELECTING ISLAMIC FINANCIAL PRODUCTS? Salma Fadhilah Widityani; Taufik Faturohman; Raden Aswin Rahadi; Yulianti Yulianti
Journal of Islamic Monetary Economics and Finance Vol 6 No 1 (2020)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v6i1.1057

Abstract

Indonesia is a promising market for the Islamic finance industry since most of the population is Muslim. However, the growth of Islamic finance in Indonesia is still low. Therefore, Islamic financial literacy needs to be improved in order to grow the Islamic finance industry significantly. The purpose of this study is to determine the factors that enhance Islamic financial literacy among college students in Indonesia. The development of validated constructs for Islamic financial literacy is important because conventional financial literacy might contain some elements that are not compatible with Islamic financial principles. This study also measures the level of Islamic financial literacy and its relationship with socio-demographic characteristics using multilinear regression. Furthermore, the relationship between Islamic financial literacy and the possession of Islamic financial products is observed by logistic regression. The determinant factors are perception, attitude and behaviour, and knowledge. The study found that type of educational institution, Islamic finance course experience, being educated to Master’s degree level, having one’s own income, and having an income above five million have a significant relationship with the Islamic financial literacy of college students. The factors that have a significant relationship with the possession of Islamic financial products are Islamic financial literacy, choice of major, Islamic finance course experience, and monthly income above five million. This research attempts to provide an Islamic financial literacy measurement through exploratory factor analysis. The development of a validated instrument for an Islamic financial literacy index and its determinant factors is our scientific and practical contribution to the literature on Islamic financial literacy in Indonesia.
CUSTOMER ATTITUDE AND INTENTION TOWARD SHARIA-COMPLIANT HOTELS Titin Vegirawati; Yusnaini Yusnaini; Endang Kusdiah Ningsih
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.v5i3.1075

Abstract

The purpose of this study is to investigate the effect of customer’s attitudes on costumer intention towards sharia compliant hotel. This hotel arranged to serve customers creatively, based on sharia principles. The dimensions of the customer attitudes variable are customer attitudes of hotel operating, hotel design and hotel finance. This study applied convenience sampling to choose the members of samples. 183 hotel costumers were collected to be respondents. Data used is primary data. These data is collected by distributing questionnaires. This study applied partial least square to analyze data. Partial least square appropriate for small size sample. It also appropriate for communication and behavior research. The results of the study shows that customer attitudes of hotel operating, hotel design and hotel finance influenced customer intentions towards sharia compliant hotel positively and significantly. This moderate effect of customers attitude to their intention indicated that there are other factors that might affect customers intention such as price and hotel position.
DEVELOPING FINTECH AND ISLAMIC FINANCE PRODUCTS IN AGRICULTURAL VALUE CHAIN R. Gratiyana Ningrat; Mohamad Soleh Nurzaman
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.v5i3.1077

Abstract

To meet the global population needs, it is projected to at least eighty billion dollars in investment per year to support the food security until 2050. It is widely known that the agriculture financing growth has stalled due to many reasons. Islamic finance has potential to spur the growth of agriculture financing to promote global food security. Meanwhile, agriculture in Indonesia is still nowhere to its potential. It is hindered by an inefficient and underdeveloped downstream segment, low access to financial and technology. This is a huge opportunity for Islamic finance in helping to bridge the gap through value chain finance approach as one of the strategies to reduce risk and give socio-economic spill-over effect along the chain. Islamic finance can promote agricultures sustainability and a more efficient process with FinTech enabled platform. The multiple case study proposes a sharia compliant community-based financing model in agricultural value chain practice with FinTech enabled platform. The result is this model integrating all actors from different market segmentation (landowners, suppliers, farmers, brokers, retailers, investor) into an Islamic value chain financing platform. However, determining buying intention, partnership establishment, and technology infrastructure are pivotal for its future implementation.
HERDING BEHAVIOR IN THE INDONESIAN ISLAMIC STOCK MARKET Nora Amelda Rizal; Mirta Kartika Damayanti
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.v5i3.1079

Abstract

Indonesia Stock Exchange provides Islamic stocks for Muslim investors who want to invest, with the first Islamic stock index in Indonesia being Jakarta Islamic Index or JII that consists of thirty of the most liquid Islamic stocks. The market capitalization of JII tends to increase every year. This paper examines the presence of herding behavior in emerging Islamic stock market of Indonesia using daily return of Indonesia Composite Index and JII from October 6, 2000 to October 5, 2018. Herding behavior could generally trigger shifting market prices from equilibrium values. Herding behavior may be identified from the relation between stock return dispersion and market return. Stock return dispersion is measured using Cross Sectional Absolute Deviation or CSAD. Generalized Auto Regressive Conditional Heteroskedasticity or GARCH method is used to detect herding behavior. GARCH does not see heteroskedasticity as a problem, instead uses it to make a model. The result indicates that herding behavior exist in Islamic stock market of Indonesia. Asymmetric herding occurs in Indonesia Islamic stock market where herding behavior exists during falling market condition only.

Page 9 of 48 | Total Record : 476

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