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M. Luthfi Hamidi
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INDONESIA
Muslim Business and Economic Review
Published by Universitas Islam Internasional Indonesia
ISSN : 28292499     EISSN : 29626471     DOI : https://doi.org/10.56529/mber
Core Subject : Economy,
Economics, Econometrics & Finance
Focus: the journal welcomes strong empirical studies and results-focused case studies that share research in current progress of Islamic Economics, Banking, Finance, and sustainable development. Scope: 1) Islamic economics, Digital economy, Political economy; 2) Trends and opportunities in Islamic Finance, Islamic banking and financial markets; 3) Islamic social finance (ZISWAK), Corporate social responsibility, governance; 4) Sustainable Development, Green economy, and SDGs; and 5) Halal and creative Industry (food, fashion, tourism).
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 49 Documents
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The Role of the Core Banking System: The Case of Bank Aceh’s Syariah Conversion Deni Amin Sujana; Mukhlisin, Murniati
Muslim Business and Economics Review Vol. 3 No. 1 (2024)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v3i1.214

Abstract

The aim of this study is to assess the transformation of a traditional banking system into an Islamic banking system. Utilizing a case study approach and drawing on asset-liability theories, Bank Aceh is chosen for examination of both pre- and post-conversion. The results indicate that the implementation of Qanun (Islamic law) expedited the conversion process in Aceh, by mandating that financial institutions in the province operate under Islamic principles. A unique aspect of this research is the exploration of the conversion process from an information technology perspective, specifically examining the role of the core banking system in transitioning from conventional to Islamic banking. Additionally, the study sheds light on the accounting treatment within the core banking system during the conversion process, a previously unexplored aspect.
Finance and Output Volatity During The Global Financial Crisis Ibrahim, Mansor H.; Law, Siong Hook; Sukmana, Raditya
Muslim Business and Economics Review Vol. 3 No. 1 (2024)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v3i1.268

Abstract

This paper assesses the effectiveness of financial depth and financial inclusion in the mitigation of output volatility during the 2008-2010 Global Financial Crisis. The paper also evaluates whether finance is more effective in countries with more developed financial systems, higher levels of economic developments, sounder banking systems, and better political stability. Employing a cross-sectional dataset covering more than 100 countries, our results indicate the ability of finance in subduing output volatility during the crisis. Our evidence is also concrete in suggesting the success of finance in reducing output volatility in more financially developed, advanced, and politically stable countries. However, the evidence is unclear on whether finance is beneficial for countries characterized by low, intermediate, or high banking stability. In addition to these findings, the preponderance of evidence tends to suggest the better ability of financial usage as compared to financial access in mitigating aggregate fluctuations during the crisis. Finally, our additional analysis reveals that finance functions well in stabilizing output when output volatility is high.
Determinants and Complexities of Halal Logistics in Malaysia: A Systematic Literature Review Husna, Anis; Yusof, Mohd Faiz Mohamed; Jafar, Ahmad; Qadri, Ahmed Qasim
Muslim Business and Economics Review Vol. 3 No. 1 (2024)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v3i1.269

Abstract

This study employs a systematic literature review to examine the challenges of halal logistics in Malaysia, addressing a significant gap in the literature concerning the operational difficulties in maintaining halal integrity throughout supply chain processes. As the world’s Muslim population grows, understanding the complexities of halal logistics becomes crucial for industry stakeholders. Through Google Scholar and Scopus databases, this research identifies and analyzes 14 pertinent articles, focusing on the challenges within halal logistics. The thematic analysis reveals six primary challenges faced in Malaysia: high operational costs, lack of knowledge, limited demand for halal logistics services, operational complexities, inadequate management, and difficulties in the implementation of halal standards. These findings not only enhance the theoretical understanding of halal logistics but also offer practical insights for improving its implementation. By pinpointing these challenges, the study suggests a need for strategic efforts to foster market growth and service competitiveness in the halal logistics sector. Future research should broaden the review scope and explore solutions to these challenges, promoting best practices in halal logistics.
Food Insecurity and Coping Mechanism During COVID-19 Pandemic: Evidence from Indonesia Pratiwi, Ira Eka
Muslim Business and Economics Review Vol. 3 No. 1 (2024)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v3i1.270

Abstract

This study provides empirical evidence with respect to identifying whether the coping mechanism adopted by households in Indonesia significantly influences food security during the COVID-19 pandemic. The data used was from the fourth round of high-frequency monitoring data of COVID-19 impact on households from the World Bank (www.microdata.worldbank.org), which was collected between November 3rd – 15th, 2020 through the phone-based survey. By employing the logit regression model and controlling for demography characteristics such as gender, age, and education level, this study confirms that reducing non-food consumption has been effectively lowering the probability of food insecurity in all forms of indicators, including “were hungry” (3.3 percentage points), “went without eating” (2.0 percentage points), “unable to eat nutritious food” (6.6 percentage points), “food shortage” (9.6 percentage points), and “eat less” (5.6 percentage points). Additionally, households who relied on saving had a lower probability of 13.7 percentage points of being unable to eat nutritious food, while households who received assistance from the government had a lower chance of 2.4 percentage points of experiencing hunger during the pandemic. This study emphasizes that temporary strategies or short-term coping mechanisms such as relying on support from relatives, taking loans, and engaging in additional income-generating activities, as well as reducing food consumption may not contribute effectively to food security, instead, these types of coping mechanisms may exacerbate food insecurity. The findings of this study offer several implications in regard to enhancing the capacity of households to cope with the difficulties during crises as well as policy implications to design effective interventions in dealing with future shocks.
Symmetric and Asymmetric Response of the Renewable Energy Market to Indonesian Economic Trends Junejo, Safiullah; Muhammad, Mansur; Hasundungan, Herbert Wibert Victor
Muslim Business and Economics Review Vol. 3 No. 1 (2024)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v3i1.271

Abstract

This study digs into the complex interplay between renewable energy market development and Indonesian economic trends. Our rigorous study aims to investigate the impact of crucial economic indicators, including gross domestic product (GDP), exchange rates, inflation, real interest rates, net inflow of foreign direct investment (FDI), and urbanisation, on the renewable energy landscape in Indonesia between 1973 and 2022. This study provides a novel insight by investigating both symmetric and asymmetric impacts in the context of Indonesia. While previous studies have limited scope with linear relationships, this study fills a gap by capturing the dynamic interplay between renewables and economic indicators. By employing a robust econometric model, we reveal interesting patterns highlighting the multidimensional nature of the renewable energy market's responses to economic trends and find that there is a long-term interplay among the variables under linear and non-linear models. We found empirical evidence indicating that the nexus is asymmetric. However, in the long term, GDP exhibits an asymmetric positive impact on renewable energy consumption in the linear model. This shows that economic growth positively correlates with Indonesia's adoption of sustainable renewable energy sources. Similarly, urbanisation shows a positive response, with expanding cities boosting demand for cleaner and greener energy. Surprisingly, exchange rates show an asymmetric response, demonstrating that depreciation of local currency has a disproportionate negative impact on renewable energy investment during economic downturns. Inflation also exhibits a negative asymmetric response due to eroding purchasing power that reduces investment in renewables. Meanwhile, net inflow of FDI emerges as a critical driver in favourable economic conditions, dramatically amplifying renewable energy capacities. Therefore, during economic recessions, FDI’s impact diminishes and emphasises the significant importance of tailored interventions. Based on the findings of this study, which demonstrate the profound interplay of how the Indonesian economy shapes and is affected by the renewable energy market, we encourage the adoption of policies that promote sustainable energy development while increasing economic resilience. We recommend that policymakers support renewable energy diversification to lessen the vulnerability of exchange rate fluctuations. Attracting FDI is also crucial, as policies can help strengthen the investment climate and bolster the renewable energy sector. Inflation-indexed incentives can help maintain confidence and foster economic growth.
Investor Sentiment and Stock Return Volatility: Implication of The Israel-Palestine Conflict on Sharia Stocks in Indonesia Setianingsih, Hesti Eka; Fauziyah, Nurul; Hasyim, Fuad
Muslim Business and Economics Review Vol. 3 No. 2 (2024)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v3i2.300

Abstract

The escalation of the Israel-Palestine conflict has garnered global attention. Public condemnation through mass boycotts of pro-Israel products has significantly impacted capital markets, particularly the sharia stock market in countries with Muslim majority populations. The volatility of sharia stock returns becomes a crucial focal point in this context as it serves as a sensitive indicator of geopolitical events and changes in investor sentiment. This study investigates the connection between the volatility of sharia stock returns in Indonesia and investor sentiment as a result of the Israel-Palestine conflict. Researchers use the GARCH (1,1) model to look at how investor sentiment and the conflict between Israel and Palestine affect the volatility of Sharia stock returns indexed by the Jakarta Islamic Index (JII), using monthly data from January 2012 to February 2024. The researchers hypothesized that investor sentiment and the Israeli-Palestine conflict affect Islamic stock returns in Indonesia, but the results of this study show that the two factors have no effect on Islamic stock returns. The findings of this research provide valuable insights for financial market practitioners, investors, and regulators in understanding the impact of geopolitical conflicts on the capital market, particularly in the context of sharia stocks in Indonesia. By considering investor sentiment factors and market fluctuations triggered by such geopolitical events, this study provides a stronger foundation for wise investment decision-making and effective risk management, thereby enhancing the stability and performance of sharia capital markets in the future.
Technical Efficiency Performance of Halal Food and Beverages Companies in Indonesia and Malaysia Ramadhani, Indria; Katri, Fatin Salwa Binti Haji
Muslim Business and Economics Review Vol. 3 No. 2 (2024)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v3i2.301

Abstract

Indonesia and Malaysia are among the top most influential countries globally for halal food and beverages (HF&B). As a result, there is a perception that these nations’ HF&B companies are mature enough to have robust operational and managerial systems. This leads to a question on how HF&B companies handle unprecedented events. This paper examines the efficiency of HF&B companies, proxied by technical efficiency (TE) score in Indonesia and Malaysia over a five year period – covering the pre-COVID-19 period (2018-2019) and during the pandemic (2020-2022) –using Stochastic Frontier Analysis. The findings indicate that Indonesia's HF&B perform better over the period by showing 60% TE, whereas Malaysia's was at 50%. Interestingly, Malaysia's TE slightly increased during the COVID outbreak, whereas Indonesia showed a reverse pattern, with decreasing TE during the first year of the pandemic. Furthermore, both countries’ HF&B require further improvement, as because between 40% and 50% of the production input is inefficient, which means the production outputs are not optimal for profit. The significant factors requiring improvement from industry players are managing the cash and inventory cycle, along with adding or upgrading any necessary fixed assets such as equipment to reach productivity at an optimum level. This findings also indicate the benchmark for the HF&B industry as well as the current stage for competitiveness among the countries.
Investigating Determinants of Intention in Cash Waqf Linked Sukuk for Sustainable Agriculture: The Moderating Role of Environmental Awareness Salam, Annisa Nur; Sutisna, Fajar Andrian
Muslim Business and Economics Review Vol. 3 No. 2 (2024)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v3i2.302

Abstract

The role of cash waqf linked sukuk (Islamic bonds linked to endowments) should be developed to enhance the green economy, particularly in the sustainable agriculture sector. This study investigates the influence of Islamic religiosity, knowledge, and trust in nazhir (waqf managers) on the intention to engage in cash waqf linked sukuk transactions for sustainable agriculture. This study also analyzes the moderating role of environmental awareness as an important factor in the green economy. Primary data was collected through questionnaires disseminated to 150 respondents and Partial Least Squares Structural Equation Modeling (PLS SEM) was employed to analyze the data. The findings indicate that environmental awareness and trust nazhir are significant determinants of the intention to engage in cash waqf linked sukuk transactions for sustainable agriculture. Environmental awareness is also found to be significant in moderating the influence of Islamic religiosity. The implications suggest that to enhance community participation in cash waqf linked sukuk for sustainable agriculture, it is imperative to build trust in nazhir, increase environmental awareness, and target individuals who uphold Islamic values.
Does FDI Matter for The Economic Growth of West Sub-Saharan African Countries? A Panel Vecm Approach Nicholas, Edward
Muslim Business and Economics Review Vol. 3 No. 2 (2024)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v3i2.303

Abstract

This study analyzes foreign direct investment (FDI) and economic growth in fifteen West Sub-Saharan African countries’ relationship from 1990 to 2020, with secondary panel data from the World Bank (2022), at the expense of both interest rate and exchange rate effect. The main model used is Panel VECM. The results shows that FDI helps enhance economic growth in the long run, as the estimate in the long-run indicates an increase of -121.16, which can be interpreted inversely with a 1% level of significance, with t-statistics at -14.94, despite FDI’s negative impact in the short run with an estimate of -3.5 with a level of significance of -2.16. Likewise, the effect of interest rate with t-statistics of -0.1 for economic growth and 0.1 for FDI and exchange rate with t-statistics of -0.43 for economic growth and -0.12 for FDI. Thus, both parameters are deemed insignificant. Therefore, policymakers should adopt policies that will support FDI for the long term to enhance economic growth, and reduce interests rate and exchange rates by establishing usage of a single currency or flexible exchange rates. This study aims to help policymakers and analysts determine the advantages of monitoring changes in macroeconomic fundamentals and economic growth for attracting FDI. The results of the study have significant policy repercussions, particularly for fiscal and monetary policy, particularly to resolve problems of slow economic growth to a low proportion of appropriate FDI in West Sub-Saharan African countries and other developing countries.
Assessing Fiscal Policy Impact on Economic Growth: A Comparative Analysis of Indonesia and Turkey Olanrewaju, Riliwan Olalekan
Muslim Business and Economics Review Vol. 3 No. 2 (2024)
Publisher : Universitas Islam Internasional Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56529/mber.v3i2.304

Abstract

The study involves the application of Vector Error Correction Models (VECM) to analyze macroeconomic dimension of fiscal policy on economic growth in Indonesia and Turkey. Furthermore, it attempts to depict the paths of fiscal policy and GDP evolution in the two economies by providing data for the period 1980-2022. It uses Augmented Dickey Fuller (ADF) tests and Johansen co-integration tests to check against the stationarity and the long-run relationships between fiscal policy variables and economic growth. The result of Granger causality analysis was used to address the two-way relationship between these variables. Data discloses that the fiscal policy of Indonesia does not significantly affects economic development directly, as Turkey’s case where government expenditure does have a positive relationship with economic growth in the short term. Despite the common unstable connection between government participation, government revenue and economic growth, there exists a long-term inimical correlation in both countries. The results of the study indicate the impact of fiscal policy as non-immediate measure is not effective with regards to Indonesia economic growth. This calls attention to the role of resource reallocation in creating a lasting development rate. That is why the relationship between public spending and short-term growth shows significant effectiveness of certain fiscal policy monetary measures aimed at increasing the rates of material production and growth in the country. The research indicates that long period of government expenditure maybe unbeneficial for developing economies. Contrary to this, it is governments’ duty to determine the etymologically sound methodologies of prudent fiscal plans that will enable privatization, investments, and economic growth.

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