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Shariah Banking Study Program, Faculty of Islamic Economics and Business, UIN Raden Mas Said Surakarta. Jl. Pandawa No. 1, Pucangan, Kartasura, Central Java, Indonesia, 57168. Phone: 02271 781516, Fax: 02271 782774
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Journal of Finance and Islamic Banking
Published by Universitas Islam Negeri Raden Mas Said Surakarta
ISSN : 26152967     EISSN : 26152975     DOI : prefix 10.22515/jfib
Core Subject : Religion, Economy, Social,
Religion Economics, Econometrics & Finance Social Sciences
Journal of Finance and Islamic Banking is a peer reviewed journal that is published by the Sharia Banking Department of UIN Raden Mas Said Surakarta in collaboration with the scholars association Ikatan Ahli Ekonomi Islam, published biannually in June and December. This journal publishes current, original research on Islamic finance and Islamic banking. The Journal of Finance and Islamic Banking openly welcomes scholars, postgraduate students, and practitioners to submit their best research articles that correspond to the topics.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Keuangan
Articles 91 Documents
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The Performance of the Socially Responsible Investment Index in Indonesia Bintang Ramadhan Putra; Reza Faisal Husein
Journal of Finance and Islamic Banking Vol. 4 No. 2 (2021)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jfib.v4i2.4901

Abstract

In Indonesia, several stock indices can be used as a reference in investing in stocks, such as the LQ-45, JII, and SRI-KEHATI stock indexes. The SRI-KEHATI stock index emphasizes its attention to sustainable and responsible investment (SRI), which is a manifestation of socially responsible investing, a perspective in investing where attention to ethics, social, and normative views of investors influences investors' decisions in investing. The purpose of the study was to compare the performance of SRI-KEHATI stock indexes against LQ-45 and JII based on risk-adjusted return using Sharpe, Treynor, and Jensen's Alpha ratios with an observation period from January 2015 to December 2019. The results showed that the overall performance of the SRI-KEHATI stock index managed to outperform the performances of LQ-45 and JII. Based on these results, investors can look at the stocks listed in the SRI-KEHATI stock index because, in addition to getting.
The Development of Islamic Stok Mutual Funds In Indonesia Before and During The COVID-19 Pandemic Sukoco Edi Sasmito
Journal of Finance and Islamic Banking Vol. 4 No. 2 (2021)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jfib.v4i2.4902

Abstract

Sharia mutual funds are one of the sharia investment products or instruments that people can choose to invest in, mainly the type of Islamic equity mutual funds. This paper aimed to analyze the development of Islamic equity funds in Indonesia. In this paper, the analysis method used is descriptive statistics using the Microsoft Excel 2016 analysis tool. Based on the data processing results, Islamic stock mutual funds in Indonesia still had minimal interest from investors compared to conventional equity mutual funds. In addition, other types of equity mutual funds in the form of Sharia ETFs also still have minimal interest from investors. It is hoped that sharia equity mutual fund practitioners can improve the performance of their mutual funds so that many investors will be interested in investing in Islamic equity mutual funds.
Determinants of Switching Intention: Empirical Evidence from Sharia Bank Mergers in Indonesia Qurniawati, Rina Sari; Nurohman, Yulfan Arif; Fatharani, Aulia
Journal of Finance and Islamic Banking Vol. 6 No. 2 (2023)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jfib.v6i2.4927

Abstract

This study examines the factors that affect customers switching intention after three state-owned Indonesian banks merge. The risk of losing customers in mergers and acquisitions (M&A) is very high because during the integration phase, management often focuses on internal issues, leaving aside important customer-related tasks. Therefore, a deeper understanding of the concept of M&A in the disciplines of marketing and consumer behavior is clearly needed for the benefit of academic knowledge and marketing practice. A total of one hundred and fifty respondents are selected using the quantitative method as sources of data collection. The questionnaires are distributed using a purposive sampling method in Surakarta, Indonesia. The software used for analysis is SEM-PLS. The results of this study state that inconvenience and religious motivation influence customer switching intentions. However, attitude and availability of suitable banks as a moderating variable did not influence customer switching intentions.
The Analysis of Franchise Fee and Royalty Fee Systems in the Business of Nyoklat Klasik™ Based on al-Mu‘amalah al-Maliyah Perspective Mufti Afif; Asifah Itsna Rosidah; Nur Hidayah Al Amin; Ahmad Suminto
Journal of Finance and Islamic Banking Vol. 4 No. 2 (2021)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jfib.v4i2.4939

Abstract

This study aims to determine the franchise and royalty fees implementation system in the Nyoklat KlasikTM Tulungagung. This study employed qualitative research, specifically field research. Data collection is maintained by using interviews, observation, and documentation. this study uses the descriptive-qualitative analysis method, which describes the implementation of the Franchise Fee and Royalty Fee Systems on Nyoklat KlasikTM, then analysis it from the point of view al-mu’amalah al-maliyah. The result is that the franchise fee payment is not paid fully but will be paid 50% after signing the contract, and the rest is paid before shipping the goods. The chosen place must follow the standards that are set by the franchisor. The royalty fee charged by the franchisor to the franchisee is about $1-3 million per year. The franchisor provides repeat order prices of 45%–50% of the regular price. From the al-mu’amalah al-maliyah perspective, the franchise fee and royalty fee systems of Nyoklat KlasikTM are appropriate with the basic principles of al-mu’amalah al-maliyah, that is: a principle of tauhid; prohibition of riba; prohibition of gharar and maisyir; prompts to trade and share benefits and risks; no time value of money concept; funding is based on tangible assets; compliance agreement.
The utility of Islamic Financial Instruments in Preserving Nature Muhammad Alan Nur; Sri Herianingrum
Journal of Finance and Islamic Banking Vol. 5 No. 1 (2022)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jfib.v5i1.4950

Abstract

The degradation of nature is a global problem facing the world. The emergence of Green Finance is a response by the financial sector to preserve nature. The discussion related to Green Finance, which is linked to Islamic finance, is dominated by green Sukuk, because these instruments are currently in demand. Many other Islamic financial instruments can be explored to support Green Finance. This literature explores Islamic financial instruments that can be used to preserve nature. Reviews from various literary sources are used in this study to enrich the literature that explores the role of Islamic finance in preserving nature using various Islamic financial instruments. In addition to green Sukuk, the development of financing products carried out by Islamic financial institutions with the theme of Islamic green financing can contribute to preserving nature by providing services and financial access to environment-friendly projects. Islamic social finance instruments such as zakat, infaq, sadaqah, and waqf can also be developed to preserve nature and empower communities.
The The Behavior Rate of Return on Banking Deposit During Covid-19 in Indonesia Rozaq Muhammad Yasin; Nurzahroh Lailyah; Keke Tamara Fahira
Journal of Finance and Islamic Banking Vol. 5 No. 1 (2022)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jfib.v5i1.4955

Abstract

The crisis condition caused by the pandemic had an impact on financial performance in general, including the policy on the rate of return provided by banks. This study aims to analyze the behavior of bank deposit returns during Covid-19 in Indonesia. Using time-series data for the period February 2020 – September 2021 which was analyzed using the VECM approach, it shows that there is a long-term relationship between the returns on Islamic Rural Bank, Islamic commercial bank, rate of interest, and deposit Insurance Agency interest rates. Meanwhile, in the short-term relationship, only the DIA variable is significantly influenced by the previous period's DIA variable. The results of the study found that the DIA variable was proven to significantly affect the rate of return given by IRB and conventional bank deposit rates. During the Covid-19 pandemic, banks provided a rate of return on deposits that did not exceed the DIA guarantee interest rate. The banking industry and DIA need to mitigate risks that arise during the Covid-19 pandemic.
The Effect of Transparency and Accountability on Muzaki Loyalty through Muzaki Satisfaction as an Intervening Variable at the Amil Zakat Institution (LAZ) in Indonesia: Transparency, accountability, muzaki’s satisfaction, muzaki’s loyalty, amil zakat institutions Salman, Kautsar Riza; Anggraini, Rahimdiawati Mila
Journal of Finance and Islamic Banking Vol. 5 No. 2 (2022)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jfib.v5i2.5131

Abstract

The primary item that needs to be discussed and pursued is the increasing number of people who pay zakat (muzaki). This is meant to maximize the role of zakat in reducing poverty in Indonesia. This study used muzaki satisfaction as an intervening variable to examine the influence of transparency and accountability on muzaki loyalty. Muzaki of the Amil Zakat Institute, Nurul Hayat Tuban, was the focus of this study. In this study, 48 people were gathered through an offline distribution in the Tuban district. SPSS version 25 was used to analyse the questionnaire responses. This study indicates that Muzaki’s satisfaction is significantly influenced by direct (partial) transparency. Accountability does not influence muzaki satisfaction when applied directly. Transparency does not influence muzaki loyalty in the short-term. Direct responsibility does not influence muzakiloyalty. Muzaki’s satisfaction directly influences loyalty. Muzaki satisfaction can improve muzaki loyalty by mediating (intervening) transparency. Furthermore, muzaki satisfaction is incapable of mediating (intervening) accountability in muzakiloyalty.
Islamic Banking in the Philippines: Financial Performance During the Covid-19 Pandemic Sali, Najeeb Razul
Journal of Finance and Islamic Banking Vol. 6 No. 2 (2023)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jfib.v6i2.5133

Abstract

This study investigates the impact of the Covid-19 pandemic on the financial performance of the Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP), the country’s first and only Islamic bank. The research focuses on several key financial indicators, including Capital Adequacy Ratio (CAR), Return on Assets (ROA), Return on Equity (ROE), and the performance of both Islamic and conventional deposits. Using quarterly data from the first quarter of 2019 to the fourth quarter of 2020, this study applies a significant difference test to compare the financial performance before and during the pandemic. The findings reveal that while the total assets and conventional deposits of the bank decreased during the pandemic, Islamic deposits saw a significant increase. Additionally, the Return on Deposits (ROD) and net income showed positive growth, while the CAR experienced a significant decline. These results suggest that, despite the global economic crisis, AAIIBP demonstrated resilience, particularly in its Islamic banking operations. The study provides insights into the unique stability of Islamic banks in a non-Muslim country during economic turmoil, offering valuable information for policymakers and financial institutions in strengthening Islamic banking practices.
Switching Behaviour in Using Islamic Digital Banks in Indonesia: Push-Pull Mooring Model Albanna, Hasan; lutpika, Ika
Journal of Finance and Islamic Banking Vol. 5 No. 2 (2022)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jfib.v5i2.5150

Abstract

This study aims to analyse the factors influencing customers’ switching behaviour in the use of digital banking from the perspective of the PPM model. A self-administered questionnaire was used to collect the data. PLS-SEM was used to analyse the data. The results showed that alternative attractiveness, response to a service failure, and push factors positively influence switching intention behaviour. Switching cost as a mooring factor positively influences switching intention behaviour. Meanwhile, switching intention influences switching behaviour. However, alternative attractiveness and involuntary switching as pull factors negatively affect switching intention behaviour. Several studies have been conducted on switching intention behaviour in the use of digital banking products and services. However, studies on the switching intention behaviour of Islamic digital bank products and services are scarce. This study contributes to the literature on switching behaviour in the use of Islamic digital banks.
Influence of Cash Waqf on Economic Growth Evidence from Malaysia Ramli, Mona Fairuz; Shaari, Mai Syaheera M.; Bakhri, Boy Syamsul
Journal of Finance and Islamic Banking Vol. 5 No. 2 (2022)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jfib.v5i2.5404

Abstract

This paper proposes to look into the connection between Malaysian economic growth and cash waqf. This research makes use of time series data from the World Bank’s development indicators covering the years 2013 to 2019. To analyse both the long-term as well as short-term relationships between Malaysia’s cash waqf and the country’s economic growth, this research used the Autoregressive Distributed Lag (ARDL) model for cointegration and the Error Correction Model (ECM). Furthermore, the data indicates that while cash waqf has a short-term negative impact on economic growth, it possesses a favourable long-term impact from 2013 to 2019. Cash waqf is gradually becoming a tool for improving social well-being, lowering poverty rates and assisting in economic growth in the long run. Hence, the results portray a strong government supporting the importance of strengthening the waqf distribution policy to improve economic growth by raising awareness among financial institutions about the importance of philanthropy in cash waqf management and distribution. The ARDL model for cointegration and the ECM are used to assess both short- and long-run relationships in this research to add to the body of knowledge with regard to economic growth and cash waqf in Malaysia.

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