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Model of Islamic Monetary Operation for Liquidity Management in Islamic Banking: Case of Indonesia 2000-2009 Ismal, Rifki
Gadjah Mada International Journal of Business Vol 11, No 2 (2009): May - August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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The paper attempts to construct the model of islamic monetary operation for liquidity management in islamic banking. Particularly, the model investigates variables that determine the role of the central bank in managing liquidity. Firstly, it explores the related conventional models and chooses one to find general variables involved in monetary operations for managing liquidity. Secondly, it formulates the islamic model after considering the islamic monetary operation principles, characteristics of both islamic monetary instruments and Indonesian islamic banking industry. Specifically, it models Bank Indonesia’s islamic monetary instrument called Bank Indonesia Sharia Certificate (SBIS). Thirdly, the model points out that the volume of SBIS is influenced by reserves requirement, currency in circulation, and prior auctions of SBIS. It means that the application of islamic OMO is not significantly different from monetary instrument in conventional OMO. Therefore, the paper suggests the issuance of islamic investment monetary instruments to implement the ideal islamic monetary instrument and OMO.
Keputusan Investasi Perbankan Nasional Pada Sukuk International Islamic Liquidity Management (IILM) Ulya, Nadia Iffatul; Ismal, Rifki
Publisher : Program Magister Manajemen STIE Widya Wiwaha Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (297.822 KB) | DOI: 10.32477/jrm.v5i1.284


This study aims to analyze the investment decision of banks and measures their investment preferences in IILM sukuk with IILM sukuk preference index. The investment decision is investigated from several factors, such as the structure of IILM sukuk, the currency used in the transaction IILM sukuk, tenors of IILM sukuk,covenants used in the transaction, marketability of IILM sukuk and IILM sukuk rating. This study also attempts to inform the features that can attract banks to invest in IILM sukuk. This study used quantitative method to calculate the index of banking investment decision on IILM sukuk. The result of this research explains that the index of banking investment decisions includes in the high category. The index investment decisions show a high index, but up to now banks have not invested in IILM sukuk. This needs in-depth education and socialization to banks related to IILM sukuk, and providing periodic information is really essential, so banks can get the latest information about IILM sukuk. Another factor that restrictsbank investment in sukuk IILM is internal bank policies. Until now, banks still manage their funds by using investment instruments issued by the state or domestic sukuk. The recommendations for sukuk is related to IILM first appointment of primary dealers, and the institutions are expected to appoint IILM primary dealers located in Indonesia in order to facilitate buying and selling transactions of IILM sukuk. Furthermore, the selection of IILM tenor sukuk is expected to have miraculous tenor selection to meet the needs of banks. Further provision of rating is expected to not only IILM sukuk but also the standardized IILM institution to create more reliable institutions that are able to add the investors.
THE LESS-INTERRESTED OF ISLAMIC BANK FOR ISSUING SUKUK: Factors and Recommendations Awaludin, Taufik; Syauqi Beik, Irfan; Ismal, Rifki
Walisongo: Jurnal Penelitian Sosial Keagamaan Vol 24, No 1 (2016): Ekonomi (Bisnis) Islam
Publisher : LP2M - Universitas Islam Negeri (UIN) Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/ws.24.1.693


This study attempts to identify dominant factors for banks to issue sukuk and emission features. Applying interviews and Analytic Network Process, this paper Found that the sub-elements which are dominant in influencing IB less interested in issuing sukuk, namely: averse selection/amount cost of fund (management), investment rating companies (investor), the results of using sukuk funds (regulation) and profitability condition (finance). Meanwhile, the sub-elements which are dominant in determining the features of the issuance of sukuk are: macroeconomic condition (emission values), expectations of investors (return)), the contract and the structure of sukuk (collateral), managing mismatch (period), and company liquidity (payment term).  The method used in this reseach is the Analytic Network Process (ANP). This study will identify the aspects of emission factors and features.***Penelitian ini bertujuan untuk melakukan identifikasi faktor-faktor dominan dalam persoalan sukuk dan ciri-ciri pengeluarannya. Menerapkan teknik wawan­cara dan proses jejaring analitis, makalah ini menemukan bahwa sub-sub elemen yang dominan mempengaruhi kurang menariknya IB dalam persoalan sukuk, adalah: menolak seleksi/jumlah pembiayaan (manajemen), rating investasi perusahaan (investor), hasil-hasil penerapan pembiayaan sukuk (regulasi) dan kondisi profitabilitas (keuangan). Sementara itu, sub-sub elemen yang dominan dalam menentukan ciri-ciri pengeluaran sukuk adalah: kondisi makro ekonomi (nilai pengeluaran), ekspektasi dari investor (keuntungan), kontrak dan struktur sukuk (jaminan), pengelolaan yang tidak sebanding (waktu) dan likuiditas perusahaan (syarat-syarat pembayaran). Metode yang digunakan dalam penelitian ini adalah Analytic Network Process (ANP). Penelitian ini akan mengidentifikasi aspek faktor emisi dan fitur. ANP adalah teori matematika dalam pengambilan keputusan yang mampu menganalisis pengaruh melalui asumsi untuk memecahkan berbagai masalah.
al-Uqud : Journal of Islamic Economics Vol 3, No 2 (2019): July
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (257.574 KB) | DOI: 10.26740/al-uqud.v3n2.p174-187


Islamic banking fall on stagnation of financial performance in 2011 after successfully overcoming the financial crisis in 1998 and 2008, as though the Islamic banking sector had only run in place and had no clear purpose in developing the Islamic finance business. The purpose of this study is to clarify the variables that predispose financial performance, as well as predict the decrease and increase of financial performance. This study uses an Artificial Neural Network (ANN) model to find out the variables that affect financial performance and predict the decrease and increase of financial performance of sharia and conventional banking for the next five months. This research generates the variables which affect the financial performance of sharia banking and the prediction of financial performance over the next five months. The variables which affect the level of financial performance of sharia banking affected dominantly by inflation, although the results of conventional banking are the same but not too significant. This shows that sharia banking CBGB (Commercial Bank – Group of Business) 2 is very vulnerable with macroeconomic factors compared with conventional banking. ANN predictions produce an average of 80% success in predicting performance over the next five months.