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International Journal of Islamic Economics and Finance (IJIEF)
Published by Universitas Muhammadiyah Yogyakarta
ISSN : 26223562     EISSN : 26224372     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
International Journal of Islamic Islamic Economics and Finance (IJIEF) is a journal which is bianually issued (January and July) and initiated by International Program for Islamic Economics and Finance (IPIEF). The publisher of this journal is Universitas Muhammadiyah Yogyakarta. The publication of this journal though tighly-peer reviewed process using Open Journal System (OJS). For the publication, IJIEF only accept research article and publish it in electronic (PDF) version. The electronic publication can be accessed openly on the website http://journal.umy.ac.id/index.php/ijief/index. IJIEF commit to embrace the best research article in islamic economics and finance fields from the whole world and publish it consistently.
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Articles 7 Documents
 1 
Search results for , issue "Vol 5, No 1 (2022): IJIEF Vol 5 (1), January 2022" : 7 Documents clear
Maqasid-based Consumer Preference Index for Tawarruq Personal Financing (TPF) Amin, Hanudin; Suhartanto, Dwi; Ghazali, Mohd Fahmi; Ali, Muhammad; Rizal, Hamid; Abdul Razak, Dzuljastri
International Journal of Islamic Economics and Finance (IJIEF) Vol 5, No 1 (2022): IJIEF Vol 5 (1), January 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (537.064 KB) | DOI: 10.18196/ijief.v5i1.11823

Abstract

Relatively, maqasid al-Shariah is a missing dimension element in the available tawarruq personal financing, resulting in a convergence of this facility and its traditional counterpart. This work examines the consumer preference of tawarruq personal financing using the maqasid-based consumer preference index (MCPi). Drawing upon the MCPi, the present study examines consumer preference on the offered Tawarruq personal financing by 7 Islamic banks in Malaysia based on valid 456 usable questionnaires. The primary findings obtained indicate that all banks somewhat have a moderate MCPi. These include Bank Islam Malaysia Berhad (BIMB), Bank Muamalat Malaysia Berhad (BMMB), Maybank Islamic, CIMB Islamic, RHB Islamic, Kuwait Finance House and Al-Rajhi Bank. This study examines a new approach to measure consumer preference using the MCPi. Our contributions are confined to these particular variables – Educating Customer, Establishing Justice and Promoting Welfare. Our study also limits its perspective on the general context of tawarruq personal financing. Future works may provide different perspectives on these interrogations. This study provides a new index for Islamic banks to manage tawarruq personal financing products according to maqasid al-Shariah effectively. This study introduces a new measure of consumer preference of tawarruq personal financing namely the MCPi in the context of Malaysia.
The Role of Institution and Macroeconomic Policy Mix on Economic Growth in Muslim Country Muhammad Ghafur Wibowo; Hadri Kusuma; Ibnu Qizam
International Journal of Islamic Economics and Finance (IJIEF) Vol 5, No 1 (2022): IJIEF Vol 5 (1), January 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v5i1.11646

Abstract

This study examines the role of the fiscal and monetary policy mix on economic growth with the St. model. Louis, which Andersen and Jordan developed in 1968, included the variable quality of institutions (governance) as a moderator. This research model uses the independent variable in the form of money supply (M) as a proxy for monetary policy and government expenditure (G) and government debt (D) as a proxy for fiscal policy. The governance index variable (INS) consists of 6 indicators, namely 1). Voice and Accountability; 2). Political Stability and Absence of Violence/Terrorism; 3). Government Effectiveness; 4). Regulatory Quality; 5). Rule of Law; 6). Control of Corruption. The objects of this research are all member countries of the Organization of the Islamic Conference (OIC), 57 countries. Due to the limited data that can be accessed, 46 countries were selected as research samples with a research period of 2005-2018. The analytical tool used in this study is a moderating panel data regression consisting of 28 equations. This study indicates that fiscal policy (government expenditure) and monetary policy (money supply) have a significant effect on economic growth. The government debt has a negative effect on economic growth in OIC countries. The quality of governance has a positive effect on economic growth in the OIC countries. This shows the important role of the quality of governance in the economy, as in the latest economic growth theory. The quality of governance cannot moderate the effect of the fiscal and monetary policy mix on economic growth in the OIC countries. The governance index plays a more direct role in economic growth, not as an effective moderator for government economic policies. The governance index is more effective in moderating various economic variables, which are private economic activities.
Modeling the Demand for Islamic Microfinance Services: An Application of PLS-SEM Approach Mohamed Asmy Bin Mohd Thas Thaker; Salina Kassim; Md Fouad Bin Amin; Marhanum Che Mohd Salleh; Nadhrah Othman; Siti Nadhirah Kassim
International Journal of Islamic Economics and Finance (IJIEF) Vol 5, No 1 (2022): IJIEF Vol 5 (1), January 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v5i1.11776

Abstract

The access to capital is very crucial for ensuring the financial sustainability of microfinance clients. It is also equally important to determine the demand for microfinance services among the clients. This study aims to identify the factors affecting the demand for Islamic microfinance (IsMF) services among the women micro-entrepreneurs in Malaysia. This study has collected a total of 250 samples from the field survey on women micro-entrepreneurs who are also the clients of Amanah Ikhtiar Malaysia (AIM). In addition, Partial Least Squares (PLS) method used to identify the potential factors (4As) i.e., affordability, accessibility, adequacy and awareness affecting the demand for IsMF. The results show that only “accessibility” has significant and positive relation with the demand for IsMF. Besides, the measurements items of accessibility such as distance of IsMF institution, collateral requirement, guarantor requirement, application procedure and process, repayment method, service efficiency, advise and consultation, and number of IsMF centers are the key factors affecting the demand for IsMF services in Malaysia. This paper provides some insights for the policy makers of Islamic microfinance and recommends that IsMF providers should take accessibility factor into greater consideration for the economic upliftment of women in microenterprises in Malaysia
Asymmetric Impact of Oil Prices and Stock Prices on Bank’s Profitability: Evidence from Saudi Islamic Banks Md Fouad Bin Amin
International Journal of Islamic Economics and Finance (IJIEF) Vol 5, No 1 (2022): IJIEF Vol 5 (1), January 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (649.473 KB) | DOI: 10.18196/ijief.v5i1.11835

Abstract

The soundness of financial institutions including banks depends on both internal factors and external factors. The profitability of the banks largely affected by external shocks like oil prices and stock prices. As an oil-exporting country, Saudi economy particularly its banking sector largely rely on the oil prices. This study examines the asymmetric impact of oil prices and stock prices on Saudi Islamic banks’ profitability for the period 2000-2020. Two Saudi Islamic banks’ profitability is examined by the factors like Return on Equity (ROE) and Return on Assets (ROA) with the help of a nonlinear autoregressive distributed lag (NARDL) model. The estimated results are observed to be unbiased and robust. The results of this study show that OILP and STOCKP have significant role in determining the Islamic banks’ profitability in Saudi Arabia. Both higher oil prices and stock prices have positive influence on ROE and ROA of Saudi Islamic banks. This study suggest that development and efficiency of Saudi stock market is important and macroeconomic policy should support the country’s economic diversification. The management of Islamic banks need to focus on effective risk assessment and market monitoring tools to face the fluctuation of oil prices and their stock prices as these factors affect their profitability. Besides, Saudi Islamic banks need to diversify their investment portfolios into more productive and export oriented private sectors such as Small Medium Enterprises (SMEs). This strategic policy will enable Islamic banks to absorb any future shock of oil prices without affecting their profitability. 
Analysis of Mustahik Empowerment Program in Indonesia: The Case of Non-State Zakat Organization Mawardi Mawardi; Budi Trianto; Masrizal Masrizal
International Journal of Islamic Economics and Finance (IJIEF) Vol 5, No 1 (2022): IJIEF Vol 5 (1), January 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (131.557 KB) | DOI: 10.18196/ijief.v5i1.12900

Abstract

The mustahik (the poor and the needy) empowerment program is one of the priority activities carried out by the zakat institution. This study aims to determine whether organizational support and entrepreneurial characteristics possessed by mustahik affect the success of the mustahik empowerment program. This study also aims to determine whether the mustahik empowerment program can alleviate poverty. This research was conducted utilizing Partial Least Square-Structural Equation Modelling (PLS-SEM) method. The population in this study was the mustahiks who received empowerment programs from non-governmental zakat organizations in Pekanbaru City, with a total sample of 60 mustahiks. The results of this study found that there was a positive and significant relationship between organizational support and the mustahik empowerment program. This study also uncovered a significant positive relationship between entrepreneurial characteristics and the mustahik empowerment program. It was also unveiled that the mustahik empowerment program had a positive and significant relationship with the success of poverty alleviation. These results imply that organizational support and entrepreneurial characteristics are important variables in the mustahik empowerment program. Therefore, zakat institutions must pay more attention to these variables to get maximum results in poverty alleviation. 
Islamic Fintech, Archaeology of a Discourse Belabes, Abderrazak
International Journal of Islamic Economics and Finance (IJIEF) Vol 5, No 1 (2022): IJIEF Vol 5 (1), January 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v5i1.11248

Abstract

The objective of this paper is to present an archaeology of the discourse on Islamic fintech to highlight its mimetic character, i.e. the desire to imitate globalized finance to obtain the same thing in terms of prestige. The archaeology of the discourse revealed the following: (i) The difference between the classic Islamic conception of finance and Islamic fintech lies in the mobilization of digital technology innovation in the field of finance. (ii) The difference between Islamic fintech and conventional fintech lies in the compatibility of Islamic financial products and services with Maqāṣid al-Sharīʿah. After shedding light on the themes of social innovation and slow technology, the study recommends paying special attention to the notion of design thinking in the sense that it offers the opportunity to imagine solutions through the intersection of analysis, intuition, experimentation, and human connection. It is imperative to invest in local startups to innovate solutions that meet both the needs of users and the ambitions of organizations, while taking care not to destroy social structures, and allowing each person to develop its own specific world (milieu, Umwelt, fûdo 風土).
Dual Banking System Stability Index in the Shadow of COVID-19 Pandemic Yunita, Patria
International Journal of Islamic Economics and Finance (IJIEF) Vol 5, No 1 (2022): IJIEF Vol 5 (1), January 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v5i1.11837

Abstract

The financial system is categorized as stable if there is no excessive volatility from financial pressures or crises. The IMF indicates that the crisis is not only related to one element but more than two or three elements of the crisis. The banking system's stability is measured by the banking stability index, gauging the effectiveness of monetary policy and financial risk. This study aims to measure the stability of the Indonesian banking system in the dual banking system model. The indicator to measure banking stability used the Z-score statistic based on fluctuations of Return on Assets for each type of bank. The Markov Switching Vector Autoregressive (MSVAR) model method was used to analyze the volatility of banking stability. Independent variables used included credit risk (NPL), Loan to Deposit Ratio, Liquidity Risk, Net Interest Margin, Capital Adequacy Ratio, Money Market Rate, Inflation, Gross Domestic Product, Federal Reserve rate, and Exchange Rate. The results of the regime switch analysis concluded that Indonesia's banking stability experienced a structural break due to the effects of the pandemic in April 2020. Based on the average Z-score value, the Islamic banking stability index was higher than conventional banking. In other words, Islamic banking was more stable than the conventional banking system. The Islamic banking stability index (iZscore) was significantly influenced by the level of Net Operating Margin, Financing to deposit ratio, Potential Loss Profit Sharing, Islamic Money Market Rate, and Exchange Rate. However, non-performing financing did not affect Islamic banking stability since the profit-sharing system implemented by Islamic banking stability was more influenced by the ratio of potential loss and profit-sharing system.

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