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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 6, No 1 (2023): IJIEF Vol 6 (1), January 2023" : 7 Documents clear
Perceptions of Indonesian Muslim Youth on Factors Influencing Their Intention to Perform Cash Waqf Anisa Syahidah Mujahidah; Aam Slamet Rusydiana
International Journal of Islamic Economics and Finance (IJIEF) Vol 6, No 1 (2023): IJIEF Vol 6 (1), January 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v6i1.13964

Abstract

This study aims to investigate the intention to donate cash waqf among Indonesian Muslim youth. Additionally, this study explains the theory of planned behavior (TPB) and two additional variables, i.e., Islamic religiosity and willingness. The Partial Least Square Structural Equation Modeling (PLS-SEM) method was employed to evaluate the measurement and structural models. Online questionnaires were then distributed to purposively selected respondents throughout Indonesia, consisting of all major islands. In total, 104 respondents participated. This study uncovered that the attitude and willingness variables affected the intention to donate cash waqf among Indonesian Muslim youth. Meanwhile, subjective norms, perceived behavioral control, and Islamic religiosity variables were not significantly proven as the determinants. With the latest data and variables studied, these findings can be used as guidelines for policymakers, especially waqf regulators and waqf institutions, to innovate and improve the characteristics of cash waqf contributors, primarily among Muslim youth, to maintain the waqf instruments’ sustainability and development.
The Cyclical Behavior of Capital Buffer of Indonesian Islamic and Conventional Banks Nur Atikah; Akhmad Akbar Susamto; Samsubar Saleh; Ficrat Abdic
International Journal of Islamic Economics and Finance (IJIEF) Vol 6, No 1 (2023): IJIEF Vol 6 (1), January 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v6i1.13154

Abstract

This paper is aimed at analyzing the cyclical behavior of capital buffer of Islamic and conventional banks in Indonesia. More specifically, this paper has three objectives. First, to test whether capital buffer in Indonesian banking industry as a whole is countercyclical or procyclical. Second, to test whether there is a difference in the level of capital buffer of Islamic banks as compared to the level of capital buffer of conventional banks. Third, to test whether there is a difference in the cyclicality of capital buffer of Islamic and conventional banks. The analysis in this paper is conducted using the standard dynamic system generalized method of moments (system GMM) regressions and includes a panel of 108 banks over the period between 2004 and 2019. From the results, it can be concluded that the capital buffer of Islamic and conventional banks in Indonesia is procyclical. From the results, it can also be concluded that no difference exists in the level of capital buffer of Islamic banks as compared to conventional banks and in the cyclicality of capital buffer in Islamic and conventional banking. If the countercyclical capital buffer is achieved, a policy measure to alter the cyclical behavior of capital buffer of Islamic and conventional banks in Indonesia therefore is a must. Such policy measure needs not to be specified for Islamic or conventional banking industry.
The Role of Zakat in Alleviating Multidimensional Poverty Siectio Dicko Pratama
International Journal of Islamic Economics and Finance (IJIEF) Vol 6, No 1 (2023): IJIEF Vol 6 (1), January 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v6i1.17006

Abstract

The potential of zakat is too huge to be ignored by the world. Recently, the notion to integrate zakat on the Sustainable Development Goals has grown rapidly. Nevertheless, the impact of zakat in Indonesia has not been pronounced and could doubt the adoption of zakat as a global tool. This paper aims to investigate the impact of zakat on monetary and multidimensional poverty by using the National Zakat Index developed by BAZNAS. Two components of the index that cover the environmental and impact of zakat are employed to sharpen the analysis. The main method used is multiple linear regression with control variables to identify the impact of zakat on multidimensional and monetary poverty. The analysis is also conducted to evaluate the performance and development of zakat in Indonesia. The result informed that the environment for zakat to grow in Indonesia still needs to be improved, particularly in Java. Meanwhile, the micro NZI that represents the performance of institution and impact of zakat on mustahik is the only variable that is significant to multidimensional poverty. Thus, it is recommended for the government to adopt a mandatory system of Zakat in the country as it can hasten the alleviation of poverty and achieving SDGs by 2030.
Bridging Islamic and Conventional Finance through Integration of Knowledge (IoK): The Potential of the Third Sector Jasmin Omercic
International Journal of Islamic Economics and Finance (IJIEF) Vol 6, No 1 (2023): IJIEF Vol 6 (1), January 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v6i1.14712

Abstract

Finance is integral to civilizational prosperity yet has impacted the global development of recent centuries, proved inherently inconsistent, and created multiple issues, i.e., inequalities. In this regard, Islamic finance (IF) offers solutions. Moreover, contemporary appraisals of the Integration of Knowledge (IoK) methodology represent a novel alternative to extant challenges and issues. The paper’s objectives are, therefore, to propose an IoK model of Islamic and conventional financial (CF) convergence with leverage to fintech and demonstrate the potential of the waqf sector for such convergence and its equivalent revival and reform along such methodological contours. This paper is a methodological contribution. However, library research, critical content analysis, and heterodox methods of concretization, synthesis, and transdisciplinary analytical reasoning substantiate the paper’s methodology. Islamic sources of knowledge, i.e., Qur’an, justify this study’s unorthodox methodology. A background depicts the CF problems and persistent issues that justify alternatives. It is followed by rationalizing IE development via IoK to converge IF and CF. The IoK model developed for IE development follows and is schematically demonstrated as novel findings of this paper to bridge the gap between IF and CF and leverage waqfs’ role and potential. Greater reference to waqf projects institutionalized implications for IF and integration with CF. Further, leveraging waqf and even fintech as an indicator of digitalization within the IoK model has implications for attaining the defined maqāṣid and developing IE genuinely. A conclusion summarizes and provides actionable recommendations linked with the IoK model’s objectives to reform extant IF and conventional practice based on sound Islamic philosophical foundations and maqāṣid-oriented envisioning of IE development.
Cash Waqf Acceptance Among Entrepreneurs in Kano Metropolis, Nigeria Aliyu Dahiru Muhammad; Jibril Lawan Alkassim; Sagir Muhammad Sulaiman
International Journal of Islamic Economics and Finance (IJIEF) Vol 6, No 1 (2023): IJIEF Vol 6 (1), January 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v6i1.16966

Abstract

Cash waqf was introduced as an alternative for individuals who do not have an immovable asset but rather have the cash to donate as waqf. It can be observed, however, that Muslims in Kano State narrow their perception of waqf only to be in the form of a kind but not in cash. It is to say that public awareness and understanding of cash waqf are insignificant. Therefore, this study aims to assess factors influencing the intention to accept cash waqf among entrepreneurs in the Kano metropolis with particular reference to Singer Market. The study employed partial least square–structural equation modeling (PLS-SEM) and was theoretically guided by the Theory of Planned Behavior (TPB). Structured survey questionnaires were administered to 379 respondents whom were registered entrepreneurs in Singer Market based on a convenience non-probability sampling technique. Descriptive statistics using charts and tables were employed to analyze the demographic information, while data collected from the respondents were analyzed utilizing AMOS, version 21. The study uncovered that perceived behavioral control and religiosity significantly influenced the intention to accept cash waqf among entrepreneurs in Singer Market in Kano Metropolis, while awareness and attitude did not. This paper recommends that the management of the Kano State Zakat and Hubsi Commission (KSZHC) should establish sensitization programs to create awareness and promote cash waqf for the public to mobilize more potential waqf donors in the state.
Interaction of Customer Satisfaction and Digital Service Retention: Evidence of PLS from Indonesian Islamic Banking Muhammad Alfarizi
International Journal of Islamic Economics and Finance (IJIEF) Vol 6, No 1 (2023): IJIEF Vol 6 (1), January 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v6i1.16824

Abstract

The Indonesian Islamic banking sector has been transformed by integrating technology in banking services to satisfy customers for retention and market share post-COVID-19. This study, therefore, investigates the impact of Islamic banking digital service quality post-COVID-19 in Indonesia on customer satisfaction and retention. This study applied the construction of an electronic service quality model (E-S-Qual) and a banking service quality model (BSQ) focusing on digital services in Islamic commercial banks in Indonesia after the COVID-19 pandemic. This study also used an explanatory method by collecting survey data from customers of Islamic banks in Indonesia. PLS-SEM analysis tool with SmartPLS tool version 4 was utilized to search for hypothetical evidence. This study uncovered the effect of ease of use, efficiency, interoperability, privacy security, responsiveness, reliability, service cost, and service portfolio on ISBC customer satisfaction. In addition, among the significance of ISBC customer satisfaction on customer retention intention, there was a mediating effect of Islamic financial literacy. Islamic banks, consequently, must maintain a digital service system to meet customers' financial needs through quality control of system infrastructure and continuous network maintenance. Moreover, the demand for strategies to strengthen new digital services through adding features and promoting the advantages of digital financial services is needed to gain market share in the Indonesian financial market.
Indonesian Stocks’ Volatility during COVID-19 Waves: Comparison between IHSG and ISSI Muhammad Syauqy Alghifary; Dzuliyati Kadji; Iffah Hafizah
International Journal of Islamic Economics and Finance (IJIEF) Vol 6, No 1 (2023): IJIEF Vol 6 (1), January 2023
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/ijief.v6i1.14838

Abstract

This study aims to compare Islamic and conventional stocks’ performance amid a crisis. The performance was measured by analyzing the volatility of the Indonesian Sharia Stock Index (ISSI) and the Composite Stock Price Index (IHSG) during the COVID-19 pandemic. Based on the results of the different tests using the paired t-test and Wilcoxon rank test methods, it was uncovered that the ISSI and IHSG experienced significant changes before and after discovering the first case of COVID-19 in Indonesia. Significant changes in both values were also found when the Delta variance spread. Meanwhile, when the third wave occurred due to the presence of the Omicron variant, ISSI and IHSG could move more stable and did not experience significant shocks. Then, the estimation results of the GARCH model conclude that both Islamic and conventional stocks have an immense volatility power with an identical value of 0.94 or close to 1. The volatility is also significantly influenced by the previous volatility and the squared error, representing other previous events outside the model. Moreover, the volatility in Islamic and conventional stocks is not much different, even though both stocks have different characters in the debt and income ratio. Fundamental factors also cause this high volatility in the form of shocks in several macroeconomic variables, including the rupiah exchange rate, gold prices, and world oil prices. Besides, the contagion effect that occurred during the COVID-19 crisis also contributed to the spread of systemic risk in global stock indexes on stock volatility in Indonesia.

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