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Indin Rarasati
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ijief@umy.ac.id
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Daerah istimewa yogyakarta
INDONESIA
International Journal of Islamic Economics and Finance (IJIEF)
ISSN : 26223562     EISSN : 26224372     DOI : -
Core Subject : Economy,
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.
Arjuna Subject : -
Articles 146 Documents
Quantitative Economic Evaluation of Zakah-Poverty Nexus in Kano State, Nigeria Mustafa, Daud; Baita, Abubakar Jamilu; Adhama, Hussaina Datijjo
International Journal of Islamic Economics and Finance (IJIEF) Vol 3, No 1 (2020): IJIEF Vol 3 (1), January 2020
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1401.64 KB) | DOI: 10.18196/ijief.2120

Abstract

Nigeria is the largest economy in Africa and yet, a poverty-ridden oil-producing country. Thus, poverty remains a persistent macroeconomic challenge in Nigeria with devastating consequences, especially in the Muslim populated states like Kano. Surprisingly, Kano state, which is the most populated state in Nigeria with more than 15 million people, is one of the 14 most poverty-ridden states in Nigeria, despite the practice of Zakah institution (ZI). Therefore, this study empirically evaluates the revenue base and impacts of ZI on poverty alleviation in Kano state. Hence, 1,230 copies of questionnaires were administered and seven high profile Zakah payers were interviewed. Meanwhile, the data analysis was accomplished using descriptive statistics, correlation, and regression techniques, among others. The major findings indicate that the enormous revenue base of ZI for poverty alleviation exists, because of the significant Zakah payment by high ability Zakah payers. Similarly, ZI positively impacts on poverty alleviation. All in all, the findings lend credence to the Zakah-effectiveness hypothesis. Hence, this study recommends that Kano state government should exemplify more accountability and transparency in Zakah management. Moreover, a Ministry of Zakah and Hubusi Affairs should be established with the mandates of poverty alleviation and economic empowerment in the state.
IMPLEMENTING A CENTRAL BANK ISSUED DIGITAL CURRENCY WITH ECONOMIC IMPLICATIONS CONSIDERATIONS Mohamed, Hazik
International Journal of Islamic Economics and Finance (IJIEF) Vol 3, No 1 (2020): IJIEF Vol 3 (1), January 2020
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (848.184 KB) | DOI: 10.18196/ijief.2121

Abstract

A central bank-issued digital currency (CBDC) could solve the volatility of a privately-issued cryptocurrency as well as keep intact its potential benefits. This research intended to analyze the possibilities for implementing a CBDC in a viable format that is also Shariah-compliant which may have the capacity to tackle issues plaguing the current financial system. We discuss possible scenarios and the resulting impact and consequences of CBDC implementation, through a deep examination of the benefits, opportunities, costs and issues of several conceptual formats. Methodologically, we used qualitative, comparative and analytical assessments on the critical impact on crucial levers like dilution to monetary policy, and the stability of the financial system. Finally, we found that the best format was a non-interest bearing CBDC for the interbank settlement and wholesale payment systems which would have the least disruption to the economy but strongest monetary policy transmission.
FINTECH AND ISLAMIC FINANCE: LITERATURE REVIEW AND RESEARCH AGENDA Hasan, Rashedul; Hassan, Mohammad Kabir; Aliyu, Sirajo
International Journal of Islamic Economics and Finance (IJIEF) Vol 3, No 1 (2020): IJIEF Vol 3 (1), January 2020
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (804.261 KB) | DOI: 10.18196/ijief.2122

Abstract

Fintech revolution started with the introduction of credit cards in 1960 and have been revolutionized with blockchain technologies. Integration of Fintech based solution with Islamic finance has gained interest among academics. However, the lack of literature evidence on this issue has motivated us to conduct a systematic literature review on Islamic Fintech. We have identified fourteen documents relevant to the context of the study and conducted the content and thematic analysis. An extensive review of past literature allows us to identify Shari?ah compliance as one of the major challenges for the growth of Islamic fintech. In addition, we conclude that Islamic fintech might pose challenges for Islamic Financial Institutions (IFIs) in terms of operational efficiency, customer retention, transparency and accountability. We contribute by providing insights on the challenges faced by the Islamic finance industry toward integrating Fintech based solutions with reference to past studies and indicate areas for future studies that could reduce the gaps in Islamic Fintech literature.
MUZAKKI POTENTIALS’ ROLE IN ALLEVIATING POVERTY (STUDY CASE IN ACEH) Pratama, Siectio Dicko; Rahadiana, Rizal
International Journal of Islamic Economics and Finance (IJIEF) Vol 3, No 1 (2020): IJIEF Vol 3 (1), January 2020
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (778.119 KB) | DOI: 10.18196/ijief.2123

Abstract

Zakat is an obligation in Islam which commands the followers to pay a few money to the poor, the needy and other particular recipients determined by Qur?an. Since Zakat is obligatory only for the rich, the system should be able to reduce inequality and poverty. Aceh has implemented a zakat management program since 2006. Nevertheless, the impact of this program has not appeared. This study aims to analyze the impact of potential muzakki in Aceh to poverty reduction and identify the main factors contributing to the rise of muzakki. By using Socio-economic survey data from BPS-Statistics of Aceh Province, the potential of muzakki numbers can be estimated. Then, the impact on the poverty will be analyzed. The method used to identify the variables affecting the muzakki numbers is Multiple Linear Regression with Stepwise Selection method. The result shows that the potential muzakki in Aceh reaches 3 million people and able to reduce the poverty rate by approximately 3.25 percent. Subsequently, the economic size and the average number of dependents are the significant variables whose impact to increase the number of muzakki. For maximizing these opportunities, the data and program synchronization between the governments with zakat institutions are suggested.
The Role of Zakat, Infaq and Shadaqah (ZIS) in Reducing Poverty in Aceh Province Saputro, Eko Gondo; Sidiq, Sahabudin
International Journal of Islamic Economics and Finance (IJIEF) Vol 3 (2020): IJIEF Vol 3(SI), Special Issue: Islamic Social Finance and Ethics
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1631.803 KB) | DOI: 10.18196/ijief.3234

Abstract

Aceh is one of the provinces that paves the way for the Islamic development in Indonesia. Therefore, Aceh has a strong Islam preaching and becomes the center of science. Innovations made in Islamic knowledge with government policies in managing zakat funds collected from the community-made Aceh are through the BAZNAS in provincial level namely Baitul Mal Aceh; one of the BAZNAS with highly effective Allocation to Collection Ratio (ACR) levels. Baitul Mal Aceh has a superior program aiming at making Mustahik into Muzzaki consisting of education, health assistance, and economic empowerment programs. This research was conducted to see the effect of Zakat, Infaq, Shadaqah (ZIS) through Economic Growth, Education, Health, and HDI on Poverty in Aceh. The method used in this research was Structural Equation Model-Partial Least Square (SEM-PLS). The results revealed the direct effect of ZIS on Economic Growth, Health, and HDI, as well as the total indirect effect of ZIS on Economic Growth and Poverty in Aceh. The results also showed that the effect of ZIS through Health and HDI on Economic Growth and the effect of ZIS through HDI on Poverty in Aceh.
Determinant of Indonesian Banking Profitability: Case Study Dual Banking System Achsani, Muhammad Nur Faaiz Fathah; Kassim, Salina
International Journal of Islamic Economics and Finance (IJIEF) Vol 4 (2021): IJIEF Vol 4 (SI), Special Issue: Islamic Banking
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (470.442 KB) | DOI: 10.18196/ijief.v4i0.10464

Abstract

Islamic banking is considered as the perfect alternative of the current conventional financial system.  However, there is still a huge amount of criticisms in terms of its practice, with many claims that Islamic banking and finance simply replaces conventional banking terminology and offers near-identical services to its clients but at a higher cost. The objective of this study is to make a comparative empirical assessment on the determinants of profitability between the Islamic and conventional banks in Indonesia. The panel data regression is applied to analyze the relationship between profitability indicators and both industry and country level characteristics. As far as the author knows, only few studies compare the profitability of Indonesian Islamic banks and conventional banks, especially in using econometrics approach. From the empirical result in the combined model, it is known that conventional banks are more profitable than Islamic banks. Compared to the combined regression, there is no significant difference in terms of significance of the independent variables and its relationship with the dependent variable for the conventional bank regression. Conventional banks are more familiar for the community due to the long operation compared to Islamic banks. Socialization needs to be done with some approach starting from mosques and Islamic schools. The development of supporting industries such as halal industry and halal tourism are also important to increase the demand for Islamic banking product. Beside increasing the demand, efforts to increase the economics of scale is also important with various efforts such as merger or acquisition.
Switching Intentions Among Millennial Banking Customers to Fintech Lending Afandi, Muhammad Anif
International Journal of Islamic Economics and Finance (IJIEF) Vol 3, No 2 (2020): IJIEF Vol 3 (2), July 2020
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1162.237 KB) | DOI: 10.18196/ijief.3230

Abstract

The purpose of this study is to analyze of switching intentions among millennial banking customers to the financing services of FinTech lending in Indonesia using the PPM framework. 245 primary data were collected by Likert 5 scale category which was subsequently conducted data analysis using the OLS method. The results showed that in the perspective of push effects, all factors have no significant effect on switching intentions or in other words the millennial banking customers have considered that credit/financing services in banking is quite good that it does not encourage them to switch. In the perspective of pull effects, ease of use and pricing benefit factors of FinTech lending have significant effect on switching intentions so that it attracts them to switch. Meanwhile, in the perspective of mooring effects, the factors of service products and reputation significantly affect switching intentions so as to impede them to switch. In addition, Islamic banking customers are known to have higher potential to switch to the financing services of FinTech lending. The results of this study provide useful information for the banking industry, FinTech lending and regulators to be able to develop strategies and effective policies amid the potential of customer switching
Socioeconomic Impact of COVID-19 in MENA region and the Role of Islamic Finance Hassan, M. Kabir; Rabbani, Mustafa Raza; Abdulla, Yomna
International Journal of Islamic Economics and Finance (IJIEF) Vol 4, No 1 (2021): IJIEF Vol 4 (1), January 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (658.989 KB) | DOI: 10.18196/ijief.v4i1.10466

Abstract

This paper analyses the socio-economic impact of the noble Corona virus (COVID-19) on ‘Middle East and North Africa’ (MENA) region as well as the role and opportunities of Islamic finance post COVID-19. The findings show that pandemic has affected the MENA region massively like any other region in the world. Since around 69% of the word’s crude oil supply is from this region alone, this causes it to suffer from dual shocks of COVID-19 pandemic as well as the declining crude prices that is caused by shocks from both ends, negative supply shock and a negative demand shock. The 19 countries in MENA region include from some of the richest countries of the world such as, Qatar, Kuwait, and Saudi Arabia, to some of the most vulnerable, poor and war ridden countries like Yemen, Syria, and Morocco. To mitigate the adverse effects of the pandemic, we suggest some immediate actions that can be taken such as a public fund to support health system, financial support to individuals and SME’s, financial support to corporations in order to prevent job loss and layoff and assurance of liquidity in domestic markets to prevent liquidity crunch. Finally, the paper analyses the role of Islamic finance in the region in recovery post COVID-19 and show that Islamic finance can be utilized as an alternative financial system in providing the relief to the COVID-19 affected people and entrepreneurs.
Impact of Covid-19 on Islamic Stock Markets: An Investigation using Threshold Volatility and Event Study Models Irfan, Mohammad; Kassim, Salina; Dhimmar, Sonali
International Journal of Islamic Economics and Finance (IJIEF) Vol 4, No 1 (2021): IJIEF Vol 4 (1), January 2021
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (687.331 KB) | DOI: 10.18196/ijief.v4i1.10480

Abstract

The Covid-19 is an unexpected event in the world history with substantial socio-economic impact on the global economy. The global financial market was also badly affected as reflected by the extreme volatility as well as weak performances in the stock markets all over the world.  How do the Islamic stock markets in various parts of the world behave during the Covid-19 shock? The objective of this study is to identify the impact of the Covid-19 pandemic as declared by the World Health Organization on the Islamic stock markets. Using the threshold volatility and event study models, the study analyses the impact of the Covid-19 announcement on the Islamic stock indices in the Indian Stock Exchange (represented by the Bombay Stock Exchange - BSE Shariah Index) and Indonesian Stock Exchange (represented by the Jakarta Islamic Indices - JII). With the date of event identified as 11th March 2020, the event window consists of 60, 30, and 20 days. The results show that the BSE Shariah and JII have positive coefficients, with the BSE Shariah Index shows negative response to the announcement of Covid-19 as global pandemic. On the other hand, the JII reacted positively to the event. The study shows the reaction of a stock exchange is dependent on other economic factors unique to the country, resulting in the events impact of the Covid-19 to vary from one country to another.
Contemporary Issues on Cash Waqf: A Thematic Literature Review Aldeen, Khaled Nour; Ratih, Inayah Swasti; Herianingrum, Sri
International Journal of Islamic Economics and Finance (IJIEF) Vol 3 (2020): IJIEF Vol 3(SI), Special Issue: Islamic Social Finance and Ethics
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1368.573 KB) | DOI: 10.18196/ijief.3236

Abstract

This paper presents the most recent works on cash Waqf, focusing on identifying contemporary scholars' work in this area, providing a novel framework to indicate the existing gap, subsequently, it opens the door wider for new research commitment. This research adopts the paradigm of qualitative approach research, based on disk-based research. Google Scholar was employed, searching through the passage. Only contemporary English documents within the period of 2002-2019 were the subject of this study. Lately, cash Waqf has been proven as a proper method for poverty alleviation. Previous studies attempted to address several models in order to enhance socio-economics issues. This research is a distinct attempt, as to the best of our knowledge, there is no previous research addressed the subject matter. Moreover, this study is expected to assist the interested scholars by offering comprehensive conclusion about have been done in the field. Hence, opens new doors for scholars to develop new innovative cash Waqf models to bridge the socio-economic issues. Our findings depict that Malaysian and Indonesian scholars show a robust research commitment on cash Waqf during 2002-2019. Furthermore, this study highlights the existing gap that must be researched to enrich the potentials of cash Waqf, future research should address other countries practices in term of cash Waqf, moreover, validating a proposed model through interviews to ensure that a proposed model is applicable. In terms of cash Waqf awareness, research might consider peer influence”, “self-efficacy in contributing to cash Waqf.

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