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Journal of Islamic Monetary Economics and Finance
Published by Bank Indonesia
ISSN : 24606146     EISSN : 24606618     DOI : -
Core Subject : Economy,
Economics, Econometrics & Finance
JIMF is an international peer-reviewed and scientific journal which is published quarterly by Bank Indonesia Institute. JIMF is a type of scientific journal (e-journal) in Islamic economics, monetary, and finance. By involving a large research communiy in an innovative public peer-review process, JIMF aims to provide fast access to high quality papers and continual platform for sharing studies of academicians, researchers, and practitioners; disseminate knowledge and research in various fields of Islamic economics, Monetary and Finance; encourage and foster research in the area of Islamic Economics, Monetary, and Finance; and bridge the gap between theory and practice in the area Islamic Economics, Monetary and Finance.
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Articles 10 Documents
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Search results for , issue "Vol 5 No 4 (2019)" : 10 Documents clear
A MARKOV CHAIN MODEL FOR ISLAMIC MICRO-FINANCING Djaffar Lessy; Fouad Khoudjeti; Marc Diener; Francine Diener
Journal of Islamic Monetary Economics and Finance Vol 5 No 4 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i4.1081

Abstract

This paper introduces a Markov chain model for Islamic micro-financing, especially mudarabah and murababah contract. Mudarabah and murabahah are two Islamic micro-financing contracts that have enormous potential in creating a balance between the monetary and sharia sector because these two products are moving to manage the business sector which undoubtedly adds value to the economic movement directly. On the other hand, these two contracts have the potential to cause problems in their implementation. The most common problem of the two contracts is asymmetric information, which consists of adverse selection and moral hazard. We propose the Markov chain model as a solution for the Islamic banks to reduce the risk because of adverse selection and moral hazard in mudarabah and murabahah contract. In our model, we also propose a mechanism to avoid strategic default in mudarabah contract. We observed two different probabilities of an applicant to become a beneficiary to find the solution to the problems. The results of this study, the bank can decrease the probability of an applicant to become a beneficiary to reduce the adverse selection and moral hazard in mudarabah and murabahah contract.
DEVELOPING AN ISLAMIC FINANCIAL INCLUSION INDEX FOR ISLAMIC BANKS IN INDONESIA: A CROSS-PROVINCE ANALYSIS M. Mahbubi Ali; Muhammad Rizky Prima Sakti; Abrista Devi
Journal of Islamic Monetary Economics and Finance Vol 5 No 4 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i4.1098

Abstract

This study measures an Islamic financial inclusion index in Indonesia based on three dimensions, namely the accessibility, availability and usage of Islamic banking services. Additionally, it measures the relationship between the Islamic financial inclusion index and the human development index (HDI). The study found that the level of Islamic financial inclusion in Indonesia is relatively low at the national level. DKI Jakarta is the most financially inclusive province in Indonesia, followed by East Java and Nanggroe Aceh Darussalam. In contrast, East Nusa Tenggara has the lowest average Islamic financial inclusion index. The findings also revealed a positive correlation between the Islamic financial inclusion index and HDI. Those provinces with the highest Islamic financial inclusion index were also likely to have a higher HDI. The findings of the present study suggest that both policymakers and the Islamic financial industry should play a greater role in improving financial access to low-income segments, especially in the eastern part of Indonesia such as East Nusa Tenggara and Papua provinces.
QARD-AL-HASSAN AS A TOOL FOR POVERTY ALLEVIATION: A CASE STUDY OF THE FAEL KHAIR WAQF PROGRAM IN BANGLADESH Farah Muneer; Foyasal Khan
Journal of Islamic Monetary Economics and Finance Vol 5 No 4 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i4.1100

Abstract

The central focus of the Islamic economic system is on socioeconomic justice and the overall welfare of society, especially at the bottom of the pyramid segment. Qard-al- Hassan, alongside zakat and sadaqah, is one of the instruments for the redistribution of income and wealth from the rich to the poor in Islam. In 2007, Bangladesh was struck by super cyclone SIDR, leaving 3,406 people dead. Moreover, SIDR caused unprecedented damage to homes, crops and livelihoods. The Fael Khair Waqf (FKW) Program came as a response to the urgent need to assist the victims of the cyclone and initiated an interest-free micro-loan (Qard-al-Hassan) scheme to restore the livelihoods of a large segment of the victims and to lift them out of poverty. While investigating the effectiveness of Qard-al-Hassan in poverty reduction, this paper also examines the FKW program as a case study. Analysis was conducted of 1600 households using an independent sample t-test and logistic regression to investigate to what extent the program has been effective in reducing poverty. The findings of the logistic analysis are that the probability of being poor for FKW participants is around 1.46 times lower than for non-participants. Moreover, the Qard-al-Hassan of FKW lowers the cost of borrowing significantly and hence participants can accumulate more assets, which might help them to improve their economic status. Overall, the effectiveness of the program implies that development practitioners and researchers should promote the outreach of Qard-al-Hassan so that the extreme poor can easily avail themselves of the services.
DO INTERNET MARKETING FACTORS WITH ISLAMIC VALUES IMPROVE SME PERFORMANCE? Rizaldi Yusfiarto; Galuh Tri Pambekti
Journal of Islamic Monetary Economics and Finance Vol 5 No 4 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i4.1101

Abstract

Internet marketing is regarded as the right business strategy for small and medium- sized enterprises (SMEs) in the current revolutionary era. This study aims to determine the impact of internet marketing factors on improving the business performance of SMEs using the Islamic perspective. Specifically, the aim of this study is to examine how the influence of landing pages, search engine optimisation and customer databases affects SME performance through internet marketing with Islamic values. Statistical testing was undertaken to build and test statistical models in the form of causal models, along with factor analysis, path analysis and regression. The analysis was therefore undertaken using the structural equation modelling (SEM) approach. The research project was conducted among the internet marketer community in Indonesia, with a sample of 245 business units based on the desired criteria. Analysis of the research results shows that the hypotheses in this study as a whole are accepted, from which it can be concluded that a business strategy that uses a combination of internet marketing aspects and Islamic perspectives can be a competitive advantage. This is especially true in the aspects of building consumer trust, categorising consumer preferences specifically and producing broad customer relationship solutions.
EXAMINING THE OUTREACH OF ISLAMIC CHARITY BASED MICROFINANCE PROGRAMMES: EMPIRICAL EVIDENCE FROM INDONESIA Aimatul Yumna; Matthew Clarke
Journal of Islamic Monetary Economics and Finance Vol 5 No 4 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i4.1111

Abstract

One of the advantages of using Islamic social funds is the increased ability of microfinance institutions to provide financial services to the poor. This study aims to (1) investigates the characteristics of the clients of the Islamic Charity Based Microfinance (ICBM) program; (2) test whether the clients ICBM program are more vulnerable than the non clients group (3) discuss the rationale of why poor excluded from the zakat based microfinance program. The study was conducted in the microfinance program at zakat institutions namely Baitul Maal Muamalat (BMMI), BAZNAS, and Baitul Maal Beringharjo (BMB). A total of 236 respondents including clients and non-clients of three case study institutions were participated in this study. The data is analyzed using binomial logit model to evaluate factors affecting clients participation in ICBM programs in Indonesia. The findings show that clients and non-clients of ICBM have a similar demographic profile and the majority ICBM clients live above the national poverty line, yet they live perilously close to the edge of the poverty line. Using logistic regression, this study found that the higher the client’s income level, the higher the probability of their being selected in the program. This findings contradict with the existing Islamic microfinance literature that claim ICBM institutions in general could demonstrate a capacity to extend their services more widely to the poorest if Islamic charity is the main source of microfinance funding. This study suggests some possible barriers to include the poor in the microfinance including institutional selection policy and self exclusion factors.
MODELLING A SUSTAINABILITY MODEL OF ISLAMIC MICROFINANCE INSTITUTIONS Yuli Indah Sari; Widiyanto bin Mislan Cokrohadisumarto
Journal of Islamic Monetary Economics and Finance Vol 5 No 4 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i4.1127

Abstract

Islamic microfinance institutions (IMFIs) – such as Baitul Maal wat Tamwil (BMT - with cooperative legal entities), established in Indonesia as part of the shariah-compliant financial industry sector (part of the halal sector) – need to maintain their sustainability in order to encourage poverty alleviation and economic growth. In observing the sustainability of BMT, there has been relatively little research involving aspects of the quality of the human resources that carry out internal activities. Therefore, the aim of this study is to create a model that is useful for predicting the sustainability of IMFIs, especially BMT, based on variables that are considered important, namely financing growth, Islamic human capital, fraud and Islamic leadership. The model was analysed using multiple regression analysis based on the stepwise method. The primary data (cross-sectional) were obtained in 2019 using questionnaires completed by 105 respondents comprising the administrators and managers of BMTs in Semarang and Pekalongan, Central Java, Indonesia. We found that only two variables have a significant influence on the sustainability of IMFIs: financing growth and Islamic human capital. Practitioners can apply the results of the study to improve the performance of Islamic microfinance, especially BMT, through the distribution of funding in the context of economic improvement (especially micro-enterprise), spiritual strengthening for human resources, risk prevention and appropriate leadership criteria.
SHARIA-COMPLIANT CREDIT CARD EXPOSURE AND UTILISATION IN THE GROWING DIGITAL ECONOMY Laily Dwi Arsyianti; Adelia Adelia
Journal of Islamic Monetary Economics and Finance Vol 5 No 4 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i4.1138

Abstract

Many cashless payment tools have been introduced into the Indonesia market in the form of electronic money cards. The Sharia-compliant credit card is a traditional electronic payment tool, but is provided by only two Islamic finance institutions among the many in Indonesia. The increase in Sharia-compliant credit card transactions over time may mean banks are exposed to non-performing risk. Customer behaviour varies in the use of such cards, and this may cause unpredicted results with regard to card performance. Therefore, the purposes of this study are: 1) to identify the behaviour of Sharia-compliant credit card users and 2) to analyse the factors which influence this behaviour. The primary data were gathered by distributing questionnaires with a total sample of 170 respondents and were analysed by employing structural equation modeling. The research shows that gender, age, and education influence perceived behaviour control, and that expenditure influences subjective norms. Customers’ attitudes, subjective norms and perceived behaviour control are proven to influence their intentions, while customers’ intentions, perceived behaviour control and income influence their behaviour when using Sharia-compliant credit cards. For further sustainable inclusive growth, issuers should pay attention to education for specific audiences.
PROVING AL-MAQRIZI’S CONCEPT OF THE DETERMINANTS OF INFLATION: CROSS BORDER ANALYSIS Nashr Akbar; Abdul Wahid al Faizin
Journal of Islamic Monetary Economics and Finance Vol 5 No 4 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i4.1142

Abstract

This research discusses the determinants of inflation according to Al-Maqrizi, one of Ibnu Khaldun’s disciples. He argued that inflation is caused by natural and human error factors; the latter include government corruption and the excess supply of non-metal money. This study conducts a critical review of the work of al-Maqrizi, ighatsatul ummah bi kasyfil ghummah, supported by a panel data regression of cross-country data related to rates of inflation, rates of corruption and the number of natural disasters. The empirical data show that the rate of inflation is positively related to human error factors: corruption, tax and money supply. The results indicate the relevance of al-Maqirizi’s postulates to the modern day economy. However, natural disasters are not proven to be a significant factor for inflation at the country level. This paper contributes to the importance of the study of classical Muslim scholars’ thinking in order to understand current economic problems and ways of solving them.
WHY ARE YOUTH INTENT ON INVESTING THROUGH PEER TO PEER LENDING? EVIDENCE FROM INDONESIA Ichwan Ichwan; Rachmatina A. Kasri
Journal of Islamic Monetary Economics and Finance Vol 5 No 4 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i4.1157

Abstract

This study aims to analyse the factors that influence the intention of youths/millennials in Jakarta, the capital of Indonesia, to invest in Peer to Peer (P2P) lending. Due to the relative newness of P2P lending in Indonesia, the framework utilised is the Technology Acceptance Model (TAM), and the study involves around 400 youths, the majority of whom are Muslims. Further, the study employs Structural Equation Modelling (SEM) and logistic regression to analyse the influence of socio-demographic variables (gender, religion, marital status, education, employment, religion and income) on the intention to invest through P2P lending. The results of the study indicate that intention to invest in P2P lending is positively correlated and influenced by the attitude variable, which is itself influenced by factors including perceived ease of use, knowledge and trust in P2P lending. The results imply that the potential of youth to invest in P2P lending might be enhanced by improving technology (ease of use), literacy and trust in P2P lending. Moreover, it is suggested that those most interested in and more likely to invest through P2P lending are Muslims, have higher education and have higher incomes. With better literacy and marketing programmes, these groups could be targeted by P2P lending platforms to become potential investors. Lastly, the findings are expected to contribute to Islamic finance concepts and practices, particularly in the context of Indonesia.
DETERMINATION OF PROFESSIONALISM AND TRANSPARENCY AND ITS IMPLICATIONS FOR THE FINANCIAL PERFORMANCE OF ZAKAT INSTITUTIONS Rifzaldi Nasri; Nur Aeni; Marissa Grace Haque-Fawzi
Journal of Islamic Monetary Economics and Finance Vol 5 No 4 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i4.1158

Abstract

The objective of this study is to determine the influence of the professionalism and transparency of zakat management on financial performance, especially in the case of the Amil Zakat Institution of Daarut Tauhid Peduli Jabodetabek. The method used in the research is SEM (structural equation modeling) using AMOS, with 156 respondents. The results show that: (1) professionalism has a negative and insignificant impact on the transparency of zakat management; (2) professionalism has a positive and significant impact on financial performance; and (3) the transparency of zakat management has positive and significant impacts on financial performance. Moreover, the indicators of competence have the highest loading factors of professionalism; the indicator of information on fund management has the highest loading factors of transparency; while the indictor of measurement of economics has the highest loading factor of financial performance. To sum up, this research suggests that zakat institutions should improve their transparency and professionalism in order to improve their financial performance in the future.

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