Journal of Islamic Monetary Economics and Finance
type: channel
description: Focus and Scope : Islamic economics, monetary, and finance e-ISSN :2460-6146 p-ISSN : 2460-6618 Journal of Islamic Monetary Economics and Finance (JIMF) is an international peer-reviewed journal published quarterly by Bank Indonesia Institute, Bank Indonesia (Central Bank of Indonesia). JIMF publishes important research contributions to a wide range of Islamic economics, monetary, and finance including work along empirical, methodological and theoritical lines. The topics covers but not limited to the followings: microeconomics; finance; financial markets; macroeconomics; economic growth and development; international trade; monetary policy; money demand and money supply behaviour. The primary criterion for publication in JIMF is the significance of the contribution an article makes to the literature in Islamic economics, monetary and finance i.e., the significance of the contribution and on the rigor of analysis and presentation of the paper. The acceptance decision is made based upon an independent review process that provides critically constructive and prompt evaluations of submitted manuscripts.
publisher: Bank Indonesia
language: en
publication name: Journal of Islamic Monetary Economics and Finance
issn: 2460-6146
copyright: Journal of Islamic Monetary Economics and Finance is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
items: The Role of Islamic Economics and Finance in the Era of Digital Transformation, Sustainable Growth and Geopolitical Uncertainty
items: Shari’ah Analytics of Arabic Currency Terms and Implications for Cryptocurrency
items: Reassessing Attention to Fintech: Spillover Effects on Conventional and Islamic Financial Stocks
items: The Shariah-Compliant Risk Factor and Distress Risk: Evidence from the U.S. Stocks
items: Consumer Insights on Halal Certification: Awareness, Perception, and Visibility as Key Determinants of Purchase Behaviour
items: Sustainability-Based Islamic Corporate Governance and Islamic Banks’ Multi-Performance: Evidence from Indonesia
items: Beyond Prohibitions: Unveiling the Hidden Dynamics of Islamic Economics and Finance
items: Resilience of Islamic Stock Indexes to Economic Uncertainty: Quantile-on-Quantile Insights
items: ESG Commitment and Bank's Default Risk in Emerging and Developing Countries: Does Islamic Bank Matter?
items: Analyzing the Impact of Systems, Human Capital, and Anti-Bribery Practices on Business Satisfaction: The Case of Halal Certification in Indonesia
items: Does Digital Financial Inclusion Impact ESG Performance in Islamic and Conventional Financial Institutions? A Global Evidence
items: Risk-Adjusted Returns and Spillover Dynamics among Emerging Digital Currencies
items: A Literature Review of Updated Islamic Corporate Governance Elements: Implications for Indonesia
items: Sharia Supervisory Board, Board Attributes and Real Earnings Management in Islamic Banks
items: Portfolio Diversification Opportunities for Nigeria’s Islamic (Shariah) Stock Investors with Their Major Trading Partners
items: ESG and Banking Performance in Emerging and Developing Countries: Do Islamic Banks Perform Better?
items: A Maqasid-Based Welfare Index in Indonesia: An Empirical Investigation
items: Digital Financial Inclusion and Bank Stability in a Dual Banking System: Does Financial Literacy Matter?
items: Consumers' Behavioural Intention to Adopt Shari’ah-Compliant Digital Gold Platform in Malaysia: Extension of UTAUT Model
items: The Role of Deposit Insurance in Supporting Islamic Microfinance Institutions: Insights from Indonesia
items: Promoting Inclusive and Sustainable Growth with Sharia Economy amid the Age of Digitalization and Global Uncertainty
items: How Feasible Is a Convertible Ijarah Contract for SME Financing?: A Simulation Approach
items: Development of Sharia Hospitals as a Source of New Economic Growth
items: What Factors Influence the Welfare of Zakat Beneficiaries?
items: How ASEAN4 Conventional, Islamic, and ESG Indices React to Twitter Market Uncertainty?
items: Sharia-Compliant Deposit Insurance and Deposit Flows: Evidence from a Dual Banking Market
items: Religion and Green: The Dual Power of ESG and Shariah-Compliant Stocks in Brand Values of Malaysia, Indonesia, and Saudi Arabia
items: What Has Been Discussed on Zakat Institutions? A Bibliometric Study
items: Weathering the Storm: Shariah Compliance, Digital Innovation, and Stock Performance during COVID-19
items: Accounting Education, Discipline, and Supervision When Women in Charge in Islamic Microfinance: Case Studies of Indonesia and Pakistan

The Role of Islamic Economics and Finance in the Era of Digital Transformation, Sustainable Growth and Geopolitical Uncertainty
type: item
description: This paper is based on a keynote speech delivered at The 11th International Islamic Monetary Economics and Finance Conference (11th IIMEFC). As a keynote contribution, this article does not include a formal abstract.
subject: Articles
  topic: section
subject: Islamic economics and finance, Digital transformation, Sustainable growth, Geopolitical uncertainty
  topic: keywords
creator: Perry Warjiyo
rights: Copyright (c) 2026 Journal of Islamic Monetary Economics and Finance http://creativecommons.org/licenses/by-nc/4.0
date: 2026-02-26
publication date: 2026-02-26
starting page: 1
ending page: 6
doi: 10.21098/jimf.v12i1.3463

Shari’ah Analytics of Arabic Currency Terms and Implications for Cryptocurrency
type: item
description: This study introduces Sharīʿah analytics, a novel methodological framework leveraging machine learning and big data analytics, to systematically analyze classical Islamic jurisprudential texts (furūʿ al-fiqh kitābs), and further assesses cryptocurrencies against the Islamic monetary principles. Sharīʿah analytics is done via computationally processing 55 texts across four Sunni and one Shia legal tradition, examining Arabic currency-related terms and their fundamentals to explain whether cryptocurrencies align with pre-modern juristic definitions rooted in physicality, standardization, and regional acceptance. Findings reveal that cryptocurrencies inherently diverge from classical criteria, e.g., weight-based valuation, intrinsic material purity, and communal consensus, interpreting them non-compliant with traditional Islamic currency frameworks. This approach advances Islamic monetary scholarship, offering a data-driven lens to reconcile ethical monetary principles with emerging digital economies. The study fills a gap in existing literature by systematically contextualizing cryptocurrency debates within primary juristic sources rather than relying on speculative analogies or fragmented scholarly opinions. ACKNOWLEDGMENT Fahmi Ali Hudaefi would like to thank Dr Haula Noor (Universitas Islam Internasional Indonesia) for introducing him to Islamicate Digital Humanities, which grounds the idea of Shariah analytics. This research received funding from the Deanship of Scientific Research, Vice Presidency for Graduate Studies and Scientific Research, King Faisal University, Saudi Arabia [KFU252890]. In addition, this research also received funding from Majelis Pendidikan Tinggi Penelitian dan Pengembangan (Diktilitbang) Muhammadiyah Risetmu Penelitian Reguler Batch IX [0259.1043/I.3/D/2025].
subject: Articles
  topic: section
subject: Cryptocurrency, Dinar, Dirham, Nuqud, Fulus, Shari’ah analytics.
  topic: keywords
subject: Islamic finance
  topic: subjects
subject: Shariah
  topic: subjects
subject: Fiqh al-Muamalat
  topic: subjects
subject: Islamic Economics
  topic: disciplines
creator: Fahmi Ali Hudaefi
creator: Muhammad Zakiy
creator: Abdelkader Laallam
creator: Fauzul Hanif Noor Athief
creator: Muhamad Subhi Apriantoro
rights: Copyright (c) 2026 Journal of Islamic Monetary Economics and Finance http://creativecommons.org/licenses/by-nc/4.0
date: 2026-02-26
publication date: 2026-02-26
starting page: 107
ending page: 132
doi: 10.21098/jimf.v12i1.3328

Reassessing Attention to Fintech: Spillover Effects on Conventional and Islamic Financial Stocks
type: item
description: This study applies an integrated Quantile Vector Autoregression and Quantile Regression to examine spillover dynamics in the FinTech context. By analysing the period from 2019 to 2024, which includes significant events such as the COVID-19 pandemic, the 2023 banking crisis, and notable regulatory developments, the study captures nonlinear and asymmetric relationships between FinTech attention (ATFIN), FinTech stock performance (FINTS), and financial stock returns, for both conventional (FINS) and Islamic (IFINS) stocks. The findings suggest that ATFIN tends to respond to market movements during normal and bearish conditions, while it becomes a net transmitter during bullish periods, amplifying investor sentiment and speculative activity. Conventional financial stocks consistently emerge as strong transmitters of market spillovers, whereas Islamic financial stocks function mainly as receivers, especially during market upswings, indicating their potential role as a stabilizing force. These results contribute to the literature on behavioural finance and financial contagion by highlighting the asymmetric behaviour of FinTech attention across market regimes. The study also offers practical implications for regulators and institutional investors. Monitoring ATFIN may help identify speculative trends, while Islamic FinTech models could appeal to more risk-averse investment profiles.
subject: Articles
  topic: section
subject: Attention to fintech, QVAR, Investor sentiment, Stock spillover, Fintech influences.
  topic: keywords
creator: Ahmad Al Izham Izadin
creator: Ooi Kok Loang
creator: Mohd Shahidan Shaari
creator: Abdul Rahim Ridzuan
creator: Sevenpri Candra
rights: Copyright (c) 2026 Journal of Islamic Monetary Economics and Finance http://creativecommons.org/licenses/by-nc/4.0
date: 2026-02-26
publication date: 2026-02-26
starting page: 35
ending page: 58
doi: 10.21098/jimf.v12i1.3300

The Shariah-Compliant Risk Factor and Distress Risk: Evidence from the U.S. Stocks
type: item
description: This paper tests the Shariah-compliant-augmented three-factor model (TFM) in the U.S. stock market from July 2005 to June 2024. In particular, we investigate whether the Shariah Compliant (SC) risk factor, measured as the difference in returns between the portfolio of non-Shariah-compliant (NSC) firms and that of SC firms, constitutes a systematic source of risk able to explain financial distress. We find that the SC risk factor is a major determining factor in pricing of stock portfolios classified by size, book-to-market and Shariah compliance, along with those of distressed and non-distressed firms. Additionally, we point out that the SC risk factor explains the cross-section of stock returns even when other financial distress risk factors are considered, suggesting that it contains significant distress-related information. Finally, we show that this risk factor is significantly related to innovations in term spread, which is consistent with Merton’s ICAPM explanation. Overall, the findings indicate that the SC factor represents a systematic, undiversifiable distress risk factor. These results have important implications for asset management using SC stocks, supporting an SC-augmented TFM to fairly value assets and suggesting that SC investment may provide protection against financial distress.
subject: Articles
  topic: section
subject: Islamic investment, Asset pricing, Financial distress, Systematic risk factors.
  topic: keywords
subject: Islamic investment, Asset pricing, Financial distress, Systematic risk factors
  topic: subjects
subject: Islamic Capital Market
  topic: disciplines
creator: Olfa Ben Mdalla
creator: Olfa Benouda
rights: Copyright (c) 2026 Journal of Islamic Monetary Economics and Finance http://creativecommons.org/licenses/by-nc/4.0
date: 2026-02-26
publication date: 2026-02-26
starting page: 133
ending page: 166
doi: 10.21098/jimf.v12i1.2788

Consumer Insights on Halal Certification: Awareness, Perception, and Visibility as Key Determinants of Purchase Behaviour
type: item
description: This study investigates consumer insights on halal certification in Malaysia by examining awareness, perception, visibility, trust, and purchase behaviour, with religious belief as a moderator. Using a non-probability purposive sampling method, 801 valid responses were collected and analysed with Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that perception and awareness significantly influence trust, while visibility has no significant effect. Trust and religious belief strongly predict purchase behaviour, and religious belief also moderates the relationship between trust and purchase. It should be noted, however, that the sample disproportionately represents Indigenous Sabah respondents, while Malay respondents—the national majority—are underrepresented. Therefore, the findings are context-specific and not generalisable to the entire Malaysian population. Despite this limitation, the study provides useful insights into consumer trust in halal certification and offers practical recommendations for practitioners, regulators, and policymakers, as well as theoretical contributions for future research. ACKNOWLEDGMENT This paper was supported by the Geran Penyelidikan Dana Kluster (DKP) Fasa 1/2023 (DKP0020). The authors gratefully acknowledge the financial support provided through this grant, which has facilitated the implementation of this research. The authors also sincerely thank the journal’s editors and reviewers for their valuable comments and suggestions that helped improve the quality of this paper.
subject: Articles
  topic: section
subject: Halal purchase behaviour, Trust, Awareness, Perception, Visibility, Religiosity.
  topic: keywords
subject: D12 – Consumer Economics: Empirical Analysis M31 – Marketing Z12 – Religion (Economic Aspects)
  topic: subjects
subject: Islamic Economics and Finance; Marketing; Consumer Behaviour
  topic: disciplines
creator: Mohamad Isa Abd Jalil
creator: Siti Hajar Samsu
creator: Debrina Puspita Andriani
creator: Shariff Umar Shariff Abd. Kadir
creator: Habib Ahmed
rights: Copyright (c) 2026 Journal of Islamic Monetary Economics and Finance http://creativecommons.org/licenses/by-nc/4.0
date: 2026-02-26
publication date: 2026-02-26
starting page: 195
ending page: 228
doi: 10.21098/jimf.v12i1.3086

Sustainability-Based Islamic Corporate Governance and Islamic Banks’ Multi-Performance: Evidence from Indonesia
type: item
description: This study develops a Sustainability-based Islamic Corporate Governance (SICG) index that integrates the roles of the Shariah board, regular board, and sustainable board and examines how it impacts multi-dimensional performance of Islamic banks. It employs a sample of 15 Islamic commercial banks in Indonesia from 2010 to 2023. The findings reveal that governance elements have a positive impact on particularly financial performance, while its influence on social performance is limited. For environmental and sustainability performance, a positive impact is primarily observed in the roles of the regular and sustainable boards. Further analysis through the Paris Agreement interaction confirms that most of these findings are consistent and support the role of SICG in enhancing various performances of Islamic banks. These results highlight the need for Islamic banks in Indonesia to transition toward SICG and suggest that policymakers facilitate this transformation by developing relevant regulations and guidelines to align governance structures with broader sustainability objectives. ACKNOWLEDGMENT The paper is supported by sponsorship from the Indonesia Endowment Fund for Education (LPDP), whose sponsorship has played a crucial role in facilitating the research process. The authors deeply appreciate this support and are grateful for the opportunities it has provided. The authors also gratefully acknowledge the valuable comments provided by the journal's editors and reviewers.
subject: Articles
  topic: section
subject: Islamic corporate governance, Sharia governance, ESG performance, Islamic bank, Sustainability.
  topic: keywords
subject: Islamic Corporate Governance
  topic: subjects
subject: Islamic Banking
  topic: subjects
subject: Islamic Finance and Banking
  topic: disciplines
creator: Irna Puji Lestari
creator: Mamduh Mahmadah Hanafi
creator: Leo Indra Wardhana
rights: Copyright (c) 2025 Journal of Islamic Monetary Economics and Finance http://creativecommons.org/licenses/by-nc/4.0
date: 2025-11-27
publication date: 2025-11-27
starting page: 743
ending page: 778
doi: 10.21098/jimf.v11i4.2927

Beyond Prohibitions: Unveiling the Hidden Dynamics of Islamic Economics and Finance
type: item
description: Despite theoretical differences between conventional and Islamic finance, critics argue that Islamic finance remains operationally similar to conventional finance. This apparent convergence in substance has led to growing disillusionment among stakeholders, prompting calls for a reassessment of the objectives and principles underlying Islamic finance. The objective of this study is twofold: first, to conduct a comprehensive comparative analysis between Islamic finance and conventional finance, and second, to explore the hidden dynamics of Islamic economics and finance by investigating its special theoretical features. By conducting intensive library research and reviewing main studies in Islamic economics and Finance, this study examines the salient features of Islamic economics and finance. The study identifies several hidden dynamics, including the role of money as a medium of exchange, prohibition of debt securitization, financing real sector development, the role of Islamic finance in infrastructure development, and the impact of Shariah screening mechanisms on stock market crashes. By examining the salient features of Islamic Economics and Finance, this research aims to provide theoretical insights that will contribute to academic literature, while also guiding regulators and industry practitioners in innovating financial products that more authentically embody the ethical spirit of Islamic finance.
subject: Articles
  topic: section
subject: Islamic economics, Islamic finance, Hidden dynamics, Silent feature.
  topic: keywords
creator: Burhan Uluyol
rights: Copyright (c) 2026 Journal of Islamic Monetary Economics and Finance http://creativecommons.org/licenses/by-nc/4.0
date: 2026-02-26
publication date: 2026-02-26
starting page: 81
ending page: 106
doi: 10.21098/jimf.v12i1.2781

Resilience of Islamic Stock Indexes to Economic Uncertainty: Quantile-on-Quantile Insights
type: item
description: This paper examines the impact of country specific EPU on Islamic stock indexes of developed, emerging, and frontier markets using Quantile on Quantile Regression (QQR). For robustness, we employ causality in mean and variance. We gather Islamic stock indexes and country specific EPU data from nine markets, classified as developed, emerging, and frontier, from January 2010 to November 2024. Our findings demonstrate that EPU exhibits predictive power for Islamic stock indexes across different quantiles (lower to higher). Additionally, the effect of EPU on respective Islamic stock indexes is asymmetric. Finally, we also show that country specific EPU negatively (positively) impacts Islamic stocks during bearish (bullish) periods of economic activity. These findings add to our understanding of and contribute to the limited literature on Islamic stock markets, highlighting their unique characteristics and responses to policy-driven uncertainties.
subject: Articles
  topic: section
subject: Economic policy uncertainty, Islamic stocks, Quantile on quantile regression, Economic activity.
  topic: keywords
subject: Islamic finance
  topic: disciplines
creator: Ozair Siddiqui
creator: Naveed Khan
rights: Copyright (c) 2026 Journal of Islamic Monetary Economics and Finance http://creativecommons.org/licenses/by-nc/4.0
date: 2026-02-26
publication date: 2026-02-26
starting page: 7
ending page: 34
doi: 10.21098/jimf.v12i1.2626

ESG Commitment and Bank's Default Risk in Emerging and Developing Countries: Does Islamic Bank Matter?
type: item
description: This paper examines the impact of ESG commitment on banks’ default risk in emerging and developing countries. Using a panel dataset comprising 157 banks from 28 countries over the period 2016-2022 and the Two-Step Generalized Method of Moments (2-Step GMM), it reveals that banks’ ESG commitment reduces banks’ probability of default (PD). Islamic banks also matter for ESG commitments, where Islamic banks have a higher probability of default than conventional banks while committing to the governance pillar. The findings of the study imply that financial authorities and banking institutions in emerging and developing countries need to spur banks’ ESG commitment. However, it must be carefully implemented in Islamic banks, considering that it likely increases Islamic banks' PD. The study contributes to the empirical research concerning the nexus between ESG commitment and banks' default by extending the measurement of the probability of default and delving deep into investigating its relation to Islamic banks.
subject: Articles
  topic: section
subject: ESG commitment, Probability of default (PD), Emerging and developing countries, Islamic banks.
  topic: keywords
subject: G21
  topic: subjects
subject: G29
  topic: subjects
subject: M14
  topic: subjects
subject: Finance
  topic: disciplines
subject: Islamic finance
  topic: disciplines
subject: banks
  topic: disciplines
creator: Faaza Fakhrunnas
creator: Turalay Kenc
creator: Hengchao Zhang
rights: Copyright (c) 2025 Journal of Islamic Monetary Economics and Finance http://creativecommons.org/licenses/by-nc/4.0
date: 2025-11-27
publication date: 2025-11-27
starting page: 713
ending page: 742
doi: 10.21098/jimf.v11i4.2789

Analyzing the Impact of Systems, Human Capital, and Anti-Bribery Practices on Business Satisfaction: The Case of Halal Certification in Indonesia
type: item
description: Maintaining good service quality in halal certification procedures has become crucial as the demand for halal products grows globally. Focusing on Indonesia, this study investigates the relationship between firm satisfaction with halal certification services and support systems, human capital, and anti-bribery practices. The study uses Structural Equation Modelling (SEM) and the SERVQUAL framework to analyze survey data from 2,367 businesses with halal certifications in 32 Indonesian provinces. The aim is to reveal the determinants of satisfaction and the impact of institutional performance on service delivery. The findings demonstrate that employees with responsiveness, empathy, assurance, and good communication significantly improve not only the perceived quality of services but also the efficacy of anti-bribery initiatives. Meanwhile, support systems that enhance employee performance and customer satisfaction include sufficient equipment, transparent quality control, and complaint procedures. These findings highlight that integrity and professionalism are just as important as technical systems to make certification successful. This study provides insights for certifying organizations and legislators in formulating strategies to boost the competitiveness of Indonesia's halal market, increase efficiency, and build confidence. Strengthening institutional capacity and reducing bureaucratic barriers can help ensure a more reliable and business-friendly certification ecosystem. ACKNOWLEDGMENT This work was supported by Airlangga University under the Research Scheme “Penelitian Unggulan Halal” (Grant Number: 63/ST/UN3. HALAL/PT.March 01, 2024).
subject: Articles
  topic: section
subject: Halal certification, Service quality (SERVQUAL), Small enterprises, Business satisfaction, Human capital, Bribery.
  topic: keywords
creator: Fauziah Fauziah
creator: Ibnu Hasan Muchtar
creator: Miguel Angel Esquivias
creator: Siti Hafsah Zulkarnain
creator: Rosa Melia Maharani
creator: Novita Eka Wulandari
rights: Copyright (c) 2026 Journal of Islamic Monetary Economics and Finance http://creativecommons.org/licenses/by-nc/4.0
date: 2026-02-26
publication date: 2026-02-26
starting page: 167
ending page: 194
doi: 10.21098/jimf.v12i1.2579

Does Digital Financial Inclusion Impact ESG Performance in Islamic and Conventional Financial Institutions? A Global Evidence
type: item
description: This study investigates the impact of digital financial inclusion on corporate ESG performance using a global sample of 660 conventional and Islamic institutions from 2010 to 2022. The study reveals that digital financial inclusion can significantly promote corporate ESG performance. What sets this study apart is its use of the novel methodology of fixed effects model and Methods of Moments Quantile Regression (MMQR) to empirically identify how digital financial inclusion affects corporate ESG performance from lower to higher quantiles (0.1 to 0.9). Further, the analysis using 1st and 2nd SLS shows that digital financial inclusion has a more pronounced impact on Islamic banks' ESG scores, mainly when involved in the high implementation of digitalization. These significant results are assured by legitimacy and stakeholder theories. ESG factors have been significantly affected by adopting modern digital applications and platforms in regulated industries of Islamic institutions. Sub-Sample analysis of financial institutions and heterogeneity analysis of more and less board independence and board size significantly impact implementing digital financial inclusion and ESG performance, instilling the need to mitigate banks' risks by disclosing non-financial information and resolving agency conflicts among stakeholders aimed at investing in sustainable green projects. Finally, our results remain robust after addressing endogeneity issues and conducting robustness checks, offering new insights into the evolving digital financial inclusion and ESG performance.
subject: Articles
  topic: section
subject: Digital financial inclusion, ESG disclosure, Agency and signaling theory, Islamic and financial institutions.
  topic: keywords
creator: M. Kabir Hassan
creator: Mustafa Raza Rabbani
creator: Madiha Kiran
rights: Copyright (c) 2025 Journal of Islamic Monetary Economics and Finance http://creativecommons.org/licenses/by-nc/4.0
date: 2025-08-29
publication date: 2025-08-29
starting page: 511
ending page: 534
doi: 10.21098/jimf.v11i3.2340

Risk-Adjusted Returns and Spillover Dynamics among Emerging Digital Currencies
type: item
description: This study investigates the interconnected dynamics among diverse digital currencies, specifically focusing on risk-adjusted returns, tail risks, dynamic spillovers, and portfolio implications. Unlike prior research, which typically examines individual digital currency classes separately or in limited combinations, our study integrates six distinct classes of digital currencies, namely Islamic gold-backed cryptocurrencies, green cryptocurrencies, gold-backed stablecoins, non-fungible tokens (NFTs), decentralized finance (DeFi) assets, and conventional cryptocurrencies, enabling direct comparisons of risk-return dynamics and systemic interdependencies. Using Value at Risk (VaR), Conditional Value at Risk (CVaR), quantile-based Vector Autoregression (Quantile VAR), and network connectedness analysis, we provide nuanced insights into the behavior of these assets across various market conditions (bullish, bearish, and normal states). Our results demonstrate that conventional cryptocurrencies and DeFi assets consistently deliver positive risk-adjusted returns, whereas Islamic gold-backed cryptocurrencies exhibit notably higher downside risks and negative performance. Spillover analysis reveals pronounced connectedness, particularly in extreme market states, with conventional cryptocurrencies identified as primary transmitters of market shocks and gold-backed stablecoins and Islamic gold-backed cryptocurrencies as recipients. Our findings underscore significant diversification opportunities offered by pairs of assets exhibiting low connectedness, especially in normal market conditions. Furthermore, portfolio optimization analysis highlights the superior hedging effectiveness and lower hedging costs associated with gold-backed stablecoins and conventional cryptocurrency pairs. This comprehensive investigation delivers critical implications for investors, suggesting informed strategies for asset allocation and risk management. Policymakers can also utilize our insights to d…
subject: Articles
  topic: section
subject: Digital currency, Tail risks, Dynamic spillovers, Quantile VAR, Portfolio management, Islamic cryptocurrency, Green cryptocurrency.
  topic: keywords
subject: Islamic Finance; Cryptocurrency; Digital currency; Spillover
  topic: subjects
subject: Finance and Banking; Financial Econometrics
  topic: disciplines
creator: Zaäfri Ananto Husodo
creator: Md. Bokthiar Hasan
creator: Humaira Tahsin Rafia
creator: Masagus M. Ridhwan
creator: Gazi Salah Uddin
creator: Muhammad Budi Prasetyo
rights: Copyright (c) 2025 Journal of Islamic Monetary Economics and Finance http://creativecommons.org/licenses/by-nc/4.0
date: 2025-05-30
publication date: 2025-05-30
starting page: 269
ending page: 306
doi: 10.21098/jimf.v11i2.2771

A Literature Review of Updated Islamic Corporate Governance Elements: Implications for Indonesia
type: item
description: This study identifies elements of Islamic Corporate Governance (ICG) that contribute to the performance of shariah-compliant firms. A systematic literature review is carried out on 173 relevant articles from the Scopus database, spanning from 2004 to 2024. It identifies five key elements of ICG: (1) Shariah board governance, (2) management and board governance, (3) audit and risk governance, (4) sustainable governance, and (5) Muslim management and board governance. These key elements encompass various sub-elements that have diverse impacts on firm performance across financial, social, and environmental dimensions. The findings offer specific implications for Indonesia, emphasizing the integration of sustainability practices into corporate governance mechanisms and considering distinct approaches to ICG mechanisms for dual-sector performance between Islamic Financial Institutions (IFIs) and non-IFIs. ACKNOWLEDGEMENT The paper is supported by sponsorship from the Indonesia Endowment Fund for Education (LPDP), whose sponsorship has played a crucial role in facilitating the research process. The authors deeply appreciate this support and are grateful for the opportunities it has provided. The authors also gratefully acknowledge the valuable comments provided by the journal's editors and reviewers.
subject: Articles
  topic: section
subject: Islamic corporate governance, Shariah governance, Firm performance, Literature review.
  topic: keywords
subject: islamic economics
  topic: disciplines
subject: islamic banking
  topic: disciplines
creator: Irna Puji Lestari
creator: Mamduh Mahmadah Hanafi
creator: Leo Indra Wardhana
rights: Copyright (c) 2025 Journal of Islamic Monetary Economics and Finance
date: 2025-02-28
publication date: 2025-02-28
starting page: 91
ending page: 118
doi: 10.21098/jimf.v11i1.2305

Sharia Supervisory Board, Board Attributes and Real Earnings Management in Islamic Banks
type: item
description: This study examines how the Sharia Supervisory Board (SSB) moderates the effects of Board of Directors (BOD) characteristics on real earnings management (REM) of Islamic banks. Using unbalanced data encompassing 45 Islamic banks across 15 countries from 2012 to 2023, it documents a negatively significant influence of board size, independence, and expertise on REM. The influence of board's diligence, however, is absent. The study further notes that the SSB index moderates the effect of BOD attributes on REM in Islamic banks. The findings hold important implications for policymakers and regulators in shaping regulations on SSB and BOD oversight functions to curb REM practices. The study also contributes to the literature by offering further empirical evidence on the relationship between corporate governance and REM in Islamic banks.
subject: Articles
  topic: section
subject: REM, SSB index, BOD attributes, Islamic banks.
  topic: keywords
creator: Sulaiman Musa
creator: Masairol Haji Masri
creator: Mahani binti Hamdan
rights: Copyright (c) 2025 Journal of Islamic Monetary Economics and Finance
date: 2025-02-28
publication date: 2025-02-28
starting page: 147
ending page: 174
doi: 10.21098/jimf.v11i1.2354

Portfolio Diversification Opportunities for Nigeria’s Islamic (Shariah) Stock Investors with Their Major Trading Partners
type: item
description: This paper investigates potential diversification opportunities for Nigeria’s Islamic stock investors with Nigeria’s top trading partners (France, Spain, United Kingdom and India). It employs daily data of Islamic stock indices, namely Nigeria’s LOTUS Islamic index and FTSE shariah indices of the four countries, from 14 July 2015 to 14 December 2022. Using multivariate GARCH-DCC, we show that Islamic investors from Nigeria have almost no portfolio diversification opportunities in the Islamic stock markets of these countries except for a slight portfolio diversification opportunity found in the UK Islamic stock market for a very short period (one year) and almost none for India, Spain, France. The results from the continuous wavelet transform (CWT) however suggest that diversification opportunities are present in UK, France, Spain and not in India. These findings have important policy implications for policy makers and investors seeking to invest in these countries to be mindful of the appropriate investment timing to minimize potential future losses in investments.
subject: Articles
  topic: section
subject: Islamic stock indices, Portfolio diversification, Trading partners, M-GARCH, Wavelet analysis.
  topic: keywords
creator: Fatima Muhammad Abdulkarim
creator: Hamisu Sadi Ali
creator: Ibrahim Muhammad Muye
creator: Mosab I. Tabash
rights: Copyright (c) 2025 Journal of Islamic Monetary Economics and Finance
date: 2025-02-28
publication date: 2025-02-28
starting page: 199
ending page: 216
doi: 10.21098/jimf.v11i1.2488

ESG and Banking Performance in Emerging and Developing Countries: Do Islamic Banks Perform Better?
type: item
description: This paper investigates the effects of Environmental, Social, and Governance (ESG) implementation on banking performance in emerging and developing countries. Applying the Two-step System Generalized Method of Moments (System-GMM) to panel data of 179 banks across 29 countries spanning 2016-2022, we find that ESG implementation significantly enhances overall banking profitability. However, when we assess the implications of ESG on Islamic banks, we find that overall ESG commitment significantly reduces profitability. As for the individual ESG pillar, we note the profit-enhancing effect of environmental pillar on both Islamic and conventional bank profitability. Some evidence is also uncovered for the significant positive effect of social pillar on conventional bank profitability. Finally, we note no significant influences from governance pillar. These results highlight the divergent impacts of ESG implementation on Islamic and conventional banks. We conclude that policymakers should exercise caution in designing and implementing ESG policies, ensuring they are tailored to promote optimal performance across different banking models. This study contributes to the growing body of the literature on sustainable finance and provides valuable insights for regulators and bank managers in emerging and developing economies.
subject: Articles
  topic: section
subject: Banking performance, ESG, Banks, Profitability.
  topic: keywords
creator: Faaza Fakhrunnas
creator: Turalay Kenc
creator: Zhang Hengchao
rights: Copyright (c) 2025 Journal of Islamic Monetary Economics and Finance
date: 2025-02-28
publication date: 2025-02-28
starting page: 175
ending page: 198
doi: 10.21098/jimf.v11i1.2429

A Maqasid-Based Welfare Index in Indonesia: An Empirical Investigation
type: item
description: Acknowledging the importance of having an alternative welfare measurement to the prevailing material-based conventional welfare index, this study formulates a maqasid-based welfare index that encapsulates the material, spiritual, and social needs of individuals and then calculates the index for all regions in Indonesia. Our proposed index is based on a comprehensive set of maqasid indicators and on appropriate weighting of each maqasid indicator to arrive at the index scores for all regions in the country. From the results, four provinces in Indonesia are at the high level of Maqasid-based welfare. They are Aceh, Nusa Tenggara Barat, Gorontalo, and Sulawesi Barat. Meanwhile, twenty-five provinces are at the medium range of welfare. The index we compute for each region should prove useful as it would allow policymakers to tailor welfare strategies to each province’s strong and weak areas of the maqasid al-shariah. ACKNOWLEDGEMENT Special thanks to Universitas Muhammadiyah Malang and International Islamic University Malaysia for their research support and valuable resources provided throughout this study.
subject: Articles
  topic: section
subject: Maqasid-based welfare, Welfare measurement, Welfare index.
  topic: keywords
creator: Muhammad Sri Wahyudi Suliswanto
creator: Mohd Mahyudi
creator: Mohd Nizam Barom
rights: Copyright (c) 2025 Journal of Islamic Monetary Economics and Finance
date: 2025-02-28
publication date: 2025-02-28
starting page: 119
ending page: 146
doi: 10.21098/jimf.v11i1.2098

Digital Financial Inclusion and Bank Stability in a Dual Banking System: Does Financial Literacy Matter?
type: item
description: This study examines the relationship between digital financial inclusion (DFI), financial literacy, and stability of conventional and Islamic banks across 15 countries from 2011 to 2020. The findings show that DFI significantly enhances the stability of conventional banks, particularly through increased customer engagement with digital financial services, improving asset quality and reducing risks. In contrast, the relationship between DFI and stability of Islamic banks is either insignificant or negative, which may be attributed to Shariah compliance requirements, product mismatches, and competition from conventional banks and FinTech firms. Furthermore, while DFI boosts stability in conventional banks, it also exposes them to potential risks such as digital bank runs, as seen in the case of Silicon Valley Bank (SVB) in 2023. Additionally, high financial literacy positively interacts with DFI to boost the stability of conventional banks but has a negative impact on Islamic banks. Arguably, financially literate customers may resist digital services that do not fully meet Islamic principles. The results highlight the need for tailored strategies in Islamic banking, including the development of Shariah-compliant digital products, enhanced financial literacy programs, and more robust risk management frameworks to mitigate vulnerabilities like digital bank runs and improve stability in the sector.
subject: Articles
  topic: section
subject: Digital financial inclusion, Bank stability, Financial literacy, Dual-banking.
  topic: keywords
creator: Hasanul Banna
rights: Copyright (c) 2025 Journal of Islamic Monetary Economics and Finance
date: 2025-02-28
publication date: 2025-02-28
starting page: 63
ending page: 90
doi: 10.21098/jimf.v11i1.2650

Consumers' Behavioural Intention to Adopt Shari’ah-Compliant Digital Gold Platform in Malaysia: Extension of UTAUT Model
type: item
description: The advancement of technology has resulted in the emergence of digital platforms, such as digital gold platforms, as alternative channels for retail investment. In this study, we investigate factors that influence consumers’ behavioural intentions towards a Shari’ah-compliant digital gold platform in Malaysia. The study incorporates trust and Shari’ah-compliance as constructs in the extended UTAUT model. Gathering data from 130 respondents and applying SmartPLS 4.0 for data analysis, the study documents the significance of performance expectancy, effort expectancy, trust, and Shari’ah-compliance. Meanwhile, facilitating conditions and social influence turn out to be insignificant. The study notes that feeling safe, secure, and transparent as well as having Shari’ah-compliant features are crucial factors that influence consumer intention to adopt the Shari’ah-compliant digital gold platform in Malaysia. It is also critical to be aware of the services provided by Shari’ah-compliant providers and financial institutions by utilising the social network within the Shari’ah-compliant finance sphere. ACKNOWLEDGEMENT The second author (Nik Hadiyan Nik Azman) would like to Acknowledge “Ministry of Higher Education Malaysia for Fundamental Research Grant Scheme with Project Code: FRGS/1/2021/SS01/USM/03/1”.
subject: Articles
  topic: section
subject: Consumers' behavioural intention, Shari’ah-compliant digital gold platform, UTAUT model.
  topic: keywords
creator: Nur Hazirah binti Hamdan
creator: Salina binti Kassim
creator: Nik Hadiyan Nik Azman
creator: Noor Amira Syazwani Binti Abd Rahman
rights: Copyright (c) 2025 Journal of Islamic Monetary Economics and Finance
date: 2025-02-28
publication date: 2025-02-28
starting page: 35
ending page: 62
doi: 10.21098/jimf.v11i1.2035

The Role of Deposit Insurance in Supporting Islamic Microfinance Institutions: Insights from Indonesia
type: item
description: This study assesses the necessity of a Deposit Insurance System (DIS) for Islamic Microfinance Institutions (IMFIs). It first identifies key factors influencing knowledge of DIS among stakeholders and then proceeds to evaluate the social impact of IMFIs and examine the urgency for a DIS and respondents' willingness to pay deposit insurance premiums. Conducting survey using purposive sampling, we obtain required data for the analysis from 405 respondents. Applying the logistic regressions, we find reveal that education, work experience, and financial behaviors influence DIS awareness. The findings underscore the urgency of implementing DIS to bolster stakeholder trust and financial system stability, with respondents expressing willingness to contribute premiums. These insights contribute to designing a Shariah-compliant DIS that aligns with the unique operational characteristics of IMFIs, supports sustainable industrialization, and advances SDG-9 goals. The study highlights actionable pathways for policymakers, regulatory bodies, and IMFI managers to foster a resilient and inclusive financial ecosystem. ACKNOWLEDGEMENT Special thanks to the National Committee of Islamic Economic and Finance of the Republic of Indonesia and Universitas Airlangga for the financial assistance. Universitas Airlangga through International Research Collaboration Scheme Top #500, Airlangga Research Fund, Year 2023, Universitas Airlangga, No: 359/UN3.15/PT/2023.
subject: Articles
  topic: section
subject: Islamic microfinance, Deposit insurance, Economic growth, SDG-9, Indonesia.
  topic: keywords
subject: Finance
  topic: disciplines
creator: Bayu Arie Fianto
creator: Bagus Aryo
creator: Syed Alamdar Ali Shah
creator: Muhammad Ubaidillah Al Mustofa
creator: Ade Intan Ismi Nur Anisha
creator: Rafiatul Adlin Hj Mohd Ruslan
rights: Copyright (c) 2025 Journal of Islamic Monetary Economics and Finance
date: 2025-02-28
publication date: 2025-02-28
starting page: 7
ending page: 34
doi: 10.21098/jimf.v11i1.2476

Promoting Inclusive and Sustainable Growth with Sharia Economy amid the Age of Digitalization and Global Uncertainty
type: item
description: This paper is based on a keynote speech delivered at The 10th International Islamic Monetary Economics and Finance Conference (10th IIMEFC). As a keynote contribution, this article does not include a formal abstract.
subject: Articles
  topic: section
creator: Perry Warjiyo
rights: Copyright (c) 2025 Journal of Islamic Monetary Economics and Finance http://creativecommons.org/licenses/by-nc/4.0
date: 2025-02-28
publication date: 2025-02-28
starting page: 1
ending page: 6
doi: 10.21098/jimf.v11i1.2675

How Feasible Is a Convertible Ijarah Contract for SME Financing?: A Simulation Approach
type: item
description: Islamic financial institutions have relied for decades on margin-based contracts to provide financing for the business sector, despite the basic idea that Islamic finance is expected to provide an equity-based or a profit and loss sharing (PLS) contract. This fact raises the need to encourage the use of a margin-based instrument with an innovative scheme that allows for conversion of the contract into a PLS-based contract. Moreover, we propose a convertible ijarah contract to fill this need. A convertible ijarah contract is an ijarah (rent) contract that is convertible to a PLS contract according to the Islamic financier’s decision. In this study, we simulate three scenarios of project financing with (a) murabaha as a margin-based contract, (b) musharaka as a PLS contract and (c) a convertible ijarah contract. The aim is to evaluate whether the convertible ijarah contract will provide a higher return for the financier compared to the other contracts. The main input of the simulation is nine sectors of Indonesian SMEs’ financial performance. We found that when the financial performance of Indonesian SMEs was measured by short-term financial performance, the convertible ijarah contract outperformed the murabaha contract for all sectors but did not outperform the musharaka contract, except for low-margin sectors. However, when the financial performance of Indonesians SMEs was measured by long-term economic performance, we found that the convertible ijarah contract outperformed the murabaha contract and musharaka contract for almost all sectors. Kami menemukan bahwa kontrak ijarah konversi mengungguli kontrak murabahah dan
subject: Articles
  topic: section
subject: Convertible Ijarah Contract
  topic: keywords
subject: Islamic Venture Capital
  topic: keywords
subject: Cash Recovery Rate
  topic: keywords
subject: Profit and Loss Sharing Financing
  topic: keywords
subject: SME Financing
  topic: keywords
subject: Simulation Method
  topic: keywords
creator: Zuliani Dalimunthe
creator: Akhmad Syakhroza
creator: Mustafa E. Nasution
creator: Zaafri A. Husodo
rights: Copyright (c) 2019
date: 2019-07-24
publication date: 2019-07-24
starting page: 439
ending page: 458
doi: 10.21098/jimf.v5i2.1070

Development of Sharia Hospitals as a Source of New Economic Growth
type: item
description: The development of Sharia hospitals represents a unique integration of Islamic values into healthcare services, fostering new avenues for economic growth. This study has three key objectives: (1) examining factors contributing to the establishment of Sharia hospitals, (2) analyzing the essential elements of Sharia hospital development using the Business Model Canvas (BMC) to ensure sustainability; and (3) assessing Sharia hospitals' potential to drive economic growth. Through a mixed-methods approach, quantitative data were collected from 619 patients and 149 respondents, while qualitative insights were gathered through focus group discussions and in-depth interviews with stakeholders including hospital managers and policymakers. Results indicate that Sharia hospitals report higher levels of patient satisfaction and loyalty compared to non-sharia hospitals, with significant emphasis on service quality, and experiential marketing. The integration of Islamic financial instruments such as Zakat, Infak, Sedekah, and Wakaf (ZISWAF) also enhances financial accessibility for underserved populations, promoting equitable healthcare. Indonesia also has the opportunity to open up Muslim-friendly health tourism destinations, attracting patients from other Muslim-majority countries. The growth of Sharia hospitals also contributes to the expansion of the halal ecosystem in Indonesia. This is not only beneficial for the health sector but also drives economic growth. ACKNOWLEDGMENT The authors acknowledge the support from the Research Grant Bank Indonesia (RGBI) 2024, for funding this research endeavor.
subject: Articles
  topic: section
subject: Sharia hospital, New economic growth, Business model canvas, Islamic finance.
  topic: keywords
creator: Wahyu Sulistiadi
creator: Dumilah Ayuningtyas
creator: Vetty Yulianty Permanasari
creator: Prasetyaning Jati
creator: Ira Gustina
creator: Nisrina Widyasanti
rights: Copyright (c) 2025 Journal of Islamic Monetary Economics and Finance http://creativecommons.org/licenses/by-nc/4.0
date: 2025-08-29
publication date: 2025-08-29
starting page: 669
ending page: 688
doi: 10.21098/jimf.v11i3.2714

What Factors Influence the Welfare of Zakat Beneficiaries?
type: item
description: This study investigates the influence of demographic, social, and economic variables on the welfare of zakat beneficiaries in West Java, Indonesia. Using a sample of 1,300 zakat beneficiaries, the paper applies the Chi-square Automatic Interaction Detector (CHAID) method. Our findings suggest the crucial role of monitoring by amil institutions in the respective areas on the improvement of material and spiritual conditions of zakat beneficiaries. The study suggests that amil plays a major part in the success of zakat distribution programs and the programs should be further enhanced for the betterment of zakat beneficiaries. This study also shows that apart from zakat distribution programs, there are also some demographic, social, and economic variables that affect the income and spiritual conditions of zakat beneficiaries.
subject: Articles
  topic: section
subject: Zakat, Amil, Zakat monitoring programs, CHAID, Zakat beneficiaries.
  topic: keywords
subject: Islamic Economics
  topic: subjects
subject: Islamic Social Finance
  topic: disciplines
creator: Qurroh Ayuniyyah
creator: Hambari
creator: Hilman Hakiem
creator: Ahmad Faisal
rights: Copyright (c) 2025 Journal of Islamic Monetary Economics and Finance http://creativecommons.org/licenses/by-nc/4.0
date: 2025-08-29
publication date: 2025-08-29
starting page: 609
ending page: 640
doi: 10.21098/jimf.v11i3.2171

How ASEAN4 Conventional, Islamic, and ESG Indices React to Twitter Market Uncertainty?
type: item
description: We investigate the time varying return spillover of ASEAN4 asset classes from four countries including Thailand, Philippines, Malaysia and Indonesia, and Twitter based market uncertainty measure, using daily data from 01-Sep-2014 to 21-Apr-2023. The estimations are performed using TVP-VAR approach. The results reveal that the dynamic connectedness of ASEAN4 markets fluctuates significantly. It peaked during bearish periods (2015-2016 and 2020) and remained low during market booms (2017-2018 and 2022). Islamic and ESG indices exhibit patterns similar to conventional indices. Indonesia and Malaysia emerge as net shock transmitters until the pandemic, with Thailand becoming a net transmitter post-COVID. Thailand’s role shifts between receiver and transmitter based on economic conditions relative to other ASEAN countries. Twitter Market Uncertainty Index (TMUENG) primarily remains a receiver, with limited impact on ASEAN4 Conventional, Islamic, and ESG indices. The findings are robust to a battery of robustness tests and carry important policy implications for investors and policymakers.
subject: Articles
  topic: section
subject: ASEAN4, Twitter market uncertainty, Islamic finance, ESG investments.
  topic: keywords
creator: Zaheer Anwer
rights: Copyright (c) 2025 Journal of Islamic Monetary Economics and Finance http://creativecommons.org/licenses/by-nc/4.0
date: 2025-08-29
publication date: 2025-08-29
starting page: 471
ending page: 510
doi: 10.21098/jimf.v11i3.2699

Sharia-Compliant Deposit Insurance and Deposit Flows: Evidence from a Dual Banking Market
type: item
description: We investigate whether the introduction of Islamic Deposit Insurance (IDI) affects deposit flow of and the pricing by Islamic banks vis-à-vis conventional banks for the case of Indonesia. Using December 2014 announcement of a separate deposit insurance scheme for Indonesia’s Islamic and traditional banks into two different funds as an exogenous event, we employ a difference-in-differences (DID) framework using matched bank-level data from 18 Islamic and conventional banks, comparing periods before and after the policy announcement. Our findings indicate that the announcement significantly boosts the growth of small deposits in Islamic banks compared to traditional banks, with an apparent increase in deposit growth after separating deposit insurance funds.
subject: Articles
  topic: section
subject: Sharia-compliant, Deposit insurance, Dual banking.
  topic: keywords
creator: Putra Pamungkas
creator: Laetitia Lepetit
creator: Clovis Rugemintwari
rights: Copyright (c) 2025 Journal of Islamic Monetary Economics and Finance http://creativecommons.org/licenses/by-nc/4.0
date: 2025-11-27
publication date: 2025-11-27
starting page: 689
ending page: 712
doi: 10.21098/jimf.v11i4.2696

Religion and Green: The Dual Power of ESG and Shariah-Compliant Stocks in Brand Values of Malaysia, Indonesia, and Saudi Arabia
type: item
description: This study examines the differential impact of Environmental, Social, and Governance (ESG) factors and Shariah compliance on brand value and stock returns across Malaysia, Indonesia, and Saudi Arabia using a sample of 1,474 publicly listed Shariah-compliant firms. Using panel data regression, quantile-on-quantile regression, Granger causality, and FGLS methods, we find that ESG factors significantly enhance brand value and stock returns in Malaysia and Indonesia, with stronger effects than conventional stocks, especially under positive investor sentiment. However, in Saudi Arabia, ESG factors are insignificant, and Shariah compliance alone drives financial performance, indicating that alignment with Islamic principles is a prerequisite for market impact in this context. The quantile-on-quantile analysis further shows that ESG and Shariah compliance yield stronger effects at higher quantiles of brand value, benefiting firms with greater brand equity. These results validate the signaling theory, highlighting ESG and Shariah compliance as mechanisms to reduce information asymmetry and enhance investor confidence in Islamic financial markets. For policymakers, this study underscores the need for robust ESG and Shariah compliance standards, advocating transparent reporting to foster market trust and attract sustainable investment, particularly by advancing a Shariah-compliant green economy in Saudi Arabia and beyond.
subject: Articles
  topic: section
subject: ESG, Shariah compliance, Brand value, Stock returns, Islamic finance.
  topic: keywords
creator: Ooi Kok Loang
creator: Sevenpri Candra
rights: Copyright (c) 2025 Journal of Islamic Monetary Economics and Finance http://creativecommons.org/licenses/by-nc/4.0
date: 2025-05-30
publication date: 2025-05-30
starting page: 419
ending page: 448
doi: 10.21098/jimf.v11i2.2687

What Has Been Discussed on Zakat Institutions? A Bibliometric Study
type: item
description: This study conducts a comprehensive bibliometric analysis of research on zakat published between 2011-2024 with the aims to map its intellectual structure, thematic evolution, and collaboration networks. Using science mapping principles, 312 documents from Scopus database are analyzed through co-authorship, citation counts, co-occurrence patterns, thematic analysis, and network visualization using R-based bibliometrix package and biblioshiny interface with AI-assisted visualization. Results reveal five distinct thematic clusters: social and psychological aspects of zakat compliance; digital transformation and technology adoption; institutional efficiency with Malaysian focus; financial governance and accountability; and macro-level zakat management in Indonesia. The field demonstrates remarkable growth with a 28.29% annual growth rate, dominated by Malaysian and Indonesian institutions accounting for over 65% of publications. Research evolution shows a progression from foundational governance issues (2011-2016) to strategic management (2016-2020) and contemporary digital innovation (2020-2024). The study identifies significant research gaps, particularly the absence of in-depth qualitative methodologies and limited cross-country comparative studies. This study offers novel insights into the evolution of zakat governance and highlights the need for interdisciplinary and cross-regional research to strengthen institutional relevance and inclusivity in zakat management. ACKNOWLEDGMENT The authors received the support funding for research, authorship and publication of this article from The Indonesian Education Scholarship (Beasiswa Pendidikan Indonesia), Center for Higher Education Funding and Assessment (Pusat Pelayanan Pembiayaan dan Asesmen Pendidkan Tinggi), Ministry of Higher Education, Science, and Technology of Republic Indonesia, and Endowment Fund for Education Agency (Lembaga Pengelola Dana Pendidikan). The authors gratefully acknowledge the support and facili…
subject: Articles
  topic: section
creator: Andriani Andriani
creator: Eko Ganis Sukoharsono
creator: Wuryan Andayani
creator: Roekhudin Roekhudin
rights: Copyright (c) 2025 Journal of Islamic Monetary Economics and Finance http://creativecommons.org/licenses/by-nc/4.0
date: 2025-11-27
publication date: 2025-11-27
starting page: 825
ending page: 858
doi: 10.21098/jimf.v11i4.2683

Weathering the Storm: Shariah Compliance, Digital Innovation, and Stock Performance during COVID-19
type: item
description: The COVID-19 pandemic disrupted global financial markets, highlighting the need for factors that enhance resilience. This study examines whether Shariah compliance and digital innovation, individually and together, mitigate declines in stock performance during economic downturns. Drawing on Signaling Theory and Dynamic Capabilities Theory (DCT), this study argues that Shariah compliance serves as a signal of strong governance, while digital innovation enhances adaptability. Using firm-level data from Indonesia and a difference-in-differences (DID) model, our findings suggest that both factors help firms withstand crises, with digital innovation amplifying the benefits of Shariah compliance. This study provides insights into how Islamic finance and digital transformation contribute to financial stability. ACKNOWLEDGMENT This research is funded by HIBAH Penelitian International BINUS University 2024 (BINUS International Research Grant 2024). The authors would like to express their sincere gratitude to BINUS University for the support and funding provided.
subject: Articles
  topic: section
subject: Shariah stocks, Stock performance, COVID-19, Digital transformation.
  topic: keywords
creator: Mohamad Ikhsan Modjo
creator: Florencia Putridamni
creator: Ariella Shenny Lin
rights: Copyright (c) 2025 Journal of Islamic Monetary Economics and Finance http://creativecommons.org/licenses/by-nc/4.0
date: 2025-05-30
publication date: 2025-05-30
starting page: 385
ending page: 418
doi: 10.21098/jimf.v11i2.2437

Accounting Education, Discipline, and Supervision When Women in Charge in Islamic Microfinance: Case Studies of Indonesia and Pakistan
type: item
description: This paper investigates the relations between women's freedom within the family and their access to accounting education, adherence to discipline, and supervision for the cases of Indonesia and Pakistan using the Structural Equation modelling. The participation of women in microfinance is deemed crucial for the success of poverty alleviation programs, particularly in countries where group-based initiatives are prevalent. The observation reveals that women involved in Islamic microfinance programs experience economic, moral, and religious empowerment, enabling them to overcome economic challenges and poverty, thereby enhancing their living standards. The findings indicate that women's ability to manage family finances has a direct impact on their access to accounting education, discipline, and supervision. The argument posits that autonomy plays a significant role in influencing accounting education, discipline, and supervision within the observed groups in Indonesia and Pakistan. The study further documents that the influence of women's life freedom in Baitut Tamkin Tazkia Madani (BTTM) Indonesia on accounting education and supervision surpasses that in Akhuwat Pakistan. Conversely, the impact of women's life freedom in BTTM on accounting discipline is lower than that in Akhuwat. This research addresses the existing gap in the literature concerning the study of women and Islamic microfinance, emphasizing the importance of considering Islamic perspectives on women, family, and microfinance in social policies aimed at poverty eradication. ACKNOWLEDGMENT The authors gratefully acknowledge the partial support of the Ministry of Religious Affairs of the Republic of Indonesia, as well as the research support provided by BTTM (Bogor, Indonesia) and Akhuwat (Lahore, Pakistan). We also express our sincere appreciation to the journal’s editors and anonymous reviewers for their constructive comments and valuable suggestions.
subject: Articles
  topic: section
subject: Accounting education, Discipline, Supervision, Islamic microfinance, Women, Indonesia, Pakistan.
  topic: keywords
creator: Murniati Mukhlisin
creator: Luqyan Tamanni
rights: Copyright (c) 2025 Journal of Islamic Monetary Economics and Finance http://creativecommons.org/licenses/by-nc/4.0
date: 2025-05-30
publication date: 2025-05-30
starting page: 217
ending page: 240
doi: 10.21098/jimf.v11i2.1747