UIII Repository :: Browsing by Author "Aimatul Yumna"

Browsing by Author "Aimatul Yumna"

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Open Access
Advancing the understanding of behavioral intentions towards I-Fintech : a study on Indonesian millennials and gen z
(Universitas Islam Internasional Indonesia, 2023) Siti Nur Aisyah; Aimatul Yumna; Hamidi, M. Luthfi
Islamic fintech is likewise a part of the digital development and Islamic teaching is concerning the historical development. It is such a completely new for Islamic economic world to implement the technology in a daily life. Such an aftershock of Islamic finance which has not been accepted well by society, Islamic fintech is approaching the Islamic lifestyle. Conventional fintech has been well-approved by the society since Indonesian has not been concerning the Islamic value instead of the religion they believe. This leads to the lack of intention of using 1-fintech services. The intention of using a product is sometimes affected by the lack of product awareness and literacy instead. This project of the study is ensured to explore whether the society has an intention to adopt Islamic fintech services. The focus of this study is taking place on millennials and Gen Z's group as this circle of society is currently the higher adoption of technology and financially active. The questionnaire was placed on the surveymonkey.com website and shared through random sampling method. Before disseminating the questionnaire publicly, the questionnaire was tested by the piloting project to examine whether the questionnaire was valid and reliable. There are 333 respondents besides those who had been involved in the piloting project. The study was tested by SEM-PLS. The results describe that the variables, digital financial literacy, planned behavior, acceptance model and use of technology, while the three variables significantly affect the intention to adopt except digital financial literacy. Planned behavior is the most powerful factor among others. The score of digital financial literacy is considerably high where the intention to adopt is lower than the I fintech adoption rate. Moreover, DFL score is depicted to explain the current literacy on the millennials and gen z. This study was overseen only in Indonesia, aiming on millennials and gen z Therefore, the results cannot be globalized to other countries and generations. However, this study presents the critical information regarding the digital financial literacy in Indonesia to achieve the fintech industry development. On this case, where the digital financial literacy does not significantly affect the adoption of I- fintech, it could be explained that I-fintech is supposed to be explored by the Islamic Digital Financial Literacy. To the best of the author knowledge, there has been no theory representing the Digital Islamic Financial Literacy. It is suggested that the next studies could increase the number of respondents. By this study, it is aimed to obtain the best representing results for the future research about digital financial literacy and expected to be one of the concerns of the practitioner/developer of I- fintech and policy maker to improve the related regulation of I-fintech.
Embargo
Carbon emissions and trade in East, South, and Southeast Asia : a panel data approach
(Universitas Islam Internasional Indonesia, 2025-07-17) Saboor, Abdul; Teguh Yudo Wicaksono; Aimatul Yumna
The relationship between trade and carbon emissions is a crucial component of global climate discourse, particularly for Asia’s rapidly industrializing economies. Trade can either intensify environmental degradation through carbon leakage or serve as a channel for cleaner technologies and decarbonization. Understanding this duality is essential for designing effective, climate-aligned trade policy in the region. This thesis examines the impact of several trade factors on carbon emissions in thirteen countries spanning East, South, and Southeast Asia from 1990 to 2024, considering Asia's increasing emissions and reliance on exports. Employing a panel data methodology based on the Environmental Kuznets Curve (EKC), the Pollution Haven Hypothesis (PHH), and Pollution Halo effect Hypothesis frameworks, four distinct trade-emissions models are developed to evaluate the effects of total trade, merchandise trade, manufacturing exports, and agricultural exports independently. The principal independent variables comprise GDP per capita, power generated from renewable sources, and sector-specific tariff frameworks. The models are evaluated employing fixed effects and Driscoll–Kraay standard errors to guarantee robustness against heteroscedasticity, autocorrelation, and cross-sectional dependency. Empirical findings indicate that trade, especially in merchandise and agriculture, is significantly correlated with heightened emissions, notably in South Asia, where fertilizer use and fossil fuel transportation are prevalent. Conversely, manufacturing exports exhibit varied effects: emissions increase in East Asia while decreasing in ASEAN economies, characterized by more sustainable production methods. Renewable electricity consistently mitigates emissions across all scenarios, whereas tariff liberalization devoid of environmental protections exacerbates carbon leakage. The Environmental Kuznets Curve (EKC) is somewhat substantiated, particularly in the agricultural sector, where wealth development results in reduced emissions. Regionally, ASEAN demonstrates effective trade-emissions decoupling, East Asia reveals industrial vulnerability, and South Asia contends with enduring emission intensities associated with export expansion. Policy recommendations encompass the implementation of carbon-adjusted tariffs, regional Emissions Trading Systems (ETS), ESG-linked export incentives, and CBAM-style transport taxes to internalize embedded emissions. This study offers pragmatic approaches to align trade liberalization with climate objectives and enhances the developing dialogue on sustainable trade governance, green finance, and regional decarbonization plans in the Global South.
Embargo
CWLS for sustainable healthcare financing : case study on Achmad Wardi eye hospital
(Universitas Islam Internasional Indonesia, 2025-07-18) Fahmi Aulia Rahman; Ugi Suharto; Aimatul Yumna
Productive management of waqf funds will have a significant and sustainably impact the development of waqf in Indonesia. This research examines the impact of CWLS implementation as a sustainable healthcare financing on Achmad Wardi Eye Hospital. The research combines qualitative interviews, quantitative surveys, and document analysis. Qualitative analysis involves thematic analysis of interviews with stakeholders related to the CWLS program in Achmad Wardi Eye Hospital. To gain deeper insight into the program's impact, the pentahilix theory approach was used to determine interview participants, consisting of the Ministry of Finance and BWI as the government, lecturers as academics, directors of Achmad Wardi Eye Hospital and Dompet Dhuafa as business actors, beneficiaries as the community and the media. The Analytic Network Process (ANP) was used to assess which important factors in implementing the CWLS program in Achmad Wardi Eye Hospital were seen from the Impact Evaluation framework which consist of Input, Process, Outcomes, and Impact. The findings show that the CWLS Program has significantly impacted Achmad Wardi Eye Hospital in financial, operational, and social. Beneficiaries also felt the program's impact on improved quality of life and health awareness. In addition, the ANP analysis identified the most important factor is the Input factor. Based on these findings, this study provides recommendations to relevant policymakers in managing CWLS funds to improve the program's effectiveness. These recommendations include patient diversification, providing more affordable prices for general patients, formulating policies and commitments pertaining to environmental concerns, increasing fund availability, updating regulations on waqf, prioritization shift from input to impact, increasing public literacy, replica of the program in other regions and improving capacity and professionalism nadzir. This research concludes that the CWLS Program at Achmad Wardi Eye Hospital is a role model in impactful and sustainable productive waqf management.
Open Access
Evaluating the impact of islamic banking sustainability practices on financial performance
(Universitas Islam Internasional Indonesia, 2024) Basalma, Ebrahim Omar Obaid; Hamidi, M. Luthfi; Aimatul Yumna
This research aims to examine the sustainability practices of Islamic banking, their alignment with SDGs, and their effects on financial performance in GCC, Malaysian, and Indonesian contexts where these three markets occupy an important place in the Islamic finance business. Based on stakeholder engagement, legitimacy, good management, and beyond triple bottom line theories, the study uses a qualitative approach both through focused content analyses of firms’ financial & sustainability reports to develop and measure ICSP disclosure. For a quantitative approach the use of regression analysis of the panel data, the results demonstrate that ICSP has a significant and positive association with financial performance, as measured by ROE and ROA; and it enhances economic/environmental aspects of ICSP. However, the analysis of the social component reveals an insignificant value, which presupposes the improvement of communications and specific social activities. In terms of the study’s practical implications, this research enriches the conversation on sustainability and finance with findings that could be useful for tactical planning from the perspective of policymakers, regulators, and practitioners in the Islamic finance sector while also showing how the integration of Islamic banking practices and the implementation of sustainability practices can work in harmony for both financial sustainability and the generation of positive social and environmental impact.
Open Access
Factors influencing decision to donate zakat infaq sodaqoh (ZIS) via digital payment in Indonesia : integrated TPB and TAM model
(Universitas Islam Internasional Indonesia, 2024) Suhail; Ugi Suharto; Aimatul Yumna
Donation nowadays are evolving with numerous innovations, including the use of digital transaction payment methods. In Islamic traditions, one of the common types of donations is zakat, infaq, and sodaqoh (ZIS). The increasing trend of digital transactions in Indonesia has influenced the increasing in ZIS payments through digital payment methods. This study aims to analyze predictor for factors influencing decision to donate ZIS via Digital Payment under integration of Theory of Planned Behavior (TPB) and Technology Acceptance Model (TAM) model. The population in this study comprised Muslim people in Indonesia who had made ZIS donations via digital payment. The sampling technique used was purposive sampling-quota sampling with a total sample size of 400 people. The method used in this research was an explanatory survey with a quantitative approach. The data analysis technique employed was Partial Least Squares-Structural Equation Modeling (PLS-SEM). The results of the study showed alignment between the TAM and TPB models and practice in the field regarding their influence on the decision to donate ZIS via digital payment. Results indicate that TPB and TAM model influence decision to donate ZIS moderately, and perceived value is the most significant variable in this study. Spiritual aspect has significant positive influence toward decision to donate ZIS. The research suggest ZIS institutions to enhance their digital payment systems by strengthening security, and improving features and marketing to increase customer satisfaction value and optimize ZIS collection in Indonesia through digital payment.
Open Access
Financial policy and socio-economic dimension on co2 emissions : revisiting the G20 countries
(Universitas Islam Internasional Indonesia, 2024) Andi Dzulfahmi Imran Hamzah; Teguh Yudo Wicaksono; Aimatul Yumna
The issue of climate change, driven by high concentrations of CO2 emissions in the atmosphere, has garnered global attention. Consequently, the Paris Agreement represents a commitment by nations worldwide to address climate change by agreeing to limit the rise in global surface temperature to below 2°C, and ideally below 1.5°C, by 2050. This necessitates a transition to a greener economy, which is hindered by significant funding challenges, particularly for renewable energy financing and the transfer of environmentally friendly technology. Additionally, socio-economic factors must be considered, as population growth and urbanization increase demand in the energy and infrastructure sectors. This study aims to examine the effects of climate-related financial policy through climate-related financial policy index (CRFPI) and socio-economic factors on CO2 emissions in G20 countries from 2000 to 2020. Utilizing a panel regression random effects model, the impact of exogenous variables on CO2 emissions is found to be varied. CRFPI significantly reduces CO2 emissions, as does financial development. The Environmental Kuznets Curve (EKC) hypothesis is validated, showing that in the early stages, GDP positively affects CO2 emissions; however, as GDP growth reaches a turning point, economic growth negatively impacts CO2 emissions in the long term, indicating that G20 countries are predominantly characterized by progressive economic growth. Empirical evidence, particularly regarding socio-economic factors, presents diverse results. Renewable energy consumption leads to the most substantial reduction in CO2 emissions, while the response of CO2 emissions to FDI inflows shows a positive trend, suggesting that investment flows need better alignment with environmental sustainability goals. Finally, trade openness, urbanization, population, and technology patents do not show significant impacts. Despite the dynamic nature of empirical evidence, CRFPI, through various instruments such as green prudential policy, green financial principles, green investment and credit allocation, green bonds, and other disclosure requirements, can serve as alternative financing mechanisms to achieve net-zero emissions targets.
Embargo
Impact of economic growth and environmental sustainability on carbon emission in selected South Asian countries : a panel ARDL model analysis
(Universitas Islam Internasional Indonesia, 2025-08-10) Marwat, Mohammad Jawid; Rininta Nurrachmi; Aimatul Yumna
Rising CO2 emissions in South Asian economies pose significant environmental challenges, driven by industrialization, economic progress, foreign direct investment (FDI), and agricultural productivity. This study aims to examine the impact of economic development on CO2 emissions and explore influence of GDP per capita, FDI, industrialization (INDS), and agricultural productivity (AGVAD) on emissions in the short and long run, and examination presence of the Environmental Kuznets Curve (EKC) in selected South Asian countries over the past 40 years. Using a quantitative approach, panel ARDL model through Pool Mean Group (PMG) estimator is employed, justified by the failure of Dynamic Fixed Effects and Mean Group estimators, balancing long run homogeneity with short run heterogeneity. Short run findings reveal insignificant effects, with agricultural productivity, industrialization, and FDI reducing emissions by 1.92%, 1,89%, 0.98%, respectively, while agricultural and FDI and industrial FDI show negligible impacts, highlighting weak sectoral dynamics. The GDP squared term provides no EKC support, and the ECT of interaction model’s indicates weak convergence. Long run findings highlight sectoral influences, with agricultural productivity and FDI the result further demonstrate the increasing of emissions by 1.18% due to intensified agricultural practices, while industrialization and FDI reduces emissions by 6.70% reflecting green industrial technologies. FDI showed significantly increase emission by 141.15%, indicating a pollution haven effect, while GDP squared lacks EKC support. The significant ECT suggests a 19.32% adjustment speed toward equilibrium. These results underscore the need targeted policies to regulate agricultural FDI, promote green industrial FDI, and implement structural changes to mitigate emissions, as economic growth alone does not reduce CO2 emissions. Policymakers should prioritize sustainable agriculture and stringent FDI regulations to address South Asia’s environmental challenges effectively.
Open Access
Irrational factors in decision-making to choose the sharia stock
(Universitas Islam Internasional Indonesia, 2024) Martha Purna Syiva; Ugi Suharto; Aimatul Yumna
The increasing popularity of Islamic finance has led to a growing demand for Shariacompliant investment products, including Sharia stocks. Investors who adhere to Islamic principles often seek to direct their funds towards investments aligned with their religious and ethical values. However, the decision-making process in choosing Sharia stocks may not always be rational, as various psychological and behavioural factors can influence it. Behavioural finance research has identified several irrational elements that can impact an individual's investment decisions, such as overconfidence and herding behaviour, as well as religiosity and financial literacy factors. In Sharia-compliant investments, these irrational factors may play a significant role in an investor's choice to allocate funds to Sharia stocks, potentially leading to suboptimal decisions that deviate from rational financial considerations. Thus, this thesis aims to examine the influence of overconfidence and herding behaviour combined with religiosity and Sharia stock financial literacy on the decision-making process of investors when selecting Sharia-compliant stocks. All the variables in the model proceed with the Partial Least Square - Structural Equation Modelling (PLS-SEM) method. Using primary data from 290 respondents who are Sharia stock investors in Indonesia, this study found that religiosity, Sharia stock financial literacy, and overconfidence significantly impact decision-making to invest in Sharia stock. However, religiosity did not affect Sharia stock financial literacy substantially, and Sharia stock financial literacy was insignificant in mediating between religiosity and the decision to invest in Sharia stock. The results of this study show that Sharia stocks as Sharia-based investing instruments cannot separated from the ideological irrational aspects. Investors with a high sense of religiousity, literacy, and confidence in the Sharia value of a stock are the crucial factors in convincing them to choose a Sharia-based investing instrument.
Open Access
Potential customers' intention to use Islamic banking products in Cameroon : the mediating effect of attitude
(Universitas Islam Internasional Indonesia, 2023) Hamadou, Issa; Hamidi, M. Luthfi; Aimatul Yumna
Islamic finance is not limited to the world's approximately 1.7 billion Muslims. Several additional countries, including the United Kingdom, France, Belgium, and Germany, are also interested. They show their willingness to adopt Islamic financial products for the purpose of inclusive finance and satisfaction of financial needs of the Muslim minority population of these countries. However, although the primary goal of Islamic finance financial inclusion, it has been observed that in some Muslim countries as well as non-Muslim countries, the majority of the people are excluded from the traditional system for religious reasons. This study examines potential customers awareness of Islamic banking products in Cameroon and factors influencing their decision. To achieve this, a structured questionnaire was used with 318 respondents, while 300 were usable for analysis with 94% of respondents rate. The research used SEM-PLS to estimate the data. In addition, an interview with 10 participants was conducted to support the quantitative results. The findings suggested that potential customers knowledge of Islamic banking operations is limited. Most of them are not completely mindful of Islamic financing instruments. Moreover, the study found that attitude, religious motivation, awareness, subjective norm, and relative advantage significantly affect their intention towards Islamic banking products, while perceived regulatory and perceived innovation are not significant. Furthermore, attitude has a substantial mediating role on the connection amongst religious motivation, subjective norm, awareness, relative advantage, perceived innovation, and intention to adopt Islamic banking products. Therefore, the findings of this study contribute to the past literature by providing new framework that combines the theories of planned behavior and diffusion of innovation theory and offers managerial implications at the level of Islamic finance operators. Meanwhile, this research provides some policy recommendations that can help to boost the growth of Islamic finance in Cameroon in order to promote financial inclusion.
Open Access
Potential customers’ intention to use Islamic banking products in Cameroon : the mediating effect of attitude
(Emerald Publishing Limited, 2025-01-20) Hamadou, Issa; Hamidi, M. Luthfi; Aimatul Yumna
Purpose This study aims to examine factors influencing potential customers’ intention to patronize Islamic banking products in Cameroon. Design/methodology/approach To achieve this, a structured questionnaire was used with 318 respondents, and 300 were usable for analysis with a respondent rate of 94%. The study used SEM-PLS to analyze the data. Findings The findings suggested that attitude, religious motivation, awareness, subjective norm and relative advantage significantly affect potential customers intention toward Islamic banking products, while perceived regulatory and perceived innovation are insignificant. Furthermore, attitude substantially mediates the relationship between religious motivation, awareness, subjective norm, relative advantage and perceived innovation. Research limitations/implications However, this study focused on potential customers living in Muslim zones; future research should compare users and nonusers of Islamic banking products in both Muslim and non-Muslim zones to capture a big picture about customers’ perceptions of Islamic banking products in Cameroon. Practical implications The results of this study contribute to the literature by providing a new framework that combines the theories of planned behavior and diffusion of innovation theory and provides managerial implications at the level of Islamic finance operators. Meanwhile, this research offers some policy recommendations that can help boost the development of Islamic finance in Cameroon and promote financial inclusion. Originality/value To the best of the authors’ knowledge, this is the first research about potential customers’ intention to use Islamic banking products in Cameroon.
Controlled Access
Revamping the role of SMEs’digital financial management through Islamic fin-tech in Borama Somalia
(Universitas Islam Internasional Indonesia, 2024) Hassan, Samsam Ismail; Hamidi, M. Luthfi; Aimatul Yumna
Small and Medium-sized Enterprises (SMEs) play a vital role in economic growth, particularly in developing countries like Somalia. However, SMEs often encounter financial obstacles due to limited access to conventional banking services adhering to Islamic principles. This study aims to examinate the potential of Islamic Fin-Tech in bolstering Digital Financial Management among SMEs in Borama. Methodologically, the study utilizes quantitative data analysis methods, specifically multiple regression, to examine survey data gathered through purposive sampling. The data is obtained from a total of 255 small and medium enterprises (SMEs) situated in Borama. Demographic data, including gender, education, occupation, and firm types, are examined alongside the duration of utilizing Islamic fintech solutions. Assumption tests such as normality and multicollinearity tests are conducted to ensure the reliability of the regression model employed. The results indicate a significant adoption of Islamic fintech solutions among SMEs, particularly in recent years. While variables such as Service Accessibility and Digital Banking do not show significant impacts on Digital Financial Management (DFM) due to the internet shortage, SMS Banking and E-Wallet emerge as influential factors that positively affect SMEs' digital financial management performances. Hypotheses testing confirms the significance of SMS Banking and E-Wallet in predicting DFM. The implications of these findings highlight the importance of E-Wallet services and SMS banking in enhancing SMEs' digital financial management. These insights offer valuable implications for financial institutions and policymakers to develop strategies aimed at improving SMEs' digital financial management practices. The study requires for further research to explore additional variables and deepen the understanding of factors that influence SMEs' digital financial management. By understanding the transformative potential of Islamic Fin-Tech, stakeholders can collaborate on designing and implementing measures supporting SMEs, driving economic growth, and aligning with Islamic finance principles. Embracing technological advancements like digital banking and SMS banking can help SMEs overcome financial hurdles and amplify their contributions to economic development.
Embargo
Sharia-based securities crowdfunding for environmental sustainability goals : practitioners’ perceptions, platform initiatives, and institutional performances
(Universitas Islam Internasional Indonesia, 2025-07-17) Ahmad Akram Tjoteng; Rininta Nurrachmi; Aimatul Yumna
This study explores the extent to which Sharia-Based Securities Crowdfunding (SBSC) platforms in Indonesia involve in environmental sustainability goals. Using a qualitative research approach, the study aims to evaluate the platforms’ perceptions, initiatives, and institutional performances related to environmental sustainability, particularly in the context of SBSC platforms. Primary data were obtained through semi-structured interviews with four key informants from three selected platforms with the highest distributed fund as of February 21, 2025—SHAFIQ, LBS Urun Dana, and Urun-RI. Secondary data were selectively obtained from official website publications of the selected platforms. The analysis was conducted using an inductive approach supported by NVivo to identify emerging themes. Findings show that SBSC platforms are developing awareness regarding environmental sustainability practices. Informants demonstrated knowledge of environmentally aligned business sectors, such as renewable energy, organic fertilize-based farming, waste management, and electric vehicles. Some platforms also associate environmental-related projects with national development strategies and Sustainable Development Goals. However, this conceptual understanding has not yet reflected in institutionalized criteria or structured mechanisms for environmental-related sustainability project evaluation. While one platform has taken proactive steps—such as implementing a ‘green label’ to mark SDG-aligned offerings—others have not yet adopted similar mechanisms. Collaborations with several communities and educational initiatives on green financing also indicate emerging engagement. However, these initiatives remain fragmented and largely informal across platforms. From an institutional performance perspective, the research highlights several limitations. None of the selected platforms apply sustainability-related criteria, nor do they offer incentives for environmentally sustainable projects. This also reflects their standard assessment of securities offerings. Informants also confirmed the absence of specified environmental impact evaluations, which indicated that green-related projects are evaluated using the same business-as-usual considerations as conventional ones. Furthermore, regulatory gaps and limited operational coverage were identified as barriers. In brief, growing awareness and early-stage initiatives toward environmental sustainability within SBSC platforms in Indonesia, these have not yet matured into systematic and institutionalized practices. Regulatory support, sustainability-based frameworks, and incentive mechanisms are necessary to elevate the role of SBSC in supporting SDGs, particularly in the context of environmental aspect.
Embargo
Sustainable finance and energy poverty : empirical insights from Asia-Pacific countries
(Universitas Islam Internasional Indonesia, 2025-07-28) Dea Fajria Tatarizqa Japal; Rininta Nurrachmi; Aimatul Yumna
Energy poverty, defined as the proportion of the population without access to electricity, is a multidimensional challenge that hinders sustainable development in the Asia-Pacific region. This study empirically examines how sustainable finance, proxied by renewable energy investment, can contribute to reducing energy poverty levels in 38 countries in the Asia-Pacific region during the period 2016–2025. By combining the Green Finance Transmission Framework (GSPE) and the STIRPAT model, this study applies panel data regression and tests the mediating mechanism of renewable energy consumption, along with control variables such as GDP per capita, foreign direct investment (FDI), and urban population. The results indicate that sustainable finance has a significant direct impact on reducing energy poverty. However, interestingly, the mediating mechanism through renewable energy consumption is statistically significant, suggesting that the impact of sustainable finance on energy is always channeled through increased clean energy consumption, and there may be constraints in terms of adoption, distribution, or energy infrastructure. Additionally, GDP per capita significantly accelerates the reduction of energy poverty, but this finding differs from previous studies as it shows that in Asia-Pacific countries, income growth is more effective when accompanied by good energy governance. Meanwhile, FDI does not show a significant effect, suggesting that foreign capital flows have not been optimally directed toward inclusive energy sectors or remain concentrated in carbon- intensive sectors. Interestingly, urbanization actually exacerbates energy poverty in the short term, highlighting infrastructure disparities in rapidly growing urban areas. These findings are validated through robustness tests using a first-difference approach and clustered standard errors. Overall, this study enriches the literature on the relationship between sustainable finance and energy justice, emphasizing the importance of designing financial policies that target social impacts, not just environmental aspects. This research also provides empirical foundations to support the achievement of SDG 7 (Affordable and Clean Energy) and SDG 13 (Climate Action) in the Asia- Pacific region.
Open Access
The dynamic interrelationships of CO2 emissions and renewable energy consumption on economic growth in G20 countries : a panel VAR approach
(Universitas Islam Internasional Indonesia, 2024) Joko Susilo; Indra Gunawan; Aimatul Yumna
The interrelationship between CO2 emissions, renewable energy consumption, and economic growth is comprehensive, especially for the G20 countries, which contribute to huge global C02 emissions and the world economy. On the other hand, we require a deeper comprehension to formulate policies that harmonize economic expansion with sustainable development. This study will analyze the dynamic interrelationship between CO2 emissions and renewable energy consumption on economic growth in G20 countries. It employs the Panel Vector Autoregression (VAR) approach, covers a period from 1990 to 2022, and involves several fundamental stages. These include the unit roots test to see if the data is statistically sound, the cointegration test to see how the variables have changed over time, and the impulse response function test and variance decomposition to see how shocks to one variable affect other variables. The study's findings show a relationship among CO2 emissions, renewable energy consumption, and economic growth. The data indicate that CO2 emissions have a favourable immediate impact in the short term, resulting in higher GDP and greater economic activity, than C0 emissions and GDP are negative in the long term. Furthermore, we confirm that the short-term relationship between renewable energy consumption and GDP is positive; in contrast, using renewable energy sources does not positively impact economic expansion in the long run. Therefore, G20 countries need to take action to formulate renewable energy policies for economic growth to achieve sustainable development and reduce CO2 emissions while promoting economic growth, whether short-term or long-term.
Open Access
The impact of FDI on trade and growth in BRICS countries a panel data analysis
(Universitas Islam Internasional Indonesia, 2024) Sharma, Prabhanshu; Teguh Yudo Wicaksono; Aimatul Yumna
This thesis was conducted to identify the impact of FDI on the trade and growth of BRICS nation economies, to identify the common causes and different factors associated with the common causes that affect intra-trade relationships among BRICS nations, to explain the current developments and challenges that BRICS nations face in the shifting global trade landscape, to provide insight into unexpected impacts of inner related variables that affect the overall trade dynamics while associated, and lastly to provide policy recommendations on the betterment of intra-trade among BRICS nations. Data of the study is from BRICS (Brazil, Russia, India, China, and South Africa) economies constructing 52 years of observations from 1970 to 2022, and 260 numbers of observations, these data were taken from the IMF, The World Bank, BRICS organization, and are secondary data. The research method for the study is panel data analysis with Panel Ordinary Least Square, Random Effects, and Fixed Effects analysis while constructing two different models to first identify the impact of FDI on trade in BRICS countries as well as other major factors contributing to the impacts and then to identify the impact of FDI on growth in BRICS nations. Before the research, an initial pre-estimation analysis consisting of the correlation matrix, summary stats, and stationarity test are performed to reach an optimal model for the analysis. Moreover, the heteroskedasticity test, slope heterogeneity test, and multicollinearity tests are performed to get a conclusive result and to determine an optimal model for analysis which turns out to be random effects model with maximum likelihood option while observing the Langrange Multiplier test and Bruesh-Pagan value for the appropriateness of the model. The estimation results from both models found that FDI indeed impact positively in a significant manner on the trade and growth among BRICS nations with a positive coefficient of 0.67 at a 1% significance level, Economic growth is found to be negatively impacting the trade in BRICS countries due to tackling inflationary pressures because of increased purchasing power parity caused by economic growth for BRICS countries, Interest rate, unemployment, and exchange rates impact negatively on trade and lastly tax on international trade does not have any significant impact on trade among BRICS nations. This study bears importance since post COVID-19 era and its disastrous impacts, specifically on countries with high populations like China, India, and Russia, it was much needed to research to assess the trade prosperity of BRICS countries as the world major economic force, while other factors such as empirical inconsistencies and sectoral composition of trade and similar gaps needed to be addressed.
Open Access
The impact of microfinance on climate action and women empowerment : a case study of Koperasi Mitra Dhuafa (Komida)
(Universitas Islam Internasional Indonesia, 2023) Ashraf, Nihad; Aimatul Yumna; Dian Masyita
Climate action has been the global talk lately as the constant rise in temperatures causes a serious threat to the existence of some nations. Low and middle-income countries like Indonesia have not been spared from the effects. Moreover, women are already vulnerable in society and climate changes have added to the disaster. Microfinance has been known to alleviate poverty and promote economic growth and development in addition to empowering women especially those in rural areas. The aim of this study is to assess the impact of microfinance from KOMIDA on climate action and women empowerment. Four indicators were used to measure each variable. Women empowerment was measured through Decision making, political participation, freedom of movement and self-worth. Three types of decision were taken into consideration which are household economic decisions, personal decisions and family decision. On the other hand, climate action was measured through Climate awareness, use of renewable energy appliances, climate action willingness and reuse of products. A mixed approach was deployed and qualitative data was collected from semi structured interviews with six clients while quantitative data was collected through a questionnaire with 283 participants. 211 were clients and 72 non- clients. Twenty-six questions were measured through a five-point Likert scale. Factor analysis using the principal component analysis was used for data reduction. Quantitative results indicated that only 5 factors can be used to explain all the twenty-six items which represented a total variance of 73%. Further results were that microfinance has no significant impact on decision making, self-worth, climate action willingness and use of renewable energy. Meanwhile, microfinance positively impacts climate awareness. On the contrary, qualitative results reveal that microfinance has provided very little awareness of climate change but has positively influenced self-worth, climate action willingness and use of renewable energy appliances. The study recommends that the government must establish a legislative framework and strategy to protect women's rights in key areas including inheritance and property ownership as it influences women empowerment. In addition, policymakers must keep women's demands in mind while developing economic policy, infrastructure, and other projects. Likewise, KOMIDA must focus on training and capacity development of its members as well as include components of climate knowledge in its non-financial initiatives that can be implemented by low literacy individuals at household level. Future studies must look into other indicators of empowerment and climate action as well as get a perspective of other microfinance institutions and government authorities in charge of climate action.
Open Access
The impact of trade openness, tariff, and globalization on food security in promoting resilience against global crisis in the ASEAN region
(Universitas Islam Internasional Indonesia, 2023) Fahmi Alamil Huda; Aimatul Yumna; Herbert Wilbert Victor Hasudungan
In 2023, many crises hit the world due to heated geopolitical conditions resulting from the war in Russia and Ukraine; the world situation was fragmented because of competition between the USA and PRC blocs, economic recovery due to COVID- 19 has shaken again, and food inflation was soaring high. The leading cause of food insecurity in ASEAN, which consists of most developing countries, is the lack of distribution access due to the affordability of logistics and food supplies. Most investors shift their investment preferences from the primary sector to manufacturing due to the volatility and high risk of assets. In 2020, in Asia, there were 78.7 million toddlers who were stunted, with the second majority in Southeast Asia (27.40%). Although most of the ASEAN member countries are connected geographically, the market share of ASEAN member countries in world trade is only 8.8%, so intra-trade relations are considered not optimal enough. This study aims to analyze the effect of three different trade openness indicators (trade openness, tariffs, and globalization) on the food security of Southeast Asian people in 2000-2021. The method used in this research is panel data, which combines pool least squares (PLS) and fixed effect models (FEM) by developing Beck and Katz's two panels corrected standard errors (PCSE): cross-section weights and SUR. Trade openness significantly affects the two pillars of food security: stability and utilization, with U-shaped results. Ad-valorem tariffs are significant and positive for the two pillars of food security: availability and utilization. Increasing taxes in Southeast Asia can improve the average dietary energy supply's adequacy; however, this can also increase the prevalence of stunting in children under five. It happens because the availability of abundant food in terms of quantity differs from the quality and safety of its consumption. The increase in globalization from an economic, political, and social perspective in Southeast Asia is significant for the four pillars of food security; if globalization is increased, then this can positively impact reducing cases of stunting and malnutrition; on the other hand, increasing globalization has harmed food availability and stability. Increasing one policy has a different impact. In the first stage, policy improvements can positively impact a pillar of food security. However, after reaching a turning point, there is a possibility that the increased policy will harm the other pillars. Therefore, it is necessary to choose an integrative policy trade-off and be able to solve problems better. This study suggests several main policy implications, namely building a more assertive trade policy based on the WTO and food safety technical rules that comply with WHO rules, increasing intra-trade within the ASEAN group, maintaining food price stability, encouraging investment in agriculture, promoting governance reforms. and strengthen the regional food security system in terms of production consumption, and distribution. Support policies are also needed regarding solid prevention efforts against stunting and malnutrition and digitalization (Agritec 4.0), which supports food availability. In addition, this research also suggests that ASEAN can continue to increase domestic food production for resilience to the global crisis.
Open Access
The impacts of islamic human development index to poverty in Indonesia (2017-2022)
(Universitas Islam Internasional Indonesia, 2023) Cynthia Farah Sakina; Hamidi, M. Luthfi; Aimatul Yumna
Islamic Human Development Index (iHDI) used as the most comprehensive, appropriate and adequate indicator to measure the human development through an Islamic perspective based on maqasid sharia. In this study, the iHDI will be used to determine their impact to poverty in which is elaborated into five variables. The indicators used are the total Muslim population in each province and the national zakat index data as Hifdzu Dien variable; expenditure per capita (food) and expenditure per capita (non-food) data as Hifdzu Nafs variable; literacy rate and the average length of school years data as Hifdzu Aql variable; the life expectancy and marriage rate data as Hifdzu Nasl variable; economic growth rate and gini ratio asHifdzu Maal variable, and the unemployment rate as a control variable to povertyin Indonesia during 2017- 2022. The quantitative research methods were used in this study with secondary data from Kementerian Agama Republik Indonesia, PUSKAS BAZNAS, BPS, and SIMREGBappenas. The collected data is data panel from 34 provinces in Indonesia with 204 total samples of observations. Using Eviews 12 program, the analysis tool used is panel data regression. The results showed only two provinces show iHDI values in the Middle standard category; Jawa Barat and DKI Jakarta. In the conclusion, Indonesia is still in a Low standard iHDI when calculated in general with an average for the last 6 years with the value of 40.32. The results of the study showed that there was a positive relationship between Hifdzu Dien and unemployment variable to poverty in Indonesia. The Hifdzu Dien variable (preservation of religion) used two indicators; the number of Muslim populations in each province and the nationalzakat index. For unemployment as a control variable, the data used is the OpenUnemployment Rate (OUR). The positive relationship indicated that if the HifdzuDien and Unemployment variables increase, the poverty rate will also increase. Meanwhile, the other four variables (Hifdzu Nafs, Hifdzu Maal, Hifdzu Nasl, and Hifdzu Maal) had a negative relationship with poverty in Indonesia. This result showed that if the independent variable increases, the poverty rate as the dependent variable will decrease.
Open Access
Unleashing the power of artificial intelligence in Islamic banking : A case study of Bank Syariah Indonesia (BSI)
(Modern Finance Institute in cooperation with Poznan University of Economics and Business, 2024-06-02) Hamadou, Issa; Aimatul Yumna; Hamadou, Hawaou; Jallow, Mamadou Salieu
This research examines the challenges and opportunities of AI integration in Islamic banks through a case study of Bank Syariah Indonesia. A qualitative method was applied using an interview approach. Four experts from the IT division of Bank Syariah Indonesia were interviewed. The results suggest that AI applications offer potential benefits such as automation, improved decision-making and efficiency, customer recommendations, and enhanced customer experience. However, the challenges of AI integration include implementation costs, cyber security risks, Shariah compliance, and ethical issues. The research recommends that stakeholders in Islamic banks invest more in cybersecurity and educate their customers about the importance and usage of AI technology. Additionally, the research suggests that the government implements policies related to the ethical regulation of AI technology. Future research should provide comparative analysis and use a mixed-method approach to better understand the challenges and opportunities of AI integration in Islamic banks.
Embargo
Unveiling factors to increase electric vehicle adoption through green banking in Indonesia
(Universitas Islam Internasional Indonesia, 2025-07-23) Abdurrahman Faqih Mukhlish; Rizky Wisnoentoro; Aimatul Yumna
The electric vehicle population in Indonesia remains significantly below the government’s targets aimed at reducing carbon emissions. This study seeks to identify factors that could enhance the adoption of electric vehicles in Indonesia, thereby accelerating their growth. Using a qualitative approach, the research explores these factors, which are analyzed through thematic analysis. The findings reveal seven crucial factors necessary for expanding the electric vehicle population in Indonesia: ownership costs, functionality, vehicle identity, policies and regulations, environmental impact, facilities and services, and motivations. Challenges and expectations, as well as green financing from banks and multifinance for electric vehicles, are also examined. This study concludes that the role of green banking financing for electric vehicles will follow the readiness and maturity of the electric vehicle ecosystem itself. Additionally, based on the data analysis, the study offers several recommendations to promote electric vehicle growth, including continuing subsidies and tax incentives, developing and maintaining infrastructure, nurturing the electric vehicle ecosystem, innovating to reduce prices, increasing literacy and awareness, and providing access to competitive and attractive financing options for the community. This research concludes that improving the understanding and management of these factors can significantly boost electric vehicle adoption.