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Imam Wahyudi

University of Indonesia, Management, Faculty Member

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Imam Wahyudi is a lecturer at the Faculty of Economics and Business, University of Indonesia (FEB-UI). As an assistant professor, he is currently teaching Islamic finance, risk management, mathematics of finance, and corporate finance. He is also a senior researcher at the Center of Islamic Economics and Business, with research interest on Islamic finance and institutions, risk management in Islamic banking and capital markets, market microstructure, and corporate finance. After earning his master’s of management degree at FEB-UI, he has published numerous papers and publications in national and international journals, and was involved in various projects with Bank Indonesia, Ministry of Finance, and the Indonesia Financial Services Authority.
Phone: Tel.: +62 21 7272425; fax: +62 21 7863556.
Address: Department of Management Building Second Floor, Faculty of Economics and Business, University of Indonesia, Jl. Prof. Dr. Sumitro Djojohadikusumo, Kampus UI Depok 16424, Indonesia.

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Papers by Imam Wahyudi

Development of the Islamic Financial Market

Risk Management for Islamic Banks

Market Risk in Islamic Banking

Syari'ah Compliance Risk

Recent Developments from Asia and the Middle East, 2015

The Risk Management Process in Islamic Banking

The Ramadan effect: Illusion or reality?

Arab Economic and Business Journal, 2016

Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public.

Analyzing the profit-loss sharing contracts with Markov model

Communications in Science and Technology, 2016

The purpose of this paper is to examine how to use first order M arkov chain to build a reliable ... more The purpose of this paper is to examine how to use first order M arkov chain to build a reliable monitoring system for the profit-loss sharing based contracts (PLS) as the mode of financing contracts in Islamic bank with censored continuous-time observations. The paper adopts the longitudinal analysis with the first order M arkov chain framework. Laplace transform was used with homogenous continuous time assumption, from discretized generator matrix, to generate the transition matrix. Various metrics, i.e.: eigenvalue and eigenvector were used to test the first order M arkov chain assump tion. Cox semi parametric model was used also to analyze the momentum and wait ing time effect as non-M arkov behavior. The result shows that first order M arkov chain is powerful as a monitoring tool for Islamic banks. We find that waiting time negatively affected present rating downgrade (upgrade) significantly. Likewise, momentum covariate showed negative effect. Finally, the result confirms that different origin ratings have different movement behavior. The paper explores the potential of M arkov chain framework as a risk management tool for Islamic banks. It provides valuable insight and integrative model for banks to manage their borrow er accounts. This model can be developed to be a powerful early warning system to identify which borrower needs to be monitored intensively. Ultimately, this model could potentially increase the efficiency, productivity and competitiveness of Islamic banks in Indonesia. The analysis used only rating data. Further study should be able to give additional information about the determinant factors of rating movement of the borrowers by incorporating various factors such as contract-related factors, bank-related factors, borrower-related factors and macroeconomic factors.

Environmental dynamic, business strategy, and financial performance: An empirical study of Indonesian property and real estate industry

The South East Asian Journal of Management, 2013

EnvironmEntal dynamic, businEss stratEgy, and financial pErformancE an Empirical study of indones... more EnvironmEntal dynamic, businEss stratEgy, and financial pErformancE an Empirical study of indonesian property and real Estate industry Firm's strategic orientation involves synchronizing environmental dynamics, corporate strategy and capital structure in order to achieve firm performance targets. The co-alignment model used successfully in the hospitality industry might be used in a wider context as a framework in explaining these relationships simultaneously. Using the data of public firms in Indonesia during the period of 1996-2010, we found that co-alignment model can be implemented in property and real estate industry as well as in hospitality industry.

The effect of firm and stock characteristics on stock returns: Stock market crash analysis

The Journal of Finance and Data Science, 2016

This study aims to determine characteristics of stocks and firms that are deliberately affected b... more This study aims to determine characteristics of stocks and firms that are deliberately affected by stock market crash occurring in Indonesia. The study uses data for three major stock market crashes that occurred in 1997, 2000, and 2008. The analysis is accomplished by using multivariate regression method. The results of the study find that stocks with higher betas, larger capitalization, more return volatility, higher debt ratios, lower levels of liquid assets, and lower asset profitability tend to lose more value on crash day. This study also finds that there are short-term and long-term momentum effects on stock returns during most of stock market crashes.

Exploring Determinant Factors of Bond Trading with Inventory Management Theory (Case Study of Indonesian Capital Market, January – March 2009)

Indonesian Capital Market Review, 2014

This paper studies trading volume of 206 recorded and publicly traded bonds in Indonesian Capital... more This paper studies trading volume of 206 recorded and publicly traded bonds in Indonesian Capital Market on January 4 th-March 9 th 2009 observed period. The data covers almost all trading data in the market and all brokers that exist. The microstructure data used in this study is a complete understanding for almost every phenomenons in the market, and thus could explain more about bond liquidity. We find that some bonds are actively traded and most are rare. We also construct some determinant facto tests of bond trading volume, included descriptive statistic, GLS, and other formal test. We find that bonds with larger par value and more seasoned tend to have smaller trading volume. We also find that private bonds are actively traded more than public bonds (both government institution and private institution bond). Interest rate risk and bond price volatility are positively influence bond trading volume, but opposite for bond rating. We find that bond with higher probability to default have smaller trading volume. While comparing the bond volume data with stock price data, we find that the relationship in two markets is not linier as the convenient theory in finance said.

Early Warning System in ASEAN Countries Using Capital Market Index Return: Modiied Markov Regime Switching Model

Indonesian Capital Market Review, 2014

and Thailand, are some of the countries where the crisis hit the most. In these countries, where ... more and Thailand, are some of the countries where the crisis hit the most. In these countries, where financial sectors are far more developed than real sectors and the money market sectors, most of the economic activities are conducted in capital market. Movement in the capital market could be a proxy to describe the overall economic situation and therefore the prediction of it could be an early warning system of economic crises. This paper tries to investigate movement in ASEAN (Indonesia, Malaysia, Philippines, Singapore, and Thailand) capital market to build an early warning system from financial sectors perspective. This paper will be very beneficial for the government to anticipate the forthcoming crisis. The insight of this paper is from Hamilton (1990) model of regime switching process in which he divide the movement of currency into two regimes, describe the switching transition based on Markov process and creates different model for each regimes. Differ from Hamilton, our research focuses on index return instead of currency to model the regime switching. This research aimed to find the probability of crisis in the future by combining the probability of switching and the probability distribution function of each regime. Probability of switching is estimated by categorizing the movement in index return into two regimes (negative return in regime 1 and positive return in regime 2) then measuring the proportion of switching to regime 1 in t given regime 1 in t-1 (P11) and to regime 2 in t given regime 2 in t-1 (P22). The probability distribution function of each regime is modeled using t-student distribution. This paper is able to give signal of the 1997/8 crisis few periods prior the crisis.

Analysis of Effect of Leverage and Cash Flow Today on Future Financial Performance of Indonesian Public Company: Signaling Theory vs. The Pecking Order Theory

Decision on the level of leverage and cash flow at this time will provide the company's cash ... more Decision on the level of leverage and cash flow at this time will provide the company's cash flow impact in the future. In the signaling theory, decision in the leverage level is considered as positive signal to investors on the prospects of future cash flows (Ross, 1977; Harris and Raviv, 1991). In contrast, pecking order theory sees leverage as a residual alternative financing if the internal funds is not sufficient (Myers, 1984). By using a simultaneous panel dynamic model, this study examines the relationship between the level of leverage and its cash flow on public firms in Indonesia with observation period 1997-2009. The results showed that there was a negative relationship between cash flow and leverage levels in contemporary time. This is consistent with pecking order behavior. While at intertemporer level, found that there was a positive relationship between current leverage and the firm's cash flows in the future. This is consistent with signaling theory. These findings are found in 8 industry sectors (non-bank) with significant sign. Various robust models were used to validate these findings, and results are expressed support. Various exogenous variables, such as investments, dividends, tax benefit, the size of the company, proved to be good predictors in explaining the behavior of the variation in the three endogenous variables, namely cash flow, level of leverage and corporate risk.

Risk Management for Islamic Banks

Risk Management for Islamic Banks, 2015

"I must congratulate the authors on this important piece of work which fills a critical gap ... more "I must congratulate the authors on this important piece of work which fills a critical gap in the literature. There are not that many books on the topic of risk management of Islamic banks and this volume is certainly one of the best ones on the topic. Risk management is not an easy topic to handle but this volume presents complex concepts and issues in a clear manner to enhance the understanding of the reader. This volume should be looked at seriously by every student and researcher of the topic. The authors should be commended for this service." Zamir Iqbal, Lead Financial Sector Specialist, World Bank Global Islamic Finance Development Center, Istanbul

Realizing knowledge sharing in strategic alliance: case in Islamic microfinance

Humanomics, 2015

Purpose – The purpose of this paper is to understand the influence of social capital, trust and c... more Purpose – The purpose of this paper is to understand the influence of social capital, trust and commitment in fusing the various elements in a strategic alliance through the knowledge-sharing process. The unit of analysis is the relationship between Islamic banks and baitul maal wa tamwil (BMT), where each carries with it a back-ground of differing institutional culture and management style. The theory regarding knowledge sharing and interdependence will be developed in the model and tested with structural equation modelling (SEM) to evaluate the direct and indirect effects of the connection between relationship bonding (social capital) and trust and commitment in a formed alliance. Design/methodology/approach – In this study, we have used a confirmatory approach through survey using a structured questionnaire distributed to 131 BMT throughout the region of Central Java and Yogyakarta. The sampling criteria used are: has operated for a minimum of two years and does not experience an...

Pattern of consumption budget allocation by the poor families

Journal of Economics, Business, and Accountancy | Ventura, 2015

Various allegations towards the poverty problems are due to the issue of cultural, consumption be... more Various allegations towards the poverty problems are due to the issue of cultural, consumption behavior, social dynamics, and policy support. This study deals with the pattern of communities spending behavior through modeling the allocation of house-hold expenditure using secondary data published by Indonesian Central Bureau of Statistic (BPS) and offers models of household expenditure allocation appropriate and proportional. Allocation model of household expenditure is expected to be one step in formulating policies related to alleviate poverty. Time series analysis was used through modeling, econometric modeling and exposure effects going from the various patterns portrayed in the 2000-2008 period. By using National Economic Survey data (SU-SENAS) period 2000-2008, the study found that the differences in geological structure affect their livelihoods and consumption patterns, such as mountains, valleys, beaches, flood plains, lakes, and so on. The allocation of income of poor house...

Commitment and trust in achieving financial goals of strategic alliance

International Journal of Islamic and Middle Eastern Finance and Management, 2014

Purpose – This paper aims to illustrate theoretically and empirically the decision and result of ... more Purpose – This paper aims to illustrate theoretically and empirically the decision and result of strategic alliance between baitul maal wa tamwil (BMT) and Islamic banks as a relationship based on trust, mutual-trustworthiness and commitment. This paper also identifies the basic criteria for the resilience of a strategic alliance, the challenges and the barriers in a strategic relationship along with managerial and operational implications. Design/methodology/approach – In this study, we have chosen to use the confirmatory approach through a structured questionnaire by means of field survey to 131 BMT spread throughout Central Java and Yogyakarta. From the total sample, 89 BMT fulfilled the sampling criteria, that is: has operated for a minimum of two years and does not experience any financial difficulties during those two years; has done a financing contract with an Islamic bank; channels some of its funds to micro, small and medium enterprises; and is in the form of a cooperative...

Interdependence between Islamic capital market and money market: Evidence from Indonesia

Borsa Istanbul Review, 2014

This study investigate VAR TodaeYamamoto causality test between macroeconomic variables and Islam... more This study investigate VAR TodaeYamamoto causality test between macroeconomic variables and Islamic financial market. The purpose of this study is to analyze the information content of Islamic capital market and money market return with respect to macroeconomic and global factors. Using bivariate method, we found that Islamic capital market index (JII) has more content information than Islamic money market index (SBIS). The exchange rate and VIX index significantly affected JII. Otherwise, only VIX index have been found to significantly affect SBIS. Using multivariate method, JII has more content information (exchange rate, world oil price, China’s economic growth, and VIX index) than SBIS (SBI rate, inflation rate, and VIX index). Contradiction in these findings indicates the presence of (i) interaction between the macroeconomic variables, (ii) interaction between the financial market and the macroeconomic variables, and (iii) interaction between the Islamic capital market and money market. Further, by considering these interactions, JII more suitable for use as a barometer of fiscal policies in Indonesia, while SBIS suitable for monetary policies.

Analyzing Markovian and Non-Markovian Behaviour with Censored Continuous-Time Observations in Islamic Financing Contracts

papers.ssrn.com

Memoryless properties of Markov first order have been powerful enough to cast light upon rating m... more

Government fiscal policy impact analysis in infrastructure sector and educa-tion sector to improve public welfare

Economic Journal of Emerging Markets, 2017

This study aimed to conduct a study and analysis of government fiscal policies related to the com... more This study aimed to conduct a study and analysis of government fiscal policies related to the components of revenue (taxes) and some components of spending (education/human resources and infrastructure sectors). Issues regarding the effectiveness of the allocation of government budgets, particularly for human resources and infrastructure sectors, is an important issue that is very interesting to discuss. Especially if associated with their impact on improving people's welfare. With a limited income, the government must make a choice to prioritize the education/human resources sector or infrastructure sector. Abstrak Penelitian ini bertujuan untuk melakukan studi dan analisis kebijakan fiskal terkait dengan komponen pendapatan (pajak) dan beberapa komponen pengeluaran (pendidikan/sumber daya manusia dan infrastruktur). Isu mengenai efektivitas alokasi anggaran pemerintah, terutama untuk sumber daya manusia dan infrastruktur, merupakan masalah penting yang sangat menarik untuk dibahas. Apalagi jika dikaitkan dengan dampaknya pada peningkatan kesejahteraan rakyat. Dengan pendapatan yang terbatas, penelitian ini merekomendasikan pemerintah harus membuat pilihan untuk memprioritaskan sektor pendidikan/sumber daya manusia atau sektor infrastruktur.

Brosur Penerimaan Siswa/i Baru TK dan SD Islam Daarul Ilmi Depok 2016/2017

Formulir Pendaftaran Siswa/i Baru TK dan SD Islam Daarul Ilmi 2016/2017

Development of the Islamic Financial Market

Risk Management for Islamic Banks

Market Risk in Islamic Banking

Syari'ah Compliance Risk

Recent Developments from Asia and the Middle East, 2015

The Risk Management Process in Islamic Banking

The Ramadan effect: Illusion or reality?

Arab Economic and Business Journal, 2016

Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public.

Analyzing the profit-loss sharing contracts with Markov model

Communications in Science and Technology, 2016

The purpose of this paper is to examine how to use first order M arkov chain to build a reliable ... more The purpose of this paper is to examine how to use first order M arkov chain to build a reliable monitoring system for the profit-loss sharing based contracts (PLS) as the mode of financing contracts in Islamic bank with censored continuous-time observations. The paper adopts the longitudinal analysis with the first order M arkov chain framework. Laplace transform was used with homogenous continuous time assumption, from discretized generator matrix, to generate the transition matrix. Various metrics, i.e.: eigenvalue and eigenvector were used to test the first order M arkov chain assump tion. Cox semi parametric model was used also to analyze the momentum and wait ing time effect as non-M arkov behavior. The result shows that first order M arkov chain is powerful as a monitoring tool for Islamic banks. We find that waiting time negatively affected present rating downgrade (upgrade) significantly. Likewise, momentum covariate showed negative effect. Finally, the result confirms that different origin ratings have different movement behavior. The paper explores the potential of M arkov chain framework as a risk management tool for Islamic banks. It provides valuable insight and integrative model for banks to manage their borrow er accounts. This model can be developed to be a powerful early warning system to identify which borrower needs to be monitored intensively. Ultimately, this model could potentially increase the efficiency, productivity and competitiveness of Islamic banks in Indonesia. The analysis used only rating data. Further study should be able to give additional information about the determinant factors of rating movement of the borrowers by incorporating various factors such as contract-related factors, bank-related factors, borrower-related factors and macroeconomic factors.

Environmental dynamic, business strategy, and financial performance: An empirical study of Indonesian property and real estate industry

The South East Asian Journal of Management, 2013

EnvironmEntal dynamic, businEss stratEgy, and financial pErformancE an Empirical study of indones... more EnvironmEntal dynamic, businEss stratEgy, and financial pErformancE an Empirical study of indonesian property and real Estate industry Firm's strategic orientation involves synchronizing environmental dynamics, corporate strategy and capital structure in order to achieve firm performance targets. The co-alignment model used successfully in the hospitality industry might be used in a wider context as a framework in explaining these relationships simultaneously. Using the data of public firms in Indonesia during the period of 1996-2010, we found that co-alignment model can be implemented in property and real estate industry as well as in hospitality industry.

The effect of firm and stock characteristics on stock returns: Stock market crash analysis

The Journal of Finance and Data Science, 2016

This study aims to determine characteristics of stocks and firms that are deliberately affected b... more This study aims to determine characteristics of stocks and firms that are deliberately affected by stock market crash occurring in Indonesia. The study uses data for three major stock market crashes that occurred in 1997, 2000, and 2008. The analysis is accomplished by using multivariate regression method. The results of the study find that stocks with higher betas, larger capitalization, more return volatility, higher debt ratios, lower levels of liquid assets, and lower asset profitability tend to lose more value on crash day. This study also finds that there are short-term and long-term momentum effects on stock returns during most of stock market crashes.

Exploring Determinant Factors of Bond Trading with Inventory Management Theory (Case Study of Indonesian Capital Market, January – March 2009)

Indonesian Capital Market Review, 2014

This paper studies trading volume of 206 recorded and publicly traded bonds in Indonesian Capital... more This paper studies trading volume of 206 recorded and publicly traded bonds in Indonesian Capital Market on January 4 th-March 9 th 2009 observed period. The data covers almost all trading data in the market and all brokers that exist. The microstructure data used in this study is a complete understanding for almost every phenomenons in the market, and thus could explain more about bond liquidity. We find that some bonds are actively traded and most are rare. We also construct some determinant facto tests of bond trading volume, included descriptive statistic, GLS, and other formal test. We find that bonds with larger par value and more seasoned tend to have smaller trading volume. We also find that private bonds are actively traded more than public bonds (both government institution and private institution bond). Interest rate risk and bond price volatility are positively influence bond trading volume, but opposite for bond rating. We find that bond with higher probability to default have smaller trading volume. While comparing the bond volume data with stock price data, we find that the relationship in two markets is not linier as the convenient theory in finance said.

Early Warning System in ASEAN Countries Using Capital Market Index Return: Modiied Markov Regime Switching Model

Indonesian Capital Market Review, 2014

and Thailand, are some of the countries where the crisis hit the most. In these countries, where ... more and Thailand, are some of the countries where the crisis hit the most. In these countries, where financial sectors are far more developed than real sectors and the money market sectors, most of the economic activities are conducted in capital market. Movement in the capital market could be a proxy to describe the overall economic situation and therefore the prediction of it could be an early warning system of economic crises. This paper tries to investigate movement in ASEAN (Indonesia, Malaysia, Philippines, Singapore, and Thailand) capital market to build an early warning system from financial sectors perspective. This paper will be very beneficial for the government to anticipate the forthcoming crisis. The insight of this paper is from Hamilton (1990) model of regime switching process in which he divide the movement of currency into two regimes, describe the switching transition based on Markov process and creates different model for each regimes. Differ from Hamilton, our research focuses on index return instead of currency to model the regime switching. This research aimed to find the probability of crisis in the future by combining the probability of switching and the probability distribution function of each regime. Probability of switching is estimated by categorizing the movement in index return into two regimes (negative return in regime 1 and positive return in regime 2) then measuring the proportion of switching to regime 1 in t given regime 1 in t-1 (P11) and to regime 2 in t given regime 2 in t-1 (P22). The probability distribution function of each regime is modeled using t-student distribution. This paper is able to give signal of the 1997/8 crisis few periods prior the crisis.

Analysis of Effect of Leverage and Cash Flow Today on Future Financial Performance of Indonesian Public Company: Signaling Theory vs. The Pecking Order Theory

Decision on the level of leverage and cash flow at this time will provide the company's cash ... more Decision on the level of leverage and cash flow at this time will provide the company's cash flow impact in the future. In the signaling theory, decision in the leverage level is considered as positive signal to investors on the prospects of future cash flows (Ross, 1977; Harris and Raviv, 1991). In contrast, pecking order theory sees leverage as a residual alternative financing if the internal funds is not sufficient (Myers, 1984). By using a simultaneous panel dynamic model, this study examines the relationship between the level of leverage and its cash flow on public firms in Indonesia with observation period 1997-2009. The results showed that there was a negative relationship between cash flow and leverage levels in contemporary time. This is consistent with pecking order behavior. While at intertemporer level, found that there was a positive relationship between current leverage and the firm's cash flows in the future. This is consistent with signaling theory. These findings are found in 8 industry sectors (non-bank) with significant sign. Various robust models were used to validate these findings, and results are expressed support. Various exogenous variables, such as investments, dividends, tax benefit, the size of the company, proved to be good predictors in explaining the behavior of the variation in the three endogenous variables, namely cash flow, level of leverage and corporate risk.

Risk Management for Islamic Banks

Risk Management for Islamic Banks, 2015

"I must congratulate the authors on this important piece of work which fills a critical gap ... more "I must congratulate the authors on this important piece of work which fills a critical gap in the literature. There are not that many books on the topic of risk management of Islamic banks and this volume is certainly one of the best ones on the topic. Risk management is not an easy topic to handle but this volume presents complex concepts and issues in a clear manner to enhance the understanding of the reader. This volume should be looked at seriously by every student and researcher of the topic. The authors should be commended for this service." Zamir Iqbal, Lead Financial Sector Specialist, World Bank Global Islamic Finance Development Center, Istanbul

Realizing knowledge sharing in strategic alliance: case in Islamic microfinance

Humanomics, 2015

Purpose – The purpose of this paper is to understand the influence of social capital, trust and c... more Purpose – The purpose of this paper is to understand the influence of social capital, trust and commitment in fusing the various elements in a strategic alliance through the knowledge-sharing process. The unit of analysis is the relationship between Islamic banks and baitul maal wa tamwil (BMT), where each carries with it a back-ground of differing institutional culture and management style. The theory regarding knowledge sharing and interdependence will be developed in the model and tested with structural equation modelling (SEM) to evaluate the direct and indirect effects of the connection between relationship bonding (social capital) and trust and commitment in a formed alliance. Design/methodology/approach – In this study, we have used a confirmatory approach through survey using a structured questionnaire distributed to 131 BMT throughout the region of Central Java and Yogyakarta. The sampling criteria used are: has operated for a minimum of two years and does not experience an...

Pattern of consumption budget allocation by the poor families

Journal of Economics, Business, and Accountancy | Ventura, 2015

Various allegations towards the poverty problems are due to the issue of cultural, consumption be... more Various allegations towards the poverty problems are due to the issue of cultural, consumption behavior, social dynamics, and policy support. This study deals with the pattern of communities spending behavior through modeling the allocation of house-hold expenditure using secondary data published by Indonesian Central Bureau of Statistic (BPS) and offers models of household expenditure allocation appropriate and proportional. Allocation model of household expenditure is expected to be one step in formulating policies related to alleviate poverty. Time series analysis was used through modeling, econometric modeling and exposure effects going from the various patterns portrayed in the 2000-2008 period. By using National Economic Survey data (SU-SENAS) period 2000-2008, the study found that the differences in geological structure affect their livelihoods and consumption patterns, such as mountains, valleys, beaches, flood plains, lakes, and so on. The allocation of income of poor house...

Commitment and trust in achieving financial goals of strategic alliance

International Journal of Islamic and Middle Eastern Finance and Management, 2014

Purpose – This paper aims to illustrate theoretically and empirically the decision and result of ... more Purpose – This paper aims to illustrate theoretically and empirically the decision and result of strategic alliance between baitul maal wa tamwil (BMT) and Islamic banks as a relationship based on trust, mutual-trustworthiness and commitment. This paper also identifies the basic criteria for the resilience of a strategic alliance, the challenges and the barriers in a strategic relationship along with managerial and operational implications. Design/methodology/approach – In this study, we have chosen to use the confirmatory approach through a structured questionnaire by means of field survey to 131 BMT spread throughout Central Java and Yogyakarta. From the total sample, 89 BMT fulfilled the sampling criteria, that is: has operated for a minimum of two years and does not experience any financial difficulties during those two years; has done a financing contract with an Islamic bank; channels some of its funds to micro, small and medium enterprises; and is in the form of a cooperative...

Interdependence between Islamic capital market and money market: Evidence from Indonesia

Borsa Istanbul Review, 2014

This study investigate VAR TodaeYamamoto causality test between macroeconomic variables and Islam... more This study investigate VAR TodaeYamamoto causality test between macroeconomic variables and Islamic financial market. The purpose of this study is to analyze the information content of Islamic capital market and money market return with respect to macroeconomic and global factors. Using bivariate method, we found that Islamic capital market index (JII) has more content information than Islamic money market index (SBIS). The exchange rate and VIX index significantly affected JII. Otherwise, only VIX index have been found to significantly affect SBIS. Using multivariate method, JII has more content information (exchange rate, world oil price, China’s economic growth, and VIX index) than SBIS (SBI rate, inflation rate, and VIX index). Contradiction in these findings indicates the presence of (i) interaction between the macroeconomic variables, (ii) interaction between the financial market and the macroeconomic variables, and (iii) interaction between the Islamic capital market and money market. Further, by considering these interactions, JII more suitable for use as a barometer of fiscal policies in Indonesia, while SBIS suitable for monetary policies.

Analyzing Markovian and Non-Markovian Behaviour with Censored Continuous-Time Observations in Islamic Financing Contracts

papers.ssrn.com

Memoryless properties of Markov first order have been powerful enough to cast light upon rating m... more

Government fiscal policy impact analysis in infrastructure sector and educa-tion sector to improve public welfare

Economic Journal of Emerging Markets, 2017

This study aimed to conduct a study and analysis of government fiscal policies related to the com... more This study aimed to conduct a study and analysis of government fiscal policies related to the components of revenue (taxes) and some components of spending (education/human resources and infrastructure sectors). Issues regarding the effectiveness of the allocation of government budgets, particularly for human resources and infrastructure sectors, is an important issue that is very interesting to discuss. Especially if associated with their impact on improving people's welfare. With a limited income, the government must make a choice to prioritize the education/human resources sector or infrastructure sector. Abstrak Penelitian ini bertujuan untuk melakukan studi dan analisis kebijakan fiskal terkait dengan komponen pendapatan (pajak) dan beberapa komponen pengeluaran (pendidikan/sumber daya manusia dan infrastruktur). Isu mengenai efektivitas alokasi anggaran pemerintah, terutama untuk sumber daya manusia dan infrastruktur, merupakan masalah penting yang sangat menarik untuk dibahas. Apalagi jika dikaitkan dengan dampaknya pada peningkatan kesejahteraan rakyat. Dengan pendapatan yang terbatas, penelitian ini merekomendasikan pemerintah harus membuat pilihan untuk memprioritaskan sektor pendidikan/sumber daya manusia atau sektor infrastruktur.

Brosur Penerimaan Siswa/i Baru TK dan SD Islam Daarul Ilmi Depok 2016/2017

Formulir Pendaftaran Siswa/i Baru TK dan SD Islam Daarul Ilmi 2016/2017