Asian Journal of Islamic Management (AJIM)

Journal Information
ISSN / EISSN : 2722-2330 / 2722-2330
Total articles ≅ 36
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, Razana Juhaida Johari, Abdulazeez Adewuyi Abdurraheem,
Asian Journal of Islamic Management (AJIM) pp 137-152; https://doi.org/10.20885/ajim.vol3.iss2.art6

Abstract:
Purpose: This study aimed to determine the effect of financial performance on the company’s corporate value. The research is conducted by using companies listed in the Jakarta Islamic Index. Methodology: The sample in this study amounted to 14 companies, with the main criteria being companies that are consistently listed in the Jakarta Islamic Index during the study period. Data is obtained directly from the Indonesia Stock Exchange (BEI) and idx.com website. Quantitative analysis techniques used in this study include partial test, F test (simultaneous test), multiple linear regression analysis, and path analysis that previously conducted the classical assumption test, including normality test, autocorrelation, multicollinearity, and heteroscedasticity. Findings: The result of this research is that there is no influence of liquidity ratio to corporate value partially, there is a significant positive influence of profitability ratio to corporate value partially, there is a significant positive influence of solvency ratio to corporate value partially, there is a significant influence of liquidity ratio, profitability, and solvency to corporate value simultaneously. The variable of financial performance that has the most influence on corporate value is the profitability ratio. Originality: It is important to examine the stocks listed on the Jakarta Islamic Index because the majority of Indonesia's population is Muslim. Recently, many people have been aware of certain restrictions in Islam regarding what types of transactions are allowed and forbidden according to Islamic law.
Regi Muzio Ponziani
Asian Journal of Islamic Management (AJIM) pp 111-122; https://doi.org/10.20885/ajim.vol3.iss2.art4

Abstract:
Purpose: This research aims toforecast JII returns by employing various Holt-Winters models. The models used in this research are Holt-Winters seasonality, Holt-Winters damped method, and Holt-Winters with maximum likelihood approach. Holt-Winters model is capable of recognizing and modeling trends and seasonality. Therefore, it is suitable for forecasting purposes. Methodology: Three models are employed in this research. The first one is Holt-Winters seasonality, also known as triple exponential smoothing. This model analyzes the level, trend, and seasonality components in the return series. The second model is the Holt-Winters damped method that uses smoothing parameters to lower the overstatement effect that usually occurs within Holt-Winters seasonality. The third model is Holt-Winters with Maximum Likelihood. Holt-Winters seasonality estimates parameters by choosing the least-squares. At the same time, Holt-Winters with Maximum Likelihood uses maximum likelihood to fit in the series with certain distributions and generate forecasts by determining distributions with the most likelihood. Findings: The result showed that Holt-Winters seasonality forecasts better than the other methods. The model could recognize the seasonal pattern and trend of the JII returns. It has the lowest Root Mean Squared Error (RMSE) as the parameter for forecast accuracy. Holt-Winters damped method has accuracy right below Holt-Winters seasonality. It can also map the pattern and trend of the returns. Holt-Winters with Maximum likelihood predicts less accurately. However, it can recognize the random walk inclination of the return, although it failed to generate the seasonal pattern and trend of the JII returns. Originality: This research attempted to apply Holt-Winters models to predict JII returns. Most research concerning the Islamic stock index focuses on volatility and forecast based on the level of volatility. Therefore, this research can fill in the gaps in the literature in which forecast of Islamic stock index can be conducted by modeling the seasonality and trend using Holt-Winters models. Practical implications: Investors always try to find the best generating investment return. Investors concerned with the shariah rules will always find lawful investment tools such as Islamic stocks or the Islamic stock index. Returns of the Islamic stock index can be forecast by using the Holt-Winters model. Therefore, investors might know the pattern of returns generated by investing in Islamic stocks.
Asian Journal of Islamic Management (AJIM) pp 123-136; https://doi.org/10.20885/ajim.vol3.iss2.art5

Abstract:
Purpose: This study aims to analyze the efficiency level of Indonesian sharia insurance and Malaysian takaful with a parametric stochastic frontier approachwhere the input is total assets and expenses, and the output of this research is claims and premiums. Methodology: This study uses quantitative methods with secondary data in the form of shariah insurance Malaysia and Indonesia annual reports 2016-2020. The data analysis uses a regression test with the help of stochastic frontier approach (SFA) Findings: Based on the results of processing using stochastic frontier analysis (SFA), Indonesian Sharia insurance's overall production efficiency level is known to be 0.6306 or 63.06%, Malaysian takaful on average is known to be 0.6160 or 61.60 %. Partially, Indonesian sharia insurance total assets, insurance expenses, and claims positively and significantly affect the number of premiums. Takaful Malaysia's total assets of Malaysian takaful partially have an insignificant negative effect on the premium amount. Malaysia's takaful expenses and claims partially have an insignificant positive effect on the premium amount. Originality: This study analyzes the efficiency and looks at the effect of the variables of Indonesian sharia insurance and Malaysian takaful with a parametric stochastic frontier approach. Practical implications: This research shows that the management of Indonesian sharia insurance and Malaysia's takaful is still inefficient, so each government needs to regulate the operations in this industry.
, Benedict Valentine Arulanandam, Rizqi Maghribi
Asian Journal of Islamic Management (AJIM) pp 67-82; https://doi.org/10.20885/ajim.vol3.iss2.art1

Abstract:
Purpose: The global halal industry has been making ground over the past decade in every sector of the worldwide economy. Indonesia is not left out in progress, considering its vast potential to develop the halal industry. This empirical study narrows down to the influence of halal labeling in the cosmetic industry as an export driver towards the economy of Indonesia. Methodology: This study undertakes a mixed-method approach drawing on quantitative and qualitative data. An in-depth face-to-face interview (with social distancing) was held using an interview guide, coupled with a survey questionnaire targeting regulators and manufacturers. Findings: The findings proved that halal certification, cosmetic quality, and brand image simultaneously affect buying decisions of cosmetics. Meanwhile, the Majelis Ulama Indonesia (MUI) recommends that cosmetics from Indonesia have a great opportunity to export. However, based on the results of interviews with cosmetic companies, they do not understand the concept of Maqashid al Syariah financing, which can integrate with the concept of halal products. Lastly, the cost of halal certification sometimes still burdens small-scale cosmetic companies, so support from the government is needed to encourage them to join the halal certification program. Originality: The research findings are helpful for the industry and regulators to address the export capabilities of Indonesian cosmetics. It provides an insight into the challenges and practical hindrances within the industry.
Arya Bagus Wirakurnia, Ponchanok Nuanmark, , Arga Ramadhana
Asian Journal of Islamic Management (AJIM) pp 97-110; https://doi.org/10.20885/ajim.vol3.iss2.art3

Abstract:
Purpose: This study aims to analyze the factors that influence the intention of Muslim students in purchasing halal packaged food. Methodology: This study uses the variables of religiosity, halal knowledge, halal certification, brand, attitude, subjective norm, and perceived behavior control. The sample of this research is 239 respondents who live in West Java, Central Java, and East Java. The partial least squares structural equation model (PLS-SEM) method was used to process the research data. Findings: Halal label variables, religiosity, attitudes, subjective norms, and perceived control have a positive effect on Muslim students' intention in purchasing halal packaged food. While the variables of halal knowledge and brand image do not affect the intention in purchasing halal packaged food. Originality: Halal packaged food companies need to develop promotions of halal packaged foods that highlight Islamic nuances, including more elegant and modern Islamic symbols. Besides, the promotion is directed at efforts to reinforce the image that halal packaged food is not only individual food but also family food and Muslim student groups/organizations.
, Mohammad Anugerah Amiluhur
Asian Journal of Islamic Management (AJIM) pp 83-96; https://doi.org/10.20885/ajim.vol3.iss2.art2

Abstract:
Purpose: The main purpose of this study is to investigate the effect of the brand logo on brand image, with the mediation of brand personality and brand familiarity. Methodology: Questionnaires were distributed online to users of Bank Syariah Indonesia throughout Indonesia and obtained data from 294 respondents that can be processed. The data processing method used was structural equation modeling. Findings: This study found an indirect positive influence between brand logo and brand image with the mediation of brand personality and brand familiarity. Although the Bank Syariah Indonesia brand logo has a positive effect on halal brand personality, halal brand personality does not mediate the relationship between the brand logo and the brand image of Bank Syariah Indonesia. Originality: This originality offered by this research is by comparing the constructs of brand personality with halal brand personality. Research limitations: Limitations of this research include uneven distribution of respondents and limited previous literature regarding halal brand personality.Practical implications: The findings of this research can provide insights for Islamic banks, especially Bank Syariah Indonesia, to develop their communication and branding strategies.
Maulida Dwi Agustiningsih, Ravika Mutiara Savitrah, Putri Catur Ayu Lestari
Asian Journal of Islamic Management (AJIM), Volume 3, pp 34-44; https://doi.org/10.20885/ajim.vol3.iss1.art4

Abstract:
Purpose: This research examines the effect of Perceived Ease of Use (PEOU), Perceived Usefulness (PU), religiosity, and company image on intention to use Sharia fintech for donation among Indonesian young consumers. Methodology: This study used a quantitative method with data collection techniques using an online questionnaire. Respondents filled out the questionnaire based on the Likert scale from 1 (strongly disagree) to 4 (strongly agree). The questionnaire was distributed and collected in less than one week, from 26th March 2021 to 29th March 2021. The ideal sample is five times higher than the number of indicators. The number of indicators is 20, so the ideal sample is 100 or more. This study has successfully collected 206 respondents. However, 13 respondents filled the same scale for all questions, so 193 is chosen as data analysis. The valid data were analyzed through Structural Equation Modeling Partial Least Square (SEM-PLS). Findings: This research shows the intention to use Sharia fintech to pay donations influenced by perceived usefulness (PU) and religiosity. In contrast, perceived ease of use (PEOU) and image are not positively related to the intention of using Sharia fintech for donation. Practical Implication: Religiosity and PU positively influence the interest in using Sharia fintech to pay donation. So, it is expected for fintech to comply with Sharia compliance and still comply with regulations from the OJK and DSN related to legality aspects. Furthermore, fintech startups and developers can build a more user-friendly application. Originality: This research is a replication-based model and is adapted from published research. The originality in this research is in the respondent who young generation. Intention to pay donation using fintech Sharia is the main focus to be researched. This primary focus has not been being researched beforehand.
Frideswidi Aufi
Asian Journal of Islamic Management (AJIM), Volume 3, pp 11-22; https://doi.org/10.20885/ajim.vol3.iss1.art2

Abstract:
Purpose: This study aims to analyze the antecedents and consequences of the attitudes of Muslim women towards purchase intention of halal cosmetics. Methodology: This sample was taken by using the purposive sampling technique. In total, 232 Muslim women respondents are aware of halal-labeled cosmetics. Data is processed using Partial Least Square-Structural Equation Modeling (PLS-SEM) method with SmartPLS. Findings: The results of this study indicate that religiosity has a positive and significant influence on attitudes towards halal cosmetics, knowledge has a positive and significant influence on attitudes towards halal cosmetics, subjective norms have a positive and significant influence on attitudes towards halal cosmetics, and attitudes towards halal cosmetics has a positive and significant influence on purchase intention of halal cosmetics. Originality: Due to the inconsistent findings from past studies, the results of this study are expected to contribute to the literature in evaluating the behavioral intentions of Muslim women in Indonesia towards halal cosmetics. Cosmetics brand manufacturers can also use the results of this study for the halal labeling process of their products.
Fajar Satriya Segarawasesa
Asian Journal of Islamic Management (AJIM), Volume 3, pp 56-66; https://doi.org/10.20885/ajim.vol3.iss1.art6

Abstract:
Purpose: This study aims to analyze the factors that influence the level of sharia compliance in sharia banks in Indonesia. In particular, this study examines the effect of liquidity, firm size, Sharia Supervisory Board Size, and Audit Committee on the level of sharia compliance in sharia banks in Indonesia. Methodology: This study uses quantitative methods with secondary data in the form of sharia bank annual reports 2014-2018. The data analysis uses regression test with the help of SPSS software. Findings: The results of the analysis show that the size of the sharia supervisory board and audit committee has a positive effect on the level of sharia compliance. The findings of this study contribute to the literature on sharia compliance and disclosure in Sharia banking in Indonesia. Practical implications: This research also has implications for sharia banking, especially in Indonesia, as an evaluation material in improving the quality of financial reports. Originality: This study uses the sharia compliance index as a measuring tool for the level of compliance of sharia banks which is rarely used by previous studies.
Maizaitulaidawati Husin, Suzilawati Kamarudin, Adriana Mohd Rizal
Asian Journal of Islamic Management (AJIM), Volume 3, pp 1-10; https://doi.org/10.20885/ajim.vol3.iss1.art1

Abstract:
Purpose: This paper investigates the competitiveness of the food and beverages (F&B) industry in Malaysia and examines the Small and Medium Enterprises' (SMEs) demand and key perceptions towards challenges in halal logistics. Methodology: This paper adopted SWOT analysis to understand the internal (strengths, weaknesses) and external (opportunities and threats) competitiveness of the industry. Interview sessions were conducted with 10 SMEs’ owners in the food industry from December 2020 until February 2021. Findings: The SWOT analysis identified several strengths (e.g. workforce diversity, well-established equipment, and facilities), weaknesses (e.g. a limited number of skilled workforce, lack of industrial collaboration, lack of distribution channel), opportunities (e.g. increasing food demand, advanced technology, supportive government initiatives, favorable business environment) and threats (e.g. high cost, new and changing regulation). The SMEs’ perception towards key challenges in halal logistics was also identified. Research limitations/implications: This paper provides an understanding of the competitiveness of the F&B industry, sheds light on the key challenges faced by SME owners in halal logistics, and offers strategies to solve the issues. This study, however, is limited to Malaysia’s experience. Practical implications: This paper will contribute to future studies in the similar field and offers a guide for Halal logistics players, including practitioners and policymakers, to understand their business environment better. The identification of SMEs’ SWOT will be helpful for the businesses to move forward. Originality: The value of this paper lies in the knowledge of SMEs, especially in the F&B industry.
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