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1
Qizam, Ibnu, Abdul Qoyum, and Misnen Ardiansyah. "Global Financial Crisis and Islamic Capital Market Integration among 5-ASEAN Countries." Global Review of Islamic Economics and Business 2, no. 3 (February 6, 2015): 207. http://dx.doi.org/10.14421/grieb.2015.023-04.
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Islamic Capital Market is important part of Financial System in ASEAN countries especially in the context of AEC. The objective of this paper is to investigate interconnection long run equilibrium of Islamic Capital Market in ASEAN Countries. Using daily closing price for from September 2007 to October 2012, this study examine five Islamic Capital markets in ASEAN namely Indonesia, Malaysia, Philippines, Singapore and Thailand. This study examines on Integration among these Islamic Capital markets by relies a simple correlation test, Granger causality test and co-integration test using error correction model. This research documents some interesting finding. First, Using Johansen estimation technique, there is co-integration between the considered Islamic indices namely; Indonesia, Malaysia, Philippines, Singapore and Thailand. Second, Since the co-integration exists, granger causality test shows that there is three bi-directional causalities namely; between Malaysia Islamic Capital Market and Singapore Islamic Capital Market; between Thailand Islamic Capital Market and Singapore Islamic Capital Market; and between Singapore Islamic Capital Market and Philippines Islamic Capital Market. However, there is a unidirectional between Indonesia Islamic Market (MCIINA) and Malaysia Islamic Market (MCIMY), MCIINA and Philippines Islamic Market (MCIPhil), MCIINA and Thailand Islamic Market (MCITHAI), it implies that MCIINA affects MCIMY, MCIPhil, and MCIThai but not vice versa. Third, based on VECM suggest that all Islamic indexes are inter-related in the long run that can be explained due to the similarity of structure bring about by its stock as required by shariah in the process stock screening.
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Nadhifa, Salsabila, and Nabitatus Sa’adah. "REKONSTRUKSI SISTEM PENYELENGGARAAN PASAR MODAL SYARIAH." Ar-Risalah: Media Keislaman, Pendidikan dan Hukum Islam 18, no. 2 (October 29, 2020): 268. http://dx.doi.org/10.29062/arrisalah.v18i2.394.
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The capital market that is widely used by people is not in accordance with the provisions contained in sharia principles. Therefore, a capital market with sharia. Conventional capital markets and Islamic capital markets have a similar concept but differ in principles and have different types of contracts. This difference between conventional capital market principles and the principles contained in the Islamic capital market results in the need for regulations that specifically regulate the Islamic capital market. so it is necessary to update the Law No. 8 of 1995 concerning Capital Markets. Judging from the legal system, the Sharia Capital Market still has weaknesses related to the legal substance, legal structure and legal culture so that reconstruction of Islamic capital market regulations must be conducted. The method used in this writing is analytical descriptive and uses a normative juridical approach.
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Qizam, Ibnu. "ISLAMIC CAPITAL MARKET INTEGRATION AND ASYMMETRIC INFORMATION: A STUDY IN THE FIVE ASEAN COUNTRIES FROM THE POST-GLOBAL FINANCIAL CRISIS." Business: Theory and Practice 22, no. 1 (April 9, 2021): 121–32. http://dx.doi.org/10.3846/btp.2021.12832.
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This study aims at examining the integration impact of the five ASEAN Islamic capital markets on asymmetric information for ASEAN Economic Community (AEC) development. Utilizing samples of market and financial panel data from 2009 to 2015 among the five ASEAN Islamic capital markets, and applying two-country portfolios of the Islamic capital markets among the five ASEAN countries to measure the different levels of Islamic capital market integration, this study suggests that the different levels of the Islamic capital market integration between Indonesia and Malaysia are found to result in asymmetric information negatively. The strongest Islamic capital market integration between Indonesia and Malaysia affect reduced asymmetric information more consistently than the other two-country portfolios, while the weakest level of integration between the Philippines and any other four Islamic capital markets that affects asymmetric information inconsistently is also supported. These results confirm an interplay between a modern portfolio theory, Efficient Market Hypothesis (EMH), contract theory, and general economic theory, and also provide new insights for stakeholders in investment decisions and strategies, cross-border regulation of economic resources, and other plentiful benefits.
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Hutapea, Gita Masria, Ahmad Fauzan Fathoni, and Yulia Efni. "Investigation of Capital Market Efficiency in Indonesia." AFEBI Management and Business Review 4, no. 02 (July 29, 2020): 117. http://dx.doi.org/10.47312/ambr.v4i02.241.
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<em>In the midst of a national economic growth downturn that affected the capital market as a subsystem of the economy, now Indonesia capital market industry began to look at the development of the application of the principles of sharia as an alternative investment instruments in capital markets activities in Indonesia. The growth of the Islamic capital market in Indonesia is quite encouraging, but the Islamic capital market exposure is still minimal. Lack of public understanding about the Islamic capital market into doubt for investors to invest in the capital market. With the background of the problem, this research aims to investigate the level of efficiency increase of capital markets in Indonesia to see the influence of the capital market and the asymmetry of information on abnormal return. The population in this study are all listed company listed on the Stock Exchange 2014-2018 period as many as 626 companies with a total sample of 238 companies were selected based on criteria predetermined. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased.</em>
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Hutapea, Gita Masria, Ahmad Fauzan Fathoni, and Yulia Efni. "Investigation of Capital Market Efficiency in Indonesia." AFEBI Management and Business Review 4, no. 2 (December 29, 2019): 103. http://dx.doi.org/10.47312/ambr.v4i2.241.
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<em>In the midst of a national economic growth downturn that affected the capital market as a subsystem of the economy, now Indonesia capital market industry began to look at the development of the application of the principles of sharia as an alternative investment instruments in capital markets activities in Indonesia. The growth of the Islamic capital market in Indonesia is quite encouraging, but the Islamic capital market exposure is still minimal. Lack of public understanding about the Islamic capital market into doubt for investors to invest in the capital market. With the background of the problem, this research aims to investigate the level of efficiency increase of capital markets in Indonesia to see the influence of the capital market and the asymmetry of information on abnormal return. The population in this study are all listed company listed on the Stock Exchange 2014-2018 period as many as 626 companies with a total sample of 238 companies were selected based on criteria predetermined. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased. The analytical method used in this research is multiple linear regression and the results showed that the type of capital markets significant negative effect on abnormal returns and the information asymmetry significant positive effect on abnormal returns. The continued development of the Islamic capital market information asymmetry and abnormal returns are also lower so the efficiency of the capital market has also increased.</em>
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Qizam, Ibnu, Misnen Ardiansyah, and Abdul Qoyum. "Integration of Islamic capital market in ASEAN-5 countries." Journal of Islamic Accounting and Business Research 11, no. 3 (January 11, 2020): 811–25. http://dx.doi.org/10.1108/jiabr-08-2019-0149.
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Purpose The purpose of this study is to investigate the nature and integration of Islamic stock markets across the Association of Southeast Asian Nations (ASEAN-5) countries for economic community (AEC) development. Design/methodology/approach Using samples of daily closing prices from 2009 to 2014 across ASEAN-5 countries, co-integration and Granger-causality tests were applied. Findings This research finds that Islamic capital markets across ASEAN-5 countries remain highly integrated despite the global financial crisis of 2008, and it also finds the integration strength between Jakarta Islamic Index -Indonesia and Bursa Malaysia Emas Sharia-Malaysia Islamic capital markets to be the most influential across ASEAN-5 countries, while MSCI-Philippine Islamic capital market is the most vulnerable across ASEAN-5 Islamic capital markets. Research limitations/implications The overwhelming benefit of Islamic stock market integration across ASEAN-5 countries, and, even in a broader context, awaits further inquiry. Originality/value Islamic capital markets across ASEAN-5 countries are integrated regardless of the post-global financial crisis. This contributes to confirming cross-border integration policies, especially for AEC development.
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Supaino, Supaino. "Bunga Bank Konvensional Dan Pasar Modal Syariah Dalam Perspektif Hukum Islam." Jurnal Hukum Kaidah: Media Komunikasi dan Informasi Hukum dan Masyarakat 20, no. 2 (March 6, 2021): 179–92. http://dx.doi.org/10.30743/jhk.v20i2.3616.
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This paper aims to examine the problems of conventional bank interest and the Islamic capital market in the perspective of Islamic law. The debate regarding the concept of interest and usury against additional rewards (benefits) from conventional banking products and the Islamic capital market has become a polemic in the life of Indonesian Muslim communities. The opinion of the scholars in addressing interest in the context of conventional banking and usury has generated its own debate, as well as the capital market in the perspective of sharia. This research is a literature research using both classical and contemporary fiqh books, holy books and journals regarding conventional bank interest and Islamic capital markets which are analyzed descriptively. In conclusion, conventional bank interest is a part of a form of usury which is prohibited, although there are differences of opinion among scholars in it. Likewise, the capital market, while it related to the Islamic capital market, there are various opinions of Islamic law scholars and it has given birth to the decision of Majma 'Fiqh. Keywords: Conventional Bank, Sharia Capital Market, Islamic Law
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Mujisukamto, Aprinta Trisna, and Aftoni Sutanto. "ANALISIS EFISIENSI PASAR MODAL SYARI’AH DAN KONVENSIONAL BENTUK LEMAH BURSA EFEK INDONESIA." Jurnal Fokus Manajemen Bisnis 4, no. 1 (March 31, 2014): 65. http://dx.doi.org/10.12928/fokus.v4i1.1351.
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The analysis in this study was to test the efficiency of the Indonesian capital market in the form of weak. this research has two objeactives, the first objectives is analyze whether Indonesia capital market (convensional and syari’ah) has been efficient (weak-form). The second one is to analyze differentiation efficient market between convensional and syari’ah capital market. This study uses monthly stock price data, from 23 conventional stocks included in the index LQ45 and 2 Islamic stocks included in the index during the observation period 2012-2013 JII. To test the hypothesis efficiency of capital markets weak form using the Run Test, this test is used to test randomness stock price changes. Results from this study are in the period 2012-2013 of conventional and islamic capital market is efficient in the weak form and analyze by looking for a random number of shares on the capital market conventional and islamic capital market, the results showed that there were 22 (95.7%) share price conventional random and 2 (100%) the share price of sharia are random. Based on the analysis of Islamic capital markets more efficient than the conventional capital market.
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Hudiata, Edi. "REKONSTRUKSI HUKUM PENYELESAIAN SENGKETA PASAR MODAL SYARIAH: PENGUATAN ASPEK REGULASI UNTUK MEMBERIKAN KEPASTIAN HUKUM." Jurnal Hukum dan Peradilan 6, no. 2 (July 31, 2017): 297. http://dx.doi.org/10.25216/jhp.6.2.2017.297-316.
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The regulation of the Islamic capital market following the rules contained in Law 8/1995 on Capital Market, DSN MUI Fatwa No. 40 / IX / 2003, Bapepam-LK Number IX.A.13, No. IX.A.14, and No. II. K.1 From that rules, nothing has clearly set the Islamic capital market dispute resolution, both litigation and non-litigation resulting in a legal vacuum (leemten in het recht). Islamic economic dispute settlement provisions, including the dispute over the Islamic capital market, is only found in Law 3/2006. Through quantitative research methods, the study sought to harmonize the empty rules at the same time filling thus legal vacuum. The research concluded that the settlement litigation of disputes in Islamic capital markets settled in the Religious Court, while in non-litigation resolved through BASYARNAS (National Sharia Arbitration Board) and / or as other civil disputes can also be resolved through Alternative Dispute Resolution in accordance with Law 30/1999.Keywords: legal vacuum, the Islamic capital market.
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CHEN, Vivien. "Law and Society in the Evolution of Malaysia’s Islamic Capital Market Regulation." Asian Journal of Law and Society 4, no. 1 (July 27, 2016): 133–56. http://dx.doi.org/10.1017/als.2016.20.
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AbstractThe strong growth of Islamic capital markets internationally has seen the corresponding development of regulatory frameworks incorporating sharia law. Malaysia has been at the forefront of Islamic capital market regulatory development, merging corporate law drawn from its common-law heritage with sharia principles. This article examines the interaction of law with political economy and sociocultural influences in Malaysia which has underpinned the evolution of hybrid Islamic capital market regulation. It analyses the evolution of Malaysian Islamic capital market regulation against theories of legal origin and legal evolution. The analysis suggests that the sharia and common-law components of Islamic capital market regulation have evolved along two separate and seemingly inconsistent trajectories. While the secular corporate law component continues to evolve in tandem with its common-law tradition, development of the sharia component represents a distinct shift away from common-law traditions.
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Muneeza, Aishath. "Establishment of Islamic capital market in jurisdictions with limited Islamic financial services." International Journal of Law and Management 60, no. 2 (March 12, 2018): 373–85. http://dx.doi.org/10.1108/ijlma-12-2016-0146.
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Purpose It is said that to establish an Islamic Capital Market, the first step would be to have a strong Islamic finance industry with numerous institutions offering Islamic financial services. This way it is easy to know that the demand for Islamic capital market would be there and that market will be sophisticated enough to comprehensive the nature of shariah compliant products. Generally, in most of the jurisdictions, this is how the Islamic capital market is created. The purpose of this paper is to understand the establishment of Islamic capital market in Maldives, small island nation where the establishment of Islamic capital market happened when at a time there was only one takaful company and one Islamic bank established. Design/methodology/approach This paper is a legal exploratory research that is based on the review of primary and secondary data available on the subject matter. Findings It is anticipated that this paper will provide assistance and inspiration to those jurisdictions that aims to create Islamic capital market from scratch. Originality/value It shall be noted that there are no literature available on this subject about Maldives, and as such, this paper can be starting point to preserve knowledge in this area.
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Bachruddin, Bachruddin. "KARAKTERISTIK PASAR MODAL DAN INSTRUMEN KEUANGAN NON RIBA." Journal Competency of Business 1, no. 1 (July 3, 2017): 13–28. http://dx.doi.org/10.47200/jcob.v1i1.642.
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This working paper slated to introduce capital market characteristic terminological conventional view and Islam view. Besides is sighted too various prevalent financial instrument is commercialized at capital market and another finance market. Its appearance is Islamic stock price index at capital markets as New York (Dow Jones Islamic is Index), at Malaysia (islamic’s Boogy confluence Index), and at Jakarta (Islamic’s Jakarta Index) mark progressively financial institutional amends Islamic. Method that is used is studi empirical ala compare about capital market practice at state already goes forward notably at United States Of America and at state thet follow Islam economic system.
A variety prevalent finance instrument is commercialized at capital market and Iainya’s finance market have gotten sharpness about criterion what is let or is prohibitted terminological islamic law in conection with lap elements and gharar, as issue of essential. But such still require more study because getting medley it financial instrument types thet ditransaksikan.
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Hana, Kharis Fadlullah. "Dialektika Hukum Trading Saham Syariah di Bursa Efek Indonesia." TAWAZUN : Journal of Sharia Economic Law 1, no. 2 (September 30, 2018): 148. http://dx.doi.org/10.21043/tawazun.v1i2.5073.
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<p><em>This study aims to find out how the legal basis and stock trading transactions that occur in the Islamic capital market in Indonesia. This study uses a field research method that discusses legal issues regarding stock trading based on field studies from various relevant sources. The capital market is a place for corporate activities to seek additional funds to finance its business activities. In Indonesia alone there are two capital markets, namely the regular capital market and the Islamic capital market. The Islamic capital market is a new breakthrough that has been carried out as a solution to the current trend of halal investment. It also becomes very interesting for the community, especially for Muslim communities to invest their capital in the company to get results and can participate in developing the company, but the reality that happens in the market is that many companies that have been listed on the stock exchange are still operating in accordance with sharia principles . The Islamic capital market can simply be interpreted as a capital market that implements sharia principles in economic transaction activities and apart from things that are prohibited such as usury, gambling and speculation.</em><em></em></p>
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Mukhlifah, Maulidah Atha, and Sylva Alif Rusmita. "HUBUNGAN ANTARA LEMBAGA KEUANGAN SYARIAH DI INDONESIA PERIODE 2014-2018." Jurnal Ekonomi Syariah Teori dan Terapan 7, no. 2 (June 13, 2020): 345. http://dx.doi.org/10.20473/vol7iss20202pp345-355.
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This study is to determine the relationship between Islamic financial institutions, both bank and non-bank financial institutions in Indonesia in the 2014-2018 period. This study uses the VAR method to process data. The results of this study are contributions from Islamic-based financial institutions in Indonesia. The Islamic capital market has a positive relationship with Islamic life insurance. This happens because, in developing countries like Indonesia, life insurance is more influential than Islamic general insurance. The relationship that occurs in the Islamic capital market and life insurance occurs because of the role of the insurance company that will buy shares in the Islamic capital market. Then, related to a negative relationship between Islamic banking and Islamic insurance. It is because every credit given by the bank will be charged for insurance. The greater the value of the credit, the higher the contribution paid. This will be considered by those who will take credit at the bank. Meanwhile, insurance companies themselves are not bound by two other financial institutions. This happens because insurance companies get capital from third parties or their customers.Keywords: Islamic Financial Institutions, Islamic Capital Markets, Islamic Banking, Islamic Insurance, VAR
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Subaidi, Subaidi. "Rekonstruksi Hukum Pasar Modal Syariah dalam Memberi Jaminan Kepastian Hukum." Istidlal: Jurnal Ekonomi dan Hukum Islam 1, no. 2 (October 2, 2017): 155–66. http://dx.doi.org/10.35316/istidlal.v1i2.105.
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The shari'a concept in Islamic capital market industry is generally considered haven’t been able to provide guaranteeing legal certainty. Public that has been accustomed to using conventional concept feel more secure with guaranteeing legal certainty of conventional concept in capital market industry. That public confidenceissue became a positive correction in developing Islamic capital market industry in Indonesia. Guaranteeing legal certainty is indispensable in the legal system of society, so that required a legal reconstruction in Islamic capital market industry in Indonesia. The questions are; what is the importance of law in Islamic capital market industry and how is the configuration of law reconstruction in Islamic capital market industry in the future.
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İlhan, Bilal. "Stock market liberalization: implications on cost of capital in emerging Islamic countries." Journal of Capital Markets Studies 3, no. 2 (November 11, 2019): 157–78. http://dx.doi.org/10.1108/jcms-08-2019-0040.
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Purpose Most of the major Islamic countries’ stock exchanges have not been able to perform at the same pace with the major emerging countries’ stock exchanges since the mid of 1990s. The purpose of this paper is to examine the implications of stock market liberalization on cost of capital as one of the crucial driver to stock market development and physical investment growth in emerging Islamic countries. Design/methodology/approach This study employs static panel data techniques on the sample of seven emerging Islamic countries over the years 1989-2008. Findings The findings of this study suggest that stock market liberalization significantly reduces cost of capital in the stock markets of sample Islamic countries, which carries policy-oriented implications. Reduction in the cost of capital increases the number of exchange-traded companies, profitability of projects and aggregate investment level; therefore, the study findings are highly concerned by the economic policymakers, corporations and investors alike. Research limitations/implications In the literature, different proxies are employed to measure stock market liberalization and cost of capital as well. Due to data limitations, this study could not employ different proxies for both, especially for stock market liberalization, for robustness purpose. That limitation further restricted the coverage of Islamic stock markets and time period. Therefore, generalization of the study results for overall Islamic stock markets can be slightly drawn. Originality/value The paper provides further understanding regarding the effects of SML on cost of capital, thereby indirectly on the stock market development, in the context of EIC.
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Faozan, Akhmad. "Konsep Pasar Modal Syariah." Muqtasid: Jurnal Ekonomi dan Perbankan Syariah 4, no. 2 (December 1, 2013): 287. http://dx.doi.org/10.18326/muqtasid.v4i2.287-310.
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Economic development of a country cannot be separated from the capital market. Capital market serves as a means to mobilize public funds and to search the ownership of shares of a company by selling it. Islamic capital market serves as an investment medium for Muslims in the capital market that is in line with Islamic principles. Some criteria for the establishment of the Islamic capital market are forming price fairly, the presence of perfect information, free from riba, gharar, gambling and other transactions that contradict against sharia rules. Stocks traded in the Islamic capital market should come from issuers that meet the Islamic criteria and bonds issued should use mudarabah, musharaka, ijara, istisna' and salam.
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Nagimova, A. "Islamic Capital in Kazakhstan." World Economy and International Relations 65, no. 2 (2021): 100–108. http://dx.doi.org/10.20542/0131-2227-2021-65-2-100-108.
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Over the last decades Islamic Finance has been expanding its role in the global economy, including in the Post- Soviet Area. Who are the key players of Islamic Finance market? What are their investment strategies here? This paper considers above questions by investigating more than 250 deals involving Islamic investors over the period 1991–2020 in Kazakhstan Republic. The data on deals gathered from two main sources: i) M&A database Zephyr (Bureau van Dijk), and ii) open sources (information agencies, company annual reports, press-releases, presentations, interviews). We are analyzing the growth of the Islamic Finance industry in Kazakhstan, and dependency on two key investors – Islamic Development Bank and Abu Dhabi Government. Then We study the structure of Islamic Finance investments by the type of investors. We found that despite the small share of Islamic banks and Islamic leasing (ijara) companies they have become an important factor of the financial sector in Kazakhstan. We saw that the potential for issuing sukuk and developing Islamic insurance (takaful) have not yet been realized but Islamic Finance became one of the six pillars of the Astana International Financial Centre (AIFC). In addition, we have identified several factors critical to further Islamic Finance market development in the Central Asia. In conclusion there is a question whether Kazakhstan financiers and policymakers will be able to apply creative approach to Islamic Finance that not only allow to adopt the experience of other countries, but also bring something new. Acknowledgements. This study is funded by RFBR, project number 19-310-60002 “Islamic Finance in the Post-Soviet States: challenges and opportunities for investment growth in the CIS countries”.
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Rahma Tri Benita, Siti Damayanti, and Irwan Adi Ekaputra. "Information Distribution and Informed Trading in Mixed and Islamic Capital Markets." International Journal of Business and Society 21, no. 3 (April 27, 2021): 1333–51. http://dx.doi.org/10.33736/ijbs.3353.2020.
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The correlation between volume and frequency with return volatility can explicate the information distribution process and informed traders' transaction behavior in a stock market. In this study, the Indonesian stock market represents the mixed market, while the Saudi Arabian stock market represents the Islamic market. We find that 94% and 96% of sharia-compliant stocks in Indonesia and Saudi Arabia follow the Mixture of Distribution Hypothesis (MDH). Consequently, we may conclude that sharia-compliant stocks in both markets are informationally efficient. However, we find that informed traders tend to behave differently in both markets. In the Indonesian market, informed traders exhibit competitive behavior in 95% of shariacompliant stocks and strategic transaction behavior in only 5% of the stocks. In contrast, in the Saudi Arabian market, we find that informed traders exhibit competitive behavior in only 38% of the stocks and strategic behavior in 62% of the stocks. The findings suggest that social and religious contexts may affect market participants' behavior.
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Ahmad, Noryati. "Examining Market Efficiency and Integration of the Islamic Stock Indices." Journal of Emerging Economies and Islamic Research 4, no. 4 (December 31, 2016): 12. http://dx.doi.org/10.24191/jeeir.v4i4.9100.
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The question of whether the stock market is efficient has been an ongoing debate among researchers. Generally, empirical evidence indicates that most conventional stock indices for developed countries are weak form efficient while inconclusive results are discovered for developing countries. With the growing importance of the Islamic capital markets that run parallel to the conventional stock markets, similar question arises as to whether these new Islamic capital markets are also efficient. Hence this paper aims to examine the weak form efficiency of the Islamic stock indices. Autocorrelation Function (ACF) test and Variance Ratio (VR) test are used to test the market efficiency of the Islamic stock indices from China, India, South Africa, Malaysia, Dubai, Qatar and Japan. The study uses daily data covering the year 2008 until 2012. In addition, this paper attempts to unveil the dynamic causal relationships among the Islamic capital markets. Bivariate Granger Causality test is employed to achieve the objectives. Interestingly only the Islamic stock indices for Malaysia and India are weak form efficient while the results of the Islamic stock indices for Qatar and Kuwait are not. The results of the other Islamic stock indices studied are inconclusive. Johansen multivariate cointegration tests reveal no long-term relationship among the Islamic stock indices. On the other hand, bivariate Granger Causality tests report short run co-movements between Islamic stock indices of Muslim countries and non-Muslim countries, an indication of growing interest of the Islamic financial markets among investors.
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Rokan, Mustapa Khamal. "State Role Model in Regulating Market in Indonesia on Islamic Perspective." Ijtimā'iyya: Journal of Muslim Society Research 1, no. 1 (September 30, 2016): 37–62. http://dx.doi.org/10.24090/ijtimaiyya.v1i1.926.
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Background of this research is the traditional market alienation due to unbalance compete with modern market on the retail market in Indonesia. Limited capital, business management simple and limited networks make traditional markets are not able to compete with the modern market. This research use qualitative methods and use a case-based approach (statute approach) the Commission’s decision number 09/KPPU-L/2005 and the Commission’s Decision No. 03/ KPPU-LI /2000 and history approach, the history of the market Prophet Muhammad’s time and during the time of the Islamic empire. In addition, this study also helped to pull through direct surveys in several markets in Jakarta and Medan. The result of this research is models of the pressing role state (sadd) by prohibition of monopolistic practices, intervention of price and the location, state role with a capital acces (fath) by empowering, providing capital assistance, as well as collaboration (jam’u) to encourage cooperation between traditional and modern market.
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Syafril, Syafwendi. "REFORMULATING THE APPLICABLE STRATEGIES IN IMPROVING FINANCIAL LITERACY AND INCLUSION INDEX TOWARD ISLAMIC CAPITAL MARKET." Jurnal Ilmiah Islam Futura 21, no. 1 (February 1, 2021): 63. http://dx.doi.org/10.22373/jiif.v0i0.5787.
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Indonesia’s financial inclusion and literacy index level in the Islamic capital market sector is quietly low at around 0.02% and 0.01%. Though Indonesia is known as a country with the largest Muslim population in the world with more than 85%. Furthermore, the fact of Indonesia is the 4th highest growth country in the capital market industry in Asia-Pacific throughout 2017. The potential for growth and development of the Islamic capital market in Indonesia is very high, but this fact is not followed by the growth rate of financial literacy and inclusion index especially in the capital market sector. The aim of this paper is to identify the new applicable strategic approach to improve Islamic financial literacy and inclusion in term of Islamic capital market sector. This research uses qualitative methods with a literature review from the article journal, government report, news report, and others in reviewing, identifying, and knowing the strategies that will be implemented. The results show there are six specific strategies used in improving Islamic capital market literacy and inclusion indexes namely, rebranding investment negative stereotype, building a sustainable promotion and campaign through offline and online platform, creating an online integrated marketplace for Islamic capital market products, improving corporate Sukuk and introducing a new SRI Sukuk product, forming agents & groups of Islamic capital market lovers, and monitoring & evaluating the applied strategy.
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Irton, Irton, Salihah Khairawati, and Mu’tashim Billah Murtadlo. "Investor Behavior In Islamic Capital Markets: Study On Muslim Students." Jurnal Manajemen dan Bisnis Performa 18, no. 3 (September 7, 2021): 45–60. http://dx.doi.org/10.29313/performa.v18i3.7986.
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ABSTRACTThe purpose of this research is to know the behavior of investors towards Islamic capital market. The research was conducted on several Muslim student respondents from several universities in Yogyakarta who invested in sharia capital markets. The type of data in this study is primary data obtained through in-depth interviews. The results showed that there are two investor characters among students namely risk seeker or risk taker and risk-averse. Respondents realized that investing in the capital market has potential benefits as well as potential risks. For investors, risk seeker has high confidence and optimism when making investment decisions, while risk-averse tends to be cautious and a lot of consideration when making investment decisions. In general, sharia capital market investors who are the majority of students have a good belief in the wisdom of stocks traded in sharia capital markets. They believe in the fatwa of scholars, the role of the DSN, and the role of capital market supervisory bodies. They are mostly also looking for information about sharia capital market sharia through books, capital market socialization, IDX web. In terms of transaction mechanisms in the sharia capital market only a small part still doubts its validity due to issue factors, lack of understanding of islamic capital market the correctness factor of the company's financial performance, and the ups and downs of the share price.Keywords: investor behavior, investment decisions, sharia capital market ABSTRAK Tujuan penelitian ini adalah untuk mengetahui perilaku investor terhadap pasar modal syariah. Penelitian dilakukan terhadap sejumlah responden mahasiswa muslim dari beberapa perguruan tinggi di Yogyakarta yang melakukan investasi di pasar modal syariah. Jenis data dalam penelitian ini adalah data primer yang diperoleh melalui wawancara Hasil penelitian menunjukkan bahwa terdapat dua karakter investor di kalangan mahasiswa yakni risk seeker atau risk taker dan risk averse. Responden menyadari bahwa investasi di pasar modal memiliki potensi untung dan juga potensi resiko. Bagi investor risk seeker memiliki rasa percaya diri yang tinggi dan optimis ketika mengambil keputusan investasi, sedangkan risk averse cenderung berhati-hati dan banyak pertimbangan ketika mengambil keputusan investasi. Secara umum investor pasar modal syariah yang merupakan mahasiswa mayoritas memiliki keyakinan yang baik mengenai kesyariahan saham-saham yang diperdagangkan di pasar modal syariah. Mereka percaya terhadap fatwa ulama, peranan DSN dan peranan badan pengawas pasar modal. Mereka sebagian besar juga mencari informasi tentang kesyariahan pasar modal syariah melalui buku, sosialisasi pasar modal, web IDX. Pada aspek mekanisme transaski pada pasar modal syariah hanya sebagian kecil yang masih meragukan kesyariahannya, karena faktor isu dan kurangnya pemahaman, faktor adanya unsur ketidakpastian naik turunnya harga saham.Kata kunci : perilaku investor, keputusan investasi, pasar modal syariah
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Smaoui, Houcem, and Hatem Ghouma. "Sukuk market development and Islamic banks’ capital ratios." Research in International Business and Finance 51 (January 2020): 101064. http://dx.doi.org/10.1016/j.ribaf.2019.101064.
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Yuliana, Rita, and M. Nizarul Alim. "The Islamic Capital Market Response to the Real Earnings Management." Journal of Economics, Business & Accountancy Ventura 20, no. 1 (July 27, 2017): 61. http://dx.doi.org/10.14414/jebav.v20i1.772.
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This study aims to prove the effect of the company's status, i.e membership on the Islamic capital market and the status as suspect firm, as a determinant of real earnings management (REM). REM is conducted by abnormally increasing sales, increasing production and reducing discretionary costs in order to achieve a certain earnings target. This study uses Earnings Distribution Analysis (EDA) technique, which refers to the Prospect Theory (Kahneman & Tversky, 1979) to identify the suspect firms. Suspect firms are companies that have small positive earnings. The samples of this research are companies listed on the Indonesia Stock Exchange in 2011 and 2012. Based on the result of regression analysis, hypothesis testing results show that the suspect firms conduct real earnings management in all three types of activities more aggressively than the non-suspect firms. Furthermore, this study also showed empirical evidence that there are differences in real earnings management actions between companies listed in the Islamic capital market compared to conventional capital markets. Then, this study also showed that the Islamic capital market is more appropriate in response to the REM than the conventional capital market.
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Wahyudi, Imam, and Gandhi Anwar Sani. "Interdependence between Islamic capital market and money market: Evidence from Indonesia." Borsa Istanbul Review 14, no. 1 (March 2014): 32–47. http://dx.doi.org/10.1016/j.bir.2013.11.001.
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Ghoni, Muhammad Abdul. "PASAR MODAL DI INDONESIA DALAM PERSPEKTIF FIKIH MUAMALAH." Jurnal Ilmiah Mizani: Wacana Hukum, Ekonomi Dan Keagamaan 4, no. 2 (July 7, 2018): 145. http://dx.doi.org/10.29300/mzn.v4i2.1018.
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Abstract: Islamic teaching that is a straight path but not a rigid religion, it is a line-giver to the problems encountered by humans in the course of their lives. Muslims should have a concept that contains a way of life to face the development and progress of the times with various problems. One area that is always warm to talk about is the economy. This problem is getting wider, more varied and more complex. It is not uncommon to find it complicated, especially when confronted with Islamic law. One of them is about the capital market. This journal tries to examine from the perspective of jurisprudence about the jala of the existing capital markets. If we look at the system of stock bidding mechanisms in the capital market, it will be clear that there is a similarity with the capital system contained in the conception of Islamic fiqh, known as mudharabah or qirodh. It is seen from the investors, executors, the nature of capital, capital, and profit sharing of the same shape. Thus, the system of buying and selling of shares in the stock market is clearly visible equation with mudharabah in Islamic jurisprudence.
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Yuliana, Rita. "TOPIK PENELITIAN TERKINI SEPUTAR PASAR MODAL SYARIAH." InFestasi 15, no. 1 (July 2, 2019): 83. http://dx.doi.org/10.21107/infestasi.v15i1.5486.
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<p><em>This article aims to present recent issues from research topics regarding Islamic capital market. This presentation accompanied with explanation regarding condition and development of Islamic capital market in Indonesia. It is essential to provide understanding that Islamic capital market research can be done as the data needed is adequate and easy to obtain. This article use reference from reputable international journals, while journal from Indonesia can’t be included since the limitation of reputable journal that discuss about Islamic capital market. Result from this article can be used to provide contribution in theory, practice, and policy.</em><em></em></p>
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Wulandari, Rahmi, Yeniwati Yeniwati, and Dewi Zaini Putri. "ANALISIS PENGARUH VARIABEL MAKRO EKONOMI TERHADAP KINERJA PASAR MODAL SYARIAH DI INDONESIA." Jurnal Ecogen 1, no. 3 (February 7, 2019): 712. http://dx.doi.org/10.24036/jmpe.v1i3.5117.
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This research aims to find out and analyze the influence of the peformance islamic capital market on inflation, exchange rates, interest rates and foreign direct investment in Indonesia. The type of research used is descriptive and associative research. The data in this study are secondary data from 2007-2016 Q1-Q4 with the quarter one to quarter four documentation and library data collection techniques.. Data analysis used is descriptive analysis and inductive analysis. In inductive analysis using the Ordinary least squares approach, there are several tests, namely: (1) Multicollinearity Test; (2) Autocorrelation Test; (3) Determination of heteroscedasticity; (4) Normality Test; (5) Multiple Leinear Analysis;Research results show that: (1) There is no significant effect of inflation on the islamic capital market; (2) There is an influence between the exchange rates that affect the islamic capital market; (3) There is no influence between interest rates (SBI) on the islamic capital market; (4) there is ian influence of foreign direct investment that affect the islamic capital market. Based on the results of this study it is suggested that the government should pay more attention to the condition of stock price movements in Indonesia Keywords: The peformance islamic capital market, inflasi, niliai tukar, suku bunga,, Foreign Direct Investment, Ordinary Least Squares (OLS).
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Rethel, Lena. "Economic Governance Beyond State and Market: Islamic Capital Markets in Southeast Asia." Journal of Contemporary Asia 48, no. 2 (November 27, 2017): 301–21. http://dx.doi.org/10.1080/00472336.2017.1404119.
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Muhyidin, Muhyidin. "INDEKS PASAR MODAL DALAM PERSPEKTIF EKONOMI ISLAM." Stability: Journal of Management and Business 3, no. 1 (July 29, 2020): 1–7. http://dx.doi.org/10.26877/sta.v3i1.6422.
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AbstrakPasar modal merupakan salah satu indikator pertumbuhan ekonomi suatu negara. Di sisi lain, pasar modal merupakan alternatif bagi individu maupun lembaga untuk berinvestasi. Namun dalam perkembangannya, lembaga pasar modal secara umum, mempunyai beberapa permasalahan hukum, terutama adanya unsur gharar (spekulatif) yang cukup kuat dalam aktivitasnya. Sebagai upaya mengatasi inilah, maka lembaga pasar modal syariah didirikan. Maka dari itu, artikel ini bertujuan menilai operasional pasar modal syariah, apakah telah dapat secara pasti menghilangkan unsur gharar dalam praktek di lapangan, serta bagaimana mekanisme yang dilakukan untuk maksud tersebut. Artikel ini merupakan kajian yang bersifat yuridis normatif dengan menggunakan pendekatan historis dan filosofis. Adapun alat analisis utama yang digunakan ialah teori maqashid syariah. Dari kajian yang dilakukan, dapat disimpulkan bahwa pendirian pasar modal syariah telah menunjukkan upaya signifikan dalam menghilangkan unsur gharar dalam operasionalnya. Hal tersebut dilakukan dengan mekanisme bahwa semua sekuritas yang memasuki aliran pasar modal syariah melalui seleksi ketat Syariah Islam JII (Jakarta Islamic Index). Selain itu, dibentuknya Indeks Islam Jakarta (JII) berganti nama menjadi Indeks Saham Syariah Indonesia (ISSI) juga membantu untuk operasional dalam pasar modal syariah. Lembaga ini merupakan prasyarat untuk sekuritas Islam dengan bisnis utama yang tidak bertentangan dengan hukum Islam, sebagaimana dinyatakan dalam fatwa DSN. Dalam prakteknya, berbagai instrumen khusus juga disediakan, antara lain saham syariah, reksadana syariah, obligasi syariah (sukuk) yang merupakan bagian tak terpisahkan dari transaksi pasar modal. Dengan demikian, pasar modal syariah memberi rasa aman dan kepastian dalam melakukan transaksi sesuai dengan praktik syariah, dan menghindari elemen spekulatif.Kata Kunci: Kata kunci: Pasar Modal Syariah, Hukum Islam, Maqoshid syariah AbstractThe capital market is one indicator of a country's economic growth. On the other hand, the capital market is an alternative for individuals and institutions to invest. But in its development, capital market institutions in general, have several legal problems, especially the existence of gharar (speculative) elements that are strong enough in their activities. As an effort to overcome this, the Islamic capital market institution was established. Therefore, this article aims to assess the operation of the Islamic capital market, whether it has been able to definitively eliminate the element of gharar in practice in the field, as well as how the mechanism is carried out for this purpose. This article is a normative juridical study using a historical and philosophical approach. The main analysis tool used is the maqashid sharia theory. From the study conducted, it can be concluded that the establishment of the Islamic capital market has shown significant efforts in removing the element of gharar in its operations. This is done by the mechanism that all securities entering the Islamic capital market flow through strict Islamic Sharia JII selection (Jakarta Islamic Index). In addition, the establishment of the Jakarta Islamic Index (JII) renamed the Indonesian Syariah Stock Index (ISSI) also helped to operate in the Islamic capital market. This institution is a prerequisite for Islamic securities with a main business that does not conflict with Islamic law, as stated in the DSN fatwa. In practice, various special instruments are also provided, including Islamic stocks, Islamic mutual funds, Islamic bonds (sukuk) which are an integral part of capital market transactions. Thus, the Islamic capital market gives a sense of security and certainty in conducting transactions in accordance with sharia practices, and avoiding speculative elements.Keywords : Islamic Capital Market, Islamic Law, Maqoshid sharia
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Danila, Nevi, Kamilah Kamaludin, Sheela Sundarasen, and Bunyamin Bunyamin. "Islamic index market sentiment: evidence from the ASEAN market." Journal of Islamic Accounting and Business Research 12, no. 3 (May 17, 2021): 380–400. http://dx.doi.org/10.1108/jiabr-05-2020-0166.
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Purpose The purpose of this paper is to examine investor sentiment by measuring the impact of market sentiment shocks on the volatility of the Islamic stock index of five ASEAN countries, with noise traders as a proxy for market sentiment. Design/methodology/approach The GJR-GARCH model is used to capture the empirically observed fact that negative shocks in the past period have a stronger impact on variance than positive shocks in the present. Findings All five ASEAN Islamic stock indices show clustering volatility. However, only three countries, namely, Malaysia, Thailand and Singapore, demonstrate leverage effects. In addition, the effect of market sentiment on Islamic stock index returns is observed in the Indonesian and Malaysian markets, which are the two largest Islamic markets with a dominant Muslim population in the ASEAN. This finding implies that the trading behaviours of Muslim investors in the Shariah market are the same as their behaviours in the conventional market, that is, nonadherence to the Sunnah. Practical implications Whilst establishing investment strategies, creating portfolios and providing client-advisory services, investors and fund managers should factor in the presence of market sentiment and its impact on stock performance and volatility. In addition, a capital market system preventing rumour-based transactions is compelling. Social implications In some markets, the Islamic financial products awareness should be increased through education to attract increased domestic investors with the potential to boost growth in the Islamic stock market. Originality/value Investigation market sentiment impacts on the Islamic stock index using noise traders as a proxy.
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Utami, Syintia Dwi, and Abdul Qoyum. "Islamic Capital Market Reaction on Presidential Election 2019 (Case Study of the Jakarta Islamic Index)." Ihtifaz: Journal of Islamic Economics, Finance, and Banking 3, no. 2 (December 31, 2020): 105. http://dx.doi.org/10.12928/ijiefb.v3i2.2638.
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General Election (GE) is one of the most important political issues which has an impact on the economic condition. This research aims to reveal the effect of General Election 2019 on the capital market reaction. Specifically, the study compares the impact of three events in the GE 2019, namely, The General Election 2019, the announcement of Elected President 2019, and Mahkamah Konstitusi (MK) decision. By employing Abnormal Return with t-test analysis, the study reveals that the publication of the elected-president has the most significant impact on the Islamic Capital Market compares to the two other events. While using Trading Volume Activity (TVA), all the three events of GE 2019 affects the TVA. This finding suggests that for the Islamic capital market investor, the announcement of the elected president is seen as the most significant event that determines the whole of economic condition for the next five years. Hence, for the policy-makers, they must focus on the date of the announcement by preparing such a policy to maintain the market condition.
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Ameer, Rashid. "Idiosyncratic Risk of Investing in Islamic Capital Market Equities." Journal of Investing 24, no. 2 (May 31, 2015): 79–89. http://dx.doi.org/10.3905/joi.2015.24.2.079.
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Abduh, Muhammad. "Factors Influence Intention to Opt for Islamic Investment Schemes among Market Players." Global Review of Islamic Economics and Business 5, no. 1 (December 7, 2017): 001. http://dx.doi.org/10.14421/grieb.2017.051-01.
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Employing theory of reasoned action with religiosity as its additional construct in the model, this paper is aimed at examining factors influence the intention of investors to opt Islamic investment schemes in Malaysia Islamic capital markets. As many as 120 questionnaires were collected from market players in Bursa Malaysia using online survey. Afterwards, the data collected were analyzed using structural equation model to reveal the relationship of variables tested in the proposed model. The result shows that religiosity and subjective norms appeared to be the significant factors affecting intention to choose Islamic investment schemes in Malaysia Islamic capital markets. Interestingly, despite its significant role shown in previous studies, this study has shown insignificant level of the attitude in predicting the intention behavior. The managerial implications are discussed in this paper. Keywords: Investors’ behavior, Islamic investment, Bursa Malaysia
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Munawiroh, Afifatul, and Rumawi Rumawi. "MELACAK INVESTASI SYARIAH: STUDI PERKEMBANGAN SUKUK BAGI PASAR MODAL SYARIAH DI INDONESIA." Kertha Semaya : Journal Ilmu Hukum 8, no. 10 (October 5, 2020): 1551. http://dx.doi.org/10.24843/ks.2020.v08.i10.p06.
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Sukuk (Obligasi syariah) merupakan investasi yang ada dalam lingkup pasar modal syariah yang sangat menguntungkan. Oleh Karena itu, perlu adanya penelitian lanjutan supaya sukuk bisa meluas ke seluruh penjuru negeri. Paper ini adalah penelitian yang berbasis pada kajian pustaka, tema yang diambil dalam penelitian ini adalah Sukuk dalam Pasar Modal Syariah. Ada tiga pertanyaan penting: pertama, bagaimana kondisi pasar modal syariah di Indonesia? Kedua, bagaimana investasi syariah dalam mengelola perkembangan sukuk di Indonesia? Ketiga, bagaimana impact adanya sukuk bagi pasar modal syariah di Indonesia? Dengan pendekatan historis untuk mengkaji kondisi pasar modal syariah di Indonesia. Sedangkan, investasi syariah dalam mengelola perkembangan sukuk dan impact adanya sukuk bagi pasar modal syariah di Indonesia dijelaskan melalui pendekatan content analysis. Hasil dari pembahasan ini adalah penurunan dan peningkatan suku di Indonesia sangat berpengaruh terhadap kebutuhan dalam pengembangan Indonesia, terlebih negara ini dihuni oleh mayoritas penduduk muslim. Sehingga, dalam penyebarannya akan semakin cepat dan mudah.
Sukuk (Islamic bonds) are investments that exist within the scope of the Islamic capital market which is very profitable. Therefore, further research is needed so that Sukuk can be spread throughout the country. This paper is a research-based on a literature review, the theme taken in this study is Sukuk in the Islamic Capital Market. There are three important questions: first, what is the condition of the Islamic capital market in Indonesia? Second, how is Islamic investment in managing the development of Sukuk in Indonesia? Third, what is the impact of the existence of Sukuk for the Islamic capital market in Indonesia? With a historical approach to assessing the condition of Islamic capital markets in Indonesia. Meanwhile, Islamic investment in managing the development of Sukuk and the impact of the existence of Sukuk for the Islamic capital market in Indonesia is explained through a content analysis approach. The result of this discussion is the decline and increase in ethnic groups in Indonesia is very influential on the needs in the development of Indonesia, moreover, the country is inhabited by a majority of the Muslim population. Thus, the spread will be faster and easier.
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Mansyur, Supardan, Usman Usman, and Lalu Sabardi. "Islamic Financing Instrument Under Indonesia Positive Law." Unram Law Review 2, no. 2 (October 20, 2018): 187–203. http://dx.doi.org/10.29303/ulrev.v2i2.51.
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Islam governs all aspects of human life. It is not regulate the human relation to Allah only but also between human each other, among other economy like financing comply with shari’ah. The issues are: (1) how is the regulation of financing comply with shari’ah regulated ini positive law in Indonesia; and (2) handicap faced in its application in Indonesia. The purposes of this research are to know: (1) its regulation on positive law, and (2) its handicap in its application Indonesia. Its results are: (1) Islamic financing in Indonesia is regulated in various rules and regulation and their implementation strengthening its existing in positive law in Indonesia as Act No.7/1992 on Banking (amended by Act No. 10/1998), Act No. 23/ 1998 on Indonesia Bank (amended by Act No. 3/2004), and Act No. 21/ 2008 on Islamic banking, particular to Shari’ah Capital Market its regulation is regulated by OJK Decision and DSN-MUI Fatwas; (2) murabahah based financing) dominating all financing of Indonesian banking industry is considered as the cause of Islamic Banking avoided to use Mudharabah and Musharakah is their higher risk. Related to these difficulties is recommended to be: (1) expected to Government and DPR to enact the statute on Islamic on Islamic Capital Market putting the Islamic Capital Market equal to the Conventional Capital Markets (2) The role of Government and the other institutions to cope handicap faced as highlight the capacity enhancement of Islamic financing institutions, regulations, and development of infrastructures supporting the Islamic financing application, are absolutely needed.
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Fauzi, Ahmad. "PERAN BPKH TERHADAP PENGEMBANGAN PASAR MODAL SYARIAH DALAM UU NOMOR 34 TAHUN 2014 TENTANG PENGELOLAAN KEUANGAN HAJI." Bilancia: Jurnal Studi Ilmu Syariah dan Hukum 13, no. 2 (December 30, 2019): 201–32. http://dx.doi.org/10.24239/blc.v13i2.493.
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Law Number 34/2014 concerning Hajj Financial Management, mandates to establish a special hajj financial management body (Hajj Fund Management Agency, BPKH) tasked with managing the revenue, development, expenditure, and accountability of Hajj finance. BPKH has the authority to manage hajj funds around IDR 115 trillion as of April 2019. BPKH must place these funds into sharia investment instruments, taking into account safety, prudence, value of benefits and liquidity. According to Government Regulation Number 5/2018 (PP No. 5/2018), a minimum of 15% of the pilgrimage funds will be placed on the Islamic capital market. The form can be State Sharia Securities, Bank Indonesia Sharia Certificates, sharia shares, sukuk, mutual funds and various other sharia securities recognized by the Financial Services Authority (OJK). BPKH's investment in the Islamic Capital Market will gradually increase to 35% in 2021 with the amount estimated to reach IDR 47.35 trillion. The strong role of the increasing Islamic Capital Market in forming market capitalization (the Composite Stock Price Index, IHSG) indicates that the Islamic Capital Market has a large role in driving economic growth in Indonesia. So BPKH investment has a strategic position in the effort to develop the Islamic Capital Market in Indonesia.
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Abduh, Muhammad, and Tuan Muhd Taufik Tuan Hussin. "Factors Influence Intention to Opt for Islamic Investment Schemes among Market Players." Global Review of Islamic Economics and Business 6, no. 2 (December 25, 2018): 091. http://dx.doi.org/10.14421/grieb.2018.062-02.
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Employing theory of reasoned action with religiosity as its additional construct in the model, this paper is aimed at examining factors influence the intention of investors to opt Islamic investment schemes in Malaysia Islamic capital markets. As many as 120 questionnaires were collected from market players in Bursa Malaysia using online survey. Afterwards, the data collected were analyzed using structural equation model to reveal the relationship of variables tested in the proposed model. The result shows that religiosity and subjective norms appeared to be the significant factors affecting intention to choose Islamic investment schemes in Malaysia Islamic capital markets. Interestingly, despite its significant role shown in previous studies, this study has shown insignificant level of the attitude in predicting the intention behavior. The managerial implications are discussed in this paper.
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Jaafar, Pyeman, Jaafar Mohamad Nizam, and Ahmad Ismail. "Dynamic Model of Islamic Hybrid Securities: Empirical Evidence From Malaysia Islamic Capital Market." Global Journal Al Thaqafah 6, no. 2 (December 1, 2016): 7–17. http://dx.doi.org/10.7187/gjat11020160602.
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Muchlis, Mustakim, and Hamid Habbe. "Exploring Sharia Screening Review in Islamic Capital Market in Indonesia (Jakarta Islamic Index)." Laa Maisyir : Jurnal Ekonomi Islam 8, no. 1 (April 12, 2021): 40. http://dx.doi.org/10.24252/lamaisyir.v8i1.20320.
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Khoiruddin, Akhmad Yusuf. "Best Choice for Investment-Islamic Equity or Sukuk?" Global Review of Islamic Economics and Business 4, no. 1 (December 8, 2016): 053. http://dx.doi.org/10.14421/grieb.2016.041-05.
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Islamic capital market is an important part in the development of Islamic economics especially in providing a mobilization of fund to the efficient economic source and provides liquidity to the Islamic finance institution such as Islamic bank etc. There are two main instrumens in Islamic capital market namely Islamic equity and sukuk. In investmet point of view, the raise question is what is the best choises of investment between islamic equity and sukuk. The objective of this research to describe the return and the risk profile of Islamic equity and sukuk in the world. Second, this paper will conduct study about the chance to arrange Islamic portfolio investment consist of two securities namely, sukuk and Islamic equity. To analyze this, researchers will use some tools in capital market theories including portfolio theory, minimum variance portfolio, Sharpe, Jansen, Treynor and RAP model. Thirdly, this paper will test the different level of return between Islamic equity and sukuk. The main instrument is statistical analysis, and SPSS. This research found that based on quantitative analysis Sukuk provides a better return as well as lower risk. However, in the short term, islamic equity is often provide a higher return than sukuk. From the several measurement tools, this research also finds that sukuk has a better performance than islamic equity. In contrast, statistical testing shows that there are no significance differences return between Islamic equity and sukuk from 2005 till 2010. Therefore, this research suggest that investor/peple who want to increase their wealth and prefer to invest in islamic capital market, they should make a islamic portfolio include some securities component, sukuk, islamic equity, islamic unit trust, islamic etf, etc.
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Tarek Al-Kayed, Lama, Sharifah Raihan Syed Mohd Zain, and Jarita Duasa. "The relationship between capital structure and performance of Islamic banks." Journal of Islamic Accounting and Business Research 5, no. 2 (September 2, 2014): 158–81. http://dx.doi.org/10.1108/jiabr-04-2012-0024.
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Purpose – This paper aims to examine the effect of capital structure on Islamic banks’ (IBs) performance to provide guidance to finance managers for raising capital funds. As newcomers to the markets, IBs are facing a trade-off. They can either use high capital ratios which increase the soundness and safety of the bank and lower the required return by investors, or depend on deposits and Islamic bonds which are considered cheaper sources of funds due to their tax rebate. An IB’s management must carefully decide the appropriate mix of debt and equity, i.e. capital structure, to maximize the value of the bank. Design/methodology/approach – Using a sample of 85 IBs covering banking systems in 19 countries, the study uses a two-stage least squares method to examine the performance determinants of IBs to control the reverse causality from performance to capital structure. Findings – After control of the macroeconomic environment, financial market structure and taxation, results indicate that IBs’ performance (profitability) responds positively to an increase in equity (capital ratio). The result is consistent with the signaling theory which predicts that banks expected to have better performance credibly transmit this information through higher capital. Optimal capital structure results of the IBs found a non-monotonic U-shaped relationship between the capital-asset ratio and profitability, supporting the efficiency risk and franchise value hypotheses. Research limitations/implications – Due to limitations for market data, the study uses book accounting ratios. Future research where market data are available could use performance measures, such as Tobin’s Q in performance determinants models. Practical implications – The non-monotonic relationship found between IBs’ return on equity and capital ratios suggests that equity issuances for IBs’ with low capital ratios (lower than the turning point of 37.41 per cent) are expensive and have a negative effect on their profitability. On the other hand, managers of well-capitalized IBs (banks with capital ratios beyond 37.41 per cent) are advised to rely on equity when faced by a decision to raise capital, as the capital ratio starts to affect their profitability positively. Originality/value – Islamic banking literature has been silent on IBs’ capital structure and its relevance; this study will try to fill in the existent gap.
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Adenan, Moh, Ghaluh Hermawati Safitri, and Lilis Yuliati. "Market Share Bank Syariah Terhadap Institusi Keuangan Syariah di Indonesia." e-Journal Ekonomi Bisnis dan Akuntansi 8, no. 1 (March 31, 2021): 75. http://dx.doi.org/10.19184/ejeba.v8i1.21144.
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Sharia banking is a sharia financial institution that is considered to have contributed to the national economy. Judging from the value of the market share owned by Islamic banking, it is still relatively low compared to Malaysia. This study aims to determine the effect of Islamic capital market products and Islamic banking on the market share of Islamic banking assets in Indonesia. The Islamic capital market products used are in the form of Islamic stocks, corporate sukuk and Islamic mutual funds. Meanwhile, in Islamic banking, there are Islamic demand deposits, Islamic savings and Islamic deposits. Empirically the focus of this research is using monthly time series data from January 2014 to December 2019. This study uses the Vector Error Correction Model (VECM) analysis method. The estimation results of this study indicate that in the long term, corporate sukuk, sharia demand deposits and Islamic savings have a positive and significant effect on the market share of Islamic banking assets in Indonesia. Meanwhile, Islamic mutual funds and Islamic deposits have a negative and significant effect. Meanwhile, Islamic stocks have a negative and insignificant effect on the market share of Islamic banking assets in Indonesia. On the other hand, in the short term only Islamic deposits have a positive and significant effect. Corporate sukuk has a positive and insignificant effect, while Islamic stocks, Islamic mutual funds, Islamic demand deposits and Islamic savings have a negative and insignificant effect on the market share of Islamic banking assets in Indonesia.
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Heradhyaksa, Bagas. "The Jurisdiction of Sharia Supervisory Board in Indonesia Sharia Capital Market." SALAM: Jurnal Sosial dan Budaya Syar-i 7, no. 9 (September 3, 2020): 763–74. http://dx.doi.org/10.15408/sjsbs.v7i9.16591.
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AbstractThe capital market is an institution that brings together those who need funds, to develop their business, and those who are excess funds, to make investments. Unlike the concept of financing in banks, the capital market uses the concept of buying and selling shares. So that it can be a solution for a company that wants to develop its business without using debt. Investors can also get profits that are higher than the profits from bank deposits. Thus, the capital market is growing in the middle of society. However, there are some activities in the capital market that are contrary to Islamic principles. Therefore, the Islamic capital market emerged. To oversee activities in the Islamic capital market, the role of the Sharia Supervisory Board is needed. The objective of this article is to find out the jurisdiction governing the Sharia Supervisory Board in the Islamic capital market in Indonesia. The methodology used is qualitative research. The data used in this study is library data. This study found that the existence of the Sharia Supervisory Board already has a legal basis based on the Indonesian Financial Services Authority Regulation. However, there are no specific laws governing the Islamic capital market. So it is necessary to make a special law that accommodates all aspects of sharia in the Islamic capital market, specifically with regard to the Sharia Supervisory Board.Keywords: Capital Market, Sharia Capital Market, Sharia Supervisory Board, Jurisdiction, Indonesia. AbstrakPasar modal adalah lembaga yang mempertemukan mereka yang membutuhkan dana, untuk mengembangkan usahanya, dan mereka yang memiliki kelebihan dana, untuk melakukan investasi. Berbeda dengan konsep pembiayaan di bank, pasar modal menggunakan konsep jual beli saham. Sehingga dapat menjadi solusi bagi perusahaan yang ingin mengembangkan usahanya tanpa menggunakan hutang. Investor juga bisa mendapatkan keuntungan yang lebih tinggi dari keuntungan dari deposito bank. Dengan demikian, pasar modal tumbuh di tengah masyarakat. Namun, ada beberapa aktivitas di pasar modal yang bertentangan dengan prinsip syariah. Oleh karena itu, pasar modal syariah muncul. Untuk mengawal aktivitas di pasar modal syariah, diperlukan peran dari Dewan Pengawas Syariah. Artikel ini bertujuan untuk mengetahui yurisdiksi yang mengatur Dewan Pengawas Syariah di pasar modal syariah di Indonesia. Metodologi yang digunakan adalah penelitian kualitatif. Data yang digunakan dalam penelitian ini adalah data perpustakaan. Studi ini menemukan bahwa keberadaan Dewan Pengawas Syariah sudah memiliki dasar hukum berdasarkan Peraturan Otoritas Jasa Keuangan. Namun, tidak ada undang-undang khusus yang mengatur pasar modal syariah. Sehingga perlu dibuat undang-undang khusus yang mengakomodir semua aspek syariah di pasar modal syariah, khususnya yang berkaitan dengan Dewan Pengawas Syariah.Kata Kunci: Pasar Modal, Pasar Modal Syariah, Dewan Pengawas Syariah, Yurisdiksi, Indonesia
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Buallay, Amina, Richard Cummings, and Allam Hamdan. "Intellectual capital efficiency and bank’s performance." Pacific Accounting Review 31, no. 4 (November 4, 2019): 672–94. http://dx.doi.org/10.1108/par-04-2019-0039.
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Purpose Intellectual capital (IC) plays a pivotal role in the high-tech and knowledge-based economic sectors. With the emergence of FinTech, which, with respect to the banking sector, is merging high-tech with the k-economy, there is an emerging need to highlight the importance and understand the dynamics of bank IC. With respect to Gulf Cooperation Council (GCC) economies, where FinTech has become de rigueur, banking is bifurcated into Islamic and banking sectors. Through comparative empirical analysis, the purpose of this paper is to examine IC efficiency in Islamic and conventional banks with a view to elucidating the impact of IC, in aggregate and decomposed into its components, on an operational, financial and market performance of Islamic banks juxtaposed with conventional banks. Design/methodology/approach Using data collected from 59 banks for five years (2012-2016) involving 295 observations, an independent variable derived from the modified value added IC (MVAIC) components are regressed against dependent bank performance indicator variables [Return on Assets (ROA), Return on Equity (ROE) and Tobin’s Q (TQ)]. Two types of control variables complete the regression analysis in this study: bank-specific and macroeconomic. Findings The findings elicited from the empirical results demonstrate that there is positive relationship between IC efficiency and financial performance (ROE) and market performance (TQ) in Islamic banks. In conventional banks, however, there is a positive relationship between IC and operational performance (ROE) and financial performance (ROE). Originality/value The model in this paper presents a valuable analytical framework for exploring IC efficiency as a driver of performance in dual-sector banking economies characterized by co-existence of Islamic and conventional financial institutions. In addition, this paper highlights bank management lacunae manifesting in terms of the weak nexus between: IC and asset efficiency (ROA) in Islamic banks and IC and market value (TQ) in conventional banks.
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Jain, Siddharth, and Partha Gangopadhyay. "Impacts of Endogenous Sunk-Cost Investment on the Islamic Banking Industry: A Historical Analysis." Journal of Risk and Financial Management 13, no. 6 (May 29, 2020): 108. http://dx.doi.org/10.3390/jrfm13060108.
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Endogenous sunk-cost investments are optional fixed investment or capita, that a firm can choose to impact either upon its price-cost margin or its market share for capturing larger market spoils. Oft-cited examples are investments in vertical product (quality) differentiation, advertising outlays, and R&D type expenses for improving production processes. The importance of sunk-cost capital has been highlighted in the recent literature since these investments significantly influence the degree of competition in an industry mainly through forestalling entry and thereby limiting future competition in the industry. Sunk-cost investments play an important role in the debate on the competition-(in)stability perspectives for the banking industry. This paper is motivated by an important distinction, hitherto unrecognized, that some endogenous sunk-cost investments impact on the relative efficiencies of firms and thereby on its market spoils or profits, while others will only impact on its market share and thereby on profits. An example of this distinction is as follows: while quality improvement in a product or production processes will create efficiencies and, therefore, additional profits, while advertising expenses are used to snatch market shares from rivals. The unintended consequence of the first type of endogenous-sunk cost investment is to boost efficiencies and thereby shape the nature of competition in a market. The second type will have little effect on efficiencies. In this paper, by exploiting the above distinction and using a dataset created from the annual reports of nine major Islamic banks in Jordon during 1993–2010, we will apply the efficiency models and the autoregressive distributed lag (ARDL) methodology to test if information technology (IT) capital is strategically used by Islamic banks as an endogenous sunk-cost investment to boost their relative efficiencies. For the first time—to the best of our knowledge—we find that IT capital is strategically used by seven out of the nine Islamic banks. We then consider the implication of the strategic use of IT capital by Islamic banks for the nature of competition in the Islamic bank industry of Jordon. By so doing, we also argue that IT capital, through its effects on the nature of competition, will lend stability to the Islamic banking industry of Jordan.
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Dhiraj, Naeem Suleman, Muhammad Najihuddin Nasucha, Oussama Mohamed Alansary, and Abdullah Jamaluddin Alkhateeb. "Hybrid Dispute Resolution in Islamic Capital Market: A Malaysian Perspective." International Journal of Management and Applied Research 6, no. 4 (November 1, 2019): 344–54. http://dx.doi.org/10.18646/2056.64.19-026.
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The objective of this paper is to explore dispute resolution mechanisms in the Islamic capital market. This paper examines out of court traditional dispute resolution mechanisms and innovative hybrid mechanisms for dispute resolution which could be more efficient and less time-consuming. This paper also looks at notable legal disputes relating to the Islamic capital market for the purpose of understanding the procedural challenges and inadequacies in the current legal system. Based on a literature review the authors of this paper note that the majority of Islamic capital market disputes could be resolved through alternative dispute resolution without going through a full trial in court. This paper mainly focuses on the context of Malaysia, with minor references to other countries.
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Khoiruddin, Moh, and Andhi Wijayanto. "HUBUNGAN KINERJA KEUANGAN BANK SYARIAH, ORIENTASI PASAR, ORIENTASI PEMBELAJARAN, DAN MODAL RELASIONAL." INFERENSI 7, no. 1 (June 1, 2013): 163. http://dx.doi.org/10.18326/infsl3.v7i1.163-184.
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This study aims to determine the relationship of the financial performance of Islamic banks, market orientation, learning orientation, and relational capital. By knowing the kind of relationship would be beneficial for improving the financial performance of Islamic banks which have distinctive core business. The population in this study was the manager of Islamic banks in the province of Central Java. With purposive random sampling, 119 samples are obtained. SEM analysis results show the effect of learning orientation on market orientation, market orientation effect on relational capital, relational capital effects on the financial performance, the effect of learning orientation on financial performance, the effect of market orientation on financial performance is significant. Goodness of Fit value of the model is quite satisfactory.
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Hidayah, Noor Laili, Ghina Aslicha, and Kharis Fadlullah Hana. "Persepsi Masyarakat tentang Haramnya Investasi di Pasar Modal Syariah." TAWAZUN : Journal of Sharia Economic Law 3, no. 1 (June 3, 2020): 31. http://dx.doi.org/10.21043/tawazun.v3i1.7530.
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<p><span style="vertical-align: inherit;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">Public knowledge must also be comprehensive with the times. People are already familiar with the word "investment". However, everyone's perception of investing in the Islamic capital market is different. The negative public perception about the illicit investment in the Islamic capital market should not exist. Many people think about halal or illicit investment that caused a lot of debate. Halal perception comes from people who have been well educated and deeply educated. Unlawful perception arises from the lack of public education about all aspects that exist in the Islamic capital market. The purpose of this study is to prove that negative perceptions that mention investment is an unlawful activity is wrong and changing that notion into investment is a halal activity. The results of this study indicate that some people who have negative perceptions come from people who have not been educated about investing in the Islamic capital market. So, public education about investment in the Islamic capital market on all aspects needs to be improved, not only at the academic level but other aspects so that debate in the community about halal or illicit investment in the Islamic capital market need not be there.</span></span></span></span></span></span></span></span></p>