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Heradhyaksa, Bagas, Rahma Oktaviani, Suparman Syukur, Hangrengga Berlian, and Ahmad Wahyudi. "Indonesia Sharia Stock Investment During Covid-19: Based on Islamic Economic Law Review." Jurnal IUS Kajian Hukum dan Keadilan 11, no. 3 (2023): 512–27. http://dx.doi.org/10.29303/ius.v11i3.1066.
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The development of technology and financial literacy has increased the number of Indonesians who use stocks as an investment instrument. This also has an impact on the popularity of Islamic stocks. This is because many people are interested in Islamic investment instruments. However, the COVID-19 pandemic has had a significant impact on stock price movements. Sharia stock prices have also experienced very volatile movements due to the COVID-19 pandemic. This phenomenon raises the question of whether investing in Islamic stocks during the COVID-19 pandemic is against Islamic economic law. This is because Islamic stock prices seem to be filled with uncertainty and have experienced a very significant price decline. Moreover, due to the COVID-19 pandemic, the number of stock investors is increasing rapidly. This article aims to analyze Islamic stock investment during the COVID-19 pandemic through the perspective of Islamic economic law. To analyze this issue, this article collects data through library research. The data were analyzed using qualitative methods. In the end, this article finds that investing in Islamic stocks during the COVID-19 pandemic does not contradict the principles of Islamic economic law. Instead, this article suggests that the public can take advantage of a certain momentum to start investing in Islamic stocks.
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Aqbar, Khaerul, Sulkifli Herman, and Muhammad Ichvan Mahmud. "Tinjauan Wakaf Saham dalam Perspektif Hukum Islam." BUSTANUL FUQAHA: Jurnal Bidang Hukum Islam 3, no. 1 (2022): 100–130. http://dx.doi.org/10.36701/bustanul.v3i1.528.
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This study aims to determine the concept of stock waqf and its law in the view of Islamic law. This research uses descriptive qualitative research (non-statistical) by using library research method (library review) and using normative and juridical normative approaches. The research results found are as follows; first, stock waqf is the same waqf as other types of waqf, except that stock waqf is in the form of securities. Stock waqf has a similar concept to cash waqf. In this case, the waqif may waqf in the form of money and then nazir converts it in the form of stocks or the waqif can waqf directly the stocks he owns. The stocks waqf are stocks that comply with sharia principles. If the stocks to be donated are contrary to sharia, the stocks must first be sold or exchanged for halal stocks or stocks that comply with sharia principles; second, stock waqf is something new in waqf and has enormous benefits. When the stock waqf can really be managed properly, then it is able to improve the economy of Muslims. Therefore, stock waqf is permissible in the view of Islamic law.
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Kamali, Mohammad Hashim. "Islamic Commercial Law." American Journal of Islam and Society 13, no. 2 (1996): 197–212. http://dx.doi.org/10.35632/ajis.v13i2.2330.
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Introductory RemarksThe Islamic law of transactions (mu'amalat) has often been singled outas the most important area of contemporary research in Islamic theses, somuch so that, according to some observers, its priority is even higher thanthat of research in applied sciences and medicine. This status is due to thecritical importance of commercial transactions in the wealth generation andproductivity prospects of contemporary Muslim countries. New researchon issues of conventional fiqh al mu'amalat is essential for the viability andsuccess of economic development programs in Muslim countries. In recentdecades, research interest in fiqh al mu'amalat has been shifting increasinglyto specific themes and development of new operative formulas tostimulate profitable business in the marketplace. Evidently, futures tradingis one such theme where original ijtihad is required to enhance theprospects of economic success, especially in farming and agro-based industriesin developing Muslim countries.The futures market is where contracts for future sale and purchase canbe concluded for standardized quantities and qualities of commodities, currencies,bonds, and stocks. Ever since the large-scale inception of futuresmarkets in the early 1970s, new products and trading formulas in varioustrade sectors involving commodities, options, financial futures, and stockindex futures, among others, have increased so much that futures contractscurrently are available in over eighty commodities, ranging from foodgrains, oil and oil seeds, sugar, coffee, livestock, eggs, orange juice, cotton,rubber, precious metals, and currencies. In terms of volume, futures tradinghas far exceeded trading levels in conventional stocks and, currently, is thesingle most voluminous mode of commerce on the global scale ...
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Sa'adah, Siti Zumrotus. "Implementasi Qa’idah Fiqhiyyah dalam Screening Saham Syariah pada Bursa Efek Syariah Indonesia." TAWAZUN : Journal of Sharia Economic Law 5, no. 1 (2022): 26. http://dx.doi.org/10.21043/tawazun.v5i1.13694.
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<p align="center">The Indonesian Ulema Council in Fatwa DSN No. 40/DSN-MUI/X/2003 has issued a fatwa on the idolatry of sharia stocks. But in the fatwa MUI only provides an explanation of the criteria for the type of effect that can be categorized as a sharia effect and what transactions should not be done in stocks globally without explaining the concept of reference fiqh in the screening process of sharia shares. This research wants to uncover the facts of fiqh buried in the classical books. This research aims to find out the concept of fiqh which is a reference for the establishment of Islamic law in the process of screening sharia shares, and how to use the concept of fiqh in determining the criteria for screening sharia stocks. This research uses qualitative methods, taking primary data from the DSN-MUI fatwa document and OJK regulations, then linking these theories to the concept of fiqh used by classical scholars in determining Islamic sharia law This study concluded that the criteria for shari'a stocks on the Indonesia Stock Exchange refer to fiqh concepts including the concepts of "ghalabah al-dzann", "ikhthiyath", "lil aktsar hukmal kulli", as well as other derivative concepts.</p>
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Rian Saputra, Gusti, Chairul Majid Nasution, Irfa Luthfia Rahmani, and Agitya Agung Tridiarto. "Stock Investment According to Classic and Contemporary Ulama Views: Comparative Law Studies." Proceeding of International Conference on Islamic Philantrophy 1 (July 9, 2023): 120–25. http://dx.doi.org/10.24090/icip.v1i1.309.
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There is an increase in stock problems in the contemporary era. Various economic issues no longer have conventional nuances but are integrated with the digital world. Numerous applications and website portals have been created that promise attractive profits when investing and selling shares on their forums. Investing in stocks became a lucrative business with little effort put into its application. The highest power is vested in the largest shareholder, not in workers who have direct contact with the business it self. Problems arise when discussing the legal validity of the event. This is due to the presence of trade monopoly indications and capitalist elements. Furthermore, the concrete stock issues never discussed by classical ulemas are likely to differ from those discussed by current ulemas living in modern or postmodern society. Therefore, it is considered far more relevant to view contemporary economic problems such as stocks in light of contemporary ulema's views. This article examines the views of famous classical ulemas of their time, as well as contemporary ulemas, regarding stocks in general. This study uses a comparative analysis with a normative review of Islamic law and positive law in Indonesia.
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Havita, Gusva, and Gestivia Hakim. "WAKAF SAHAM DITINJAU DARI HUKUM ISLAM DAN PERATURANPERUNDANG-UNDANGAN SETELAH BERLAKUNYA UNDANG-UNDANG NOMOR 41 TAHUN 2004 TENTANG WAKAF." JURNAL SYARIKAH : JURNAL EKONOMI ISLAM 3, no. 1 (2017): 358. http://dx.doi.org/10.30997/jsei.v3i1.720.
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Wakaf as a religious institution, in addition to functioning as a means of worship also has a social function. And over the course of time and the birth of modern Islamic society, the waqf also experienced a dynamic development as well. One of the issues of contemporary waqf in the study of jurisprudence of wakaf is about the extension of wakaf coverage which includes moving objects, one of which is stock. The transfer of shares for the purpose of wakaf is called the stock wakaf. To obtain a comprehensive analysis of the stock wakaf, the authors analyzed two main issues concerning the reasons for endowments of shares allowed under Islamic law, and Islamic law's review of the provisions of shares as an object of wakaf in the legislation after the enactment of Law No. 41 of 2004 on Wakaf . In analyzing the two main issues, the author uses descriptive method to produce descriptive analytical thesis. This study yields the conclusion that Islamic jurisprudence expert and Islamic Law Compilation, wakaf share is allowed to remember shares have conservation benefit that is in the form of dividend that can be picked up as long as the issuer company runs its business well and get profit, while the principal value of stock is maintained. Similarly, the MUI Fatwa dated May 11, 2002 on Waqf of money also permits the wakaf of shares because it sees the similarity between money and stocks, which has great potential benefits when it is represented. The review of Islamic law on shares as an object of wakaf in the legislation after the enactment of Law No. 41 of 2004 on Waqf, the conclusion that Sharia and conventional shares of halal / mubah companies may be used as wakaf objects. The permissibility of the conventional stock of the halal / mubah company to be the object of wakaf needs further regulation on the detail of the criteria and procedures for the validation so that the wakaf is still valid and provide legal certainty in the community.Key words: Stock Wakaf, Islamic Law, Legislation
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Laksono, Mufilh Adi. "Perfection of Shariah Share in the progressiveness of the Halal Value Chain." JURNAL EKONOMI DAN PERBANKAN SYARIAH 10, no. 1 (2022): 101–13. http://dx.doi.org/10.46899/jeps.v10i1.318.
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slamic capital market is one part of the capital market in Indonesia, stock prices are always fluctuating as well as commodities sold in the goods market according to the law of supply and demand. This research is descriptive qualitative discusses how the perfection of Islamic stocks on the development of the Islamic economy through strengthening the halal value chain in all of industries. Halal value chain is an economic sector that plays a role in economic progress. Considering the huge potential of Indonesia’s sharia economy, making Indonesia a consumer of halal products in the international market.
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Abdjul, Lindrawati, Resmawan Resmawan, Agusyarif Rezka Nuha, Nurwan Nurwan, Djihad Wungguli, and La Ode Nashar. "Optimasi Portofolio Saham Syariah Menggunakan Model Indeks Tunggal dan VaR Berbasis GUI Matlab." Jambura Journal of Mathematics 5, no. 1 (2023): 243–53. http://dx.doi.org/10.34312/jjom.v5i1.18570.
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Sharia-based investment is an investment by the community to obtain profits in accordance with Islamic principles and law. This study aims to calculate the optimal portfolio return value using the Single Index Model, calculate risk with VaR (Value at Risk), and then implement it with Matlab’s GUI (Graphical User Interface). The data used is closing stock price data on the JII (Jakarta Islamic Index) using 30 stocks for two consecutive years. Furthermore, these stocks are selected which have a positive average return value. The study results show that 14 stocks are candidates for optimal portfolios with positive return values, namely: ACES, ADRO, ANTM, BRPT, BTPS, CTRA, EXCL, INCO, MDKA, MNCN, SCMA, TPIA, UNTR, and WIKA. Then the optimal portfolio of the 14 stocks is determined using the Single Index Model considering the ERB (Excess Return to Beta) value ≥ cut-off point value (C*). Based on the value, 4 shares were obtained that belong to the optimal portfolio, namely: MDKA, BRPT, BTPS, and ANTM. Furthermore, VaR calculations are performed on the 4 optimal portfolios to obtain optimum VaR consistency values with 500 repetitions. The VaR calculation results with a 95% confidence level show that the average VaR result is in the range of -0.14704 to -0.3420 so that when investors invest in 4 optimal stocks, the losses experienced by investors are no more than 34%.
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Khan, Muhammad Akram. "Commodity Exchange and Stock Exchange in Islamic Economy." American Journal of Islam and Society 5, no. 1 (1988): 91–114. http://dx.doi.org/10.35632/ajis.v5i1.2882.
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IntroductionThe main objective of this paper is to review contemporary practicesin commodity, currency and corporate stock trading in the light of Islamiceconomic framework and to suggest bare outlines of the Islamic alternativesin these areas. Trade in commodities, currencies and stocks involves forwardand htures contracts. Arbitrage, hedging and speculation are also essentialelements of these markets. We shall try to examine these practices to determinetheir compatibility with the Islamic law. We shall also try to find out theexact point where they deviate from the Islamic framework and suggest somemechanism to perform the same economic function in the Islamic economy.Our main conclusions are summarized below:First, by and large the trade in spot and forward markets iscovered by the Islamic law.Second, futures trading is alien to the Islamic law as it involvestrading without actual transfer of the commodity or stock to thebuyer which is explicitly prohibited by the Prophet (SAAS).Third, speculation by itself is not unlawful in Islam but theIslamic economic framework does not allow professional speculatorsto thrive.Fourth, the Islamic condition of transfer of the commoditystock to the buyer is a mechanism to boost the real sector.Fifth, stability in the foreign exchange market can be achievedby cooperation of the international community. It would necessitateabolition of al riba and scrapping of trade restrictions over bordersbesides accepting money as a medium of exchange only, ratherthan a commodity.Sixth, to discourage negative effects of speculation, informationregarding commodities and corporations needs to be widely andfreely disseminated. No amount of restrictive regulations can ...
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Moh. Asra. "Stock in the Sharia Economic Perspective." Review of Islamic Studies 2, no. 1 (2023): 21–26. http://dx.doi.org/10.35316/ris.v2i1.471.
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Islam encourages all its followers to work and seek livelihood to meet the needs of life both for himself or his family. Work to find livelihood in Islam like or equal to someone who jihad in the way of Allah. Investing in the context of seeking halal profit is highly recommended in sharia. One form of investment is the sale of stocks (securities as proof of ownership in a company), which is a form of cooperation with other parties to obtain profits. Stocks are goods or assets that can be traded on the stock exchange. Buying and selling stocks is not a new thing in this country. Trade like this stock exchange regulations and systems are well organized. Stock trading is one of many types of buying and selling transactions. Buying and selling in Islamic economics is a type of business activity that can be seen from many aspects, for example from fiqh mu’amalah (Sharia Economic Law). Buying and selling stocks (securities that indicate someone's ownership of a particular company's assets, of course, are allowed as long as following sharia principles, including not containing the element of gharar, not containing maysir and so on.
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Apik Anitasari Intan Saputri. "Capital Market In Perspective Law Of Sharia Economy." Khuluqiyya: Jurnal Kajian Hukum dan Studi Islam 1, no. 1 (2019): 1–19. http://dx.doi.org/10.56593/khuluqiyya.v1i1.19.
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Economic activity is currently experiencing a very rapid development, starting from the development of the market in such a way, penetrating in the field of capital markets which become the traffic of the world economy, connecting between capital owners (investors) and entrepreneurs. Capital markets are a promising investment, entrepreneurs also began to take part in the world of Islamic capital markets which are currently dominated by Islamic countries in the world. With the development of these economic activities, the legislation is not only a rule, but is able to make the implementation of the law directed, protect and make all stakeholders in the world of capital markets have knowledge of the market and how to run it properly without any violations or criminal act in the Capital Market. Legal reform and regulation on the capital market must continue to be enforced. The development of the Islamic capital market in Indonesia is still relatively slow, as a result of the lack of level of knowledge and understanding of market participants and investors, the limited availability of information on the sharia capital market, lack of human resources (professionals) who are experts in the field of Islamic finance, institutional patterns and institutions in the framework of supervision is still considered a "disincentive" by the perpetrators, Lack of "incentives" so that actors tend to issue conventional products, Limited sharia products that can be used as mutual fund portfolios (special constraints for Islamic mutual funds). In accordance with the MUI fatwa, the stock transaction is legalized as long as the company does not conduct a prohibited transaction, the issuer conducts business in accordance with sharia criteria and transactions are conducted at fair market prices. The fair market price of Islamic stocks must reflect the value of the actual conditions of the assets that are the basis for issuing securities in accordance with the regular, fair and efficient market mechanism and not engineered. Sharia capital market activities are some important institutions that are directly involved in supervision and trade activities, namely BAPEPAM, National Sariah Board (DSN), stock exchanges, securities companies, issuers, professions and capital market supporting institutions and other related parties. Especially for surveillance activities will be carried out jointly by BAPEPAM and DSN.
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Satria, Chandra, and Yeken Suhiba Putri. "PENGARUH RASIO KEUANGAN TERHADAP HARGA SAHAM PERBANKAN SYARIAH TERDAFTAR BURSA EFEK INDONESIA." Islamic Banking : Jurnal Pemikiran dan Pengembangan Perbankan Syariah 6, no. 2 (2021): 299–320. http://dx.doi.org/10.36908/isbank.v6i2.182.
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One of indicator of the nation economic performance is indicated by the amount of investment by business actors involved either directly or indirectly in the participation of shares or a number of investments that occur within one country. Banking financial performance is a description of the achievement of financial management targets, either from the collection of third party funds or channeled back in the form of investment products or other financing. Currently, Islamic finance is growing rapidly with many Islamic financial institutions offering financial products and services based on Islamic law. This Developmental conditions have an influence on the picture of Islamic stock investment in the capital market, althought sharia stock investment is not as big as existing conventional stocks. The purpose of this study is to determine the effect of financial ratios in Indonesian Islamic banks on the movement of the value of their share prices. The method in this research is causal associative through secondary data sources in the form of Islamic bank financial reports in the past few years. The results showed that in partial analysis there was no effect of share prices on the level of Islamic bank financial ratios, while simultaneously, there was an effect of Islamic bank financial ratios on Islamic bank share prices in the capital market
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Muflikha, Itsna Nur, Sya'roni Sya'roni, Abdualhmeed Alqahoom, and Setya Pramana. "The Investment of Sharia Shares in Indonesia Stock Exchange Representative in Sharia Law Economic Perspective." Demak Universal Journal of Islam and Sharia 1, no. 01 (2023): 27–36. http://dx.doi.org/10.61455/deujis.v1i01.25.
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Investment and the sale and purchase of shares are still considered speculative activity and is prohibited by religion because it is the same as gambling for ordinary people. To straighten this out, this study aims to analyze how Islamic stock investment in the Indonesia Stock Exchange from the perspective of Islamic economic law. The research method used is normative juridical with a qualitative approach. This research draws research sources from interviews with several investors and Sharia economic law experts, then documents of laws and regulations, and literature studies related to research. The results show that investing and buying and selling of shares is halal and justified in the teachings of Islam, both Al-Qur'an, the Prophet's Hadith, Kaidah Fiqh, Ijma 'ulama, and the opinions of scholars. Then, from the perspective of Sharia economic law, buying and selling or investing in shares for investment purposes is permitted, because buying and selling with underlying stocks is halal, even recommended because it fulfils investment and asset development of one of the maqasid sharia (Hifdzul maal). In addition, stock transactions from the perspective of Sharia economic law are assessed from the use of the contract. It is known that the contract used is Bai 'Al-Musawamah and the transaction refers to musyarakah or syirkah.
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Wahyudi, Muhammad, Dea Fani, and Indah Pratiwi. "PERSPEKTIF HUKUM EKONOMI SYARIAH DALAM INVESTASI SAHAM SYARIAH DI BURSA EFEK INDONESIA." Jurnal At-Tabayyun 4, no. 2 (2021): 87–101. http://dx.doi.org/10.62214/jat.v4i2.69.
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Investment and The sale and purchase of shares are still considered a speculative activity and is prohibited by religion because it is the same as gambling for ordinary people . To straighten this out , this study aims to analyze how Islamic stock investment in the Indonesia Stock Exchange from the perspective of Islamic economic law . The research method used is normative juridical with a qualitative approach . This research draws research sources from interviews with several investors and sharia economic law experts , then documents of laws and regulations , and literature studies related to research . The results show that investing and buying and selling of shares is halal and justified in the teachings of Islam , both Al - Qur'an , the Prophet's Hadith , Kaidah Fiqh , Ijma ' ulama , and the opinions of scholars . Then , from the perspective of sharia economic law , buying and selling or investing in shares for investment purposes is permitted , because buying and selling with underlying stocks is halal , even recommended because it fulfills investment and asset development of one of the maqasid sharia ( Hifdzul maal ) . In addition , stock transactions from the perspective of sharia economic law are assessed from the use of the contract . It is known that the contract used is Bai ' Al - Musawamah and the transaction refers to musyarakah or syirkah
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Bima Pangestu. "Tinjauan Hukum Islam Terhadap Terjadinya Fluktuasi Harga Saham dan Pengaruh Pada Perusahaan Perbankan." Istidlal: Jurnal Ekonomi dan Hukum Islam 5, no. 2 (2021): 152–59. http://dx.doi.org/10.35316/istidlal.v5i2.311.
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Islam recommended that all people work and earn a living to meet the needs of themselves and their families. Working for a living in Islam was likened to or equated with people who jihad in the way of Allah. Sharia law strongly recommends investing in halal profit. One form of investment was the sale and purchase of shares, which was a form of cooperation with other parties to obtain profits. Stocks were commodities or assets that can be traded on the stock exchange. Buying and selling shares was nothing new in this country. Transactions such as the stock exchange were regulated and the system was well organized. Buying and selling shares were one of the various types of trading transactions. Buying and selling in an Islamic economy was a business activity that can be seen in many ways, such as fiqh mu'amalah (Islamic economic law). Buying and selling securities showed that someone had ownership of the assets of a company was certainly allowed as long as it is following sharia principles, excluding elements of maysir and so on.
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Hartati, Neneng. "Investasi Saham Syariah di Bursa Efek Indonesia dalam Perspektif Hukum Ekonomi Syariah." Jurnal Hukum Ekonomi Syariah 5, no. 01 (2021): 31–48. http://dx.doi.org/10.26618/j-hes.v5i01.4819.
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Investasi dan Jual beli saham masih dianggap sebagai salah satu kegiatan yang spekulatif dan dilarang agama karena sama dengan perjudian bagi masyarakat awam. Untuk meluruskan hal tersebut, artikel ini ditulis dengan tujuan menganalisis bagaimana investasi saham syariah di Bursa Efek Indonesia (BEI) dalam perspektif hukum ekonomi syariah. Artikel ini menggunakan metode penelitian yuridis normatif dengan pendekatan kualitatif. Penelitian ini mengambil sumber penelitian dari wawancara beberapa investor dan ahli hukum ekonomi syariah, kemudian dokumen peraturan perundang-undangan, dan studi literatur yang berhubungan dengan penelitian. Hasil penelitian menunjukkan bahwa dalam sumber-sumber hukum islam yaitu al-Quran, hadits, fiqh, ijma’ ulama, dan pendapat ulama ditegaskan bahwa jual beli saham hukumnya halal. Kemudian, transaksi saham dari perspektif hukum ekonomi syariah dinilai dari penggunaan akad diketahui bahwa akad yang digunakan adalah Bai’ Al-Musawamah dan transaksi mengacu pada musyarakah atau syirkah. Ini sesuai dengan yang tercantum dalam Fatwa DSN-MUI, sehingga jelas bahwa investasi menurut perspektif hukum ekonomi syariah adalah halal dengan tujuan investasi dan pengembangan aset, karena jual beli saham dengan underlaying saham adalah halal. Investment Of Sharia Shares In Indonesia Stock Exchange Representative In Sharia Law Economic Perspective AbstractInvestment and The sale and purchase of shares are still considered a speculative activity and is prohibited by religion because it is the same as gambling for ordinary people. To straighten this out, this study aims to analyze how Islamic stock investment in the Indonesia Stock Exchange from the perspective of Islamic economic law. The research method used is normative juridical with a qualitative approach. This research draws research sources from interviews with several investors and sharia economic law experts, then documents of laws and regulations, and literature studies related to research. The results show that investing and buying and selling of shares is halal and justified in the teachings of Islam, both Al-Qur'an, the Prophet's Hadith, Kaidah Fiqh, Ijma 'ulama, and the opinions of scholars. Then, from the perspective of sharia economic law, buying and selling or investing in shares for investment purposes is permitted, because buying and selling with underlying stocks is halal, even recommended because it fulfills investment and asset development of one of the maqasid sharia (Hifdzul maal). In addition, stock transactions from the perspective of sharia economic law are assessed from the use of the contract. It is known that the contract used is Bai 'Al-Musawamah and the transaction refers to musyarakah or syirkah.Keywords: Indonesia Stock Exchange; Sharia Economic Law; Investment; Stocks
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Malini, Helma, Mohamad Jais, and Rossazana Ab Rahim. "INDONESIA SHARI'AH COMPLIANCE STOCK RETURN BEHAVIOUR." Jurnal Manajemen Indonesia 15, no. 1 (2017): 85. http://dx.doi.org/10.25124/jmi.v15i1.395.
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This study aims to measures the behaviour of Indonesia Shari'ah compliance stock return. The measurement of return behaviour toward volatility will proved the capability of Indonesia Shari'ah compliance toward volatility that happened in Indonesia during the period of observation. Investing in Shari'ah compliance is quite different than investing in conventional stock which followed the capital market set of rules and law, Shari'ah compliance follows not only the capital market set of laws and but also the Islamic principles of principles. Most of the previous studies examine issues related to the conventional stocks and market. The present study take one step further by investigating issue related to Shari'ah compliance instrument. In the case of Shari'ah stock price in Indonesia, the dynamics volatility of the stock price can be minimized by taking an integrated screening process to the listed company, as precautions steps toward volatility
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Adekoya, Oluwasegun B., Ademola B. Akinseye, Nikolaos Antonakakis, Ioannis Chatziantoniou, David Gabauer, and Johnson Oliyide. "Crude oil and Islamic sectoral stocks: Asymmetric TVP-VAR connectedness and investment strategies." Resources Policy 78 (September 2022): 102877. http://dx.doi.org/10.1016/j.resourpol.2022.102877.
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Bousalam, Issam, and Moustapha Hamzaoui. "Impact of ethical screening on risk and returns." Journal of Financial Regulation and Compliance 24, no. 3 (2016): 268–91. http://dx.doi.org/10.1108/jfrc-01-2016-0002.
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Purpose This paper aims to expand the literature on performance and volatility of Islamic funds and indices in comparison to their conventional unscreened counterparts, by studying the Moroccan case considering the recent introduction of Islamic finance in the country toward the end of 2015. Design/methodology/approach As there are still no Shariah-compliant indices in Morocco, the authors first applied four Shariah screening methodologies of some of the world leading equity index providers (i.e. Dow Jones, FTSE, S&P and MSCI) to screen the public listed companies in Casablanca Stock Exchange for Shariah compliance. Next, the authors constructed four Islamic float-weighted indexes for which they modeled the dynamic volatility using an extension of the AutoRegressive Conditional Heteroskedasticity models, namely, EGARCH(1,1). Findings The findings show that the screening process resulted in a well-diversified universe of Shariah-compliant stocks (25.6 per cent) to invest in. Furthermore, it is found that constructed Islamic indices outperformed the broad-based Moroccan All Shares Index (MASI) during the considered period of analysis (January 2013 to December 2014), and their long-run volatility is higher. This indicates that investors in Shariah-compliant stocks do not sacrifice financial performance for their risky investment. The estimates of the model show that volatility for the MASI is more persistent and takes longer time to die, and the leverage effect is positive for all indices, meaning that volatility of indexes’ returns is influenced more by good news than bad news, a result that is in contrast to other studies for developed countries. Practical implications On the arrival of the new banking law that introduced Islamic finance for the first time in Morocco, the authors suppose that these results could be very helpful for the Moroccan financial authorities in consideration with the construction of Islamic equity indices for Muslim investors seeking to invest ethically in accordance to their religious convictions but also for index funds managers and other equity market players. Originality/value The present study is the first of its kind in Morocco to construct Islamic indices using Shariah screening methodologies for which the volatility is modeled using an EGARCH(1,1) dynamic volatility model.
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Berutu, Ali Geno. "PUMP AND DOWN IN JIWASRAYA INVESTATION AND THE ABSENCE OF ISLAMIC ECONOMY LAW PRINCIPLES." JURISDICTIE 11, no. 2 (2021): 328–51. http://dx.doi.org/10.18860/j.v11i2.8624.
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The case of PT. Asuransi Jiwasraya (Persero) investment once became public attention. Not only does it harm its customers, the country also must bear the company’s loss. This loss is caused by the investment practice into low-quality stocks. The company neglected the good investment principles and prioritized more on the personal interest. This article aims to describe and define the pump and down phenomena in the investment of PT. Asuransi Jiwasraya. To top it off, the article analyzes the pump and down phenomena based on the Islamic economy law principles. This is a doctrinal legal research with case study approach. The results show that pump and down is a transaction activity of an effect in manipulative way. This model is characterized by rising price (uptrend) because of a series of stock purchase transaction in a fairly big amount so the rising reaches the highest price level, then the reduced price is too significant. They aim at gaining big profit so they can re-purchase the stock in a cheaper price. This pump and down phenomena in PT. Asuransi Jiwasraya investment case is not in line with the Islamic law principles. The investment model in this schema contains several elements i.e. maisīr, najasy, gharar, ghisysy, ihktikar, and tadlīs.Kasus investasi PT. Asuransi Jiwasraya (Persero) sempat menjadi sorotan publik. Selain merugikan nasabah, negara juga harus menanggung kerugian perusahaan. Kerugian ini muncul akibat praktik investasi pada saham kualitas rendah. Perusahaan disinyalir mengabaikan prinsip-prinsip investasi yang baik dan lebih mengedepankan kepentingan pribadi. Artikel ini bertujuan mendeskripsikan fenomena pump and down dalam investasi PT. Asuransi Jiwasraya. Artikel ini juga bertujuan mesdeskripsikan pump and down dalam kasus Jiwasraya. Artikel ini juga menganalisis fenomena pump and down tersebut berdasarkan prinsip-prinsip hukum ekonomi syariah. Artikel ini merupakan hasil penelitian hukum doctrinal dengan pendekatan studi kasus. Hasil penelitian ini menunjukkan bahwa Pump and Dump merupakan aktivitas transaksi suatu Efek secara manipulative. Model transaksi ditandai dengan naiknya harga (uptrend) karena adanya serangkaian transaksi pembelian saham dalam jumlah yang cukup banyak sehingga harga naik mencapai level harga tertinggi. Kemudian penurunan harga yang sangat signifikan. Tujuannya untuk meraih keuntungan yang besar dan bisa membeli kembali saham tersebut dengan harga murah. Fenomena pump and down dalam kasus investasi PT. Asuransi Jiwasraya tidak sejalan dengan prinsip-prinsip hukum Islam. Model investasi dengan skema ini mengandung unsur maisīr, najasy, gharar, ghisysy, ihktikar, dan tadlīs.
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Indahsari, Leny, Tulus Suryanto, Heni Noviarita, and Muhammad Iqbal Fasa. "ANALYSIS OF TAX AVOIDANCE IN FINANCIAL STATEMENT FROM SHARIA ACCOUNTING PERSPECTIVE." Jurnal Ilmiah Ekonomi Bisnis 29, no. 1 (2024): 28–38. http://dx.doi.org/10.35760/eb.2024.v29i1.8562.
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Tax evasion for companies in Indonesia is not a violation of the law where there are no civil sanctions. However, such activities are not justified in Islam. In Islam, an accounting system using Islamic sharia is a recording system that aims to get profits without any party feeling disadvantaged. The purpose of this study is to analyze tax scanning on financial statements from the perspective of Islamic accounting. The research method used in this study uses the Fixed Effect Model (FEM) with panel data from 2020-2022; the sample used is 10 company stocks included in the Jakarta Islamic Index. The results of FEM statistics showed that the company's profit variable, namely ROA, significantly negatively affected tax avoidance, and the company's sales growth variable significantly positively affected tax avoidance with a confidence level of 95 percent. Then the practice of tax avoidance in the perspective of Islamic accounting where the activity is not allowed because it will cause losses to other parties.
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Naeem, Muhammad Abubakr, Fiza Qureshi, Muhammad Arif, and Faruk Balli. "Asymmetric relationship between gold and Islamic stocks in bearish, normal and bullish market conditions." Resources Policy 72 (August 2021): 102067. http://dx.doi.org/10.1016/j.resourpol.2021.102067.
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Zaighum, Isma, Ameenullah Aman, Arshian Sharif, and Muhammad Tahir Suleman. "Do energy prices interact with global Islamic stocks? Fresh insights from quantile ARDL approach." Resources Policy 72 (August 2021): 102068. http://dx.doi.org/10.1016/j.resourpol.2021.102068.
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Pratama, Adrian Irnanda, Rizky Aulya Akbar, and Jyun Ping Huang. "Cluster Analysis of Jakarta Islamic Index (JII) Stocks Based on Risk Adjusted Return." JURNAL AKUNTANSI, EKONOMI dan MANAJEMEN BISNIS 11, no. 2 (2023): 129–41. http://dx.doi.org/10.30871/jaemb.v11i2.4021.
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This study is to examine the Jakarta Islamic Index (JII) stock clusters based on stock performance as measured using risk-adjusted returns for twenty-one semester periods 2009 - 2019. This study shows an alternative that can be utilized by investors supporting their decision to invest in the Indonesian Islamic finance industry. Data were collected through the online service feature of Yahoo! Finance and Google Finance total 43 companies with positive return. This study used quantitative analysis, Sharpe ratio was used to measure stock performance, K-mean clustering for cluster analysis and the Elbow method was used to determine the optimal number of clusters. The results showed that the 4 optimal number of clusters. Where cluster 1 determine the extreme return (5 companies), cluster 2 represent high return (12 companies), cluster 3 medium return (17 companies) and cluster 4 sufficient return (9 companies).
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Fatchur, M. Fatchurrohman, and Pungky Lela Saputri. "Limitation Of Non-Halal Income (Interest) In The Criteria Of Sharia Securities List In Indoneisia Stock Exchange." Eco-Iqtishodi : Jurnal Ilmiah Ekonomi dan Keuangan Syariah 4, no. 1 (2023): 51–64. http://dx.doi.org/10.32670/ecoiqtishodi.v4i1.2815.
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The Islamic capital markets in Indonesia have been developing over the last two decades, characterized by an increase in Islamic products and the issuance of regulations related to the Islamic capital markets, and the general public and investors are beginning to understand the list of Islamic securities. Next, there is one of the controversial criteria for the Sharia Securities List. That is, the total yield is less than 10%. It is understandable whether Islamic financial institutions earn income from bank interest before they are fully subject to Sharia law. This study analyzes the dispute using an associative approach by building relationships between social situations or domains based on the interdependencies of the dispute under study. It is a study to do. The results of this survey and discussion are based on an analysis of non-Halal income (interest) restrictions in the criteria for listing Shariah securities in Indonesia to address the conditions, risks and possibilities of DES. When the interest rate floor applies, few Shariah stocks need to be listed on flat Islamic securities and DES market shares, reducing interest in investing in the Islamic capital markets. This is also related to including other Shariah financial institutions. If the number of Islamic issuers decreases, the number of investors will surely decrease. Therefore, it will certainly be difficult to achieve in the development of the Islamic financial industry.
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Ghaemi Asl, Mahdi, Ibrahim D. Raheem, and Muhammad Mahdi Rashidi. "Do stochastic risks flow between industrial and precious metals, Islamic stocks, green bonds, green stocks, clean investments, major foreign exchange rates, and Bitcoin?" Resources Policy 86 (October 2023): 104186. http://dx.doi.org/10.1016/j.resourpol.2023.104186.
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Alwi, Irfriyandika, Ahmad Nuh, and Finantyo Eddy Wibowo. "IMPACT OF SYARIAH COMPLIANCE PERCEPTION AND INVESTMENT KNOWLEDGE ON SYARIAH STOCK INTEREST AMONG STUDENTS." Jurnal Impresi Indonesia 2, no. 10 (2023): 990–96. http://dx.doi.org/10.58344/jii.v2i10.3626.
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The advancement of technology and innovation in the capital market has significantly impacted public interest and participation in investment. This study aims to analyze the influence of factors such as perception of Syariah compliance and investment knowledge, as well as the combined impact of these factors on students' interest in investing in Syariah-compliant stocks in the Syariah capital market. The research employs a quantitative approach to the population of undergraduate students majoring in Islamic Economics and Sharia Economics Law at STIS AL-WAFA. The sample consists of 147 students selected through a questionnaire method. Validity, reliability, classical assumption tests, and multiple linear regression analysis are used for data analysis. The study's findings reveal that perception of Syariah compliance is insignificant in students' interest in investing in Syariah-compliant stocks at STIS AL-WAFA. Knowledge about Syariah investment significantly impacts students' interest in investing in Syariah-compliant stocks in the Syariah capital market. Perception of Syariah compliance and knowledge about Syariah investment jointly influence students' interest in investing in Syariah-compliant stocks in the capital market. Nevertheless, it is acknowledged that other factors not covered in this study might also influence students' interest in investing in Syariah-compliant stocks in the capital market. Therefore, in this context, understanding and reinforcing these factors are crucial to stimulate students' interest in investing in Syariah-compliant stocks in the Syariah capital market.
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Labidi, Chiraz, Dorra Laribi, and Loredana Ureche-Rangau. "Price and volume effects around Islamic index revisions: the case of DJIM-GCC." Managerial Finance 48, no. 2 (2021): 222–42. http://dx.doi.org/10.1108/mf-11-2020-0564.
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PurposeThis study explores the price and trading volume effects around the quarterly Dow Jones Islamic Market-GCC index (DJIM-GCC) revisions and investigates whether these reactions are driven by firms' fundamentals or by investors' perception of ethical screening.Design/methodology/approachThe authors adopt an event study methodology to analyze the price and volume effects of Islamic indices redefinitions.FindingsThe results exhibit a positive (negative) price reaction for added (deleted) stocks. The authors also document an asymmetric volume response for index additions and deletions. The multivariate analysis of the cumulative abnormal returns reveals that the documented market reaction around Islamic index revisions is mainly related to the compliance attribution (withdrawal).Originality/valueThe approach allows to separate the market reaction arising from changes in firms' fundamentals from that induced by investors' perception of the attribution or withdrawal of a compliance certification. Moreover, the focus on the GCC region, where countries share the same cultural traits and perceive Islamic law identically excludes any social effect that would influence the market reaction due to cultural differences between countries.
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Kang, Sang Hoon, Jose Arreola Hernandez, Mobeen Ur Rehman, Syed Jawad Hussain Shahzad, and Seong-Min Yoon. "Spillovers and hedging between US equity sectors and gold, oil, islamic stocks and implied volatilities." Resources Policy 81 (March 2023): 103286. http://dx.doi.org/10.1016/j.resourpol.2022.103286.
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Salbiah, Siti, Hendri Tanjung, and Abristadevi Abristadevi. "Analisis Fenomena Praktik Money Game pada Aplikasi Trading Investasi Menurut Perspektif Islam." Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah 5, no. 3 (2022): 985–96. http://dx.doi.org/10.47467/alkharaj.v5i3.1461.
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The rise of binary options trading, especially the OctaFX application, in carrying out buying and selling financial assets. Whether it's buying and selling foreign currency (forex), stocks, derivatives, to cryptocurrencies (cryptocurrency). practice money game and the views of Islamic law by using three sharia rule guidelines (AAOIFI Standards, MUI Fatwa, and POJK). Thus, it can determine the suitability of binary options trading with sharia law. In this study, the author uses a descriptive qualitative method of content analysis in which the data source is taken from news related to the object of research, namely the case of phenomena that occur in the OctaFX application from the period 2021 to early 2022. The data will be analyzed using content analysis , namely by adjusting the data obtained with the basic guidelines of sharia rules. The extent of compliance with sharia law on binary options trading on the OctaFX application. Based on the results of research conducted and explained by the author that trading practices on the OctaFX application are still far from conforming to sharia rules, as well as the existence of elements of money game which are characterized by the absence of legality in the application, the presence of gharar elements, and not in accordance with the rules of muamalah law. 
 Keywords: Money Game Practice, OctaFX Trading, Islamic Perspective
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Muhyidin, Muhyidin. "INDEKS PASAR MODAL DALAM PERSPEKTIF EKONOMI ISLAM." Stability: Journal of Management and Business 3, no. 1 (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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Chang, Bisharat Hussain, Arshian Sharif, Ameenullah Aman, Norazah Mohd Suki, Asma Salman, and Syed Abdul Rehman Khan. "The asymmetric effects of oil price on sectoral Islamic stocks: New evidence from quantile-on-quantile regression approach." Resources Policy 65 (March 2020): 101571. http://dx.doi.org/10.1016/j.resourpol.2019.101571.
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Godil, Danish Iqbal, Salman Sarwat, Arshian Sharif, and Kittisak Jermsittiparsert. "How oil prices, gold prices, uncertainty and risk impact Islamic and conventional stocks? Empirical evidence from QARDL technique." Resources Policy 66 (June 2020): 101638. http://dx.doi.org/10.1016/j.resourpol.2020.101638.
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Kettaf, Chafia, and Djaouida Belaa. "Islamic exchange-traded funds as a modern mechanism to revitalize the financial markets: case study of the Saudi financial market." Journal of Innovations and Sustainability 7, no. 1 (2023): 09. http://dx.doi.org/10.51599/is.2023.07.01.09.
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Purpose. The present paper aims to clarify the importance of exchange-traded funds (ETFs) as one of the creative Islamic financial products that have attracted the attention of investors in recent years.
 Results. This research concluded that: (i) Islamic ETFs are a useful and convenient option for Sharia-compliant investors who prefer this type of Sharia-compliant investment, whether they are beginners or want to diversify their stock investments without the hassle of research, analysis, and selecting the right companies. The fund itself consists of several stocks selected based on the nature of the indicator that the box simulates. (ii) Islamic ETFs are distinguished by their transparency as they are affiliated with a specific market index and their investments match the components of this index, such as if the fund is linked and affected by the movement of the general index of the market or a sector index, and the fund manager may set an index for his fund in coordination with a specialized body in this field. For example, he places an index of legitimate shares, it makes it simpler for the fund's unit owners to understand how well the fund is performing by comparing it to the performance of the indicators they monitor or model. (iii) From the same perspective, the method of creating an Islamic ETF is not different from its traditional counterpart, and the main difference between them lies in the benchmark index that Islamic ETFs track. (iv) Islamic ETFs invest only in companies that comply with Sharia regulations, and in the event that any stock in the index portfolio is not compatible, it is disposed of even if the expectations of its returns are high, and thus the investment opportunities for the Islamic ETF are in a narrow space compared to the investment opportunities available for traditional ETFs, which may reduce the opportunities for the fund's investment and affect the potential return of the fund. (v) The Islamic ETF industry is weak compared to its traditional counterpart, it has been witnessing a remarkable and important growth in the recent period, especially in the Gulf region, specifically Saudi Arabia, which is one of the regions most qualified to achieve significant growth rates in the Islamic ETF sector. (vi) In general, exchange-traded funds have an important place in the financial markets, especially the Saudi stock market, as investing in these funds would expand the base of the financial markets and give investors greater flexibility in choosing how to allocate their investments across market channels and sectors.
 Scientific novelty. This study focuses on the general framework of ETFs, which aims to focus on Islamic ETFs by providing advantages and its most important dealers in addition to the mechanism of how Islamic ETFs work. Finally, the importance of Islamic ETFs in the financial markets was considered, specifically through a study of the case of the Saudi financial market, from which the study concluded that it is necessary to pay more attention to this important investment tool, although the industry of Islamic ETFs is weak compared to its counterpart; but, it has recently witnessed a remarkable and important growth, and it plays a major role in stimulating trading in the financial markets.
 Practical value. The results of this study can be used in several financial markets, taking into account everything related to compliance with Islamic law.
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Millatina, Afifah Nur, and Puti Khairani Rijadi. "ANALISA INVESTASI BERLANDASAN HUKUM ISLAM." DIRHAM Jurnal Ekonomi Islam 3, no. 2 (2023): 73–82. http://dx.doi.org/10.53990/djei.v3i2.233.
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Many people still consider illegal investment activities to be the same as gambling games and so on, even though the Indonesian Ulema Council has carried out ijtihad and Ijma for good investment activities, starting from mutual funds, stocks, and so on. This research will examine all legal aspects regarding investment, the risks faced solutions to avoid investment risks, and so on in accordance with Islamic Sharia laws (Al-Qur'an, Al Hadith, Ijma, and Qiyas). and in investing, of course doing various things including analysis, so this research will discuss how to carry out an analysis of investments in accordance with Islamic law permissible (Al Qur'an, Al Hadst, Ijma, and Qiyas). This research was carried out from various literature and experiences of investors who have tasted a lot of sweetness and bitterness in the investment world. In the current era, there are very many investments that are lured to get 100% results in a short time, basically investing has a process and is not always profitable or even detrimental. This research will discuss dealing with all aspects of society that are deceived by fraudulent investments by theFinancial Services Authority.
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Mazouz, Khelifa, Abdulkadir Mohamed, and Brahim Saadouni. "Price Reaction of Ethically Screened Stocks: A Study of the Dow Jones Islamic Market World Index." Journal of Business Ethics 154, no. 3 (2016): 683–99. http://dx.doi.org/10.1007/s10551-016-3389-y.
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Godil, Danish Iqbal, Salman Sarwat, Muhammad Kamran Khan, Muhammad Sajjad Ashraf, Arshian Sharif, and Ilhan Ozturk. "How the price dynamics of energy resources and precious metals interact with conventional and Islamic Stocks: Fresh insight from dynamic ARDL approach." Resources Policy 75 (March 2022): 102470. http://dx.doi.org/10.1016/j.resourpol.2021.102470.
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Wahyudi, Nur. "Actualization of the Thoughts of Prof. Dr. Wahbah al-Zuhailiy in the Sale and Purchase of Stocks Transaction." International Journal of Islamic Khazanah 10, no. 2 (2020): 105–14. http://dx.doi.org/10.15575/ijik.v10i2.13671.
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This journal presents one of the thoughts of contemporary Islamic scholars, namely Prof. Dr. Wahbah al-Zuhaili. He is known to be very representative in judging every contemporary issue. His thinking is positioned as the basis of sharia for buying and selling shares. An understanding of the law of buying and selling shares will be answered by analyzing the thoughts of Prof. Dr. al-Zuhailiy, which is stated in his book, Al-Mu'āmalah al-Māliyah al-Mu'āshirah. Two questions in this research are: How does Prof. Dr. Wahbah al-Zuhailiy in the sale and purchase of shares? And how is the actualization of the thinking of Prof. Dr. Wahbah al-Zuhailiy in the sale and purchase of shares? Data collection is done using library research as the theoretical basis. After the primary and secondary data are collected, an in-depth analysis of the data sources uses deductive and inductive approaches. The conclusion obtained is that buying and selling shares is analogous to the concept of shirkah and muḍārabah (Muḍārabah musyarākah) contracts. In modern language, it is called musharakah mushamah. Actualization of the thoughts of Prof. Dr. Wahbah al-Zuhailiy in buying and selling shares is to provide syar'iy rules in it so that the transaction is legal according to shari'ah.
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Machtra, Catona, Muhammad Shabri Abdul Majid, and Taufiq Carnegie Dawood. "Does Foreign Interest Rate Determine Islamic Stock Prices?" Amwaluna: Jurnal Ekonomi dan Keuangan Syariah 7, no. 1 (2023): 1–10. http://dx.doi.org/10.29313/amwaluna.v7i1.7001.
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This paper aims to investigate whether foreign interest rate determines Islamic stock prices vis-à-vis domestic interest rate. The method applied is the Autoregressive Distributed Lag (ARDL) model to Indonesian data from January 2008 to June 2018. The study found a long-run negative relationship between foreign interest rate with both Islamic and conventional stock prices. Additionally, foreign interest rate is more important than domestic interest rate in determining the price of both types of stocks. Although Islamic stocks are affected by foreign interest rate dynamics, they are less responsive to changes of the Libor than conventional equities. In addition, it is found that GDP, money supply and real exchange rate has a long-run positive relation with both stock price. Thus, although Islamic equity prices are not insulated against foreign interest rates, they are less responsive to international financial markets movements than conventional stocks. For policy, authorities should pay close attention to foreign interest rate dynamics. While policy makers and fund managers in a dual capital market can use Islamic stocks to provide cushion against dynamics of international funds market.
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Bakri, Bakri. "Implementasi Berbakti Kepada Kedua Orang Tua dalam Perspektif Hukum Islam dan Akuntansi." Al-Mizan 17, no. 1 (2021): 187–200. http://dx.doi.org/10.30603/am.v17i1.2263.
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The purpose of this study is to know more deeply and analyze the meaning and form of devotion to both parents (birrul walidain) associated with the economic perspective of accounting and reviewed from the sources of Islamic law, namely the Qur'an and hadith. The methodology used is qualitative by conducting a literature analysis. The results of the analysis in this study that the child's obligation to provide maintenance to parents is included in the implementation of religious orders and laws. Alimony for the elderly is included in the category of alimony, because of kinship. A child is independent and owns the property. Meanwhile, the slave's parents had no property to free themselves. If our parents have a lot of debt then as a child when able it is obligatory to free the parents from debt slavery. In accounting, it is also explained that debt is an economic sacrifice for the future in the form of delivery of services, assets as part of a transaction or agreement in the past between the two parties. Not only in the form of cash but debt can also take the form of securities, bonds, stocks, debt acknowledgment letters, proof of debt, and much more. The treatment of a child who frees both his parents from debt bondage is an important part of the accounting system.
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Zanuba Ainindya El Fanani and Rizky Nur Ayuningtyas Putri. "The Effect of Stock Price, Trade Volume, Trade Frequency and Market Value on the Determinants of Share Liquidity of Sharia Bank Listed on the Indonesian Stock Exchange during the Covid-19 Pandemic." Jurnal Ekonomi Syariah Teori dan Terapan 10, no. 1 (2023): 69–81. http://dx.doi.org/10.20473/vol10iss20231pp69-81.
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ABSTRACT Investment has a positive impact on the country's infrastructure development stock investment is one of the economic activities that supports the government's development efforts and will also grow a business. The goal of this research is to analyze the impact of factors that can have an impact on the liquidity of Islamic Bank shares listed on the IDX in 2019-2021 and provide information to investors before investing in stocks using the variables of stock prices, stock trading volume, stock trading frequency, and market value. The method in this research is quantitative. This study uses secondary data. Selective sampling of three Islamic Bank shares is a technique used in collecting this research sample. Data analysis used panel data regression. During the covid-19 pandemic, stock buying and selling transactions were relatively high because trading volume and market value increased. Islamic banks reduce share prices, which increases the frequency of share trading in tandem with the volume of stock trading. The result of this research is that the balanced liquidity of Islamic Bank shares is the effect of the covid-19 pandemic. Stock prices and stock frequency have no significant effect on stock liquidity. Even though trading volume and market value have a significant impact on stock liquidity, This research can be used by bank management as a reference for making decisions, especially regarding share prices, trading volume, trading frequency, market value, and stock liquidity of Islamic banks. The results of this study can be used as a reference to see the condition of the stock liquidity of an Islamic bank as decision material before making an investment for investors. Keywords: Stock Price, Trading Volume, Trading Frequency, Market Value, Stock Liquidity. ABSTRAK Investasi berdampak positif terhadap pembangunan infrastruktur negara, investasi saham merupakan salah satu kegiatan perekonomian yang mendukung upaya pembangunan pemerintah dan juga akan menumbuhkan sebuah bisnis. Analisis faktor-faktor yang mampu memberikan dampak dan menjadikan informasi kepada investor sebelum melakukan investasi saham dengan menggunakan variabel harga saham, volume perdagangan saham, frekuensi perdagangan saham dan market value terhadap likuiditas saham Bank Syariah yang terdaftar di BEI tahun 2019-2021 merupakan tujuan dari penelitian ini. Penelitian kuantitatif dengan data sekunder menjadi metode dalam penelitian ini. Teknik purposive sampling pada 3 saham Bank Syariah adalah Teknik dalam pengumpulan sampel penelitian ini. Analisis data menggunakan regresi panel. Saat pandemi covid-19 transaksi jual beli saham terbilang tinggi karena volume perdagangan dan market value meningkat. Bank Syariah menurunkan harga saham yang mengakibatkan frekuensi perdagangan saham beriringan dengan volume perdagangan saham. Hasil dari penilitian ini adalah likuiditas saham Bank syariah yang seimbang merupakan efek dari adanya pandemi covid-19. Karena harga saham dan frekuensi saham tidak berpengaruh signifikan terhadap likuiditas saham. Meskupun volume perdagangan dan market value berdampak signifikan terhadap likuiditas saham. Penelitian ini bisa digunakan manejemen bank sebagai salah satu acuan untuk mengambil keputusan khususnya harga saham, volume perdagangan, frekuensi perdagangan, market value dan likuiditas saham Bank Syariah. Hasil penelitian ini diharapkan dapat menjadi acuan guna melihat kondisi dari likuiditas saham suatu Bank Syariah sebagai bahan keputusan sebelum melakukan investasi untuk investor. Kata Kunci: Harga Saham, Volume Perdagangan, Frekuensi Perdagangan, Market Value, Likuiditas Saham. REFERENCES Abidin, K. (2015). Pengaruh harga saham, volume perdagangan, dan suku bunga terhadap likuiditas saham pada perusahaan food and beverage yang terdaftar di bursa efek Indonesia. Jurnal Equilibrium, 13(1), 33–46. http://dx.doi.org/10.30742/equilibrium.v13i1.308 Ali, F. (2021). Pasar modal syariah. Retrieved from https://www.ojk.go.id/id/kanal/syariah/tentang-syariah/pages/pasar-modal-syariah.aspx Aswir, & Misbah, H. (2018). Pengaruh frekuensi perdagangan, harga saham masa lalu, dan volume perdagangan saham terhadap harga saham idx30. Photosynthetica, 2(1), 1–13. http://dx.doi.org/10.1016/B978-0-12-409517-5.00007-3 Djuniardi, D., Jumantin, E., & Jamhari, A. (2022). Trading volume, earnings per share and stock returns and their impact on bid-ask spreads on manufacturing industry sector stocks listed on the Indonesia stock exchange 2015-2018. Jurnal Penelitian Pendidikan Indonesia, 8(2), 383–389. https://doi.org/10.29210/020221467 Hadya, R. (2013). Pengaruh harga dan risiko saham terhadap likuiditas saham pada perusahaan-perusahaan. Jurnal BKP, 1(2), 208-231. Hardyanto, B. (2019). Repurchase agreement (REPO) buyers’ protection after the issuance of the regulation of the financial services authority number 09/POJK.04/2015. Padjadjaran Jurnal Ilmu Hukum (Journal of Law), 06(01), 109–127. https://doi.org/10.22304/pjih.v6n1.a6 Khoirayanti, R. N., & Sulistiyo, H. (2020). Pengaruh harga saham, volume perdagangan, dan frekuensi perdagangan terhadap bid-ask spread. JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi), 6(2), 231–240. https://doi.org/10.34204/jiafe.v6i2.2305 Muhardi, W. R. (2013). Pengaruh idiosyncratic risk dan likuiditas saham terhadap return saham. Jurnal Manajemen dan Kewirausahaan, 15(1), 33-40. https://doi.org/10.9744/jmk.15.1.33-40 Muna, H., & Khaddafi, M. (2022). The effect of stock split on stock return, stock trading volume, and systematic risk in companies listed on the Indonesia stock exchange. International Journal of Finance, Economics and Business, 1(1), 51–56. https://doi.org/10.56225/ijfeb.v1i1.4 Munthe, K. (2017). Perbandingan abnormal return dan likuditas saham sebelum dan sedudah stock split: studi pada perusahaan yang terdaftar di bursa efek Indonesia. Jurnal Akuntansi, 20(2), 254-266. https://doi.org/10.24912/ja.v20i2.57 Ningsih, T. R., & Asandimitra, N. (2017). Pengaruh bid-ask spread, market value dan variance return terhadap holding period saham sektor pertambangan yang listing di bursa efek Indonesia (BEI) Tahun 2011-2015. Jurnal Ilmu Manajemen (JIM), 5(3), 1-10. Patoni, A., & Lasmana, A. (2015). Pengaruh harga saham dan frekuensi perdagangan saham terhadap bid-ask spread (studi empiris pada perusahaan manufaktur yang melakukan stock split di bursa efek indonesia selama periode 2009-2014. 1(2), 1–12. https://doi.org/10.30997/jakd.v1i2.84 Pradani. (2016). Tinjauan umum tentang bank dan kredit bermasalah. Skrispsi tidak dipublikasikan. STIE Ekuitas. Rachman, A. (2022). Dasar hukum kontrak (akad) dan implementasinya pada perbankan syariah di Indonesia. Jurnal Ilmiah Ekonomi Islam, 8(1), 47–58. http://dx.doi.org/10.29040/jiei.v8i1.3616 Rahma, Q. A. (2015). Analisis pengaruh harga saham dan volume perdagangan terhadap likuiditas saham pada perusahaan go public yang melakukan stock split di bursa efek indonesia pada periode 2013-2014. Unpublished thesis. UIN Maulana Malik Ibrahim. Setiawan, A. E. (2020). Optimalisasi peran perbankan syariah dalam mengembangkan industri halal (Studi pada industri fashion busana Muslim di Provinsi Lampung). Unpublished thesis. UIN Raden Intan Lampung. Sezgin Alp, O., Canbaloglu, B., & Gurgun, G. (2022). Stock liquidity, stock price crash risk, and foreign ownership. Borsa Istanbul Review, 22(3), 477–486. https://doi.org/10.1016/j.bir.2021.06.012 Sidanti, H., & Istikhomah, A. (2021). The effect of stock price, share return, share trading volume, and return variant on bid-ask spread on textile and garment companies listed on the Indonesia stock exchange, 2019-2020. International Journal of Science, Technology & Management, 2(4), 1357–1366. https://doi.org/10.46729/ijstm.v2i4.269 Sitorus, T., & Elinarty, S. (2017). The influence of liquidity and profitability toward the growth of stock price mediated by the dividen paid out (Case in banks listed in Indonesia Stock Exchange). Journal of Economics, Business & Accountancy Ventura, 19(3), 377–392. https://doi.org/10.14414/jebav.v19i3.582 Surya, K. (2016). Pengaruh harga saham, volume perdagangan, market value dan varian return terhadap bid ask spread (Studi empiris pada perusahaan yang terdaftar di daftar efek syariah). E-Jurnal Universitas Muhammadiyah Yogyakarta, 1(1), 1–15. http://repository.umy.ac.id/handle/123456789/6390 Taslim, A., & Wijayanto, A. (2016). Pengaruh frekuensi perdagangan saham, volume perdagangan saham, kapitalisasi pasar dan jumlah hari perdagangan terhadap return saham. Management Analysis Journal, 5(1), 1–6. https://doi.org/10.15294/maj.v5i1.5781 Wahyuliantini, N. M., & Suarjaya, A. A. G. (2015). Pengaruh harga saham , volume perdagangan saham , dan volatilitas return saham pada bid-ask spread. Matrik: Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan, 9(2), 146–155. Yusra, M. (2019). Pengaruh frekuensi perdagangan , trading volume, nilai kapitalisasi pasar, harga saham, dan trading day terhadap return saham pada perusahaan kosmetik dan keperluan rumah tangga di bursa efek Indonesia. Jurnal Akuntansi Dan Keuangan, 7(1), 65-74. https://doi.org/10.29103/jak.v7i1.1841 Zahra, S. (2019). Analisis perbandingan harga saham dan volume perdagangan saham sebelum dan sesudah stock split dalam prespektif ekonomi Islam (Studi pada perusahaan manufaktur sektor industri dasar & kimia yang terdaftar di index saham syariah Indonesia tahun 2013-2017). Unpublished thesis. UIN Raden Intan Lampung.
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Insawan, Husain, Abdulahanaa, Otong Karyono, and Ida Farida. "The Covid-19 Pandemic and its Impact on the Yields of Sharia Stock Business Portfolio in Indonesia." International Journal of Professional Business Review 7, no. 6 (2022): e0941. http://dx.doi.org/10.26668/businessreview/2022.v7i6.e941.
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Purpose: This research aims to examine the impact of the COVID-19 pandemic on the performance of stock portfolios in Indonesia, particularly the sharia stock portfolios and common stocks in response to information sentiment due to the COVID-19 pandemic on the Indonesian stock exchange. Theoretical framework: Research by Bash & Alsaifi (2019) and Shanaev & Ghimire (2019) examined the relationship between stock returns through the stock index on political activity or its connection with environmental exploitation (Alsaifi et al., 2020; Guo et al., 2020). The relationship between stock price changes with sports (Buhagiar et al., 2018) and disasters (Kowalewski & Śpiewanowski, 2020). Design/methodology/approach: The data used in this study were 564 stocks, consisting of 356 Islamic stocks and 208 common shares provided by the Osiris database. The model testing used panel data regression with a time lag approach, where information on the number of positive cases, deaths, and recoveries due to COVID-19 each week affected the performance of the stock portfolio on that day. Findings: The testing of the performance of sharia and conventional stock portfolios showed that there is no significant difference in response to the COVID-19 pandemic information, but statistical statistics on Islamic stocks have a tendency to be more resistant to pressure from selling by investors in the Indonesian capital market compared to common stock portfolios, this is proven by the sharia stock correlation coefficient shown to be positive, on the other hand, the stock regression coefficient shows the opposite direction. Research, Practical & Social implications: This research is expected to be a recommendation material that has benefits for the development of Islamic economics, primarily can be implemented by sharia-based banks in Indonesia and other countries. Originality/value: This research focuses on studying the performance of stock portfolios in Indonesia. This research responds to the impact of the Covid-19 pandemic on the performance of stock portfolios, which is focused on Islamic stock portfolios.
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Jufri, Achmad, Masriani Adhillah, and Abdul Qoyum. "Efek Asimetris Spillover Indeks Syariah Amerika Serikat dan Cina terhadap Indeks Syariah ASEAN selama Pandemi Covid-19." Jurnal Ekonomi Syariah Teori dan Terapan 9, no. 3 (2022): 286–98. http://dx.doi.org/10.20473/vol9iss20223pp286-298.
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ABSTRAK Penelitian ini bertujuan untuk menguji spillover effect indeks saham syariah Amerika Serikat dan Cina terhadap indeks saham syariah ASEAN dengan menggunakan metode Nonlinier Autoregressive Distributed Lag (NARDL) untuk menemukan spillover effect yang bersifat asimetris selama pandemi Covid-19. Data yang diamati dimulai pada 1 Januari 2020 sampai dengan 30 September 2021 dengan total observasi sebanyak 336 data untuk masing-masing indeks saham. Penelitian ini mendapatkan beberapa temuan. Pertama, indeks saham syariah Amerika Serikat dan Cina memiliki pengaruh asimetris jangka pendek terhadap indeks saham syariah Indonesia, Malaysia dan Thailand selama pandemi Covid-19. Kedua, indeks saham syariah Amerika Serikat dan Cina hanya memiliki pengaruh asimetris jangka panjang terhadap indeks saham syariah Malaysia selama pandemi Covid-19. Ketiga, efek ketika terjadi penurunan indeks saham syariah Amerika Serikat dan Cina lebih besar dibandingkan pada saat terjadi kenaikan terhadap indeks saham syariah Malaysia selama pandemi Covid-19. Salah satu penyebab hubungan tersebut adalah karena adanya hubungan dagang yang sangat erat antara Amerika Serikat dan Cina terhadap Malaysia. Adapun implikasi dari penelitian ini adalah investor internasional dapat menjadikan hasil penelitian ini sebagai bahan pengambilan keputusan apabila terjadi kontraksi akibat krisis seperti pada saat pandemi Covid-19 terhadap indeks saham syariah Amerika Serikat dan Cina untuk mempertahankan maupun menjual portofolio investasi mereka. Kata Kunci: Spillover, Indeks Syariah, Asimetris, Covid-19. ABSTRACT This study aims to examine the spillover effect of Islamic stock indexes of the United States and China on the ASEAN Islamic stock index using the Nonlinear Autoregressive Distributed Lag (NARDL) method to find asymmetric spillover effects during the Covid-19 pandemic. The observed data starts on January 1, 2020, until September 30, 2021, with a total of 336 observations for each stock index. This study found some findings. First, the Islamic stock indexes of the United States and China have a short-term asymmetric influence on the Islamic stock indices of Indonesia, Malaysia, and Thailand during the Covid-19 pandemic. Second, the Islamic stock indexes of the United States and China have only a long-term asymmetric influence on Malaysia's sharia stock indexes during the Covid-19 pandemic. Third, the effect when there is a decline in Islamic stock indexes of the United States and China is greater than when there is an increase in the Malaysian sharia stock index during the Covid-19 pandemic. One of the reasons for this relationship is the very close trade relationship between the United States and China with Malaysia. The research implication of this study is that international investors can use the results of this research as a decision-making material in the event of a contraction due to the crisis (one of which is the Covid-19 pandemic) in the United States and China Islamic stock indexes to maintain or sell their investment portfolios. Keywords: Spillover, Islamic Index, Asymmetric, Covid-19. DAFTAR PUSTAKA Abdullahi, S. I. (2021). Islamic equities and covid-19 pandemic: Measuring Islamic stock indices correlation and volatility in period of crisis. Islamic Economic Studies, 29(1), 50-66. https://doi.org/10.1108/IES-09-2020-0037 Aslam, F., Mohmand, Y. 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Alshubiri, Faris. "Portfolio Returns of Islamic Indices and Stock Prices in GCC Countries: Empirical Evidence From the ARDL Model." SAGE Open 11, no. 2 (2021): 215824402110184. http://dx.doi.org/10.1177/21582440211018460.
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This study aimed to analyze four portfolio returns of Islamic indices to determine the potential of attracting investments in the Islamic Stock Price Index of the six Gulf Cooperation Council (GCC) countries. Monthly data were collected from S&P Dow Jones Indices LLC reports covering the period from December 31, 2010 to December 31, 2019. The study applied the autoregressive distributed lag (ARDL) method for estimation. The findings show that the S&P GCC Composite Shariah, the S&P GCC Composite Shariah Dividend, and the S&P Shariah Domestic Total Return Index are positively related in the long run to the Islamic Stock Price Index but S&P GCC Investable Shariah is negatively related to the Islamic Stock Price Index. The error correction model (ECM) results for the short-run ARDL model indicate that the S&P GCC Composite Shariah and the S&P GCC Investable Shariah are positively related to the Islamic Stock Price Index but S&P Shariah Domestic Total Return Index is negatively related to the Islamic Stock Price Index. The main conclusion is that positive growth in the price of Islamic stocks depends on diversifying the Islamic investment portfolio to hedge against unexpected risks.
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Shovkhalov, S. A., and M. R. Abdulmuslimov. "Regulation of investment transactions in Islamic law." Voprosy Ekonomiki, no. 1 (January 11, 2022): 147–60. http://dx.doi.org/10.32609/0042-8736-2022-1-147-160.
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The purpose of this article is to outline the basic rules of Islamic law in the matter of regulating investment transactions in order to facilitate the development of investment activity of Muslims in accordance with Islamic law. The key prohibitions in the stock market and the criteria for the selection of shares of companies that undergo Shariah analysis are formulated, and based on this, some of the joint stock companies are listed, for which the Islamic law allows to trade shares.
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Ansari, Rizal, Tulasmi, and Sawitri. "Impact of Investor Sentiment, Exchange Rates, and Foreign Capital Flow on Jakarta Islamic Index Stock Returns." Journal of Islamic Economics Lariba 8, no. 1 (2022): 213–28. http://dx.doi.org/10.20885/jielariba.vol8.iss1.art13.
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This study examines the impact of investor sentiment, changes in exchange rates, and foreign capital flow on the Jakarta Islamic Index's return. This study uses daily data between January 2, 2017, and December 30, 2021. After examining the characteristics of autocorrelation and stationarity, we apply the Difference-Generalized Methods of Moment (D-GMM) model. In short, we do not find the effect of investor sentiment on stock returns in both contemporaneous and lag periods. Meanwhile, significant changes in exchange rates have a negative effect on stock returns on contemporaneous and lags, but foreign portfolio flows on contemporaneous and significant lags positively affect stock returns. Thus, our results have implications for trading strategies, asset pricing, and portfolio management carried out by foreign investors on Islamic stocks in Indonesia.
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Farras, Naufal Haidar, and Darwanto Darwanto. "ANALYSIS OF THE INFLUENCE OF SHARIA FINANCIAL SECTOR ON INDONESIAN NATIONAL INCOME 2011-2020." Jurnal Ekonomi Syariah Teori dan Terapan 8, no. 5 (2021): 630. http://dx.doi.org/10.20473/vol8iss20215pp630-640.
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ABSTRAKPenelitian ini bertujuan untuk menganalisis pengaruh variabel sektor keuangan syariah terhadap Pendapatan Nasional Indonesia yang masih terkenal belum maksimal. Variabel sektor keuangan syariah terdiri dari indeks saham syariah, reksadana syariah, obiligasi syariah, serta perbankan syariah. Variabel Pendapatan Nasional Indonesia menggunakan data Produk Domestik Bruto Indonesia. Penelitian ini menggunakan metode ARDL (Autoregression Distributed Lag) yang mengukur pengaruh dalam jangka pendek maupun panjang secara parsial maupun stimultan. Penelitian ini menggunakan data triwulan yang diperoleh dari Statistik Saham Syariah, Statistik Reksadana Syariah, Statistik Sukuk Syariah, serta Statistik Perbankan Syariah dari Otoritas Jasa Keuangan. Sedangkan data Produk Domestik Bruto Indonesia didapatkan dari Kementerian Perdagangan Republik Indonesia periode waktu antara Januari 2011 sampai dengan Desember 2020. Hasil penelitian secara parsial menunjukkan bahwa dalam jangka pendek, perbankan syariah berpengaruh positif positif terhadap PDB, saham syariah dan reksadana syariah berpengaruh negatif terhadap PDB, sedangkan obligasi syariah tidak berpengaruh terhadap PDB. Dalam jangka panjang, perbankan syariah berpengaruh positif positif terhadap PDB, saham syariah dan reksadana syariah berpengaruh negatif terhadap PDB, sedangkan obligasi syariah tidak berpengaruh terhadap PDB. Secara simultan dalam jangka pendek dan jangka panjang sektor keuangan syariah tidak memiliki hubungan kointegrasi jangka Panjang terhadap Produk Domestik Bruto Indonesia.Kata Kunci: Indeks Saham Syariah, Reksadana Syariah, Obligasi Syariah, Perbankan Syariah, Produk Domestik Bruto. ABSTRACTThis study aims to analyze the effect of Islamic financial sector variables on Indonesia's National Income which is still not maximized. The Islamic finance sector variables consist of Islamic stock index, sharia mutual funds, sharia bonds, and sharia banking. The Indonesian National Income Variable uses Indonesia's Gross Domestic Product data. This study uses the ARDL (Autoregression Distributed Lag) method which measures the effect in the short term either partially or simultaneously. This study uses quarterly data obtained from Sharia Stock Statistics, Sharia Mutual Fund Statistics, Sharia Sukuk Statistics, and Sharia Banking Statistics from the Financial Services Authority. Meanwhile, Indonesia's Gross Domestic Product data was obtained from the Ministry of Trade of the Republic of Indonesia for the period between January 2011 to December 2020. The partial results show that in the short term, Islamic banking has a positive effect on GDP, Islamic stocks and Islamic mutual funds have a negative effect on GDP, while Islamic bondon has no effect on GDP. In the long term, Islamic banking has a positive positive effect on GDP, Islamic stocks and Islamic mutual funds have a negative effect on GDP, while Islamic bonds have no effect on GDP. Simultaneously, in the short and long term, the Islamic finance sector does not have a long-term cointegration relationship with Indonesia's Gross Domestic Product.Keywords: Sharia Stock Index, Sharia Mutual Funds, Sharia Bonds, Sharia Banking.
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Amin, Md Fouad Bin. "Asymmetric Impact of Oil Prices and Stock Prices on Bank’s Profitability: Evidence from Saudi Islamic Banks." International Journal of Islamic Economics and Finance (IJIEF) 5, no. 1 (2022): 31–58. http://dx.doi.org/10.18196/ijief.v5i1.11835.
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The soundness of financial institutions including banks depends on both internal factors and external factors. The profitability of the banks largely affected by external shocks like oil prices and stock prices. As an oil-exporting country, Saudi economy particularly its banking sector largely rely on the oil prices. This study examines the asymmetric impact of oil prices and stock prices on Saudi Islamic banks’ profitability for the period 2000-2020. Two Saudi Islamic banks’ profitability is examined by the factors like Return on Equity (ROE) and Return on Assets (ROA) with the help of a nonlinear autoregressive distributed lag (NARDL) model. The estimated results are observed to be unbiased and robust. The results of this study show that OILP and STOCKP have significant role in determining the Islamic banks’ profitability in Saudi Arabia. Both higher oil prices and stock prices have positive influence on ROE and ROA of Saudi Islamic banks. This study suggest that development and efficiency of Saudi stock market is important and macroeconomic policy should support the country’s economic diversification. The management of Islamic banks need to focus on effective risk assessment and market monitoring tools to face the fluctuation of oil prices and their stock prices as these factors affect their profitability. Besides, Saudi Islamic banks need to diversify their investment portfolios into more productive and export oriented private sectors such as Small Medium Enterprises (SMEs). This strategic policy will enable Islamic banks to absorb any future shock of oil prices without affecting their profitability.
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Apriantoro, Muhammad Subhi, Bagas Anuraga, Hawanda Choirunnisa Akbar, and Rozi Irfan Rosyadhi. "Stock Investment with Scalping Trading Method in Islamic Law Perspective." Al-Iktisab: Journal of Islamic Economic Law 6, no. 2 (2022): 121. http://dx.doi.org/10.21111/al-iktisab.v6i2.8269.
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Talha, Mohammad, Syed Mohammad Faisal, and Ahmad Khalid Khan. "Shariah Law in Commercial Banking and Stock Market: Recent Development, Challenges and Practices." International Journal of Religion 5, no. 6 (2024): 620–30. http://dx.doi.org/10.61707/4brms430.
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In current years, there has been much dialogue about putting Shariah law into commercial banking and stock market practices. Because Islamic finance keeps getting more crucial and critical to the world economy, this research paper scrutinizes how Shariah law has changed, what problems it has triggered, and how it is used in commercial banking and the stock market. The study lures on a comprehensive review of the literature and an analysis of the practices and regulations related to Shariah law in commercial banking and the stock market. The verdicts designate that there has been significant progress in Shariah-compliant financial products and services, with an aggregate number of financial institutions seeking to knock on the door of the rising Islamic finance market. Generally, the study contributes to the thoughtful understanding of Shariah law in commercial banking and stock market practices, highlighting the developments, challenges, and practices associated with this mounting and growing sector of the global economy. The study proposes that policymakers and regulators keep supporting the growth of Shariah-based financial products and services while also addressing the complications and guaranteeing they align with Shariah law.