Key factors influencing Generation Z participation in Islamic mutual funds in Indonesia

This study aims to evaluate and analyze the development of research on "Islamic Mutual Fund in Indonesia" in Indonesia. Using a descriptive qualitative approach and meta-analysis, data was collected from 171 journal articles indexed in the Dimensions database until July 1, 2024. The data collection process was conducted by searching for journal publications using the keyword "Islamic Mutual Fund in Indonesia" and selecting relevant articles based on certain criteria, including the requirement for a DOI. The analysis was conducted using VOSviewer software to perform a detailed bibliometric analysis, including author maps and keyword maps that show trends and co-occurrences in related publications. The results show that the topic of Islamic Mutual Fund in Indonesia is most widely discussed in the category of "Commerce Management Tourism and Services", followed by "Economics" and "Philosophy and Religious Studies". This research provides an overview of the collaboration network structure and relationships between authors in the scientific network as well as identifying trends and patterns in Islamic Mutual Fund in Indonesia research.

This study determined the short-term and long-term effects of Inflation, Indonesia crude price, and Indonesia sharia stock index on sharia mutual funds in Indonesia. This research utilized secondary data from January 2014 - December 2023 sourced from the Financial Services Authority (OJK), Central Agency on Statistics (BPS), Ministry of Energy and Mineral Sources of the Republic of Indonesia (KESDM). This study uses long run and short run VECM tests. The results show that the long-run VECM estimates indicate that the Inflation variable and the Indonesian sharia stock index have a long-term significant positive effect on Islamic mutual funds in Indonesia. While the Indonesian crude price has a long-term significant negative effect on Islamic mutual funds in Indonesia. The short run VECM estimation results show that there are no variables that affect Islamic mutual funds in Indonesia. Granger causality test reveals the causal relationship between various variables on Islamic mutual funds. The conclusions obtained can be used as a reference for potential investors in making investment decisions for the short and long term.

The objective of this study is to evaluate the performance of Islamic mutual funds in Indonesia and Malaysia. Research conducted on the types of shares mutual funds in the period 2014 until 2016. The technique sample used was purposive sampling method with 13 Islamic mutual funds in Indonesia and 72 Islamic mutual funds in Malaysia. Fund performance measured by Sharpe index, Treynor index, and Index of jenesen’s Alpha. The results of this study showed in 2014 and 2016 Islamic mutual fund performance be superior to Indonesia than Malaysia. While in 2015 Islamic mutual fund performance Malaysia be superior compared to Indonesia. Based on the results of this research, it is recommended for investment managers to increase the publication of and understanding of mutual funds so that more potential investors who are interested in investing in mutual funds in particular Islamic mutual funds.

The objective of this study is to evaluate the performance of Islamic mutual funds in Indonesia and Malaysia. Research conducted on the types of shares mutual funds in the period 2014 until 2016. The technique sample used was purposive sampling method with 13 Islamic mutual funds in Indonesia and 72 Islamic mutual funds in Malaysia. Fund performance measured by Sharpe index, Treynor index, and Index of jenesen’s Alpha. The results of this study showed in 2014 and 2016 Islamic mutual fund performance be superior to Indonesia than Malaysia. While in 2015 Islamic mutual fund performance Malaysia be superior compared to Indonesia. Based on the results of this research, it is recommended for investment managers to increase the publication of and understanding of mutual funds so that more potential investors who are interested in investing in mutual funds in particular Islamic mutual funds.

Purpose — This study aims to test and analyze domestic and foreign factors' effects on Islamic mutual funds' long-term and short-term Net Asset Value in Indonesia.Method — The research is associative quantitative research. The data used is secondary data in the form of time series data for 2015-2022. Data sources were obtained from the Central Bank of Indonesia, the Financial Services Authority, and Yahoo Finance. Data analysis used time series econometrics with the Error Correction Model (ECM) approach.Result — The ECM estimation results show that in the long run, the money supply, the Jakarta Composite Index (JCI), positively affects the Net Asset Value (NAV) of Islamic mutual funds, and World oil prices hurt the NAV of Islamic mutual funds in Indonesia. In contrast, the World gold price does not affect the NAV of Islamic mutual funds. In the short term, JCI positively affects the NAV of Islamic mutual funds, and the World gold price hurts the NAV of Islamic mutual funds in Indonesia. Conversely, money supply and World oil prices do not affect the NAV of Islamic mutual funds in Indonesia.Contribution — This study makes a significant academic contribution by expanding the understanding of factors influencing the Net Asset Value (NAV) of Islamic mutual funds in Indonesia, addressing the research gap regarding the limited inclusion of variables, and suggesting the need for further exploration and comparative studies in different countries or regions.

The purpose of this study was to evaluate the performance of Islamic mutual funds in Indonesia by using measuring Treynor and blacks models, the object of this research is an active Islamic mutual funds from November 2012 to October 2014 and Islamic mutual funds are categorized in this study amounted to 19 in research that 12 of the 19 Islamic mutual funds have a positive ratio means Islamic mutual funds are able to generate returns that correspond to specific risks and suitable as an investment, ranking the top three Islamic mutual funds are each Shariah index mutual funds, mutual funds mixture sharia, and sharia mutual revenue fixed. This study also found that Islamic mutual funds had an average return above average return Jakarta Islamic sharia reksadana risk index but worse than Jakarta Islamic index. and based on the rating in view of his return equity funds ranked first followed by mixed funds in second place and Islamic mutual funds index ranked the three. Keywords : Islamic mutual funds, Treynor and blacks model

: This research was motivated by increasingly Islamic fnancial industry in Indonesia, especially in Islamic mutual funds. Islamic mutual funds in Indonesia has signifcant growth in the capital market. One measured of the performance of an investment in the Fund Sharia views of the Net Asset Value (NAV) of a mutual fund. Fund performance is inseparable from a variety of factors both internal and external factors. In this study, researchers attributed the Net Asset Value (NAV) Islamic mutual funds in Indonesia with macro-economic Factor (infation, exchange rate and BI rate). Techniques used in This research is multiple linear regression is used to prove the hypothesis of the study. Data that has fulflled normality test and classical assumption processed by multiple. These results indicate (1) Partially occurred a signifcant positive effect between infation and Net Asset Value (NAV) Mutual funds sharia, (2) Partially Exchange positive and signifcant impact on the Net Asset Value (NAV) Mutual funds Sharia period 2010- 2016 (3) partially BI rate and no signifcant negative effect on the net asset value (NAV) Mutual funds Syariah period 2010-2016. Then through the F test can be in the know that simultaneously there is signifcant infuence between infation, exchange rates and the BI rate to the Net Asset Value (NAV) of mutual funds sharia in Indonesia. Keywords : Infation, exchange rate, the BI rate, the net asset value (NAV) of Islamic mutual funds

Purpose ­­­ – This study aims to perform the short-term and long-term relationships between net asset value of Islamic mutual funds within macroeconomic variables, to analyze responses towards the economic shock, and to analyze the composition of the net asset value of Islamic mutual funds within selected macroeconomic variables. Methodology – Monthly data over the 2015-2019 period were analyzed using the Vector Error Correction Model (VECM), impulse response test, and variance decomposition test. Findings – The results show that inflation, money supply, and gross domestic products had a positive and significant effect on the net asset value of Islamic mutual funds, on the other hand, the rupiah exchange rate had a negative thus insignificant effect on the net asset value of Islamic mutual funds. Research limitation/implication – The main limitation of this research is the lack of a variable that represents the Islamicity index, which can differentiate the driven factors of FDI in Muslim and non-Muslim organization countries. Practical implication – This study suggests that the society and the government should collaborate to maintain the stability of the rupiah exchange rate by buying domestic products, strengthening the real sector. Originality – Here we provide an update data of macroeconomics variables dynamics (e.g. GDP, inflation, exchange rate, and money supply) and its implication to Islamic mutual funds – i.e. net asset value over 2015-2019. We used a novel timeseries analytical approach (VECM) to estimate the magnitude of macroeconomics effects to Islamic mutual funds in Indonesia.

The study aims to examine the effect of operational performance, age, and size of mutual fund, on the performance of Islamic mutual funds in Indonesia and Malaysia. The data used collected from the monthly reports of Islamic mutual funds for the period 2016-2018, and then analyzed using panel data regression method. The total number of data was 44 from Indonesia and 46 from Malaysia. The results of statistical tests show that the operational performance and size of Islamic mutual funds have no effect on the performance of Islamic mutual funds both in Indonesia and in Malaysia. Meanwhile, the age of mutual funds is proven to have a significant negative effect on the performance of Islamic mutual funds in Indonesia, but on the contrary it is identified as having a significant positive effect on the performance of Islamic mutual funds in Malaysia. Furthermore, this study did not find any significant differences between the performance of Islamic mutual funds in Indonesia and Malaysia

The development of capital markets in Indonesia is encouraging. It brings a positive impact on the development of the investment system in accordance with the basic principles of sharia, in the capital markets sector in Indonesia, or better known by the term Islamic capital market. Islamic capital market is developed with the aim of accommodating the needs of Muslims in Indonesia that performs investment in capital market products in accordance with the basic principles of sharia. As we know that Indonesia is a country with a predominantly Islamic population makes Indonesia has a potential market for Islamic products. The problems of this study are the factors that influence the growth and development of Sharia Mutual Funds in Indonesia until 2014. The purpose of this study is to determine the factors that affect the growth and development of Sharia Mutual Fund in Indonesia, in particular on the list of Sharia Mutual Funds issued by OJK (Financial Services Authority) to 2014. This research is a qualitative research that does not test the hypothesis, but is intended to gain a deeper understanding of the various variables describing the past circumstances or phenomenon is happening today. The data used in this research is secondary data. This research is conducted by analyzing data collected by the author, which is derived from the issuer's financial statements, related websites, journals of sharia economic, sharia economic papers and other related sources. The analysis technique used by the author in this study is descriptive-qualitative method, a method that is done by collecting data, compiling and interpreting the results in order to obtain a clear picture of the growth and development of Sharia Mutual Funds in Indonesia until 2014. The results of this study shows that the main factor affecting the growth and development of Sharia Mutual Fund in Indonesia is the active role of government, both in terms of regulation or other supports, affecting various aspects, such as the development of product innovation. Keywords: Mutual Funds, Islamic Mutual Fund, the Government of Indonesia

Purpose - This study aims to find a comprehensive literature on Islamic mutual funds in Indonesia.Method - This study uses a qualitative approach with bibliometric analysis.Result - The results of the study identify leading academic authors, journals, and institutions related to Islamic mutual funds in Indonesia. Several popular topics and keywords for the theme of Islamic mutual funds in Indonesia have the potential to be studied further, especially related to the behavior of Islamic mutual fund investors in Indonesia.Implication - The importance of investor behavior for the development of the Islamic mutual fund industry in Indonesia.Originality - This study uses 101 publications indexed in the Dimensions database from 2006 to 2022. The keywords used in the data search are “Islamic mutual funds” AND “Indonesia”

The purpose of this study was to determine the effect of asset allocation, stock selection, and the level of risk on Islamic mutual funds in Indonesia. The research method used is multiple linear regression. The data used in this study are secondary data such as the NAB report for Islamic equity mutual funds in Indonesia from 2007-to 2011. The results showed that stock selection had a positive and significant effect on Islamic equity mutual funds in Indonesia, while asset allocation and risk had a negative effect on Islamic equity mutual funds in Indonesia.

Investment is one of the efforts to overcome the problems that occur in the Indonesian economy. There are many investment sectors that can be used to invest excess capital or assets. Islamic mutual funds as a form of investment institution innovation from conventional mutual funds have fundamental differences in the management of investor funds, which must be guided by and must not conflict with sharia values. Several mutual fund studies in Indonesia mention that the prospect of developing Islamic mutual funds is experiencing quite good growth both in terms of performance and program. This research uses literature research method. The purpose of this study is to analyze the prospects for the development and growth of Islamic mutual funds in Indonesia. From several previous studies, it is concluded that the development of Islamic mutual funds also has promising economic prospects in the future. Factors that can hinder the development of Islamic mutual funds are caused by the literacy of the general public regarding Islamic mutual funds, where people assume that Islamic mutual fund investments are only for Muslims so that in general people are more likely to choose conventional mutual fund investments when viewed in terms of fund management experience.

This research aims to find out the comparison between the performance of Islamic mutual funds of stock, Islamic mutual funds of fixed income and combined Islamic mutual funds. The method of this measuring calculates upon the risk factors and the return rate of those three kinds of Islamic mutual fund. This research uses 21 samples of Islamic mutual fund in Indonesia which consist of seven Islamic mutual funds of stock, seven Islamic mutual funds of fixed income and seven combined Islamic mutual funds. The approach used is a quantitative approach with the analysis technique of ANOVA. The result of this study shows that there is no difference between the performances of Islamic mutual funds of stock, Islamic mutual funds of fixed income and combined Islamic mutual funds on the period of January 2012 until December 2014 which has been analyzed using Sharpe method.

This research aims to find out the comparison between the performance of Islamic mutual funds of stock, Islamic mutual funds of fixed income and combined Islamic mutual funds. The method of this measuring calculates upon the risk factors and the return rate of those three kinds of Islamic mutual fund. This research uses 21 samples of Islamic mutual fund in Indonesia which consist of seven Islamic mutual funds of stock, seven Islamic mutual funds of fixed income and seven combined Islamic mutual funds. The approach used is a quantitative approach with the analysis technique of ANOVA. The result of this study shows that there is no difference between the performances of Islamic mutual funds of stock, Islamic mutual funds of fixed income and combined Islamic mutual funds on the period of January 2012 until December 2014 which has been analyzed using Sharpe method.