Islamic Capital Market In Indonesia Research Articles

Analisis Kinerja Reksa Dana Saham Syariah Sebelum Dan Setelah Penerapan Roadmap Pasar Modal Syariah 2020-2024

The Islamic capital market in Indonesia has witnessed significant progress, particularly in the development of products such as Shariah equity mutual funds. In the period 2017-2022, the Net Asset Value (NAV) of Shariah equity mutual funds reached IDR 153,40 trillion. However, in terms of performance, Shariah equity mutual funds still recorded minor results. The Financial Services Authority (OJK) has endeavored to enhance the potential of the Islamic capital market through the launch of the Shariah Capital Market Roadmap 2020-2024. To evaluate the positive impact of this policy, this research examines the factors influencing the performance of Shariah equity mutual funds during the period 2017-2022. A quantitative descriptive approach is employed using non-probability judgement sampling. Panel data is analyzed using multiple linear regression, with dummy variables used to identify performance differences before and after the implementation of the Shariah Capital Market Roadmap 2020-2024. Research findings indicate that cashflow, IHSG (Indonesia Stock Exchange Composite Index), and the age of Shariah equity mutual funds significantly influence performance. However, the impact of NAV is observed but not statistically significant. The dummy variable shows a negative and significant value, indicating performance differences between the two observed periods

Meningkatkan Ekonomi Berkeadilan: Solusi Pasar Modal Syariah di Indonesia

The Islamic Capital Market (ICM) is a Sharia-compliant capital market where transactions are conducted fairly and without involving elements of usury, speculation, or gharar. This market has been rapidly growing in various countries, including Indonesia. However, it still needs challenges, such as the limited understanding of Islamic investment products among the public and restricted regulations. This research aims to provide a deeper understanding of the concept and development of the Islamic capital market in Indonesia and other countries and the challenges in its development. It also seeks to identify the benefits of Islamic investment for the economy, thereby helping to improve literacy and participation in the Islamic capital market. The research methodology used is a literature review with descriptive-qualitative data analysis techniques. Scientific literature related to the ICM concept, the development of Islamic capital markets in Indonesia and other countries, and the challenges in ICM development were used as data sources. The findings indicate that the Islamic capital market has significant potential for growth and serves as an alternative for investors seeking Sharia compliant investments. However, efforts are needed to enhance education and literacy about the Islamic capital market among the public and improve and refine regulations.

PENGARUH WAKAF SAHAM DAN WAKAF PRODUKTIF TERHADAP PASAR MODAL SYARIAH SERTA PERTUMBUHAN EKONOMI MASYARAKA

This research aims to analyze the direct and indirect effects of stock endowments and productive endowments through the Islamic capital market on economic growth in Indonesia. The analysis method used is path analysis. The results of the research show that, directly, stock endowments have a positive and significant influence on the Islamic capital market, and the Islamic capital market also has a positive and significant influence on economic growth. On the other hand, productive endowments do not have a significant direct influence on the Islamic capital market or economic growth. Indirectly, both stock endowments and productive endowments through the Islamic capital market have a negative and non-significant influence on economic growth. Based on these analysis results, it can be concluded that stock endowments can be used as an instrument to develop the Islamic capital market in Indonesia and contribute positively to economic growth. Meanwhile, productive endowments still do not have a significant influence on the Islamic capital market or economic growth. Therefore, efforts are needed to enhance the effectiveness of productive endowments in driving the Islamic economy in Indonesia

Measuring the Potential Integration of Indonesian Sharia Capital Market with the OIC Member Countries

The Indonesian Composite Index (ICI) experienced a critical session, the data showed the ICI fell by 6.58% which was the biggest decline in the last 9 years. The prevailing notion was that this pressure stemmed from the prevalence of the Covid-19 concern and is anticipated to be alleviated once Covid-19 disseminates further. The purpose of this study is to determine the causality and long-term cointegration relationship between sharia stock in Indonesia and the Organization of Islamic Cooperation (OIC) member countries, as well as to determine the contribution of shares of OIC member countries, such as Egypt, Oman, Saudi Arabia, Kuwait, Turkey, Bahrain, and Malaysia in the collapse of the Islamic capital market in Indonesia. The method used in this research is quantitative by using secondary data in the form of daily prices of the Sharia index sourced from the website www.investing.com. The population of the countries related to this research is 56 members of the OIC that are active until 2021. For data analysis, several tests were conducted, such as; Testing Time Series Data, Vector Autoregressive (VAR), Granger Causality Test, Johansen Model Cointegration Test, and Contagion Effect Test. The study found that; has not been able to prove the existence of cointegration between the Indonesian Islamic stock exchange and the stock exchanges of OIC member countries other than the Malaysian stock exchange. However, this study proves the interdependence between the Malaysian and Indonesian Islamic stock exchanges, but in the long term, the contribution of the Indonesian stock exchange is greater than the Malaysian Islamic stock index. In addition, another finding was that during the Covid-19 shock, the Malaysian stock position index showed more independence, whereas the decline that occurred at the beginning of the pandemic was caused without the JII or ISSI intervention index.

CORRELATION ANALYSIS OF SHARIA CAPITAL MARKET GROWTH WITH INDEX SHARIA CAPITAL MARKET PERFORMANCE

This research is intended for informative purposes and adds insight regarding the capital market, the Islamic capital market, the growth of the Islamic capital market in Indonesia which is analyzed based on its correlation with the Islamic capital market performance index compared to the conventional capital market performance index which is tested through 3 test analyzes using the index Sharpe, Treynor, and Jensen. This research was conducted using data from 2007 to 2019. This study aims to provide information related to the relationship between the performance index of the Islamic capital market and its growth over time (2013-2019).

Pengaruh Persepsi Return, Risiko, Pengetahuan dan Religiusitas Terhadap Minat Berinvestasi di Pasar Modal Syariah

In its development, the Islamic capital market in Indonesia has experienced various obstacles, especially during the Covid-19 pandemic that hit the world in recent years, which is thought to be the main cause due to the low level of knowledge of the Islamic capital market and public interest in the Islamic capital market. Therefore, the purpose of this study is to find out what factors are expected to influence the dependent variable, namely the interest in investing in the Islamic capital market, which includes perceived return, perceived risk, investment knowledge, and religiosity. This research is a type of quantitative research using primary data from research objects which are KSPM Ahmad Dahlan University (UAD) and Yogyakarta Muhammadiyah University (UMY) with a total sample of 60 respondents using a sampling technique that is simple random sampling. Tests carried out include descriptive statistical tests, validity and reliability tests, classical assumption tests, multiple linear regression tests, hypothesis testing (F test and t test), and test the coefficient of determination. Based on the results of this study, the results show that: Partially only the variable perceived return has a positive and significant effect on the dependent variable so that H1 is accepted, and for H2, H3, and H4 it is partially obtained that these variables have no effect on the dependen variable, therefore H2, H3, and H4 rejected..

Analisis pengaruh kinerja keuangan dan variabel makroekonomi terhadap Indeks Saham Syariah Indonesia

The condition of the Islamic capital market in Indonesia continues to improve, resulting in an increasing number of investors. Investors were interested in investing pay attention to various factors, both financial performance and macroeconomic factors. Good financial conditions and positive macroeconomic factors support investment, affecting the stock index. This study aims to determine the effect of financial performance and macroeconomic factors on the Indonesian Sharia Stock Index. The data used include the current ratio, debt-to-equity ratio, return on equity, inflation, exchange rates, interest rates, and the Indonesian Sharia Stock Index. The method used to measure the effect of the independent variable on the dependent is multiple linear regression. The results showed that the debt-to-equity and current ratios did not affect the ISSI index. While return on equity, inflation, and exchange rates, as well as BI7, affect the Indonesian Sharia stock index.

PENGARUH KINERJA KEUANGAN DAN FIRM SIZE TERHADAP HARGA SAHAM PADA INDEX SAHAM SYARIAH

The Islamic capital market in Indonesia continues to grow, especially in the List of Sharia Securities (DES). Each year the DES on the stock effect continues to increase in the number of issuers. In Islamic stocks there are several stock indices, one of which is the Jakarta Islamic Index (JII). The JII index has decreased and increased in the 2014-2017 period. Usually, investors will analyze before buying shares, one of them is by doing a fundamental analysis or looking at the company's financial performance, so that investors will get information about the profit opportunities that they will get. Therefore this study aims to analyze and provide empirical evidence of the effect of Net Profit Margin (NPM), Return on Equity (ROE), Earning per Share (EPS), Debt Equity Ratio (DER) and Firm Size on the stock price of companies listed in JII. The samples used in this study were 18 company stock prices with the 2014-2017 time period. Based on the results of testing using EViews 10 software, simultaneously NPM, ROE, EPS, DER, and Firm Size have a significant effect on stock prices. While partially only the ROE and EPS variables have a significant effect on stock prices. Other variables, NPM, DER, and Firm Size have no significant effect on stock prices.

The Covid-19, Policy, and Islamic Capital Market in Indonesia

<p><em>This</em><em> paper examines the impact of Covid-19 (death and positive cases) on Indonesia's Islamic capital market, proxied by the Jakarta Islamic Index. Covid-19 data in Indonesia, which is proxied by four measures such as the number of new cases (NC), cumulative cases (CC), new deaths (ND), and cumulative deaths (CD). Further, whether any policy from regulators could mitigate its impact, we utilize daily time-series data from January to July and propose the multiple regression model to test its effect with some robustness checks. Our results indicate that Covid-19 leads to a lower price of the Islamic index, and the regulations from the government could reduce its negative impact. The negative impact of Covid-19 could be reduced by policies from the Indonesian government and other authorities like OJK, IDX, and BI. The policy from those regulators is grouped by policy backgrounds such as lockdowns and restrictions, reopening economy like new normal, fiscal, monetary, and macroeconomic, exchange rate, and balance of payments. Therefore, it is pivotal to alleviate Covid-19’s drawbacks on the Islamic capital market by providing relevant policies in Indonesia. </em></p>

Generation Z's Level Of Muslim Understanding On Sharia Capital Market

The growing public awareness of Islamic investment has encouraged the development of the Islamic capital market in Indonesia. Young people in most parts of the world have low levels of financial literacy. This is due to various factors such as socioeconomic and demographic. The low level of Islamic financial literacy is reflected in the low level of public understanding of the Islamic capital market. This study aims to measure the level of understanding of Muslim generation Z on the Islamic capital market. This research is a quantitative research using primary data. The sample of this research is Muslim generation Z, totaling 245 people with purposive sampling technique. Data analysis used in this research is univariate test. The results show that generation Z Muslims are related to the Islamic capital market at a good level of understanding as much as 39 percent, enough as much as 50 percent and less as much as 11 percent. Thus, generation Z Muslims in North Sumatra have a sufficient level of understanding related to the Islamic capital market. Various efforts can be made to increase understanding of Generation Z Muslims through education, outreach, seminars and promotions through social media.

Keberadaan Ekosistem Ekonomi dan Keuangan Terhadap Pertumbuhan Pasar Modal Syariah di Indonesia

The existence of a good Islamic economic and financial ecosystem will grow the performance of Islamic financial institutions. Islamic capital market institutions that manage investment products are expected to be able to manage these assets in order to provide benefits in the form of a greater rate of return to investors. This study aims to analyze the existence of the Islamic economic and financial ecosystem in increasing the growth of the Islamic capital market in Indonesia. This qualitative descriptive study was written based on literacy studies. The conclusion of the study is that a good Islamic economic and financial ecosystem can grow the performance of capital market institutions in Indonesia in improving the welfare of investors

Detecting an Existence of Bubble Price in Indonesian Islamic Stock

<i>Purpose</i> –The implementation of the Islamic capital market in Indonesia applies the principles of Islamic capital participation that meets the principles of sharia i.e. non-bubble stock. Screening of Islamic companies through methods applied by authority agencies with certain prerequisites actually cannot avoid speculative actions that represent with bubble price. This research intended to detect the existence of bubble price in the Indonesian Islamic Stock Index. This very useful for society that the grouping of an asset was not enough to get an Islamic principe. The current model or tools to analyse and detect the existence of bubble, the application of those method in Islamic assets was not avalibale. In order to appropriate with Islamic principes, the Islamic assets are not allowed contain bubble. This paper introduce that those principes establish or not using this paper analysis. An econometrical model as well as an equation, according to monthly data, Indonesian Islamic Stock Index (IDXS) variable analysed by Right Tail Augmented Dickey Fuller (RTADF) approach. This tool very useful to detect and date-stamping of bubble with more accurately than other tools. The results shows that Indonesian Islamic stock market contain or existing the price of bubble, even Islamic stock with any prohibition and selective instrument can not avoid from bubble phenomenon. The stock may exhibit sharia value, but if the market play the role, so that these value may fallen away.

Analisis Faktor-Faktor yang Mempengaruhi Minat Mahasiswa Berinvestasi di Pasar Modal Syariah

Investment is the process of saving money and putting it somewhere in the hope that it will increase in value. Many people are not familiar with the capital market, and many people who don't know much about it are more likely to invest in it and fall victim to fraud. In order to reduce fraud and feel safe when investing, the Indonesian people need to learn investment knowledge. The growth of Islamic banks has helped Islamic law develop as a part of the financial market. Although Indonesia is currently being hit by the Covid-19 pandemic, it is undeniable that the growth of the Islamic capital market in Indonesia has increased quite significantly. The Millennial generation is now looking for and trying to start investing. The millennial generation has the highest rate of unemployment of any generation in history.&#x0D; Keywords: investment knowledge, capital market, millennial generation

Analisis Faktor-Faktor yang Mempengaruhi Minat Mahasiswa Berinvestasi di Pasar Modal Syariah

Investment is the process of saving money and putting it somewhere in the hope that it will increase in value. Many people are not familiar with the capital market, and many people who don't know much about it are more likely to invest in it and fall victim to fraud. In order to reduce fraud and feel safe when investing, the Indonesian people need to learn investment knowledge. The growth of Islamic banks has helped Islamic law develop as a part of the financial market. Although Indonesia is currently being hit by the Covid-19 pandemic, it is undeniable that the growth of the Islamic capital market in Indonesia has increased quite significantly. The Millennial generation is now looking for and trying to start investing. The millennial generation has the highest rate of unemployment of any generation in history.&#x0D; Keywords: investment knowledge, capital market, millennial generation

Analisis Faktor-Faktor yang Mempengaruhi Minat Mahasiswa Berinvestasi di Pasar Modal Syariah

Investment is the process of saving money and putting it somewhere in the hope that it will increase in value. Many people are not familiar with the capital market, and many people who don't know much about it are more likely to invest in it and fall victim to fraud. In order to reduce fraud and feel safe when investing, the Indonesian people need to learn investment knowledge. The growth of Islamic banks has helped Islamic law develop as a part of the financial market. Although Indonesia is currently being hit by the Covid-19 pandemic, it is undeniable that the growth of the Islamic capital market in Indonesia has increased quite significantly. The Millennial generation is now looking for and trying to start investing. The millennial generation has the highest rate of unemployment of any generation in history.&#x0D; Keywords: investment knowledge, capital market, millennial generation

Strategi Peningkatan Daya Saing Saham dan Obligasi Syariah dalam Menghadapi Masa Pandemi dengan Metode SWOT

The COVID-19 outbreak has had an impact on various aspects throughout the world, especially in the economic field. The decline in state income and the threat of financial stability for both corporations and households continue to trigger an increase in the poverty rate in Indonesia. Regardless of the government's efforts, the public has changed their financial management style to invest in the Islamic capital market. This research aims to analyze strategies to increase the competitiveness of several Islamic capital market instruments, namely Islamic stocks and bonds (sukuk) during the pandemic. The main problem answered in this research is how Islamic stocks and bonds (sukuk) are able to increase the competitiveness of the Islamic capital market in Indonesia. The method used in this research is SWOT analysis with qualitative data types obtained from secondary data sources. This research concludes that the main strategy is to increase the marketing and socialization of Sharia investment products to the public, as well as add sharia securities and instrument development programs to expand the Sharia product mix in accordance with the applicable legal basis. Therefore, the strategy obtained is expected to be an input for Islamic stock and bond companies and other relevant stakeholders.

ASPEK HUKUM PASAR MODAL SYARIAH DI INDONESIA

Along with the development of the times in the capital market experienced several developments such as the existence of the Islamic capital market. Indonesia is one of the countries that has developed a sharia capital market, therefore the role of the government and MUI should be to make legal regulations that regulate and become the basis for capital market activities so that they are in line with sharia principles so that as Indonesian Muslims it is important to know and apply them. This study aims to analyze the legal aspects of the Islamic capital market in Indonesia. The method used in this study is a normative juridical research method with a qualitative approach, analyzing the laws and concepts of the Islamic capital market in Islamic law. The results of the study show that in Indonesia the Islamic capital market was officially launched on March 14, 2003 along with the signing of the MoU and BAPEPAM-LK with the National Sharia Council of the Indonesian Ulema Council (DSN-MUI). In 2003, the DSN-MUI issued a fatwa regarding the permissibility of transactions in the capital market as long as the mechanism and object did not conflict with sharia principles. The fatwas issued by the DSN relate to the general provisions of the sharia capital market, its principles, issuers issuing sharia securities, criteria and types of sharia securities, prohibited transactions and determination of share prices.Keywords: Sharia Capital Market, Sharia Capital Market Law

The Policy Responses towards Contemporary Islamic Capital Market in Indonesia: The Dynamics and Challenges

&lt;p&gt;&lt;em&gt;Islamic capital market has been developed to anticipate the need for capital management in the Islamic industry that grows rapidly. This paper will study the dynamics and the contemporary challenges of capital market industry products. The research utilizes a qualitative approach by searching data and information from relevant literatures, specific data, and information from regulators. The researcher conducts analytical studies literature after collecting and compiling data from relevant literatures. This study shows that Islamic capital markets have attempted to reach certain standards based on the criteria of Islamic teaching. However, this study found that globally and nationally the development of Islamic capital markets is still struggling with regulatory, products, and practices problems. This study indicates that the Islamic capital market regulator in Indonesia still needs wider socialization and more efforts to increase the low level of literacy and inclusion. &lt;/em&gt;&lt;/p&gt;&lt;p&gt; &lt;/p&gt;&lt;p&gt;Pasar modal syariah dikembangkan untuk mengantisipasi kebutuhan pengelolaan modal di industri syariah yang tumbuh pesat. Tulisan ini mengkaji dinamika dan tantangan kontemporer produk industri pasar modal. Penelitian ini menggunakan pendekatan kualitatif dengan mencari data dan informasi dari literatur yang relevan dan data dan informasi spesifik dari regulator. Peneliti melakukan studi analitik literatur setelah mengumpulkan dan menyusun data dari literatur yang relevan. Studi ini menunjukkan bahwa pasar modal syariah telah berusaha mencapai standar tertentu berdasarkan kriteria ajaran Islam. Namun, penelitian ini menemukan bahwa secara global dan nasional perkembangan pasar modal syariah masih berkutat dengan masalah regulasi, produk dan praktik. Hasil penelitian ini menunjukkan bahwa regulator pasar modal syariah di Indonesia masih membutuhkan usaha-usaha sosialisasi yang lebih luas untuk meningkatkan literasi dan inklusi pasar modal syariah yang masih rendah di Indonesia.&lt;/p&gt;&lt;p&gt; &lt;/p&gt;

ANALISIS PERAN SUKUK SEBAGAI INSTRUMEN NEGARA DALAM MENGENTASKAN KEMISKINAN DI INDONESIA

Today the capital market is one of the instruments that play an important role in the economies of both developed and developing countries. For developing countries like Indonesia, the capital market is an economic potential capable of offering solutions to capital problems that are often faced in the context of national development. Especially when efforts to obtain additional capital through loans are felt to be increasingly unprofitable. Likewise with the Islamic capital market, although it is still new when compared to other Islamic financial instruments, the development of the Islamic capital market in Indonesia is considered quite good. One of the Islamic financial instruments that are important financing for the state budget is Sukuk. Domestically, Sukuk has grown quite rapidly, although the proportion is still relatively small compared to conventional markets. This will be able to support the development of the Islamic capital market in Indonesia, especially if it is able to seize the opportunities that exist. One of these opportunities is that waqf assets are widely available in various regions in Indonesia and many of which have not been exploited productively. The dual integration between Sukuk and waqf in Sukuk Al Intifa'a is expected to be able to create a financial instrument that can boost economic development and as an alternative in efforts to alleviate poverty in Indonesia.&#x0D; Keywords: Sukuk, Waqaf, Poverty, Sharia Capital Market

THE ASYMMETRIC VOLATILITY OF THE ISLAMIC CAPITAL MARKET DURING THE COVID-19 PANDEMIC

This study attempts to identify the existence of asymmetric volatility in the Islamic capital market in Indonesia during the Covid-19 pandemic. The paper employs the symmetric analysis of the GARCH (1,1) model and the asymmetric analysis of the TGARCH (1,1) model in order to identify Islamic capital market behaviour duringthe first 200 days after the first Covid-19 cases were confirmed. We used the daily closing prices of the Indonesia Sharia Stock Index (ISSI). The symmetric analysis of the GARCH (1,1) model revealed that the current value of return on the ISSI does not have a significant impact on its future value. On the other hand, the TGARCH (1,1) model showed that the asymmetric parameter coefficient was positive and statistically significant. Good news and bad news does not have the same level of impact on the volatility of returns on the ISSI. Furthermore, coefficients αi and γi in the variance equation indicate that good news has a higher volatility impact than bad news. The results indicate that investors should not to worry about the bad news effect of theCovid-19 pandemic, while the government should continue the mitigation of the spread of the coronavirus along with its economic recovery policy.