Islamic Capital Market Research Articles

INCREASING INVESTMENT INTEREST BY STRENGTHENING SHARIA COMPLIANCE ON THE INDONESIAN STOCK EXCHANGE

The purpose of this study is to explore how strengthening sharia compliance on the Indonesia Stock Exchange can increase investor interest in investing in the Islamic capital market. This study uses a qualitative method. The results show that strong shariah compliance can increase investor confidence in the shariah capital market and help attract potential investors who may not be interested in conventional investments. In addition, sharia compliance can also help minimize investment risk and increase long-term investment value.

Analisis Perkembangan Kinerja Instrrument Pasar Modal Syariah: Reksa Dana Syariah Dan Saham Syariah Di Indonesia Periode 2010-2022

The purpose of this study was to determine the development of the performance of Islamic capital market instruments, especially Islamic mutual funds and Islamic stocks in Indonesia, in the 2010-2022 timeframe. The analytical method used in this study is a qualitative descriptive analysis method with secondary data obtained by accessing publications issued by the Financial Services Authority (OJK) and the Central Bureau of Statistics (BPS). The population in this study are all companies listed on the Islamic Stock Index (ISSI) and the entire number of Islamic mutual funds during the observation period 2010 – 2022. The results of this study reveal that the development of the performance of Islamic mutual funds and Islamic stocks has increased quite significantly. With a deeper understanding, it is expected to be able to provide recommendations and actualize relevant policies to improve the performance of Islamic capital market instruments in the future.

Analisis Dampak Inflasi dan Investasi Syariah Pada Pertumbuhan Ekonomi Indonesia

The purpose of this research journal is to analyze the impact of inflation and sharia investment on Indonesia’s economic groth. The methodology in only based on written works, including results from published and unpublished research journals with the hope that research journal makers have much broader knowledge of the object of the problem being studied observed. So based on several sources of data obtained, the results of this research journal state that a good level of economic growth is considered as one proof of the success of development in various countries including Indonesia. Considering that Indonesia is a developing country that experiences unstable economic symptoms such as inflation and investment in the Islamic capital market which can have an impact on economic growth. Where there is a relationship between the inflation value factor and the level of investment in the Islamic capital market, which means that inflation has a negative effect on price increases in investment in the Islamic capital market and also on economic growth.

Islamic Capital Market Integration in 5 ASEAN Countries in the Covid-19 Era

Islamic Capital Market Integration in 5 ASEAN Countries in the Covid-19 Era

Optimizing The Role Of Indonesia's Islamic Financial Industry :Empirical Analysis Of Its Impact on Economic Growth

Past research on the financial sector, which includes the whole financial services industry and is connected to economic growth, has remained scarce. The three main Islamic financial industry sectors in Indonesia—Islamic Capital Market, Islamic Banking, and Islamic Non-Bank Financial Industry—and their contributions to economic growth between 2014Q1 and 2021Q3 were empirically studied in the current study. The ARDL Bound-test for Cointegration and Error Correction Model was applied to the quarterly data (ECM). Three of the four research variables—sharia stocks, Sukuk, and sharia insurance—were found to have a considerable impact on GDP, whereas Islamic banking had no such impact. Islamic banks in Indonesia must therefore maximize funding for the productive sector. Future policies ought to take into account maximizing the contribution of the Islamic financial sector to economic growth.

Peran Pertumbuhan Pasar Modal Syariah Dalam Peningkatan Perekonomian Indonesia

Sharia financial instruments continue to increase every year, including the Islamic capital market which has also experienced a significant increase. The Islamic capital market has one of the most important instruments, namely Islamic stocks. The capital market has been viewed by the world and has been used as an important instrument that every country must develop, it can be remembered for its important role in helping the economy. In writing this article using the library research method. By using the documentation data collection method, namely by quoting or recording directly from the website of the Financial Services Authority www.ojk.go.id and the Central Bureau of Statistics www.bps.go.id. The results of this study show that the strong and increasing role of the Islamic capital market in shaping the capitalization of the Indonesian capital market indicates that the Islamic capital market plays an important and significant role in driving the rate of economic growth in Indonesia.

Peran Pasar Modal Syariah Dalam Meningkatkan Perekonomian Di Indonesia

The Islamic capital market is an alternative source of funding as well as an investment vehicle for a company whose operational activities are based on sharia principles. In this case the Islamic capital market affects the level of economic growth of a country. where when the level of investment is high, the country's economic growth will increase and vice versa. The purpose of this study is to determine the role of the Islamic capital market in increasing economic growth in Indonesia. This research uses the literature study method with sources from articles, books and data analysis using descriptive analysis regarding the role of the Islamic capital market in increasing economic growth in Indonesia. The results of the study show that Indonesia's economic growth is inseparable from the role of Islamic stock investment. Economic growth can be measured with the value of Gross Domestic Product (GDP). GDP continues to increase over the past few years, as well as the sharia stock market capitalization which is quite stable. Where is the relationship between capitalization Islamic stock market with a positive Gross Domestic Product (GDP).

FAKTOR-FAKTOR YANG MEMPENGARUHI MINAT BERINVESTASI SAHAM DI PASAR MODAL SYARIAH BAGI GENERASI MILENIAL DI MADURA

The purpose of this study is to examine or analyze the Factors Influencing Interest in Investing in Islamic Capital Markets for Millennials in Madura. The variables used are Risk, Income and Knowledge level. The Millennial Generation living in Madura who are interested in investing in Islamic Capital Markets is the population of this study. While the sample was chosen using the purposive sampling technique. In selecting this sample, there were 100 respondents from all 4 districts in Madura. The main information used in this investigation came from structured interviews with the help of a questionnaire. Multiple regression analysis is the data analysis used in this study. Whereas the Knowledge Variable is the result of the conclusion that it has a positive and significant effect on Interest in Investing in Shares in the Islamic Capital Market for Millennial Generation in Madura while the Risk and Income Level Variables have a positive but not significant effect on Interest in Investing in Shares in the Islamic Capital Market for Millennial Generation in Madura.
 Keywords: Islamic Capital Market; Share; Millennial Generation; Interest; Investation

Sharia Stocks and Muslim Millennials Investors in Indonesia: Between Religious and Economic Motives

Purpose: The objective of this study was to explore why Muslim millennials in Indonesia prefer to invest in Islamic stocks on the Indonesia Stock Exchange (IDX). Theoretical framework: Muslim millennials prefer stock investments that align with religion and align with the consistency and moral integrity upheld by the Muslim community, including investing. Design/methodology/approach: This study was a qualitative research method with a case study approach. Data were collected through in-depth interviews with ten millennial Muslim investors who invest in Islamic stocks in the IDX. Data analysis was carried out using thematic descriptive analysis. Findings: The findings of this study suggest that millennial Muslim investors in Indonesia prefer to invest in Islamic stocks for the following reasons: adherence to Islamic values and beliefs, ethical investment, risk management, diversification, and the potential for better returns. Research, Practical & Social implications: We suggest further studies to include a case study of a more specific group of Muslim millennials to determine the influence of previous investment experiences, personal characteristics, and financial situation on their preferences in investing in Islamic stocks. In addition, it can also conduct comparative studies among several different countries or cultures to identify the factors that influence sharia stock investment decisions to provide a broader and representative picture. Originality/value: This study provides insights into the factors that drive millennial Muslim investors in Indonesia to invest in Islamic stocks. This study's findings could benefit investors, the capital market industry, and policymakers in developing targeted strategies to attract millennial investors. Additionally, this study contributes to the literature on the Islamic capital market and investment behavior in emerging markets

THE ROLE OF ISLAMIC CAPITAL MARKET TO INDONESIA'S ECONOMIC GROWTH IN 2011 - 2021

Investment in the Islamic capital market has developed along with the awareness of the Indonesian Muslim community to invest in a halal manner. This study investigates the effect of investment in the Islamic capital market, including Islamic stocks, sukuk and Islamic mutual funds on Indonesia's economic growth. The data sample used is time series data with a monthly frequency of Islamic stock, Islamic mutual funds, sukuk, and Indonesia's economic growth from 2011 to 2021. Hypothesis testing was carried out using the Ordinary Least Square (OLS) estimation method. This study found that Islamic stocks and sukuk had a positive and significant impact on Indonesia's economic growth, while Islamic mutual funds were insignificant. Furthermore, simultaneously, these three components of the Islamic capital market have a significant influence on Indonesia's economic growth. As an implication of the research, the government is expected to be able to pay attention to developing Islamic market capital related to the regulation and its infrastructure because it also contributes to the Indonesian economy.

Sector Analysis of Islamic Capital Markets and Artificial Intelligence Functioning as Sharia Advisors

Artificial intelligence technologies will have a significant impact on a variety of career areas, including jobs in finance and law. The fact is that the Islamic capital market sector tends to use AI technology. There are now proposals to replace the role of sharia advisors with AI technology. The research conducted is legal research using qualitative methods. The legal historiographical approach was chosen to show the responsibility of the sharia board in realizing the concept of Islamic urbanism. The idea of Islamic urbanism is closely related to AI technology and the capital market as the main places for both of them to work in cities. This research has three objectives. It analyzes the role and function of artificial intelligence technology, Islamic capital markets, and the part of Sharia Advisors in the industry. Then the problem of using AI technology in the Islamic capital market is identified. Moreover, it offers a solution to using the proposed innovative technology. This paper argues that the ability of technology to replace the role of Islamic advisors in the Islamic capital market sector is limited. This is because AI technology, although advanced, can only deal with the physical world of cities but still needs to embody the concept of Islamic urbanism. At the same time cannot replace the role of sharia advisors.

Integration Analysis of Sharia Stock Price Index in Indonesia, Malaysia, China and The United States Islamic Capital Markets

Purpose – This study aims to determine the effect of Dow Jones Islamic Word Malaysia Index (DJMY25D), Dow Jones Islamic Market China (DJICHKU) and Dow Jones Islamic Market Index (DJIMI) on Indonesian Sharia Stock Index (ISSI.JK) for the 2018-2022 period. Design/methodology/approach – The exogenous variables in this study include DJMY25D, DJICHKU and DJIMI. Meanwhile, the endogenous variable is ISSI.JK. In the DJMY25D, DJICHKU, DJIMI and ISSI.JK variables it is calculated by the percentage growth in closing prices at the beginning of the month. The population in this study is the Global Islamic Index which is part of the Dow Jones Global Index which consists of 34 countries using purposive sampling technique. In addition, Ordinary Least Square (OLS) Regression Analysis was used in the data analysis method. Findings – The results of this study indicate that simultaneously DJMY25D, DJICHKU and DJIMI have a significant effect on ISSI.JK. Partially, DJMY25D and DJICHKU have an effect on ISSI.JK but not significantly. while DJIMI has a significant effect on ISSI.JK. Research limitations/implications – his research is limited by the integration of Indonesian Islamic stocks with several Malaysian, Chinese and American Islamic stocks. There are several other countries where the Islamic stock market may be integrated with Indonesian Islamic stocks, but in this study only uses diversification of financing based on contracts and usage due to limited data and research time. Practical implications – The integration of ISSI.JK and DJIMI sharia stocks may be useful for market players and regulators to consider the DJIMI stock market in estimating market price movements and volatility of the Indonesian sharia stock market. Originality/value – This study provides new insights on the integration of Islamic stocks in Malaysia, China, America and Indonesia in 2018-2022.

Pengaruh Religiusitas, Motivasi, dan Tingkat Literasi Pasar Modal Syariah Terhadap Minat Berinvestasi Pasar Modal Syariah

This study aims to determine the influence of religiosity, motivation, and literacy of the Islamic capital market partially and simultaneously on the investing interest in the Islamic capital market of ISP members in Probolinggo. This study used multiple regression analysis techniques titled "The Influence of Religiosity, Motivation, and Literacy Level of the Islamic Capital Market on Investment Interest in the Islamic Capital Market" using an associative quantitative method. The data sources were derived from questionnaires distributed to 74 samples by purposive sampling techniques. The analysis techniques used are multiple linear regression analysis, determination coefficient test, F-test, and T-test processed with SPSS. The F-test results showed religiosity, motivation, and literacy of the Islamic capital market has significance compared with a calculated F-value of 50,987 an F-table of 2,736, and a significance of 0.000. Meanwhile, the T-test result showed religiosity, motivation, and literacy levels each influence the sig value by 0.031, 0.016, and 0.000.

FAKTOR-FAKTOR YANG MEMPENGARUHI MINAT MAHASISWA STIE SURAKARTA BERINVESTASI DI PASAR MODAL SYARIAH

The purpose of this study is to determine whether understanding of investment, minimal capital, risk and technology has an influence on student interest in investing in the Islamic capital market. The sample used consisted of 60 students representing the entire population. Survey data was collected using a questionnaire distributed by purposive sampling technique. The statistical methods used are statistic descriptive, classical assumptions, multiple linear regression, validity and reliability, and hypotheses using the SPSS Statistics 20 application as data processing. This study shows that understanding investment and investment risk has a significant effect on interest in investing in the Islamic capital market, while minimal capital and technology do not have a significant effect on interest in investing in the Islamic capital market.

ISLAMIC CAPITAL MARKET-GROWTH NEXUS PRE AND POST IFSA 2013: EMPIRICAL EVIDENCE FROM MALAYSIA

This study examines the relationship between Islamic capital market and Malaysian real economic growth pre and post IFSA 2013 from 2007 to 2019. This study adopts both quantitative and qualitative analysis, where Autoregressive Distributed Lag (ARDL) method of cointegration is adopted for the quantitative analysis, while interview session is adopted for the qualitative analysis. The findings found that the link between Shari’ah-compliant Securities (SCS) and the real economic growth is negatively significant, while the link between Shari’ah-compliant Market Capitalization (SCMC) and the real economic growth is positively significant in both short and long runs. It is also shown that IFSA 2013 does assist the Islamic capital market sector to improve the real economic growth in Malaysia via its rules and regulations, as the coefficients and significance of the real economic growth as proxied by the industrial production index (IPI) are improving with the implementation of IFSA 2013. Besides, the qualitative results of the study have shown that Islamic capital market does promote economic growth by ensuring stability in the market and significantly contributing to the environmental, social and governance (ESG) via the implementation of SRI Sukuk, Bond Grant Scheme, ESG Financing/Sukuk, and value-based judgement projects. The work gives some insights into the field of Islamic capital market-growth nexus from the perspective of a developing country, which is Malaysia. It also delves further into the Islamic capital market-growth nexus by considering the effect of IFSA 2013.

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).

Relevansi Hukum dengan Undang-Undang No. 11 Tahun 2020 tentang Cipta Kerja Menggunakan Pendekatan Maslahat

The main problem in this research is to examine issues regarding the concept of Law Number 11 of 2020 concerning Job Creation Using the Maslahat Approach, regarding the view of Islamic Law regarding Law No. 11 of 2020 concerning Job Creation, the benefits of Law no. 11 of 2020 concerning Job Creation for workers and the existence of Law no. 11 of 2020 concerning Job Creation from the perspective of Sharia Economic Law. The type of research used in this research is library research (Library Research). The data sources used are primary data and secondary data. The results of this study are that the review of Islamic law in Law no. 11 of 2020 concerning Job Creation is a form of maintaining the soul (hifzh al-nafs) in principle maqashid syari'ah as a means of defending their economic right to survive. As for the benefits of Law no. 11 of 2020 concerning Job Creation that can be felt for now, namely: creating jobs, encouraging investment, permitting systems that are easier and faster, and investment requirements made easier. The value of Sharia Economic Law in terms of Law no. 11 of 2020 concerning Job Creation, providing Islamic economic growth, especially to the Islamic finance industry in Indonesia such as Islamic Banks, Non-Bank Islamic Financial Industry, Islamic Cooperatives and Islamic Capital Markets, in the future there will be great opportunities in running their business.

Unmasking the Effect of News Media on Islamic Stock Market: Are ASEAN-3 Countries Vulnerable to Covid-19 News?

This study provides a novel viewpoint by clarifying the effect of the COVID-19 news on the fluctuations of the Islamic capital market in the ASEAN Region. It aims to explore the effect of news related to the COVID-19 pandemic on the movement of the Islamic stock index in ASEAN-3 countries (Indonesia, Malaysia, Thailand). This research examined five news-related indices: panic emotion index, media hype index, sentiment index, fake news index, and contagion index. The research employed long-term daily secondary data covering one year during the COVID-19 pandemic to test the hypothesis. A total of 1086 data were analyzed using the panel regression method through EViews 9. The findings indicated that news media and the resulting sentiment have the potential to negatively affect the Islamic stock index movement through the panic and media hype index. The excitement and panic caused by the online news media negatively affected the movement of Islamic stock prices in the three ASEAN Islamic stock indexes, whereas fake news and contagion index were found to have no significant effect on the stock index movement.

Bitcoin Vs Gold: Which One is the Most Powerful in Boosting the Shariah Equity Index? Global Evidence

Abstract The study explores the most powerful between Bitcoin and Gold in boosting the Shariah Equity Index in Malaysia, the United Arab Emirates, China, Indonesia, The United States of America (USA), Japan, Oman, and Saudi Arabia in the short and long term. The study uses analysis of the first and second stages of the Granger Causality Test and Vector Error Correction Model (VECM), then Impulse Response Function (IRF) and Variance Decomposition (VDC) over the period 2013 to 2021. The finding proves that only Gold can affect the Islamic Equity Index in the short term, then Bitcoin and Gold proved to contribute equally to the Islamic Equity Index in the long term. However, Bitcoin has the potential to provide positively correlated shocks and dominate the value of Islamic equity indices in the long term. The results demonstrate that government intervention is decisive in maintaining the stability of the Shariah Equity Index from future Bitcoin threats. The study’s finding has practical implications for Islamic capital market Investors, Managers, and Authorities.

Factors Affecting Investment Decisions by Muslim Investors in the Indonesia Islamic Capital Market: An Application of Theory of Planned Behavior

Factors Affecting Investment Decisions by Muslim Investors in the Indonesia Islamic Capital Market: An Application of Theory of Planned Behavior