Islamic Capital Research Articles

Navigating Islamic Investments: The Role of Islamic Financial Literacy, Religiosity, and Motivation using PLS-SEM

Along with the increasing number of investment transactions which continued to soar until the end of 2023, the Islamic Capital Market is additionally playing its role in improving the economy in Indonesia, especially for Muslims who want to carry out investment transactions within the Sharia corridor. This research aims to find out whether Islamic financial literacy, religiosity, and investment motivation significantly influence on investment intention in the Islamic Capital Market with a case study of Muslims in Bogor. The object is chosen Bogor is one of the largest Muslim regions in West Java, as the province itself is the top ten largest Muslim community in Indonesia. The results of research using SEM-PLS (Structural Equation Model Partial Least Square) show that Islamic financial literacy has no significant effect on investment intention in the Sharia Capital Market as the T-Statistic is being rejected (0.524 > 0.05), but religiosity (0.001 < 0.05) and investment motivation (0.000 < 0.05) are proven to have a significant influence on investment motivation in Sharia Capital Market as the T-Statistics are being accepted. However, this study complements previous research differentiating the research scope and summoning some variables that was used in the previous research. Religiosity is measured by the respondent's consideration of Islamic law in investment institutions, while investment motivation means the respondent's desire to fulfill their physiological needs, sense of safety needs, social needs, esteem needs, and self-actualization needs.

The Role of Islam Capital as a Moderator of the Relationship Between Entrepreneurial Behavior on Individual Career Development in Multilevel Marketing Tupperware Distributors in Bandar Lampung City

One form of entrepreneurship is as a distributor of Multilevel Marketing (MLM). MLM is a modern form of direct selling that can be combined with Communication and Information Technology (CIT) in recruiting members (distributors). Becoming a Tupperware distributor is the choice most in demand by the people of Lampung. In Lampung, the Tupperware distributor has been quite dominant in its spread and also its fluctuating sales. Recently, however, there has been a decline in Tupperware indicating obstacles in developing a distributor’s career. This study aims to determine whether entrepreneurial behavior influences career development and whether Islamic capital moderates the relationship between the two variables. This type of research is quantitative, and the total population of the workforce living in Lampung Province was determined using purposive sampling. The data analysis method uses structural equation modeling (SEM) using partial least square (PLS) and data processing is carried out using Smartpls 3 software. The results show that the higher the entrepreneurial behavior, the higher the Career development and Islamic capital can strengthen the relationship between these variables. Keywords: entrepreneurial behavior, Islamic capital, career development

Islamic Capital Market Investment Alternatives Facing the 2024 Election Year

This research aims to determine alternative investment instruments that are relevant in the Islamic capital market in the 2024 election period. This research uses a library research method, which involves collecting relevant data or library materials beforehand. The data source in this research is secondary, meaning that the data is obtained from other sources such as documents, books, and related references, not from primary sources. The results of this research are that the development of investment in the Islamic capital market during the election period in the previous year experienced a good increase. from stock instruments, mutual funds, and sharia shares and the recommended investment, namely Sukuk, is considered an instrument that is relatively unaffected because it has a guarantee from the law. Sharia mutual funds show positive long-term growth potential, especially for mutual funds that focus on shares. This performance is influenced by the momentum of the underlying stock. In this context, investors in the Islamic stock market are advised not to make hasty investment decisions. The analysis shows that the infrastructure sector and the information technology (IT) sector have a significant positive influence.

Effects of Islamic Financial Literacy, Financial Inclusion, Motivation, and Disposable Income on Investment by Millenials in Islamic Capital Market

The purpose of this study was to determine the effect of the level of Islamic financial literacy, financial inclusion, motivation, and disposable income on the interest of Jakarta's millennial generation in investing in the Islamic capital market. The population in this study is people who live in DKI Jakarta, with an age range of 21-39. This study uses the Slovin formula to determine the number of samples and shows that a minimum of 100 respondents is needed. The data analysis technique used is Structural Equation Model-Partial Least Square (SEM-PLS) with the help of SmartPLS3 software. Based on the results of the analysis of this study, it was found that the variables of financial inclusion and motivation had a positive and significant effect on investment interest in the Islamic capital market. While the variables of Islamic financial literacy and disposable income have no significant effect on investment interest in the Islamic capital market.

Editorial

Editorial

Legal Challenges in Establishing the Islamic Capital Market in Uzbekistan

Legal Challenges in Establishing the Islamic Capital Market in Uzbekistan

The Effect of Financial Literacy, Attitude, Subjective Norm, and Religiosity on Investment Intention in The Islamic Capital Market

The purpose of this study was to analyze the effect of financial literacy, attitudes, subjective norms, and religiosity on investment intentions in the Islamic capital market. The sample in this study was 100 active students of the Faculty of Economics and Business, Muhammadiyah University of Malang. The data was analyzed using multiple linear regression analysis using SPSS version 25. The results showed that financial literacy, attitudes, and religiosity have a positive and significant effect on investment intentions in the Islamic capital market and subjective norms have no significant effect on investment intentions in the Islamic capital market. The simultaneous tests show that all variables of financial literacy, attitudes, subjective norms, and religiosity simultaneously have a significant influence on investment intentions in the Islamic capital market.

Determinants of Hybrid Investor Behavior: Selecting Stock in The Islamic Capital Market with Maqasid of Sharia as Moderation

The focal point of this research is the hybrid investor behavior and maqaṣid of sharia. Understanding maqaṣid of sharia is the right solution to negative public perceptions of investment in the Islamic capital market. Hybrid investor behavior comprises two variables: perceived risk and behavioral hybrid, which lead to different results. This study aims to find new theories about the behavior of hybrid investors towards stock options with maqaṣid of sharia as a moderating variable to strengthen scientific thinking to conceptually and contextually identify, evaluate, and execute the existing problems in choosing sharia stocks. This was an explanatory research study with a nonexperimental research design. This study used a quantitative method, and data were collected through questionnaires distributed to hybrid investors in Surakarta areas: Surakarta, Boyolali, Klaten, Sukoharjo, Wonogiri, Karanganyar, and Sragen. It involved 130 investors as research participants. The data were analyzed using Structural Equation Modeling to obtain a model that explains the relationship between the variables on Sharia stock options. This research revealed that the perception of risk has a negative and significant effect on the choice of Islamic stocks. Hybrid behavior has a positive and significant effect on the choice of Islamic stocks. Maqaṣid sharia moderates the effect of risk perception on sharia stock options and does not moderate the effect of hybrid behavior on the choice of sharia stocks.

Investigating the Impact of FDI, Foreign Aid, and Islamic Capital Markets on Carbon Emission in ASEAN: The Moderating Role of Regulatory Quality

In the last few decades, member countries of ASEAN have experienced economic growth driven by increased FDI and FAID. However, the effect of this investment and foreign aid on carbon emissions in ASEAN countries is still not fully understood. This study examines the impact of FDI and FAID on carbon emissions in ASEAN countries, taking into account Regulatory Quality as a moderator. Panel data from 2011 to 2021 was collected using purposive sampling. The results show that FDI significantly and positively affects carbon emissions, while FAID does not show a significant effect. In contrast, the Islamic capital market shows a significant and negative impact on carbon emissions, demonstrating its potential to reduce emissions in ASEAN countries. Regulatory Quality moderates the relationship between FAID and carbon emissions in a positive way. This study recommends strengthening environmental regulations to mitigate the negative effects of FDI while promoting socially and environmentally responsible Islamic capital markets in ASEAN countries. Further research is needed to understand the factors influencing this relationship comprehensively.

Millennial Generation Intentions in The Islamic Capital Market

Capital market growth is one indicator of a country's economic growth, especially for the growth of the Islamic Capital Market. Currently, the pandemic had a negative impact on the economy and the capital market, but on the contrary, this has actually attracted many new investors to enter the capital market. The millennial generation has great potential for capital market growth. The unique characteristics of the millennial generation such as understanding financial literacy, ease of access, and religiosity are used as research variables. As well as additional variables, namely lifestyle as a moderating variable and Islamic branding as an intervening variable related to the halal industry which will be used as a determining factor for millennial generation intentions in the Islamic Capital Market. The role of the millennial generation in the development of the financial industry, especially in the Islamic capital market, has great potential, given the large population of Indonesia and the majority of Muslims. The opportunity for the millennial generation to be able to invest in the Islamic capital market still needs to be investigated further. The research method uses a descriptive method with a quantitative approach. The sampling technique used stratified random sampling, with the sample criteria being the millennial generation aged between 17-35 years, earning or having monthly money, and domiciled in the DKI Jakarta area. The analysis technique uses multiple regression analysis to examine the relationship between research variables. By using primary data through questionnaires, 207 respondents were obtained. The results showed that the variables of financial literacy, ease of access, religiosity, and Islamic branding as intervening affected the millennial generation's investment intention, but lifestyle variables did not strengthen or weaken the financial literacy variable on investment intentions. The object of this research is limited to the millennial generation who live in DKI Jakarta, so further research is needed for a broader millennial generation object.

The Behavior of Muslim Investors in Choosing and Making Stock Investment Decisions in the Islamic Capital Market

The world of investment is an interesting topic of discussion, especially investing in the capital market. In general, people make investments to get a high enough return or profit from what is expected. This research uses the method of literature review or literature review in which data is obtained from various sources such as journals, books, documentation, and the internet during the last five years. The results of the study show that perceptions of behavioral control greatly influence investors' behavior in making investment decisions and attitudes towards perceived risk also influence investors' decision-making to invest.

Pengaruh Pengetahuan Investasi dan Motivasi Investasi Terhadap Minat Berinvestasi Di Pasar Modal Syariah Pada Mahasiswa Prodi Ekonomi Syariah IAIN Sorong


 
 
 
 The purpose of this study was to examine the effect of investment knowledge and investment motivation on interest in investing in the Islamic capital market for students of Islamic economics study program IAIN Sorong. The research method used is a quantitative research method with descriptive analysis and multiple linear regression analysis models. The population in this study were students of Islamic economics study program IAIN Sorong totaling 372 people. The sample technique used is purposive sampling technique with an error rate of 5% so that the sample used is 100 people. The results of this study indicate that investment knowledge has a positive and significant effect on interest in investing in the Islamic capital market as evidenced by the value of t count > t table (6,832 > 1,984) and a significance value of 0.000 < 0.05. so it can be concluded that H1 is. Accepted Investment motivation has a positive and significant effect on interest in investing in the Islamic capital market as evidenced by the value of t count > t table (14,041 > 1,984) and a significant value of 0.000 < 0.05. so it can be concluded that H2 is. acceptedThen investment knowledge and investment motivation have a simultaneous effect on interest in investing in the Islamic capital market as evidenced by the f test results obtained by f arithmetic > f table (98,847 > 3.09). so it can be concluded that H3 is accepted.
 
 
 
 
 Investment knowledge; Investment motivation; Investment interest; Islamic Capital Market
 
 
 
 
 
 

Peran Dewan Pengawas Syariah (DPS) Dalam Pasar Modal Syariah di Indonesia

The development of the investment world in Indonesian society is increasing. One form of investment that is widely used is one of them investing in the Islamic Capital Market. One of the important elements in the implementation of sharia capital market activities is the role of the Dewan Pengawas Syariah (DPS) which has the main role to oversee sharia compliance. The method used in this paper is a descriptive research with a normative juridical approach. The roles and duties of DPS have been detailed in the regulations of the Financial Services Authority (OJK) as the regulator on the Islamic capital market. However, Indonesia should already have a special law dealing with the Islamic capital market because the development of the Islamic capital market has been so rapid and in demand by the public

Knowledge, Risk Preference And Investment Return On Student Investing Interest In The Islamic Capital Market

This research aims to analyze and show the effect of investment knowledge, risk preferences, and investment returns on student investment interest. This research uses quantitative methods with regression analysis. The research population was 3,710 students of the Faculty of Islamic Economics and Business, State Islamic University of Mataram. The sampling technique uses accidental sampling. The sample size was calculated using the Slovin approach to obtain a sample of 98 respondents. The data source comes from primary data in questionnaires and secondary data from the literature. Data analysis was carried out with several tests, including validity tests, reliability tests, classic assumption tests, multiple linear regression analysis, and coefficient of determination tests using IBM SPSS version 21 software. The results of this study indicate that investment knowledge and returns positively and significantly affect student investment interest. Risk preference does not influence student investment interest. These findings can be used as a reference for policymaking for the Indonesia Stock Exchange (IDX) in increasing the number of investors targeting the millennial generation.

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.

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

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.

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.