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Analisis perbandingan kinerja saham syariah antara DJIMI, FSTE GIIS, KLSESI, dan JII 伊斯兰股票比值分析吉米、FSTE GIIS、kl会话和JII之间的伊斯兰股票表现
Pub Date : 2018-05-18 DOI: 10.20885/JEKI.VOL3.ISS1.ART2
Novita Kusuma Maharani
This research investigates whether the difference of Sharia stock screening mechanism in some countries will influence the index and stock performance. Some countries have a tight screening policy and the other countries have a loose screening policy. This research investigates 4 Sharia indices DJIMI, FTSE GIIS, KLSESI, and JII since October 2012 until September 2014. This research shows that the performance of the Sharia stock index is not affected by how tight the screening process of that index. Although KLSESI index has the tightest stock screening policy, but the performance is not different with the Sharia stock which has loosest stock screening policy which is DJMI index. When we compare the return of each index, the performance of the 4 indices shows insignificant different. The performance of JII stock which has the looser stock screening policy is also not different with the KLSESI stock performance which has the tighter stock screening policy.
本研究考察了不同国家伊斯兰教法股票筛选机制的差异是否会影响指数和股票表现。有些国家有严格的审查政策,有些国家有宽松的审查政策。本研究对2012年10月至2014年9月期间的DJIMI、FTSE GIIS、KLSESI和JII 4个伊斯兰教指数进行了调查。本研究表明,伊斯兰教法股票指数的表现不受该指数筛选过程的严格程度的影响。虽然KLSESI指数的股票筛选政策是最严格的,但其表现与DJMI指数的股票筛选政策最宽松的伊斯兰股票并没有什么不同。当我们比较各指标的收益率时,4个指标的表现差异不显著。股票筛选政策较宽松的JII股票的表现与股票筛选政策较严格的KLSESI股票的表现也没有什么不同。
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引用次数: 2
Dampak penerbitan sukuk dan obligasi konvensional terhadap return saham perusahaan di Indonesia sukuk的发表和非常规债券对该公司股票回报率的影响
Pub Date : 2018-05-18 DOI: 10.20885/JEKI.VOL3.ISS1.ART6
Nurul Hardianti, Agus Widarjono
Capital markets are an integral part of economic activity in many countries. One type of capital market is bonds. In Indonesia has developed two types of bonds are syariah-based bonds called sukuk and bonds are not based on sharia. The purpose of this study is to analyze the impact of issuance of sukuk and conventional bonds on stock returns. The company under study is a company that issues both sukuk and syariah bonds. This study uses event study to see the reaction of capital market to the event of issuance of sukuk and conventional bonds. The results showed that the abnormal return of stock is only influenced by variable of maturity value of sukuk and conventional bond. Thus, the stock market is not very responsive to the issuance of sukuk or conventional bonds.
资本市场是许多国家经济活动的一个组成部分。债券是资本市场的一种。在印度尼西亚已经开发了两种债券,一种是伊斯兰教债券,称为sukuk,另一种是不基于伊斯兰教的债券。本研究的目的是分析发行伊斯兰债券和传统债券对股票收益的影响。被研究的公司是一家既发行伊斯兰债券又发行伊斯兰债券的公司。本研究采用事件研究法,考察资本市场对伊斯兰债券和传统债券发行事件的反应。结果表明,股票的异常收益仅受伊斯兰债券和传统债券到期值变量的影响。因此,股市对伊斯兰债券或传统债券的发行反应不大。
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引用次数: 4
Faktor-faktor yang mempengaruhi deposito mudharabah pada bank syariah di Indonesia
Pub Date : 2018-05-18 DOI: 10.20885/JEKI.VOL3.ISS1.ART5
Nila Juniarty, Mustika Noor Mifrahi, Achmad Tohirin
Mudharabah Deposit is one of Islamic banking products, which is the biggest contributor to sharia banking compared to other collecting products. In addition, according to Bank Indonesia's report, the number of Islamic banking deposits each year has increased significantly. Therefore, in this study, the authors want to know the factors that are expected to affect the number of mudharabah deposits. There are 6 factors that are expected to affect the number of deposits, namely the profit-sharing rate, the interest rate, the promotion rate, the inflation rate, the FDR, and the number of offices. The authors use a weighted average in terms of rate of profit sharing and interest rate and data processing using multiple linear regression. The results of these regression calculations, simultaneously show positive and significant results for all variables. This value resulted from the four regression has a value of sig-F 0.000 is smaller than 10% significance. Partially, profit sharing, promotion cost and number of offices show significant and positive effect on total mudharabah deposit, while interest rate, inflation and FDR show no effect on mudharabah deposit amount.
Mudharabah Deposit是伊斯兰银行产品之一,与其他收款产品相比,它是伊斯兰银行的最大贡献者。此外,根据印尼银行的报告,伊斯兰银行的存款数量每年都在显著增加。因此,在本研究中,作者想知道预计影响mudharabah矿床数量的因素。预计影响存款数量的因素有6个,分别是利润分成率、利率、晋升率、通货膨胀率、FDR和办公室数量。作者在利润分享率和利率方面使用加权平均值,数据处理使用多元线性回归。这些回归计算的结果,同时显示所有变量的积极和显著的结果。此值由四次回归得到的值有sigg - f, 0.000小于10%的显著性。部分利润分成、推广成本和办事处数量对mudharabah存款总量有显著的正向影响,而利率、通货膨胀率和FDR对mudharabah存款总量没有影响。
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引用次数: 10
Reaksi Pasar terhadap Penerbitan Bond dan Sukuk 市场对邦德和苏果出版社的反应
Pub Date : 2018-05-18 DOI: 10.20885/jeki.vol3.iss1.art1
Fahmi Nashirul Haq Ash Shidiqi
As a financial instrument in the company, bond and sukuk are still in great demand for investors. Each company's decision will affect how investors react to the company's performance. The six companies sampled in this research are PT Adira Dinamika Multi, PT Indosat, PT Adhi Karya, PT Sumarrecon Agung, PT Mayora, and PT TPS Food. The analytical method used is to compare the differences with conducting independent t-test for two observations of bond and sukuk issuance.The average of sample t-tets result on bond and sukuk found that no significant mean difference, it shows the position of the bond and sukuk equally give influence to share price of a company. In the statistic t test results of the six companies, the sukuk and bonds respond quickly to the information, but unlike the results grouped between the companies with the highest and lowest rating. At the best ratings bonds and sukuk responded well, even the level of significance is very high, the speed of information received is better than the bonds and sukuk the lowest.
作为公司的金融工具,债券和伊斯兰债券仍然受到投资者的极大需求。每家公司的决策都会影响投资者对公司业绩的反应。本研究抽样的六家公司是PT Adira Dinamika Multi, PT Indosat, PT Adhi Karya, PT Sumarrecon Agung, PT Mayora和PT TPS Food。使用的分析方法是通过对债券和伊斯兰债券发行的两个观察结果进行独立t检验来比较差异。对债券和伊斯兰债券的样本t检验结果的平均值发现没有显著的均值差异,这表明债券和伊斯兰债券的位置对公司股价的影响相同。在6家公司的统计检验结果中,伊斯兰债券和债券对信息的反应很快,但与评级最高和最低的公司之间的结果不同。在评级最高的债券和伊斯兰债券反应良好,甚至显著性水平非常高,接收信息的速度也优于评级最低的债券和伊斯兰债券。
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引用次数: 0
Efisiensi perbankan Islam di Asia Tenggara
Pub Date : 2018-05-18 DOI: 10.20885/JEKI.VOL3.ISS1.ART4
Faaza Fakhrunnas
The development of Islamic banks in Southeast Asia increases quickly. To measure the Islamic banking performance, Islamic banking efficiency can be adopted as a benchmark. This study aims to measure the efficiency of Islamic banks in Southeast Asia. By applying Stochastic Frontier Analysis, this study utilizes input variable comprising total deposit and operating cost, then output variable consisting to total financing and earning asset whereas all variables mentioned-above are put as independent variable. Moreover, total cost is posited as dependent variable. By observing 28 Islamic banks in Southeast Asia during 2009-2012, this research finds that the level of efficiency Islamic Bank in Malaysia is 94,04%, Brunei Darussalam is 88,59%, and Indonesia is 88,35%. By performing independent t-test, it shows that there has different efficiency between Islamic Bank in Indonesia and Malaysia, and also between Indonesia and Southeast Asia.
东南亚地区的伊斯兰银行发展迅速。衡量伊斯兰银行绩效,可以采用伊斯兰银行效率作为基准。本研究旨在衡量东南亚伊斯兰银行的效率。本研究运用随机前沿分析,以存款总额和营运成本为输入变量,以融资总额和盈利资产为输出变量,并将上述变量设为自变量。并将总成本设为因变量。本研究通过对2009-2012年东南亚28家伊斯兰银行的观察,发现马来西亚伊斯兰银行的效率水平为94.04%,文莱达鲁萨兰国为88.59%,印度尼西亚为88.35%。通过独立t检验,发现印尼与马来西亚伊斯兰银行的效率存在差异,印尼与东南亚伊斯兰银行的效率也存在差异。
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引用次数: 2
ANALISIS MINAT BELI KONSUMEN MUSLIM TERHADAP PRODUK YANG TIDAK DIPERPANJANG SERTIFIKAT HALALNYA 分析了穆斯林消费者对没有上单证明的产品的兴趣
Pub Date : 2017-10-11 DOI: 10.20885/jeki.vol2.iss1.art4
Anggit Listyoningrum, Albari Albari
This research is aim to analysize the influence of attitude, subjective norm, and control behavior perception to consumer purchase interest based on Ajsenâ's Theory of Planned Behavior ( 1991). Object of this research was a cake product of a company which no longer has halal certificate from Majelis Ulama Indonesia (MUI). As many as 100 students of Fakultas Ekonomi UII were taken as respondents by using judgment sampling method. These respondents are assumed to represent muslim consumers of the cake product. A multiple regression model was run to examine the influence of independent variables to dependent variable. The result shows the positive influence of all independent variables to consumer purchase interest variable.
本研究以ajsen计划行为理论(1991)为基础,分析态度、主观规范和控制行为知觉对消费者购买兴趣的影响。本研究的对象是一家公司的蛋糕产品,该公司不再拥有印度尼西亚Majelis Ulama (MUI)的清真证书。采用判断抽样的方法,选取法库尔塔斯经济学院的100多名学生作为调查对象。这些回答者被认为是蛋糕产品的穆斯林消费者。运用多元回归模型检验自变量对因变量的影响。结果表明,各自变量对消费者购买兴趣变量均有正向影响。
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引用次数: 17
ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI TINGKAT PARTISIPASI DAN PEMILIHAN TEMPAT BERZAKAT DAN BERINFAK 分析影响参加率和选择场所实际情况的因素
Pub Date : 2017-10-11 DOI: 10.20885/jeki.vol2.iss1.art6
Irfan Syauqi Beik, Izzatul Mabniyyah Alhasanah
Brebes is one of the region that has high rate of poverty on national level. In the same time, however, Brebes is also the forth highest of Regional GDP in Central Java. One of instrument that is expected to reduce the poverty rate and income disparity is zakah. This research is aim to analyse factors affecting participation rate of society for paying zakah, charity, and choosing its payment place in Brebes Region. A questionare was distributed to 100 respondents and then analyzed by using discriminant factor. The result shows that factors affecting participation rate for paying zakah are believe, altruism, appreciation, organization, and income. In addition, factors affecting participation rate for paying charity are believe, altruism, satisfaction, education level, and frequency for charity. Meanwhile, education and organization on Zakah Management (OPZ) affect the choice of payment place for zakah.
布里布是全国贫困率最高的地区之一。然而,与此同时,布里布也是中爪哇第四高的地区GDP。天课是一种有望减少贫困率和收入差距的手段。本研究旨在分析布列布地区社会对天课、慈善和支付地点选择的参与率的影响因素。对100名受访者进行问卷调查,采用判别因子法进行分析。结果表明,影响天课参与率的因素有信仰、利他主义、欣赏、组织和收入。此外,影响付费慈善参与率的因素有信仰、利他主义、满意度、受教育程度和慈善频率。同时,天课管理的教育和组织也影响着天课支付地点的选择。
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引用次数: 12
MANAJEMEN RESIKO PEMBIAYAAN DI BAITUL MAAL WA TAMWIL DAN BANK PEMBIAYAAN RAKYAT SYARIAH: SEBUAH STUDI PERBANDINGAN 伊斯兰教学生融资风险管理:比较研究
Pub Date : 2017-10-11 DOI: 10.20885/jeki.vol2.iss1.art2
E. Susilo, Abdul Hakim
This paper analyzes the impact of regulation and supervision system on the application of financial risk management in BMT Beringharjo (hereafter BMTB) and BPRS Madina (hereafter BPRSM). As understood, BMTs are loosely regulated and supervised by the Department of Cooperation, while BPRs are highly regulated and supervised by Bank Indonesia. Using a qualitative method, this paper finds that the financing organization in BMT needs improvement as the director and the manager are the same person. The financing procedure works well despite the lack of online system to coordinate branch offices. The paper also finds that BPRSM complies the financing procedure made by BI. The financing organization in BPRSM also works well, from the top commisariate to the employees level.
本文分析了监管体系对BMT Beringharjo(以下简称BMTB)和BPRS Madina(以下简称BPRSM)财务风险管理应用的影响。据了解,bmt受到合作部的松散监管和监督,而bpr则受到印度尼西亚银行的高度监管和监督。本文采用定性分析的方法,发现BMT的融资组织需要改进,因为董事和经理是同一个人。尽管缺乏在线系统来协调分支机构,但融资程序运行良好。本文还发现,BPRSM符合BI制定的融资程序。BPRSM中的融资组织也运作良好,从高层到员工都是如此。
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引用次数: 2
ANALISA PENGARUH KRISIS GLOBAL FINANCIAL TERHADAP JAKARTA ISLAMIC INDEX (JII) DAN INDEX HARGA SAHAM GABUNGAN (IHSG)
Pub Date : 2017-10-11 DOI: 10.20885/jeki.vol2.iss1.art1
Fitriany Fitriany
The financial crisis in the United State on September 2008 has created global impact to the world economy, including the performace of capital markets. Most of market indexes around the world fall down significantly, including market  indexes in Bursa Efek Indonesia (BEI). There were five market index in BEI, namely IHSG, LQ 45, MBX, DBX,  and JII. This research is mainly aim to examine the influence of the US financial crisis to the performace of JII and IHSG. In addition, the  relation of  JII and IHSG to DowJones Index, Tokyo Index, and Hongkong Index  are also examined. To get the aim done, a Vector Autoregressive Model (VAR) is utilized. VAR is an appropriate model to examine a simultaneous relationship with capability to tract impulse response among variables. The research findings show the US financial crisis has created significant shocks toward JII and IHSG during September to October 2008. Both IHSG and JII has constantly decrease during 8 weeks, but IHS was getting recovered quicker than JII. The investment rather than speculation motive of the players in JII cound be the answer for this finding.
2008年9月发生在美国的金融危机对世界经济产生了全球性的影响,包括资本市场的表现。全球大部分市场指数大幅下跌,包括印尼证券交易所(BEI)的marketÂ指数。BEI有IHSG、lq45、MBX、DBX和JII五大市场指数。本研究主要旨在考察美国金融危机对JII和IHSG绩效的影响。此外,还考察了of JII和IHSG与道琼斯指数、东京指数和香港指数的关系。为了实现这一目标,采用了向量自回归模型(VAR)。VAR模型是考察变量间同时与牵引脉冲响应能力之间关系的合适模型。研究结果表明,2008年9月至10月,美国金融危机对JII和IHSG造成了重大冲击。IHSG和JII在8周内均持续下降,但IHS恢复速度快于JII。JII参与者的投资动机而非投机动机可能是这一发现的答案。
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引用次数: 3
KEBUTUHAN DAN TANTANGAN AUDIT SYARIAH DAN AUDITOR SYARIAH 伊斯兰审计和伊斯兰审计师的需求和挑战
Pub Date : 2017-10-11 DOI: 10.20885/jeki.vol2.iss1.art7
Peni Nugraheni
Audited financial statement is the ways to make sure that information available on that report can be used to make decision, because there is an opinion of independent person (auditor) whether it presents a true and fair view of the company or not. Islamic bank established Shariah Supervisory Board (SSB) that one of its functions is to issue report about the compliance of Islamic bank in all activities with Islamic principles. This report is published with the external auditor’s annual report. Islamic bank is common to hire conventional auditor to audit its financial statements. However, because of the unique characteristics of Islamic bank, the using conventional auditor raises an issue whether it is adequate to audit and report on the accounts of an Islamic organization. By understanding the Islamic value, characteristics, activities, operation and normative content of Islamic banking report, this paper argues that conventional auditors is not adequate in both his knowledge and code of ethics, and therefore, the need for shariah audit become important for this institution. Shariah audit program, shariah audit qualification and education and independence of shariah auditor are the challenges to create qualified shariah auditors.
经审计的财务报表是确保报告上的信息可用于决策的方法,因为独立人士(审计师)的意见是否反映了公司的真实和公平的观点。伊斯兰银行设立了伊斯兰教法监督委员会(SSB),其职能之一是发布关于伊斯兰银行在所有活动中遵守伊斯兰原则的报告。本报告与外部审计机构的年度报告一起发布。伊斯兰银行通常聘请传统审计师对其财务报表进行审计。然而,由于伊斯兰银行的独特特点,使用传统审计员对伊斯兰组织的帐目进行审计和报告是否足够,这是一个问题。本文通过对伊斯兰银行报告的价值、特征、活动、运作和规范内容的理解,认为传统的审计师在知识和道德规范方面都是不够的,因此,对伊斯兰教审计的需求对该机构来说变得非常重要。教法审计项目、教法审计资格以及教法审计人员的教育和独立性是培养合格的教法审计人员所面临的挑战。
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引用次数: 4
期刊
Jurnal Ekonomi dan Keuangan Islam
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