The performance of Sharia-compliant bonds or sukuk can be affected by both internal and external factors, such as coupon rates and macroeconomic variables. This study aims to examine the impact and contribution of variables, namely the volatility index (VIX index), global sukuk index, BI rate, Consumer Price Index, and exchange rates, on the return of the Indonesian sukuk index from January 2018 to February 2020 and from March 2020 to December 2022, before and during the Covid-19 pandemic. As a research method, the Vector Error Correction Model (VECM) is applied. Prior to the Covid-19 pandemic, the long-term return of the Indonesian sukuk index was driven by the VIX index, the BI rate, and exchange rates, whilst the global sukuk index had no influence. During the Covid-19 epidemic, the return of the Indonesian sukuk index was influenced by the VIX Index, the global sukuk index, inflation, and exchange rates, but was unaffected by the BI rate variable. During the Covid-19 epidemic, the return of Indonesian sukuk index was primarily driven by the global sukuk index.
{"title":"Factors Influencing the Performance of Indonesia's Sukuk Index During the Covid-19 Pandemic","authors":"Dinda Febriana, R. Fitri, M. I. Irfany","doi":"10.58968/icm.v2i1.507","DOIUrl":"https://doi.org/10.58968/icm.v2i1.507","url":null,"abstract":"The performance of Sharia-compliant bonds or sukuk can be affected by both internal and external factors, such as coupon rates and macroeconomic variables. This study aims to examine the impact and contribution of variables, namely the volatility index (VIX index), global sukuk index, BI rate, Consumer Price Index, and exchange rates, on the return of the Indonesian sukuk index from January 2018 to February 2020 and from March 2020 to December 2022, before and during the Covid-19 pandemic. As a research method, the Vector Error Correction Model (VECM) is applied. Prior to the Covid-19 pandemic, the long-term return of the Indonesian sukuk index was driven by the VIX index, the BI rate, and exchange rates, whilst the global sukuk index had no influence. During the Covid-19 epidemic, the return of the Indonesian sukuk index was influenced by the VIX Index, the global sukuk index, inflation, and exchange rates, but was unaffected by the BI rate variable. During the Covid-19 epidemic, the return of Indonesian sukuk index was primarily driven by the global sukuk index.","PeriodicalId":517681,"journal":{"name":"Islamic Capital Market","volume":" 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141364854","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Indonesia as the largest Muslim country in the world is a very important market for the development of the Islamic finance industry. Sharia mutual funds are one of the non-banking Islamic financial products, which can be used as an investment alternative for investors. This study aims to analyze the performance of Fixed Income Sharia Mutual Funds and Mixed Sharia Mutual Funds using the Sharpe, Treynor and Jensen methods. The type of research used in this study is a type of descriptive research and the Sharpe, Treynor and Jensen performance measurement method with the Microsoft Excel application. The research population is Fixed Income Sharia Mutual Funds and Mixed Sharia Mutual Funds for the 2017-2019 period. The research sample consisted of 20 mutual funds with 10 fixed income Islamic mutual funds and 10 mixed Islamic mutual funds using a purposive sampling technique. The results of this study indicate that in the 2017-2019 period using the Sharpe method there were 5 Fixed Income Sharia Mutual Funds that consistently had outperformed performance while Mixed Sharia Mutual Funds did not consistently have outperformed. Based on the Treynor method, there is 1 mutual fund that consistently outperforms, and the Jensen method, there are 2 Fixed Income Sharia Mutual Funds that consistently outperform while Mixed Islamic Mutual Funds all consistently outperform. There was 1 Fixed Income Sharia Mutual Fund that consistently outperformed during the study period, namely Bahana Sukuk Syariah.
{"title":"Analysis of Investment Performance of Islamic Mutual Funds in Indonesia Using Sharpe, Treynor and Jensen Methods","authors":"Faisal Reza, Hendri Tanjung, Hilman Hakiem","doi":"10.58968/icm.v2i1.506","DOIUrl":"https://doi.org/10.58968/icm.v2i1.506","url":null,"abstract":"Indonesia as the largest Muslim country in the world is a very important market for the development of the Islamic finance industry. Sharia mutual funds are one of the non-banking Islamic financial products, which can be used as an investment alternative for investors. This study aims to analyze the performance of Fixed Income Sharia Mutual Funds and Mixed Sharia Mutual Funds using the Sharpe, Treynor and Jensen methods. The type of research used in this study is a type of descriptive research and the Sharpe, Treynor and Jensen performance measurement method with the Microsoft Excel application. The research population is Fixed Income Sharia Mutual Funds and Mixed Sharia Mutual Funds for the 2017-2019 period. The research sample consisted of 20 mutual funds with 10 fixed income Islamic mutual funds and 10 mixed Islamic mutual funds using a purposive sampling technique. The results of this study indicate that in the 2017-2019 period using the Sharpe method there were 5 Fixed Income Sharia Mutual Funds that consistently had outperformed performance while Mixed Sharia Mutual Funds did not consistently have outperformed. Based on the Treynor method, there is 1 mutual fund that consistently outperforms, and the Jensen method, there are 2 Fixed Income Sharia Mutual Funds that consistently outperform while Mixed Islamic Mutual Funds all consistently outperform. There was 1 Fixed Income Sharia Mutual Fund that consistently outperformed during the study period, namely Bahana Sukuk Syariah.","PeriodicalId":517681,"journal":{"name":"Islamic Capital Market","volume":" 23","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141373873","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Since 1990 the use of inflation as a nominal anchor used as the main target of monetary policy began to be an option for central banks in several countries. The new monetary policy framework is then known as Inflation Targeting Framework (ITF). This study tries to look at some important variables that affect the inflation rate within the framework of the Inflation Targeting Framework concept using Vector Error Correction Model. The results of data processing using VECM analysis can determine the behavior of Bank Indonesia Rate (BI Rate), Money Supply, Interbank Money Market (PUAB), Sharia Interbank Money Market (PUAS), and Sharia Bank Indonesia Certificates (SBIS). These variables significantly affect the inflation rate. The results of this study can provide important information for decision makers and academics as an evaluation of the application of ITF based on its application in Indonesia.
{"title":"Monetary Policy and Inflation Targeting Framework in Indonesia Dual Banking System","authors":"Izzan Maulana Saputra","doi":"10.58968/icm.v1i1.445","DOIUrl":"https://doi.org/10.58968/icm.v1i1.445","url":null,"abstract":"Since 1990 the use of inflation as a nominal anchor used as the main target of monetary policy began to be an option for central banks in several countries. The new monetary policy framework is then known as Inflation Targeting Framework (ITF). This study tries to look at some important variables that affect the inflation rate within the framework of the Inflation Targeting Framework concept using Vector Error Correction Model. The results of data processing using VECM analysis can determine the behavior of Bank Indonesia Rate (BI Rate), Money Supply, Interbank Money Market (PUAB), Sharia Interbank Money Market (PUAS), and Sharia Bank Indonesia Certificates (SBIS). These variables significantly affect the inflation rate. The results of this study can provide important information for decision makers and academics as an evaluation of the application of ITF based on its application in Indonesia.","PeriodicalId":517681,"journal":{"name":"Islamic Capital Market","volume":"211 S663","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140285409","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The concept of sharia-based finance is currently growing rapidly. One form of Islamic financial instrument that has been widely issued by both corporations and countries is sukuk. Sukuk is one of the most innovative product forms in the development of the contemporary Islamic financial system. It can be concluded that sukuk is an alternative source of funding, especially for governments and corporate companies. The growth of sukuk has increased sharply compared to other Islamic financial instruments, the growth reached 84% per year if analyzed from 2001 to 2007. Thus, sukuk has developed into one of the most important mechanisms in improving finance in the international capital market through an Islamic acceptable structure. This study aims to determine the development of Sukuk in Indonesia research trends published by leading journals on Islamic financial economics. The data analyzed consisted of 47 indexed research publications. The data was then processed and analyzed using the VoSviewer application to find out the bibliometric map of Sukuk in Indonesia research development.
{"title":"Sukuk Development in Indonesia: VosViewer Application","authors":"Amelia Tri Puspita","doi":"10.58968/icm.v1i1.444","DOIUrl":"https://doi.org/10.58968/icm.v1i1.444","url":null,"abstract":"The concept of sharia-based finance is currently growing rapidly. One form of Islamic financial instrument that has been widely issued by both corporations and countries is sukuk. Sukuk is one of the most innovative product forms in the development of the contemporary Islamic financial system. It can be concluded that sukuk is an alternative source of funding, especially for governments and corporate companies. The growth of sukuk has increased sharply compared to other Islamic financial instruments, the growth reached 84% per year if analyzed from 2001 to 2007. Thus, sukuk has developed into one of the most important mechanisms in improving finance in the international capital market through an Islamic acceptable structure. This study aims to determine the development of Sukuk in Indonesia research trends published by leading journals on Islamic financial economics. The data analyzed consisted of 47 indexed research publications. The data was then processed and analyzed using the VoSviewer application to find out the bibliometric map of Sukuk in Indonesia research development.","PeriodicalId":517681,"journal":{"name":"Islamic Capital Market","volume":"5 18","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140396900","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The purpose of this study is to analyze the determinants or factors that determine the decision to invest in Islamic Mutual Funds through online platforms, using the Theory of Planned Behavior (TPB). This study measures one dependent variable, namely the decision to invest in Islamic Mutual Funds through online platforms and six independent variables, namely Islamic financial literacy, Islamic mutual fund investment literacy, benefit perception, technological advancement, investment risk and investment return. The research is quantitative in nature, using primary data. Data collection was conducted with the dissemination of questionnaires to respondents in Greater Jakarta Area who have accessed online platforms to invest in Islamic Mutual Funds. This study then uses SEM-PLS (Structural Equation Modeling-Partial least Square) analysis with SmartPLS software to analyze the data. The study shows that Islamic Financial Literacy and Investment Literacy of Islamic Mutual Funds have a negative and significant influence on the decision to invest in Islamic Mutual Funds Online. While the variables of perception of benefits, technological advances, investment risk and investment return have no influence on the decision to invest in Islamic Mutual Funds Online. Thus, the better the level of literacy or understanding of Islamic finance and the investment literacy of Islamic mutual funds, the more people's decisions to invest in sharia-compliant mutual funds through online platforms.
{"title":"Determinants of Online Investment Decision in Islamic Mutual Funds: Theory of Planned Behavior (TPB) Approach","authors":"Muti'ah Azizah, Luqyan Tamanni","doi":"10.58968/icm.v1i1.443","DOIUrl":"https://doi.org/10.58968/icm.v1i1.443","url":null,"abstract":"The purpose of this study is to analyze the determinants or factors that determine the decision to invest in Islamic Mutual Funds through online platforms, using the Theory of Planned Behavior (TPB). This study measures one dependent variable, namely the decision to invest in Islamic Mutual Funds through online platforms and six independent variables, namely Islamic financial literacy, Islamic mutual fund investment literacy, benefit perception, technological advancement, investment risk and investment return. The research is quantitative in nature, using primary data. Data collection was conducted with the dissemination of questionnaires to respondents in Greater Jakarta Area who have accessed online platforms to invest in Islamic Mutual Funds. This study then uses SEM-PLS (Structural Equation Modeling-Partial least Square) analysis with SmartPLS software to analyze the data. The study shows that Islamic Financial Literacy and Investment Literacy of Islamic Mutual Funds have a negative and significant influence on the decision to invest in Islamic Mutual Funds Online. While the variables of perception of benefits, technological advances, investment risk and investment return have no influence on the decision to invest in Islamic Mutual Funds Online. Thus, the better the level of literacy or understanding of Islamic finance and the investment literacy of Islamic mutual funds, the more people's decisions to invest in sharia-compliant mutual funds through online platforms.","PeriodicalId":517681,"journal":{"name":"Islamic Capital Market","volume":"69 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140285476","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study tries to review the research around Islamic stock and Islamic capital market on reputable journals. It uses descriptive statistical analysis based on selected 88 article publications or papers related to Islamic stock, with international journals indexed by Scopus Q1. The entire sample journal publications have been published for ten years from 2009 to 2019. The results show that Islamic stock and capital market research is still dominated by empirical research (90%) rather than concept research (10%). In addition, the average time of journal publication is between 8 and 9 months. There are at least 17 Q1 Scopus journals that publish Islamic capital market and the most research with Pacific Basin Finance Journal, Journal of Business Ethics, Journal of Economic Behavior & Organization, Journal of International Financial Markets, Institutions & Money, Journal of Corporate Finance, and Journal of Banking and Finance. Furthermore, the comparison of quantitative research (88%) is still more than the qualitative approach (12%).
{"title":"Islamic Capital Market Research in Scopus Indexed Journals Q1: A Review","authors":"N. Laila, Aam Slamet Rusydiana","doi":"10.58968/icm.v1i1.437","DOIUrl":"https://doi.org/10.58968/icm.v1i1.437","url":null,"abstract":"This study tries to review the research around Islamic stock and Islamic capital market on reputable journals. It uses descriptive statistical analysis based on selected 88 article publications or papers related to Islamic stock, with international journals indexed by Scopus Q1. The entire sample journal publications have been published for ten years from 2009 to 2019. The results show that Islamic stock and capital market research is still dominated by empirical research (90%) rather than concept research (10%). In addition, the average time of journal publication is between 8 and 9 months. There are at least 17 Q1 Scopus journals that publish Islamic capital market and the most research with Pacific Basin Finance Journal, Journal of Business Ethics, Journal of Economic Behavior & Organization, Journal of International Financial Markets, Institutions & Money, Journal of Corporate Finance, and Journal of Banking and Finance. Furthermore, the comparison of quantitative research (88%) is still more than the qualitative approach (12%).","PeriodicalId":517681,"journal":{"name":"Islamic Capital Market","volume":"5 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140285581","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study aims to examine the evolution of public sentiment towards crypto assets. The research approach involves sentiment analysis methodology utilizing the SentiStrength v2.3 software. The data utilized in this study is secondary and obtained from scholarly publications indexed in the Scopus database. A total of 112 scholarly publications related to the research topic were identified. The research findings indicate that positive sentiment accounts for 27%, negative sentiment for 34%, and neutral sentiment contributes 39%. Further analysis reveals that the year 2023 marked a period with the highest number of sentiments, with positive sentiment dominating with 23 sentiments. This sentiment analysis method provides an in-depth understanding of the dynamics of public perception towards crypto assets, and these findings can offer valuable insights into the trends and shifts in sentiment that occur over time. Sentiment analysis can offer deep insights into how cryptocurrencies are perceived by the public and how these perceptions evolve in line with changes in social and economic contexts.
{"title":"Understanding Public Sentiment Towards Crypto Assets","authors":"Syahdatul Maulida","doi":"10.58968/icm.v1i1.439","DOIUrl":"https://doi.org/10.58968/icm.v1i1.439","url":null,"abstract":"This study aims to examine the evolution of public sentiment towards crypto assets. The research approach involves sentiment analysis methodology utilizing the SentiStrength v2.3 software. The data utilized in this study is secondary and obtained from scholarly publications indexed in the Scopus database. A total of 112 scholarly publications related to the research topic were identified. The research findings indicate that positive sentiment accounts for 27%, negative sentiment for 34%, and neutral sentiment contributes 39%. Further analysis reveals that the year 2023 marked a period with the highest number of sentiments, with positive sentiment dominating with 23 sentiments. This sentiment analysis method provides an in-depth understanding of the dynamics of public perception towards crypto assets, and these findings can offer valuable insights into the trends and shifts in sentiment that occur over time. Sentiment analysis can offer deep insights into how cryptocurrencies are perceived by the public and how these perceptions evolve in line with changes in social and economic contexts.","PeriodicalId":517681,"journal":{"name":"Islamic Capital Market","volume":"24 12","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140396765","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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