Pub Date : 2022-04-26DOI: 10.12928/ijiefb.v4i2.4531
H. Penikas, V. Stefanenko
Introduction: COVID-19 pandemic raised the stability challenges for the modern banking systems. As a remedy, the regulators and investors turned their eyes to the Islamic Banking. Many people view it as a full substitute to the dominant conventional banking establishments. We hypothesized that the benefits of the Islamic Banking can be fully enjoyed if and only if it is accompanied with the robust regulatory framework. Such a framework could offer room for the national discretion to define ‘alpha’ parameter within the capital adequacy ratio. The novelty of our paper is the largest collected to date set of alpha value embedded in the Islamic Banking jurisdictions. Purpose: This research paper aims to able to identify the core driver to locally determine the value of alpha. The credit-to-GDP ratio was shown to be such a driver. We demonstrated that the earlier academic research had offered the Vasicek-based theoretical models for the Islamic Banking that had implied right the opposite values of alpha. Methodology: We have eight independent determinants with presenting the alpha values for 11 countries registered in 2007 and in 2016.Those are the four macroeconomic variables. we have collected the input data for the regression model. Findings: The credit-to-GDP ratio was shown to be such a driver. We demonstrated that the earlier academic research had offered the Vasicek-based theoretical models for the Islamic Banking that had implied right the opposite values of alpha. Thus, the usage of the determinant revealed by us could be of help to the central bankers when shaping the framework for Islamic Banking capital adequacy. Paper Type: Research Article
{"title":"Identifying the Core Driver for the Islamic Banking Capital Adequacy Regulation","authors":"H. Penikas, V. Stefanenko","doi":"10.12928/ijiefb.v4i2.4531","DOIUrl":"https://doi.org/10.12928/ijiefb.v4i2.4531","url":null,"abstract":"Introduction: COVID-19 pandemic raised the stability challenges for the modern banking systems. As a remedy, the regulators and investors turned their eyes to the Islamic Banking. Many people view it as a full substitute to the dominant conventional banking establishments. We hypothesized that the benefits of the Islamic Banking can be fully enjoyed if and only if it is accompanied with the robust regulatory framework. Such a framework could offer room for the national discretion to define ‘alpha’ parameter within the capital adequacy ratio. The novelty of our paper is the largest collected to date set of alpha value embedded in the Islamic Banking jurisdictions.\u0000Purpose: This research paper aims to able to identify the core driver to locally determine the value of alpha. The credit-to-GDP ratio was shown to be such a driver. We demonstrated that the earlier academic research had offered the Vasicek-based theoretical models for the Islamic Banking that had implied right the opposite values of alpha.\u0000Methodology: We have eight independent determinants with presenting the alpha values for 11 countries registered in 2007 and in 2016.Those are the four macroeconomic variables. we have collected the input data for the regression model.\u0000Findings: The credit-to-GDP ratio was shown to be such a driver. We demonstrated that the earlier academic research had offered the Vasicek-based theoretical models for the Islamic Banking that had implied right the opposite values of alpha. Thus, the usage of the determinant revealed by us could be of help to the central bankers when shaping the framework for Islamic Banking capital adequacy.\u0000Paper Type: Research Article","PeriodicalId":52903,"journal":{"name":"Ihtifaz","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46938640","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}
Pub Date : 2022-04-26DOI: 10.12928/ijiefb.v4i2.5768
S. Sukirno, Nabella Putri Hari Pratiwi, Abolfazl Amanollanejad
Introduction: Many studies have been conducted massively in around the globe, nevertheless still no study conducted on exploring the impact of banking industries’ AEOI adoption on customer loyalty, trust, commitment and satisfaction. Purpose: The purpose of this paper is to investigate the effect of trust, commitment, and satisfaction on customer loyalty and, in turn, the indirect effect of satisfaction on customer loyalty at post-implementation of the Automatic Exchange of Information (AEOI). Methodology: A model is advanced and tested using partial least squares path modeling (PLS-SEM) and data were collected from a sample of 200 banking industry customers in Indonesia. Findings: The results indicate significant and positive relationships among trust, commitment, satisfaction, and customer loyalty. Moreover, it is found that satisfaction has an indirect effect in relation to trust, commitment, and customer loyalty. The findings and limitations are discussed and recommendations for the policy makers and researchers are also provided. Paper Type: Research Article
{"title":"Bank Customer Loyalty at Post-Implementation of Automatic Exchange of Information (AEOI) in Indonesia","authors":"S. Sukirno, Nabella Putri Hari Pratiwi, Abolfazl Amanollanejad","doi":"10.12928/ijiefb.v4i2.5768","DOIUrl":"https://doi.org/10.12928/ijiefb.v4i2.5768","url":null,"abstract":"Introduction: Many studies have been conducted massively in around the globe, nevertheless still no study conducted on exploring the impact of banking industries’ AEOI adoption on customer loyalty, trust, commitment and satisfaction.\u0000Purpose: The purpose of this paper is to investigate the effect of trust, commitment, and satisfaction on customer loyalty and, in turn, the indirect effect of satisfaction on customer loyalty at post-implementation of the Automatic Exchange of Information (AEOI).\u0000Methodology: A model is advanced and tested using partial least squares path modeling (PLS-SEM) and data were collected from a sample of 200 banking industry customers in Indonesia.\u0000Findings: The results indicate significant and positive relationships among trust, commitment, satisfaction, and customer loyalty. Moreover, it is found that satisfaction has an indirect effect in relation to trust, commitment, and customer loyalty. The findings and limitations are discussed and recommendations for the policy makers and researchers are also provided.\u0000Paper Type: Research Article","PeriodicalId":52903,"journal":{"name":"Ihtifaz","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42821546","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}
Pub Date : 2020-12-31DOI: 10.12928/IJIEFB.V3I2.2638
Syintia Dwi Utami, Abdul Qoyum
General Election (GE) is one of the most important political issues which has an impact on the economic condition. This research aims to reveal the effect of General Election 2019 on the capital market reaction. Specifically, the study compares the impact of three events in the GE 2019, namely, The General Election 2019, the announcement of Elected President 2019, and Mahkamah Konstitusi (MK) decision. By employing Abnormal Return with t-test analysis, the study reveals that the publication of the elected-president has the most significant impact on the Islamic Capital Market compares to the two other events. While using Trading Volume Activity (TVA), all the three events of GE 2019 affects the TVA. This finding suggests that for the Islamic capital market investor, the announcement of the elected president is seen as the most significant event that determines the whole of economic condition for the next five years. Hence, for the policy-makers, they must focus on the date of the announcement by preparing such a policy to maintain the market condition.
{"title":"Islamic Capital Market Reaction on Presidential Election 2019 (Case Study of the Jakarta Islamic Index)","authors":"Syintia Dwi Utami, Abdul Qoyum","doi":"10.12928/IJIEFB.V3I2.2638","DOIUrl":"https://doi.org/10.12928/IJIEFB.V3I2.2638","url":null,"abstract":"General Election (GE) is one of the most important political issues which has an impact on the economic condition. This research aims to reveal the effect of General Election 2019 on the capital market reaction. Specifically, the study compares the impact of three events in the GE 2019, namely, The General Election 2019, the announcement of Elected President 2019, and Mahkamah Konstitusi (MK) decision. By employing Abnormal Return with t-test analysis, the study reveals that the publication of the elected-president has the most significant impact on the Islamic Capital Market compares to the two other events. While using Trading Volume Activity (TVA), all the three events of GE 2019 affects the TVA. This finding suggests that for the Islamic capital market investor, the announcement of the elected president is seen as the most significant event that determines the whole of economic condition for the next five years. Hence, for the policy-makers, they must focus on the date of the announcement by preparing such a policy to maintain the market condition. ","PeriodicalId":52903,"journal":{"name":"Ihtifaz","volume":"165 7","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41274698","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}
Pub Date : 2020-12-31DOI: 10.12928/IJIEFB.V4I1.3171
Abdullateef Abdulqadir Maikabara, Sri Maulida, A. Aderemi
Introduction to The Problem: The financial system, as a subset of economics, plays a prominent role in solidifying the socio-economic development and wellbeing of people of a society. However, debt-based and equity-based financing are the main models employed by Islamic financial institutions to help small and medium enterprises (SMEs) that need funding to facilitate their businesses' projects. Operationally, debt-based financing seems to be the prominent financing model than equity-based financing, which only accounts for either zero or small scale in Islamic financial institutions.Objective Study: This study explores the rightful financing model that can contribute much better to the efficiency of the Islamic financial system in achieving socio-economic development.Methodology: To achieve the study's purpose, a literature-based method and secondary data collection technique are adopted as related previous studies from articles, books, conferences, and working papers are reviewed and analyzed.Findings: Equity-based model as a partnership model is somewhat more productive in contributing to socio-economic development than debt-based financing, but not being widely applied due to specific issues such as high risk, agency problem, costumer’s awareness, and sensitivity, and others more. It is recommended that researchers empirically investigate the suitable financing model between debt-based and equity-based financing models to ensure the achievement of sustainable socio-economic development.
{"title":"Debt-Based Versus Equity-Based Financing: A Comparative Analysis on Efficiency of Islamic Financial System","authors":"Abdullateef Abdulqadir Maikabara, Sri Maulida, A. Aderemi","doi":"10.12928/IJIEFB.V4I1.3171","DOIUrl":"https://doi.org/10.12928/IJIEFB.V4I1.3171","url":null,"abstract":"Introduction to The Problem: The financial system, as a subset of economics, plays a prominent role in solidifying the socio-economic development and wellbeing of people of a society. However, debt-based and equity-based financing are the main models employed by Islamic financial institutions to help small and medium enterprises (SMEs) that need funding to facilitate their businesses' projects. Operationally, debt-based financing seems to be the prominent financing model than equity-based financing, which only accounts for either zero or small scale in Islamic financial institutions.Objective Study: This study explores the rightful financing model that can contribute much better to the efficiency of the Islamic financial system in achieving socio-economic development.Methodology: To achieve the study's purpose, a literature-based method and secondary data collection technique are adopted as related previous studies from articles, books, conferences, and working papers are reviewed and analyzed.Findings: Equity-based model as a partnership model is somewhat more productive in contributing to socio-economic development than debt-based financing, but not being widely applied due to specific issues such as high risk, agency problem, costumer’s awareness, and sensitivity, and others more. It is recommended that researchers empirically investigate the suitable financing model between debt-based and equity-based financing models to ensure the achievement of sustainable socio-economic development.","PeriodicalId":52903,"journal":{"name":"Ihtifaz","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45185502","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}
Pub Date : 2020-12-31DOI: 10.12928/IJIEFB.V3I2.3170
Multazam Mansyur Addury, A. Nugroho, Salehuddin Khalid
Introduction to The Problem: Millennials are a generation that has a very rapid growth. More than 30 percent of Indonesia's population is millennials, but many of the Millennials have not been intentioned in investing in sharia stocks.Purpose/Objective Study: The purpose of this research is to examine the impact of sharia financial literacy on Millennials on the intention of investing in sharia stocks, or it has other factors.Design/Methodology/Approach: This research used Sharia financial literacy and the Theory of Planned Behavior. This research used five variables namely Sharia financial literacy, attitudes, subjective norms, behavioral controls, and intentions. This study used purposive sampling method, from muslim millennials in Yogyakarta. Total respondents to this study are 112 with 20-40 years old or a millennials generation and already have income. Multiple linear regression analysis techniques used as primary analytical techniques.Findings: The results proved that Sharia financial literacy and subjective norms did not affect the intention of investing in sharia stocks. Other variables, such as behavioral attitudes and controls, proved to have a significant influence on the intention of investing in sharia stocks.
{"title":"The Intention of Investing Sharia Stocks on Millennials: The Role of Sharia Financial Literacy","authors":"Multazam Mansyur Addury, A. Nugroho, Salehuddin Khalid","doi":"10.12928/IJIEFB.V3I2.3170","DOIUrl":"https://doi.org/10.12928/IJIEFB.V3I2.3170","url":null,"abstract":"Introduction to The Problem: Millennials are a generation that has a very rapid growth. More than 30 percent of Indonesia's population is millennials, but many of the Millennials have not been intentioned in investing in sharia stocks.Purpose/Objective Study: The purpose of this research is to examine the impact of sharia financial literacy on Millennials on the intention of investing in sharia stocks, or it has other factors.Design/Methodology/Approach: This research used Sharia financial literacy and the Theory of Planned Behavior. This research used five variables namely Sharia financial literacy, attitudes, subjective norms, behavioral controls, and intentions. This study used purposive sampling method, from muslim millennials in Yogyakarta. Total respondents to this study are 112 with 20-40 years old or a millennials generation and already have income. Multiple linear regression analysis techniques used as primary analytical techniques.Findings: The results proved that Sharia financial literacy and subjective norms did not affect the intention of investing in sharia stocks. Other variables, such as behavioral attitudes and controls, proved to have a significant influence on the intention of investing in sharia stocks.","PeriodicalId":52903,"journal":{"name":"Ihtifaz","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48723598","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}
Pub Date : 2019-08-06DOI: 10.12928/IJIEFB.V2I2.857
Firdausa Kumala Sari, Novita Safitri, W. Anggraini
Penelitian ini bertujuan untuk menguji Theory of Planned Behavior (TPB) mengenai pengaruh persepsi konsep pada sikap, persepsi perkembangan pada sikap, dan sikap pada minat masyarakat DIY tentang pariwisata halal. Rancangan penelitian ini deskriptif dan korelasional yang melibatkan 435 subyek dari Daerah Istimewa Yogyakarta, mengumpulkan data melalui survei dengan mengisi kuesioner. Pengaruh persepsi konsep pada sikap DIY tentang pariwisata halal diuji menggunakan teknik analisis data dengan SB-SEM (Covariance Based-Structural Equation Modelling) dengan softwere AMOS. Penelitian ini menunjukkan bahwa ada pengaruh anatara persepsi dan sikap pada minat masyarakat dalam pariwisata halal. Persepsi masyarakat tentang pariwisata halal terletak pada fasilitasnya. Kriteria fasilitas termasuk dalam salah satu kriteria GMTI (Global Muslim Travel Index). Pemerintah diharapkan memprioritaskan pengembangan fasilitas wisata halal.
{"title":"Persepsi, Sikap dan Minat Pariwisata Halal di Daerah Istimewa Yogyakarta","authors":"Firdausa Kumala Sari, Novita Safitri, W. Anggraini","doi":"10.12928/IJIEFB.V2I2.857","DOIUrl":"https://doi.org/10.12928/IJIEFB.V2I2.857","url":null,"abstract":"Penelitian ini bertujuan untuk menguji Theory of Planned Behavior (TPB) mengenai pengaruh persepsi konsep pada sikap, persepsi perkembangan pada sikap, dan sikap pada minat masyarakat DIY tentang pariwisata halal. Rancangan penelitian ini deskriptif dan korelasional yang melibatkan 435 subyek dari Daerah Istimewa Yogyakarta, mengumpulkan data melalui survei dengan mengisi kuesioner. Pengaruh persepsi konsep pada sikap DIY tentang pariwisata halal diuji menggunakan teknik analisis data dengan SB-SEM (Covariance Based-Structural Equation Modelling) dengan softwere AMOS. Penelitian ini menunjukkan bahwa ada pengaruh anatara persepsi dan sikap pada minat masyarakat dalam pariwisata halal. Persepsi masyarakat tentang pariwisata halal terletak pada fasilitasnya. Kriteria fasilitas termasuk dalam salah satu kriteria GMTI (Global Muslim Travel Index). Pemerintah diharapkan memprioritaskan pengembangan fasilitas wisata halal. ","PeriodicalId":52903,"journal":{"name":"Ihtifaz","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46168775","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}
Pub Date : 2019-08-06DOI: 10.12928/IJIEFB.V2I2.879
Aulia Arifatu Diniyya
The purpose of this paper is to discuss the potential role of the institution of Waqf in poverty alleviation. Poverty is a complex, multi-dimensional phenomenon that has captured the attention of numerous scholars and agencies globally. The social role of the Islamic financial sector can be best exemplified by providing finance to the poor to increase their income and wealth. This paper will explore on how microfinance can be provided on Shariah compliant basis through Waqf model. This research also reviewing the development of the integrated Waqf based Islamic microfinance which aimed to provide solutions to reduce poverty. An integration of Waqf-based Islamic microfinance (IWIM) model is proposed to address all the practical challenges of microfinance faced in Muslim communities. In this model, microfinance is practised in compliance with Shari’ah to address the multi-dimensional aspects of poverty and empowering the poor in order to enhance the socio-economic development and hence the well- being of the Ummah. With this aspiration, the IWIM model aims to tackle the challenges related to the scarcity of capital, inadequate human resources, absence of proper Takaful programs and project financing in an integrated approach. However, Waqf based microfinance still may be facing some problems should be addressed which related to credit risk, moral hazard, and economic viability.
{"title":"Development Of Waqf Based Microfinance And Its Impact In Alleviating The Poverty","authors":"Aulia Arifatu Diniyya","doi":"10.12928/IJIEFB.V2I2.879","DOIUrl":"https://doi.org/10.12928/IJIEFB.V2I2.879","url":null,"abstract":"The purpose of this paper is to discuss the potential role of the institution of Waqf in poverty alleviation. Poverty is a complex, multi-dimensional phenomenon that has captured the attention of numerous scholars and agencies globally. The social role of the Islamic financial sector can be best exemplified by providing finance to the poor to increase their income and wealth. This paper will explore on how microfinance can be provided on Shariah compliant basis through Waqf model. This research also reviewing the development of the integrated Waqf based Islamic microfinance which aimed to provide solutions to reduce poverty. An integration of Waqf-based Islamic microfinance (IWIM) model is proposed to address all the practical challenges of microfinance faced in Muslim communities. In this model, microfinance is practised in compliance with Shari’ah to address the multi-dimensional aspects of poverty and empowering the poor in order to enhance the socio-economic development and hence the well- being of the Ummah. With this aspiration, the IWIM model aims to tackle the challenges related to the scarcity of capital, inadequate human resources, absence of proper Takaful programs and project financing in an integrated approach. However, Waqf based microfinance still may be facing some problems should be addressed which related to credit risk, moral hazard, and economic viability.","PeriodicalId":52903,"journal":{"name":"Ihtifaz","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47845834","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}
Pub Date : 2019-08-06DOI: 10.12928/IJIEFB.V2I2.921
Anton Priyo Nugroho, Dzulfikar Izzat, Wuri Suhasti
Market share of halal cosmetics in Indonesia increased all of the time. It was not surprising, as a country with the biggest Moslem population in the world, the need of halal cosmetics is a must. Had it trued that the consumption of halal cosmetics driven by religion (Islam) as a social identity or by other factors. This study tried to find the role of religion as consumer’s social identity with extended theory planned behavior. This study used purposived sampling technics among 100 collage students in Yogyakarta and analyzed with partial Least Square (PLS)s-SEM used smartPLS software. This research found that religion identity was not influenced toward intention to use cosmetics halal. The other variables, attitude, subjective norm and perceived behavior control have a positive and significant influenced toward intention to use halal cosmetics.
{"title":"Peran Identitas Agama Terhadap Niat Menggunakan Kosmetik Halal : Perluasan Theory of Planned Behavior","authors":"Anton Priyo Nugroho, Dzulfikar Izzat, Wuri Suhasti","doi":"10.12928/IJIEFB.V2I2.921","DOIUrl":"https://doi.org/10.12928/IJIEFB.V2I2.921","url":null,"abstract":"Market share of halal cosmetics in Indonesia increased all of the time. It was not surprising, as a country with the biggest Moslem population in the world, the need of halal cosmetics is a must. Had it trued that the consumption of halal cosmetics driven by religion (Islam) as a social identity or by other factors. This study tried to find the role of religion as consumer’s social identity with extended theory planned behavior. This study used purposived sampling technics among 100 collage students in Yogyakarta and analyzed with partial Least Square (PLS)s-SEM used smartPLS software. This research found that religion identity was not influenced toward intention to use cosmetics halal. The other variables, attitude, subjective norm and perceived behavior control have a positive and significant influenced toward intention to use halal cosmetics.","PeriodicalId":52903,"journal":{"name":"Ihtifaz","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43969006","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}
Pub Date : 2019-08-06DOI: 10.12928/IJIEFB.V2I2.886
Pribawa E. Pantas, M. N. H. Ryandono, M. Munir, Rofiul Wahyudi
This study aims to determine the long-term relationship between stock market and exchange rate in Indonesia. The research method used is Johansen cointegration test. The results of this study found no cointegration between the variables tested. Thus the exchange rate, JII, and IHSG have no relationship in the long term. The fluctuation of the rupiah exchange rate in recent years did not generally affect the performance of stock indices especially after the global financial crisis of 2008. This shows the capital market in Indonesia has a good performance so that it is not so sensitive to the sentiment of the decline in the rupiah against the US dollar. This finding is in line with the findings of Syahrer (2010) which states the exchange rate has no effect on the stock market.
{"title":"Cointegration of Stock Market and Exchange Rate in Indonesia","authors":"Pribawa E. Pantas, M. N. H. Ryandono, M. Munir, Rofiul Wahyudi","doi":"10.12928/IJIEFB.V2I2.886","DOIUrl":"https://doi.org/10.12928/IJIEFB.V2I2.886","url":null,"abstract":"This study aims to determine the long-term relationship between stock market and exchange rate in Indonesia. The research method used is Johansen cointegration test. The results of this study found no cointegration between the variables tested. Thus the exchange rate, JII, and IHSG have no relationship in the long term. The fluctuation of the rupiah exchange rate in recent years did not generally affect the performance of stock indices especially after the global financial crisis of 2008. This shows the capital market in Indonesia has a good performance so that it is not so sensitive to the sentiment of the decline in the rupiah against the US dollar. This finding is in line with the findings of Syahrer (2010) which states the exchange rate has no effect on the stock market.","PeriodicalId":52903,"journal":{"name":"Ihtifaz","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47395759","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}
Pub Date : 2019-08-06DOI: 10.12928/IJIEFB.V2I2.856
Adelita Fitriani Baiq Rizki Pratama
Penelitian ini bertujuan untuk membuat konsep penilaian pemanfaatan terbaik (Highest and Best Use) dalam perspektif Islam yang digunakan pada tanah wakaf. Penelitian ini menggunakan studi literature dan pendekatan konseptual serta analisis kritis untuk membuat metode baru yang dapat digunakan dalam menganalisa pemanfaatan terbaik dari tanah wakaf. Hasil penelitian menemukan bahwa metode HBU tidak dapat diaplikasikan untuk menilai tanah wakaf dikarenakan terdapat beberapa elemen di dalamnya yang tidak sesuai dengan prinsip syariat Islam. Adapun perbedaan diantara kedua bentuk metode ini, yaitu pada aspek fisik dan lokasi, peneliti menambahkan pedoman alternatif penggunaan tanah wakaf berdasarkan lokasinya. pada aspek legalitas, peneliti mengganti indikator penilaian status hak atas tanah didasarkan pada keberadaan akta ikrar wakaf dan sertifikat tanah wakaf, pada indikator zoning, peneliti menambahkan 5 sub indikator yang perlu dipertimbangkan, yaitu peruntukan tanah wakaf, bentuk muamalah yang dilakukan dalam memanfaatkan tanah wakaf, kebutuhan masyarakat, manfaat yang dapat diberikan dan ibdal/istibdal. Pada aspek keuangan, perbedaan terletak pada indikator pengeluaran (pertimbangan pengeluran untuk dana ZIS) dan uji kelayakan investasi menggunakan gold value method dan gold index method. Adapun pada aspek penentuan penggunaan terbaik di dasarkan pada aspek maslahan dan perhitungan nilai properti didasarkan pada prosentase kenaikan harga emas.
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