Article Per Year (5 Year)
p-Index From 2021 - 2026
0.562
P-Index
This Author published in this journals
All Journal LEBAH Majapahit Journal of Islamic Finance dan Management Majapahit Journal of Islamic Finance dan Management
Muhamad Arifin
Universitas Pamulang, Indonesia
Religion Aerospace Engineering Agriculture, Biological Sciences & Forestry Arts Humanities Astronomy Automotive Engineering Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Chemistry Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Dentistry Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Energy Engineering Environmental Science Health Professions Immunology & microbiology Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Mathematics Mechanical Engineering Medicine & Pharmacology Neuroscience Nursing Physics Public Health Social Sciences Transportation Veterinary Other

Published : 3 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 3 Documents
Search

 1 
ESG Score and Sharia Compliance as Determinants of Foreign Investment Flows into Sharia Stocks: A Multinational Panel Analysis 2019-2024 Mastiah; Muhamad Arifin; Khalifa Damalin Ayunda
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.926

Abstract

This study analyzes the influence of ESG Score and sharia compliance on Foreign Portfolio Investment (FPI) in Indonesia and Malaysia during the 2019–2024 period. Using a panel data approach on the JII and FBMHS indices, the results indicate that ESG Score has a significant positive effect on FPI, highlighting the growing importance of sustainability performance for global investors. Sharia compliance, represented by the Debt-to-Asset Ratio (DAR) and Islamic Income Ratio (IIR), also significantly affects FPI, suggesting that adherence to Islamic financial principles strengthens foreign investor confidence in Islamic capital markets. Simultaneously, the integration of ESG performance and sharia principles emerges as an important determinant of cross-border investment decisions. However, this study operationalizes sharia compliance using limited financial ratio proxies, which may not fully capture the multidimensional characteristics of Islamic screening standards. Broader aspects such as business activity screening, non-halal income purification, and Islamic governance mechanisms were not included in the analysis. Therefore, future studies are encouraged to incorporate more comprehensive qualitative and governance-related indicators of sharia compliance to better explain foreign investor behavior in Islamic capital markets. These findings provide strategic implications for regulators and issuers to strengthen the competitiveness of Islamic capital markets through more standardized sustainability and sharia governance reporting.
ESG Score and Sharia Compliance as Determinants of Foreign Investment Flows into Sharia Stocks: A Multinational Panel Analysis 2019-2024 Mastiah; Muhamad Arifin; Khalifa Damalin Ayunda
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.926

Abstract

This study analyzes the influence of ESG Score and sharia compliance on Foreign Portfolio Investment (FPI) in Indonesia and Malaysia during the 2019–2024 period. Using a panel data approach on the JII and FBMHS indices, the results indicate that ESG Score has a significant positive effect on FPI, highlighting the growing importance of sustainability performance for global investors. Sharia compliance, represented by the Debt-to-Asset Ratio (DAR) and Islamic Income Ratio (IIR), also significantly affects FPI, suggesting that adherence to Islamic financial principles strengthens foreign investor confidence in Islamic capital markets. Simultaneously, the integration of ESG performance and sharia principles emerges as an important determinant of cross-border investment decisions. However, this study operationalizes sharia compliance using limited financial ratio proxies, which may not fully capture the multidimensional characteristics of Islamic screening standards. Broader aspects such as business activity screening, non-halal income purification, and Islamic governance mechanisms were not included in the analysis. Therefore, future studies are encouraged to incorporate more comprehensive qualitative and governance-related indicators of sharia compliance to better explain foreign investor behavior in Islamic capital markets. These findings provide strategic implications for regulators and issuers to strengthen the competitiveness of Islamic capital markets through more standardized sustainability and sharia governance reporting.
Edukasi Finansial Syariah Berbasis Simulasi Praktik Mandiri: Solusi Kesenjangan Literasi Keuangan Santri Mastiah Mastiah; Yayuk Rufiatun; Muhamad Arifin
Lebah Vol. 19 No. 6 (2026): July: Pengabdian
Publisher : IHSA Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/lebah.v19i6.574

Abstract

Kesenjangan literasi keuangan syariah di kalangan generasi muda sering kali memicu perilaku konsumtif yang tidak akuntabel. Guna mengatasi permasalahan tersebut, program Pengabdian kepada Masyarakat (PkM) ini dirancang untuk meningkatkan wawasan sekaligus keterampilan para santri dalam mengelola dana personal secara mandiri berdasarkan kaidah keuangan syariah. Inisiatif ini dilaksanakan di Pondok Pesantren KULNI, Kecamatan Cikande, Kabupaten Serang, dengan melibatkan 36 santri tingkat akhir sebagai peserta. Skema pelatihan diaplikasikan melalui kombinasi ceramah interaktif, diskusi kelompok, simulasi penyusunan rencana anggaran mandiri, serta penggunaan instrumen pre-test dan post-test untuk mengukur efektivitas program. Hasil kegiatan menunjukkan kemajuan signifikan pada pemahaman santri mengenai esensi literasi keuangan syariah, urgensi menabung, kontrol pengeluaran, dan kemampuan merancang pembukuan kas sederhana. Secara kuantitatif, rata-rata skor capaian peserta meningkat signifikan, dari 58% pada saat pre-test menjadi 84% pada evaluasi post-test. Selain itu, terdapat perubahan perilaku yang lebih positif dari para peserta dalam mengelola uang saku bulanan. Temuan ini membuktikan bahwa edukasi keuangan syariah berbasis simulasi praktik langsung efektif dalam membangun kemandirian finansial generasi muda di lingkungan pesantren
Co-Authors Ayunda, Khalifa Damalin Mastiah Mastiah Mastiah Yayuk Rufiatun