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All Journal EKSPANSI Jurnal Ekonomi Syariah Pelita Bangsa
Faris Kurnia Hakim
Universitas Pembangunan Nasional Veteran Jawa Timur
Religion Economics, Econometrics & Finance Education

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MEASUREMENT OF EFFICIENCY: AN EMPIRICAL OF ISLAMIC STOCK EXCHANGES IN OIC COUNTRIES Mauizhotul Hasanah; Faris Kurnia Hakim; Sri Herianingrum
Ekspansi: Jurnal Ekonomi, Keuangan, Perbankan, dan Akuntansi Vol 18 No 1 (2026)
Publisher : Accounting Department, Politeknik Negeri Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35313/ekspansi.v18i1.6852

Abstract

The efficienct market is one of the benchmarks for investors, because investors need to monitor all information to consider investing decisions. This study aims to measure the level of efficiency in the Islamic stock exchanges of Islamic countries. The data used is secondary data using a sample of 6 Islamic countries that are members of the OIC in the January 2014-December 2018 period. The method used is the Stochastic Frontier Approach (SFA) with an analysis tool, namely the Frontier 4.1 software. The input variable used is Market Capitalization (KP) and Trading Volume (VP), while the output variable used is Individual Market Return (IMR). The results of this study indicate that during the study period there was no stock market that obtained a perfect efficiency value of one. The average result of the technical efficiency value of Islamic stock exchanges in Islamic countries is 0.9706, then based on ƴ of 0.38221 or 38%, it means that this inefficiency value needs to be optimized. . The country with the highest average technical efficiency value was in the UAE at 0.97173 and the country with the lowest average technical efficiency value was Saudi Arabia at 0.96939. Based on the classification of the overall countries operating efficiently, namely the UAE, Indonesia, and Iran, while the less efficient countries are Saudi Arabia, Kuwait, and Qatar.
Trump Policy 2.0: Implications For Fiscal And Monetary Stability And The Resilience Of The Islamic Financial Sector In Indonesia Faris Kurnia Hakim; Mauizhotul Hasanah; Safarinda Imani; M. Taufiq
Jurnal Ekonomi Syariah Pelita Bangsa Vol. 11 No. 01 (2026): JESPB Edisi April 2026
Publisher : DPPM Universitas Pelita Bangsa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37366/jespb.v11i01.3201

Abstract

The protectionist policies implemented by the United States under Donald Trump, particularly through impor tariffs on trading partners, including Indonesia, have created uncertainty in global trade. These tariff increases will disrupt the economic stability of partner countries, including Indonesia. The impact can be reflected in fiscal stability, monetary stability, and the resilience of the financial sector, particularly Islamic finance. Therefore, this study aims to analyze how US tariff policy impacts these three pillars of economic stability using VAR and VECM methods. Data used ranges from 2016 to 2025. Overall, the VAR model estimation results indicate that all variables have a long-term relationship. Therefore, the VECM model, measured by the error correction term (ECT), estimates the impact of Trump's import tariffs on fiscal, monetary, and Islamic financial stability indicators. The variables with significant effects are state budget deficit, government debt, rupiah exchange rate, foreign exchange reserves, Indonesia Sharia Stock Index (ISSI), and Financing to Deposit Ratio (FDR). Meanwhile, the variables with insignificant effects are state revenue, inflation, and Non Performing Financing (NPF). Furthermore, in the short term, the variables with significant effects are all fiscal stability variables (state revenue, state budget deficit, government debt), and Islamic financial stability (ISSI and FDR). The variables with insignificant effects are monetary stability variables (rupiah exchange rate, inflation, foreign exchange reserves) and Islamic financial stability (NPF).
Co-Authors M. Taufiq Mauizhotul Hasanah Mauizhotul Hasanah Safarinda Imani Sri Herianingrum