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All Journal Shirkah: Journal of Economics and Business Journal of Islamic Accounting and Finance Research
Ramly, Arroyan
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Religion Economics, Econometrics & Finance

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The impact of the Russia-Ukraine conflict on market volatility: stability of Islamic cryptocurrency Hasyim, Fuad; Rusgianto, Sulistya; Setianingsih, Hesti Eka; Fauziah, Nurul; Ramly, Arroyan
Journal of Islamic Accounting and Finance Research Vol. 6 No. 2 (2024)
Publisher : Universitas Islam Negeri Walisongo Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/jiafr.2024.6.2.22363

Abstract

Purpose - This research investigates how the Russia-Ukraine conflict affects the volatility of cryptocurrencies, with a specific focus on the comparative stability of Islamic gold-backed cryptocurrencies versus conventional cryptocurrencies, such as Bitcoin.Method - Utilizing the GARCH model, this study examines the risk factors and volatility transmission among cryptocurrencies (Bitcoin and Tether-gold), traditional financial markets (gold and stock markets), and their interrelationships during the conflict period. The study employs the daily closing prices of Bitcoin, Tether-gold, gold, the S&P 500, and the Dow Jones Islamic Market Index from February 7, 2020, to November 30, 2023.Result - Bitcoin experienced significant volatility during the conflict, while the Tether-gold remained more stable. Islamic gold-backed cryptocurrencies have proven to be more stable than conventional ones during geopolitical crises.Implication - The findings offer valuable insights for investors seeking safe-haven assets during periods of economic uncertainty. Gold-backed cryptocurrencies present a more stable investment option compared to conventional cryptocurrencies, especially for investors adhering to Shariah principles.Originality - This research highlights the stability of Islamic gold-backed cryptocurrencies during geopolitical events, contributing to the understanding of safe-haven assets and offering practical implications for portfolio diversification and risk management.
Navigating Faith and Finance: The Role of Islamic Literacy and Scepticism in Shaping Cryptocurrency Investment Intention Hasyim, Fuad; Ratnasari, Ririn Tri; Herianingrum, Sri; Ramly, Arroyan; Musthofa , Wakhid
Shirkah: Journal of Economics and Business Vol. 10 No. 3 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i3.682

Abstract

Despite the rapid global adoption of cryptocurrencies, the lack of a unified Sharia ruling creates profound ethical uncertainty for faith-conscious investors. The present study analyses how investors integrate spiritual considerations and the complexities of Islamic Finance to formulate investment intentions in cryptocurrencies. Building on the Decomposed Theory of Planned Behaviour (DTPB), the model incorporates Islamic Financial Literacy and Sharia Scepticism. Shariah Scepticism and Islamic Financial Literacy reflect the Islamic value-embedded attitude towards finance and investment. For this study, the authors collected and analysed survey data from Java’s urban areas' 213 Muslims using PLS-SEM. Results demonstrate that people’s investment intentions are shaped by the compatibility of values, ease of use, and perceived usefulness of the investment. Financial Literacy in Islam bolsters confidence in Shariah-compliant digital assets, and Shariah Scepticism raises theological and ethical considerations. Despite the limited impact of perceived behavioural control, subjective norms exerted the most significant influence on behavioural intentions. This study adds to the Islamic behavioural finance literature the first faith-based model to explain investment intentions in cryptocurrencies within Muslim populations.
Co-Authors A Djalil, Muslim Hasyim, Fuad Mirna Indriani Musthofa , Wakhid Nurul Fauziah Ririn Tri Ratnasari Rusgianto, Sulistya Setianingsih, Hesti Eka Sri Herianingrum Wahyuddin