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All Journal Maksimum : Media Akuntansi Universitas Muhammadiyah Semarang Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) IQTISHODUNA Jurnal Ekonomi Syariah Teori dan Terapan JURNAL EKONOMI DAN BISNIS AIRLANGGA An-Nisbah: Jurnal Ekonomi Syariah JIET (Jurnal Ilmu Ekonomi Terapan) Jurnal Ekonomi dan Bisnis Islam Jurnal Ilmiah Ekonomi Islam Jurnal Ekonomi & Keuangan Islam Transformatif PengabdianMu: Jurnal Ilmiah Pengabdian kepada Masyarakat Journal of Islamic Accounting and Finance Research Oeconomicus Journal of Economics ASIAN JOURNAL OF ISLAMIC MANAGEMENT (AJIM) Jurnal REKSA: Rekayasa Keuangan, Syariah dan Audit Al-Buhuts (e-journal) Jurnal Ekonomika dan Bisnis Islam Indonesian Capital Market Review Jurnal Mediasas : Media Ilmu Syari'ah dan Ahwal Al-Syakhsiyyah An-Nisbah: Jurnal Ekonomi Syariah Madania: Jurnal Kajian Keislaman eJEBA
Rusgianto, Sulistya
Unknown Affiliation
Religion Agriculture, Biological Sciences & Forestry Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Public Health Social Sciences Other

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RISK OF RETURN CHARACTERISTICS OF ISLAMIC BANK FINANCING PORTFOLIO IN INDONESIA Habibi, Zamzam; Rusgianto, Sulistya
Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) Vol. 7 No. 1 (2021): JANUARY-JUNE 2021
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jebis.v7i1.24571

Abstract

The study aims to investigate the risk of return characteristics of Islamic bank financing portfolios. A quantitative approach of value at risk is used to estimate return volatility of Islamic commercial banks and Islamic business units in Indonesia for the period of May 2014 to June 2020. The finding suggests proportion of equity-based financing tends to increase in contrast to decreasing of debt and lease-based financing. While rate of return for all financing types tends to decline, the return of equity-based financing experiences higher volatility than other two financing types. The main finding regarding the decrease in value at risk indicates Islamic banks able to reduce risk of financing portfolio. The finding implies Islamic banks should continue to improve the best-practice of risk management based on their past experience to anticipate future risk. As for the regulators, the finding may be used to develop early warning system to anticipate a systemic failure in Islamic banking industry. Further research is recommended to explore impact of market behavior on the risk of each type of financing.
Comparative Analysis between Corporate Sukuk and Bonds in Indonesia: Value at Risk Approach Putra, Bintang Fajar Muskan; Sukmaningrum, Puji sucia Sucia; Rusgianto, Sulistya
Indonesian Capital Market Review Vol. 15, No. 2
Publisher : UI Scholars Hub

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Abstract

This research aims to analyze the differences in Risk (Value at Risk) and Return between sukuk and bonds. The research approach utilizes the T-test to examine this comparison. The data source is the closing prices of Sukuk and Bonds for 2018-2020. The research results indicate a significant difference between Sukuk and Bonds regarding returns. A vital difference also occurs in Sukuk and Bonds's Value at Risk (VaR). The results of this study prove that Sukuk has higher returns and lower VaR than Bonds. Sukuk can be a good instrument for portfolio diversification.
Macroeconomic, Financial Performance, COVID-19, and the Stability of Islamic Rural Banks: Regional Evidence from Indonesia Rokhmah, Fatma Nur; Rusgianto, Sulistya
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 12 No. 4 (2025): November-2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol12iss20254pp439-454

Abstract

This study aims to analyze the effect of macroeconomic, financial performance, and the COVID-19 pandemic on the stability of Islamic Rural Banks (BPRS) in Indonesia, as well as to examine the differences in these effects between the Java and non-Java regions. A quantitative approach using panel data regression (Random Effect Model) was applied to data from 100 BPRS during the 2020–2024 period. Financial stability was measured using the Z-score. Macroeconomic variables include provincial inflation and regional GDP growth (PDRB). Financial performance indicators consist of Capital Adequacy Ratio (CAR), Financing-to-Deposit Ratio (FDR), and Non-Performing Financing (NPF), while the COVID-19 dummy variable captures the impact of the pandemic shock. The empirical results show that CAR and NPF have a significant influence on BPRS stability across all regions, while inflation and PDRB are not statistically significant in the aggregate model. The COVID-19 variable exerts a significant negative effect on stability, confirming the pandemic’s disruptive impact on Islamic microfinance. When the model is estimated separately for Java and non-Java regions, the FDR variable demonstrates a stronger and negative effect on stability in non-Java BPRS, indicating structural disparities in liquidity management and risk absorption capacity. These findings underline the importance of region-specific macroprudential and microprudential policies, particularly in enhancing capital strength and liquidity governance among non-Java BPRS. The study contributes to the literature on Islamic financial stability by integrating macroeconomic, financial, and crisis dimensions within a regional framework, offering strategic implications for the Financial Services Authority (OJK) and Bank Indonesia to strengthen the resilience of Islamic microfinance institutions in Indonesia
Front Matter Volume 35, No. 2, June-November 2025 Rusgianto, Sulistya
Jurnal Ekonomi dan Bisnis Airlangga Vol. 35 No. 2 (2025): JURNAL EKONOMI DAN BISNIS AIRLANGGA
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jeba.V35I22025.%p

Abstract

Co-Authors Ahmad Fadlur Rahman Bayuny Al Khaidar, Moch Aridhi Almeyda, Devia Asya'bani, Nispia Asya’bani, Nispia Athallah Susanto, Arva Awaludin, Azrul Afrillana Bella, Firsty Izzata Cholil, Muhammad Chrisananda, Riska Anin Fasiha, Fasiha Fathurrohman, Muhammad Said Fauzi, R. Mohammad Qudsi Fitria Idham Chalid Habibi, Zamzam Hafizhah, Nur Zakiya Hasyim, Fuad Hidayati, Niswatin Nurul Hikmah, Lailatul Ibnu Affan Indirwan, Syanisma Khansa Isro’i, Moch Imron Jazilinni’am, Naili Juminten, Rekno Kanasibah, Auvi Diyanati Kefeli, Zurina Kholison, Rohmatul Farokhah Lailatul Qamariyah Mamduh, Muhammad Faizul Mardianita W.P, Olga Muhamad Nafik Hadi Ryandono, Muhamad Nafik Nurul Fauziah Perdana, Yuda Mahesa Pertiwi, Tanza Dona Purnomo, Joko Hadi Putra, Bintang Fajar Muskan Ramly, Arroyan Ramly, Arroyyan Ririn Tri Ratnasari Robbani, Ridho Roemanasari, Febrita Rokhmah, Fatma Nur Sabela, Jenny Samsul Arifin Setianingsih, Hesti Eka Sholikah, Nia Mariatus Siska Arie Novita Sjam, Dewi Sukmaningrum, Puji sucia Sucia Sukran, Sukran Suprayitno, Aryadimas Susanto, Arva Athallah Wahab, Abd Wedari, Dinda Tamara Widayanti, Mega Ayu