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Global Financial Crisis and Islamic Capital Market Integration among 5-ASEAN Countries Ibnu Qizam; Abdul Qoyum; Misnen Ardiansyah
Global Review of Islamic Economics and Business Vol 2, No 3 (2015)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (797.336 KB) | DOI: 10.14421/grieb.2015.023-04

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Islamic Capital Market is important part of Financial System in ASEAN countries especially in the context of AEC. The objective of this paper is to investigate interconnection long run equilibrium of Islamic Capital Market in ASEAN Countries. Using daily closing price for from September 2007 to October 2012, this study examine five Islamic Capital markets in ASEAN namely Indonesia, Malaysia, Philippines, Singapore and Thailand. This study examines on Integration among these Islamic Capital markets by relies a simple correlation test, Granger causality test and co-integration test using error correction model. This research documents some interesting finding. First, Using Johansen estimation technique, there is co-integration between the considered Islamic indices namely; Indonesia, Malaysia, Philippines, Singapore and Thailand. Second, Since the co-integration exists, granger causality test shows that there is three bi-directional causalities namely; between Malaysia Islamic Capital Market and Singapore Islamic Capital Market; between Thailand Islamic Capital Market and Singapore Islamic Capital Market; and between Singapore Islamic Capital Market and Philippines Islamic Capital Market. However, there is a unidirectional between Indonesia Islamic Market (MCIINA) and Malaysia Islamic Market (MCIMY), MCIINA and Philippines Islamic Market (MCIPhil), MCIINA and Thailand Islamic Market (MCITHAI), it implies that MCIINA affects MCIMY, MCIPhil, and MCIThai but not vice versa. Third, based on VECM suggest that all Islamic indexes are inter-related in the long run that can be explained due to the similarity of structure bring about by its stock as required by shariah in the process stock screening.
Measuring Maslahah on Collateral Implementation in Mudaraba Contract at Sharia Banking Dini Maulana Lestari; Abdul Qoyum
Global Review of Islamic Economics and Business Vol 9, No 1 (2021)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14421/grieb.2021.091-06

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This research aims to measure maslahah level on collateral implementation in mudaraba financing contract at sharia banking. This is important, because although the existence of collateral in the contract is able to create such maslahah, but there is no specific level regarding to it. Then, this research also tries to examine the relationship between collateral to maslahah itself in order to know the effect which give by those variables. This is an explanatory research uses a quantitative approach with survey method. This research also uses descriptive statistic and path analysis method by IBM SPSS Statistic 22 in order to reach the purpose of this research. This research picked sharia banking practitioners and customers specifically in Cirebon as the population, reaching 116 respondent which used as the sample of research. The result of this research reported that the implementation of collateral in mudaraba financing contract is truly provide maslahah level both for sharia banking practitioners and customers. This result was also strengthened by the direct effect between each variable which revealed a positive significant effect.
Business Cycle and The Macroeconomics Performance: Evidence of Malaysia and Indonesia Abdul Qoyum; M. Miftahussurur; Al-Amin Matae; Muhammad Yousuf; A. Abdurrahman
Global Review of Islamic Economics and Business Vol 2, No 1 (2014)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (560.668 KB) | DOI: 10.14421/grieb.2014.021-04

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Stable economic growth is the major macroeconomic goal which is all nations seek. Economist and policy makers have been tried to find the ways to sustain and maintain stable economic growth. This paper examines the macroeconomic fluctuations and economic growth in Malaysia and Indonesia and its determinant by using multiple regression models. Five variables were chosen for the model namely variables are Money supply (MS), Industrial production (IP), Interest rate (IR), exchange rate (ER), Consumer price Index (CPI) and stock prices. The study shows that Money supply (MS), Interest rate (IR), exchange rate (ER), and stock prices are among others, the determinant factors of macroeconomic fluctuations in both countries. Specifically, the empirical results reveal that Interest rate (IR), exchange rate (ER), and stock prices has significant contribution to the performance of real GDP in Malaysia while Money supply (MS) and exchange rate (ER) are the main cause of macroeconomic fluctuations in Indonesia. This may be due to the different monetary policies pursued by the two countries. The two countries might have different monetary policy strategies; Malaysia pursues interest rate targeting policy, whereas Indonesia applies inflation rate targeting policy.The study recommends for both countries government policies play an important role in economic performance. Therefore, a careful policy should be the foremost important factor for economic in these nations and the every country in general.
Testing The Validity of Risk Management in Islamic Finance: The Hadith Point of View Abdul Qoyum
Islamic Economics Journal Vol 7, No 1 (2021)
Publisher : University of Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (903.774 KB) | DOI: 10.21111/iej.v7i1.4788

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Risk management in Islamic finance can be seen as an important aspect for business operation. The nature of Islamic finance which is quite different compared to conventional counterparts since the existance of shariah principle affect the risk management is more crucial in Islamic finance. Nevertheless, the practice of risk management in Islamic finance must be in line with shariah. Hence, this paper aims to analyze the validity of risk management from the Hadist point of view. By conducting qualitative research through detecting the quality of Hadist, the study revealed that Risk management practice is in line with shariah principle. It is based on the Hadits narrated by Ibnu Hibban that from the text, including in the matan and sanad can be classified as hadits ‘shohih”. In addition, the practice of Risk management is comply to the fulfilment of maqosid syariah.
RENCANA PEMBANGUNAN JANGKA PANJANG (RPJP), SUSTAINABLE DEVELOPMENT GOALS (SDGS) AND MAQASID AL-SHARIAH: THE CASE OF KABUPATEN REMBANG Abdul Qoyum; prasojo prasojo
Journal of Islamic Economics and Philanthropy Vol 3, No 03 (2020): Agustus
Publisher : Universitas Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1100.756 KB) | DOI: 10.21111/jiep.v3i03.4802

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The objective of this paper is to analyze Rencana Jangka Panjang Daerah Kabupaten Rembang from SDGs and Maqosid Shariah point of view. This paper find that, SDGs only confirm with 4 element maqosid syariah, except the first maqosid. For the secular countries, it is not create any problems, but for the Regency like Rembang, the fulfilment of first maqosid namely “safeguarding religion” is very important. Hence, adobting SDGs need to be modified. In majority SDGs are connects with the 4th and 5th objective of shariah. It means that, from Maqosid Syariah view, SDGs are very focus on the economic and long-life aspect. While, there is no goal of SDGs that has intended to the development of religion. If compared to RPJPD, for the first objective of Shariah there is no specific indication that Rembang has concern on this. For the second objective of Shariah, it has strong relationship with SDGs, thus, in RPJPD there are some real concern from the government in achieving this goal. Indeed, for the goal related to progency and economic aspect, RPJPD of Rembang are very much focus on the fulfilment of this. Hence, there are many program related to this goal. Contrastly, although, education that confirm to SDGs and also 3rd Maqosid syariah, has been accommodated in RPJPD, but this program is away from the main characteristics of Rembang, namely Pesantren and Madrasah. In RPJPD, it is clearly indicated that, the final goal of education is just in term of achieving scores such as APS and APM, rather than character building which has been done by Pesantren and Madrasah.  Keyword: RPJP, SDGs, Maqoshid Syari’ah
Islam, women labor and economic development Siti Nur Azizah; Abdul Qoyum; Prasojo Prasojo
Proceeding of Conference on Islamic Management, Accounting, and Economics CIMAE Volume 2, 2019
Publisher : Proceeding of Conference on Islamic Management, Accounting, and Economics

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The purpose of this paper is to find out the position of female workers in Islam, and the role of women in building prosperity for themselves, surrounding communities and participating in the nation's economic development. It is undeniable that women in Muslim countries lag behind their counterparts in non-Muslim countries in terms of participation in the workforce. However, a large number of studies show that religion is not the culprit in preventing women from being active in the labor market, but rather the cultural attitude that shapes labor force participation decisions. In the author's view, one way for women to achieve prosperity is to give them the opportunity to work. For women, the goal is to provide opportunities to work not only to increase income but also to manage various social vulnerabilities, especially poverty and domestic violence. Women's access to work also means the opportunity to engage in broader socio-political relations. This means that women can contribute to the development of their environment because they no longer live in the household environment, but have enough time to interact in the public space to transform social capital into economic capital in the form of opportunities to engage in economic activities. However, the effort to convert social capital into economic capital is not easy. There are still unfavourable views on the grounds that women's abilities are not commensurate with men which ultimately limits women from accessing livelihoods. Therefore, it is necessary to find a perspective that places men and women in an equal and fair position, especially in acquiring, utilizing, and developing assets and access to economic resources. It is time for the state to formulate public policies that place women as the main actors and not only as objects or complementary policies. In this paper we conclude that the importance of the role of the government through the integration of formal and Islamic education methods to the rearrangement of the labour market, so that women better understand the market and participatory communities become convinced to support women's labour force participation.The purpose of this paper is to find out the position of female workers in Islam, and the role of women in building prosperity for themselves, surrounding communities and participating in the nation's economic development. It is undeniable that women in Muslim countries lag behind their counterparts in non-Muslim countries in terms of participation in the workforce. However, a large number of studies show that religion is not the culprit in preventing women from being active in the labor market, but rather the cultural attitude that shapes labor force participation decisions. In the author's view, one way for women to achieve prosperity is to give them the opportunity to work. For women, the goal is to provide opportunities to work not only to increase income but also to manage various social vulnerabilities, especially poverty and domestic violence. Women's access to work also means the opportunity to engage in broader socio-political relations. This means that women can contribute to the development of their environment because they no longer live in the household environment, but have enough time to interact in the public space to transform social capital into economic capital in the form of opportunities to engage in economic activities. However, the effort to convert social capital into economic capital is not easy. There are still unfavourable views on the grounds that women's abilities are not commensurate with men which ultimately limits women from accessing livelihoods. Therefore, it is necessary to find a perspective that places men and women in an equal and fair position, especially in acquiring, utilizing, and developing assets and access to economic resources. It is time for the state to formulate public policies that place women as the main actors and not only as objects or complementary policies.In this paper we conclude that the importance of the role of the government through the integration of formal and Islamic education methods to the rearrangement of the labour market, so that women better understand the market and participatory communities become convinced to support women's labour force participation.
What determines corporate sukuk issuance in Indonesia? Abdul Qoyum; Rizka Hendriyani; Siti Nur Azizah; Prasodjo Prasodjo
Proceeding of Conference on Islamic Management, Accounting, and Economics CIMAE Volume 2, 2019
Publisher : Proceeding of Conference on Islamic Management, Accounting, and Economics

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Abstract

We emporically investigates the determinant of corporate sukuk issuance in Indonesia Islamic capital market. For doing so, we include Indonesia Corporate Sukuk Index (ICSIX),Capital Market Index (IHSG),Company Rating, and Financial Distress as the independent variable of this study. By studying 27 corporate sukuk issued by 17 companies between 2010 and 2018 this study finds that ICSIX and financial distress have a positive significant effect on corporate sukuk issuance. While the rest of variables, IHSG and company rating have a negative significant effect on corporate sukuk issuance.
INTEGRASI PASAR MODAL ISLAM: STUDI DI LIMA NEGARA ASEAN DAN DJIA Muhammad Al Faridho Awwal; Ita Eviyanah; Abdul Qoyum
Ekonomi Islam Vol. 13 No. 1 (2022): Jurnal Ekonomi Islam Fakultas Agama Islam UHAMKA
Publisher : Universitas Muhammadiyah Prof Dr Hamka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22236/jei.v13i1.8073

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This study aims to determine the short- and long-term relationship between the Islamic capital market in Southeast Asia and the DJIA. This study takes data from the Islamic capital markets of ASEAN-5 countries, namely the Jakarta Islamic Index (JII), FTSE Malaysia, FTSE SET Sharia Thailand, FTSE SGX Sharia Singapore and MSCI Philippines and DJIA. A total of 211 weekly observations of each index were observed from 04 January 2015, to 03 February 2019. Author have found that the Islamic capital market is integrated in all ASEAN-5 countries including the DJIA. This study also finds that the Malaysian Islamic capital market and DJIA have the most influence on the ASEAN-5 Islamic capital market, as shown by the VDC test. Keywords; ASEAN, DJIA, Capital Market
Indonesian Capital Market Efficiency: Islamic vis-a-vis Conventional Abdul Qoyum; Milzamulhaq Mardiya; Muhammad Rizky Prima Sakti
Shirkah: Journal of Economics and Business Vol. 2 No. 3 (2017)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (437.989 KB) | DOI: 10.22515/shirkah.v2i3.171

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Capital market efficiency is one of the most important part in finance theory, in which assume the price of stock will fully reflect the information available in the market, hence the price will adjust directly and quickly. The objective of this study is to evaluate the efficiency of both Islamic and conventional stock markets, particularly in case of Indonesia. Event study of King Salman Visit in Indonesia was used as testing periods. Abnormal return and average abnormal trading volume activity of 30 companies listed in Jakarta Islamic Index (JII) to represent Islamic capital market and 17 companies listed in LQ45 to represent conventional capital market were employed to explain this issue. The result shows that from abnormal return perspectives both Islamic and conventional capital market are efficient. While from abnormal trading volume activities, shows that during the visit of King Salman, the trading activity in Islamic capital market is increased significantly rather than conventional counterpart. Keywords: Islamic capital market, capital market efficiency, abnormal return and abnormal trading volume activity 
Asymmetric Spillover Effect of The United States and China Islamic Index on ASEAN Islamic Index during The Covid-19 Pandemic Achmad Jufri; Masriani Adhillah; Abdul Qoyum
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 9 No. 3 (2022): Mei-2022
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol9iss20223pp286-298

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ABSTRAK Penelitian ini bertujuan untuk menguji spillover effect indeks saham syariah Amerika Serikat dan Cina terhadap indeks saham syariah ASEAN dengan menggunakan metode Nonlinier Autoregressive Distributed Lag (NARDL) untuk menemukan spillover effect yang bersifat asimetris selama pandemi Covid-19. Data yang diamati dimulai pada 1 Januari 2020 sampai dengan 30 September 2021 dengan total observasi sebanyak 336 data untuk masing-masing indeks saham. Penelitian ini mendapatkan beberapa temuan. Pertama, indeks saham syariah Amerika Serikat dan Cina memiliki pengaruh asimetris jangka pendek terhadap indeks saham syariah Indonesia, Malaysia dan Thailand selama pandemi Covid-19. Kedua, indeks saham syariah Amerika Serikat dan Cina hanya memiliki pengaruh asimetris jangka panjang terhadap indeks saham syariah Malaysia selama pandemi Covid-19. Ketiga, efek ketika terjadi penurunan indeks saham syariah Amerika Serikat dan Cina lebih besar dibandingkan pada saat terjadi kenaikan terhadap indeks saham syariah Malaysia selama pandemi Covid-19. Salah satu penyebab hubungan tersebut adalah karena adanya hubungan dagang yang sangat erat antara Amerika Serikat dan Cina terhadap Malaysia. Adapun implikasi dari penelitian ini adalah investor internasional dapat menjadikan hasil penelitian ini sebagai bahan pengambilan keputusan apabila terjadi kontraksi akibat krisis seperti pada saat pandemi Covid-19 terhadap indeks saham syariah Amerika Serikat dan Cina untuk mempertahankan maupun menjual portofolio investasi mereka. Kata Kunci: Spillover, Indeks Syariah, Asimetris, Covid-19. ABSTRACT This study aims to examine the spillover effect of Islamic stock indexes of the United States and China on the ASEAN Islamic stock index using the Nonlinear Autoregressive Distributed Lag (NARDL) method to find asymmetric spillover effects during the Covid-19 pandemic. The observed data starts on January 1, 2020, until September 30, 2021, with a total of 336 observations for each stock index. This study found some findings. First, the Islamic stock indexes of the United States and China have a short-term asymmetric influence on the Islamic stock indices of Indonesia, Malaysia, and Thailand during the Covid-19 pandemic. Second, the Islamic stock indexes of the United States and China have only a long-term asymmetric influence on Malaysia's sharia stock indexes during the Covid-19 pandemic. 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Co-Authors A. Abdurrahman A.A. Ketut Agung Cahyawan W Abdul Haris Abdul Haris Abdullah Abdullah Achmad Jufri Adilla, Adilla Ahmad Syakir Kurnia Aji, Hendy Mustiko Akmal Ihsan Al-Amin Matae Andiansyah, Farma Arohman Arohman Arohman, Arohman Awwal, Muhammad Al Faridho Azzaki, Muhammad Adnan bin Mohd Thas Thaker, Hassanuddin Bin Mohd Thas Thaker, Hassanudin Dede Dennis Dennis, Dede Dia Purnama Sari Dini Maulana Lestari Fadel Rahman Farma Andiansyah Fauziyyah, Neneng Ela Fitrotul Fardila Furwanti, Reni Hanafi, Syafiq Mahmadah hasanah, Imas Hassanudin bin Mohd Thas Thaker Hosen, Mosharrof Ibi Satibi Ibnu Qizam Ibnu Qizam Ibnu Qizam Ibnu Qizam Ibnu Qizam Ihsan, Akmal Ita Eviyanah Izra Berakon Joko Setyono Lu'liyatul Mutmainah Lu’liyatul Mutmainah Lu’liyatul Mutmainah M. Ardiansyah M. Miftahussurur Makhrus Munajat Mardiya, Milzamulhaq Masriani Adhillah Milzamulhaq Mardiya Misbahul Munir Misnen Ardiansyah Misnen Ardiansyah, Misnen Mudinillah, Adam Muh. Rudi Nugroho, Muh. Rudi Muhammad Adnan Azzaki Muhammad Dedat Dingkoroci Akasumbawa Muhammad Prima Sakti Muhammad Rizky Prima Sakti Muhammad Rizky Prima Sakti Muhammad Rizky Prima Sakti Muhammad Rizky Prima Sakti, Muhammad Rizky Prima Muhammad Yousuf Munawaroh, Uum Neneng Ela Fauziyyah Neneng Ela Fauziyyah Prasodjo Prasodjo Prasojo Prasojo Prasojo, Prasojo Putri, Amila Zamzabila Qizam, Ibnu R. Suhaimi Rizka Hendriyani Sakti, Muhammad Prima Sari, Dia Purnama Satibi, Ibi Siti Nur Azizah Siti Nur Azizah Sunaryati Sunaryati Syintia Dwi Utami Thas Thaker, Hassanudin bin Mohd Utami, Syintia Dwi Zamillaili, Maulanidya