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All Journal Signifikan : Jurnal Ilmu Ekonomi
M Shabri Abd Majid
(Scopus ID: 24438220400; h-index: 5) Universitas Syiah Kuala
Economics, Econometrics & Finance

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Assessing Volatilities of Monetary Policy and their Effects on the Islamic and Conventional Stock Markets in Indonesia M Shabri Abd Majid
Signifikan: Jurnal Ilmu Ekonomi Vol 7, No 2 (2018)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (447.837 KB) | DOI: 10.15408/sjie.v7i2.7352

Abstract

The main objective of this study is to empirically assess the volatilities of the monetary policy instruments and their effects on the Indonesian Islamic and conventional stock market. The changes in exchange rate, interest rates, and money supply and their effects on the stock markets are investigated using the using the Generalized Autoregressive Conditional Heteroskedasticity frameworks. As a big-open economy, the capital market of Indonesia is vulnerable to the global monetary shocks changes, thus the US federal funds rate is also incorporated into the GARCH model. The study documented that, with the exception of the US interest rate, the volatilities of all monetary policy variables of interest rate, exchange rate, and money supply were documented affecting the volatilities of both Islamic and conventional stock markets. These findings imply that the volatilities of Islamic and conventional stock markets have similar determinants, thus to stabilize the markets, the investigated monetary policy variables should be controlled for by the policy-makers. Any monetary policy design imposed by the policy-makers would have a similar effect on both conventional and Islamic stocks in Indonesia.DOI: 10.15408/sjie.v7i2.7352
The Motivation of Muzakki to Pay Zakah: Study at The Baitul Mal Aceh M Shabri Abd Majid
Signifikan: Jurnal Ilmu Ekonomi Vol 6, No 1 (2017)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (533.934 KB) | DOI: 10.15408/sjie.v6i1.4302

Abstract

This study empirically explores the factors motivating Muzakki (zakat payers) to pay zakat at the Baitul Mal Aceh, Indonesia. The factors motivating Muzakki to pay zakat investigated in the study comprises culture, regulation, motivation, and Muzakki understanding on zakat. 600 questionnaires were disseminated to the respondents, which were selected based on the convenience sampling technique. Then, the data were analysed using a binary logistic regression. The results of this study showed that culture, regulation, motivation, and understanding of the Muzakki on zakat significantly and positively affected the decision of Muzakki to pay their zakat at the Baitul Mal Aceh. This study implies that in order Muzakki to pay their zakat at the Baitul Mal, Islamic cultures should be preserved among Achenese, government should enhance regulation pertaining zakat management and the people of Aceh need to be equipped with the relevant knowledge on the obligation of zakat payment. DOI: 10.15408/sjie.v6i1.4302
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