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All Journal Binus Business Review JURNAL PENDIDIKAN TAMBUSAI
Mohamad Heykal
Bina Nusantara University
Economics, Econometrics & Finance Social Sciences

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Analisis Tingkat Pemahaman KPR Syariah pada Bank Syariah di Indonesia: Studi Pendahuluan Heykal, Mohamad
Binus Business Review Vol 5, No 2 (2014): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v5i2.1010

Abstract

Sharia banking has been growing in many countries since the birth of post-neo revivalist movement in the mid-20th century. The development of Indonesian sharia banking began with a workshop related with interests and banking held by MUI in Cisarua on 18th to 20th of August 1990. Since 1992 to 2013 it has been established 11 sharia commercial banks and 24 sharia conventional banks that open sharia business units and 156 Islamic Financing Bank. In terms of existing office, Islamic banks in Indonesia have reached 1737 bank offices and also Islamic bank units. Moreover, the market share of Islamic banking has almost reached 5% of the total market share banking in Indonesia. Islamic banking also has a mortgage product that is essentially different from the existing mortgage in the conventional banking. It is expected that the Islamic mortgage product will result a profit. The product is a product released for customers who require financing from Islamicbank to have a house. This early study used literature review method and secondary data. This study built an analysis of the mortgage program issued by Islamic banks in Indonesia. Research concludes that the notion of Islamic banking on mortgage product, especially Islamic financing mortgage, from the internal party has not well distributed yet.
Insider Trading dan Pelanggaran Atas Prinsip Keterbukaan dalam Pasar Modal Heykal, Mohamad
Binus Business Review Vol 4, No 2 (2013): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v4i2.1384

Abstract

Insider trading is a violation in the capital market. When it is ignored it can provide problems for the capital market industry in one country. Instead, the attempt to prove insider trading is difficult; and up to now handling the problems has many made use of the various provisions contained in Law No 8 of 1995. Research through the literature study relating to insider trading shows that insider trading is a violation of the principle of transparency existing in the capital market and is also difficult to prove. This study shows that there are several supporting factors to include insider trading. They are the insiders, material information and having not been announced to the public, as well as internal control weaknesses.
Pengaruh Buy Back Saham PT Telkom terhadap Dividen Periode 2005 - 2008 Rusbandi, Natasya; Heykal, Mohamad
Binus Business Review Vol 1, No 1 (2010): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v1i1.1019

Abstract

Micro and macro economic condition has negative and positive effect for the financial market and also the investment. Based on that condition, many companies had to do some corporate action which mean investors and also shareholders had to adjust their portfolio for getting their objective. Investors and shareholder will see this corporate action. It includes the investor who wants to buy the company’s stock. This attention had always related with the dividend payment which will get by the investor, because for the long term investor, or the shareholders, the information about dividend payment is very important for them. When global financial crises happened in 2008, some of the emiten in Indonesia capital market, had donne their corporate action which is the buy back or repurchase stock of their outstanding shares. Some of them is the state owned enterprise, PT TELKOM. Some important thing which related with the buy back is the stock price and also dividend price. With this buy back strategy, it can be seen that PT TELKOM had tried to eliminate any threat with their stock price at that time, or to prevent their stock price become undervalued. Especially in the third quarter in 2008. This strategy had shown succeed because when the global financial crisis happened, TELKOM performance had indicated succeed based on their financial report and also the EPS and DPS every year did not show significance different result. 
Analisis Kinerja Perdagangan Kontrak Berjangka Logam Mulia pada Periode Oktober 2009 - Desember 2009 Heykal, Mohamad; Erlin, Erlin
Binus Business Review Vol 2, No 1 (2011): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v2i1.1122

Abstract

As a competitive in the industry had been caused the price of Gold commodity become fluktuative dan it make the commodity supply had not been guarantee. Based on that the investor had been tried to make commodity trading that can be used as a hedging that become effective to ensure the strategy from company management from the effect of price fluctuation that can be happen every time. The contract periode that had done in this research from the periode October, November, and December, where the fluctuation of spot and futures price can be calculated based on the correlation between spot and future price. Correlation had been used to put the hedge ratio and also the optimum contract. VaR Methode had been used to show the total risk.The average of VaR spot is Rp 12.205.950.And the VaR futures is Rp 3716803. Based On the condition of high risk and also high return, but it also depend on the investor. 
Analisis Estimasi dan Faktor-faktor yang Memengaruhi Tingkat Profitabilitas Bank Umum Syariah di Indonesia (Studi Kasus PT Bank Syariah Mandiri Periode 2008-2011) Rizkita Alhamditia, Era; Heykal, Mohamad
Binus Business Review Vol 4, No 1 (2013): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v4i1.1046

Abstract

The purpose of this study is to determine which among the model Return on Assets, Return on Equity, and Gross Profit Margin is best used as a model for estimation of profitability of Bank Syariah Mandiri and to determine whether the level of funding for the results, capital, operating efficiency, and liquidity influential together (simultaneously) or partially on the level of profitability of Bank Syariah Mandiri using multiple linear regression. The method used in this research is quantitative method using secondary data monthly financial statements of Bank Syariah Mandiri from period 2008-2011. The dependent variable in this study is the ROA, ROE, and GPM. Meanwhile, the independent variable is the MMR, CAR, ROA, and FDR. Results from this study are the ROA model is the best estimate that can be used to measure the profitability of Bank Syariah Mandiri seen from the influential of three independent variables that significantly effect on the ROA model. Then, the level of mudharabah financing for the results (MMR) is significant negative effect on profitability in the model of ROE, while the model is not significant for ROA and GPM. The CAR has significant negative effect on ROA and ROE models, but has no significant effect on the model GPM. BOPO is significant negative effect on ROA and GPM models, but is no significant effect on ROE. FDR is significant negative effect only on the ROA, and is not significant on the ROA and GPM model.
Kinerja Saham PT Aqua Golden Mississippi Tbk. Setelah Pembatalan Go Private dan Estimasi Harga Saham Aqua Tahun 2010 Putri, Indah Wandita; Heykal, Mohamad
Binus Business Review Vol 1, No 2 (2010): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v1i2.1100

Abstract

PT Aqua Golden Mississippi is a company that plans to go private, but until today have not obtained approval from the shareholders. Failure may be caused from several things: the company offer price is too small, no quorum, shares held is still profitable for shareholders, and other factors. The existence of the companys plan to go private would affect the performance of the company stock. Stock performance can be analyzed with - average rate of profit, the level of risk, and sensitivity to the stock exchange. The method used in the calculation of stock performance in this paper is the GMR, STDEV, CAPM, and DDM for the calculation of estimated stock price. Through the conducted analysis, investors / shareholders are encouraged to pay attention to the news and information related to go private to be conducted by the company, stock performance, and perform estimate calculations. This is to find out what the right decision for private investors. 
Analisis Pengaruh Fluktuasi Kurs Valuta Asing dan Kebijakan Harga Bahan Bakar Minyak dalam Periode 2000-2008 terhadap Kinerja PT Astra Internasional di Indonesia Heykal, Mohamad; Febrona, Theresa; Hidayatullah, Hidayatullah
Binus Business Review Vol 2, No 1 (2011): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v2i1.1161

Abstract

The fourth quarter in 2008 is the peak of Global Monetary Crisis, which is the decreasing of liquidity in companies around the world. The crisis also affected towards fluctuation of world petroleum price. Automotive industry in Indonesia was also affected towards cost of foreign exchange fluctuation and petroleum price due to the crisis. PT Astra International, Tbk. is assumed to represent automotive industry in Indonesia. The research is done through literature research and financial and sales report analysis in 2000-2008. The performance reduction is directly connected by the decreasing of earnings, especially in motor vehicle and parts sale in those years and also the increasing of cost of production, due to the increasing of import fee and transportation cost. Foreign exchange fluctuation and petroleum price directly affects the work performance of PT Astra Internasional.
Analisis dan Penilaian Bisnis Perusahaan BUMN di Industri Farmasi: Studi Kasus Kimia Farma dan Indofarma Tahun 2006-2008 Handayani, Lovinta Valentina; Heykal, Mohamad
Binus Business Review Vol 3, No 1 (2012): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v3i1.1291

Abstract

The objective of this research were R to determine the financial ratios as a basis to describe the financial performance and compare stock prices to book value (PBV) and evaluate the rate of return between the two companies by using the Du Pont analysis, with the focus for pharmaceutical industries in Indonesia. The benefit to provide an overview of financial performance of both companies. Then predicted to prospective investors on the cheap or expensive a stock. Provide recommendations to potential investors to make investment decisions. The method used is the ratio method and the percentage sales method. The conclusion can be that the performance of Finance at PT Kimia Farma as part of Indonesian pharmaceutical industries largely increased from year to year, while PT Indofarma largely decreased. PT Indofarma stock price is cheaper than PT Kimia Farma. The rate of return is relatively stable PT Kimia Farma and PT Indofarma has decreased from year to year. For the moderate investor PT Kimia Farma is the right choice.
Tantangan Konsep Perdagangan Sukuk di Pasar Sekunder Hanandewa, Hanandewa; Heykal, Mohamad
Binus Business Review Vol 4, No 1 (2013): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v4i1.1048

Abstract

Sukuk trading mechanisms in most exchange-based secondary market around the globe are somehow depart from the shariah law. The trading mechanisms basis are dominated by bai’ al dayn concept which is against the shariah law. Much of the motives to adopt this concept are to cater conventional investors demand for familiarity in trading mechanism with conventional bond. Though, it may also hamper Muslim-devoted investors to trade their sukuk because of this noncompliance to the shariah law. On the other hand, a trading mechanism that fully complies with the shariah law would probably cause anxiety to conventional investors that comprise much of the investors profile in this contemporary financial environment. This paper that based on the literature study try to proposes a new trading mechanism to minimize the trade-off between conventional and Muslim devoted investors needs in their sukuk trading in exchange-based secondary market.
Analisis Perbandingan Reksa Dana Saham Syariah dengan Reksa Dana Saham Konvensional Periode 2009–2012 Esha, Mulya Riyady; Heykal, Mohamad; Indrawati, Titik
Binus Business Review Vol 5, No 1 (2014): Binus Business Review
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/bbr.v5i1.1212

Abstract

The purpose of this study is to measure performance of sharia equity fund compared conventional equity fund and to find out whether the performance of sharia equity fund and conventional equity fund could outperform the market. The research method is annual return, risk adjusted return, and snail trail. The research object is equity fund that has been stated effective by Bapepam – LK before the research period. Result from this study is sharia equity fund has a better performance, a few of equity fund can outperform from the market, and the result of statistic test declares that there is not any different average performance of sharia equity fund and conventional equity fund with Significance level (0.05). Conclusion of the study is sharia equity fund have better performance and it could be compared with conventional equity fund.
Co-Authors Era Rizkita Alhamditia, Era Erlin Erlin Hanandewa Hanandewa, Hanandewa Hidayatullah Hidayatullah Indah Wandita Putri, Indah Wandita Ismi Fathia Rachmi, Ismi Fathia Kartiko, Nafis Dwi Lovinta Valentina Handayani, Lovinta Valentina Mulya Riyady Esha, Mulya Riyady Natasya Rusbandi, Natasya Theresa Febrona, Theresa Titik Indrawati