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Performance of Sharia Stock Funds Based on Stock Selection Skill and Market Timing Ability in Indonesia from March 2019 to March 2021 Evan Yoga Adhi Sakti; Muhammad Nafik Hadi Ryandono
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 9 No. 1 (2022): Januari-2022
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol9iss20221pp25-33

Abstract

ABSTRAK Pasar modal menjadi salah satu sarana investasi bagi masyarakat dalam menyalurkan harta yang dimiliki sehingga harta tersebut tidak hanya disimpan tetapi diinvestasikan pada instrument keuangan yang ada pada pasar modal agar terjadi perputaran dan memberikan manfaat bagi pemilik harta sebagai pemilik modal dan juga masyarakatnya muslim lainnya. Reksadana menjadi salah satu instrument pasar modal yang menjadi wadah bagi investor dalam menyisihkan hartanya. Kinerja reksadana syariah menjadi faktor investor mempercayakan kepada manajer investasi dalam mengelola portfolio. Studi ini untuk melihat kemampuan pemilihan saham dan kemampuan penetapan waktu dalam menilai kinerja reksadana saham syariah. Pengambilan sampel sebanyak 8 perusahaan manajer investasi dengan teknik purposive sampling dan metode analisis regresi linier berganda. Hasil penelitian yang diperoleh menyimpulkan kemampuan pemilihan saham memberikan pengaruh positif dan tidak signifikan serta kemampuan penetapan waktu memberikan pengaruh positif signifikan terhadap kinerja reksadana saham syariah. Kata Kunci: Kemampuan Pemilihan Saham, Kemampuan Penetapan Waktu, Kinerja, Reksadana Saham Syariah.   ABSTRACT The capital market is one of the investment facilities for the community in distributing their assets so that these assets are not only stored but invested in financial instruments that exist in the capital market so that turnover occurs and provides benefits for property owners as capital owners and also other Muslim communities. Mutual funds are one of the capital market instruments that are a place for investors to set aside their assets. The performance of sharia mutual funds is a factor for investors to trust investment managers in managing their portfolios. This study is to see the ability of stock selection and timing ability in assessing the performance of Islamic stock mutual funds. A sampling of 8 investment management companies with purposive sampling technique and multiple linear regression analysis methods. The results of the study concluded that the ability of stock selection has a positive and insignificant effect and the ability to determine timing has a significant positive effect on the performance of Islamic stock mutual funds. Keywords: Stock Selection Skill, Market Timing Ability, Performance, Sharia Stock Funds.   DAFTAR PUSTAKA Anita, A. (2013). Pengukuran pemilihan saham dan penetapan waktu menggunakan model treynor-mazuy pada reksadana syariah di Indonesia. Etikonomi, 12(1), 1-20. https://doi.org/10.15408/etk.v12i1.1898 Ghozali, I. (2012). Application of multivariate analysis with SPSS program. Semarang: Diponegoro University Publishing Agency. Hermawan, D., & Wiagustini, N. (2016). Pengaruh inflasi, suku bunga, ukuran reksa dana, dan umur reksa dana terhadap kinerja reksa dana. E-Jurnal Manajemen Universitas Udayana, 5(5), 3106-3133. Kharisma, A. W., & Isdaryadi, F. W. (2017). Evaluasi kemampuan manajer investasi reksadana saham berdasarkan market timing dan stock selection skill. Modus, 29(1), 37–50. Lestari, W. R. (2016). Kinerja reksadana saham syariah dan reksadana saham konvensional. Jurnal Magister Manajemen, 1(1), 116–128. https://jurnal.darmajaya.ac.id/index.php/jmmd/article/view/531 Maulana, F., & Ardiansari, A. (2018). Pemilihan saham dan waktu perdagangan pada reksadana syariah saham di Indonesia. Management Analysis Journal, 7(1), 12–23. https://doi.org/10.15294/maj.v7i1.17133 Ramayanti, T. P., & Purnamasari, K. (2018). Kemampuan pemilihan saham dan penetapan waktu pada manajer investasi reksa dana saham di Indonesia. Esensi: Jurnal Bisnis Dan Manajemen, 8(1), 29–40. https://doi.org/10.15408/ess.v8i1.6552 Sabila, F. H. (2019). Stock selection dan market timing ability reksa dana syariah saham di Indonesia. Journal of Economic, Public, and Accounting (JEPA), 1(2), 68–81. https://doi.org/10.31605/jepa.v1i2.275 Sari, A. P. N., & Purwanto, A. (2012). Analisis stock selection skills, market timing ability, size reksadana, umur reksadana dan expence ratio terhadap kinerja reksadana saham yang terdaftar di Bursa Efek Indonesia periode tahun 2006-2010. Journal of Finance, 1(1), 10–12. Sari, M. M., Mulyati, S., & Widarwati, E. (2019). The effect of stock selection skill, market timing ability, turnover ratio, and cash flow on sharia mutual funds performance (Case study of sharia mutual fund companies registered in OJK from 2011 to 2014). Journal of Accounting and Business Issues, 1(1), 69–78. https://ojs.stiesa.ac.id/index.php/jabi Waridah, W., & Mediawati, E. (2016). Analisis kinerja reksadana syariah. Jurnal Riset Akuntansi Dan Keuangan, 4(2), 1077–1086. https://doi.org/10.17509/jrak.v4i2.4043
Fintech Waqaf: Solusi Permodalan Perusahaan Startup Wirausaha Muda Muhamad Nafik Hadi Ryandono
Jurnal Studi Pemuda Vol 7, No 2 (2018): Sociopreneur Muda
Publisher : Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (161.281 KB) | DOI: 10.22146/studipemudaugm.39347

Abstract

Money waqaf in Indonesia has a huge potential. Despite the fact, this huge potential has not been organized and utilized optimally by the waqaf management agency. Another problem faced in waqaf money is the difficulties in integrate the system of funding, financing, mauquf alaih, and distribute the beneficiaries. In the present era, waqaf in Indonesia has not been digitalized and has not used the Financial Technology (FinTech) system, so it is less economically and inefficient. The expected benefits of the research are waqaf can be a solution to the capital problems that have been faced by start-up companies which mostly un-bankable. In other side, it hopefully can encourage Nadzir to be involved in growing and developing entrepreneurship for youth starting with establishing a start-up company. This research approach is qualitative descriptive. The data is primary data with data collection techniques namely focus group discussions and interviews. The objects of the research are 30 youth start-ups in Surabaya. The result of study is that money waqf can be an alternative solution of capital problems for youth start-up companies who are un-bankable. The Sharia Financial Technology (SFT) system is a system that capable of integrating nadzir with Islamic Financial Institutions Accep Cash Waqf (IFIACW), funding, financing, mauquf alaih, start-up investors, Islamic Financing Guarantee Institution (IFGI) and Islamic Banks.
KEWIRAUSAHAAN SOSIAL PADA LEMBAGA ZAKAT NASIONAL BERKANTOR PUSAT DI SURABAYA Akmalur Rijal; Muhammad Nafik Hadi Ryandono; Tika Widiastuti
HUMAN FALAH: Jurnal Studi Ekonomi dan Bisnis Islam HUMAN FALAH: Jurnal Ekonomi dan Bisnis Islam | Vol. 5 | No. 1 | 2018
Publisher : Fakultas Ekonomi dan Bisnis Islam Universitas Islam Negeri Sumatera Utara

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Social entrepreneurship is one solution that can be applied to channel aid continuously and even empower the poor. Amil zakat institutions are developing social entrepreneurship activities to add their institution's source of income as inputs to be channeled to needy communities. This study aims to determine the form of social entrepreneurship within the national zakat institution and to know the role of social entrepreneurship in supporting the activities of social activities of national zakat institutions headquartered in Surabaya. This research takes the location of research at four national zakat institutions headquartered in Surabaya, namely Yayasan Dana Sosial al-Falah (YDSF), Nurul Hayat, Yatim Mandiri, and Lembaga Manajemen Infaq (LMI). This study uses a case study approach as part of qualitative research. The results of this study are (1) LAZNAS with head office in Surabaya doing social entrepreneurship activity with two forms that is establishment of business unit first then running social activity and forming social unit first then running business unit. (2) The business unit run by the zakat institution in Surabaya is able to support the operational of the social activities it undertakes. (3) Social entrepreneurship applied by zakat institution in surabaya proven able to support social activities run by national zakat institution having head office in Surabaya
Peran Pondok Pesantren dalam Pemberdayaan Sosial Ekonomi di Jawa Timur pada Abad ke-20 Muhamad Nafik Hadi Ryandono
MOZAIK HUMANIORA Vol. 18 No. 2 (2018): MOZAIK HUMANIORA VOL. 18 NO. 2
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1110.703 KB) | DOI: 10.20473/mozaik.v18i2.10934

Abstract

Pondok pesantren merupakan pusat pendidikan agama Islam yang berkembang selama berabad-abad. Beberapa penelitian menunjukkan bahwa lingkungan pesantren memberi beberapa dampak terhadap perubahan social, budaya, politik dan ekonomi. Penelitian ini bertujuan untuk mengeksplorasi peran pondok pesantren terhadap pemberdayaan sosial ekonomi masyarakat dalam perspektif sejarah. Ruang lingkup eksplorasi mencakup kondisi sosial ekonomi pondok pesantren berdasarkan kompetensi dan keahlian, perkembangan jumlah santri, lamanya berdiri, sumber pendanaan, dan amal usaha. Metode penelitian yang digunakan adalah kualitatif diskriptif, dengan obyek penelitian yaitu 17 pondok pesantren di Jawa Timur. Hasil penelitian menunjukkan bahwa pondok pesantren berdasarkan kompetensi dan keahlian, jumlah santri, dan usia pondok pesantren dan amal usaha telah mampu memberikan sumbangsih nyata dalam perjalanan dan pembangunan masyarakat. Sumbangsih tersebut berwujud pemberdayaan sosial ekonomi di lingkungan pondok pesantren dan pembangunan nasional. Keberhasilan pemberdayaan sosial ekonomi tanpa meninggalkan kearifan lokal dan karakter budaya Indonesia dengan tetap berpegang teguh pada nilai-nilai ajaran Islam secara menyeluruh.
Fintech Waqaf: Solusi Permodalan Perusahaan Startup Wirausaha Muda Muhamad Nafik Hadi Ryandono
Jurnal Studi Pemuda Vol 7, No 2 (2018): Sociopreneur Muda
Publisher : Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (161.281 KB) | DOI: 10.22146/studipemudaugm.39347

Abstract

Money waqaf in Indonesia has a huge potential. Despite the fact, this huge potential has not been organized and utilized optimally by the waqaf management agency. Another problem faced in waqaf money is the difficulties in integrate the system of funding, financing, mauquf alaih, and distribute the beneficiaries. In the present era, waqaf in Indonesia has not been digitalized and has not used the Financial Technology (FinTech) system, so it is less economically and inefficient. The expected benefits of the research are waqaf can be a solution to the capital problems that have been faced by start-up companies which mostly un-bankable. In other side, it hopefully can encourage Nadzir to be involved in growing and developing entrepreneurship for youth starting with establishing a start-up company. This research approach is qualitative descriptive. The data is primary data with data collection techniques namely focus group discussions and interviews. The objects of the research are 30 youth start-ups in Surabaya. The result of study is that money waqf can be an alternative solution of capital problems for youth start-up companies who are un-bankable. The Sharia Financial Technology (SFT) system is a system that capable of integrating nadzir with Islamic Financial Institutions Accep Cash Waqf (IFIACW), funding, financing, mauquf alaih, start-up investors, Islamic Financing Guarantee Institution (IFGI) and Islamic Banks.
Role and Position of Public Debt in Islamic Fiscal Policy in Indonesia Roisatun Kasanah; Muhamad Nafik Hadi Ryandono
AFEBI Islamic Finance and Economic Review Vol 6, No 01 (2021)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47312/aifer.v6i01.379

Abstract

This study tries to provide an overview of the role and position of public debt in Islamic fiscal policy by collecting information from books, journals, scientific articles and official news related to fiscal policy in Indonesia. From the results of the analysis, the researcher found that although there are several opinions that suggest the use of public debt is permissible in overcoming the budget deficit that occurs in the state, there are still provisions that must be considered such as debt schemes that do not use interest or the practice of usury and only carried out in circumstances emergency and intended for meeting the needs that are important to the community. In addition, although debt instruments have beneficial values for the economy, there are many things that must be considered such as good management of the government, good political conditions, and efficiency and the absence of corruption or other illegal acts. In Islamic fiscal policy, there are various alternative sources of state income that have enormous potential through zakat, infaq, alms, and endowments. In addition, the use of debt instruments can be carried out in accordance with Islamic rules through the concept of mudaraba, musyarakah, and buying and selling business contracts.
Do Macroeconomics Variables Affect Conventional and Islamic Banking Profitability? Achmad Fadlil Abidillah; Muhamad Nafik Hadi Ryandono
AFEBI Islamic Finance and Economic Review Vol 4, No 02 (2019)
Publisher : Asosiasi Fakultas Ekonomi dan Bisnis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47312/aifer.v4i02.363

Abstract

This study aims to examine the impact of external macroeconomic variables on profitability of conventional banking and Islamic banking in Indonesia. Macroeconomic variables included in the model are: inflation, gross domestic product, exchange rate, and money supply. This study took a period of time from 2007 to 2017, quarterly. Using an Engle-Granger cointegration test and error correction model, this study will analyze a short and long term correlation of macroeconomic variables again banking profitability. The results of this study indicate that in short term, conventional bangking’s profitability is influenced by money supply, while in long term is influenced by inflation and currency exchange rates. Then, other results show that macroeconomic variables do not affect Islamic banking’s profitability in the short term, while in long term Islamic banking’s profitability is only influenced by exchange rate of currency. This study provides recommendations to banking management in order to optimizing management of its instruments, so that it can adjust to macroeconomic turmoil in the economy.
Dampak penjaminan Syariah pada kesehatan pembiayaan perbankan Syariah Muhamad Nafik Hadi Ryandono; Lina Nugraha Rani
Al Tijarah Vol 4, No 2 (2018): Desember 2018
Publisher : Universitas Darussalam Gontor

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (284.024 KB) | DOI: 10.21111/tijarah.v4i2.2827

Abstract

Tujuan penelitian ini adalah untuk menjawab pertanyaan; bagaimana dampak penjaminan syariah pada kesehatan pembiayaan Bank Syariah?. Pendekatan penelitiannya adalah pendekatan kualitatif dengan jenis penelitian explanatori dan strateginya studi kasus serta analisisnya diskriptif naratif.  Hasil penelitiannya adalah risiko pembiayaan dan moral hazard staf pembiayaan dapat diminimalisir sedini mungkin. Pada saat terjadi permasalahan dalam pembiayaan para pihak (bank syariah dan lembaga penjaminan) cenderung melakukan tindakan untuk menghindari risiko yang terjadi pada lembaganya dengan moral harazd  merugikan nasabah pembiayaan atau dengan kata lain nasabah pembiayaan menjadi obyek penderita dengan mengabaikan hak-haknya nasabah pembiayaan. Temuan di lapangan pihak nasabah  dipaksa untuk berhubungan dengan lembaga ribawi agar mengambil pembiayaan  untuk menutup kerugian yang muncul bagi Bank Syariah dan lembaga penjaminan syariah. Kerjasama yang awalnya dengan niat ta’awun justru menjadi masalah dan beban bagi nasabah pembiayaan. Kondisi ini terjadi karena pihak nasabah pembiayaan merupakan pihak  yang lemah, dimana harus menyelesaikan kewajiban pembiayaannya dan apabila tidak menyelesaikannya diancam masuk kategori kolektibilitas macet. Kondisi ini tentu saja membuat nasabah pembiayaan akan melakukan apa saja karena darurat agar tidak masuk kolektibilitas macet dan dilema sehingga jika imannya tidak kuat akan terjerumus pada ribawi. Kondisi ini sangat disesalkan karena pihak nasabah yang berniat menghindari riba tapi realitasnya akan dijerumuskan masuk dalam ribawi dan dimanfaatkan sebagai strategi menghindari risiko oleh pihak bank syariah dan lembaga penjaminan. Penjaminan syariah secara realitas empirik hanya berdampak pada kesehatan pembiayaan bagi bank syariah tetapi pada kondisi pembiayaan bermasalah cenderung terjadi moral hazard dari pihak bank syariah dan lembaga penjaminan yang merugikan pihak nasabah pembiayaan.
Financial Inclusion through Zakat Institution: Case Study in Indonesia and Brunei Darussalam Ana Toni Roby Candra Yudha; Ida Wijayanti; Muhamad Nafik Hadi Ryandono; Dk Hjh Saerah Pg Hj Petra
International Journal of Islamic Business and Economics (IJIBEC) Vol. 5 No. 2 (2021): IJIBEC VOL. 5 NO. 2 DECEMBER 2021
Publisher : Faculty of Islamic Economics and Business of UIN K.H. Abdurrahman Wahid Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28918/ijibec.v5i2.3354

Abstract

This research aims to reveal the financial inclusion that occurs in zakat institutions within zakat distribution and empowerment program in Indonesia and Brunei Darussalam. This study will deliver zakat distribution and empowerment program held by zakat institutions in two countries and then analyze how have financial inclusion process happened to mustahiq in both institutions. The object of this research are the government zakat institution in two countries, namely Indonesia (BAZNAS) and Brunei Darussalam (BAKAZ). This study uses a qualitative method within multiple case strategy. Data collection in this study was carried out through in-depth interviews with several expert informants of BAZNAS and BAKAZ and also mustahiq of each institutions. This study shows that there is mustahiq financial inclusion process on empowerment program held by BAZNAS and BAKAZ by the distribution of zakat for consumption and production needs. Financial inclusion happened in zakat institutions are transferring zakat funds, financing mustahiq business within capital loan, and channeling to financial institutions, so that mustahiq can transform gradually to be bankable and have financial access to scale up their business
Empowerment Model of Migrant Workers Tika Widiastuti; Muhammad Nafik Hadi Ryandono; Imron Mawardi
Perisai : Islamic Banking and Finance Journal Vol 1 No 2 (2017): April
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/perisai.v1i2.877

Abstract

The profession of migrant workers in some cases bring the person concerned to get the treasures expected success, but not rarely contain a number of risks that need to get the attention of government authorities. A number of problems that might be experienced when Indonesian Labor not available works. Therefore it takes a model economic empowerment for the labor of Indonesia, when he returned to his country was able to survive and improve the well-being of himself and of his family. This research aims to know the role of zakah's institution towards the empowerment of Indonesia's labor and to devise appropriate empowerment model for Indonesian Workforce by Institution of Zakah. Data analysis was done with a qualitative approach. Analytical techniques in the study will be conducted with qualitative analysis approach, a case study of eksplanation to explain how the empowerment model right for Indonesia in Labor Studies. Based on the data and the results of the analysis that has been done can be known that Dompet Dhuafa has role in Indonesia Workforce empowerment. The empowerment Model implemented by Dompet Dhuafa form the Groove program that may help the former workforce of Indonesia after plunging back to life in his native region. Former Indonesian workforce empowerment meant to monitor and nurture the entrepreneurial activities are continuously carried out by former Indonesian labor so that it can be a permanent effort.
Co-Authors & Ari Prasetio A Syifaul Qulub Abdul Aziz, Azreen Hamiza Abdus Sami Achmad Fadlil Abidillah Achsania Hendratmi Aditya Kusuma Ahmad Ajib Ridlwan Ahmad Kamil Ainaul Mardliyyah Akhmad Firdaus Rostyanta Akmalur Rijal Ali, Mohammad Mahbubi Alvin Sugeng Prasetyo Ana Toni Roby Candra Yudha Ana Toni Roby Candra Yudha Anik Rufaidah Ardian Dwi Bagus S Ari Prasetyo Asya’bani, Nispia Azhar Alam Azwar Anas Bagus Mohamad Ramadhan Bashlul Hazami candra yudha, ana tony roby Citra Aisya Madania Citra Rahayu Indraswari Dewi Astuti Dian Ayu Firtanasari Dja’akum, Cita Sary Dk Hjh Saerah Pg Hj Petra Dk Hjh Saerah Pg Hj Petra Dyah Palupi Dwi Cahyani Eko Fajar Cahyono, David Kaluge Elicha Pusparini Elsha Sophia Erika Takidah Evan Yoga Adhi Sakti Fahmi Abdullah Faid Arinal Firdaus Fathimatuz Zahroh Febrita Kusumastiti Filianti, Dian Firmansyah Putra Gandhi Satrya Kumajaya Hanesti, Elsi Mersilia Hanif Ardiansyah Henry Reza Novianto Heppy Prasetyo Pradhana Holyness Nurdin Singadimedja Ida Wijayanti Ida Wijayanti Ida Wijayanti Ida Wijayanti Imron Mawardi Inayatul Fitria Saputri Insani, Taqiyah Dinda Irham Zaki Jazilinni’am, Naili Kasanah, Roisatun Khea Miyagi Kumara Adji Kusuma Kusumaningtyas, Menur Lutfia Inggriani Marhanum Che Mohd Salleh Marhanum Che Mohd Salleh, Marhanum Che Marwini Marwini Maryani, Anny Meidiana Rizki Adelia Mi'raj, Denizar Abdurrahman Misbahul Munir Misbahul Munir Mochammad Nuril Misbach Mochammad Nuril Misbach Mohammad Razan Mahrani Muhammad Afthon Ashar Muhammad Akbar Rafdison Muhammad Ala’uddin Muhammad Choirul Ichwan Muhammad Fitrahuddin Ajmal Nazir Mursyidi, Ach Fatayillah Nida Laili Fitriyah Ninda Ardiani Nur Puji Rohmawati Pantas, Pribawa E Petra, Dk Hjh Saerah Pg Hj Pribawa E Pantas Puji Sukmaningrum Purnomo Adji Qonitah Bakhitah Qulub, A. Syifaul R. Moh. Qudsi Fauzy, R. Moh. Qudsi Raditya Sukmana Rahmawati, Estina Raisya Nada Salsabila Ramadhanty, Rifka Putri Rani, Lina Nugraha Rembrant Shella Gustami Rendri Pratama Wahyu Priandhika Rifki Satriyo Aji Ririn Tri Ratnasari Rofiul Wahyudi Romadzuhri Nurbanatra Rosa Prafitri Juniarti Rusgianto, Sulistya Rusmita, Sylva Alif Salsabiilatul Ayniah K. S. Sesha Ayu Permatasari Shabrina Anwari Shafira Sa’adah Syauqiyah Shinta Sunja Prastika Siti Mujibatun Siti Nur Indah Rofiqoh Sri Herianingrum Sri Herianingrum Susanto, Arva Athallah Taqiyah Dinda Insani Taqiyah Dinda Insani Tika Widiastuti Tika Widiastuti Tjiptohadi Sawarjuwono Wahyudi, Rofiul Wardhana, Akhmad Kusuma Widita Kurniasari WIDITA KURNIASARI, WIDITA Widyadhana, Rafi Wijayanti, Ida Yan Putra Timur Zakik, - Ziauddin Sardar Zulfa Mufidah