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All Journal Jurnal Ekonomi Syariah Teori dan Terapan Jurnal Terapan Abdimas Emerging Science Journal Economica: Jurnal Ekonomi Islam Al-Muzara'ah Jurnal Ekonomi & Keuangan Islam Journal of Islamic Economic Laws Shirkah: Journal of Economics and Business Amwaluna Jurnal Ekonomi dan Keuangan Syariah Journal of Islamic Monetary Economics and Finance ASIAN JOURNAL OF ISLAMIC MANAGEMENT (AJIM) JMK Jurnal Manajemen dan Kewirausahaan Journal of Islamic Economics Lariba Journal of Islamic Economic Laws
Bayu Arie Fianto
Departemen Ekonomi Syariah - Fakultas Ekonomi Dan Bisnis - Universitas Airlangga
Religion Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences Other

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DETERMINANTS OF IPO OVERSUBSCRIPTION ON ISLAMIC STOCKS: EVIDENCE FROM INDONESIA Azwar Aulia Rasyad; Bayu Arie Fianto; Rogier Busser
Journal of Islamic Monetary Economics and Finance Vol 8 No 3 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i3.1566

Abstract

This study aims to investigate factors that affect IPO oversubscription on Islamic stocks. Using data of 202 IPOs indexed from Indonesia Sharia Stock Index, this study uses ordinary least squaresand quantile regression to test the formulated hypothesis from 2011 to 2020. This study finds that issue price and issue size negatively affect IPO oversubscription. Meanwhile, firm size and raw return positively affect IPO oversubscription. The findings of this study offer implications forcompanies especially related to go public subscription. This study can be reference for investors as well when engage in IPO related activities for Islamic stocks.
Response of Financial Markets to COVID-19 Pandemic: A Review of Literature on Stock Markets Bayu Arie Fianto; Masagus M. Ridhwan; Syed Alamdar Ali Shah; Muhammad Faris; Rafiatul Adlin Hj Mohd Ruslan
Emerging Science Journal Vol 7 (2023): Special Issue "COVID-19: Emerging Research"
Publisher : Ital Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28991/ESJ-2023-SPER-03

Abstract

The objective of this research is to consolidate the literature published on the COVID-19 crisis impact on global stock markets to gain managerial implications from the crisis. It performs a thematic bibliometric review of the literature published in Scopus-ranked journals since the beginning of the pandemic using FCWI, Piecharts, and VOSViewer. It identifies the most under-researched regions and eight emerging sub-themes. The research finds that the benchmark theme is market behavior during the COVID-19 crisis, whereas an emerging benchmark theme is the markets after the COVID-19 crisis. The holistic view of the literature supporting eight sub-themes suggests that the government's role is of utmost importance to handle the impact of the COVID-19 crisis, which should be industry-specific. It identifies that all eight sub-themes of the research are the future research directions in all and specifically in the South American, African, South East Asian, and Oceania regions till the crisis continues. Doi: 10.28991/ESJ-2023-SPER-03 Full Text: PDF
A Review on Islamic Microfinance Literature Izzani Ulfi; Ujang Syahrul Mubarrok; Tjiptohadi Sawarjuwono; Bayu Arie Fianto
JMK (Jurnal Manajemen dan Kewirausahaan) Vol 8 No 2 (2023): May
Publisher : Universitas Islam Kadiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32503/jmk.v8i2.3419

Abstract

This research aims to discuss the bibliometric characteristics of Islamic microfinance using the Scopus database. This paper also provides recommendations on potential subjects for further study and development. There were 172 data analyzed through bibliometric analysis using the VOSviewer software, which enables the display of visualized patterns, such as the co-authorship and co-occurrence of keywords. The result indicated that Islamic Microfinance studies are still limited compared to other topics such as Islamic banks. Therefore, the issue can be overcome by developing a special journal, which focuses on Islamic Microfinance. Several topics were outlined based on the identified topic trends in keywords as references that can be developed for future research. These are the role of Islamic Microfinance related to COVID-19, the development of the halal industry in SMEs, and conflict of interest studies in Islamic Microfinance. This study also highlights the literature on Islamic microfinance specifically on the Indonesian context and its potential forthcoming topic to discuss.
Optimizing Capital Management in Baitul Maal wat Tamwil: Issues and Approaches Rohman, Pupun Saepul; Laila, Nisful; Fianto, Bayu Arie; Ascarya, Ascarya; Rusydiana, Aam Slamet
Economica: Jurnal Ekonomi Islam Vol. 15 No. 1 (2024)
Publisher : Fakultas Ekonomi dan Bisnis Islam UIN Walisongo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21580/economica.2024.15.1.20131

Abstract

Baitul Maal wat Tamwil (BMT) is a microfinance institution operating under Sharia principles, integrating social welfare and commercial finance to promote poverty alleviation and economic empowerment. Despite its potential, BMTs face significant capital challenges that hinder their sustainability and impact. This study explores these challenges using a qualitative methodology with a literature review approach. Six key issues are identified: (1) limited capital from low member savings, (2) inadequate accumulation of social funds, (3) mismatch between available funds and customer needs, (4) reliance on external funding, (5) low business volume, and (6) weak integration between the social (Baitul Maal) and commercial (Baitul Tamwil) functions. These issues restrict BMTs from fully achieving their financial inclusion and social welfare objectives. To address these challenges, the study suggests optimizing low-cost funds, managing cash waqf, strengthening Baitul Maal, collaborating with zakat institutions, and integrating Islamic social finance with commercial operations. Additionally, increasing principal and mandatory savings is recommended to improve capital stability. Resolving these issues is essential for enhancing BMTs' role in poverty alleviation and ensuring their long-term sustainability and effectiveness within the Islamic finance framework.
PEMBERDAYAAN MASYARAKAT PESISIR DI DESA KWANYAR BARAT, BANGKALAN, MADURA: PERSPEKTIF KEBERLANJUTAN LINGKUNGAN, KESEHATAN, DAN EKONOMI DIGITAL Suprayogi, Noven; Fianto, Bayu Arie; Febriyanti, Annisa Rahma; Sukmaningrum, Puji Sucia; Filianti, Dian; Wijayanti, Ida
Jurnal Terapan Abdimas Vol. 10 No. 1 (2025): Article in Press
Publisher : UNIVERSITAS PGRI MADIUN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25273/jta.v10i1.20012

Abstract

Abstract. West Kwanyar Village, Bangkalan Madura, is a village where the majority of the population are fishermen and have businesses. The problems faced by the fishermen's MSMEs are traditional marketing and low value of selling product. In addition, Kwanyar village has an environmental problem in the form of waste on the coast of the beach. The objectives of the Community Service activities are to empower the fishermen's business community through digital marketing and assistance with Halal certification, increase health awareness through medical checkups, and maintain environmental sustainability through beach cleaning. Based on these objectives, the Objective and Key Result method with outputs in each program is used for this activity. Community Service activities were carried out on May 23 and 24, 2024. The results show that fisherman business actor have been able to operate digital marketing applications and have Shopee accounts to market products online. In addition, all business actors have also successfully obtained a Business Identification Number and have applied for Halal Self Declare certification. Then, after cleaning the coastal environment of the beach, the beach looks cleaner and there are additional waste facilities which are donations from Universitas Airlangga and Universiti Utara Malaysia.   Abstrak. Desa Kwanyar Barat, Kabupaten Bangkalan Madura merupakan desa yang penduduknya mayoritas nelayan dan memiliki usaha. Permasalahan yang dihadapi oleh para UMKM nelayan adalah pemasaran yang masih bersifat tradisional dan rendahnya nilai jual produk. Selain itu, desa Kwanyar memiliki permasalahan lingkungan berupa sampah yang ada di pesisir Pantai. Tujuan dari kegiatan pengabdian masyarakat adalah melakukan pemberdayaan pelaku usaha nelayan melalui digital marketing dan pendampingan sertifikasi halal, meningkatkan kesadaran akan kesehatan melalui medical checkup, serta menjaga keberlanjutan lingkungan melalui bersih bersih pantai. Berdasarkan tujuan tersebut, program pengabdian masyarakat dilaksanakan menggunakan metode Objective and Key Result dengan output di masing-masing program. Kegiatan Pengabdian Masyarakat dilakukan pada tanggal 23 dan 24 Mei 2024. Hasil menunjukkan bahwa pelaku usaha telah mampu untuk mengoperasikan aplikasi digital marketing sekaligus memiliki akun Shopee untuk memasarkan produk secara online. Selain itu, seluruh pelaku usaha juga telah berhasil memiliki Nomor Induk Berusaha dan telah mengajukan untuk sertifikasi Halal Self Declare. Kemudian setelah dilakukan pembersihan pada lingkungan pesisir Pantai, terlihat Pantai menjadi lebih bersih dan terdapat tambahan fasilitas sampah yang merupakan sedekah dari Universitas Airlangga dan Universiti Utara Malaysia.  
THE ROLE OF DEPOSIT INSURANCE IN SUPPORTING ISLAMIC MICROFINANCE INSTITUTIONS: INSIGHTS FROM INDONESIA Fianto, Bayu Arie; Aryo, Bagus; Shah, Syed Alamdar Ali; Mustofa, Muhammad Ubaidillah Al; Anisha, Ade Intan Ismi Nur; Ruslan, Rafiatul Adlin Hj Mohd
Journal of Islamic Monetary Economics and Finance Vol 11 No 1 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i1.2476

Abstract

This study assesses the necessity of a Deposit Insurance System (DIS) for Islamic Microfinance Institutions (IMFIs). It first identifies key factors influencing knowledge of DIS among stakeholders and then proceeds to evaluate the social impact of IMFIs and examine the urgency for a DIS and respondents' willingness to pay deposit insurance premiums. Conducting survey using purposive sampling, we obtain required data for the analysis from 405 respondents. Applying the logistic regressions, we find reveal that education, work experience, and financial behaviors influence DIS awareness. The findings underscore the urgency of implementing DIS to bolster stakeholder trust and financial system stability, with respondents expressing willingness to contribute premiums. These insights contribute to designing a Shariah-compliant DIS that aligns with the unique operational characteristics of IMFIs, supports sustainable industrialization, and advances SDG-9 goals. The study highlights actionable pathways for policymakers, regulatory bodies, and IMFI managers to foster a resilient and inclusive financial ecosystem. ACKNOWLEDGEMENT Special thanks to the National Committee of Islamic Economic and Finance of the Republic of Indonesia and Universitas Airlangga for the financial assistance. Universitas Airlangga through International Research Collaboration Scheme Top #500, Airlangga Research Fund, Year 2023, Universitas Airlangga, No: 359/UN3.15/PT/2023.
The development of Islamic finance literature in response to economic turbulence: A systematic review of financial stability strategies Pusparini, Martini Dwi; Fianto, Bayu Arie; Sukmaningrum, Puji Sucia; Mohd Dali, Nuradli Ridzwan Shah Bin
Journal of Islamic Economics Lariba Vol. 11 No. 1 (2025)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol11.iss1.art21

Abstract

IntroductionEconomic turbulence remains a persistent challenge globally, as evidenced by historical crises such as the Great Depression, the 2007–2009 Global Financial Crisis, Brexit, and the COVID-19 pandemic. These events have underscored the necessity for resilient and ethically sound financial frameworks. Islamic finance has gained attention as a viable alternative financial system, potentially offering enhanced stability during periods of economic instability.ObjectivesThis study systematically reviews existing literature on the development and responses of Islamic finance during various economic disturbances. It aims to identify how Islamic financial institutions adapt their strategies, products, and services in response to crises, and highlight areas for future research.MethodThe systematic literature review method was used, analyzing 76 academic articles published between 2007 and 2023 from high-quality journals (Q1 and Q2) indexed in the Scopus database. Articles were carefully screened using defined inclusion and exclusion criteria to ensure relevance to economic crises and Islamic finance.ResultsFindings reveal that Islamic financial markets and Islamic banking were the predominant topics, demonstrating varied responses to economic shocks. Islamic banks, employing profit-loss sharing models, exhibited resilience during economic downturns, though inefficiencies in profitability and capitalization were noted. Islamic financial markets, characterized by ethical investments and low leverage, provided diversification advantages but remained vulnerable due to limited portfolio diversity. Additionally, Islamic social finance tools such as zakat and waqf were beneficial in supporting economic recovery, especially during the COVID-19 crisis.ImplicationsThe study suggests that governments and policymakers should promote profit-loss sharing models in Islamic banking and encourage greater diversification in Islamic financial markets to enhance resilience. Additionally, Islamic social finance should be further integrated into economic recovery strategies to mitigate crisis impacts.Originality/NoveltyThis research uniquely synthesizes insights into the adaptive responses of Islamic financial institutions across historical economic crises, addressing a significant knowledge gap in Islamic finance literature. By providing comprehensive future research directions, it contributes valuable guidance for scholars, practitioners, and policymakers aiming to develop sustainable and resilient financial systems.
The Potential Role of Qard Hasan Based Baitul Maal Wa Tamwil in Realizing Financial Inclusion Rohman, Pupun Saepul; Fianto, Bayu Arie; Laila, Nisful; Ascarya, Ascarya
AMWALUNA (Jurnal Ekonomi dan Keuangan Syariah) Vol 7, No 2 (2023)
Publisher : Univeristas Islam Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/amwaluna.v7i2.7608

Abstract

This study aims to describe the potential role of the qard hasan-based Baitul Maal wa Tamwil (BMT) in achieving financial inclusion. This article uses a literature study approach accompanied by a case study. This study concludes that financial inclusion in society is very likely to be realized by the practice of the qard hasan contract at BMT. The implications of this research can be useful for policy makers related to BMT and Islamic microfinance more broadly. This can help policy makers and regulators understand the challenges and opportunities in supporting and promoting financial inclusion through BMTs.
Shariah Compliant Macaulay’s Duration Model Testing: Evidence from Islamic banks in Indonesia Shah, Syed Alamdar Ali; Sukmana, Raditya; Fianto, Bayu Arie
Journal of Islamic Economic Laws Vol 4, No 2: July 2021
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v4i2.15358

Abstract

The purpose of this research is to test Shariah compliant duration models on Islamic banks in Indonesia. This will be achieved using data of earning assets and risk bearing liabilities of Indonesian Islamic banks from 2009 to 2019. Using multiple regressions the results suggest that Shariah compliant duration models are robust to calculate duration of earning assets, return bearing liabilities and Islamic banks. This research adds to the previous research of testing Shariah compliant duration model. Ultimately, it will improve profitability, risk efficiency and Shariah efficiency by improved Shariah compliant measures of risk management. This will ultimately improve market capitalization and returns stability in the long run. A major limitation of the study is very short length of data of Islamic banks. Still another limitation is difference in commencement of business of various Islamic banks that makes length of data unequal.
Stock Market Reaction to Corporate Sukuk Issuance: Evidence from Indonesia Aisy, Fathiya Nimatul; Fianto, Bayu Arie
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 12 No. 1 (2025): Februari-2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol12iss20251pp73-85

Abstract

This study aims to examine the reaction of the Indonesian stock market to sukuk issuances over an 11-year period from January 2013 to December 2023. The quantitative approach is employed using an event study and market model, with the Indonesia Sharia Stock Index (ISSI) as the benchmark. This study analyzes market reactions using average abnormal returns and average trading volume activity as variables. The results show that there is a market reaction around the sukuk issuance date, with a significant negative average abnormal return in periods t-7, t+2, and t+4. Furthermore, there is no significant difference in average abnormal returns and average trading volume activity before and after the sukuk issuance. The average abnormal return and average trading volume activity of each company also show no significant difference before and after the sukuk issuance, except for the average trading volume activity of companies TINS and INKP in the basic materials sector. These findings indicate a significant negative reaction to sukuk issuances. This result contradicts previous literature that states a significant market reaction, either positive or negative. The insignificance of these results seems to be caused by investor perceptions of sukuk issuances in Indonesia.
Co-Authors Aam Slamet Rusydiana, Aam Slamet Aisy, Fathiya Nimatul Ali Shah, Syed Alamdar Amanina, Filzah Thahirah Anisha, Ade Intan Ismi Nur Annisa Rahma Febriyanti Aryo, Bagus Ascarya Ascarya Azhar Alam Azwar Aulia Rasyad Azzam Izzuddin Busser, Rogier Charissa Kezia Rahmawati Charissa Kezia Rahmawati Devi Rahmiyanti Dinda Azzahroh Fathimiyah Fadlilah Fadlilah Faris Achmad Muhtadin Billah Fauziah, Najim Nur Filianti, Dian Fitrianingsih, Eka Rani Ivana Rosediana Dewi Izzani Ulfi Madyan, Muhammad Martini Dwi Pusparini, Martini Dwi Masagus M. Ridhwan Maulayati, Ryan Rahmah Mohammad Yusron Sholikhin Mohd Dali, Nuradli Ridzwan Shah Bin Muhammad Faris Mustofa, Muhammad Ubaidillah Al Najim Nur Fauziah Nisful Laila Noven Suprayogi, Noven Nugroho, Perdana Adi Puji Sucia Sukmaningrum Pupun Saepul Rohman Rachmania Nurul Fitri Amijaya Raditya Sukmana Rafiatul Adlin Hj Mohd Ruslan Rogier Busser Ruslan, Rafiatul Adlin Hj Mohd Ryan Rahmah Maulayati Sahlan Yahya Setya, Vabila Ananta Shah, Syed Alamdar Ali Supriani, Indri Syed Alamdar Ali Shah Syed Alamdar Ali Shah Tjiptohadi Sawarjuwono Ujang Syahrul Mubarrok Vabila Ananta Setya Vabila Ananta Setya Viola Nurahma Putri Wijayanti, Ida Yahya, Sahlan Zulfiyah Azmi