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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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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.
ESG Performance, Internal Factors, and Non-Performing Financing in Islamic Banks: Evidence from OIC Countries: Studi Empiris di Negara OKI Aziz, Alif Fahril; Bayu Arie Fianto
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 11 No. 3 (2024): Agustus-2024
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol11iss20243pp286-297

Abstract

This study aims to examine the effect of internal bank factors and ESG performance on the problematic financing of Islamic banking in OIC countries. This study uses quantitative methods with panel data regression analysis techniques used to test the hypotheses proposed in the study. This study uses data sources of Islamic banks' financial reports taken from Bloomberg database. The results of this study indicate that partially and simultaneously all variables have a significant effect on non-performing financing (NPF). The variables of profitability (ROA), financing growth, and ESG Score show negative significant results which means these variables can reduce the risk of non-performing financing, while the variables of bank capital (CAR), bank provisions (FLP), and previous year's non-performing financing (NPFt-1) show positive significant results which means these variables can increase the risk of non-performing financing. The limitation in this study is that the sample used only consists of 50 Islamic banks in OIC countries. Despite these limitations, the results imply that bank management needs to pay attention to internal bank factors and ESG policies to minimize the risk of non-performing financing. This study contributes to the scientific literature on the relationship between bank internal policies and ESG policies on non-performing financing in Islamic banking in OIC countries..
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.
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.
Stock market responses to Covid-19: Evidence from Jakarta Islamic Index Fianto, Bayu Arie; Nugroho, Perdana Adi; Ali Shah, Syed Alamdar; Busser, Rogier
Jurnal Ekonomi & Keuangan Islam Volume 10 No. 2, July 2024
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol10.iss2.art4

Abstract

Purpose – This study examines the effect of Covid-19 in Indonesia on the value of abnormal returns, trading volume activity, and efficiency of the Jakarta Islamic Index (JII), the Indonesian Islamic stock market.Methodology – This study employed the event study model to measure the relationship between important events related to the Indonesian Covid-19 pandemic on stock returns and the stock trading volume of JII indexed companies. Using research analysis techniques in the form of a market-adjusted model, this study determines the period of events before, during, and after the event.Findings – This study found that the global Covid-19 announcement, announcement of the new normal, and announcement of the Covid-19 vaccination gave a significant abnormal return reaction to the JII index and did not provide a significant trading volume activity reaction. Implications – Indonesia's Islamic stock market, which falls into the semi-strong efficient category, responds quickly to important public information such as Covid-19-related announcements. Investors showed high sensitivity to major news, but trading volumes did not change significantly, indicating a cautious adjustment strategy. The different reactions across sectors, especially industry and energy, highlight the need for investor portfolio diversification. It is important for policymakers to provide clear and timely communication to maintain market stability during crises. Further research is required to understand the long-term impact and extend the coverage of international Islamic stock markets.Originality – This study examines several important Covid-19 events that occurred in Indonesia on stock returns and trading volumes in the Indonesian Islamic stock market.
Influencing Factors of Employee Awareness from Islamic Banking Regarding The Regulations for Development and Reinforcement the Financial Sector Amanina, Filzah Thahirah; Fianto, Bayu Arie
Jurnal Ekonomi Syariah Teori dan Terapan Vol. 11 No. 1 (2024): Februari-2024
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/vol11iss20241pp121-134

Abstract

ABSTRACT This research was conducted to explore the influencing factors of employee awareness from Islamic banking regarding the newly enacted regulations for development and reinforcement the financial sector (P2SK), specifically the Law Number 4 of 2023. Using purposive sampling method, there are 104 samples of Islamic banking employees who met the criteria and then were analyzed using logistic regression technique. The results indicate that age, length of employment, and job position significantly influence the awareness of Islamic banking employees in Indonesia regarding the P2SK  regulations which are categorized into four levels. The limitation in terms of variables and distribution of sample demographics, this research can still be beneficial in theoretical aspects by considering external factors of employees and in practical aspects by evaluating internal policies of Islamic banking or information dissemination processes by the government. Furthermore, this research serves as one of the initial studies addressing employee awareness of a legislative regulation. Keywords: Employee Awareness, Islamic Banking, P2SK Law, Logistic Regression   ABSTRAK Penelitian ini dilakukan untuk mengetahui faktor-faktor yang mempengaruhi kesadaran karyawan perbankan syariah terhadap peraturan pengembangan dan penguatan sektor keuangan (P2SK) yang baru disahkan, yakni Undang-Undang Nomor 4 Tahun 2023. Dengan menggunakan metode purposive sampling, ada 104 sampel karyawan perbankan syariah yang memenuhi kriteria dan kemudian dianalisis menggunakan teknik regresi logistik. Hasil penelitian menunjukkan bahwa umur, lama bekerja, dan posisi jabatan berpengaruh signifikan terhadap kesadaran karyawan perbankan syariah di Indonesia akan peraturan P2SK yang terbagi menjadi empat kategori kesadaran. Penelitian ini memiliki keterbatasan dari sisi variabel dan penyebaran demografi sampel yang digunakan, penelitian ini bisa tetap bermanfaat dari segi teori dengan menggunakan faktor eksternal karyawan dan segi praktik dengan mengevaluasi kebijakan internal perbankan syariah atau proses penyebarluasan informasi oleh pemerintah terkait.  Selain itu, penelitian ini menjadi salah satu penelitian awal yang membahas kesadaran karyawan akan sebuah peraturan perundang-undangan. Kata Kunci: Kesadaran Karyawan, Perbankan Syariah, UU P2SK, Regresi Logistik  
Factors affecting recommendation to use of sharia e-wallet in Indonesia and Malaysia Fitrianingsih, Eka Rani; Fianto, Bayu Arie
Asian Journal of Islamic Management (AJIM) VOLUME 4 ISSUE 1, 2022
Publisher : Faculty of Business & Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/AJIM.vol4.iss1.art1

Abstract

Purpose − This study aims to analyze the effect of variable ease of use, usefulness, perceived risk, and social influence on a recommendation to use sharia e-wallet in Indonesia and Malaysia.Methodology − This study uses a quantitative method. This study uses primary data by conducting a survey through an online questionnaire of 200 respondents with the criteria sharia e-wallet users and living in Indonesia or Malaysia. This research uses the SEM-PLS analysis method.Findings − The results of this study found that variable ease of use, usefulness, and social influence significantly and positively affect the recommendation to use the sharia e-wallet. In contrast, the perceived risk has a negative effect on the recommendation to use a sharia e-wallet. Based on the Multi-Group Analysis (MGA) test, there is no significant difference between Indonesian and Malaysian users for all variables.Originality − This study adds to the literature, especially on the factors influencing recommendation to use in sharia e-wallet. There are limited studies on this topic, especially for sharia e-wallets in Indonesia and Malaysia. The uniqueness of this research is that the primary data used includes respondents in various regions in Indonesia and Malaysia.Practical implications − The results of this study can be used as a reference by the Islamic fintech industry to develop a sharia e-wallet both in terms of product, quality, and others to be better in the future.
Factors Influencing Customer Satisfaction with Halal Cosmetics: An Online Purchasing Study of Generation Z Muslim Women Bayu Arie Fianto; Bena Mutiara Dwi Ulfa; Zhahirah Adriana Rahmadany
Shirkah: Journal of Economics and Business Vol. 10 No. 2 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i2.673

Abstract

Customer loyalty in the beauty product sector, particularly for halal cosmetics, has been underexplored despite its importance in marketing research. This study explores the determinants of customer satisfaction and loyalty towards halal cosmetics in Indonesia. Data were collected from 215 Generation Z Muslim women who have made multiple purchases from the official online store of a halal cosmetic brand through an online questionnaire. The data were further analysed by employing Structural Equation Modelling-Partial Least Square (SEM-PLS). The results showed that overall quality and perceived value significantly influence customer satisfaction, which in turn affects loyalty. However, perceived risk did not significantly impact satisfaction. It was further revealed that customer satisfaction has a significant influence on the customer loyalty to halal cosmetics. These findings highlight the need for brands to consistently deliver high-quality products and enhance perceived value to foster lasting customer relationships. Given Generation Z's potential as customers but known brand-switching tendencies, this study offers insights into their loyalty and satisfaction when purchasing halal cosmetics online. Strategic emphasis on satisfaction-building efforts can ultimately strengthen brand loyalty among Generation Z consumers in the competitive halal cosmetics market. Hence, understanding the factors that drive customer satisfaction and loyalty in online purchases is essential for halal cosmetic companies to develop effective retail strategies.
Response of Financial Markets to COVID-19 Pandemic: A Review of Literature on Stock Markets Fianto, Bayu Arie; Ridhwan, Masagus M.; Shah, Syed Alamdar Ali; Faris, Muhammad; Mohd Ruslan, Rafiatul Adlin Hj
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
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 Aziz, Alif Fahril Azwar Aulia Rasyad Azzam Izzuddin Bena Mutiara Dwi Ulfa Busser, Rogier Cahyani, Nadya Noer 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 Martini Dwi Pusparini, Martini Dwi Masagus M. Ridhwan Maulayati, Ryan Rahmah Mohammad Yusron Sholikhin Mohd Dali, Nuradli Ridzwan Shah Bin Mohd Ruslan, Rafiatul Adlin Hj Muhammad Faris Muhammad Faris, Muhammad Muhammad Madyan, Muhammad 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 Ridhwan, Masagus M. 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 Zhahirah Adriana Rahmadany Zulfiyah Azmi