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Investment strategy on indonesia islamic stocks using Greenblatt Magic Formula Setiawan, Alfianto Hendry; Fitri, Resfa; Muthohharoh, Marhamah; Irfany, Mohammad Iqbal
International Journal of Financial, Accounting, and Management Vol. 5 No. 3 (2023): December
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/ijfam.v5i3.1322

Purpose: This study analyzes the portfolio form based on the Magic Formula investment strategy introduced by Greenblatt (2006). Research methodology: The portfolio formed is evaluated using the Sharpe, Treynor, and Jensen indices. Results: The results show that the Magic Formula investment portfolio provides higher returns than the reference index from June 2018 to May 2021, specifically -1.45% compared to -3.26%. The performance evaluation value of the Magic Formula investment portfolio was better than that of the reference index. Limitations: Although the Magic Formula portfolio performs well during the study period, investment portfolios can also be built and evaluated using other portfolio formulas. Contribution: This evidence shows that the Greenblatt Magic Formula investment strategy performs well because it can provide a greater return with less risk.

Peer-to-Peer Lending Syariah dan Dampaknya terhadap Kinerja serta Kesejahteraan Pelaku Usaha Mikro dan Kecil (UMK) pada Masa Pandemi Covid-19 Harp, Aphylla Planifolia; Resfa Fitri; Yekti Mahanani
AL-MUZARA'AH Vol. 9 No. 1 (2021): AL-MUZARA'AH (June 2021)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.9.1.109-127

Peer-to-Peer (P2P) lending is one of the mechanisms to overcome capital problems for the MSE sector, especially during the Covid-19 pandemic. P2P lending has the highest asset growth compared to other financial technology (fintech) schemes and mostly preferred by the majority of population. As a country with a majority Muslim population, people prefer to use sharia P2P lending, but its role has not been widely documented in the literature. MSEs are business enterprises that contribute greatly to the national gross domestic product (GDP) and absorb the most labor. This study aims to analyze the effect of sharia (P2P) lending on the performance and welfare of MSEs during the Covid-19 pandemic. The method of analysis consists of paired t-test, OLS and logistic regression analysis. Paired t-test results show that there are differences in turnover, profits, operating costs, and the number of MSE workers before and after receiving financing. OLS analysis shows that the amount of financing, business costs, labor, and length of business affect changes in MSE turnover. The results of the logistic regression analysis show that the average family income and the amount of savings significantly affect the welfare of MSE actors.

Math Challenge Card Game Method (Medkit. Id) for Learning Basic Multiplications for Junior High School Students Guided by The Nusa Educator Community Huda, Haifa Salsabila; Tutazqiyah, Aldira Dina; Yani, Mely Indri; Aruba, Fitria Maharani Siti; Fitri, Resfa
Jurnal Pengabdian Masyarakat Vol. 5 No. 1 (2024): Jurnal Pengabdian Masyarakat
Publisher : Institut Teknologi dan Bisnis Asia Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32815/jpm.v5i1.1363

Purpose: This research aims to determine the effect of using the Math Challenge Card (Mathkit. id) card game method in learning multiplication on students assisted by the Nusa Educator Community. Method: This research used 25 students assisted by the Nusa Educators Community aged 12-17. The data is in the form of post-test scores, which will be compared with students’ pre-tests during research at each game level. Practical Applications: This card game method can be used to learn multiplication, especially for students who have not memorized basic multiplication operations. Conclusion: The research results showed an increase in the post-test skills scores compared to the students’ pre-test. The increase in the score at level 1 was 23%; at level 2, it was 31%, and the average maths quiz score was 85. This indicates that the Math Challenge Card (Mathkit. id) game method effectively improves students’ multiplication abilities.

Investment strategy on indonesia islamic stocks using Greenblatt Magic Formula Setiawan, Alfianto Hendry; Fitri, Resfa; Muthohharoh, Marhamah; Irfany, Mohammad Iqbal
International Journal of Financial, Accounting, and Management Vol. 5 No. 3 (2023): December
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/ijfam.v5i3.1322

Purpose: This study analyzes the portfolio form based on the Magic Formula investment strategy introduced by Greenblatt (2006). Research methodology: The portfolio formed is evaluated using the Sharpe, Treynor, and Jensen indices. Results: The results show that the Magic Formula investment portfolio provides higher returns than the reference index from June 2018 to May 2021, specifically -1.45% compared to -3.26%. The performance evaluation value of the Magic Formula investment portfolio was better than that of the reference index. Limitations: Although the Magic Formula portfolio performs well during the study period, investment portfolios can also be built and evaluated using other portfolio formulas. Contribution: This evidence shows that the Greenblatt Magic Formula investment strategy performs well because it can provide a greater return with less risk.

Effect of CASA, Fee-Based Income, and Intellectual Capital Towards Profitability of Islamic Banking in Indonesia Fitri, Resfa; Nuraini, Della
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol 14, No 1 (2023): MUQTASID: Jurnal Ekonomi dan Perbankan Syariah
Publisher : UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v14i1.35-50

The increase in value of the Current Account Saving Account (CASA) and fee-based income (FBI) in Islamic banking industry is indicative of the optimal use of intellectual capital. This increase in the value of CASA and FBI does not enhance Islamic banking profitability in Indonesia. Therefore, this study aimed to measure and analyze the influence of CASA, FBI, and intellectual capital on profitability of Islamic banks. The populations of this study are all commercial Islamic banks from 2017 to 2020, from which a sample of 13 was selected using the purposive sampling method. Secondary data were collected from quarterly reports of the financial statements of the 13 Islamic banks from 2017 to 2020. This study adopted the panel data regression with a value-added method for the variable intellectual capital (VAIC). The results showed that CASA and intellectual capital had a significant positive effect on Islamic banking profitability, while FBI had no significant effect. It was recommended that in order to enhance banking profitability, the management of Islamic banks needed to improve CASAand intellectual capital by increasing the quantity of CASA funding and optimizing intellectual capital from human resources and technology.

Determinants of Islamic Bank Share Price Fluctuation During the Covid 19 Pandemic: The Case of BTPN Syariah Bank Shares Lauda, Farhan; Fitri, Resfa; Hasanah, Qoriatul
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 13 No. 2 (2021)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v13i2.22479

Abstract. The Covid-19 pandemic has caused a decline in the performance of the national economy. However, the share price of Islamic banks, especially the BTPN Syariah Bank (BTPS), has continued to grow. This study aims to identify and evaluate the variables affecting BTPS stock price fluctuation, using The Vector Error Correction Model (VECM). The results show that in the short term, only the Jakarta Composite Index variable had a significant effect on the stock price of BTPS. While in the long term, the variables of Price to Book Value (PBV), Trading Volume Activity (TVA), GDP, Bank Indonesia (BI) Reference Interest Rate, and the Jakarta Composite Index had a significant effect on BTPS stock price. Based on the Impulse Response Function (IRF) analysis, the stock price of BTPS responded negatively to shocks in GDP, TVA, and the exchange rate. Meanwhile, the shocks of Earning Per Share, PBV, BI Reference Interest Rate, and the Jakarta Composite Index were responded positively by BTPS share price. Based on the Forecast Error Variance Decomposition analysis, PBV gave the highest contribution in explaining the diversity of BTPS stock prices fluctuation.Keywords: Covid-19, BTPS Shares, VECM, Internal Factors, External FactorsAbstrak. Pandemi Covid-19 menyebabkan penurunan perekonomian nasional. Namun, harga saham bank syariah, khususnya saham PT. Bank BTPN Syariah (BTPS) tetap tumbuh. Penelitian ini bertujuan untuk mengetahui faktor yang memengaruhi perubahan harga saham BTPS, dengan metode Vector Error Correction Model (VECM). Hasil penelitian menunjukan bahwa dalam jangka pendek, hanya variabel Indeks Harga Saham Gabungan yang berpengaruh signifikan terhadap harga saham BTPS. Sementara pada jangka panjang, variabel Price to Book Value (PBV), Trading Volume Activity (TVA), PDB, Suku Bunga Acuan Bank Indonesia (BI), dan Indeks Harga Saham Gabungan berpengaruh secara signifikan terhadap harga saham BTPS. Berdasarkan analisis Impulse Response Function (IRF), harga saham BTPS merespon negatif adanya guncangan PDB, TVA, dan nilai tukar. Sementara guncangan Earning Per Share, PBV, Suku Bunga Acuan BI, dan Indeks Harga Saham Gabungan direspon positif oleh harga Saham BTPS. Berdasarkan analisis Forecast Error Variance Decomposition, PBV memberikan kontribusi tertinggi dalam menjelaskan keragaman perubahan harga saham BTPS.Kata kunci: Covid-19, Saham BTPS, VECM, Faktor Internal, Faktor Eksternal

Determinants of Saving Intentions in Islamic Current Accounts: Empirical Evidence from Muslim Community in Indonesia Fitri, Resfa; Sutito, Yolanda M. M.; Irfany, Mohammad Iqbal
Islamic Economics Methodology Vol. 4 No. 2 (2025): Islamic Economics Methodology
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/iem.v4i2.620

The growth of current accounts is still far behind compared to savings and deposits. West Jakarta as the region with the highest Islamic bank assets still shows low DPK growth, especially in Islamic current accounts. This research aims to identify the characteristics of respondents and variables that affect the interest of Muslim communities in West Jakarta to save funds in Islamic current accounts. The method used is descriptive analysis and SEM-PLS analysis with the number of respondents involved in this study as many as 175 Muslims in West Jakarta. The results showed that the variables of attitude, reputation, behavioral control,.and subjective norms had a positive and significant influence, while profit sharing and product had a positive but insignificant effect, and the promotion variable has a negative and insignificant effect on the intention of West Jakarta Muslim Community saving funds in the Islamic current account.

The Effect of Internal and External Factors on the Proportion of MSME Sector Financing in Sharia Business Units in Indonesia Rahmawati, Siti; Fitri, Resfa; Alim, Ahmad Syahirul; Irfany, Mohammad Iqbal
Review on Islamic Accounting Vol. 5 No. 2 (2025): Review on Islamic Accounting
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/ria.v5i2.689

This paper aims to analyze the response of the proportion of MSME financing in Sharia Business Units in Indonesia to internal and external factor shocks. Additionally, it seeks to determine the contribution of each factor to the diversity of MSME financing proportions. This study employs the Vector Error Correction Model (VECM). The Covid-19 pandemic is included as an exogenous dummy variable. The analysis uses monthly data from January 2019 to December 2024, sourced from the Sharia Banking Statistics published by the Financial Services Authority (OJK). The study found that Third Party Funds, Operational Expenses to Operational Income, and the BI rate have a positive impact on MSME financing proportions in UUS. Conversely, Non Performing Financing (NPF), Return on Assets (ROA), Gross Domestic Product (GDP), Bank Indonesia Sharia Certificate (SBIS) exhibit a negative impact. The MSME financing proportion itself is the most dominant factor in financing variability, followed by NPF, BOPO, GDP, BI rate, SBIS, ROA, and DPK. This finding represents the supply side, referring to banks as financing providers. To obtain a more comprehensive perspective, further analysis is needed from the demand side by considering the characteristics of MSMEs as financing recipients. This area of research remains relatively underexplored, which is mandated to allocate at least 30% of its financing to the MSME sector, although actual disbursement remains around 10%.

Analysis the Effect of Sharia Monetary Operations (OMS) on Inflation in Indonesia for the 2019-2021 Period Anggini, Karlita; Fitriyatustany, Fitriyatustany; Sari, Citra Atrina; Fitri, Resfa; Hasanah, Neneng
AL-MUZARA'AH Vol. 13 No. 2 (2025): AL-MUZARA'AH (December 2025)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.13.2.271-283

Monetary policy is the government's effort to maintain, increase, or decrease the amount of money in circulation in order to sustain economic growth and combat inflation. Monetary policy in the form of Sharia Open Market Operations can be implemented by issuing Bank Indonesia Sharia Certificates (SBIS), Minimum Reserve Requirements (GWM), and Standing Facilities, such as Bank Indonesia Sharia Deposit Facilities (FASBIS). This study is novel because it uses comparative effectiveness analysis, different observation periods, and has undergone classical assumption testing. The purpose of this study is to describe and assess the effects of SBIS, FASBIS, and GWM on Indonesian inflation from 2019 to 2021. The research data is sourced from the Financial Services Authority (OJK) website. Multiple linear regression analysis was performed using the Eviews 10 software. The results showed that SBIS has no significant effect on inflation, FASBIS has a significant and negative effect on inflation, and GWM has a significant and positive effect on inflation. FASBIS and GWM can explain 79.7% of inflation, with other factors accounting for the remaining 20.3%. Islamic banking must improve its financial performance by utilizing FASBIS instruments more efficiently.

The Effect of Macroeconomics on the Receipt of Zakat, Infaq, and Shadaqah at BAZNAS Central for 2015-2024 Period Juliarty, Noer Resky; Fitri, Resfa; Achsani, Muhammad Nur Faaiz Fathah; Beik, Irfan Syauqi
International Journal of Zakat Vol 10 No 4 (2025): International Journal of Zakat
Publisher : Center of Strategic Studies (PUSKAS) BAZNAS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37706/ijaz.v10i4.661

In recent years, Indonesia's economy has grown steadily, supported by strong household purchasing power and stable investment. However, this stability was disrupted with the emergence of the COVID-19 pandemic in early 2020. This study aims to analyze the effect of macroeconomic variables on the collection of zakat, infaq, and sadaqah at BAZNAS Central during the 2015–2024 period. The research use secondary quarterly time-series data from 2015 to 2024. The analysis is conducted using descriptive analysis combined with the Autoregressive Distributed Lag (ARDL) method. The results show more clearly that GDP consistently exerts a positive and significant influence on zakat as well as infaq and shadaqah receipts in both the short and long run, confirming the central role of economic growth in strengthening Islamic philanthropic capacity. Meanwhile, the Consumer Price Index (CPI), as a proxy for inflation, and the BI Rate were not proven to significantly affect infaq and shadaqah receipts; however, CPI demonstrates a positive long-run effect on zakat, and the BI Rate shows a negative but weak influence, indicating limited monetary policy transmission to ZIS behavior. The impact of the COVID-19 pandemic was found to be significantly negative for zakat receipts, but relatively insignificant for infaq and shadaqah. Furthermore, digitalization at BAZNAS is shown to significantly increase ZIS collection, underscoring the growing role of technological adoption in expanding accessibility and strengthening fundraising performance. Overall, these findings highlight the need for macroeconomic stability and continuous digital transformation to optimize ZIS mobilization.

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