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Macroeconomic Variables, International Islamic Indices, and The Return Volatility in Jakarta Islamic Index Pratama, Yoghi Citra; Azzis, Abdul
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 10 No. 1 (2018)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v10i1.5550

Abstract

According to understand the behavior of Islamic equity markets the primary objective of this research is to analyze the effect of macroeconomic indicators and International Islamic Index on return volatility of Jakarta Islamic Index. The analysis method used in this study is AutoRegressive Conditional Heteroscedastic-Generalized AutoRegressive Conditional Heteroscedastic (ARCH-GARCH). The result of this research showed that all variables, i.e., BI rate, inflation rate, IDR-USD exchange rate, DJIUS index, DJIUK index, FTSJP index and FTSMY index have a simultaneously significant impact on return volatility of JII. While t-test results show that BI rate, IDR-USD exchange rate, DJIUK index and FTSMY index have a substantial effect on return volatility of JII.DOI: 10.15408/aiq.v10i1.5550
The Role of the Constitutional Court in Addressing Centralization Allegations: A Syariah Economic Perspective on Baznas' Contribution to Indonesia's Unified Economic System Permana, Yudi; Mulazid, Ade Sofyan; Kamilah, Athia Nur; Pratama, Yoghi Citra; Kurniawan, Muhammad Iman; Zh, Miftah Hur Rahman; Supriyono, Supriyono
Jurnal Pemberdayaan Masyarakat Vol 4, No 4 (2025)
Publisher : Yayasan Keluarga Guru Mandiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46843/jpm.v4i4.639

Abstract

This study provides a comprehensive analysis of the Constitutional Court's role in institutionalizing a centralized governance model for the National Board of Zakat (BAZNAS) and its systemic implications for Indonesia's economic framework from a Shariah economics perspective. By synthesizing extant literature, it elucidates the legal, operational, and philosophical dynamics underpinning BAZNAS’s evolving mandate. Conducted as a Systematic Literature Review (SLR) in accordance with the PRISMA protocol, systematic searches across Scopus and the Watase Uake System identified 95 articles for in-depth thematic analysis. The findings reveal that the centralization of BAZNAS, legitimized by the Constitutional Court’s ruling, establishes a fundamental tension between national administrative efficiency and local philanthropic autonomy. The analysis confirms BAZNAS’s strategic role not only in zakat distribution but also in advancing national objectives of sustainable development and financial inclusion. However, significant governance challenges, particularly regarding transparency and accountability, persistently surface. The research makes a threefold contribution: First, it identifies a critical methodological gap, demonstrating that dominant quantitative approaches have insufficiently captured the qualitative and contextual dynamics behind operational shortcomings. Second, it surfaces underexplored thematic frontiers, notably those of digitalization, technological integration, and BAZNAS’s potential role in global challenges such as climate change. Third, it proposes a structured agenda for future inquiry and practice. The conclusions emphasize the necessity for methodological diversification, comparative international analysis, and deeper investigation into the distributive impacts of centralization and the transformative potential of technology. Practical implications focus on strengthening governance through mechanisms such as blockchain, fostering inter-institutional collaboration, and advocating for more integrative zakat-sector policies. Future research should prioritize rigorous qualitative studies, comparative models, and examinations of BAZNAS’s role in emerging areas such as green finance and the digitalization of Islamic social finance.
Banking Efficiency under an Oligopoly Structure: Evidence from Indonesia’s Islamic and Conventional Banks Pratama, Yoghi Citra; Terminanto, Ade Ananto
International Journal of Management, Entrepreneurship, Social Science and Humanities Vol. 10 No. 1 (2026): January - June Volume
Publisher : Research Synergy Foundation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31098/ijmesh.v10i1.3732

Abstract

This study investigates the relationship between market structure and banking performance in Indonesia, with a particular focus on the comparative efficiency of Islamic and conventional banks. Using concentration ratio (CR) analysis and Data Envelopment Analysis (DEA), the research evaluates efficiency levels across 51 conventional banks and 14 Islamic banks during the period 2015–2021. The findings indicate that the Indonesian banking industry operates under an oligopolistic structure, dominated by a small number of large state-owned and private conventional banks. While Islamic banks demonstrated relatively higher overall and scale efficiency, conventional banks outperformed in terms of technical efficiency. Nevertheless, the differences in efficiency between Islamic and conventional banks were found to be statistically insignificant. These results suggest that although Islamic banking in Indonesia has made progress, it still faces structural and operational challenges in competing with its conventional counterparts. The study contributes to the literature on banking efficiency by integrating market concentration measures with non-parametric efficiency analysis in a dual banking system context. The findings provide important implications for policymakers and regulators in designing strategies to enhance competitiveness, improve efficiency, and foster the sustainable growth of Islamic banking within an oligopolistic market structure.