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All Journal Indonesian Capital Market Review International Journal of Waqf
Aslan, Hakan
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Economics, Econometrics & Finance Social Sciences

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Islamic Waqf, Maqashid Shariah, and SDG-11 Rusydiana, Aam Slamet; Laila, Nisful; Aslan, Hakan
International Journal of Waqf Vol. 3 No. 2 (2023): International Journal of Waqf
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/ijw.v3i2.352

Abstract

This study aims to determine the opinions and recommendations of experts regarding the waqf model integrated with sustainable development (SDGs) in goal 11, namely sustainable cities and communities. This research will explain the priority of the waqf model in achieving SDG 11 goals by considering Maqashid Shariah indicators. The data were analyzed using the Delphi method to find the main priorities and agreement of the experts. The results show that all variables have been agreed upon by experts. Furthermore, on the SDGs aspect, the environment element is the top priority with an average score of 8.07. In the maqashid shariah aspect, the element of preserving bi'ah (environment) is the top priority with an average score of 7.53. As for the waqf model aspect, the Waqf & Sukuk model is the top priority with an average score of 7.73. This research can be utilized as a reference in the implementation of waqf models that can support the realization of the eleventh goal of the SDGs by considering Maqashid Shariah with priorities according to the findings. This research is the first to comprehensively calculate the experts' assessment of waqf models for the achievement of SDG 11 using the Delphi method and its priority recommendations.
The Impact of Covid-19 Pandemic on Islamic Health Insurance Market Returns: Empirical Evidence from Saudi Arabia Fodol, Mohamed Zakaria; Aslan, Hakan
Indonesian Capital Market Review Vol. 15, No. 1
Publisher : UI Scholars Hub

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

Abstract

This study aims to identify the impact of COVID-19 on the Cooperative Health Insurance (CHI) Market in Saudi Arabia by applying the Event Study Methodology. The announcement of the first positive case of COVID-19 in Saudi Arabia, which the Ministry of Health announced on March 2, 2020, is the health event identified in this study. The daily price of 24 cooperative health insurance companies listed on the Saudi Stock Market (Tadawul) with the market index (TASI) for the same period (June 05, 2018 - March 30, 2020) was collected. The abnormal returns are calculated by using Capital Asset Pricing Model (CAPM). The study found a negative effect of COVID-19 on the health insurance companies in Saudi Arabia during the first week of the anticipation period and continued until the event day. Negative abnormal returns persisted until the end of the total study period but were not statistically significant except for only three days in the post-event window (March 05, 08, and 09 2020). This means the Saudi cooperative insurance market was experiencing a period of anticipation and anxiety before the announcement of the first case of Covid-19; however, the information was insufficient and unconfirmed. During the adjustment window, the market tried to adjust itself and react to the event efficiently, but it could not do so. According to the efficient market hypothesis, the Saudi cooperative insurance market is not fully efficient. This study only sheds light on the Corona pandemic's effects in a short period. Indeed, the need for extensive future research remains. The results of this study are useful to Islamic insurance investors, Takaful operators, regulators in the Islamic insurance markets (Takaful and Cooperative), and researchers and academicians alike.
Co-Authors Aam Slamet Rusydiana, Aam Slamet Fodol, Mohamed Zakaria Nisful Laila