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All Journal Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Media Trend: Berkala Kajian Ekonomi dan Studi Pembangunan Jurnal Ilmiah Ekonomi Islam Jurnal Ekonomi & Keuangan Islam Al-Masharif: Jurnal Ilmu Ekonomi dan Keislaman International Journal of Economics, Business and Accounting Research (IJEBAR) Asy Syar'iyyah: Jurnal Ilmu Syari'ah dan Perbankan Islam Finansha: Journal of Sharia Financial Management JURNAL ILMIAH GLOBAL EDUCATION Share: Jurnal Ekonomi dan Keuangan Islam Mimbar Agama Budaya Al-Buhuts (e-journal) Journal of Principles Management and Bussines Al-masharif: Jurnal Ilmu Ekonomi dan Keislaman
Ajuna, Luqmanul Hakiem
Institut Agama Islam Negeri Sultan Amai Gorontalo
Religion Arts Humanities Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Other

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DO INFLATION AND EXCHANGE RATES MATTER FOR ISLAMIC AND CONVENTIONAL STOCK INDICES? EVIDENCE FROM INDONESIA Ajuna, Luqmanul Hakiem
Finansha: Journal of Sharia Financial Management Vol. 6 No. 2 (2025): Finansha: Journal of Sharia Financial Management
Publisher : UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/fjsfm.v6i2.50349

Abstract

Stock Index (ISSI) and the Indonesia Composite Stock Price Index (IHSG). Employing a quantitative approach, the study utilizes monthly secondary data from 2014 to 2023 obtained from the Indonesia Stock Exchange, Bank Indonesia, and the Central Bureau of Statistics. Multiple linear regression analysis is applied to assess both partial and simultaneous effects of macroeconomic variables on Islamic and conventional stock market indices. The empirical results reveal that inflation does not have a significant effect on either ISSI or IHSG. In contrast, the rupiah exchange rate exerts a significant influence on both indices, indicating that exchange rate movements play a more dominant role in shaping stock market performance than inflation. These findings suggest that, within the Indonesian context, exchange rate dynamics constitute a key source of systematic risk affecting both Islamic and conventional equity markets. The results provide empirical support for the Arbitrage Pricing Theory by highlighting the unequal influence of macroeconomic factors on asset prices. This study contributes to the literature by offering comparative evidence on the sensitivity of Islamic and conventional stock markets to macroeconomic conditions in an emerging economy.
Bunthato as a Cultural–Religious Bridge: An Exploratory Study of Its Role in Zakat, Infaq, and Sadaqah Practices in Gorontalo Supandi Rahman; Hamid Pongoliu; Apolinário Magno; Sri Dewi Yusuf; Najamuddin Petta Solong; Luqmanul Hakiem Ajuna
Mimbar Agama Budaya Vol. 42 No. 2 (2025)
Publisher : Center for Research and Publication (PUSLITPEN), UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/mimbar.v42i2.49844

Abstract

This study explores bunthato, a Gorontalo cultural tradition in which the first income earned from daily labour is intentionally set aside for charitable purposes, and examines its relevance to strengthening zakat, infak, and sadaqah (ZIS) practices. The research seeks to understand how bunthato is interpreted and practised in contemporary Muslim life, and how its ethical values may inform culturally rooted ZIS governance. Data were collected over three months through in-depth interviews with 14 informants (religious leaders, customary leaders, market traders, fishermen, civil servants, and ZIS institutional representatives), supported by observation and document review. Data were thematically coded, and a conceptual model was developed through synthesis of emergent themes and supporting literature. Findings show that bunthato reflects a moral economy grounded in gratitude, solidarity, and amanah, functioning as a voluntary micro-philanthropy that complements institutional ZIS. The study proposes the Bunthato–ZIS Integrated Cultural Philanthropy Framework, positioning local wisdom as a bridge to accountable, culturally resonant Islamic philanthropy. Future research should pilot this framework to assess behavioural and institutional impact.
Co-Authors A. Mokoagow Abdul Latif Abdul Latif Alfitra Paputungan Apolinário Magno Aris Setiawan Karim Dukalang, Hendra Hamid Pongoliu Kadim, Immawan Muhajir Moh. Akbar Ibrahim Mohamad, Roni Muhamad Ichksanul Muhammad Amri Muhammad Amri Muhammad Ardi Muhammad Ardi, Muhammad Muhammad Nur Najamuddin Petta Solong Najib, Intan Permatasari Nurain Kude Rahmat Labatjo Riya Andriyani Ahmad Rusdi, Wahyudi Sahabi, Ansar Silvana Masita Lestari Spandi Rauf Sri Dewi Yusuf Supandi Rahman Syawaluddin Syawaluddin, Syawaluddin Tenti Dehi Vany Rolliyta Ansir