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ANALYSIS OF STOCK PORTFOLIO PERFORMANCE USING THE SHARPE, TREYNOR AND JENSEN METHODS: (Study on stocks included in the Jakarta Islamic Index 70 on the Indonesia Stock Exchange for the period 2019-2022) Marwah, Andi; Anwar; Ramli, Anwar; Nurman; Mustika Amin, Andi
CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE Vol. 2 No. 4 (2023): JULY
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/cashflow.v2i4.693

Abstract

This study aims to find out whether using the single index method will produce an optimal portfolio of Jakarta Islamic Index 70 (JII70) stocks listed on the IDX for the 2019-2022 period and continue to assess its performance using the Sharpe Ratio, Treynor and Jensen methods to find out the best method in assessing the performance of stock portfolios formed in a period. The selection of this research sample was used based on purposive random sampling technique. This study used the One Way of Variance by Rank Kruskal-Wallis different test. In this study, the Sharpe, Treynor, and Jensen values were standardized through the Z-score transformation (standardized) followed by the Mean Rank difference test between treatments. The test results using the Kruskal-Wallis test were obtained with a probability of 0.000. It is known that the probability of testing ≤ 0.05. These results indicate that there are significant differences between the tests with the Sharpe, Treynor, and Jensen methods. Thus, the null hypothesis H0 in this study was rejected. The test results between the three treatment differences in mean rank, showed no significant difference between each treatment because Jensen had the lowest difference in mean rank to Sharpe and Treynor. Jensen's method has a mean difference the lowest rank against Sharpe and Treynor, meaning that Jensen is the most consistent with indifference. Based on the results of the issuer's Jensen method analysis.
Integrating Maqashid al-Shariah into Islamic Economic Practices: A Contemporary Analytical Framework and Its Applications Marwah, Andi; bin Sapa, Nasrullah; Syatar, Abdul
El-kahfi | Jurnal Ekonomi Islam Vol 6 No 01 (2025): "Islamic Economic Transformation in the Digital Era: Innovation, Inclusivity, an
Publisher : Sekolah Tinggi Ekonomi Syariah Manna Wa Salwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58958/elkahfi.v6i01.456

Abstract

The growing demand for ethical and inclusive economic frameworks has renewed scholarly interest in maqasid al-shariah as a foundational paradigm in Islamic economics. As the higher objectives of Islamic law, maqasid seek to protect religion (din), life (nafs), intellect (aql), lineage (nasl), and wealth (mal). This study employs a qualitative-descriptive approach using structured library research to analyze fifteen academic sources published between 2019 and 2025, focusing on how maqasid principles are conceptualized and implemented in Islamic finance, social policy, and cooperative systems. The findings reveal that while there is growing theoretical engagement with maqasid, practical applications remain limited by formalistic interpretations and insufficient institutional adaptation. Notable progress exists in areas such as mudharabah, takaful, and zakat-waqf integration, but broader reform is needed to shift from legal compliance to maqasid-oriented innovation. This research contributes to the theoretical advancement of Islamic economic thought by offering a synthesized and critical review of contemporary maqasid applications, and recommends the systemic integration of maqasid into policy-making, institutional governance, and economic design.
Analisis Makna Ganda Muraadif dan Musytarak dalam Implikasi Hukum Marwah, Andi; F, Fatmawati; Amin, Abd. Rauf
Media Hukum Indonesia (MHI) Vol 3, No 1 (2025): March
Publisher : Penerbit Yayasan Daarul Huda Kruengmane

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.15251145

Abstract

The application of the Muraadif and Musytarak lafaz requires in-depth study according to the demands of the increasingly developing times, to review the meanings of the lafaz in the text so that it remains relevant to the conditions of society. Therefore, this article specifically discusses lafaz studies related to the meaning of Muraadif and Musytarak. To achieve significant research results, the method used in this research is data collection techniques through literature study. The research results show that the study of Muraadif and Musytarak pronunciations in texts has a crucial role in the study of Islamic Law, especially in understanding the Al-Qur'an and Hadith. This research aims to explore the meaning and implications of Islamic law. Lafaz Muraadif is used to provide semantic variations that enrich meaning and adapt language style to certain contexts. Meanwhile, the Musytarak pronunciation is often a source of differences in interpretation, because its meaning is very dependent on the context of its use. The application of Muraadif in the text aims to emphasize spiritual and legal messages, while the application of Musytarak requires deeper context analysis. The implications of this study indicate that a misconception of Muraadif and Musytarak can result in differences in the interpretation of Islamic Law. Thus, this study contributes to the development of the science of tafsir and fiqh, especially in the differences in interpretation that arise due to variations in meaning in language. Abstrak : Penerapan lafaz Muraadif dan Musytarak memerlukan kajian yang mendalam sesuai tuntutan zaman yang kian berkembang, untuk meninjau kembali makna-makna lafaz dalam teks agar tetap relevan dengan kondisi  Masyarakat. Oleh karena itu, artikel ini membahas secara khusus kajian lafaz terkait makna Muraadif dan Musytarak. Untuk mencapai hasil penelitian yang signifikan, metode yang digunakan dalam penelitian ini adalah teknik pengumpulan data melalui studi pustaka. Hasil penelitian menunjukkan bahwa kajian mengenai lafaz Muraadif dan Musytarak dalam teks-teks memiliki peranan yang krusial dalam studi Hukum Islam, terutama dalam memahami Al-Qur’an dan Hadis. Penelitian ini bertujuan untuk menggali makna serta implikasi hukum Islam. Lafaz Muraadif digunakan untuk memberikan variasi semantik yang memperkaya makna dan menyesuaikan gaya bahasa dengan konteks tertentu. Sementara itu, lafaz Musytarak sering kali menjadi sumber perbedaan dalam penafsiran, karena maknanya sangat bergantung pada konteks penggunaannya. Penerapan Muraadif dalam teks bertujuan untuk menekankan pesan-pesan spiritual dan hukum, sedangkan penerapan Musytarak memerlukan analisis konteks yang lebih dalam. Implikasi dari kajian ini menunjukkan bahwa pemahaman yang salah terhadap Muraadif dan Musytarak dapat mengakibatkan perbedaan dalam penafsiran Hukum Islam. Dengan demikian, penelitian ini berkontribusi pada pengembangan ilmu tafsir dan fikih, khususnya dalam perbedaan interpretasi yang muncul akibat variasi makna dalam bahasa.
Supervision of the Implementation of Justice during the Caliphate of the Rashidun from the Perspectives of History and Socio-Politics Marwah, Andi; Zulkifli, Zulkifli; Halim, Abdul; Asni, Asni
al-Rasῑkh: Jurnal Hukum Islam 2025: Article in Press
Publisher : Universitas Islam Internasional Darullughah Wadda'wah Bangil Pasuruan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38073/rasikh.2625

Abstract

Supervision of judicial proceedings during the era of the Rashidun Caliphate was a crucial aspect influencing social justice and the sustainability of early Islamic legal systems. The aim of this study is to conduct a comprehensive analysis of the mechanisms of supervision and the challenges faced by caliphs in ensuring justice during this period. The research methodology employs a qualitative descriptive-analytical library review, examining primary and secondary sources from classical and contemporary literature. Findings indicate that supervision was systematically implemented through the roles of caliphs, community reports, and direct oversight, despite challenges related to geography, limited human resources, and varying interpretations of law. The principles of power separation and the Ijtihad of caliphs actively strengthened the supervision mechanisms, while socio-political dynamics influenced their application and continuation. This study enriches the historical study of Islamic law and offers valuable insights regarding the relevance of past supervision practices in strengthening justice and integrity in contemporary judicial systems.