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All Journal Al-Muzara'ah Ekonomi Islam Indonesia
Camara, Bumi
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Religion Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Other

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Short-term Overreaction of the Indonesian Islamic Stock Market to Specific Events during the Covid-19 Pandemic Rosmala, Novia; Irfany, Mohammad Iqbal; Camara, Bumi; Haq, Daffa Aqomal
Ekonomi Islam Indonesia Vol. 6 No. 1 (2024): Ekonomi Islam Indonesia
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/eii.v6i1.489

Abstract

The COVID-19 pandemic is a rare and unexpected occurrence. Everyone has felt the global economic impact of the health crisis, including the Indonesian Islamic stock market. The shock in the Islamic stock markets has created uncertainty and a shift in investor behavior, potentially leading to an overreaction abnormality. The aim of this research is to look into a phenomenon in Indonesia's Islamic stock market. Analytical methods include the event study approach and cross-sectional regression. This study discovered that Joe Biden's election as President of the United States during the COVID-19 pandemic (Event 8) and the increase in daily COVID-19 deaths (Event 11) overreacted to the winner category stocks using the Jakarta Islamic Index (JII). A component that drives such overreactions is market capitalisation, which has a substantial influence on it. Furthermore, trading volumes influenced overreaction significantly.
Capital Structure and Bank Performance in Indonesia's Dual Banking System Melinda, Vera; Wiliasih, Ranti; Irfany, Mohammad Iqbal; Haq, Daffa Aqomal; Camara, Bumi
Ekonomi Islam Indonesia Vol. 6 No. 2 (2024): Ekonomi Islam Indonesia
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/eii.v6i2.491

Abstract

The capital structure of a bank is directly tied to the risk and rate of return. The aim of this study is to examine the impact of capital structure on financial performance in Indonesia's dual banking system from the first quarter of 2013 to the third quarter of 2019, using 9 Conventional Commercial Banks (BUK) and 9 Sharia Commercial Banks (BUS) as research samples. Panel data regression is employed in this study, with Return on Assets (ROA) and Return on Equity (ROE) as dependent variables, and Equity to Total Asset Ratio (EAR), Debt to Equity Ratio (DER), company size, and economic growth as independent variables. The findings reveal that EAR, DER, and economic growth all have beneficial and significant effects on conventional commercial banks' ROA and ROE. Company size and economic growth have a positive and significant effect on ROA and ROE, while Sharia Commercial Banks, EAR, and DER have a negative and significant effect on ROA and ROE. These findings indicate that capital structure has a sometimes beneficial impact on financial success.
The Impact of Socioeconomic and Behavioral Factors on Health Indicators in OIC Countries Susanto, Astiani; Irfany, Mohammad Iqbal; Camara, Bumi; Haq, Daffa Aqomal
AL-MUZARA'AH Vol. 13 No. 1 (2025): AL-MUZARA'AH (June 2025)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.13.1.27-46

Abstract

Health sector indicators are important basis of determining the overall state of a nation’s wealth and welfare. Apart from this broad and conventional perspective on the role of health, in many Islamic countries, health is also part of objective of ‘maqashid sharia’ that needs to be maintained to sustain life. Accordingly, countries invest substantial share of national resources to sustain critical health systems. Notwithstanding these commitments, health service delivery remains a major challenge in these countries, as indicated by the low average life expectancy and the high mortality rate caused by communicable diseases. This study aims to describe and analyze the factors influencing health outcomes, namely life expectancy and mortality rate, in Muslim countries using secondary data from 46 OIC countries from 2010-2018. Employing panel data estimation, the study finds evidence suggesting the important role of a nation’s wealth, health expenditure, educational achievement and the prevalence of smoking as important determinants of life expectancy in OIC countries. In particular, the results show that high incidence of communicable diseases in countries with lower than mean years of schooling and those with significantly wide prevalence of smoking habits may have contributed to high mortality in these countries.
Co-Authors Haq, Daffa Aqomal Melinda, Vera Mohammad Iqbal Irfany Ranti Wiliasih Rosmala, Novia Susanto, Astiani