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Adaptive Market Hypothesis: Evidence from Sharia Stocks in Asian countries Djauhari, Haikal; Rahmawati, Rahmawati; Al Arif, Muhammad Nur Rianto
Signifikan: Jurnal Ilmu Ekonomi Vol 13, No 1 (2024)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v13i1.40704

Research Originality: The adaptive market hypothesis, which is a new way to test capital market performance that reconciles the efficient market hypothesis (EMH) with behavioral finance, is the focus of our research. Our study's novelty lies in testing the efficiency of the Islamic capital market in six Asian countries: Bangladesh, India, Indonesia, Malaysia, Pakistan, and Thailand, over different periods: before, during, and after the COVID-19 pandemic.Research Objectives: We aim to delve into its application in the Islamic capital market, which has seen significant growth in recent years.Research Methods: We employed the variance ratio test, the ARIMA model, and the Elman neural network to test efficiency.Empirical Result: Our findings revealed that the efficiency of sharia indices in these countries was not constant over the three periods, thereby supporting the existence of the adaptive market hypothesis.Implications: The results of this study are not only important for academic discourse but also offer practical applications for investors to refine their investment strategies, engaging the audience in a discussion on Islamic capital market efficiency.JEL Classification: G02, G14, G15

Strengthening the Role of Sharia Banking in Financing Solar Power Plants to Support Sustainable Development in Indonesia Djauhari, Haikal; Al Arif, Muhammad Nur Rianto; Hosen, Muhamad Nadratuzzaman
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 16, No 2 (2024)
Publisher : Faculty of Sharia and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v16i2.39637

The reluctance of Islamic banking to participate in financing solar power plants is primarily due to higher risk and lower economic value than fossil-based energy. This study proposes a risk management guidance and financing model to strengthen the role of Sharia Banking in financing solar power plants and support sustainable development in Indonesia. There is a significant gap in the study of risk management and the Syariah financing model for solar power plants. We used a qualitative method that involved expert consultations and literature studies to identify the risks of solar power plants. We also derived an equity-based Diminishing Musyarakah for the Sharia financing model. The study’s result is a risk management framework and a Sharia financing scheme for solar power plants. By using this framework Sharia banks can increase their participation in supporting sustainable development. Keengganan perbankan syariah untuk berpartisipasi dalam pembiayaan pembangkit listrik tenaga surya terutama disebabkan oleh risiko yang lebih tinggi dan nilai ekonomi yang lebih rendah daripada energi berbasis fosil. Studi ini mengusulkan sebuah panduan manajemen risiko dan model pembiayaan untuk memperkuat peran Perbankan Syariah dalam pembiayaan pembangkit listrik tenaga surya dan mendukung pembangunan berkelanjutan di Indonesia. Terdapat kesenjangan yang signifikan dalam studi manajemen risiko dan model pembiayaan Syariah untuk pembangkit listrik tenaga surya. Kami menggunakan metode kualitatif yang melibatkan konsultasi dengan para ahli dan studi literatur untuk mengidentifikasi risiko pembangkit listrik tenaga surya. Kami juga menurunkan Musyarakah yang semakin berkurang berbasis ekuitas untuk model pembiayaan Syariah. Hasil dari penelitian ini adalah sebuah kerangka kerja manajemen risiko dan skema pembiayaan Syariah untuk pembangkit listrik tenaga surya. Dengan menggunakan kerangka kerja ini, bank-bank Syariah dapat meningkatkan partisipasi mereka dalam mendukung pembangunan berkelanjutan.

A Framework for Integrated Zakat Management to Combat Poverty in Indonesia Using Analytic Network Process Vandiantara, Surya; Al Arif, Muhammad Nur Rianto; Nafis, Cholil
Al-Intaj : Jurnal Ekonomi dan Perbankan Syariah Vol 11, No 1 (2025)
Publisher : Faculty of Economics and Islamic Business, UIN Fatmawati Sukarno Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29300/aij.v11i1.6865

Purpose: This research aims to propose an integrated zakat management model designed to decrease the number of impoverished individuals in Indonesia.Design/methodology: The study employs the Analytic Network Process (ANP) method, which involves conducting in-depth interviews with experts in the field.Findings: The main sub-indicator that dominates the zakat collection solution is the integration of collection between LAZ. Integration of central and regional distribution is the main priority in zakat distribution solutions. The main sub-indicator that dominates the zakat management solution is management integration between LAZPractical implications: Alternative strategies in the integrated zakat management model to reduce the number of poor people in Indonesia sequentially, which involve: 1) identification and mapping integration strategy, 2) digital platform, 3) certification of amil professionalism standards, and 4) urban-rural strategy.Originality/Value: There is no research that specifically discusses the integrated zakat management model to all LAZ in Indonesia

Adaptive Market Hypothesis: Evidence from Sharia Stocks in Asian countries Djauhari, Haikal; Rahmawati, Rahmawati; Al Arif, Muhammad Nur Rianto
Signifikan: Jurnal Ilmu Ekonomi Vol. 13 No. 1 (2024)
Publisher : Faculty of Economic and Business, Universitas Islam Negeri Syarif Hidayatullah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/sjie.v13i1.40704

Research Originality: The adaptive market hypothesis, which is a new way to test capital market performance that reconciles the efficient market hypothesis (EMH) with behavioral finance, is the focus of our research. Our study's novelty lies in testing the efficiency of the Islamic capital market in six Asian countries: Bangladesh, India, Indonesia, Malaysia, Pakistan, and Thailand, over different periods: before, during, and after the COVID-19 pandemic.Research Objectives: We aim to delve into its application in the Islamic capital market, which has seen significant growth in recent years.Research Methods: We employed the variance ratio test, the ARIMA model, and the Elman neural network to test efficiency.Empirical Result: Our findings revealed that the efficiency of sharia indices in these countries was not constant over the three periods, thereby supporting the existence of the adaptive market hypothesis.Implications: The results of this study are not only important for academic discourse but also offer practical applications for investors to refine their investment strategies, engaging the audience in a discussion on Islamic capital market efficiency.JEL Classification: G02, G14, G15

Sharia Crowdfunding As An Alternative Financing Solution The Capital City Of The Archipelago moslem, habibah; KH, Hasbi Abdul Al-Wahhab; Al Arif, Muhammad Nur Rianto
Jurnal Ilmiah Ekonomi Islam Vol. 9 No. 3 (2023): JIEI : Vol.9, No.3, 2023
Publisher : ITB AAS INDONESIA Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jiei.v9i3.10522

The government plans to move the national capital from the Jakarta Special Capital Region to East Kalimantan, now known as the Nusantara Capital Region (IKN), in phases from the enactment of Law No. 3 in 2022. also plans to inaugurate the IKN on August 17, 2024 to coincide with the 79th anniversary of the Republic of Indonesia. However, this plan has problems in implementation as it requires a large budget of IDR 466 trillion with 20% funded by the state budget and 80% funded by the private sector. individuals, but so far no investor has made their investment in IKN. . This is due to a number of obstacles considered by large investors, such as high logistics costs and regulatory inconsistency. The purpose of this article is to analyze the difficulties encountered in funding the IKN project. Analytical techniques using descriptive qualitative methods with library research methods. The proposed results suggest an alternative source of financing using the Islamic crowdfunding model to attract investors.

Strengthening the Role of Sharia Banking in Financing Solar Power Plants to Support Sustainable Development in Indonesia Djauhari, Haikal; Al Arif, Muhammad Nur Rianto; Hosen, Muhamad Nadratuzzaman
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 16 No. 2 (2024)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v16i2.39637

The reluctance of Islamic banking to participate in financing solar power plants is primarily due to higher risk and lower economic value than fossil-based energy. This study proposes a risk management guidance and financing model to strengthen the role of Sharia Banking in financing solar power plants and support sustainable development in Indonesia. There is a significant gap in the study of risk management and the Syariah financing model for solar power plants. We used a qualitative method that involved expert consultations and literature studies to identify the risks of solar power plants. We also derived an equity-based Diminishing Musyarakah for the Sharia financing model. The study’s result is a risk management framework and a Sharia financing scheme for solar power plants. By using this framework Sharia banks can increase their participation in supporting sustainable development. Keengganan perbankan syariah untuk berpartisipasi dalam pembiayaan pembangkit listrik tenaga surya terutama disebabkan oleh risiko yang lebih tinggi dan nilai ekonomi yang lebih rendah daripada energi berbasis fosil. Studi ini mengusulkan sebuah panduan manajemen risiko dan model pembiayaan untuk memperkuat peran Perbankan Syariah dalam pembiayaan pembangkit listrik tenaga surya dan mendukung pembangunan berkelanjutan di Indonesia. Terdapat kesenjangan yang signifikan dalam studi manajemen risiko dan model pembiayaan Syariah untuk pembangkit listrik tenaga surya. Kami menggunakan metode kualitatif yang melibatkan konsultasi dengan para ahli dan studi literatur untuk mengidentifikasi risiko pembangkit listrik tenaga surya. Kami juga menurunkan Musyarakah yang semakin berkurang berbasis ekuitas untuk model pembiayaan Syariah. Hasil dari penelitian ini adalah sebuah kerangka kerja manajemen risiko dan skema pembiayaan Syariah untuk pembangkit listrik tenaga surya. Dengan menggunakan kerangka kerja ini, bank-bank Syariah dapat meningkatkan partisipasi mereka dalam mendukung pembangunan berkelanjutan.

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