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All Journal Al-Muzara'ah NALAR: Jurnal Peradaban dan Pemikiran Islam
Fathiyakan
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Journal : Al-Muzara'ah

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Integration between Indonesian Sharia Stock Index and Türkiye Sharia Index Using the Generalized Autoregressive Conditional Heteroscedasticity Model Rahayu, Siti; Sawitri, Peni; Ülev, Salih; Fathiyakan
AL-MUZARA'AH Vol. 12 No. 2 (2024): AL-MUZARA'AH (December 2024)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.12.2.311-319

Abstract

Indonesia and Türkiye are countries with a large number of followers of Islam. These two countries have a lot of cooperation in various activities. This study aims to measure the integration between Islamic capital markets in Indonesia and Türkiye. For the Indonesian Islamic capital market index, the Indonesian Islamic Stock Index (ISSI) is used, while for Türkiye, the Borsa Katilim (KATLM) is used. Using the Generalised Autoregressive Conditional Heteroscedasticity (GARCH) method, it was found that during the observation year, although there was a lot of cooperation, the activities of these two countries were not integrated. This can provide ideas for further research related to why there is a lot of cooperation between countries but it does not result in integration.
Co-Authors Anggraeni, Nur Najmi Baktı, Ahmet Selman Peni Sawitri Siti Rahayu Syahmirwan Ülev, Salih Zainol, Siti Zulfa Palem Binti