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Risk and Return Evaluation: A Modern Portfolio Theory Approach on Bina Puri Berhad and Ahmad Zaki Resources Berhad Stocks Fauziyah, Nur; Athia Nur Kamilah; Chetrine Alya Rinaima
Journal of Economic Education and Entrepreneurship Studies Vol. 6 No. 1 (2024): VOL. 6, NO. 1 (2025): JE3S, MARCH 2025
Publisher : Department of Economics Education, Faculty of Economics, Universitas Negeri Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62794/je3s.v6i1.6678

This study analyzes investment strategies based on Modern Portfolio Theory (MPT) using a case study of two Malaysian construction companies, Bina Puri Holdings Bhd and Ahmad Zaki Resources Berhad (AZRB). The study evaluates the risk and return of both companies' stocks using variables such as average closing price, average return rate, variance, and standard deviation. The results show that Bina Puri Berhad has a higher average return (36.43%) compared to AZRB (11.23%), but it also comes with higher risk. The correlation between the two stocks was found to be weakly positive (0.1759), indicating potential diversification benefits within a portfolio. By applying MPT principles, the study identifies the optimal portfolio combination that minimizes risk while maximizing returns. The findings highlight the importance of diversification in portfolio management and the relevance of MPT in strategic investment decision-making.

The Effect of Risk on Profitability in Islamic Banking Kamilah, Athia Nur; Rinaima, Chetrine Alya; Fauziyah, Nur; Fitri, Rati Saktia
Studi Multidisipliner: Jurnal Kajian Keislaman Vol 12, No 1 (2025)
Publisher : Universitas Islam Negeri Syekh Ali Hasan Ahmad Addary Padngsidimpuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24952/multidisipliner.v12i1.14740

This research focuses on the impact of credit and market risk, capital, and liquidity factors on the efficiency of Islamic banks operating under Government-Linked Companies (GLCs) in Malaysia. Based on Bank Islam Berhad, CIMB Islamic Berhad, and Maybank Islamic Berhad, the study examines how these variables influence profitability, measured by Return on Assets (ROA). Upon dealing with the quantitative approach, the findings contrast the literature in that risk constituents while varied in their significance have an equal significance on overall profitability. This study contributes to the literature on Islamic finance by providing practical recommendations for enhancing risk management and ensuring financial sustainability in the Islamic banking sector.

OPTIMIZING SHARIA INVESTMENT PORTFOLIOS USING MODERN PORTFOLIO THEORY: A CASE STUDY OF ICBP AND SIDO IN INDONESIA STOCK MARKET Rinaima, Chetrine Alya; Fauziyah, Nur; Kamilah, Athia Nur
Airlangga International Journal of Islamic Economics and Finance Vol. 8 No. 02 (2025): July-December 2025
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/aijief.v8i02.74926

This study evaluates the benefits of portfolio diversification by examining the relationship between the returns of Sido Muncul Tbk (SIDO) and Indofood CBP Sukses Makmur Tbk (ICBP) using Modern Portfolio Theory (MPT). Daily closing prices from October 1, 2023, to September 30, 2024, were analyzed. Daily returns were calculated and assessed using descriptive statistics, Pearson correlation, and mean–variance optimization to construct the efficient frontier and identify the optimal allocation. The results show ICBP offers a lower return (6.25%) and lower risk (1.92), while SIDO provides a higher return (7.35%) with slightly higher risk (1.97). Portfolio optimization suggests a 50/50 allocation yields the most balanced outcome, minimizing risk (1.46) while maintaining a solid return (6.80%). The low correlation (0.13) between the two stocks highlights significant diversification benefits. Practical implications include providing Shariah-compliant investors with empirical guidance to build efficient portfolios that balance return and risk. The study is limited by its use of only two stocks and a one-year observation period, which may affect the generalizability of results to broader market conditions. Keywords: Modern Portfolio Theory, Portfolio Optimization, Efficient Frontier, Islamic Investment, Investment Decision-Making

Innovation of Islamic Institutions in Managing the Transfer of Property Ownership Based on Sociopreneur Kamilah, Athia Nur; Rinaima, Chetrine Alya; Fauziyah, Nur
Studi Multidisipliner: Jurnal Kajian Keislaman Vol 12, No 2 (2025)
Publisher : Universitas Islam Negeri Syekh Ali Hasan Ahmad Addary Padngsidimpuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24952/multidisipliner.v12i2.17611

This study examines the innovation of Islamic institutions in the management of property transfer with a sociopreneurship approach through a case study on As-Salihin Trustee Berhad in Malaysia. The aim of the research is to understand how social responsibility, ethical finance, and innovation are combined to strengthen sharia-based asset governance, as well as identify adaptable models in the inheritance system in Indonesia. The research uses a descriptive qualitative method with a case study design. Data was obtained through in-depth interviews, observations, and document analysis, then analyzed thematically. The results of the study show that As-Salihin implements strict sharia governance through the supervision of the Sharia Council, periodic audits, and technological innovations such as the Digital Faraid Calculator. Public literacy programs also increase public awareness of the importance of ethical estate planning. This study concludes that As-Salihin plays a role as a sociopreneur institution that combines profitability, sharia compliance, and social empowerment. These findings offer a transparent and replicable model of inheritance governance in Islamic asset management institutions in Indonesia.

Impact of Financial Ratios on Strategic Investment Decisions: A Case Study of Petronas and Sapura Energy Kamilah, Athia Nur; Fauziyah, Nur; Rinaima , Chetrine Alya; Utari , Septi
Maaliyah: Journal of Islamic Economic Law and Islamic Finance Vol. 1 No. 2 (2025): Maaliyah: Journal of Islamic Economic Law and Islamic Finance
Publisher : Universitas Darunnajah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61159/maaliyah.v1i2.639

The use of financial ratio analysis as a decision-making tool is widely recognized. However, there is limited comparative research examining how such analysis influences investment assessment and strategic implications between financially stable and distressed companies in the same industry. This study aims to address that gap by evaluating and comparing the financial performance of Petroliam Nasional Berhad (PETRONAS) and Sapura Energy Berhad. A quantitative research method was employed, using profitability, liquidity, leverage, and investment valuation ratios derived from the companies’ annual financial statements. The results reveal a stark contrast between the two entities: PETRONAS exhibits strong profitability, high liquidity, balanced leverage, and favorable investment valuation, reflecting its resilience and capacity for sustainable growth. In contrast, Sapura Energy shows negative profitability, critical liquidity shortages, excessive leverage, and unfavorable investment valuation, indicating severe financial distress. These findings contribute to a better understanding of how financial health impacts strategic positioning and investment attractiveness in the energy sector. The study offers practical insights for investors, policymakers, and corporate managers in designing targeted strategies, such as energy transition initiatives and risk mitigation measures, to enhance competitiveness and long-term sustainability.

Risk and Return Evaluation: A Modern Portfolio Theory Approach on Bina Puri Berhad and Ahmad Zaki Resources Berhad Stocks Nur Fauziyah; Athia Nur Kamilah; Chetrine Alya Rinaima
Journal of Economic Education and Entrepreneurship Studies Vol. 6 No. 1 (2025)
Publisher : Department of Economics Education, Faculty of Economics, Universitas Negeri Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar

This study analyzes investment strategies based on Modern Portfolio Theory (MPT) using a case study of two Malaysian construction companies, Bina Puri Holdings Bhd and Ahmad Zaki Resources Berhad (AZRB). The study evaluates the risk and return of both companies' stocks using variables such as average closing price, average return rate, variance, and standard deviation. The results show that Bina Puri Berhad has a higher average return (36.43%) compared to AZRB (11.23%), but it also comes with higher risk. The correlation between the two stocks was found to be weakly positive (0.1759), indicating potential diversification benefits within a portfolio. By applying MPT principles, the study identifies the optimal portfolio combination that minimizes risk while maximizing returns. The findings highlight the importance of diversification in portfolio management and the relevance of MPT in strategic investment decision-making.

Anti-Bullying Seminar as a Community Service Model: University Students’ Engagement in Fostering Safe School Environments for Elementary School Children in Cidokom Village Zh, Miftah Hur Rahman; Kamilah, Athia Nur; Fadhli, Muhibuddin; Febriansyah, Ferry Irawan; Ikhwan, Afiful; Risbiyantoro, Hendro
Jurnal Pengabdian Masyarakat (Bisma) Vol. 3 No. 2 (2025): Jurnal Pengabdian Masyarakat (Bisma)
Publisher : Universitas Darunnajah, Jakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61159/bisma.v3i2.771

Bullying remains a pervasive concern in Indonesian elementary schools, with approximately 30% of reported cases occurring at the primary education level. This community service study examines the implementation and effectiveness of an anti-bullying seminar conducted by university students from Universitas Darunnajah for elementary school children in Cidokom Village, Bogor Regency. The program employed a participatory action approach that integrated interactive seminars, role-playing activities, and psychoeducational workshops, targeting 85 students in grades 4 through 6. Pre-test and post-test assessments were administered to measure changes in students’ knowledge of how to identify bullying, empathy levels, and intentions to intervene as bystanders. Descriptive statistical analysis, supplemented by qualitative observational data, revealed significant improvements across all measured indicators. Students’ knowledge of bullying types and recognition increased from a mean score of 52.4 to 78.6, while empathy scores improved from 48.7 to 74.2. Bystander intervention intentions rose from 45.3 to 76.8. Qualitative findings indicated heightened student engagement and increased willingness to report bullying incidents. This study contributes to the growing body of literature on university-community partnerships in bullying prevention. It demonstrates the viability of student-led community service programs as vehicles for promoting safe school environments in rural Indonesian communities.

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