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All Journal Jurnal Manajemen Pendidikan Airlangga International Journal of Islamic Economics and Finance Jurnal Pemberdayaan Masyarakat Journal of Economic Education and Entrepreneurship Studies Amal: Jurnal Ekonomi Syariah Edukasiana : Journal of Islamic Education Studi Multidisipliner: Jurnal Kajian Keislaman Sahaja : Journal Sharia and Humanities Qoumun: Journal of Social and Humanities International Journal of Learning and Education Maaliyah
Kamilah, Athia Nur
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Religion Arts Humanities Economics, Econometrics & Finance Education Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences Other

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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

Abstract

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

Abstract

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

Abstract

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
Feasibility Analysis of Gold Pawn Financing under Sharia-Based Good Corporate Governance: Evidence from Bank Syariah Indonesia Kamilah, Athia Nur; Muhammad Iqbal Surya Pratikto; Miftah Hur Rahman ZH
Qoumun: Jurnal Pengabdian Masyarakat Vol 1 No 1 (2025): Qoumun: Journal of Social and Humanities
Publisher : Cv. Kayaswara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65097/qoumun.v1i1.49

Abstract

This study aims to analyze the feasibility assessment of gold pawn financing products and the implementation of Sharia-based Good Corporate Governance (GCG) at Bank Syariah Indonesia, KCP Surabaya Manukan. A descriptive qualitative approach was employed, with data collected through observation, interviews, and documentation. Data analysis involved reduction, presentation, and conclusion drawing. The findings reveal that the bank applies three feasibility indicators: character, capacity, and collateral (assessed through physical testing, chemical testing, and specific gravity testing), while capital and condition of economy are not applied. The implementation of Sharia-based GCG covers transparency, accountability in accordance with relevant laws and DSN-MUI fatwas, and fairness in customer service. However, accountability and professionalism aspects remain suboptimal due to the lack of specialized gold pawn training for staff, despite formal appointment. This condition may pose operational risks to the bank.
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

Abstract

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.
Pengembangan Model Kurikulum Berbasis Kecerdasan Buatan untuk Meningkatkan Keterampilan Abad ke-21 di Sekolah Menengah di Jakarta Dudun Ubaedullah; Sofwan Manaf; Rokimin; Miftah Hur Rahman Zh; Athia Nur Kamilah
Edukasiana: Journal of Islamic Education Vol. 4 No. 2 (2025): Edukasiana: Journal of Islamic Education
Publisher : Universitas Darunnajah Jakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61159/edukasiana.v4i2.679

Abstract

Penelitian ini bertujuan untuk mengembangkan model kurikulum berbasis kecerdasan buatan (AI) yang relevan dengan konteks pendidikan di Indonesia, serta mengidentifikasi tantangan dan peluang dalam implementasi AI di sekolah menengah. Metode penelitian kualitatif untuk memberikan gambaran yang lebih holistik mengenai permasalahan yang ada. Pendekatan kualitatif digunakan untuk menggali tantangan yang dihadapi oleh sekolah, guru, dan kebijakan pendidikan terkait penerapan AI, serta untuk mendapatkan pandangan komprehensif mengenai pengembangan model kurikulum berbasis AI yang sesuai dengan konteks Indonesia. Hasil penelitian menunjukkan bahwa penerapan AI dalam pendidikan menengah dapat meningkatkan keterampilan abad ke-21 siswa, dengan adanya peningkatan signifikan dalam kreativitas, kolaborasi, komunikasi, dan literasi digital. Namun, tantangan utama yang dihadapi meliputi masalah etika terkait bias algoritma dan privasi data, keterbatasan keterampilan guru, serta infrastruktur teknologi yang belum memadai di beberapa sekolah. Implikasi penelitian ini adalah perlunya pengembangan pedoman etika yang jelas, pelatihan berkelanjutan bagi pendidik, serta peningkatan infrastruktur teknologi di sekolah untuk memastikan penerapan AI yang efektif dan adil.
The Role of the Constitutional Court in Addressing Centralization Allegations: A Syariah Economic Perspective on Baznas' Contribution to Indonesia's Unified Economic System Permana, Yudi; Mulazid, Ade Sofyan; Kamilah, Athia Nur; Pratama, Yoghi Citra; Kurniawan, Muhammad Iman; Zh, Miftah Hur Rahman; Supriyono, Supriyono
Jurnal Pemberdayaan Masyarakat Vol 4, No 4 (2025)
Publisher : Yayasan Keluarga Guru Mandiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46843/jpm.v4i4.639

Abstract

This study provides a comprehensive analysis of the Constitutional Court's role in institutionalizing a centralized governance model for the National Board of Zakat (BAZNAS) and its systemic implications for Indonesia's economic framework from a Shariah economics perspective. By synthesizing extant literature, it elucidates the legal, operational, and philosophical dynamics underpinning BAZNAS’s evolving mandate. Conducted as a Systematic Literature Review (SLR) in accordance with the PRISMA protocol, systematic searches across Scopus and the Watase Uake System identified 95 articles for in-depth thematic analysis. The findings reveal that the centralization of BAZNAS, legitimized by the Constitutional Court’s ruling, establishes a fundamental tension between national administrative efficiency and local philanthropic autonomy. The analysis confirms BAZNAS’s strategic role not only in zakat distribution but also in advancing national objectives of sustainable development and financial inclusion. However, significant governance challenges, particularly regarding transparency and accountability, persistently surface. The research makes a threefold contribution: First, it identifies a critical methodological gap, demonstrating that dominant quantitative approaches have insufficiently captured the qualitative and contextual dynamics behind operational shortcomings. Second, it surfaces underexplored thematic frontiers, notably those of digitalization, technological integration, and BAZNAS’s potential role in global challenges such as climate change. Third, it proposes a structured agenda for future inquiry and practice. The conclusions emphasize the necessity for methodological diversification, comparative international analysis, and deeper investigation into the distributive impacts of centralization and the transformative potential of technology. Practical implications focus on strengthening governance through mechanisms such as blockchain, fostering inter-institutional collaboration, and advocating for more integrative zakat-sector policies. Future research should prioritize rigorous qualitative studies, comparative models, and examinations of BAZNAS’s role in emerging areas such as green finance and the digitalization of Islamic social finance.
Management of Religious Activities in Improving Students’ Akhlakul Karimah Sumalee, Ilham; Kamilah, Athia Nur; Hayumuti
International Journal of Learning and Education Vol 1 No 1 (2025): International Journal of Learning and Education (IJLE)
Publisher : NAJAHA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59683/ijle.v1i1.201

Abstract

This study aims to describe and understand the management of religious activities in enhancing students' moral character in the Muslim Santitham Foundation School, Thailand. This research uses a qualitative descriptive method obtained through observation, interviews, scientific journal literature, and books. The data analysis technique uses data reduction, data display, and conclusion. The results of this study indicate that the management of religious activities in enhancing the moral character of students in the Muslim Santitham Foundation School Thailand is reflected in activities such as congregational Dhuha prayer, religious lectures from foreign religious teachers, and reading short surahs/dhikr. The implementation of these activities is supported by methods of example, habituation, and practice.
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

Abstract

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.
Fostering Synergistic Collaboration: A Triple Helix Model for Integrating Educational Management, Digital Pedagogy, and Sharia Financial Literacy in Indonesian Islamic Economics Higher Education Kurniawan, Muhammad Iman; Syam, Aldo Redho; Kamilah, Athia Nur; Rahman Zh, Miftah Hur; Akbar, Rifaldi Nurul
Jurnal Manajemen Pendidikan Vol. 16 No. 2 (2025): Jurnal Manajemen Pendidikan
Publisher : Universitas Negeri Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21009/jmp.v16i2.66411

Abstract

Background The convergence of educational transformation, technological advancement, and the preservation of ethical values presents a significant challenge for higher education institutions, particularly in delivering Islamic economics education that remains faithful to its foundational principles amidst the Society 5.0 era. Purpose This study investigates the convergence of educational management strategies, technology-enhanced pedagogy, and Islamic economics principles within Indonesian higher education institutions to understand how digital transformation reshapes the pedagogical ecosystem of Islamic economics education. Design/method/approach Employing an explanatory sequential mixed-methods design combining quantitative surveys (n = 387) and qualitative semi-structured interviews (n = 24) across six Islamic higher education institutions, the research examines the relationships between digital transformation and educational outcomes in Islamic economics. Results The quantitative findings reveal that technology-integrated educational management significantly predicts student learning outcomes in Islamic economics (β = 0.47, p < .001) and sharia financial literacy (β = 0.39, p < .001). Structural equation modeling indicates that digital pedagogical competence mediates 34.2% of the variance in student engagement with Islamic finance concepts. Qualitative thematic analysis identifies four emergent themes: institutional readiness for digital transformation; alignment of the curriculum with Islamic values and technological innovation; the role of learning management systems in fostering sharia-compliant understanding of financial matters; and stakeholder perceptions of technology-mediated Islamic economics instruction. Contribution/value The study proposes an integrative Triple Helix framework, Educational Management, Educational Technology, and Islamic Economics (EM-ET-IE), offering a novel theoretical contribution for designing sustainable, value-based digital learning ecosystems. These findings carry significant implications for policymakers, educational administrators, and curriculum designers seeking to reimagine Islamic economics education while preserving its foundational ethical principles.
Co-Authors Ade Sofyan Mulazid Akbar, Rifaldi Nurul Aniisah, Amiirah Dudun Ubaedullah Fauziyah, Nur Fitri, Rati Saktia Hayumuti Kartika, Lidia Sandy Miftah Hur Rahman Zh Muhammad Iman Kurniawan Permana, Yudi Pratikto, Muhammad Iqbal Surya Rinaima , Chetrine Alya Rokimin Sofwan Manaf Sumalee, Ilham Supriyono Supriyono Syam, Aldo Redho Utari , Septi Wicaksono, Falih Akmal Yoghi Citra Pratama