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This Author published in this journals
All Journal Jurnal Hukum Ekonomi Syariah Jurnal Bersama Ilmu Ekonomi
Wafiq Asizah
Institut Agama Islam Negeri Parepare
Economics, Econometrics & Finance

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The Effect of Boycotts on Stock Volatility: An Event Study Nur Hishaly GH; Muh Ginanjar; Muhammad Nurhadi N; Wafiq Asizah
Jurnal Hukum Ekonomi Syariah Vol. 8 No. 2 (2024): Desember 2024
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/j-hes.v8i2.16501

Abstract

This research investigates the impact of the MUI (Majelis Ulama Indonesia) fatwa number 83 of 2023, which calls for a boycott of products affiliated with Israel, on the stock performance of targeted companies. The primary objective is to analyze market reactions to the fatwa announcement, employing an event study approach to measure abnormal stock returns before and after the announcement. Data was collected using purposive sampling from companies identified as boycott targets, including PT. Fast Food Indonesia Tbk, PT. Map Boga Adiperkasa Tbk, PT. Sarimelati Kencana Tbk, and PT. Unilever Indonesia Tbk. The findings reveal a significant decline in abnormal returns for the targeted companies following the fatwa announcement, indicating a negative investor reaction that led to increased selling activity. This study highlights the strategic implications for companies facing boycotts, emphasizing the need for risk mitigation strategies in response to consumer sentiment. Additionally, it suggests further research incorporating qualitative methods to delve deeper into investor behavior regarding such fatwas.
Business Model Canvas PT Zakiah Dina Tayyibah: Implementasi Prinsip Syariah Ana Karerina; Dera Dera; Wafiq Asizah; Zidny Ilman Nafia
Jurnal Bersama Ilmu Ekonomi (EKONOM) Vol. 2 No. 1 (2026): Februari 2026
Publisher : Yayasan Literasi Sains Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55123/ekonom.v2i1.383

Abstract

This research aims to review and describe the implementation of Sharia principles and service quality at PT Zakiah Dina Tayyibah Tours & Travel Umroh and Special Hajj, which is headquartered in Parepare City. Utilizing a descriptive qualitative method, data was collected through in-depth interviews, observation, and documentation. The focus of the study covers four aspects: management system, transaction mechanism, corporate culture, and product promotion. The research findings indicate that PT Zakiah Dina Tayyibah has implemented Sharia principles comprehensively across its entire operation. Management is based on the values of amanah (trust), honesty, professionalism, and social responsibility. The transaction mechanism employs the Ijarah al-A’mal contract (service lease), where the company acts as a service provider leasing the benefit of Umrah services to the pilgrims. Transactions are conducted transparently with valid contract evidence and are free from elements of riba (usury), gharar (uncertainty), and maisir (speculation). The corporate culture prominently highlights the values of familial relationship, amanah (trustworthiness), and worship-based service. Meanwhile, promotion is carried out ethically and honestly and is oriented towards the maslahat (benefit/welfare) of the pilgrims, such as offering promotional prices on Umrah packages (Silver, Gold, Platinum) to commemorate the company's anniversary (milad). This strategic framework is also explained through the Business Model Canvas (BMC), which shows that the company's Value Propositions center on providing pilgrimage services that comply with Sharia. The company's rapid growth indicates that the implementation of Sharia principles has successfully maintained the trust (amanah) and loyalty of the pilgrims.
Co-Authors Ana Karerina Dera Dera Muh Ginanjar Muhammad Nurhadi N Nur Hishaly GH Zidny Ilman Nafia