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Contribution of Islamic Banking Towards Economic Growth in Indonesia With Data Panel Regression Approach Dukalang, Hendra H.; Ningsih, Setia
JEKSYAH: Islamic Economics Journal Vol. 4 No. 02 (2024): September 2024 Edition
Publisher : Fakultas Ekonomi dan Bisnis Islam _ IAIN Sultan Amai Gorontalo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54045/jeksyah.v4i02.1804

Abstract

This study uses a panel data regression approach to analyze the contribution of Islamic banking to economic growth. The variables in this study consist of one dependent variable and three independent variables. The dependent variable is Economic Growth Income. while the independent variable consists of 3 variables, namely: Total assets, third party funds and Islamic financing. The population and samples used in this study were all provinces in Indonesia in 2014-2020. In this study, the panel data regression models used are the Common Effect Model (CEM), Fixed Effect Model (FEM), and Random Effect Model (REM). Selection of panel data regression estimation models using tests, namely the Chow Test and the Hausman Test. Based on the statistical methods used, the best model is obtained with the random effect model. The Fixed effect model above has an R-squared of 0.4742 or in other words the predictor variable is able to explain 47.42% of the response variable.
Building an optimal portfolio of Sharia-compliant stocks using the Markowitz model: A study of listed JII companies Ajuna, Luqmanul Hakiem; Dukalang, Hendra; Ardi, Muhammad
Jurnal Ekonomi & Keuangan Islam Volume 11 No. 2, July 2025
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol11.iss2.art10

Abstract

Purpose – This study analyzes the expected returns and risks associated with these stocks and identifies the optimal portfolio composition.Methodology – This study utilized operational data analysis and the Markowitz model to assess 30 stocks listed on the JII from 2017 to 2020. Through purposive sampling, 13 companies that met the specific sample criteria were selected for analysis.Findings – The analysis successfully identified an optimal portfolio composed of six stocks: ANTM (Aneka Tambang Tbk), ICBP (Indofood CBP Sukses Makmur), INCO (Vale Indonesia Tbk), KLBF (Kalbe Farma Tbk), PTBA (Bukit Asam Tbk), and UNTR (United Tractors Tbk). This portfolio demonstrates an expected rate of return ranging from 0.28% to 1.88%. Notably, the portfolio's overall risk value was calculated to be only 0.19%, which is significantly lower than the individual risk associated with any single stock within the portfolio.Implication – This study provides valuable insights for investors looking to build a balanced and Shariah-compliant investment portfolio, improving their understanding of expected returns and associated risks in Islamic financial markets.Originality – The abstract does not explicitly state the originality section. However, the unique combination of focusing on JII-listed Sharia stocks and applying the Markowitz model to identify an optimal portfolio can be inferred as the original contribution of this study. The context of Islamic financial markets distinguishes it from that of a general investment study.