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All Journal Among Makarti Jurnal Penelitian Ekonomi dan Bisnis KEUNIS Gender Equality: Internasional Journal of Child and Gender Studies EDULITE: Journal of English Education, Literature and Culture Jurnal Akuntansi dan Pajak Jurnal Ilmiah Ekonomi Islam Economica: Jurnal Ekonomi Islam Journal of Finance and Islamic Banking al-Uqud : Journal of Islamic Economics Indonesian Journal of Islamic Literature and Muslim Society Journal of Islamic Economic Laws Jurnal Tabarru': Islamic Banking and Finance IJISH (International Journal of Islamic Studies and Humanities) Magisma: Jurnal Ilmiah Ekonomi dan Bisnis NOTION: Journal of Linguistics, Literature, and Culture Jurnal Ekonomi Manajemen Jurnal Pemberdayaan Masyarakat Universitas Al Azhar Indonesia Journal of Islamic Accounting and Finance Research AT-TASYRI' Jurnal Ilmiah Prodi Muamalah ASIAN JOURNAL OF ISLAMIC MANAGEMENT (AJIM) MALIA: Journal of Islamic Banking and Finance Iqtishadia: Jurnal Kajian Ekonomi dan Bisnis Islam Asy Syar'iyyah: Jurnal Ilmu Syari'ah dan Perbankan Islam Munaddhomah: Jurnal Manajemen Pendidikan Islam Etihad: Journal of Islamic Banking and Finance Golden Ratio of Mapping Idea and Literature Format BABASAL English Education Journal Transformatif: Jurnal Pengabdian Masyarakat Journal of Management and Digital Business BanKu: Jurnal Perbankan dan Keuangan Jeksyah Muslim Business and Economic Review Velocity: Journal of Sharia Finance and Banking INASJIF ASNAF Journal of Finance and Islamic Banking Journal of Islamic economics Perspectives (JIEP) Tarbi: Jurnal Ilmiah Mahasiswa Lire Journal (Journal of Linguistics and Literature) Indonesian Journal of Islamic Literature and Muslim Society Jurnal Studi Islam dan Sosial Alkasb: Journal of Islamic Economics BAABU AL-ILMI: Ekonomi dan Perbankan Syariah Journal of Islamic Economic Laws Jurnal Ekonomi dan Bisnis Islam
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A World on Fire, Markets in Turmoil: Uncovering the Resilience of Islamic Stocks Amid Global Conflict Hasyim, Fuad; Sukardi, Budi; Astuti, Yuni
Etihad: Journal of Islamic Banking and Finance Vol. 5 No. 2 (2025)
Publisher : UIN Kiai Ageng Muhammad Besari Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/etihad.v5i2.11942

Abstract

Introduction: Geopolitical conflicts that have occurred since 2023, especially between Israel and Palestine, and Israel and Iran, have created significant pressure on global financial market stability. This study evaluates and compares the response and volatility of Islamic stock indices (the Dow Jones Islamic Market) and conventional stock indices (the MSCI World) to those of two major geopolitical events. Research Methods: Using the event-based EGARCH(1,1) model and daily data for the period from January 2023 to June 2025, this study also included macroeconomic control variables such as VIX, USDX, gold prices, and oil prices in the analysis. Results:The results show that DJIM tends to be more responsive to global risk indicators (such as VIX and USDX), but relatively stable to the direct impact of conflict, while the MSCI World shows greater sensitivity to oil price fluctuations. Both indices show persistent and asymmetric volatilities. However, DJIM exhibits a stronger stability in the face of external uncertainty. Conclusion: This study makes an important contribution to the understanding of the resilience of the Sharia market and offers a new methodological approach for examining the dynamics of global conflict. These findings are relevant for investors, regulators, and policymakers to build more resilient and ethical investment strategies.
When Trump Tariffs Shake the World: Are Indonesian Sharia Stocks Shockproof? Hasyim, Fuad; Maksum; Hidayat, Nur
Journal of Islamic Economics Perspectives Vol. 7 (2025): Journal of Islamic Economics Perspectives - Special Issue: Islamic Economics in Motio
Publisher : Faculty of Islamic Economics and Business, State Islamic University of  Kiai Haji Achmad Siddiq Jember, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35719/0r2d2c59

Abstract

This study investigates the resilience of the Indonesia Sharia Stock Index (ISSI) to policy-induced ambiguity shocks, with a specific focus on Trump tariff policies framed within the VUCA paradigm. Employing a GARCH-X(1,1) model on daily data spanning from 3 June 2024 to 27 June 2025, the findings reveal that ISSI exhibits greater sensitivity to global uncertainty, significantly influenced by the VXEEM index than the conventional Jakarta Composite Index (IHSG). However, the dummy variable representing Trump’s tariffs shows no statistically significant impact on the volatility of either market. These results suggest that the ethical screening mechanisms underlying Sharia-compliant stocks may offer limited protection against non-systemic, policy-driven shocks. The study offers conceptual and methodological contributions to the discourse on Islamic finance volatility modeling in an increasingly ambiguous global policy environment.
Dampak Konflik Israel-Palestina terhadap Niat Beralih (Switching Intention) pada Pembelian Konsumen: Pendekatan Push-Pull-Mooring Usnan, Usnan; Indarta, Ahmad; Hasyim, Fuad
Jurnal Ilmiah Ekonomi Islam Vol. 10 No. 3 (2024): JIEI : Vol.10, No.3, 2024
Publisher : ITB AAS INDONESIA Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jiei.v10i3.15430

Abstract

The Israel-Palestine conflict has sparked a boycott movement against Israeli products in Indonesia, particularly among pro-Palestinian consumers. This study aims to analyze the impact of push, pull, mooring, and sentiment variables on consumers' switching intention. The research employs the Push-Pull-Mooring (PPM) model approach. Data were collected through questionnaires using a simple random sampling technique and analyzed using Partial Least Square Structural Equation Modelling (PLS-SEM). The results indicate that push and pull factors increase consumers' switching intention, while mooring factors decrease it. Additionally, consumer sentiment towards the Israel-Palestine conflict significantly influences switching intention, both directly and as a moderator. This study contributes by integrating sentiment variables into the PPM theory, providing new insights into the influence of ethical, moral, and emotional factors on purchasing decisions. Recommendations include the importance of ethical marketing strategies and further research in countries with different socio-political contexts.