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All Journal Outline Journal of Economic Studies Jurnal At-Tanmiyah Ekonomi dan Bisnis Islam
Oktavera Rizki
Universitas Islam Negeri Sumatera Utara
Economics, Econometrics & Finance Social Sciences

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STUDI KOMPARATIF RISIKO SISTEMIK ANTARA BANK SYARIAH DAN BANK KONVENSIONAL DI INDONESIA: PENDEKATAN TAFSIR TEMATIK TERHADAP SURAH AL-BAQARAH Oktavera Rizki; Azhari Akmal Tarigan; Mustapa Khamal Rokan; Andri Soemitra; Yusrizal
At-Tanmiyah Jurnal Ekonomi dan Bisnis Islam Vol 4 No 2 (2025): Desember, At-Tanmiyah: Jurnal Ekonomi dan Binis Islam
Publisher : Sekolah Tinggi Ekonomi dan Bisnis Islam (STEBIS) Al-Ulum

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65778/atjebi.v4i2.89

Abstract

This study aims to compare systemic risk between Islamic banks and conventional banks in Indonesia by employing a thematic exegesis approach (tafsīr al-mawḍū‘ī) to selected Qur’anic verses in Surah Al-Baqarah, specifically verses 30, 219, 220, 245, 275, 276, and 282. These verses address fundamental themes related to finance, justice, debt relationships, usury (ribā), charitable giving (ṣadaqah), and equitable wealth distribution within the framework of Islamic economic principles. By integrating qualitative analysis drawn from classical and contemporary Qur’anic exegesis—including Tafsīr al-Ṭabarī, Ibn Kathīr, and Tafsīr al-Māwardī—with insights from modern economic literature, this study highlights the fundamental distinctions between Sharī‘ah-based financial principles and conventional banking practices in relation to financial system stability. The findings indicate that the Islamic financial system embodies inherent mechanisms capable of mitigating systemic risk, notably through the prohibition of ribā, the implementation of profit-and-loss sharing arrangements, and the moral obligation to uphold charitable redistribution and social justice. In contrast, interest-based conventional financial systems tend to exacerbate economic inequality and amplify vulnerability to financial crises. These findings reinforce the contemporary relevance of Qur’anic values in informing financial stability policies within modern economic systems.
Comparison of Market Efficiency and Microeconomic Volatility Transmission between Islamic and Conventional Stock Markets: Empirical Evidence from the JII and the IHSG Oktavera Rizki; Muhammad Ridwan; Andri Soemitra; Yusrizal
Outline Journal of Economic Studies Vol. 5 No. 1: October - March 2026
Publisher : Outline Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61730/00r5eq44

Abstract

Purpose: This study aims to analyze market efficiency and the transmission of micro-volatility between the Jakarta Composite Index (IHSG) and the Jakarta Islamic Index (JII) using high-frequency data from September 22 to October 20, 2025. The primary objective is to evaluate the volatility of returns, co-movement, microstructure volatility clustering, and the buffering effect of Sharia-compliant indices. Methods: The study uses logarithmic continuous returns to assess return volatility and co-movement. Descriptive statistics are employed to examine market fluctuations, while the volatility clustering effect and rapid shock transmission between the two indices are analyzed. Pre-test and post-test evaluations, along with observational analysis, are used to examine the relationship and behavior of these indices during the study period. Results: The findings reveal that both IHSG and JII exhibit significant short-term fluctuations, indicative of typical micro-volatility in emerging markets. However, JII shows relatively lower volatility and fewer extreme negative returns, suggesting that Sharia screening provides a stabilizing effect on the market. The study also identifies a strong co-movement between the two indices, highlighting high short-term integration despite brief divergences due to differences in index structure and liquidity profiles. Additionally, the analysis confirms volatility clustering, with calm periods followed by sharp movements, and rapid shock transmission between the indices.
Co-Authors Andri Soemitra Azhari Akmal Tarigan Muhammad Ridwan Mustapa  Khamal  Rokan Yusrizal