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All Journal Journal of Islamic economics Perspectives (JIEP) Business, Entrepreneurship, and Management Journal
Mohammad Anis Sumadi
Unknown Affiliation
Religion Economics, Econometrics & Finance Education Social Sciences

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THEMATIC ANALYSIS OF SHARIA STOCK PORTFOLIO DIVERSIFICATION AND FINANCIAL RATIOS: A CONCEPTUAL STUDY BASED ON THE INDONESIAN SHARIA STOCK INDEX (ISSI) Samsul Huda; Mohammad Anis Sumadi; Ashlihah; Binti Nur Asiyah; Muhammad Aswad
BEMJ: Business, Entrepreneurship, and Management Journal Vol. 4 No. 2 (2025)
Publisher : Universitas Tulungagung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36563/bemj.v4i2.1953

Abstract

Indonesia’s sharia capital market, represented by the Indonesian Sharia Stock Index (ISSI), has shown rapid growth; however, sharia stock portfolio diversification practices and the use of financial ratios for profit optimization have not yet been applied systematically by investors. This study aims to thematically analyze various sharia stock portfolio diversification strategies and to explain the role of financial ratios in shaping an optimal portfolio based on issuers included in the ISSI. The method employed is a qualitative approach with a conceptual study design, using content analysis and thematic coding of secondary data sources, including journal articles, Islamic investment management books, Financial Services Authority (OJK) regulations, DSN MUI fatwas relevant to the sharia capital market, and official reports and documents related to the ISSI. The analysis identifies several main themes: diversification strategies based on sector and market capitalization, cross-instrument diversification within sharia assets, and strengthened risk management through stock selection grounded in profitability, leverage, liquidity, and valuation ratios. These findings indicate that integrating portfolio diversification strategies with the appropriate use of financial ratios has the potential to enhance returns on sharia stock portfolios while keeping risk within acceptable limits, thereby offering a conceptual contribution to the development of ISSI based sharia investment strategies.
Philosophy of Markets and Price Theory in Islamic Economics: a Multidisciplinary Perspective Anis Sumadi, Mohammad; Subagiyo, Rokhmat; Khudhory, Ahmad; Adi Putra, Silachi Agusta; Zainal Abidin, Ahmad; Qosim, Ahmad
Journal of Islamic Economics Perspectives Vol. 7 (2025): Journal of Islamic Economics Perspectives - Special Issue
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/n1z2qe82

Abstract

This study critically re-examines the philosophical foundations of market and price theory in Islamic economics through a multidisciplinary integration of psychology, Islamic jurisprudence (fiqh siy?sah), and sociology. Psychology elucidates how motivation, perception, and decision-making are shaped by Islamic values, while fiqh siy?sah provides the legal and normative framework that ensures justice, ethical conduct, and compliance with Islamic law in regulating market mechanisms. Sociology complements these perspectives by explaining how social structures, cultural norms, and collective behavior influence market interactions. Through this synthesis, the study constructs a holistic framework that transcends the technical dimensions of conventional market theory by embedding moral, social, and behavioral ethics into economic analysis. Using a literature-based narrative method, this research integrates the epistemological strengths of each discipline without diminishing their distinct paradigms. The novelty lies in offering a unified model of Islamic market analysis that incorporates moral reasoning, social dynamics, and behavioral psychology into price determination and market equilibrium. Findings reveal that this multidisciplinary approach enriches theoretical and practical understanding of markets as both economic and moral institutions, balancing efficiency with justice and social responsibility. The study concludes that integrating ethical, psychological, and sociological dimensions leads to a more comprehensive and equitable model of Islamic market behavior, contributing to the advancement of Islamic economic theory, value-driven research methodologies, and sustainable policy design aligned with the maq??id al-shar??ah—the higher objectives of Islamic law.
Co-Authors Adi Putra, Silachi Agusta Ahmad Qosim Ashlihah Binti Nur Asiyah Khudhory, Ahmad Muhammad Aswad Rokhmat Subagiyo Samsul Huda Zainal Abidin, Ahmad