Multidiciplinary Output Research for Actual and International Issue (Morfai Journal)
Vol. 4 No. 4 (2024): Multidiciplinary Output Research For Actual and International Issue

ANALYSIS OF THE EFFECTIVENESS OF GOLD AND SUKUK AS A HEDGE

Windi Wahyuni Simanjuntak (Unknown)
Darwis Harahap (Unknown)
Abdul Nasser Hasibuan (Unknown)

Article Info

Publish Date
11 Feb 2025

Abstract

This study aims to analyze and compare the effectiveness of gold and sukuk as hedging instruments. Using historical data for the period 2014-2023, the study was conducted using a quantitative methodology through granger causality test analysis, One way ANOVA, Paired sample t-test. The results of the study show that gold has a higher effectiveness as a hedging instrument, as evidenced by a correlation of 0.72 (compared to sukuk 0.31), beta 1.25 (compared to sukuk 0.45), and Sharpe Ratio 1.85 (compared to sukuk 1.12). In periods of high inflation such as 2014 (8.36%) and 2022 (5.95%), gold showed a faster and more proportional response than sukuk. This study concludes that gold is a more effective hedging instrument than sukuk in the context of the Islamic financial market.

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Journal Info
Multidiciplinary Output Research for Actual and International Issue (Morfai Journal)
Website

Abbrev

MORFAI

Publisher

CV. RADJA PUBLIKA

Subject

Religion Agriculture, Biological Sciences & Forestry Arts Humanities Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Social Sciences Other

Description

MORFAI This journal will publish research articles or studies that are multidisciplinary in nature, including: education, law, health, agriculture, engineering, energy, technology, and social science. This journal is dedicated to explore and socialize many creative and innovative thought who focus ...