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Share: Jurnal Ekonomi dan Keuangan Islam Fakultas Ekonomi dan Bisnis Islam UIN Ar-Raniry Banda Aceh, 2nd Floor Jln. Syech Abdur Rauf Banda Aceh 23111, Aceh, Indonesia Email: jurnal.share@ar-raniry.ac.id
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Share: Jurnal Ekonomi dan Keuangan Islam
Published by Universitas Islam Negeri Ar-Raniry Banda Aceh
ISSN : 20896239     EISSN : 25490648     DOI : https://doi.org/10.22373/share
Core Subject : Religion, Economy,
Religion Economics, Econometrics & Finance
Share: Jurnal Ekonomi dan Keuangan Islam [SHARE] is a double-blind peer-reviewed journal published by the Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry, Banda Aceh, Indonesia. SHARE publishes research and concept papers pertaining to the field of Islamic economics and finance in open access format, which enables readers to freely access and download the articles under the CC BY SA license. Since 2017, SHARE has become a CrossRef Member, meaning that each article published by the journal will have a unique DOI number. SHARE has been indexed in many trusted indexing sites, such as DOAJ, Index Copernicus, Scilit, WorldCat, Google Scholar, Dimensions, EBSCO, and many others. In Indonesia, SHARE is listed among the top-notch journals by the Indonesian journal accreditation body officialized with the Decree of Director General of Research Strengthening and Advancement, Ministry of Research, Technology, and Higher Education, No. 21/E/KPT/2018, starting from 9 July 2018 until 9 July 2023. Currently, SHARE is under consideration for inclusion in SCOPUS.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 328 Documents
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Halal Certification for MSEs in Indonesia: How Business Duration Drives Legal Awareness Maulana, Hartomi; Labolo, Sultan Nanta Setia Dien; Jamal, Mulyono; Syamsuri, Syamsuri
Share: Jurnal Ekonomi dan Keuangan Islam Vol 13, No 2 (2024)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v13i2.22907

Abstract

Halal certification is mandatory for all Micro and Small Enterprises (MSEs) in Indonesia. Despite the vast number of MSEs, totaling 64.2 million as of February 2023, only about 20% have obtained halal certification. This study investigates the influence of legal awareness on halal certification registration among Indonesian MSEs and examines the moderating role of business duration. Using Structural Equation Modeling (SEM) with a quantitative approach, the study assessed the impact of legal awareness constructs (knowledge, understanding, attitudes, and behavior) on halal certification awareness among 333 MSE respondents, with business duration included as a moderator. The findings revealed that legal knowledge, understanding, attitudes, and behavior did not significantly affect halal certification awareness, whereas business duration had a significant positive impact. Additionally, the moderation analysis demonstrated that business duration significantly influenced the relationship between legal understanding and halal certification awareness. The results suggest that experience, rather than legal comprehension, drives halal certification awareness among Indonesian MSEs. The study offers insights for policymakers to support longer-running businesses and simplify certification processes to increase halal certification rates among MSEs. Future research should consider using larger, more diverse samples and incorporating qualitative methods to gain a comprehensive understanding of MSEs’ motivations and challenges in obtaining halal certification.======================================================================================================== ABSTRAK – Sertifikasi Halal untuk UKM di Indonesia: Peran Durasi Usaha dalam Mendorong Kesadaran Hukum. Sertifikasi halal diwajibkan bagi seluruh Usaha Mikro dan Kecil (UMK) di Indonesia. Meskipun jumlah UKM mencapai 64,2 juta per Februari 2023, hanya sekitar 20% yang telah memperoleh sertifikasi halal. Penelitian ini mengkaji pengaruh kesadaran hukum terhadap pendaftaran sertifikasi halal di kalangan UKM Indonesia dan menguji peran moderasi durasi usaha. Menggunakan Structural Equation Modeling (SEM) dengan pendekatan kuantitatif, penelitian ini menguji dampak konstruk kesadaran hukum (pengetahuan, pemahaman, sikap, dan perilaku) terhadap kesadaran sertifikasi halal di antara 333 responden UKM, dengan durasi usaha dimasukkan sebagai variabel moderator. Hasil penelitian menunjukkan bahwa pengetahuan hukum, pemahaman, sikap, dan perilaku tidak secara signifikan mempengaruhi kesadaran sertifikasi halal, sementara durasi usaha memiliki dampak positif yang signifikan. Lebih lanjut, analisis moderasi menunjukkan bahwa durasi usaha secara signifikan mempengaruhi hubungan antara pemahaman hukum dan kesadaran sertifikasi halal. Hasil ini menunjukkan bahwa pengalaman akan mendorong kesadaran sertifikasi halal di kalangan UKM Indonesia. Temuan ini memberikan pencerahan bagi pembuat kebijakan untuk lebih mendukung usaha-usaha yang telah berjalan lama dan menyederhanakan proses sertifikasi bagi UKM. Penelitian selanjutnya perlu mempertimbangkan penggunaan sampel yang lebih besar dan beragam serta menggabungkan metode kualitatif untuk mendapatkan pemahaman yang lebih komprehensif mengenai motivasi dan tantangan UKM dalam memperoleh sertifikasi halal.
Conventional vs. Sharia Insurance: An Empirical Study on Financial Performance and Risk Management Azizi, M. Riza; Hariono, Slamet; Dalail, Wahid
Share: Jurnal Ekonomi dan Keuangan Islam Vol 14, No 1 (2025): IN PROGRESS
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v14i1.24484

Abstract

The Indonesian insurance industry, both conventional and Sharia insurance companies, has experienced significant growth in recent years. However, differences in operational frameworks, regulatory requirements, and investment restrictions raise questions about the financial stability and efficiency of these two insurance models. This study aims to compare the financial performance of conventional and Sharia insurance companies in Indonesia from 2022 to 2024 using the Early Warning System (EWS) and Risk-Based Capital (RBC) methods. Employing a comparative research design, this study utilizes secondary data from annual financial reports. The Mann-Whitney U-test is applied to examine statistical differences between the two types of insurance companies across eleven financial ratios. The results indicate significant differences in nine out of eleven ratios, namely the Solvency Margin Ratio, Underwriting Ratio, Claim Expense Ratio, Commission Ratio, Investment Return Ratio, Liquidity Ratio, Investment to Technical Reserve Ratio, Premium Growth Ratio, and RBC Ratio. The analysis demonstrates that Sharia insurance companies outperform their conventional counterparts across multiple metrics. While the Retention and Technical Reserve ratios show no significant variation, the overall findings substantiate the superior financial performance and risk management capabilities of Sharia insurance companies during the study period. These findings suggest that Sharia insurance companies demonstrate stronger financial performance compared to their conventional counterparts within the study period. The study highlights the financial resilience and risk management effectiveness of Sharia insurance, providing valuable insights for regulators, investors, and industry stakeholders.========================================================================================================ABSTRAK - Asuransi Syariah vs. Konvensional: Studi Empiris terhadap Kinerja Keuangan dan Manajemen Risiko. Industri asuransi di Indonesia, baik asuransi konvensional maupun syariah, telah mengalami pertumbuhan yang pesat dalam beberapa tahun terakhir. Namun, perbedaan dalam kerangka operasional, regulasi, dan batasan-batasan investasi memunculkan persoalan terkait stabilitas keuangan dan efisiensi dari kedua jenis asuransi tersebut. Penelitian ini bertujuan untuk membandingkan kinerja keuangan asuransi konvensional dan syariah di Indonesia pada periode 2022-2024 dengan menggunakan metode Early Warning System (EWS) dan Risk-Based Capital (RBC). Data penelitian berasal dari laporan keuangan tahunan yang kemudian dianalisis dengan desain penelitian komparatif. Untuk menguji perbedaan statistik antara kedua jenis asuransi tersebut, penelitian ini menggunakan Uji Mann-Whitney U terhadap sepuluh rasio keuangan EWS dan satu rasio RBC. Hasil penelitian menunjukkan adanya perbedaan signifikan pada sembilan dari sebelas rasio, yaitu Rasio Solvabilitas, Rasio Underwriting, Rasio Beban Klaim, Rasio Komisi, Rasio Pengembalian Investasi, Rasio Likuiditas, Rasio Investasi terhadap Cadangan Teknis, Rasio Pertumbuhan Premi, dan Rasio RBC. Hasil tersebut menunjukkan bahwa perusahaan asuransi syariah mengungguli asuransi konvensional dalam sebagian besar metrik yang diuji. Meskipun rasio Retensi dan Cadangan Teknis tidak menunjukkan variasi signifikan, temuan keseluruhan membuktikan keunggulan kinerja keuangan dan kemampuan manajemen risiko perusahaan asuransi syariah selama periode penelitian. Temuan ini menunjukkan bahwa asuransi syariah memiliki kinerja keuangan yang lebih kuat dibandingkan asuransi konvensional dalam periode penelitian. Studi ini juga menggarisbawahi stabilitas keuangan dan efektivitas manajemen risiko dalam asuransi syariah, memberikan wawasan yang berharga bagi regulator, investor, dan pemangku kepentingan industri.
Towards Usury-Free Finance in Land Pawning: Evaluating Carter and Angkat-Bloe Contracts Siregar, Ahmad Sholihin; Ainiah, Ainiah; Daud, Zakiul Fuady Muhammad
Share: Jurnal Ekonomi dan Keuangan Islam Vol 13, No 2 (2024)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v13i2.23642

Abstract

Pawn transactions fall under tabarru' contracts, which prohibit the accrual of profit, as such gains are categorized as usury and are forbidden in Islam. In situations where pawn contracts are prevalent, Islam offers alternatives to avoid usury. In the Kuta Makmur community of Aceh, the carter and angkat-bloe contracts are seen as viable alternatives to land pawn contracts. This study aims to analyze the carter and angkat-bloe contracts among the community and analyze their permissibility from an Islamic economic perspective. This research employs a descriptive qualitative approach, utilizing observation and interviews for data collection. The findings reveal that the carter contract is analogous to lease agreements and, therefore, is permissible as an alternative to avoid usury. However, the angkat-bloe contract shares similarities with the bai' al-wafa' contract, the legality of which remains debated among Islamic jurists (Fukaha). The permissibility of the angkat-bloe contract depends on its substance and the intention behind its execution. This study suggests that the carter contract could be legitimized by the National Sharia Council as a solution for individuals facing economic challenges, while the angkat- bloe contract requires further scrutiny based on the intentions and substance of its practice.========================================================================================================ABSTRAK - Menuju Keuangan Bebas Riba dalam Gadai Tanah: Evaluasi Akad ‘Carter’ dan ‘Angkat-Bloe’. Gadai merupakan bagian dari akad tabarru’ yang tidak memperbolehkan pengambilan keuntungan, karena manfaat tersebut masuk dalam kategori riba yang diharamkan dalam Islam. Di sisi lain, Islam memberikan solusi alternatif untuk menghindari riba dalam akad gadai, seperti praktik akad ‘carter’ dan ‘angkat-bloe’ dalam masyarakat Kuta Makmur, Aceh, yang disinyalir sebagai alternatif untuk menghindari riba. Penelitian ini bertujuan untuk menganalisis praktik ‘carter’ dan ‘angkat-bloe’ dalam komunitas tersebut serta menganalisisnya dari perspektif ekonomi syariah. Hasil penelitian menunjukkan bahwa akad ‘carter’ memiliki kemiripan dengan akad sewa-menyewa dari segi substansinya, sehingga akad ‘carter’ dibolehkan dan bisa menjadi alternatif untuk menghindari riba. Sementara akad ‘angkat-bloe’ mempunyai kemiripan dengan akad bai’ al-wafa’ yang hukumnya masih diperdebatkan Fukaha. Berdasarkan argumen Fukaha, kajian ini menyimpulkan kebolehan akad bai’ al-wafa’ serta akad angkat jual yang mirip dengannya sangat tergantung pada subtansi dan niat dalam pelaksanaannya. Penelitian ini mengusulkan agar akad ‘carter’ dapat dilegalkan oleh Dewan Syariah Nasional sebagai solusi bagi masyarakat yang mengalami kesulitan ekonomi, sedangkan akad ‘angkat-bloe’ memerlukan kajian lebih lanjut terkait niat dan substansinya.
Front matters: Cover, editorial board, and contents Share, Editor
Share: Jurnal Ekonomi dan Keuangan Islam Vol 13, No 1 (2024)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Cover page, editorial board, and table of contents SHARE, Editor
Share: Jurnal Ekonomi dan Keuangan Islam Vol 13, No 2 (2024)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Sectoral Diversification and Financing Risks in Indonesian Islamic Banks Widarjono, Agus; Afandi, Akhsyim
Share: Jurnal Ekonomi dan Keuangan Islam Vol 14, No 1 (2025): IN PROGRESS
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v14i1.24510

Abstract

The stability of Islamic banking is crucial for financial sustainability, and sectoral diversification plays a key role in mitigating financing risks. In Indonesia, Islamic banks operate under two models: Islamic bank windows and full-fledged Islamic commercial banks, each facing unique risk exposures. This study investigates the impact of sectoral diversification across various economic sectors on the financing risks of Indonesian Islamic banks. It also examines the role of key bank-specific and macroeconomic factors, including asset size, financing volume, operational efficiency, inflation, and the COVID-19 pandemic. Using aggregate monthly data from Islamic bank windows and Islamic commercial banks spanning January 2015 to December 2023, this study employs the Autoregressive Distributed Lag (ARDL) model to assess both short-term and long-term effects on financing risks. The results indicate that concentrated sectoral financing significantly increases financing defaults for both Islamic bank windows and Islamic commercial banks. Furthermore, while larger bank size and greater operational efficiency contribute to lower financing defaults, an increase in financing volume is associated with higher risks. Inflation and the COVID-19 pandemic further exacerbate financing defaults, particularly for Islamic bank windows. These findings underscore the importance of diversifying sectoral financing to mitigate risk. Policymakers and banking practitioners should promote balanced financing strategies complemented by stringent financing monitoring to reduce default risks and enhance financial resilience.======================================================================================================== ABSTRAK - Diversifikasi Sektoral dan Risiko Pembiayaan pada Bank Syariah di Indonesia. Stabilitas perbankan syariah sangat penting bagi keberlanjutan sektor keuangan, dan diversifikasi sektor ekonomi memainkan peran kunci dalam mengurangi risiko pembiayaan. Di Indonesia, bank syariah beroperasi dalam dua model: unit usaha syariah (Islamic bank windows) dan bank umum syariah (Islamic commercial banks), yang masing-masing menghadapi eksposur risiko yang berbeda. Penelitian ini mengkaji dampak diversifikasi sektor ekonomi terhadap risiko pembiayaan bank syariah di Indonesia. Selain itu, studi ini mengeksplorasi pengaruh variabel spesifik bank dan kondisi makroekonomi, termasuk ukuran aset, volume pembiayaan, efisiensi operasional, inflasi, serta pandemi COVID-19. Data penelitian berasal dari laporan bulanan dari Unit Usaha Syariah (UUS) dan Bank Umum Syariah (BUS) dari Januari 2015 hingga Desember 2023. Analisis data dilakukan dengan model Autoregressive Distributed Lag (ARDL) yang cocok untuk menguji efek jangka pendek dan panjang dari risiko pembiayaan. Hasil penelitian menunjukkan bahwa pembiayaan yang terfokus pada sektor tertentu secara signifikan meningkatkan risiko gagal bayar pada Islamic bank windows maupun Islamic commercial banks. Selain itu, ukuran bank yang lebih besar dan efisiensi operasional yang lebih tinggi terbukti mengurangi risiko gagal bayar, namun peningkatan volume pembiayaan justru meningkatkan risiko. Inflasi dan pandemi COVID-19 semakin memperburuk risiko gagal bayar, terutama bagi UUS. Temuan ini menegaskan pentingnya diversifikasi sektor pembiayaan untuk mengurangi risiko. Para pemangku kebijakan dan praktisi perbankan disarankan untuk mendorong strategi pembiayaan yang lebih seimbang, didukung oleh pemantauan pembiayaan yang ketat guna mengurangi risiko gagal bayar serta meningkatkan ketahanan keuangan. 
Pengaruh Tingkat Literasi Keuangan Syariah terhadap Keputusan Menggunakan Lembaga Keuangan Syariah (Studi pada Dosen UIN Ar-Raniry) Dahlia, Muna; Ibrahim, Azharsyah; Riza, Akmal
Share: Jurnal Ekonomi dan Keuangan Islam SHARE DISCUSSION SERIES
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v0i0.27707

Abstract

The Impact of Islamic Financial Literacy on Lecturers’ Decision-Making in Utilizing Islamic Financial Institutions: Evidence from UIN Ar-Raniry - Islamic financial literacy is an extension of financial literacy, encompassing individuals' knowledge and understanding of financial concepts in accordance with Sharia principles. Low levels of Islamic financial literacy can affect the quality of financial decision-making, including decisions to use Islamic financial institutions. This study aims to analyze the influence of Islamic financial literacy on decisions to use Islamic financial institutions among lecturers at Universitas Islam Negeri (UIN) Ar-Raniry. The research employs a quantitative method with a survey approach. Data were collected through questionnaires distributed to 86 lecturers, selected via accidental sampling from the total population of lecturers at UIN Ar-Raniry. Data analysis was conducted using simple linear regression with the assistance of SPSS software. The results show that Islamic financial literacy has a positive and significant effect on decisions to use Islamic financial institutions. This is evidenced by a regression coefficient of 0.171 and a significance value of 0.000 (p < 0.05). The coefficient of determination (R²) of 0.284 indicates that Islamic financial literacy accounts for 28.4% of the variance in decisions to use Islamic financial institutions, while the remaining 71.6% is influenced by other factors not covered in this study. The study concludes that the higher the level of Islamic financial literacy among lecturers, the better their decisions regarding the use of Islamic financial institutions. The implications of this study highlight the importance of improving Islamic financial literacy among lecturers to encourage the use and development of Islamic financial institutions.
Sharia Auditing in Zakat Institutions: Challenges and Prospects in Indonesia Megawati, Devi; Zulkifli, Zulkifli
Share: Jurnal Ekonomi dan Keuangan Islam Vol 14, No 1 (2025): IN PROGRESS
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v14i1.26059

Abstract

Ensuring Sharia compliance within religious institutions, particularly zakat institutions, is imperative to safeguarding their credibility, maintaining public trust, and mitigating significant legal and reputational risks. While prior research has extensively explored Islamic banking regulations, limited scholarly attention has been given to the governance and auditing frameworks of zakat institutions. This study explores how zakat authorities regulate and operate to enforce adherence to Islamic principles, addressing a key gap in research, which has mostly focused on Islamic banking. Using a qualitative approach, the study is based on interviews with 35 key stakeholders, including representatives from Indonesia’s Ministry of Religious Affairs (MoRA), Sharia auditors, and practitioners from both state-regulated (BAZNAS) and non-state (LAZ) zakat institutions. The findings highlight the evolving nature of Sharia auditing, which involves both internal Sharia supervisors and external auditors from the MoRA. However, challenges persist, particularly in clearly separating financial audits from Sharia audits, which affects their effectiveness. The findings indicate that Sharia auditing remains in a nascent phase, with its current implementation largely serving administrative formalities rather than fostering substantive enhancements in compliance. This study advocates for urgent scholarly and practical efforts to refine Sharia auditing frameworks, ensuring they transcend procedural checklists and actively strengthen institutional adherence to Islamic ethical and legal standards.======================================================================================================== ABSTRAK - Audit Syariah dalam Lembaga Zakat: Tantangan dan Prospek di Indonesia. Kepatuhan terhadap prinsip syariah dalam institusi keagamaan, khususnya organisasi zakat, sangat penting untuk menjaga kredibilitas, kepercayaan publik, serta menghindari risiko hukum dan reputasi yang signifikan. Meskipun penelitian sebelumnya telah banyak menyoroti regulasi perbankan Islam, kajian mengenai tata kelola dan audit syariah dalam lembaga zakat masih sangat terbatas. Penelitian ini bertujuan untuk menganalisis mekanisme regulasi dan operasional yang diterapkan oleh otoritas zakat dalam menegakkan kepatuhan terhadap prinsip-prinsip syariah, sekaligus mengisi kesenjangan dalam literatur terkait audit syariah di luar sektor perbankan. Dengan pendekatan kualitatif, data penelitian ini berasal dari wawancara dengan 35 pemangku kepentingan kunci, termasuk perwakilan dari Kementerian Agama Indonesia, auditor syariah, serta praktisi dari lembaga zakat negara (BAZNAS) dan non-negara (LAZ). Hasil penelitian menunjukkan bahwa praktik audit syariah terus berkembang, dengan mekanisme pengawasan ganda yang mengombinasikan pengawasan internal oleh dewan pengawas syariah dan audit eksternal oleh Kementerian. Namun, masih terdapat ambiguitas dalam membedakan audit keuangan dan audit syariah, yang menghambat efektivitas implementasinya. Penelitian ini menemukan bahwa audit syariah masih berada dalam tahap awal, sering kali hanya menjadi formalitas administratif tanpa memberikan peningkatan yang substansial dalam kepatuhan terhadap prinsip syariah. Studi ini menekankan perlunya pengembangan kerangka audit syariah yang lebih komprehensif, baik dari perspektif akademik maupun praktis. Untuk memperkuat kepatuhan institusional terhadap standar etika dan hukum Islam, audit syariah harus berkembang dari sekadar kepatuhan berbasis daftar periksa menjadi instrumen tata kelola yang lebih substansial, guna meningkatkan integritas regulasi dalam lembaga zakat. 
Stock Market Dynamics and Jakarta Islamic Index Returns: An ARDL Approach Suhendar, Adhatya Rizky; Suriani, Suriani
Share: Jurnal Ekonomi dan Keuangan Islam Vol 14, No 1 (2025): IN PROGRESS
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v14i1.23879

Abstract

Understanding the factors that influence stock returns is crucial for investors, particularly the Islamic capital markets. This study examines the impact of company size and key financial fundamentals—return on assets (ROA), debt-to-equity ratio (DER), and earnings per share (EPS)—on stock returns in the Jakarta Islamic Index (JII). Using secondary data from seven companies listed in the JII between 2011 and 2021, this study employs the Autoregressive Distributed Lag (ARDL) model to analyze both short-term and long-term effects. The findings indicate that, in the long run, company size and ROA have a positive impact on stock returns, while the debt-to-equity ratio has a negative effect. However, in the short term, ROA negatively affects stock returns, whereas the debt-to-equity ratio has a positive impact. Interestingly, EPS does not influence stock returns in either the short or long term. These results highlight the importance of maintaining strong financial fundamentals to sustain investor confidence in Sharia-compliant stocks. Companies should focus on enhancing financial stability and risk management to attract and retain long-term investors.======================================================================================================== ABSTRAK - Dinamika Pasar Saham and Retur pada Jakarta Islamic Index: Pendekatan ARDL. Memahami faktor-faktor yang memengaruhi return saham sangat penting bagi investor, terutama di pasar modal syariah. Penelitian ini menganalisis pengaruh ukuran perusahaan dan rasio fundamental keuangan utama—return on assets (ROA), debt-to-equity ratio (DER), dan earnings per share (EPS)—terhadap return saham pada Jakarta Islamic Index (JII). Penelitian ini menggunakan data sekunder dari tujuh perusahaan yang terdaftar di JII selama periode 2011–2021. Untuk menganalisis dampak jangka pendek dan jangka panjang, penelitian ini menerapkan model Autoregressive Distributed Lag (ARDL). Hasil penelitian menunjukkan bahwa dalam jangka panjang, ukuran perusahaan dan ROA berpengaruh positif terhadap return saham, sementara debt-to-equity ratio memiliki dampak negatif. Namun, dalam jangka pendek, ROA berpengaruh negatif, sedangkan debt-to-equity ratio berpengaruh positif terhadap return saham. Menariknya, EPS tidak berpengaruh terhadap return saham, baik dalam jangka pendek maupun jangka panjang. Hasil ini mengindikasikan pentingnya mempertahankan fundamental keuangan yang kuat untuk menjaga kepercayaan investor terhadap saham berbasis Syariah. Oleh karena itu, perusahaan perlu meningkatkan stabilitas keuangan dan strategi manajemen risiko guna menarik dan mempertahankan investor jangka panjang
Global Challenges, Local Solutions: The Role of Islamic Financial Systems Ibrahim, Azharsyah
Share: Jurnal Ekonomi dan Keuangan Islam Vol 13, No 2 (2024)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v13i2.27560

Abstract

In this volume, Share Jurnal Ekonomi dan Keuangan Islam (Share Journal of Islamic Economics and Finance) presents a critical examination of the intersections among Islamic finance, economic resilience, and social impact, shedding light on the capacity of Islamic economic principles to offer viable solutions to contemporary global challenges. It provides transformative insights into key areas, including the psychological benefits associated with Islamic social finance, the imperatives of sustainability in corporate governance, and the innovations driving financial inclusion and technology. Utilizing a diverse array of research methodologies—such as bibliometric analysis, structural equation modeling, and comprehensive case studies—the articles contribute robust scholarly insights that focus on promoting psychological well-being, aligning financial practices with sustainability objectives, and leveraging technology to enhance inclusivity. The findings underscore the potential of Islamic economic systems to address both theoretical and practical concerns, emphasizing the adaptability of these principles in fostering equitable socio-economic development and their significance within broader policy and academic discourse aimed at effectively addressing global challenges.

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