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Global Review of Islamic Economics and Business

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Published by Universitas Islam Negeri Sunan Kalijaga Yogyakarta

ISSN : 23387920 EISSN : 23382619 DOI : -

Core Subject : Economy,

Economics, Econometrics & Finance

The scope or coverage of this International journal will include but are not limited to: Islamic Economics, Islamic Business, Islamic banking, Islamic capital markets, Islamic wealth management, Issues on shariah implementation/practices of Islamic banking, Zakat and awqaf, Takaful, Islamic Corporate Finance, Shariah-compliant risk management, Islamic derivatives, Issues of Shari`ah Supervisory Boards, Islamic business ethics, Islamic Accounting, Islamic Auditing.

Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)

Articles 6 Documents

Search results for , issue "Vol 1, No 1 (2013)" : 6 Documents clear

Relationship between Islamic Stock Prices and Macroeconomic Variables: Evidence from Jakarta Stock Exchange Islamic Index Muhammad Rizky Prima Sakti; MD. Yousuf Harun
Global Review of Islamic Economics and Business Vol 1, No 1 (2013)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

This paper attempts to analyze the relationship between Jakarta Stock Exchange Islamic Index (JII) and selected macroeconomic variables namely exchange rate, industrial production, inflation rate, and money supply. We used monthly data from January 2000 toDecember 2010.The methodology used in this paper is time series techniques of co-integration and vector autoregression (VAR). In the analysis, we rely on variance decompositions and impulse-response functions to capture the strength of interactions among variables. The results revealed that there is co-integration between Islamic stock prices and macroeconomic variables. Specifically, Indonesian Islamic stock market are driven more by domestic factors. These macroeconomic factors considered to be emphasized as the policy instruments by the governments in order to stabilize Islamic stock prices.

The Role of Stock Markets in Promoting Economic Growth in Malaysia: Islamic vis-vis Conventional Muhamad Abduh; Raditya Sukmana
Global Review of Islamic Economics and Business Vol 1, No 1 (2013)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

The purpose of this study is to evaluate the dynamic effects of both Islamic and conventional stock markets development on the economic growth, particularly in Malaysia. The model estimation used to explain the relationship is the autoregressive distributed lag model with the variable of FTSE BM Emas Shariah Index to represent Islamic securities and FTSE BM Composite Index to represent the conventional. The data coverage is from Q1:2000 to Q4:2011. The result shows that there is no evidence of co-integration between the conventional markets and economic growth while there is a co-integration found between Islamic markets and economic growth. Moreover, the relationship between the development of the Islamic stock markets and economic growth occurs to be bidirectional.

The Foundations of Islamic Finance: Appraising the Approaches and Challenges Hafas Furqani; Nazaruddin A. Wahid
Global Review of Islamic Economics and Business Vol 1, No 1 (2013)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

The emergence of Islamic finance as a system of thought and practice is timely in the midst of world crisis and the uncertain proposals for solving it. It is hoped that Islamic finance could offer a coherent perspective for understanding real economic problems as well as a genuine alternative to the very foundations of how finance should be managed to actualize human prosperity. It is widely expected that Islamic finance will continuously evolve into a more sophisticated form and structure in the next decade. Some, however, question whether the development is moving on the right track to realize the hopes pinned on it at the time of its initial establishment. This embarks from the differences in understanding the raison d?etre of Islamic finance emergence and hence approach taken in developing the industry. In this paper we argue that Islamic finance should be directed to provide for meaningful development in thetwenty-first century, Islamic finance must realize its full potential as a system, not merely a stopgap means of surviving the crisis. It must go beyond that to provide the guidelines for managing a good economy, stimulating growth and development, realizing socio-economic justice and promoting employment and stability. It cannot limit itself to merely offering economic and financial practices that satisfy the minimum standard of legal requirements.

Futures Contracts in Islamic Finance: An Analytical Approach Muhammad Asif Ehsan
Global Review of Islamic Economics and Business Vol 1, No 1 (2013)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Futures contracts provide a useful means of reducing risk because these are highly liquid instruments that can be entered into or liquidated at any time. However, the debate on the legitimacy or otherwise of these contracts in the Islamic commercial law continues to invoke different contentions. The paper accentuates the fact that futures contracts are at bottom a new phenomenon of this age which have no precedent or parallel in the conventional law of transactions (muamalat). Therefore their legality or otherwise should be looked into with the Islamic viewpoint of general permissibility in relation to transactions. The paper examines a number of jurisprudential and legal issues such as non-existence of the subject-matter, sale prior to taking possession, bai al-kali bil-kali, speculation and hedging, and concludes that futures contracts are allowed to benefit from. However, only hedgers can take advantage of them. These instruments can never be used for purely speculative purposes where making or taking delivery is not intended. Although it is not necessary to pay the complete price to the seller at the time of the contract yet some other precautionary measures such as a bank guarantee or a fair amount of money to be given to the seller should be taken to ensure that pure speculation is scrupulously forestalled and the delivery would certainly be made.

Shariah Issue of Warrant Contract: Empirical Evidence from Warrant Mispricing in Malaysia Market Ibnu Qizam; Misnen Ardiansyah; Razali Haron
Global Review of Islamic Economics and Business Vol 1, No 1 (2013)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

The objective of this paper is to analyze the gharar issue of warrant by presenting the empirical evidence of warrant mispricing in Malaysia's market (moneyness and mispricing) and its determinant. The Black Scholes Option Pricing Model (BSOPM) will be used to detect mispricing in a warrant's contract. In addition panel regression will be performed to analyze the determinant if said warrant is mispriced. The result shows that in majority, mispricing happens in warrant, either by Out the Money, or In the Money. Panel regression analysis finds that Stock price, klibor, and maturity are positive and are significant variables to the mispricing of a warrant. Finally, with the use of a warrant mispricing model, this research concludes that there is gharar issue in warrant contract.

Opportunity and Challenges to Integrate Zakat Into Indonesian Fiscal System in The Light of Siyasah Shariyyah Nashr Akbar; Saim Kayadibi
Global Review of Islamic Economics and Business Vol 1, No 1 (2013)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Nowadays, the idea of integrating zakat into fiscal system has arisen in Muslim countries including Indonesia. It is argued that zakat, in history, has played a significant role to create welfare among societies. It is proven at the time of Caliph 'Umar ibn 'Abdul 'Aziz that zakat has alleviated poverty at that time alongside tax. Having considered such achievement, some scholars argued that zakat should be reintegrated into current fiscal system. This paper, therefore, attempts to study the feasibility of integrating zakat into Indonesian fiscal system. Employing descriptive analysis based on Siyasah Shariyyah (high objectives of the Shariah). Therefore, the objectives of the study are set with these following points: 1) to address the strength and the weakness of the implementation of this idea, 2) to assess its opportunity as well as its threat, 3) to examine whether the integration of zakat will secure maslahah (benefit) or create mafsadah (harm). The result shows that the integration of zakat into current fiscal system is in line with the Siyasah Shariyyah. Hence, the strong willingness and commitment of government is strongly required to applicate it. The proper model of integration should also be planned well. Moreover, nurturing the understanding to all parties, especially to the nonMuslims and secularists, that this idea is really beneficial and not discriminatory should be promoted.

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Aris Munandar

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Aris Munandar

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+6282145485255

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Jl. Laksda Adisucipto, Papringan, Caturtunggal, Kec. Depok, Kabupaten Sleman, Daerah Istimewa Yogyakarta 55281

Location
Kab. sleman,

Daerah istimewa yogyakarta

INDONESIA

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Home Page

OAI Link

Editorial Team

Contact

Reviewer

Google Scholar

Contact Name Aris Munandar

Contact Email Aris Munandar

Phone +6282145485255

Journal Mail Official -

Editorial Address Jl. Laksda Adisucipto, Papringan, Caturtunggal, Kec. Depok, Kabupaten Sleman, Daerah Istimewa Yogyakarta 55281

Location Kab. sleman, Daerah istimewa yogyakarta INDONESIA

Abstract

Abstract

Abstract

Abstract

Abstract

Abstract

Contact Name
Aris Munandar

Contact Email
Aris Munandar

Phone
+6282145485255

Journal Mail Official
-

Editorial Address
Jl. Laksda Adisucipto, Papringan, Caturtunggal, Kec. Depok, Kabupaten Sleman, Daerah Istimewa Yogyakarta 55281

Location
Kab. sleman,

Daerah istimewa yogyakarta

INDONESIA