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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 168 Documents

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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.

COMPARISON OF EFFICIENCY AND MODELLING OF ISLAMIC BANKS AND CONVENTIONAL BANKS IN INDONESIA Ar Royyan Ramly
Global Review of Islamic Economics and Business Vol 4, No 2 (2016)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

This study aims to analyze the efficiency comparison between Islamic banks and conventional banks in Indonesia in 2012-2014. The data in this study were chosen through purposive sampling from 20 Islamic banks and conventional banks in Indonesia. The method used in this study is non-parametric approach with data envelopment analysis (DEA) whereas input and output variables are treated in intermediary function. The input variables are total asset, total saving (third party fund), and price of labor while the output variables are total financing (loans) and total operational expenses. To measure the efficiency level of Islamic banks and conventional banks the independent sample t test is used.The result of the study shows that there is no significant difference of efficiency between Islamic banking and conventional banking in 2014 because of the significant value (2-tailed) only at 0.537 where P-value is higher than α=0.05 Ha is refused. There is no difference of efficiency between Islamic banks and conventional banks in efficiency scale (ES). The empirical factors that affect Islamic banks and Conventional banks efficiency are ROA, CAR, and FDR variables. On the other hand, NPF results insignificantly and affects negatively towards Islamic banks efficiency. Lastly, ROA, NPL, LDR, and CAR had significantly affected Conventional banks efficiency in Indonesia from 2012 to 2014.

Testing the conditional correlations and volatility spillovers between US and ASEAN Islamic stock markets: A Multivariate GARCH Analysis Muhammad Rizky Prima Sakti
Global Review of Islamic Economics and Business Vol 2, No 1 (2014)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

This study examines the conditional correlations and volatility spillovers between the US and ASEAN Islamic stock markets. The empirical design uses MSCI (Morgan Stanley Capital International) Islamic indexes as it adopted stringent restriction to include companies in sharia list. By using a three multivariate GARCH models (BEKK, diagonal VECH, and CCC model), we find evidence of returns and volatility spillovers from the US to the ASEAN Islamic stock markets. However, as the estimated time-varying conditional correlations and volatilities indicate there is still a room for diversification benefits, particularly in the single markets. The Islamic MSCI of Thailand, Indonesia, and Singapore are less correlate to the US MSCI Islamic index. The implication is that foreign investors may benefit from the reduction of risk by adding the Islamic stocks in those countries.

Zakat Fund As The Starting Point Of Entrepreneurship In Order to Alleviate Poverty (SDGs Issue) Lily Rahmawati Harahap
Global Review of Islamic Economics and Business Vol 6, No 1 (2018)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

As known, Indonesia is a nation with the largerst Moslem society in the world. According to data issued by Bappenas, in 2020 the population of Indonesia is predicted about 271,066,400 people (Bappenas: 2018). 85 percent of this population (ca. 230.406.440 people) are Moslems. It shows the huge potential in the acceptance of zakat fund, as an obligation for a Moslem who has qualified in accordance with the provisions of Islam. Since MDGs declared in 2000 (UNRC: 2008) which contains a commitment to accelerate human development and poverty alleviation (8 goals), Indonesia has a strong commitment to achieve the MDGs targets became one of Indonesia’s main priorities. As a continuation of the MDGs program, in 2015, more than 190 world leaders committed to 17 Sustainable Development Goals (SDGs). In Indonesia, 17 SDGs are grouped into 4 part, one of them is poverty alleviation (UNDP Indonesia: 2018). One of the goals for poverty alleviation is explained with the goal number 8, that is decent work and economic growth. And one of the drivers the existence of decent work and economic growth is the growth of entrepreneurship activities.The growth of entrepreneurship can be implemented with the support of funds. One of them come from the distribution of zakat fund acceptance. By terminology, zakat means a certain amount of property that is required by Allah SWT to be given to the mustahik mentioned in the Qur’an. Or it could also mean a certain amount of certain property given to a particular person (Solihin: 2010). There is a fund transfer from muzaki (zakat payer) to mustahik (zakat recipient).With the transfer of funds, there is an expectation that there will be a better life change for mustahik, so that in time they will be becomes muzaki.This activity is expected to occur continously, forming a circle of increasing goodness. And ultimately will improve society wellbeing. To support this paper, the author use a qualitative methods with secondary datas and supported by Tawhidi String Relation (TSR) theory which includes the method of circular causation and IIE (interaction, integration and evolution) method. Keywords : zakat, entrepreneurship, poverty alleviation, SDGs, TSR

Global Financial Crisis and Islamic Capital Market Integration among 5-ASEAN Countries Ibnu Qizam; Abdul Qoyum; Misnen Ardiansyah
Global Review of Islamic Economics and Business Vol 2, No 3 (2015)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Islamic Capital Market is important part of Financial System in ASEAN countries especially in the context of AEC. The objective of this paper is to investigate interconnection long run equilibrium of Islamic Capital Market in ASEAN Countries. Using daily closing price for from September 2007 to October 2012, this study examine five Islamic Capital markets in ASEAN namely Indonesia, Malaysia, Philippines, Singapore and Thailand. This study examines on Integration among these Islamic Capital markets by relies a simple correlation test, Granger causality test and co-integration test using error correction model. This research documents some interesting finding. First, Using Johansen estimation technique, there is co-integration between the considered Islamic indices namely; Indonesia, Malaysia, Philippines, Singapore and Thailand. Second, Since the co-integration exists, granger causality test shows that there is three bi-directional causalities namely; between Malaysia Islamic Capital Market and Singapore Islamic Capital Market; between Thailand Islamic Capital Market and Singapore Islamic Capital Market; and between Singapore Islamic Capital Market and Philippines Islamic Capital Market. However, there is a unidirectional between Indonesia Islamic Market (MCIINA) and Malaysia Islamic Market (MCIMY), MCIINA and Philippines Islamic Market (MCIPhil), MCIINA and Thailand Islamic Market (MCITHAI), it implies that MCIINA affects MCIMY, MCIPhil, and MCIThai but not vice versa. Third, based on VECM suggest that all Islamic indexes are inter-related in the long run that can be explained due to the similarity of structure bring about by its stock as required by shariah in the process stock screening.

Assessing Financial Risk and Regional Macroeconomic Influence to Islamic Rural Bank Performance Faaza Fakhrunnas; Mochamad Ali Imron
Global Review of Islamic Economics and Business Vol 7, No 1 (2019)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

Islamic Rural Bank must deal with internal and external risks which will affect to the performance of the bank. This paper aims to assess the internal and external risks that influence to the bank performance. By adopting panel data analysis, the paper analyzes 21 biggest Islamic rural bank which as a representative of 21 provinces around Indonesia during 2013-2017 which result 420 observation period. Furthermore, Return on Asset (ROA) are utilized as dependent variable which represents Islamic rural bank’s performance. As independent variables, Non-Performing Financing (NPF) and Capital Adequacy Ratio (CAR) are applied as internal risk in Islamic rural bank. To analyze external risk, regional macroeconomic factors, Regional Economic Growth (REG) and Regional Inflation (RInf) are employed then Total Asset of Islamic rural bank (Size) is also used as complementary variable. Based on the analysis, this study finds that SRB has robust risk management through internal and external risk. However, REG has significant ROA that explains the performance of Islamic rural bank will depend on regional economic growth in each province.

The Influence of Corporate Social Responsibility toward the Financial Performance Company in Jakarta Islamic Index (JII) in Period 2010-2014 P. Prasojo; Inon Listyorini
Global Review of Islamic Economics and Business Vol 3, No 2 (2015)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

The aim of this research is to examine the influence of corporate sosical responsibility (CSR) toward the financial performance that is measured by Return on Assets (ROA), Return on Equity (ROE), Earning Per Share (EPS), Firm's Growth (FG) and the control variable of Siz, Leverage, and Age. The population in this research was the companies in Jakarta Islamic Index (JII) consistently from 2010-2014. The samples were selected by Purposive Judgment sampling criteria. The collected samples in this research were 11 companies. The result of CSR research has a significant on financial performance by proxy ROA, ROE, EPS, and FG.

Understadning Faraid: the Case of University Students Abdelghani Echchabi; Osman Sayid Hassan Musse
Global Review of Islamic Economics and Business Vol 1, No 3 (2014)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

The purpose of the study is threefold (1) to examine the level of faraid awareness among university students, as well as (2)the factors that may influence it, and (3)to investigate whether there is any difference between the various groups of respondents based on gender, education level, age and country of origin. The study uses three main statistical techniques to analyse the data, namely, one sample t-test, MANOVA and multiple regression. The data was gathered by distributing the questionnaire to 150 students of International Islamic University Malaysia. The findings indicate that overall the students have good knowledge about faraid. Nevertheless, the students were found to have a misconception and misunderstanding regarding female share in inheritance in Islam. In addition, the findings show that there is significant education level difference in faraid awareness. Finally, the findings conclude that among the variables initially included in the study, only facilitating conditions is significantly influencing the level of awareness of the university students.

Testing The Warrants Mispricing and Their Determinants: The Panel Data Models Muhammad Rizky Prima Sakti; Abdul Qoyum
Global Review of Islamic Economics and Business Vol 5, No 2 (2017)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

This paper empirically studied the impact of several variables such as moneyness, stock return, maturity, and volatility on the warrant mispricing. We selected 4 companies listed in Bursa Malaysia such as MHC Plantations Bhd, MKH Bhd, YFG Bhd, and UNISEM to investigate the mispricing of warrants. Subsequently, panel time series data employed with daily basis from 30 June 2010 until 30 June 2013. The Black-Scholes Option Pricing Model (BSOPM) used to determine the mispricing of warrant. Several panel data techniques employed in this study such as pooled-OLS, fixed effect model (FEM), and random effect model (REM). In turn, we found that FEM is well explained the determinants of warrant mispricing. Thus, empirical results suggest that moneyness, maturity, and volatility are positively and significantly explained the mispricing of warrant, while stock return does not give an impact toward the warrant mispricing. The BSOPM is consistently mispricing the warrant either in-the-money (ITM) or out-the money (OTM) warrants. The market is not efficient on the warrants traded for four companies observed

Islamic Currency Swap: Can Be The Best Way to Hedge Indonesia Hajj Fund? Irvan Maulana; Muhammad Rafdi
Global Review of Islamic Economics and Business Vol 6, No 2 (2018)
Publisher : Faculty of Islamic Economics and Business, State Islamic University Sunan Kalijaga

The operational costs of Hajj in foreign currencies will always face the risk of changes in exchange rates. Hajj operational costs will continue to grow in line with the increasing number of pilgrims. But at present, the government (BPKH) does not have a currency hedging policy to reduce the risk of fluctuating currency values. Hajj operational costs are saved in rupiah, dollar and riyal currencies. As a result, deposits of pilgrims will continue to be overshadowed by the reduction in value due to the depreciation of the rupiah against the dollar and riyals. Hedging policy is a necessity in the management of Hajj funds. This study will use an Islamic currency swap simulation analysis. According to the MUI DSN No 96 in 2015, a swap is a contract that starts a spot transaction followed by a forward agreement by setting a forward exchange rate. Then it is settled by spot transactions using the agreed forward exchange rate. The results of the study show that the dollar and riyal in 2018 are in a state of high volatility, so hedging is needed to reduce cash outflows. Based on analysis, Islamic currency swap can be the best hedging to the operational costs of Hajj in USD is with tenors 30 days, 180 days, 360 days. while the operational costs of Hajj are in Saudi Arabia Riyal currency, efficient in overnight tenors, 30 days, 90 days and 180 days.

Page 7 of 17 | Total Record : 168

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

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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

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