Sharia mutual funds
225560967
Sharia Compliance in Sharia Mutual Funds: A Qualitative Approach
Purpose: This study aims to describe the elements of Sharia compliance found in Sharia mutual funds, according to the fatwa of the National Sharia Board or Dewan Syariah Nasional (DSN) the Indonesian Ulema Council or Majelis Ulama Indonesia (MUI) and some regulations which were issued by the Financial Services Authority or Otoritas Jasa Keuangan (OJK) in Indonesia. Design/Methodology/Approach: This study applied a qualitative approach using documentary and secondary data including fatwa and regulations which are needed to explore the Sharia compliance of Sharia mutual funds. This study highlighted and identified the elements of Sharia compliance using a hierarchy map. Findings: This study shows that Sharia mutual funds are Sharia compliant since they are obey Islamic principle including non interest transaction, offering the halal product, no uncertainty (gharar) and no element of gambling. The OJK's regulation and fatwa from the DSN MUI emphasised other Islamic principles, including the prohibition of margin trading, short selling, and insider trading in Sharia mutual fund investments. They permit to payment of compensation (ujrah) for the service which are provided by the investment managers. Practical Implications: This study notes that economic activities (mu'amalah) should be conducted based on Islamic law. Due to the limited number of Islamic banks that being permitted to act as custodian banks in Indonesia, the mu'amalah of the Sharia mutual funds is conducted through conventional banks. This finding means the policymakers need to create more Islamic custodian banks for Sharia mutual fund investments. Originality/Value: The study has a contribution in identifying the elements of Sharia compliance in Sharia mutual funds in Indonesia.
Umi Widyastuti Erie Febrian Sutisna Sutisna Tettet Fitrijanti
216223254
Juridical Review of Zakat Sharia Mutual Funds in Indonesia (Study at the National Amil Zakat Agency BAZNAS)
BAZNAS (National Amil Zakat Agency) provides new innovations in the form of payment of Islamic mutual fund zakat in cooperation with PT Nusantara Sejahtera Investama. Payment of sharia mutual fund zakat is questionable whether it has fulfilled the requirements and compulsory of zakat law such as nishab and haul and halal of zakat sharia mutual funds. Investment Managers as managers of Islamic mutual fund products must provide halal guarantees so that there are no fears of a mixture of halal and non halal assets and must have a good operational system in terms of complying with sharia principles. In Indonesia, rules regarding zakat mutual funds have not been regulated in detail and still raise legal questions. This research is to find out and analyze whether zakat sharia mutual funds in Indonesia at BAZNAS have fulfilled the legal requirements and zakat compulsory requirements as well as how to regulate sharia mutual fund zakat in Indonesia. This type of research is a type of library research. The results of this study conclude that sharia mutual fund zakat in Indonesia conducted by BAZNAS has fulfilled the legal requirements and zakat compulsory requirements and there are no detailed regulations governing sharia mutual fund zakat in Indonesia.
Salwa Hanim Gemala Dewi
229450096
The Performace Comparation in Indonesia: Conventional Mutual Funds vs Sharia Mutual Funds
This study aims to see, whether or not there is a reference to the performance of conventional and Islamic mutual funds in Indonesia with the Sharpe Index, Treynor Index and Jensen Index. The population of this research is Conventional Equity Mutual Funds and Sharia Equity Mutual Funds which are listed on the Indonesia Stock Exchange. Sampling was carried out using proposive judgment sampling method, namely the selected sample was invincible with predetermined selection criteria. The sample chosen is the monthly NAB of Islamic and conventional equity funds that were effective before January 1, 2016 and actively working until December 31, 2018, this is intended to obtain the latest information on the performance of equity mutual funds. Based on the sample selection criteria, it is obtained 20 mutual funds for conventional category stocks and 13 mutual funds for Islamic stocks that are active and publish their monthly NAB during the study period. This hypothesis testing is done in a comparative way, namely data analysis is done by using the Independent Sample T Test. This analysis is carried out by comparing the returns, risks, and performance of conventional and Islamic mutual funds. Based on the results of the Independent Sample Test, it shows that there is a significant difference between the performance of Islamic equity funds and conventional equity funds using the Sharpe Index, Treynor Index and the Jensen Index
Apriadi Herlambang
222131055
The effect of macroeconomics variables to Net Asset Value (NAV) growth of sharia mutual funds in Indonesia
Purpose This study aims to perform the short term and long term relationships between net asset value of Islamic mutual funds within macroeconomic variables, to analyze responses towards the economic shock, and to analyze the composition of the net asset value of Islamic mutual funds within selected macroeconomic variables. Methodology Monthly data over the 2015 2019 period were analyzed using the Vector Error Correction Model (VECM) impulse response test, and variance decomposition test. Findings The results show that inflation, money supply, and gross domestic products had a positive and significant effect on the net asset value of Islamic mutual funds, on the other hand, the rupiah exchange rate had a negative thus insignificant effect on the net asset value of Islamic mutual funds. Research limitation/implication The main limitation of this research is the lack of a variable that represents the Islamicity index, which can differentiate the driven factors of FDI in Muslim and non Muslim organization countries. Practical implication This study suggests that the society and the government should collaborate to maintain the stability of the rupiah exchange rate by buying domestic products, strengthening the real sector. Originality Here we provide an update data of macroeconomics variables dynamics (e.g. GDP, inflation, exchange rate, and money supply) and its implication to Islamic mutual funds i.e. net asset value over 2015 2019. We used a novel timeseries analytical approach (VECM) to estimate the magnitude of macroeconomics effects to Islamic mutual funds in Indonesia.
Intan Aulia Ardhani Jaenal Effendi Mohammad Iqbal Irfany
201455078
Macroeconomic variables towards net asset value of sharia mutual funds in Indonesia and Malaysia
Sharia mutual fund as one of the investment instruments in sharia capital market shows significant development. There are various factors that may influence, among these factors are macroeconomic variables. This research aims to analyze the effect of macroeconomic factors on the development of sharia capital market industry. Macroeconomic variables that are used is the money supply (M1) Gross Domestic Product (GDP) and inflation. The data used in this research is a quarterly money supply data, GDP, and inflation from January 2012 to December 2016. The methods used to analyze regression data is the data panel. The results of the analysis showed that all of the independent variable used in this study i.e. the money supply (M1) GDP, and inflation has a positive influence and significance to the Net Asset Value (NAV) mutual funds sharia in Indonesia and Malaysia. These results can provide a sound contribution for further research, government, management of the company, and investors regarding the Net Assets Value mutual funds sharia in Indonesia and Malaysia. JEL Classification D51, E43, F41, G15 DOI: https:/doi.org/10.26905/jkdp.v23i2.2195
Jurnal Keuangan dan Perbankan
Riwi Sumantyo Dessy Anis Savitri
225998655
The Comparative Analysis of Conventional and Sharia Mutual Funds Performance From January 2017 to December 2018
Winy Fasadinisari Irham Lihan Ernie Hendrawaty
169209484
Sharia mutual funds performance in Indonesia
The study aims to measure each Sharia mutual fund performance and compare with market performance in Indonesia. Sharia mutual fund investment instruments in Indonesia have positive developments over the period from 2012 to 2017. These positive developments add to the option of investment instruments for public, especially investors who put forward the principles of Sharia. This research was conducted so that the public could have scientific information about Sharia mutual funds that have the best performance. The study found consistent results regarding Sharia mutual funds with the best performance on Sharpe and Jensen measurement methods. The best performing Sharia mutual fund by using those methods was PNM Syariah, while the lowest performing mutual fund was PNM Amanah Syariah if measured by using Sharpe Index and PNM Ekuitas Syariah if measured by using Jensen Alpha. Different results were found when Sharia mutual fund performance was measured using Treynor Ratio Information Ratio, where the best Sharia mutual fund performance was by Manulife Syariah Sectoral Amanah mutual fund while the lowest performance was by Cipta Syariah Equity mutual fund. This findings are expected to be useful for Sharia based investors.
Robiyanto Robiyanto Michael Alexander Santoso Rihfenti Ernayani
214053909
Factors Explaining the Market Discipline of Sharia Mutual Funds from a Behavioural Finance Perspective: A Theoretical Approach
Purpose: This paper aims to develop propositions about the antecedents of market discipline of Sharia mutual funds. Design/Methodology/Approach: This paper elaborates some scholars, which have applied Theory of Planned Behaviour to predict financial behavior, for developing the propositions. Findings: This paper define market discipline of Sharia mutual funds as withdrawal behaviour that reflects investor sensitivity to excessive risks taken by fund managers from a behavioral perspective, that could be affected by pscyhological and social factors. Practical Implications: This paper proposes certain variables which can be employed as the determinants of market discipline, including Islamic financial literacy, financial risk tolerance, attitude towards withdrawal, subjective norms, perceived behavioural control and withdrawal intentions. Originality/Value: This paper fill a lack of studies which discuss market discipline from the perspective of behavioural finance.
International Journal of Economics and Business Administration
Umi Widyastuti Erie Febrian Tettet Fitrijanti
201628438
Syariah Macroeconomic variables towards net asset value of sharia mutual funds in Indonesia and Malaysia
Sharia mutual fund as one of the investment instruments in sharia capital market shows significant development. There are various factors that may influence, among these factors are macroeconomic variables. This research aims to analyze the effect of macroeconomic factors on the development of sharia capital market industry. Macroeconomic variables that are used is the money supply (M1) Gross Domestic Product (GDP) and inflation. The data used in this research is a quarterly money supply data, GDP, and inflation from January 2012 to December 2016. The methods used to analyze regression data is the data panel. The results of the analysis showed that all of the independent variable used in this study i.e. the money supply (M1) GDP, and inflation has a positive influence and significance to the Net Asset Value (NAV) mutual funds sharia in Indonesia and Malaysia. These results can provide a sound contribution for further research, government, management of the company, and investors regarding the Net Assets Value mutual funds sharia in Indonesia and Malaysia.
Riwi Sumantyo Dessy Anis Savitri
212898331
Is there a Ramadhan effect on Sharia mutual funds? Evidence from Indonesia and Malaysia
This paper aims to examine whether Sharia mutual fund managers are able to gain abnormal returns from what is called the Ramadhan effect.,The authors use GARCH regression on daily data of domestic Sharia mutual fund performance in Indonesia and Malaysia over the period of 2007 2017.,The authors find that the Ramadhan effect is not a strong predictor of Sharia fund excess return in Indonesia and Malaysia, and they identify a positive Ramadhan abnormal return on the Malaysia Sharia Equity Fund. This result shows there is size effect on sharia fund excess return in Indonesia and value effect on Sharia Balanced Fund in both markets. It is suggested that the effect of market excess return in Indonesia is stronger than in Malaysia.,The samples are limited to Sharia Funds over the period 2007 2017.,The authors suggest that size and value effect could be considered to develop the selection and timing strategies to explore the Ramadhan effect.,This study focuses on Indonesia and Malaysia, the two largest Islamic Stock Markets in Southeast Asia and examines specific on Sharia Mutual Fund (equity and balanced fund) It also compares differences in total performance measures between the Ramadhan period and non Ramadhan period.
Rofikoh Rokhim Irma Octaviani