scholarly journals IMPLEMENTATION OF SYARI'AH ECONOMIC PRINCIPLES ON THE MANAGEMENT OF SYARI'AH MUTUAL FUND IN INDONESIA

Yuridika ◽  
2018 ◽  
Vol 33 (2) ◽  
pp. 316
Author(s):  
Nunung Rodliyah ◽  
Risti Dwi Ramasari
Keyword(s):  
Mutual Funds ◽  
Financial Institutions ◽  
Capital Market ◽  
Mutual Fund ◽  
Islamic Law ◽  
Financial Institution ◽  
Supervisory Board ◽  
Literature Study ◽  
Economic Principle ◽  
The Capital Market

Syari’ah Financial Institution is one of the institutions of Islamic doctrine that is currently mushrooming in the midst of modern Indonesian society. Along with the growth of syari'ah financial institutions, MUI issued that interest is usury which is unlawful. The entry of syari'ah financial institutions in Indonesia made a new breakthrough in the syari'ah capital market. One of the products of syari'ah capital market is Syari'ah Mutual Fund. Syari'ah mutual funds are defined as mutual funds as referred to in the Capital Market Law and its implementing regulations whose management does not conflict with the principles of syari'ah in the capital market. The problem of this research is how is the interpretation of the regulation of syari'ah economic principle in Indonesia and how is the management of Syari'ah Mutual Funds based on syari'ah economic principle in Indonesia. This research is normative research with descriptive research type. The approach used is normative juridical. The data collection was done by literature study and document study. The data used are secondary data consisting of primary legal materials, secondary legal materials, and tertiary legal materials. The collected data is then analyzed qualitatively. The findings of the research show that there are 3 (three) principles of syari'ah economy namely the principles of Tauhid, Justice, and Benefits. The regulation of syari'ah economic principles in Indonesia is regulated in the DSN-MUI and compilation of Islamic law. Basically syari'ah economic principles are in the field of Bank financial institutions and Non-Bank financial institutions. The arrangement of syari'ah economic principles, as well as regulated in law but also governed by Syar'i Law and Fiqh law through Ijtihad, by the method of Mashlahah Mursalah. Implementation of investments in Syari'ah Mutual Fund transaction mechanism in investing through Syari’ah Mutual Funds should pay attention to things that are not against the Islamic Syari'ah. Implementation of the transaction contract should not be contrary to the Islamic Syari'ah, whether prohibited because (1) Forbidden in addition to the substance, which contains tadlis, ihtikar, ba'i najasy, garar, and usury, as well (2) Because unauthorized, i.e. the order and conditions are not met, there ta'alluq, and there are two contracts in one transaction simultaneously. The idea of syari’ah economic principles recommends to the Syari’ah Banking Supervisory Board to make further regulation in the development of investing through Syari’ah Mutual Funds in Indonesia.

scholarly journals Investors’ Attentiveness towards Mutual Funds in Nepal

2020 ◽  
pp. 88-99
Author(s):  
Sudip Wagle
Keyword(s):  
Mutual Funds ◽  
Capital Market ◽  
Mutual Fund ◽  
Sampling Method ◽  
University Student ◽  
Adequate Knowledge ◽  
Investment Choice ◽  
The Government ◽  
Structured Questionnaire ◽  
The Capital Market

The growing enthusiasm for mutual funds among the investment choice is an anxiety in the Nepali capital market. The paper aims to find out the investors’ eagerness towards mutual funds in Nepal. This investigation is descriptive and based on a structured questionnaire survey of 125 (out of 140) respondents from the broker office in Chitwan District. The stratified sampling method was used, based on four strata (Businessperson, university lecturer, university student, institutional and local investor) of the respondents’ socio-demographic, adequate knowledge, and factors determination areas. The paper has three major discoveries. First, Nepali investors were dominated by male gender like as in other countries, and university students were excited in the capital market for investment that most common only in Nepal. Second, investors were investing in mutual funds without sufficient knowledge although most investors were aware of political instability. Lastly, investing in common stock rather than mutual funds, followed by the players who made the mutual fund more effective were the most prioritized factors and awareness to invest in mutual funds was the least factor while investing by an investor. Moreover, the correlation among all variables was positively significant. This paper is valuable to the government bodies, academicians, concern companies, and investors, which help them to know more about mutual funds. This study concludes differently from previous studies that individuals prefer to invest in the capital market rather than a bank deposit, which is probably the new appearance in Nepal.

scholarly journals Pengembangan Exchange Trade Fund Syariah Indonesia: Peluang dan Tantangan

2021 ◽  
Vol 7 (1) ◽  
pp. 55
Author(s):  
Azmiana Risca ◽  
Rifqi Muhammad
Keyword(s):  
Capital Market ◽  
Mutual Fund ◽  
Low Cost ◽  
Supervisory Board ◽  
Muslim Community ◽  
Low Literacy ◽  
Investment Opportunities ◽  
Investment Manager ◽  
Islamic Investment ◽  
The Capital Market

This paper aims to discuss the opportunities and challenges of developing Sharia Exchange Trade Fund (ETF) investment products in Indonesia. ETF is an investment product in the capital market that collaborates stock and mutual fund products that can collectively be traded on the capital market. This will provide attractive new investment opportunities for investors who are concerned about sharia investment. With the consideration that Indonesia's population is predominantly Muslim, then of course Islamic investment products will attract them. ETFs have the following advantages: easy and flexible process of ownership and transfer, low cost and risk, wide coverage because they are like investing in several portfolios at once, and the process is transparent. In particular, Islamic ETFs have the advantage in the aspect of ensuring product halalness because their portfolios are always monitored by the sharia supervisory board in each investment manager as the manager. On the other hand, Islamic ETFs are faced with challenges related to the low literacy of the Muslim community about investing in the capital market that has sharia products.

scholarly journals Analisis Kinerja Reksadana Saham dan Reksadana Indeks dalam Penilaian Tingkat Efisiensi Pasar Modal di Indonesia

2021 ◽  
Vol 3 (2) ◽  
pp. 105-120
Author(s):  
Ainani Nur Aziqoh
Keyword(s):  
Mutual Funds ◽  
Capital Market ◽  
Mutual Fund ◽  
Investment Funds ◽  
Equity Funds ◽  
Reference Index ◽  
The Capital Market

Mutual funds are designed to raise investment funds. The objectives of this study are: to determine the performance of mutual funds on the LQ-45 index is higher than the performance of equity funds in the Indonesian capital market and to measure the level of efficiency in the capital market using CAPM modeling and using Net Active Value (NAV) data per year for the 2015 period. -2019. To determine whether a mutual fund is good or bad, it is not measured by how much the return has been generated or by how big or small the risk of fluctuation is, but this is seen from how much the mutual fund performs with its reference index. If the performance of index mutual funds is better or the performance of stock mutual funds is lower overall, the capital market can be said to be efficient. The results of this study indicate that the performance of the LQ-45 index mutual funds is smaller than the performance of the more superior stock mutual funds above. So it can be concluded that the Indonesian capital market is an inefficient Indonesian capital market.  

STRATEGI GERILYA DALAM MENGGUGAH KESADARAN MASYARAKAT ATAS INSTRUMEN INVESTASI PADA PRODUK PASAR MODAL SYARIAH KHUSUSNYA REKSA DANA SYARIAH

2019 ◽  
Vol 2 (2) ◽  
Author(s):  
Sri Anugrah Natalina
Keyword(s):  
Mutual Funds ◽  
Portfolio Management ◽  
Capital Market ◽  
Mutual Fund ◽  
Supervisory Board ◽  
Investment Portfolio ◽  
Investment Funds ◽  
Implementation Evaluation ◽  
Investment Patterns ◽  
Selection Of

Indonesia's financial market is a potential target, because there are still many Indonesian who in their investment patterns do not reflect the diversity and choice of modern investment instruments. This becomes a "homework" to be completed. The maximum absorption of investment funds from Indonesian society that is still conventional can "excite" the capital market again. Shariah mutual funds have a special appeal compared to other types of mutual funds. Shariah mutual funds are currently not limited to Muslims because the general public, who have seen the benefits of investment based on the selection of sector and company with certain criteria, are more promising and minimize risk. Investment portfolio management works based on the framework for investment management which covers the process of planning, implementation, evaluation and adjustment. In mutual funds, investment managers are responsible for investment activities, which include analysis and selection of investment types, and taking necessary actions for the benefit of investors. If there is a problem in the future and the investor wants to change the form of his investment, then he can do the resale of the Shariah mutual fund shares to the mutual fund company where he invests. The Shariah Supervisory Board oversees the transactions of Mutual Fund issuing companies, because the halal returns / funds obtained through mutual funds depend heavily on investment activities carried out by investment managers. The advantage of investing in Shari'ah mutual funds is that it can be done in retail so that the initial investment can be adjusted to financial capability and its value is small. Other benefits include the relatively higher yield of deposits and tax free, as well as the existence of routine audits and supervision by the Shariah Supervisory Board (DPS). Key words: Syariah Mutual Funds, Portfolio Management, Shariah Supervisory Board

scholarly journals Determinasi Pengungkapan Syariah terhadap Standar AAOIFI : Studi terhadap Daftar Efek Syariah di Indonesia

2019 ◽  
Vol 2 (2) ◽  
pp. 135
Author(s):  
Ahmad Dzakiyuddin
Keyword(s):  
Capital Market ◽  
Financial Institution ◽  
Supervisory Board ◽  
Revenue Recognition ◽  
Leverage Ratio ◽  
Independent Variables ◽  
The Impact ◽  
The Capital Market

The purpose of this study is to determine the impact of compliance with sharia principles, leverage ratio, revenue recognition ratio and islamic governance score on the disclosure level. Compliance with sharia principles is measured in accordance with the capital market and Financial Institution Supervisory Agency Regulations concerning Criteria for Issuance of List of Sharia Securities. The leverage ratio and revenue recognition ratio are determined using the criteria set by DSN-MUI and written on OJK regulations concerning Criteria and Issuance of List of Sharia Securities. Meanwhile the Islamic Governance Score is a proxy for the characteristics of the Sharia Supervisory Board (DPS). Level of disclosure measured by formulating a disclosure index based on Sharia Company Theory. The sample in this study was 343 Lists of Sharia Securities in Indonesia in 2018. The results of the study indicate that all independent variables are significant for the disclosure level.

THE ROLE OF EXCHANGE TRADED FUND TO DRIVE THE GROWTH OF THE MUTUAL FUND INDUSTRY IN THE CAPITAL MARKET ACCORDING TO A REVIEW OF ISLAMIC LAW

2021 ◽  
Vol 3 (1) ◽  
pp. 42-59
Author(s):  
Syaeful Bakhri ◽  
Mohammad Rana ◽  
Anez Yuniar Pradini
Keyword(s):  
Capital Market ◽  
Mutual Fund ◽  
Islamic Law ◽  
Stock Exchange ◽  
Descriptive Study ◽  
Product Innovations ◽  
Exchange Traded Fund ◽  
The Capital Market

As a product that has just been listed on the stock exchange, this Exchange Traded Fund (ETF) has attracted the attention of various lines of capital market investors. ETF is known as one of the mutual fund product innovations as a follow-up to POJK No. 49/POJK.04/2015. This study is a descriptive study of this product with all the features and advantages and uniqueness it has as a form of diversification of existing mutual fund products. This study also seeks to explore the strengths and weaknesses of ETFs both internally and externally. Interestingly, this descriptive study presents data on investor enthusiasm for ETF products. One of the main attractions of this product is that apart from being traded on the stock exchange, the price is also very cheap. Not only explaining in terms of products and their uniqueness, but this study also discusses the review of Islamic law on ETF transactions on the stock exchange. When compared with the practice of buying and selling, there are many similarities. And there are several other interesting factors to observe regarding the considerations of investors in choosing mutual fund instruments, especially ETFs as an alternative to new investments in the capital market.

scholarly journals PERLINDUNGAN HUKUM TERHADAP INVESTOR DALAM INVESTASI MELALUI REKSADANA SYARIAH DI IDONESIA

2020 ◽  
Vol 16 (2) ◽  
pp. 37-49
Author(s):  
Arif Effendi
Keyword(s):  
Mutual Funds ◽  
Financial Institutions ◽  
Mutual Fund ◽  
Islamic Law ◽  
Legal Protection ◽  
Profit Sharing ◽  
Operational Mechanism ◽  
Positive Law ◽  
Investment Manager

Arif Effendi, Legal Protection to Investors in Investment trough Sharia Reksadana (mutual funds) in Indonesia. This paper talk about legal protection to investors in Sharia Reksadana under sharia principles or Islamic law and Positive law in Indonesia. Reksadana is an instrument used to raise funds from the investor community to be reinvested in securities portfolio by the Investment Manager. Sharia Reksadana is a mutual fund that operates under the terms and principles of Islamic Sharia, either in the form of a contract between the owner of the property (sahib al-mal) and the Investment Manager as the representative of shahib al-mal, or between the Investment Manager as a representative of shahib al-mal with investment users. The operational mechanism in Sharia Reksadana between Investor and Investment Manager is done by wakala system. Meanwhile the operational mechanism between Investment Manager and Investment user (mudharib) is done by mudaraba system. Non-bank financial institutions such as Sharia Reksadana based on their operations using sharia principles. In that principle, prohibited all elements that are not in accordance with sharia. That are Riba (usury), Gharar (uncertainty), Maysir (gambling/speculation), etc. Wakala system, mudaraba system, and positive law agreement are needed to protect the investors. Profit sharing is the most appropriate system as a substitute for interest, to avoid riba (usuary). Sharia Reksadana is one of financial institutions that implements a system of profit sharing in the agreement in what we call mudaraba system. By implementing profit sharing sistem it is hoped to be free from riba (usury).

scholarly journals PENGATURAN REKSADANA SYARIAH DALAM KONSTRUKSI HUKUM POSITIF DI INDONESIAENGATURAN REKSADANA SYARIAH DALAM KONSTRUKSI HUKUM POSITIF DI INDONESIA

2019 ◽  
Vol 10 (1) ◽  
pp. 17
Author(s):  
Baiq Nur Aini Dwi Suryaningsih
Keyword(s):  
Mutual Funds ◽  
Financial Institutions ◽  
Capital Market ◽  
Financial Services ◽  
Alcoholic Beverage ◽  
Conceptual Approach ◽  
Positive Law ◽  
Property Owners ◽  
The Many ◽  
The Capital Market

This research is related to the Arrangement of Sharia Mutual Funds in the Construction of Positive Laws in Indonesia. Sharia mutual funds are one of the instruments that play an essential role in the capital market in Indonesia. The emergence of Sharia Mutual Funds originated from conventional mutual funds. The many needs of financial institutions in the capital market that operate with sharia principles, Sharia Mutual Funds appear and act according to Islamic sharia provisions and laws. Both in the form of contracts between investors as property owners (Shahibul Maal) and investment managers as representatives of Shahibul Maal, and between investment managers as representatives of Shahibul Maal and investment users. Islamic mutual funds will not invest their funds in bonds of companies whose management or products are contrary to Islamic sharia, for example, alcoholic beverage factories, pig industry, financial services involving usury in operations and businesses that contain immorality. This study uses the Statute Approach and Conceptual Approach, which are complemented by primary, secondary, and tertiary legal materials which are analyzed qualitatively. Regulation of Sharia Mutual Funds in Indonesia under the Capital Market Law Number 8 of 1995 concerning Capital Market and Financial Services Authority Regulation Number 19/POJK.04/2015 concerning Issuance and Requirements of Sharia Mutual Funds and other technical regulations. And specifically, Sharia Mutual Funds are regulated in the Fatwa of the National Sharia Council of the Indonesian Ulema Council Number 20/DSN-MUI/IV/2001 concerning the Guidelines for implementing Investment for Sharia Mutual Funds. Furthermore, Islamic mutual funds at the normative level require a strong foundation in the context of regulation, specifically in positive law in Indonesia to accommodate the needs of the community for the bill. Keywords: regulation, sharia mutual funds, positive legal constructionABSTRAKPenelitian ini berkaitan dengan Pengaturan Reksadana Syariah dalam Konstruksi Hukum Positif di Indonesia. Reksadana Syariah merupakan salah satu instrumen yang berperan penting dalam pasar modal di Indonesia. Munculya Reksadana Syariah bermula dari Reksadana konvensional. Banyaknya kebutuhan akan lembaga keuangan dalam pasar modal yang beroperasi dengan prinsip-prinsip syariah, maka Reksadana Syariah muncul dan beroperasi menurut ketentuan dan prinsip syariah Islam, baik dalam bentuk akad antara pemodal sebagai pemilik harta (shahibul maal) dengan manajer investasi sebagai wakil shahibul maal, maupun antara manajer investasi sebagai wakil shahibul maal dengan pengguna investasi. Reksadana syariah tidak akan menginvestasikan dananya pada obligasi dari perusahaan yang pengelolaannya atau produknya bertentangan dengan syariah Islam misalnya pabrik minuman beralkohol, industri pertenakan babi, jasa keuangan yang melibatkan riba dalam operasionalnya dan bisnis yang mengandung maksiat. Penelitian ini menggunakan pendekatan Perundang-Undangan (Statute Approach) dan pendekatan konseptual (Conceptual Approach), yang dilengkapi dengan bahan hukum primer, sekunder dan tersier yang dianalisis secara kualitatif. Pengaturan Reksadana Syariah di Indonesia berdasarkan Undang– Undang Pasar Modal Nomor 8 Tahun 1995 tentang Pasar Modal dan Peraturan Otoritas Jasa Keuangan Nomor 19/POJK.04/2015 Tentang Penerbitan dan Persyaratan Reksa Dana Syariah dan Peraturan teknis lainnya. Dan secara khusus Reksadana Syariah diatur dalam Fatwa Dewan Syariah Nasional Majelis Ulama Indonesia Nomor 20/DSN-MUI/IV/2001 Tentang Pedoman pelaksanaan Investasi untuk Reksadana Syariah. Selanjutnya Reksadana syariah pada tataran normatif memerlukan landasan yang kuat dalam konteks pengaturan secara khusus dalam hukum positif di Indonesia hal tersebut untuk mengakomodir kebutuhan masyarakat akan hukum. Kata kunci: konstruksi hukum positif, reksadana syariah

scholarly journals Risk Tolerance and Satisfaction Level of Mutual Fund Retail Investors

2020 ◽  
pp. 25-32
Keyword(s):  
Mutual Funds ◽  
Capital Market ◽  
Mutual Fund ◽  
Risk Tolerance ◽  
Study Analyse ◽  
Retail Investors ◽  
Retail Investor ◽  
The Right ◽  
Fund Investment ◽  
The Capital Market

The retail investors in India are characterized by an affinity to avoid risk and they lack the mental readiness to absorb the shocks of the volatile capital market. Hence, to attract the surplus funds possessed by the retail investors into the capital market, intermediaries like mutual funds are required. Though apparently mutual funds were intended to cater to the needs of the retail investor, the stock market has not won investors’ confidence to attract a growing share of household’s financial savings. Today, more players are entering into the market and a naïve investor is unable to deploy the investment in the right direction. The study analyse the retail investors financial decision in terms of investing their savings in the capital market through mutual fund investment. The study found that, investor’s with moderate risk tolerance level prefer to invest in mutual funds and return, marketability and liquidity are the most satisfying factors investor they look on.

scholarly journals Peran Dan Kompetensi Auditor Syariah Dalam Menunjang Kinerja Perbankan Syariah

2020 ◽  
Vol 4 (2) ◽  
pp. 222-241
Author(s):  
Aulia Putri Oktaviani Jusri ◽  
Erina Maulidha
Keyword(s):  
Financial Institutions ◽  
Islamic Law ◽  
Supervisory Board ◽  
Study Data ◽  
Islamic Banking ◽  
Literature Study ◽  
Internal Auditors ◽  
Islamic Financial Institutions ◽  
Descriptive Approach

The increase in the growth of Islamic banking needs to be supported by the performance of sharia auditors. This study aims to discuss the role and competence of Islamic auditors in supporting the performance of Islamic banking. This type of research uses qualitative methods with a descriptive approach using literature study data. The results of this study indicate that the competencies that must be possessed by sharia auditors include knowledge of Islamic law, fiqh muamalah, skills in accounting and auditing, and special characteristics as sharia auditors. This competence is the key to maximizing the role and competence of sharia auditors to support the performance of Islamic banking. The roles of sharia auditors include as independent auditors, internal auditors, and sharia supervisory board. Sharia compliance tests on Islamic financial institutions are part of the role of the sharia auditor.

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