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 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 THE ROLE OF ISLAMIC CAPITAL MARKET FOR MICRO, SMALL, AND MEDIUM ENTERPRISES (MSMES) THROUGH SYNERGY OF MUTUAL FUND AND VENTURE CAPITAL INSTITUTION

2017 ◽  
Vol 3 (1) ◽  
pp. 81-112
Author(s):  
Yulizar D. Sanrego
Keyword(s):  
Venture Capital ◽  
Capital Market ◽  
Mutual Fund ◽  
Small And Medium Enterprises ◽  
Proposed Model ◽  
Investment Manager ◽  
Corporate Venture ◽  
Medium Enterprises ◽  
Fund Investment

It is worldly known that one of the main obstacles which is often faced by the micro, small, and medium enterprises (MSMEs) practitioners is the ability to access sources of funding. At the time where the absorption of banking credit to MSMEs is still very limited, the role of sharia capital market is considered as an alternative to support this limitation. Expanding the role of sharia capital market finds it moment when Indonesia Finance Service Authority (FSA) issued regulations that provide space for the capital market to also active in real sector businesses. In accordance with the FSA Rules N0.37/2014, mutual fund (unit trust) in the form of Collective Investment Contract (CIC) - Limited Investment/ Participation Fund (LPF) has the objective to pave the way for mutual fund investors to make direct investments in real investments. The proposed model that might be realized to smoothen the intermediary role of sharia capital market to the development of MSMEs is through the hybrid model that might linking mutual fund/investment manager and corporate, particularly venture capital. Using Analytical Network Process (ANP) approach this paper indicates that with the value of rater agreement 1.0, the research found that there are four main cluster problems which become an obstacle the proposed model, namely: (a) the reputation of mutual fund/investment manager; (b) investment grade rating of corporate (venture capital); (c) risk appetiate of investor as shahib al-mal; and (d) government regulation. Policy recommendation that might become solution, according to the value of rater agreement 1.0  is sequentially as follow, namely: (a) fully support from government; especially for a relatively new mutual fund with no experience in the capital markets industry; (b) Corporate (venture capital) should be able to offer Islamic Microfinance Finance Institutions (IMFIs) and MSMEs that have good business feasibility to the mutual fund/investment manager as well as investor; (c) the government should be able to guarantee legal certainty in the context of protection, including advocacy for investors; and last but not least (d) There is an extremely hope that investors could change their investment behavior paradigm, from risk averse to risk taker.Keywords: Sharia capital market, Mutual fund, Venture capital, MSMEJEL Classification: G1, G23, G24

scholarly journals DETERMINAN TINGKAT SUKU BUNGA, INDEKS DOW JONES, NIKKEI 225, DAN STRAITS TIME TERHADAP ISSI

El Dinar ◽  
2019 ◽  
Vol 7 (1) ◽  
pp. 32
Author(s):  
Febrian Wahyu Wibowo
Keyword(s):  
Interest Rate ◽  
Capital Market ◽  
Supervisory Board ◽  
Stock Index ◽  
Market Index ◽  
Negative Effect ◽  
Positive Effect ◽  
The Capital Market

<p><em>Islamic financing is a kind of investment that has system and operational based on sharia principles. Islamic financing is supervised by the Sharia Supervisory Board (DPS). This is to safeguard that there are no commercial involved such as gambling, usury, and prohibitedproducts. The indexfluctuation in the capital market of a country is influenced by world capital market indices. The first Islamic index in world is the Dow Jones Islamic Market Index (DJIM). Based on the discussion about the influence of Interest Rate variables, Dow Jones Islamic Market, Nikkei 225 Index, and Straits Times Index on the Indonesian Sharia Stock Index variable for June 2012 until March 2017  the conclusions are as follows: Interest Rate has a negative effect on the Indonesian Sharia Stock Index, Dow Jones Islamic Market has a positive effect on the Indonesian Sharia Stock Index, the Nikkei 225 has a negative effect on the Indonesian Sharia Stock Index, the Straits Times negatively affects the Indonesian Sharia Stock Index</em></p>

scholarly journals PENGARUH PENGETAHUAN PASAR MODAL, PERSEPSI RISIKO INVESTASI, PENGGUNAAN TEKNOLOGI TERHADAP PERILAKU MAHASISWA BERINVESTASI DI PASAR MODAL (Studi Empiris pada Galeri Investasi di Purwokerto)

2021 ◽  
Vol 19 (1) ◽  
pp. 70
Author(s):  
Gede Ari Slamet Suaputra ◽  
Irianing Suparlinah ◽  
Sujono Sujono
Keyword(s):  
Capital Market ◽  
Sampling Method ◽  
Positive Impact ◽  
Market Knowledge ◽  
Use Of Technology ◽  
Support Skills ◽  
Rate Of Returns ◽  
Risk Investment ◽  
Islamic Investment ◽  
The Capital Market

This study aims to determine and analize effect of capital market knowledge, risk investment perception and use of technology towards the student’s investing behavior in the capital market. The population is the student’s who are members of the Investment Gallery Universitas Jenderal Soedirman and Islamic Investment Gallery Universitas Muhammadiyah Purwokerto. The sampling method used is purposive sampling. The data sample was obtained as many as 143 respondents. The result of this research indicates that capital market knowledge has a positive impact to the student’s investing behavior in the capital market, risk investment perception and  use of technology have no impact to the student’s investing behavior in the capital market. Implication of the research is the most basic student’s must have as the investor. Investors need a basic understanding of the capital market, stocks as an investment in the capital market and rate of returns. Knowledge will support skills in analyzing, choosing and making a decision.

scholarly journals PENGUKURAN PEMILIHAN SAHAM DAN PENETAPAN WAKTU MENGGUNAKAN MODEL TREYNOR-MAZUY PADA REKSADANA SYARIAH DI INDONESIA

ETIKONOMI ◽  
2013 ◽  
Vol 12 (1) ◽  
Author(s):  
Anita Anita
Keyword(s):  
Capital Market ◽  
Mutual Fund ◽  
Public Information ◽  
Positive Contribution ◽  
Stock Selection ◽  
Negative Contribution ◽  
Examination Result ◽  
Timing Ability ◽  
Investment Manager ◽  
Autoregressive Conditional Heteroscedasticity

This research aims is to evaluate performance of sharia mutual fund in Indonesia by assessing investment manager’s ability and by inserting public information for considering investment in capital market. This research uses Treynor-Mazuy’s model  that is in turn developed by Ferson-Walther’s model  for conditional version. The statistic method to test on this study are Multiple Regression and Autoregressive Conditional Heteroscedasticity (ARCH). Based on examination result of two sharia equity mutual fund data shows that stock selection ability of investment manager give a positive contribution to the fund returns, while market timing ability give a negative contribution to fund returns. , and public information that is relied on in making decision for investment of Sharia capital market is information about changes of exchange rate.DOI: 10.15408/etk.v12i1.1898

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 The Jurisdiction of Sharia Supervisory Board in Indonesia Sharia Capital Market

2020 ◽  
Vol 7 (9) ◽  
pp. 763-774
Author(s):  
Bagas Heradhyaksa
Keyword(s):  
Qualitative Research ◽  
Capital Market ◽  
Financial Services ◽  
Supervisory Board ◽  
Legal Basis ◽  
Bank Deposits ◽  
A Company ◽  
The Capital Market

AbstractThe capital market is an institution that brings together those who need funds, to develop their business, and those who are excess funds, to make investments. Unlike the concept of financing in banks, the capital market uses the concept of buying and selling shares. So that it can be a solution for a company that wants to develop its business without using debt. Investors can also get profits that are higher than the profits from bank deposits. Thus, the capital market is growing in the middle of society. However, there are some activities in the capital market that are contrary to Islamic principles. Therefore, the Islamic capital market emerged. To oversee activities in the Islamic capital market, the role of the Sharia Supervisory Board is needed. The objective of this article is to find out the jurisdiction governing the Sharia Supervisory Board in the Islamic capital market in Indonesia. The methodology used is qualitative research. The data used in this study is library data. This study found that the existence of the Sharia Supervisory Board already has a legal basis based on the Indonesian Financial Services Authority Regulation. However, there are no specific laws governing the Islamic capital market. So it is necessary to make a special law that accommodates all aspects of sharia in the Islamic capital market, specifically with regard to the Sharia Supervisory Board.Keywords: Capital Market, Sharia Capital Market, Sharia Supervisory Board, Jurisdiction, Indonesia. AbstrakPasar modal adalah lembaga yang mempertemukan mereka yang membutuhkan dana, untuk mengembangkan usahanya, dan mereka yang memiliki kelebihan dana, untuk melakukan investasi. Berbeda dengan konsep pembiayaan di bank, pasar modal menggunakan konsep jual beli saham. Sehingga dapat menjadi solusi bagi perusahaan yang ingin mengembangkan usahanya tanpa menggunakan hutang. Investor juga bisa mendapatkan keuntungan yang lebih tinggi dari keuntungan dari deposito bank. Dengan demikian, pasar modal tumbuh di tengah masyarakat. Namun, ada beberapa aktivitas di pasar modal yang bertentangan dengan prinsip syariah. Oleh karena itu, pasar modal syariah muncul. Untuk mengawal aktivitas di pasar modal syariah, diperlukan peran dari Dewan Pengawas Syariah. Artikel ini bertujuan untuk mengetahui yurisdiksi yang mengatur Dewan Pengawas Syariah di pasar modal syariah di Indonesia. Metodologi yang digunakan adalah penelitian kualitatif. Data yang digunakan dalam penelitian ini adalah data perpustakaan. Studi ini menemukan bahwa keberadaan Dewan Pengawas Syariah sudah memiliki dasar hukum berdasarkan Peraturan Otoritas Jasa Keuangan. Namun, tidak ada undang-undang khusus yang mengatur pasar modal syariah. Sehingga perlu dibuat undang-undang khusus yang mengakomodir semua aspek syariah di pasar modal syariah, khususnya yang berkaitan dengan Dewan Pengawas Syariah.Kata Kunci: Pasar Modal, Pasar Modal Syariah, Dewan Pengawas Syariah, Yurisdiksi, Indonesia

scholarly journals A Study on Investor’s Attitude Towards SBI and HDFC Mutual Fund in Coimbatore City

2021 ◽  
pp. 443-447
Author(s):  
Dr. L. Senthilkumar
Keyword(s):  
Capital Market ◽  
Mutual Fund ◽  
Low Cost ◽  
Money Market ◽  
Short Term ◽  
Stated Objective ◽  
Financial Goal ◽  
Joint Ownership ◽  
The Common ◽  
Common Man

A Mutual Fund is a professionally-managed form of collective investments that pools money from many investors and invests it in stocks, bonds, short-term money market instruments, and/or other securities. Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. This pool of money is invested in accordance with a stated objective. The joint ownership of the fund is thus “Mutual”, i.e. the fund belongs to all investors. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciations realized are shared by its unit holders in proportion the number of units owned by them. Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost.

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

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