scholarly journals PENDEKATAN STRATEGIS ADAPTIF BERBASIS SJSN (BPJS) DALAM UPAYA PENGEMBANGAN PRODUK PENSIUN NASIONAL

2020 ◽  
Vol 5 (1) ◽  
pp. 77-86
Author(s):  
Yuliyanti M.Manan
Keyword(s):  
Health Insurance ◽  
Social Security ◽  
Financial Institutions ◽  
Capital Market ◽  
Adaptive Strategy ◽  
Financial Industry ◽  
Pension Program ◽  
Actuarial Approach ◽  
Alternative Means ◽  
The Capital Market

ABSTRACT The Capital Market Industry and Non-Bank Financial Institutions (NBFIs) provide alternative means of investment and financial planning for the public. Funds collected in the capital market and the non-bank financial industry (IKNB) and the movement of funds through the financial markets, including capital markets and non-bank financial institutions, are the main keys to the movement of a country's economy. The ranking of penetration results from the World Bank in 6 Asian countries Indonesia ranks 6th, in order to increase penetration, an adaptive approach based on the National Social Security System (BPJS) is needed, in this case placing the role of the National Health Insurance as a center for developing a national pension program with the strategy of integrating the health benefits of Social Security Health Insurance. and pension services (BPJS-K & P). The purpose of this research is to analyze and study innovation solutions to the development and derivation platform of pension products based on the BPJS program. This study uses a descriptive analytical research design and an actuarial approach to research and develop BPJS-based pension services programs. Keywords: Adaptive Strategy, SJSN, BPJS, Pension Services.   ABSTRAK Industri Pasar Modal dan Lembaga Keuangan Non-Bank (LKNB) menyediakan sarana investasi alternatif dan perencanaan keuangan untuk publik. Dana yang dikumpulkan di pasar modal dan industri keuangan non-bank (IKNB) dan pergerakan dana melalui pasar keuangan, termasuk pasar modal dan lembaga keuangan non-bank, adalah kunci utama pergerakan ekonomi suatu negara. Pemeringkatan hasil penetrasi dari Bank Dunia di 6 negara Asia Indonesia menempati urutan keenam, untuk meningkatkan penetrasi, diperlukan pendekatan adaptif berdasarkan Sistem Jaminan Sosial Nasional (BPJS), dalam hal ini menempatkan peran Asuransi Kesehatan Nasional. sebagai pusat pengembangan program pensiun nasional dengan strategi mengintegrasikan manfaat kesehatan dari Jaminan Kesehatan Jaminan Sosial. dan layanan pensiun (BPJS-K & P). Tujuan dari penelitian ini adalah untuk menganalisis dan mempelajari solusi inovasi untuk platform pengembangan dan derivasi produk pensiun berdasarkan program BPJS. Penelitian ini menggunakan desain penelitian analitik deskriptif dan pendekatan aktuaria untuk meneliti dan mengembangkan program layanan pensiun berbasis BPJS. Kata kunci: Strategi Adaptif, SJSN, BPJS, Layanan Pensiun.

scholarly journals Demography and provisions for retirement: the pension composition, a behavioral approach

2021 ◽  
Vol 87 (1) ◽  
pp. 1-31
Author(s):  
Bernard M.S. Van Praag ◽  
J. Peter Hop
Keyword(s):  
Interest Rate ◽  
Social Security ◽  
Capital Market ◽  
Survival Rates ◽  
Modern Society ◽  
Behavioral Approach ◽  
Occupational Pension ◽  
Age Cohort ◽  
The Interest Rate ◽  
The Capital Market

AbstractPensions may be provided for in a modern society by a mix of several methods, namely by voluntary individual savings, mandatory fully-funded occupational pension systems, mandatory social security financed by pay-as-you-go, and old-fashioned hoarding in cash. We call a specific mixture of the four systems a pension composition. We assume that individual workers decide on their own individual savings, that the fully-funded occupational system is decided upon by the age cohort of the median worker, and that social security is decided upon by the median voter. We assume that individual and collective pension savings are the only sources of capital supply. When capital supply equals demand from industry, there is equilibrium in the capital market with a corresponding equilibrium interest rate and pension composition. In this paper, we assume a demography with one hundred age brackets and we investigate how changes in the birth rates, survival rates, and the retirement age affect the pension composition and the capital market equilibrium. Our conclusion is that for a given technology, the pension composition and the interest rate are determined by the demography and cannot be modified at will as a long-term political instrument.

scholarly journals TRADING IMPLEMENTATION IN INDONESIA STOCK EXCHANGE, PALEMBANG BRANCH OFFICE ACCORDING TO THE SHARI’AH LAW AND BUSINESS

1970 ◽  
Vol 20 (2) ◽  
pp. 287-294
Author(s):  
Romziatussaadah Romziatussaadah
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Stock Exchange ◽  
Muslim Country ◽  
Financial Industry ◽  
Literature Study ◽  
Significant Growth ◽  
Finance Industry ◽  
Branch Office ◽  
The Capital Market

As the largest Muslim country in the world, Indonesia is a potential market in the development of the Islamic finance industry. Investment in the capital market, which is part of the Islamic financial industry, has an important role in increasing the market share of the financial industry in Indonesia. Although the development is relatively new compared to sharia banking and sharia insurance, along with the significant growth of the Indonesian capital market industry, it is expected that sharia investment in the Indonesian capital market will experience significant growth. This study aims to explain the trading mechanism on the Indonesian stock exchange that involves Islamic stocks and to find out a review of sharia law and business in the implementation of these trades / transactions. This study uses a normative juridical approach. This research was conducted in Palembang by taking the object on the Indonesia Stock Exchange. Data obtained from in-depth interviews, literature study, and observation. Qualitative analysis can be interpreted as an explanation and interpretation in a logical, systematic and consistent manner. In connection with this, the techniques used and the nature of the data obtained from the results of their collection, can be analyzed using taxonomic analysis. This study concludes that 1) the capital market in Indonesia is categorized into two, namely a) conventional capital markets and b) Islamic capital markets; 2) The regulation regarding the Sharia capital market is so complete by the capital market in Indonesia. Starting from the Capital Market Law, the DSN MUI and BAPEPAM fatwas; and 3) The operational mechanism of the Sharia Stock Exchange has been clearly implemented and regulated in these regulations. So that capital market players already understand things that are appropriate and not in accordance with Sharia.

scholarly journals The Effect Of Debt Choice On Firm Value

2016 ◽  
Vol 33 (1) ◽  
pp. 135-140 ◽  
Author(s):  
Soonwook Hong
Keyword(s):  
Financial Institutions ◽  
Capital Market ◽  
Firm Value ◽  
Corporate Bonds ◽  
Debt Financing ◽  
Bank Loans ◽  
Economic Perspective ◽  
The Capital Market

This study aims to verify the effects of different methods of debt financing on firm value. The most common methods used by firms to finance its operations are directly issuing corporate bonds in the capital market and borrowing through financial institutions such as banks. From the accounting perspective, there is no difference between corporate bonds and bank loans. However, from the economic perspective, corporate bonds and bank loans are different in terms of their characteristics. This study conducts with the assumption that the attributes of the type of debt selected determine its impact on firm value. The results indicate that firms that use corporate bonds more frequently than bank loans have a higher value. 

scholarly journals DOES MARKET REACT TO TAX REDUCTION NEWS? AN EMPIRICAL STUDY ON CORPORATE TAX REDUCTION OF BANGLADESH IN 2017-18

2019 ◽  
Vol 17 (2) ◽  
pp. 286-308
Author(s):  
ATM Adnan
Keyword(s):  
Financial Institutions ◽  
Capital Market ◽  
Insurance Industry ◽  
Practical Implication ◽  
Investment Decision ◽  
Abnormal Returns ◽  
Policy Formulation ◽  
Corporate Tax ◽  
Tax Reduction ◽  
The Capital Market

Purpose – This study tries to investigate the capital market reaction to the corporate tax reduction announcement (37.5% from 40%) in Bangladesh for publicly listed Banking, Insurance and Financial Institutions of 2017-18. Methodology – This study applied an event study approach to identify any significant average abnormal returns as well as cumulative average abnormal returns of all the publicly listed Banks, Insurances and Financial institutions around the announcement period. Findings – Insignificant average abnormal return (AAR) experienced in case of Banking and Insurance industry on event day, except the financial institutions which have generated a statistically significant abnormal negative return on announcement day. The combined AAR of all three sectors has also generated statistically insignificant return around event windows which suggest that investors did not consider tax reduction news as valuable information for investment decision nor considering it as an essential factor of share value. Limitation – The study did not consider any possible extraneous variable that could result in insignificant reactions. Practical Implication – The findings of this research would considerably contribute to the financial and economic policy formulation while taken into consideration the possible impact of the policy over the capital market of Bangladesh. Originality – This study makes a considerable input to the research in the area of taxes linked to the behavioural finance applying the unique variable of investor’s reactions.

scholarly journals Mutual Funds in Emerging Markets; Prospects for Personal Financial Planning

2020 ◽  
pp. 31-37
Author(s):  
David Doe Fiergbor
Keyword(s):  
Emerging Markets ◽  
Mutual Funds ◽  
Capital Market ◽  
Financial Planning ◽  
Market Price ◽  
Foreign Direct Investments ◽  
Wealth Creation ◽  
Financial Industry ◽  
Personal Financial Planning ◽  
The Capital Market

Globalization has mammoth divergent opportunities that are distinct in promoting economic changes in emerging markets. These include but not limited to trade, foreign direct investments, short-term capital flows, knowledge and movements of labour. The prospects for financial sectors in emerging markets are great. The capital market opens up to new investments that tend to boost overall economic performances. The occurrence has been impelled by technical change, denationalization in emerging markets, the deregulation of the financial markets in industrial countries, increased in institutional investors in developed economies and macroeconomic and trade reforms have portrayed emerging markets more attractive. These amounted to various opportunities for the financial industry in emerging markets. With several natural resources such as oil and other mineral deposits, developing countries mostly within the African region emerge with positive fiscal projections for the capital market. Since some mutual funds invest in the capital and money markets, with proper personal financial planning, financial independence is eminent in the future for the lay investor. Mutual funds have the potential for higher yield with minimum risk as compared to some other risky investment schemes such as forex trading. Professional fund management and easy liquidity of assets are some advantages of investing in mutual funds. However, investment yields on mutual funds are not guaranteed as fund assets are invested in shares, bonds, and stocks which may have fluctuating market price movements. Randomly selected invested capitals were computed using simple expected future value formula. The result indicated higher returns potential on investments in mutual funds in the long run. It was therefore concluded that there is enormous opportunities for wealth creation in investing in mutual funds in emerging markets which is ideal for personal financial planning.

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 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

Institutional Investors on the Securities Market

2003 ◽  
pp. 95-101
Author(s):  
O. Khmyz
Keyword(s):  
Financial Crisis ◽  
Capital Market ◽  
Hedge Funds ◽  
Institutional Investors ◽  
Securities Market ◽  
Main Role ◽  
Investment Funds ◽  
Investment Process ◽  
The Capital Market

Acording to the author's opinion, institutional investors (from many participants of the capital market) play the main role, especially investment funds. They supply to small-sized investors special investment services, which allow them to participate in the investment process. However excessive institutialization and increasing number of hedge-funds may lead to financial crisis.

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