Analisis Syariah Online Trading System (Sots) Atas Kinerja Indeks Saham Syariah Indonesia Selama Pandemi Covid-19 Di Pasar Modal

Alawiyah, Tuti; Setiyaningsih, Rozi Fery

doi:10.25134/jrka.v7i1.4398

Cited by 4 publications

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“…The sharia index has a higher movement than the JCI (Khajar et al, 2019;Alawiyah & Setiyaningsih, 2021). From these results, it can be seen that ISSI, even though in the midst of the COVID-19 shock, its share price has decreased but still has a strong performance in the capital market.…”

Section: Literature Reviewmentioning

confidence: 94%

Contagion and spillover effects of global financial markets on the Indonesian Sharia Stock Index post-COVID-19

Rizqi Febriandika,

Hakimi,

Awalliyah

et al. 2023

Investment Management and Financial Innovations

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This study aims to examine the spillover and contagion effects of global financial markets on the Indonesian Sharia Stock Index (ISSI) post-COVID-19. The study uses the Vector Error Correction Model method to explore the short-term and long-term relationships between ISSI and global financial markets. The data used in this study are time series data, namely the ISSI and several other countries that have a significant influence on the global economy, which were observed from May to July 2022. The results of the study show that the USD has a positive influence on ISSI in the short and long term. At the same time, the JPY and HKD have a negative influence on ISSI. The GBP and SGD do not have a significant influence on ISSI developments. The economic, business and financial sectors began to adjust after the COVID-19 pandemic ended, including the Indonesian Sharia Stock Index. Contagion occurs from one country’s financial system to another, which is influenced by aspects of volatility, exchange rates, the global crisis, the stock market, and stock indices. It is considered that this study can help the government to adjust better conditions of Islamic stocks in Indonesia. Acknowledgment The authors would like to thank the Research and Innovation Institute (LRI), Universitas Muhammadiyah Surakarta, for the enormous financial support in writing this study through the HIT funding scheme with number 02/A.6-II/FAI/1/2022.

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Section: Literature Reviewmentioning

confidence: 94%

Contagion and spillover effects of global financial markets on the Indonesian Sharia Stock Index post-COVID-19

Rizqi Febriandika,

Hakimi,

Awalliyah

et al. 2023

Investment Management and Financial Innovations

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“…Siregar (2020) stated in his research that on average, the conventional stock index (JCI and LQ45) decreased during the pandemic. Not only conventional stocks, but the Islamic stock index has also decreased during the pandemic (Alawiyah & Setiyaningsih, 2021;Ganar et al, 2020;Saputro, 2020). Shocks to the Islamic stock index due to the pandemic have also occurred in the global Islamic stock index (Abdullahi, 2021;Adediran et al, 2022;Hasan et al, 2021).…”

Section: Islamic Stocksmentioning

confidence: 99%

The Impact of the Covid-19 Pandemic and Macroeconomics on the Sharia Stock Indexes in Indonesia

Muhammad Khozin Ahyar,

Angga Hergastyasmawan,

Dzul Febrian

2023

JESTT

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The Covid-19 pandemic has changed economic conditions in various countries, including Indonesia. One of the sectors affected is the capital market sector which can also describe the economic condition of a country through the stock index. This article aimed to analyze the impact of Covid-19 and the macroeconomics on the Islamic stock index in Indonesia (ISSI and JII). Macroeconomic variables are included in the model as an update. This study used a quantitative method using the VECM model. Research variable data were obtained from investing websites (ISSI and JII), Indonesian covid-19 task force websites (Covid-19 Cases), Statistics Indonesia (BPS),and BI (BI Rate, Inflation, Exchange rates, etc.) from March 2020 to December 2022. Based on the research results, covid-19 and the macroeconomics have no effect on the sharia stock index in Indonesia, except for the BI Rate. This is due to the fairly tight fundamental selection of constituent issuers of the Islamic stock index, the speed and accuracy of Covid-19 control and the massive education. This result has implications for the selection of investors in stocks that are included in the Islamic stock index in Indonesia, because it is proven that ISSI and JII are quite immune to the Covid-19 pandemic. Keywords: Islamic Stock, ISSI, JII, Covid-19 Pandemic, Macroeconomic. ABSTRAK Pandemi covid-19 telah merubah kondisi perekonomian di berbagai Negara, termasuk Indonesia. Salah satu sektor yang terdampak adalah sektor pasar modal yang juga dapat menggambarkan kondisi perekonomian suatu Negara melalu indeks saham. Artikel ini bertujuan untuk menganalisis dampak covid-19 dan makro ekonomi terhadap indeks saham syariah di Indonesia (ISSI dan JII). Variabel ekonomi makro yang dimasukkan ke dalam model sebagai pembaharuan, karena indeks saham dapat mencerminkan kondisi ekonomi suatu Negara. Penelitian ini menggunakan metode kuantitatif dengan menggunakan model VECM. Data variabel penelitian diperoleh dari website investing (ISSI dan JII), website satgas covid-19 Indonesia (Total Kasus Covid-19), BPS (BI Rate, Inflasi) dan BI (Kurs, Cadangan Devisa, Jumlah Uang yang Beredar) dari bulan Maret 2020 sampai dengan Desember 2022. Hasilnya pandemi covid-19 dan makro economi tidak berpengaruh terhadap indeks saham syariah di Indonesia, kecuali BI Rate. Hal tersebut dikarenakan cukup ketatnya seleksi fundamental emiten konstituen indeks saham syariah, kecepatan dan ketepatan pengendalian covid-19 serta edukasi pasar modal syariah yang masif. Hasil ini berimplikasi pada pemilihan investor pada saham-saham yang masuk ke dalam indeks saham syariah di Indonesia, karena terbukti bahwa ISSI dan JII cukup kebal dengan adanya pandemi covid-19. Kata Kunci: Saham Syariah, ISSI, JII, Pandemi Covid-19, Makro Ekonomi REFERENCES Abdalloh, I. (2018). Pasar Modal Syariah. 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(2021). Pengaruh Variabel Makro Ekonomi Terhadap Indeks Harga Saham LQ-45 Di Bursa Efek Indonesia. SOROT, 16(2), 85-98. doi:10.31258/sorot.16.2.85-98 Hasan, M. B., Mahi, M., Hassan, M. K., & Bhuiyan, A. B. (2021). Impact of COVID-19 pandemic on stock markets: Conventional vs. Islamic indices using wavelet-based multi-timescales analysis. North American Journal of Economics and Finance, 58. doi:10.1016/j.najef.2021.101504 Hery. (2021a). Pasar modal syariah mengenal dan memahami ruang lingkup pasar modal Islam di Indonesia. Yogyakarta: Penerbit Gava Media. Hery, A. (2021b). Pengantar pasar modal syariah. Bandung: Penerbit Yrama Widya. Kholipah, S. N., & Kurniasih, A. (2017). Faktor-faktor yang mempengaruhi pembiayaan perbankan syariah sektor industri di Indonesia. NISBAH: Jurnal Perbankan Syariah, 3(1), 351-364. doi:10.30997/jn.v3i1.785 Lathifah, H. M., Febrianti, D. S., Utami, A. P., Ulhaq, A. A., Tulasmi, T., & Mukti, T. (2021). Dampak Pandemi Covid-19 Terhadap Nilai Saham Syari'ah di Indonesia. Jurnal Ilmiah Ekonomi Islam, 7(1), 223–229. doi: 10.29040/jiei.v7i1.1772 Nurdany, A., Ibrahim, M. H., & Romadoni, M. F. (2021). The asymmetric volatility of the Islamic capital market during the covid-19 pandemic. Journal of Islamic Monetary Economics and Finance, 7, 185-202. doi:10.21098/jimf.v7i0.1312 Otoritas Jasa Keuangan. (2016). Buku seri literasi keuangan. Retrieved from https://sikapiuangmu.ojk.go.id/FrontEnd/LiterasiPerguruanTinggi/ Prastio, M. B., & Muhani. (2022). Fundamental, Teknikal, dan Makroekonomi Terhadap Harga Saham Sektor Energi Tahun 2015-2019. JBMI: Jurnal Bisnis, Manajemen, dan Informatika, 18(3), 141–163. doi:10.26487/jbmi.v18i3.19643 Pratitis, F. A., & Setiyono, T. A. (2021). Komparasi Indeks Saham Syariah Indonesia (ISSI) Sebelum dan Saat Pandemi Covid-19. JIEF : Journal of Islamic Economics and Finance, 1(1), 68–79. doi:10.28918/jief.v1i1.3730 Puspitasari, N. (2018). Keuangan Islam teori dan praktik. Yogyakarta: UII Press. Retnoningsih, S., Naufa, A. M., & Astuti, W. B. (2022). The covid-19, policy, and islamic capital market in Indonesia. Equilibrium: Jurnal Ekonomi Syariah, 10(1), 31-53. doi:10.21043/equilibrium.v10i1.13542 Rizki, M. (2021). Dampak suku bunga, inflasi, nilai tukar, dan cadangan devisa terhadap return IHSG di Bursa Efek Indonesia. Journal of Business Administration Economic & Entrepreneurship, 3(1), 44-54. Romadhon, M. R., & Mutmainah, S. (2023). Islamic capital market integration in 5 ASEAN countries in the covid-19 era. Jurnal Ekonomi Syariah Teori dan Terapan, 10(3), 262–274. doi:10.20473/vol10iss20233pp262-274 Rorizki, F., Sakinah, S., Dalimunthe, A., & Silalahi, P. R. (2022). Perkembangan dan tantangan pasar modal Indonesia. Economic Reviews Journal, 1(2), 147-157. doi:10.56709/mrj.v1i2.24 Salisu, A. A., & Shaik, M. (2022). Islamic stock indices and COVID-19 pandemic. 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“…Menurut Alawiyah & Setiyaningsih (2021)menyatakan Sistem Online Trading Syariah (SOTS) adalah sebuah layanan online trading system yang memudahkan investor saham syariah dalam bertransaksi sesuai prinsip islam sebagaimana pada fatwa DSN-MUI No.80 tahun 2011. Pada sistem online trading syariah juga memiliki manfaat untuk para investor pasar modal syariah, diantaranya: dapat dilakukan dimanapun dan kapanpun, instrumen yang diperjual belikan hanya berupa saham syariah, tidak disediakan margin trading dan short selling, transaksi berbasis dana tunai, portofolio saham syariah dipisah dengan saham konvensional.…”

Section: Sistem Online Trading Syariahunclassified

Minat Berinvestasi Pada Saham Syariah: Pengaruh Pengetahuan Investasi, Sistem Online Trading Syariah, Dan Motivasi

Mauliza,

Canggih

2023

ecb

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Investasi merupakan solusi yang dapat digunakan untuk mengelola keuangan. Salah satu produk keuangan yang cukup populer ialah saham syariah. Namun, baru-baru ini terjadi kasus investasi bodong ini ternyata juga membawa beberapa nama influencer Indonesia. Tentunya para korban mempunyai faktor penyebab terjerat investasi bodong sehingga menjadi minat untuk investasi. Dengan begitu, penelitian ini ditujukan untuk mengetahui pengaruh pengetahuan investasi, sistem online trading syariah dan motivasi terhadap minat berinvestasi pada saham syariah di galeri investasi yang berada di Surabaya. Metode penelitian yang digunakan ialah penelitian kuantitatif asosiatif dengan analisis Sem-PLS. Sampel yang digunakan sebesar 100 responden melalui kuesioner dengan kriteria yang sudah ditentukan. Dari hasil penelitian menyatakan bahwa terdapat pengaruh pengetahuan investasi, sistem online trading syariah dan motivasi terhadap minat berinvestasi pada saham syariah. Penelitian ini diharapkan membawa manfaat kepada pembaca sehingga tidak terjerat kasus investasi bodong berkedok online trading.

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Analisis Syariah Online Trading System (Sots) Atas Kinerja Indeks Saham Syariah Indonesia Selama Pandemi Covid-19 Di Pasar Modal

Cited by 4 publications

References 0 publications

Contagion and spillover effects of global financial markets on the Indonesian Sharia Stock Index post-COVID-19

Contagion and spillover effects of global financial markets on the Indonesian Sharia Stock Index post-COVID-19

The Impact of the Covid-19 Pandemic and Macroeconomics on the Sharia Stock Indexes in Indonesia

Minat Berinvestasi Pada Saham Syariah: Pengaruh Pengetahuan Investasi, Sistem Online Trading Syariah, Dan Motivasi

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