The Optimization of Sharia Mutual Fund as an Investment Means to Promote Financial Inclusion in Indonesia

Abstract

Sharia mutual fund can be used as an investment alternative for investors, especially for small investors or retailers. The excess of sharia mutual funds that can be reached by all groups shall be a means to promote financial inclusion in Indonesia. Based on data released by the Bank of Indonesia (BI), in 2018, financial inclusion or access to financial institutions of the Indonesian citizens is only 49% (forty-nine percent). Therefore, we need a concrete strategy to promote financial inclusion in Indonesia in which one of the strategies that can be applied is by optimizing sharia mutual funds as an investment means. This study aims to find out the regulation and legal protection of investors in implementing sharia mutual fund investments in the marketplace. The method used was a normative juridical emphasizing on legal research literatures or secondary data. The results showed that sharia mutual funds can be one of the means in promoting financial inclusion program as it can be reached by all groups, especially small investors or retailers. The optimization of sharia mutual funds can be done by utilizing advanced technology in which one of them is the implementation of sharia mutual fund investments through the marketplace. Sharia mutual fund investment in the marketplace has the potential to develop as it can be done easily, quickly, and cheaply. However, the implementation of sharia mutual fund investments in the marketplace still requires strengthening regulations to provide legal certainty and legal protection for its users.Reksadana syariah dapat dijadikan salah satu alternatif investasi bagi investor, khususnya investor kecil atau ritel. Kelebihan reksadana syariah yang dapat dijangkau oleh semua kalangan dapat menjadi sarana dalam rangka memajukan keuangan inklusif di Indonesia. Berdasarkan data Bank Indonesia (BI) pada tahun 2018 inklusi keuangan atau akses terhadap lembaga keuangan masyarakat Indonesia hanya sebesar 49% (empat puluh sembilan persen). Oleh karenanya diperlukan strategi dan langkah-langkah konkrit guna memajukan inklusif keuangan di Indonesia yang salah satunya dapat melalui pengoptimalan reksadana syariah sebagai sarana investasi. Tujuan penelitian ini adalah untuk mengetahui bagaimana pengaturan dan perlindungan hukum investor dalam pelaksanaan investasi reksadana syariah di marketplace. Metode penelitian yang digunakan adalah yuridis normatif dengan menitik beratkan kepada penelitian hukum kepustakaan atau data sekunder. Hasil penelitian menunjukan bahwa reksadana syariah dapat menjadi salah satu sarana dalam mendukung program keuangan inklusif dikarenakan dapat dijangkau oleh semua kalangan terutama investor kecil atau ritel. Optimalisasi reksadana syariah dapat dilakukan dengan cara memanfaatkan penggunaan teknologi secara muktahir, salah satunya yaitu pelaksanaan investasi reksadana syariah melalui marketplace. Investasi reksadana syariah di marketplace sangat berpotensi berkembang dikarenakan investasi reksadananya dapat dilakukan dengan mudah, cepat, dan murah. Namun pelaksanaan i...

Financial inclusion and mutual funds investment decision

“…The results show that ease of access can increase investment opportunities in India. Asmara and Abubakar (2019) also found that ease of access could encourage an increase in investments in mutual funds. Based on this, the following hypothesis is proposed: H5: Financial inclusion has a positive effect on mutual fund investment decisions.…”

“…Paramasivan and Ganeshkumar (2013) and Sekhar (2013) show that financial inclusion can improve investment decisions. Asmara & Abubakar (2019) show that financial inclusion has the potential to increase investment decisions. Based on this, the following hypothesis is proposed: H6: Financial inclusion can mediate the influence of financial literacy on mutual fund investment decisions.…”

“…Mutual funds are an alternative investment for investors, especially for investors who have small capital. Mutual funds can reach all groups, thus easy access has the potential to be a driver for the development of mutual funds in Indonesia (Asmara & Abubakar, 2019). Mutual funds optimisation is carried out through financial technology, namely the marketplace (Asmara & Abubakar, 2019).…”

“…Irman (n.d.); Lubis et al (2019) in their research also found that financial literacy and financial technology had a positive effect on financial inclusion. Asmara and Abubakar (2019), Paramasivan and Ganeshkumar (2013), and Sekhar (2013) found that financial inclusion can improve mutual funds investment decisions. Thus, the purpose of this study is to analyse the role of financial inclusion in mediating the influence of financial literacy and financial technology on mutual fund investments.…”

Cheap Syariah Qurban Investment (Csqi) Program: Determining Factors of Potential Participants Decision Making

“…The implementation of sharia financing must fulfill two very important aspects, namely the syar'i aspect in the realization of financing that must be oriented towards Islamic sharia, and the economic aspect by considering the benefits for the institution and its customers Ilyas (2019). Sharia mutual funds can be one of the means in promoting financial inclusion program as it can be reached by all groups, especially small investors or retailers Asmara and Abubakar (2019). Furthermore, it is stated that the development of the financing concept of the CSQI model is expected to be able to minimize the occurrence of price speculation, reduce the trend of increasing beef cattle commodity prices from year to year (price stabilization) and provide investment certainty for smallholder livestock businesses and at the same time ensuring the quality and quantity of cattle for Qurban participants Novra and Suparjo (2020).…”