AL-MUZARA'AH
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Analisis Pembentukan Portofolio Berbasis Risk dan Return (Studi Kasus Saham di Jakarta Islamic Index Periode Juni 2011 – Mei 2016)
Get PDFThis research goals are to analyze risk and return level of stocks in JII using Markowitz model and single index model, to construct an optimal portfolio, determine the fund proportion, to analyze risk and return generated by optimal portfolio, to formulate managerial implications. The sample are 9 stocks that are listed consistently and did not stock split or reverse stock and the number of observation in 300 stocks during the period June 2011 to May 2016. Construct an optimal portfololio using Markowitz model and single index model. The result shows that the Single Index Model construct 1 portfolio consists of : UNVR (64.2%), LPKR (14.7%), ASRI (9.4%), LSIP (1.4%), INTP (5.8%) and SMGR (4.2%), whereas the Markowitz Model construct 2 portfolio consists of: ASRI (4.52% dan 4.3%), INTP (9.4% dan 8.62%), LSIP (11.64% dan 11.359%), SMGR (25.31% dan 24.059%), and UNVR (49.1% dan 51.649%). This study evidence that construct an optimal portfolio using Single Index Model more efficient than Markowitz Model. Empirical result of this study have implication for investor and the development of the theory an optimal portfolio on JII
Manajemen Risiko pada Badan Amil Zakat Nasional (BAZNAS)
Get PDFRisk occurs at any organization or business activity. It also does not close the possiblility of risk occurs at amil institutions. Types of risk are likely to happen often at amil institutions, namely risk on zakat fund collection, risk on zakat fund management, and risk on zakat fund distribution. Basically, zakat distribution must comply with the 8 ashnaf as written in the QS. At-Taubah: 60. This research was conducted on BAZNAS. The aim of this research is to help amil institutions in managing the possibility of risk, analyze the factors that effect the risks, do the risks mapping on zakat fund collection, zakat fund management, and zakat fund distribution, and also make mitigation to minimize the occurrence of the risks. The data was collected by using the survey method in internal BAZNAS and using ERM method for analysis
Pengaruh Variabel Makroekonomi terhadap Pertumbuhan Sukuk Korporasi di Indonesia
Get PDFThe development of the Islamic financial industry in Indonesia has increased from year to year. This is made possible due to the emergence of varied investment instruments, and corporate sukuk is one good example. Emergence corporate sukuk is expected encourage growth of the national economy. The growth of a good national economy is reflected by good macroecomic variables conditions. Therefore, the government and Bank Indonesia need to maintain inflation stability, money supply, exchange rate and output so that Indonesia can become the largest market center of corporate sukuk issuance. This research aims to analyze the effect of macroeconomic variables towards the growth of corporate sukuk in Indonesia. This research used Ordinary Least Square (OLS) with monthly time series data from January 2013 to December 2015. The results of this research indicate that the money supply, industrial production index, and inflation variables has positive effect (significantly) on the growth of corporate sukuk while exchange rate, oil price, and mudaraba deposit profit-sharing variables have negative effect (significantly)
Strategi Pengembangan Lembaga Keuangan Mikro Syariah (Studi Kasus pada BMT Tawfin Jakarta)
Get PDFThis research was conducted to analysis the development strategy of Islamic microfinance institutions at BMT Tawfin, Jakarta. The aims of this research were 1) identifying health performance of BMT Tawfin based on health assessment model from Ministry of Cooperatives and Small and Medium Enterprises 2) identifying internal and external strategic factors that may influence BMT Tawfin in business development, 3) arrange appropriate formulation and alternative strategy for development of BMT Tawfin in microfinance bussines. Primary data and secondary data were gathered at this research. The research was also conducted using several analytical methods such as health assessment analysis, internal factor evaluation (IFE) and external factor evaluation (EFE) matrix, internal-external(IE) matrix, SWOT and blue ocean strategy (BOS). Based on the health assessment performance analysis, BMT Tawfin obtained score of 51,70 which was in under supervisory criteria. According to the IFE and EFE matrix results, the differences of each weighted values were 2,497 and 2,010 respectively, so the position of the BMT Tawfin in the IE matrix was situated at quadrant V. Therefore BMT Tawfin needs to use a hold and maintain strategy. Based on SWOT matrix result, priority strategies that can be implemented by BMT Tawfin was weakness – oportunities (WO) strategy. The BOS sequenced the new proposed 5 strategy priority. The result of the research showed new proposed strategy has eligibility as the blue ocean strategy (BOS).
Pengaruh Bank Syariah terhadap Pertumbuhan Ekonomi di Indonesia
Get PDFFinancial sector have important role to develop economic growth in the country. Aim of this study are to analyze the causality between Islamic Banking towards economic growth in Indonesia, the response of economic growth in Indonesia during the shock of Islamic banking and the contribution from Islamic banking towards economic growth in Indonesia. The data used in this study is monthly report during 2010 – 2016. Analysis of the data used Vector Error Corection Model (VECM). The results are significant effect and bidirectional causality appears between financing and Gross Dosmetic Product (GDP). Impulse Resonse Function (IRF) analysis shows that response of economic growth is different between the shock on Islamic financing and Third Party Funds (DPK). Based on Forecast Error Variance Decomposition (FEVD), financing have greatest contribution towards the effect of economic growth but DPK have less contribution. In conclusion Islamic banking should have more efficient during the allocation of DPK to financing
Analisis Investasi dan Sensitivitas Unit Usaha Pembiayaan Syariah menuju Spin Off (Studi Kasus: Adira Finance)
Get PDFThe purpose of this study to determine the level of investment feasibility and sensitivity level of sharia financing business unit in the process towards spin off. The investment feasibility analysis is carried out in two schemes: the funding scheme is fully borne by the sharia unit of Adira Finance and the joint financing scheme of funding of units to be financed. Sensitivity analysis is calculated by the scenario of decreasing the number of units financed and the scenario of increasing the financing composition of joint financing. Parameters to be measured in these two analyzes are: Net Present Value (NPV), Benefit Cost Ratio (B/C ratio), Internal Rate of Return (IRR) and Break Even Point (BEP). Based on the calculation of investment analysis, the sharia business unit is not eligible to be separated into sharia unit business if all funding is charged to sharia business unit. While the results of sensitivity analysis calculations obtained that motor finance products more vulnerable to changes in scenarios than car finance products
Pengaruh Faktor Sikap, Norma Subjektif, Demografi, Sosioekonomi serta Literasi Keuangan Syariah dan Konvensional terhadap Minat Berwirausaha pada Mahasiswa
Get PDFThis cross sectional study aimed to analyse influence of attitude, subjective norm, demography, sosioeconomic and shariah and conventional financial literacy toward entrepreneurship intention among college students. Refers to the model of Theory of Reasoned Action developed by Fishbein dan Ajzen, behavioral intentions are a function of attitude toward behavior and the subjective norm (Sumarwan 2011). Respondents were 100 college students selected by convenience sampling methods. Data collection was purposively conducted at public universities located in Jakarta, Bogor, Depok and Tangerang on February 2016 until August 2016. Interview was conducted using reliable and valid questionnaire as a tool. Descriptive analysis on attitude toward entrepreneurship showed that respondents strongly agreed with the attitude statement and subjective norm indicates that they disagree with recommendation from nearest person to start a business. In addition, analysis of the entrepreneurship intention showed that respondents have an interest to become entrepreneur. Regression analysis with dummy variable showed that entrepreneurship intention was significantly affected by variables of attitude toward entrepreneurship and conventional financial literacy (p value <0.05), gender (women tend to be more interested in entrepreneurship as compared to men), experience of taking entrepreneurship class and experience of being entrepreneur (p value <0.10). To increase student’s entrepreneurship intention, it needs efforts from various parties, especially from academics to build attitude toward entrepreneurship and to increase financial literacy among students
Analisis Pengaruh Kinerja BPRS dan Kondisi Makroekonomi terhadap Penyaluran Pembiayaan Modal Kerja dan Investasi BPRS di Indonesia (Periode: 2011-2015)
No full textSharia banking operational activities to encourage the real sector is to provide financing. The Islamic Rural Bank (IRB) conducts financing for working capital and investment as it can increase economic growth in Indonesia. The purpose of this study is to analyze and compare the effect of performance IRB and macroeconomic conditions on the distribution of IRB working capital and investment financing in Indonesia from 2011 to 2015 using Vector Error Correction Model (VECM) research method with monthly data from 2011 to 2015. From the results of VECM estimates, it will be seen the response of working capital and investment financing to shocks arising from the performance IRB and macroeconomic conditions and also the contribution of each of each variable used in the study. The results of this study indicate that the effect of performance IRB and macroeconomic conditions on the working capital financing of IRB in Indonesia, have positive and significant effect on DPK, FDR, ERDPK, inflation and IPI variables have negative and significant effect on ROA, NPF, BOPO, and BI rate, and no significant effect on CAR and ERP variables. The financing of BPRS investment in Indonesia, which has positive and significant effect on the DPK, CAR, ROA, FDR, BI rate, and IPI variables, has a negative and significant effect on NPF, BOPO, ERP, ERDPK, and inflation variables
Analisis Prioritas Solusi Permasalahan Pengelolaan Wakaf Produktif (Studi Kasus Kabupaten Banjarnegara)
Get PDFWaqf is one of the instruments in Islamic economics that can be used for development funding. In addition, waqf is also very potential to improve people’s welfare. In essence, the waqf is a matter that should be productively managed as contained in the hadith. However, it is currently in the opposite state. This study analyzes the priority of problems and solutions to optimize the management of waqf assets in Banjarnegara Regency, one of regencies in Central Java with highest poverty rate. Analytic Network Process (ANP) is the method used in this study. The result of the research shows that the main priority of human resource problem is the low managerial ability of the nazhir. The priority of institutional problem is the role of BWI Banjarnegara that is not yet optimal, while the priority of the government problem is the lack of support and role of the government. The priority solution of the most important problem is coaching and mentoring for nazhir
Kajian Efisiensi Bank Umum Syariah di Indonesia
Get PDFThe aim of this study is to measure the efficiency of Islamic Bank in Indonesia and to analyze the factors that affect the level of efficiency. The objects of this study are ten Islamic Bank (BUS) in Indonesia which analyzes from the second quarter of 2012 until the first quarter of 2016. There are three method which are used in this study, two in first stage, namely non parametric method of Data Envelopment Analysis (DEA) and parametric method of Stochastic Frontier Approach (SFA) then the second stage is Tobit estimaton. Overall, the results showed that the efficiency level of Islamic banks in Indonesia during the time period in this study have not reached the optimum level of efficiency yet. Tobit estimation showed that total financing, total wadiah funds, CAR, ROE, total overhead cost significantly affect the Islamic bank`s efficiency in Indonesia