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Daya tarik pasar modaal islami: studi di bursa efek Indonesia

Jurnal Keuangan dan Perbankan: Volume 18, Nomor 2, Mei 2014
Journal from JIPTUNMERPP / 2017-07-25 11:24:19
Oleh : Zaenal Arifin, Diploma 3 of Banking and Finance Merdeka University Malang
Dibuat : 2014-05-01, dengan 0 file

Keyword : Chapra model, islamic capital market, Jakarta Islamic Index (JII), metwally model

Islamic capital market was a capital market in which the stock issuer’s business and the trading mechanism were both Islamic. Islamic corporate issuers were alredy selected in Islamic stock index while Islamic trade mechanism had to meet the requirements to avoid speculation (gharar). Some experts had proposed a model of an Islamic stock trading such as Metwalyy (1992) and Chapra (1990). The question was if the Islamic model was apllied, “was the stock market still interesting?” This study wanted to answer that question. By using a sample of companies in Jakarta Islamic Index (JII) from 2007 to 2013 this study showed the following results. Metwally model proved to be very attractive because it generated a return (capital again) at least equal to real capital markets and the risk of capital loss was smaller. But investor should be careful because the standard deviation of return among stock in this stock market model was relatively high. Meanwhile, the Chapra model gave investors not only a lower risk but also lower returns. The performance of Chapra Islamic capital market model had not been conclusive because when using Sharpe index and Jensen index, the performance index decreased but when using the Treynor index, the performance did not decrease.

Deskripsi Alternatif :

Islamic capital market was a capital market in which the stock issuer’s business and the trading mechanism were both Islamic. Islamic corporate issuers were alredy selected in Islamic stock index while Islamic trade mechanism had to meet the requirements to avoid speculation (gharar). Some experts had proposed a model of an Islamic stock trading such as Metwalyy (1992) and Chapra (1990). The question was if the Islamic model was apllied, “was the stock market still interesting?” This study wanted to answer that question. By using a sample of companies in Jakarta Islamic Index (JII) from 2007 to 2013 this study showed the following results. Metwally model proved to be very attractive because it generated a return (capital again) at least equal to real capital markets and the risk of capital loss was smaller. But investor should be careful because the standard deviation of return among stock in this stock market model was relatively high. Meanwhile, the Chapra model gave investors not only a lower risk but also lower returns. The performance of Chapra Islamic capital market model had not been conclusive because when using Sharpe index and Jensen index, the performance index decreased but when using the Treynor index, the performance did not decrease.

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PropertiNilai Properti
ID PublisherJIPTUNMERPP
OrganisasiDiploma 3 of Banking and Finance Merdeka University Malang
Nama KontakDra. Wiwik Supriyanti, SS
AlamatJl. Terusan Halimun 11 B
KotaMalang
DaerahJawa Timur
NegaraIndonesia
Telepon0341-563504
Fax0341-563504
E-mail Administratorperpus@unmer.ac.id
E-mail CKOwsupriyanti@yahoo.com

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  • Editor: Wiwik Supriyanti, Dra. SS.