Indonesia Sharia Stock Index and Global Sharia Stock Index

Lisa Kustina, Adrianna Syariefur Rakhmat

Abstract


This study aims to analyze the effect of the Global Sharia Stock Exchange on the Indonesia Sharia Stock Price Index in Indonesia Stock Exchange for the study period of 2016 to 2018. On 31 December 2015, the ASEAN Economic Community began to be implemented, then resulting in a free flow of goods, services, and investments, so this study took samples starting in 2016. Dependent variables used are the Indonesia Sharia Stock Index, while the independent variables are Dubai Financial Market General Index (DFMGI), European Dow Jones Islamic Market Index, (DJIEU), Dow Jones Islamic Market Index 25 USD (Malaysia) and Tadawull All Share Index (Saudi Arabia). While the independent variable used is the Indonesia Sharia stock index (ISSI). The data used are monthly stock index data from all sharia stock indexes in Indonesia, Malaysia, the US, Japan, Dubai, and Saudi Arabia from 2016 to 2018. This research was processed using Eviews 10. The results of this study indicate that partially Dubai Financial Market General Index (DFMGI) and the European Dow Jones Islamic Market Index (DJIEU) have no significant effect on the Indonesia Sharia stock index, while the Dow Jones Islamic Market Index 25 USD (Malaysia) and the Tadawull All Share Index (Saudi Arabia) have a significant effect on the Indonesia Sharia Stock Index.


Keywords


Dubai Financial Market General Index (DFMGI), Dow Jones Islamic Market Index Eropa, (DJIEU), Dow Jones Islamic Market Index 25 USD (Malaysia), Tadawull All Share Index (Arab Saudi), Indonesia Sharia Stock Index

DOI:

https://doi.org/10.30596/jimb.v21i1.3838


Full Text:

PDF

References


Banani, A. & Hidayatun, N.A. (2017). Performance of Islamic Indices: Risk Adjusted Returns of Syariah Ccompliant Stock On Jakarta Islamic Index and Dow Jines Islamic Turkey. Jorunal Of Economic and Business. 1(1). 1-18.

Biancone, P.P. & Radwan, M. (2016). European Companies: Evaluation For Sharia Compliance “Oppoertunities and Challenge”. European Journal of Islamic Finance. 5. 1-7

Hadiyoso,A.Firdaus, M.&Sasongko, H. (2015). Building an Optimal Portfolio on Indonesia Sharia Stock Index (ISSI). International Journal of Administration Science & Organization. 22(2). 11-121

Lean, H.H; Smyth, R. & Mishra,V. (2015). Is Investing in Islamic Stock Profitable? Evidence From The Dow Jones Islamic Market Index. Monash Business School. 1-30

Pratama, Y.C & Azziz A. (2018). Macroeconomics Variables, International Islamic Indices, and The Return Volatility in Jakarta Islamic Index. Journal of Islamic Economics. 10 (1). 171 - 188

Romli, N; Mohamad, A.A.S. & Yusof, M.F.M. (2011). Volatility Analysis of FTSE Bursa Malaysia: Study of The Problems of Islamic Stock Market Speculation In The Period 2007 – 2010. African Journal of Business Management. 6 (29). 8490 – 8495.

Siskawati, E. (2011). Islamic Capital Integration: An Evidence From Jakarta Islamic Index To The Regional Islamic Market And Global Islamic Market.

Syofawati, A. (2018). Islamic Screening Mechanish of Islamic Capital Market – A Comparison Between The Fatwa – DSN MUI, The Kuala Lumpur Stock Exchange Islamic Index and The Dow Jones Islamic Market Index. KNE Social Science. 1141- 1151


Refbacks

  • There are currently no refbacks.


Jurnal Ilmiah Manajemen dan  Bisnis is abstracting & indexing in the following databases: 

         


Creative Commons License
Jurnal Ilmiah Manajemen Dan Bisnis is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

  

ISSN 1693-7619 (print) | ISSN 2580-4170 (online)

 

 

View My Stats