AL-IQTISHAD : JOURNAL OF ISLAMIC ECONOMICS

12

Authors: Ida Syafrida, Indianik Aminah, Bambang Waluyo

The main objective of investors in investment activities is to get the profit. Similarly, investors in Islamic investment activities want the same things. But often the performance of sharia instruments deemed lower than conventional instruments, so market share Sharia-compliant investment instruments is still minimal. This research doing comparation performance index and mutual fund index between shariah based and conventional based. Based on the results of research that takes samples Islamic instruments of capital markets such as sharia Islamic stocks and sharia mutual funds, it is concluded that the performance of sharia-based investment instruments are not significantly different from the conventional investment instruments, even during the period of research Islamic investment instruments showed slightly better performance

14

Authors: Darwis Harahap

This study was aimed to (a) to know if there is a causality relation between Gold Dinar and U.S. Dolar, (b) to know that Gold Dinar more stabil than U.S. Dolar AS, (c) to know whether Gold Dinar can be alternative currency as a substitute for U.S. Dolar. The result is that the growth of Gold Dinar higher than U.S. Dolar, the result of Granger causality test shown that there was undirectional causality from Gold Dinar to U.S. Dolar. The result of Analysis of Variance (ANOVA) shown that U.S. than Dinar Gold more stabil Dolar AS that measured by Rupiah. From all of result tests, it can conclude that Gold Dinar can be a alternative currency instead of U.S. Dolar.

16

Authors: Hendri Tanjung

This study investigates the volatility of Jakarta Islamic Index (JII) in Jakarta Stock Exchange. The method that used in this research is used a simple statistical analysis. The normality of JII return is analyzed to answer whether the return of JII follows normal distribution. By using data of Jakarta Islamic Index from 2nd March 2009 to 30th October 2013 (1122 daily data), it is found that the distribution of return of JII is not normal, even the 5 sigma occurred. This means the return of Jakarta Islamic Index is much volatile than the theory predicted. This will make too much gain or loss in one day in the economy.

18

Authors: Handi Risza

This reserach proves that in the Islamic economic thought and structuralist discourse, the idea of economic and social transform is very strong, in the mean time, there is a lot of criticisms and corrections towards neoclassical economic thought. The idea of transformation is needed to reestablish economic credos and thoughts that put forward moral values and humanitarian system of ethics in the quest of economic justice and prosperity. The conclusion of this paper supports that there is an urgent need of social and economic transformation in order to establish social justice and economic prosperity. The conclusion is also a refutation to the views developed by neoclassical economic thinkers, who based their views on individual interest and free competition to realize prosperity and justice for the society.

24

Authors: Irfan Syauqi Beik & Sri Wulan Fatmawati

This research atempts to examine the impact of international Islamic stock market and macroeconomic variables towards Jakarta Islamic Index (JII). By using Vector Error Correction Model (VECM) as the method, this research utilizes time series monthly data from January 2007 to October 2012. The finding shows that JII is positively significantly affected by DJIEU, DJIMY and IPI, and it is negatively significantly affected by DJIJP, IMUS, M2 and SBIS.JII reaches its stability condition fastest when dealing with money supply shock. This study recommends: strengthening coordination between monetary authority and financial services authority, strengthening real sector of the economy, minimizing the influence of interest Rate towards Islamic financial market, and developing early warning system to anticipate financial crises