Analysis of CAPM and SAPM Models in Predicting Return of Islamic Stock (Case Study of Islamic Stocks in the Jakarta Islamic Index) for the 2017-2021 Period

In the investment world there are rational and irrational investors, rational investors use mature calculation steps in investment decisions and predict stock returns so that this is the forerunner of the emergence of CAPM, while irrational investors only follow their own instincts, psychology and investor proxies in predicting and making investment decisions without careful consideration, so SAPM emerged. Basically, the CAPM and SAPM models are no different, the only difference is the beta, beta SAPM uses beta modification, namely beta investor sentiment. This study uses a quantitative descriptive approach to describe which is more accurate between CAPM and SAPM in predicting expected returns, namely by using the Mean Absolute Deviation (MAD) test. The results of this study can be concluded that the CAPM model is more accurate than the SAPM model

PENGARUH ISLAMIC FINANCIAL DEEPENING TERHADAP PERTUMBUHAN EKONOMI DI INDONESIA

The purpose of this research is to examine the influances of Islamic financial deepening on economic growth in Indonesia during 2010-2017. The research attempts to answer a critical question: does Islamic financial deepening influance the indonesian economic growth? The research uses the multiple regresion method by time series data. In addition, the research uses seven proxies of Islamic financial deepening, namely the depth of Islamic credit to private sector (Murabahah/GDP), the depth of deposits (Deposits/GDP), the depth of total asset (Total Aset/GDP), the depth of Islamic stock market capitalization (ISMC/GDP), the dept of Islamc stock trading volume (ISTV/GDP), the depth of Islamic government bond (IGB/GDP), the dept of Islamic corporate bond (ICB/GDP), against gross domistic product (GDP) as a proxy for economic growth The results indicate that the Islamic financial deepening simultaneously influances economic growth while partially the depth of Islamic credit, deposits, Islamic stock trading volume, Islamic government bond influence significantly on economic growth; otherwise, total aset influances negatively on economic growth, as well as the dept of Islamic stock market capitalization and Islamic corporate bond do not influence economic growth. Most of these findings are consistent with empirical studies by Ogbuagu (2017), Kagochi (2013), Afonso (2014) and other researchers. The results of this study can be considered as contribution materials to develop more inovative instruments on islamic financial deepening for encouraging the economic growth in Indonesia, especially for the government, authors and stackholders

A Critical Analysis of Islamic Law and Fatwa of MUI (Majlies Ulama Indonesia) & NU (Nahdlatul Ulama’) on A Gold-Backed Cryptocurrency (OneGram)

Cryptocurrency is a result of recent development of digitalization in the financial transaction. OneGram is a part of it that uses gold instruments to back up and maintain its value stable. The purpose of this study is to explore how Islamic law and MUI & NU, through their fatwa, percieve the OneGram. This research uses a qualitative approach to gain a deep understanding of the OneGram by using secondary data collected from the Quran, hadith, relevant academic journals according to Islamic law and fatwas from both organization. The results of this study state that OneGram is allowed by Islamic law and the fatwa to be used as digital payment system. OneGram is furthermore supervised by shariah supervisory board to avoid gharar (uncertainty) and maysir (gambling) in maintaining its value. The unique fact from this digital currency is that the use of gold in transaction had been applied in the time of Prophet Muhammad SAW. From this digital development, OneGram as a gold-backed cryptocurrency can revive the function of dinar as currency. OneGram transforms the gold value in dinar coin which physically has no flexibility in today transaction to the gold value in digital platform which has flexibility in digital transaction with broad accesability

The Role of Religious Figures (Kyai) in Enhancing Sharia Economics: A Sociological Marketing Perspective Review

The kyai holds the highest position in Madura society, performing as a regulator and coordinator of the community's social life from a religious perspective.  In the context of sociological marketing science, the purpose of this study is to present a literature review that pictures the figure of kyai as an actual manifestation of sharia economic development in social society.  This study used a literature review methodology to reinforce the presence of a marketing sociological feature within the kyai figure.  According to the findings of the study, the figure of a kyai can become a social leader and influencer with all his roles through the dimensions of Imam's opinions, person-supervisor congruence, thereby increasing people's trust in kyai, comments, and social value orientation in society to achieve the intention (desire) to socialize the  sharia economy

Marketing Mix dalam Dual Persepektif (Konvensional dan Syariah)

Islam is a religion that has economic and business structures that are clearly defined and have demonstrated their usefulness and power. In reality, Islam is a religious religion which cannot be detached from the realities of daily human actions, either spiritual, social or commercial. Given the situation that business transactions are part and parcel of human everyday activities, Islam provides a framework that defines the moral and ethical behaviour of all commercial efforts. the notion of the marketing mix and four P's have been extremely dominant paradigms marketing stage for many firms. With this in mind, the research seeks to highlight the significant elements of the Islamic perspective on the framework of marketing mix. The study evaluates the four Ps of marketing mix which are product, pricing, promotion, location and people from the perspective of Islam. The study employs the technique of examining the prevalent methods of marketing mix from an Islamic viewpoint with the only purpose to emphasize the efficacy and strength of an Islamic ethical framewor