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All Journal JURISDICTIE Jurnal Hukum dan Syariah Ijtima'iyya: Journal of Muslim Society Research
Athoillah, Mohamad Anton
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Arts Humanities Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences

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Comparison of Risks, Returns and Performance Measurements of Sharia and Non-Sharia Mutual Funds in Indonesia Prasetyo, Yoyok; Athoillah, Mohamad Anton; Yusup, Deni Kamaludin
Ijtim?'iyya: Journal of Muslim Society Research Vol 4 No 2 (2019)
Publisher : Postgraduate Program, State Institute on Islamic Studies Purwokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (634.33 KB) | DOI: 10.24090/ijtimaiyya.v4i2.3072

Abstract

Investment is a sacrifice to postpone current consumption by allocating a number of assets that are expected to earn benefits in the future. Islamic Sharia does not forbid Muslims to do it, even there is an indication that it is recommended. The main motivation is to be able to pay more alms in the future. One of investment instruments in Indonesia is Mutual Funds. Indonesia's predominantly Muslim population is one of the triggers for the development of sharia-based mutual funds. However, its development has not been as big as the existing potential market. One of the reasons is there is still a view in the community that sharia-based instruments provide lower returns than non-sharia. This study compares the risks and returns of mutual funds, between sharia and non-sharia based. Sampling of both used purposive sampling, where there were 6 sharia mutual funds and 8 non-sharia mutual funds. The study was conducted in 5 years. The results of the study were: (1) There was no significant difference between the risks of both; (2) There was no significant difference between the returns of both; (3) The performance of non-sharia mutual funds was more dominating than sharia mutual funds.
COMPARATIVE STUDY ON THE REGULATION OF SHARIA FINANCIAL TECHNOLOGY IN INDONESIA AND MALAYSIA Susilawati, Cucu; Sulaiman, Ahmad Azam; Abduh, Muhamad; Prasetyo, Yoyok; Athoillah, Mohamad Anton
Jurisdictie: Jurnal Hukum dan Syariah Vol 12, No 1 (2021): Jurisdictie
Publisher : Fakultas Syariah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/j.v12i1.12213

Abstract

Financial technology is a part of digital ecosystem which development is rapid and massive, so does the sharia fintech. However, conventional and sharia fintech are two different systems and should have each regulation. The problem is if sharia fintech regulations in Indonesia is appropriate. Then what about Malaysia which are considered successful in developing the sharia fintech. This study compares sharia fintech regulations in Indonesia and Malaysia. The aim is to find out the readiness of Indonesia and Malaysia in supporting the sharia fintech trend realized in the regulations. This is a qualitative research using books and academic articles as an addition to the literature and regulations as the analytical method. The results indicate that Indonesia and Malaysia try to accommodate sharia fintech regulations. Indonesia still uses The Financial Services Authority Regulation (POJK) and Bank Indonesia regulations, both of which do not meet the sharia principles. Meanwhile, Malaysia uses the 2013 Islamic Financial Services Act (IFSA), a law to regulate sharia compliance of the Islamic financial services sector, including the Sharia Fintech. In addition, Malaysia also has a Sharia Advisory Council as a supervisor for the Islamic financial services implementations. Malaysia’s and Indonesia’s regulations have yet answered the sharia fintech developments. Financial technology merupakan bagian dari ekosistem digital yang perkembangannya sangat pesat dan masif, tak terkecuali fintech syariah. Namun, fintech konvensional dan syariah adalah dua sistem yang berbeda dan seharusnya memiliki peraturan yang berbeda pula. Permasalahannya apakah regulasi fintech syariah di Indonesia sudah tepat apa belum, lalu bagaimana dengan regulasi di Malaysia yang dianggap berhasil mengembangkan fintech syariah. Tujuannya adalah untuk mengetahui sejauhmana kesiapan Indonesia dan Malaysia dalam mendukung trend fintech syariah dalam regulasi. Penelitian kualitatif ini menggunakan buku dan artikel akademis sebagai tambahan literatur dan peraturan sebagai metode analisis. Hasil penelitian menunjukkan bahwa Indonesia dan Malaysia sama-sama berusaha mengakomodasi regulasi. Indonesia masih menggunakan Peraturan Otoritas Jasa Keuangan dan Peraturan Bank Indonesia, dan belum memenuhi prinsip syariah. Malaysia menggunakan Islamic Financial Services Act (IFSA) 2013, sebuah Undang-Undang yang mengatur kepatuhan syariah dari sektor jasa keuangan Islam. Malaysia juga memiliki Dewan Pertimbangan Syariah sebagai pengawas pelaksanaan jasa keuangan Islam. Regulasi yang dimiliki oleh Malaysia dan Indonesia belum menjawab perkembangan fintech syariah.
Co-Authors Ahmad Azam Sulaiman, Ahmad Azam Kamaludin Yusup, Deni Muhamad Abduh Prasetyo, Yoyok Susilawati, Cucu