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Share: Jurnal Ekonomi dan Keuangan Islam

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Published by Universitas Islam Negeri Ar-Raniry Banda Aceh

ISSN : 20896239 EISSN : 25490648 DOI : https://doi.org/10.22373/share

Core Subject : Religion, Economy,

Religion Economics, Econometrics & Finance

Share: Jurnal Ekonomi dan Keuangan Islam [SHARE] is a double-blind peer-reviewed journal published by the Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry, Banda Aceh, Indonesia. SHARE publishes research and concept papers pertaining to the field of Islamic economics and finance in open access format, which enables readers to freely access and download the articles under the CC BY SA license. Since 2017, SHARE has become a CrossRef Member, meaning that each article published by the journal will have a unique DOI number. SHARE has been indexed in many trusted indexing sites, such as DOAJ, Index Copernicus, Scilit, WorldCat, Google Scholar, Dimensions, EBSCO, and many others. In Indonesia, SHARE is listed among the top-notch journals by the Indonesian journal accreditation body officialized with the Decree of Director General of Research Strengthening and Advancement, Ministry of Research, Technology, and Higher Education, No. 21/E/KPT/2018, starting from 9 July 2018 until 9 July 2023. Currently, SHARE is under consideration for inclusion in SCOPUS.

Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)

Articles 8 Documents

Search results for , issue "Vol 9, No 2 (2020)" : 8 Documents clear

UNCOVER LOCAL WISDOM VALUE OF TRADE AT THE BORDER OF INDONESIA-MALAYSIA: AN ISLAMIC ECONOMICS PERSPECTIVE Budi Iswanto; Munadi Munadi; Suriadi Suriadi
Share: Jurnal Ekonomi dan Keuangan Islam Vol 9, No 2 (2020)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

This article focuses on the study of local wisdom values of trade at the Indonesia-Malaysia border (in Perspective of Islamic Economics and Islamic teachings). The research location is in the community of Temajuk Sub-district which is directly adjacent to Malaysia. The trading activities undertaken by the Temajuk community have a local value that shows the relation with Islamic values, as well as the value of Islamic teachings. Local wisdom values of Temajuk Malay culture like Belalle ', Talangge ', Sikutuan, and Taware ' in a trading perspective are found in the indigenous ethnolinguistic Malay Temajuk. Ethnolinguistics is the value applied in Temajuk Malay customary as a form of communication which also has the value of Sharia trading. Ethnolinguistics above contains the value of Falah in trade, the form of Ethnolinguistics in trade communications is known by the Malay Community Temajuk and already being applied in the acceptance of trade, but the understanding of the values Contained in the indigenous Ethno linguistics Malay Temajuk has not been known by the Temajuk Malay community, it is due to the interruption of the transfer of values between generations. So that the process of internalization of value needs to be conducted so that cultural functions as a manifestation of ideas that form the behavior of communities in trade can be implemented.========================================================================================================Menguak Nilai-nilai Kearifan Lokal dalam Perdagangan di Perbatasan Indonesia-Malaysia: Suatu Perspektif Ekonomi Islam. Artikel ini memfokuskan pada kajian Nilai-Nilai Kearifan Lokal Perdagangan Daerah Perbatasan Indonesia-Malaysia (Dalam perspektif Ekonomi dan Pendidikan Islam). Dengan mengambil lokasi penelitian pada masyarakat di Daerah Temajuk yang berbatasan langsung dengan Malaysia. Kegiatan perdagangan yang dilakukan masyarakat temajuk ternyata memiliki nilai lokal yang menunjukan keterkaitan nilai ajaran Islami, serta nilai pendidikan Islam. Nilai-nilai kearifan lokal budaya Melayu Temajuk seperti belalle’, talangge’, sikutuan, dan taware’ dalam perspektif perdagangan terdapat dalam etnolinguistik adat Melayu Temajuk. Etnolinguistik tersebut merupakan nilai yang diaplikasikan dalam adat Melayu Temajuk sebagai bentuk komunikasi. Dan memiliki nilai perdagangan syariah. Etnolinguistik di atas mengandung nilai falah dalam perdagangan, bentuk etnolinguistik dalam komunikasi perdagangan diketahui oleh masyarakat Melayu Temajuk dan telah diaplikasikan dalam transaksi perdagangan, namun pemahaman terhadap nilai-nilai yang terkandung dalam etnolinguistic adat Melayu Temajuk tersebut belum diketahui oleh masayarakat Melayu Temajuk disebabkan terputusnya transfer nilai antar generasi. Sehingga proses internalisasi nilai perlu dilakukan, agar fungsi budaya sebagai wujud ide dan gagasan yang membentuk prilaku masyarakat dalam perdagangan yang dapat diimplementasikan.

NOTES FROM THE EDITOR’S DESK - VOL. 09, NO. 2, 2020 Azharsyah Ibrahim
Share: Jurnal Ekonomi dan Keuangan Islam Vol 9, No 2 (2020)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Alhamdulillah, thanks to Allah, that Volume 9 Number 2 (July - December edition) 2020 has been published on time. As always, in the attempts to maintain the quality, each article that has passed the initial review will have gone through a rigorous review process. In this issue, we publish seven articles out of dozens that have been submitted into our online system. The accepted articles discuss various topics within the field of Islamic economics and finance. Finally, I would like to thank those who have been helpful in organizing the day-by-day operation of the journal, including our editors, reviewers, and administrative staff. We also thank our friends at the Rumah Jurnal UIN Ar-Raniry, who has also been supportive in keeping the journal meet the academic standards.

HOW DOES HALAL TOURISM CONTRIBUTE TO COMMUNITY ECONOMY? THE CASES OF TSUNAMI MUSEUM AND THE PLTD FLOATING SHIP IN BANDA ACEH, INDONESIA Afriwanda Afriwanda; Sofyan Syahnur; Eddy Gunawan
Share: Jurnal Ekonomi dan Keuangan Islam Vol 9, No 2 (2020)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

This study aims to measure and analyze the application of the halal concept in tourism attractions of the Tsunami Aceh Museum and the PLTD Floating Ship (Kapal Apung PLTD) sites in the Banda City, Indonesia. It also attempts to assess the contributions of halal tourism to the economy, measured by income multiplier effects. Of 1,243 halal tourism visitors, entrepreneurs surrounding the halal objects, and employees in the halal tourism sites, 93 of them were selected as the sample of the study using the proportionate stratified random sampling technique. Observation, interviews, and questionnaires were used to gather the primary data. Majority of the respondents perceived that the tourist attractions of the Tsunami Aceh Museum and the PLTD Floating Ship had implemented the halal tourism concept. The study also found that those halal tourism objects have contributed to the enhancement of the community's economic development, indicated by the Keynesian Local Income Multiplier and Ratio Income Multiplier of greater than one. To further enhance the community income surrounding the halal tourism objects, the halal tourism facilities should be well-equipped and ensured a conducive surrounding environment.========================================================================================================Bagaimana Kontribusi Pariwisata Halal terhadap Perekonomian Masyarakat? Kajian pada Museum Tsunami dan PLTD Apung Banda Aceh, Indonesia. Penelitian ini bertujuan untuk mengukur dan menganalisis penerapan konsep halal pada objek wisata Museum Tsunami Aceh dan situs Kapal Apung PLTD (Kapal Apung PLTD) di Kota Banda, Indonesia. Penelitian ini juga mencoba untuk menilai kontribusi pariwisata halal bagi perekonomian, diukur dengan efek pengganda pendapatan. Dari 1.243 pengunjung wisata halal, pengusaha di sekitar objek wisata halal, dan tenaga kerja di lokasi wisata halal tersebut, 93 orang di antaranya dipilih sebagai sampel penelitian dengan menggunakan teknik proportate stratified random sampling. Pengamatan, wawancara, dan kuesioner digunakan untuk mengumpulkan data primer. Mayoritas responden menilai tempat wisata Museum Tsunami Aceh dan Kapal Apung PLTD sudah menerapkan konsep wisata halal. Hasil penelitian juga menemukan bahwa obyek wisata halal tersebut telah memberikan kontribusi terhadap peningkatan pembangunan ekonomi masyarakat yang ditunjukkan dengan Keynesian Local Income Multiplier dan Ratio Income Multiplier lebih besar dari satu. Untuk lebih meningkatkan pendapatan masyarakat sekitar obyek wisata halal, maka sarana wisata halal harus dilengkapi dengan baik dan terjaminnya lingkungan sekitar yang kondusif.

TOWARDS A PRISTINE ISLAMIC FINANCE: PRECONDITION Oluwaseun Sulaiman Saidu
Share: Jurnal Ekonomi dan Keuangan Islam Vol 9, No 2 (2020)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

The need for an alternative to the current mainstream financial architecture is not in doubt. As exigent as this call might be through the Islamic finance conduit, it has to be done properly. This is particularly important if we must avoid associated shari’ah risks, avoid rubbing the face of the religion, Islam in the mud, and of course, if we must reap the benefits that accrue from following Allah’s dictates in all our affairs including “econo-financial” matters. This study aims at marshaling a path towards scripting a pristine and practicable Islamic finance by identifying two salient preconditions for it. It utilizes a diachronic approach whilst resorting to scriptural reasoning, historical evidence and were analyzed using inductive rationale. The study finds some unique issues cum scenarios that cannot be shoved or brushed aside as far as Islamic financing is concerned. viz; Scenario one: The impracticability of Islamic financing without an enabling Islamic Law; Scenario two: The non-implementability of Islamic financing without the Islamic man; Scenario three: Islamic finance orchestrated without an Islamic law but with an Islamic man; Scenario four: A “globalized” Islamic finance that can at best fit into a practicable legal micro-framework in today’s world; and Scenario five: A non-global Islamic finance within a practicable legal micro-framework.========================================================================================================Prasyarat Menuju Praktik Keuangan Islam Sejati. Kebutuhan akan sebuah arsitektur keuangan alternatif dari yang ada sekarang merupakan suatu hal yang tidak diragukan lagi. Walaupun seruan ini mungkin mendesak melalui saluran keuangan Islam, itu harus dilakukan dengan benar. Hal ini sangat penting untuk menghindari risiko yang terkait kesyariahan sistem keuangan dalam Islam, ibaratnya ini merupakan upaya untuk menghindari menggosok wajah agama Islam dengan lumpur. Jika kita harus menuai manfaat dari melaksanakan perintah Allah, maka itu ada dalam semua urusan termasuk masalah "Econo-financial". Kajian ini bertujuan menyusun jalan menuju skrip keuangan Islam yang murni dan praktis dengan mengidentifikasi dua prasyarat penting untuk itu. Studi ini menggunakan pendekatan diakronis dengan melakukan penalaran terhadap teks-teks keagamaan, bukti sejarah, dan dianalisis dengan rasionalisasi induktif. Penelitian ini menemukan beberapa masalah unik sekaligus skenario yang tidak dapat disingkirkan atau disingkirkan sejauh menyangkut keuangan Islam. yaitu; Skenario satu: Ketidakpraktisan pembiayaan keuangan syariah tanpa adanya hukum Islam yang memungkinkan; Skenario dua: Ketidakimplementasian pembiayaan keuangan Islam tanpa Islamic man; Skenario tiga: Keuangan Islam diatur tanpa hukum Islam tetapi dengan Islam man; Skenario empat: Keuangan Islam yang "diglobalisasi" yang paling sesuai dengan kerangka mikro hukum yang dapat diterapkan di dunia saat ini; dan Skenario lima: Keuangan Islam non-global dalam kerangka mikro hukum yang praktis.

ZAKAT AS LOCALLY-GENERATED REVENUE: ITS ACCOUNTING TREATMENT AT BAITUL MAL ACEH Armiadi Musa
Share: Jurnal Ekonomi dan Keuangan Islam Vol 9, No 2 (2020)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

In Aceh, Indonesia, zakat is included as a locally-generated revenue (Pendapatan Asli Daerah – PAD) and it is managed by a government body called Baitul Mal. As a government institution, Baitul Mal is obligated to present financial statements according to Government Accounting Standards (Standar Akuntansi Pemerintah - SAP). This article reports the findings of the accounting treatment for zakat financial statements in Baitul Mal Aceh. Baitul Mal Aceh as the government zakat institution is annually required to disclose two different financial statements, both financial statements based on Government Accounting Standards (SAP) and based on a statement of financial accounting standards 109 (PSAK 109). Therefore, the purpose of this study is to investigate the compliance of Baitul Mal Aceh with SAP dan PSAK 109 in zakat financial reporting. This research is a descriptive study from the data obtained through field study. The results showed that Baitul Mal Aceh has implemented both SAP and PSAK 109 in presenting the financial statements regardless of some items that might not be in accordance with the standards. In financial statements based on SAP, a variance was found in the presentation of information related to the procurement of assets and the details of the depreciation. As for the financial statements based on PSAK 109, it has been presented from 2012 to 2017. From the available data, there are some differences in the disclosure compared to PSAK 109. Amil funds and non-halal funds were not disclosed in the balance sheet as well as there was no statement of changes in assets under management. Moreover, these financial statements were not presented in the last two years due to limited supporting facilities/devices and human resources.========================================================================================================Zakat sebagai Pendapatan Asli Daerah: Perlakuan Akuntansinya pada Baitul Mal Aceh. Di Aceh, Indonesia, zakat dimasukkan sebagai salah satu Pendapatan Asli Daerah (PAD) yang dikelola oleh sebuah institusi pemerintah yang disebut Baitul Mal. Sebagai badan pemerintah, Baitul Mal diwajibkan untuk membuat laporan keuangannya sesuai dengan Standar Akuntansi Pemerintah (SAP). Artikel ini menyajikan temuan dari perlakuan akuntansi pada laporan keuangan zakat di Baitul Mal Aceh. Baitul Mal Aceh sebagai lembaga amil zakat pemerintah diwajibkan menyajikan dua laporan keuangan yang berbeda setiap tahunnya, yaitu laporan keuangan menurut Standar Akuntansi Pemerintahan (SAP) dan menurut Pernyataan Standar Akuntasi Keuangan Nomor 109 (PSAK 109). Untuk itu, tujuan dari penelitian ini adalah untuk menginvestigasi kepatuhan Baitul Mal Aceh dengan SAP dan PSAK 109 dalam penyajian laporan keuangan zakat. Penelitian ini adalah studi deskriptif berdasarkan data yang diperoleh dari studi lapangan. Hasil penelitian menunjukkan bahwa Baitul Mal Aceh telah menerapkan sistem pelaporan sesuai dengan kedua standar yang dimaksud meskipun masih terdapat beberapa item yang tidak sesuai. Pada pelaporan keuangan menurut SAP, masih ditemukan ketidaksesuaian dalam penyajian informasi terkait pengadaan aset dan rincian penyusutannya. Adapun untuk laporan keuangan dengan PSAK 109, Baitul Mal Aceh sudah pernah menyajikannya dari tahun 2012-2017. Dari data yang tersedia, terdapat beberapa ketidaksesuaian penyajian laporan keuangan dengan PSAK 109. Dana amil dan dana non-halal tidak disajikan dalam laporan posisi keuangan serta tidak ada laporan perubahan aset kelolaan. Bahkan dalam dua tahun terakhir, tidak ada penyajian laporan keuangan ini dikarenakan keterbatasan sarana/perangkat pendukung dan sumber daya manusia yang tersedia.

REVIEWING THE FATWAS RELATED TO FINTECH APPLICATIONS IN ISLAMIC FINANCIAL INSTITUTIONS IN INDONESIA Nunung Nurlaela; Muthi Luthfiyana; Andini Sulastri; Evy Sulvy Wahyunita
Share: Jurnal Ekonomi dan Keuangan Islam Vol 9, No 2 (2020)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

The tendency of the community towards halal products is currently increasing, not only related to objects/goods but also related to muamalah/interactions. The development of the latest fintech applications needs to be examined and detailed again, to be linked with related sharia law. In addition to examining legal status, an interesting thing to develop is how to formulate a fintech application that is following the Islamic economic perspective. Therefore, it is crucial to always review the National Sharia Board – Indonesian Council of Ulama (Dewan Syariah Nasional – Majelis Ulama Indonesia – DSN-MUI)’s fatwa related to fintech applications in Islamic financial institutions (LKS). The results of this study will be used as input for DSN-MUI to formulate policies and fatwas that is issued. This research is a qualitative type. The research subjects are; (1) Sharia Cards, (2) Sharia Charge Cards, (3) Transfers and Collections, (4) Payment Services, and (5) Sharia Electronic Money. There are differences in the bases for determining the contract of each of these products between Islamic countries. The results of this study indicate that: (1) the sharia card product is more appropriate to use the hawalah contract than the kafalah contract, and it is necessary to fix fines due to maturity, monthly fees that are not related to the amount of debt, and to write off merchant fees; (2) Sharia Charge Card products should use a hawalah contract rather than a kafalah contract and need to eliminate fines due to late payment; (3) the use of the wakalah contract on transfer and collection products is correct; (4) payment service products that use a wakalah and ijarah contract should be sufficient to use one of the two; and (5) electronic money can function as money, with transactions using the hawalah principle, as well as debit cards (wadi'ah principles). So, four improvements are proposed to the DSN-MUI fatwas related to the fintech application.========================================================================================================Tinjauan Terhadap Fatwa Terkait Penerapan Fintech pada Lembaga Keuangan Syariah di Indonesia. Kecenderungan masyarakat terhadap produk-produk halal saat ini semakin meningkat, tidak hanya terkait dengan benda/barang namun juga terkait muamalah/interaksi. Perkembangan aplikasi fintech terbaru perlu dicermati dan didetailkan lagi, untuk dikaitkan dengan hukum syariat terkait. Selain pencermatan status hukum, hal yang menarik untuk dikembangkan adalah bagaimana merumuskan aplikasi fintech yang sesuai dengan pandangan ekonomi Islam. Oleh karena itu sangat perlu untuk selalu meninjau fatwa DSN-MUI terkait aplikasi fintech pada lembaga keuangan syariah (LKS). Hasil kajian ini akan menjadi masukan bagi DSN-MUI untuk merumuskan kebijakan-kebijakan dan fatwa-fatwa yang dikeluarkannya. Penelitian ini berjenis kualitatif. Subjek penelitiannya adalah: (1) Syariah Card, (2) Syariah Charge Card, (3) Transfer dan Inkaso, (4) Jasa Pembayaran, dan (5) Uang Elektronik Syariah. Terdapat perbedaan dasar-dasar penentuan akad dari setiap produk tersebut di antara negeri-negeri Islam. Hasil penelitian ini menunjukkan bahwa: (1) produk syariah card lebih tepat menggunakan akad hawalah dibandingkan dengan akad kafalah, serta perlu membenahi denda akibat jatuh tempo, monthly fee yang tidak dikaitkan dengan jumlah utang, dan menghapus merchant fee; (2) produk Syariah Charge Card sebaiknya menggunakan akad hawalah dibandingkan dengan akad kafalah serta perlu menghilangkan denda akibat keterlambatan pelunasan; (3) penggunaan akad wakalah pada produk transfer dan inkaso sudah tepat; (4) produk jasa pembayaran yang menggunakan akad wakalah dan ijarah seharusnya cukup menggunakan salah satu dari keduanya; dan (5) uang elektronik dapat berfungsi sebagaimana uang, dengan transaksi menggunakan prinsip hawalah, sebagaimana kartu debit (prinsip wadi’ah). Jadi, diusulkan empat perbaikan atas fatwa–fatwa DSN-MUI terkait aplikasi fintech.

A COMPARATIVE STUDY OF CONVENTIONAL AND SHARIAH LIFE INSURANCE EFFICIENCY USING DATA ENVELOPMENT ANALYSIS Mulia Saputra; Muhammad Arfan; Neni Zahara
Share: Jurnal Ekonomi dan Keuangan Islam Vol 9, No 2 (2020)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

This study aims to analyze and compare the efficiency between conventional life insurance companies and Islamic life insurance companies in Indonesia over the period of 2014-2018. The sample of this study was taken from 10 conventional life insurance companies and 10 shariah life insurance companies that were selected based on the purposive sampling technique. Measurement of efficiency in this study was conducted using the method of data envelopment analysis (DEA) based on Bankers-Charnes-Cooper (BCC) and Charnes-Cooper-Rhodes (CCR) models of the value-added approach. This was followed by testing the hypothesis using a different Mann-Whitney U-test. Input variables used are assets, capital, general and administrative costs, and commission expenses. Meanwhile, the output variables are premiums and investment income. The results showed that conventional life insurance companies are more efficient than Islamic life insurance companies based on the BCC and CCR models. Furthermore, the results of different tests using the Mann-Whitney U-test showed an insignificant difference in efficiency between conventional life insurance companies and Islamic life insurance companies during the study period. The results of the comparison of the average efficiency value with the DEA method indicated that the efficiency level of a conventional life insurance company was better than a shariah life insurance company.========================================================================================================Studi Perbandingan Efisiensi antara Asuransi Jiwa Konvensional dengan Syariah Menggunakan Data Envelopment Analysis. Penelitian ini bertujuan untuk menganalisis perbandingan efisiensi perusahaan asuransi jiwa konvensional dengan perusahaan asuransi jiwa syariah di indonesia pada periode 2014-2018. Sampel penelitian ini adalah 10 perusahaan asuransi jiwa konvensional dan 10 perusahaan asuransi jiwa syariah yang dipilih berdasarkan teknik purposive sampling. Pengukuran efisiensi dalam penelitian ini menggunakan metode data envelopment analysis (DEA) dengan model BCC dan CCR berdasarkan pendekatan nilai tambah. dilanjutkan dengan melakukan uji hipotesis menggunakan uji beda mann-whitney u-test. Variabel input yang digunakan adalah aset. modal. biaya administrasi dan umum. dan beban komisi. Sedangkan variabel outputnya adalah premi dan pendapatan investasi. Hasil penelitian menunjukkan bahwa perusahaan asuransi jiwa konvensional lebih efisien dibandingkan perusahaan asuransi jiwa syariah berdasarkan pengukuran dengan model BCC maupun model CCR. Selanjutnya hasil uji beda menggunakan uji mann-whitney u- test menunjukkan bahwa tidak terdapat perbedaan efisiensi yang signifikan antara perusahaan asuransi jiwa konvensional dan perusahaan asuransi jiwa syariah selama periode penelitian ini. Hasil perbandingan nilai efisiensi rata-rata dengan metode DEA menunjukkan bahwa tingkat efisiensi perusahaan asuransi jiwa konvensional lebih baik daripada perusahaan asuransi jiwa syariah.

COVID-19 OUTBREAK AND CAPITAL MARKET REACTION: AN EVIDENCE FROM THE JAKARTA ISLAMIC INDEX 70 Siti Amaroh
Share: Jurnal Ekonomi dan Keuangan Islam Vol 9, No 2 (2020)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

The COVID-19 outbreak has become a global problem affecting human life entirely. This paper provides evidence of the market reaction to Jokowi’s announcement regarding the first patient of COVID-19 in Indonesia on March 2, 2020. This research is an event study that looks at whether or not there is a difference in average abnormal returns of 'go public' companies registered on The Jakarta Islamic Index (JII) 70 both before and after the announcement. The observations were made 9 days before the announcement and 9 days after the announcement. Based on descriptive data, the average stock returns of JII 70 fluctuated which increased on the first day after the announcement but decreased sharply after the fifth day of the announcement. The test showed that the average abnormal returns are negative both before and after the announcement. The paired sample t-test provided evidence that there is a difference in the average abnormal return during the testing period between before and after the announcement. The market reacted negatively to the announcement indicated by negative average abnormal return and support a semi-strong market hypothesis.========================================================================================================Wabah Covid-19 dan Reaksi Pasar Modal: Bukti dari Jakarta Islamic Index 70. Wabah COVID-19 telah menjadi masalah global yang mempengaruhi kehidupan manusia sepenuhnya. Paper ini memberikan bukti reaksi pasar terhadap pengumuman Presiden Jokowi mengenai pasien perta COVID-19 di Indonesia pada 2 Maret 2020. Penelitian ini merupakan studi peristiwa yang melihat apakah terdapat perbedaan rata-rata abnormal return perusahaan go public yang terdaftar di Jakarta Islamic Index (JII) 70 baik sebelum maupun sesudah pengumuman. Pengamatan dilakukan 9 hari sebelum pengumuman dan 9 hari sesudah pengumuman. Berdasarkan data deskriptif, rata-rata return saham JII 70 mengalami fluktuasi yang meningkat pada hari pertama setelah pengumuman namun menurun tajam pada hari kelima setelah pengumuman. Hasil pengujian menunjukkan bahwa rata-rata abnormal return bernilai negatif baik sebelum maupun sesudah pengumuman. Uji-t sampel berpasangan memberikan bukti bahwa terdapat perbedaan rata-rata abnormal return selama periode pengujian antara sebelum dan sesudah pengumuman. Pasar bereaksi negatif terhadap pengumuman yang ditunjukkan oleh rata-rata abnormal return negatif dan mendukung hipotesis pasar semi-kuat.

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