The purpose of this study is to investigate the relationship between the Jakarta Islamic Index andthe Shariah World Indices within period of January 2009 to December 2017. This study is conducted using vector autoregressive (VAR) method and tawhidi string relationship (TSR) method. The key finding is the conventional Sharia Migration to Sharia in Indonesia through several channel and must be followed by developing the stock market platform as well as Screening on stock shares that follow the principles of sharia. This study found that Middle East investors reflected in the active GCC index in investing in the Indonesian capital market. Under such a phenomenon, the Capital Market Regulators in Indonesia, in this case OJK, must be active in enhancing the Indonesian market among the Gulf countries as well as the OIC (Organizing Islamic Countries). The managerial implications of this study encourage issuers belonging to the Islamic index to continue to improve healthier financial performance while making a breakthrough with the Islamic index in the world, especially the GCC countries.
| Published by | Universitas Indonesia |
| Journal Name | Indonesian Capital Market Review |
| Contact Phone | - |
| Contact Name | - |
| Contact Email | - |
| Location | Kota depok, Jawa barat INDONESIA |
| Website | icmr| http://journal.ui.ac.id/index.php/icmr| |
| ISSN | ISSN : 19798997, EISSN : 23563818, DOI : 10.21002, |
| Core Subject | Economy, |
| Meta Subject | Economics, Econometrics & Finance, |
| Meta Desc | The intent of the Editors of The Indonesian Capital Market Review (p-ISSN: 1979-8997; e-ISSN: 2356-3818) is to discuss, to explore, and to disseminate the latest issues and developments in Empirical Financial Economics (JEL classification: G) particularly those related to financial frictions in the Emerging Markets. The topics cover, but not limited to, capital markets, financial institutions and services, corporate finance, risk modeling and management, market microstructure in financial markets, Islamic finance, behavioral finance, and financial crisis. ICMR has been indexed in EBSCOhost (since 2013), DOAJ (since 2015), CrossRef (since 2016), and ESCI. This journal also has received "B" Accreditation from The Indonesian Directorate of Higher Education (DIKTI) SK No. 36a/E/KPT/2016, May 23rd, 2016. Co-published twice a year (January and July) by: Management Research Center (MRC) Department of Management, Faculty of Economics and Business, Universitas Indonesia, Indonesia Stock Exchange (IDX), and Indonesian Corporate Secretary Association (ICSA). |
| Penulis | Dwi Pramaya Bhakti , Hidajat Sofyan Widjaja |
| Publisher Article | Management Research Center, Department of Management, Faculty of Economics and Business, U |
| Subtitle Article | Indonesian Capital Market Review Vol 12, No 2 (2020): July 2020 |
| Scholar Google | http://scholar.google.com/scholar?q=%2Bintitle%3A&… |
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