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This study aims to estimate changes in the Indonesian Sharia Stock Index (ISSI) from 2020 to 2025 using the Autoregressive Integrated Moving Average (ARIMA) model. The growth of the Islamic stock market in Indonesia has increased rapidly, driven by public awareness of investments that follow sharia principles, as well as changes in macro and microeconomic conditions, especially during the COVID-19 pandemic which has had a significant impact on the financial market. This study relies on monthly ISSI data taken from official sources and analyzed with a quantitative approach using the time series method using EViews version 13 software. Statistical analysis and stationarity tests indicate that the ISSI data exhibits an increasing trend pattern and quite high volatility, so that a differentiation process is necessary to achieve stationarity. Based on the results of model testing and the selection of optimal information criteria, the ARIMA (1,1,1) model was selected as the most appropriate to capture the autocorrelation pattern and produce accurate short-term predictions. Projections indicate a stable growth trend until the end of 2025, with an estimated index of more than 8.3 million. The findings of this study indicate that the ARIMA model is an effective tool for forecasting ISSI movements and can be a strategic consideration for investors, financial institutions, and policymakers in developing sustainable investment strategies in the Indonesian Islamic stock market.

This study aims to examine various factors that influence customers' engagement in choosing the Cicil Emas product as a form of long-term investment at Bank Muamalat Purwokerto. This research is based on the increasing trend of gold investment in the community caused by the increase in gold prices and awareness of the importance of halal investment according to sharia principles. This study uses a descriptive qualitative approach with data collection techniques through interviews, observations, and documentation of Bank Muamalat Purwokerto. The results show that customer interest is influenced by several main factors, namely trust in sharia principles through the murabahah contract, a positive perception of gold as a stable investment asset, the ease of installment procedures that are flat and transparent, and the efficiency of the payment system through autodebit. In addition, social factors such as family recommendations and active promotions from the marketing department also strengthen customer interest. From the SWOT analysis, it was found that the main strength of this product lies in Bank Muamalat's reputation as a pioneering sharia bank and a stable installment system, while its main weaknesses are limited physical gold stocks and low public investment literacy. With increasing public awareness of sharia investment and the large market potential in Purwokerto, the Cicil Emas product has strong prospects for continued growth as a safe and Islamically-compliant long-term investment instrument.

Bank Syariah Indonesia (BSI) faces challenges in optimizing financial performance and market valuation following the merger process in 2021. This study aims to analyze the influence of Third Party Funds, liquidity, and Islamicity Performance Index on BSI stock prices during the period 2021-2025. The research employs multiple linear regression analysis method using monthly data from BSI financial reports and stock price data from the Indonesia Stock Exchange. The results indicate that Third Party Funds have a negative but non-significant effect on BSI stock prices, suggesting that increases in Third Party Funds do not automatically enhance stock valuation as investors are concerned about the profit-sharing burden that must be paid. Liquidity has a positive and significant effect on stock prices, demonstrating that fund distribution efficiency is the primary factor evaluated by investors. The Islamicity Performance Index has a negative and significant effect on stock prices, confirming that investors interpret high sharia compliance indices as reducing profitability for shareholders. This study confirms that investors in evaluating Bank Syariah Indonesia stocks prioritize operational efficiency over operational scale or sharia compliance orientation.

Indonesia’s Islamic capital market has experienced remarkable growth in recent years, evidenced by the increasing number of investors and the rising market capitalization of Sharia-compliant stocks. This article aims to analyze the performance and management strategies of Sharia stock portfolios by reviewing academic literature published in Indonesia between 2019 and 2024. Utilizing a literature review methodology, the study compares the return and risk characteristics of Sharia stocks with those of conventional stocks. It also evaluates the applicability and effectiveness of classical portfolio theories—namely, the Markowitz Model and the Single Index Model—in managing Sharia-compliant investments. The findings reveal that Sharia stock portfolios often perform competitively and tend to exhibit greater resilience and stability during financial crises. This resilience is attributed in part to the rigorous stock screening mechanisms that comply with Islamic principles, excluding sectors and companies that do not meet Sharia criteria. Additionally, various macroeconomic factors such as inflation, interest rates, exchange rates, and global economic fluctuations are found to impact the performance of Islamic stock portfolios. The article highlights that while Sharia investments align with ethical and religious values, they also offer practical advantages in risk management and diversification. Furthermore, digital technology and fintech innovation are seen as essential tools to enhance transparency, accessibility, and investor engagement in the Islamic capital market. The study concludes that the development of Sharia-compliant stock investments in Indonesia holds promising potential, especially if accompanied by improved financial literacy, inclusive investor education, and stronger technological infrastructure. This paper offers valuable insights for policymakers, market regulators, and investors interested in promoting sustainable and faith-based financial practices within Indonesia’s rapidly evolving capital market ecosystem.

This study investigates the potential role of the Jakarta Islamic Index (JII) as a hedging instrument and safe haven asset against the Indonesia Composite Index (IHSG) during the period from January 2020 to April 2025, a time characterized by elevated market volatility. The main objective is to determine whether sharia-compliant stocks in Indonesia offer diversification benefits during periods of financial stress. Utilizing daily closing prices converted into log returns, the study employs the Asymmetric Dynamic Conditional Correlation Generalized Autoregressive Conditional Heteroskedasticity (A-DCC GARCH) model to capture time-varying correlations between JII and IHSG. Prior to applying the model, standard diagnostic tests were performed to ensure data quality, including tests for stationarity, autocorrelation, and ARCH effects.Empirical results reveal a persistently high correlation between IHSG and JII, with an average of 0.826 and values exceeding 0.95 during periods of market turbulence. These findings indicate that JII does not fulfill the characteristics of a hedge or safe haven asset. A robustness analysis using extended data from 2010 to mid-2025 further supports the conclusion, showing the continued presence of strong comovement between the two indices across different market regimes. This suggests a structural relationship rather than one driven solely by crisis events. The high correlation may be attributed to overlapping index constituents and similar investor responses to market shocks. These results challenge the prevailing notion that Islamic indices inherently offer protection during downturns. As such, investors seeking to mitigate portfolio risk may need to look beyond domestic sharia equities and consider broader asset classes or international diversification. Future research is encouraged to explore cross-market and multi-asset safe haven properties, especially in the context of emerging economies.

Indonesia, as the country with the largest Muslim population, has great potential in developing Islamic philanthropy, particularly through the stock waqf instrument. Stock waqf allows sharia stocks to be managed to generate dividends or capital gains, which are then distributed to social programs. This study aims to analyze the effectiveness of digital stock waqf management through MotionTrade by PT MNC Sekuritas, as well as to identify the challenges and opportunities in its implementation. The research method used is qualitative, with a field approach for data collection using semi-structured interviews, non-participant observation, and documentation at PT MNC Sekuritas Surabaya and waqf institutions such as BWI and RZI. The research results show that through the MotionTrade application, donation management is carried out based on the POAC principles (Planning, Organizing, Actuating, Controlling) in accordance with sharia, with transparency and professionalism through the philanthropic features of MotionTrade. Collaboration with trusted nazhir institutions such as BWI, RZI, and BAZNAS ensures that the donations are properly targeted, covering assistance for Gaza, orphans, healthcare services, qurban (animal sacrifice), and scholarships. However, there are still challenges such as digital literacy, resource management, and continuously evolving regulations. With proper management and cross-institutional support, stock waqf and digital philanthropic donations through MotionTrade have the potential to become strategic instruments for improving the welfare of the Muslim community in Indonesia.

The objective of this study is to examine whether the macroeconomic variables Exchange Rate, Money Supply (M2), and the international stock indices Dow Jones Islamic Market (DJIM) and Dow Jones Industrial Average (DJIA) have an influence on the movement of Sharia stocks in Indonesia and Malaysia (Jakarta Islamic Index and FTSE Bursa Malaysia Hijrah Shariah Index). The analytical method used in this research is multiple regression analysis. The data utilized are monthly data spanning the period from January 2015 to December 2024. The results of the study indicate that the Jakarta Islamic Index (JII) is significantly influenced by the Exchange Rate and the Dow Jones Industrial Average (DJIA). Specifically, both the Exchange Rate and DJIA show effects that are consistent with the hypothesis expectations. The Exchange Rate has a negative and significant effect on the Jakarta Islamic Index (JII), while the DJIA has a positive and significant effect. Meanwhile, the Money Supply (M2) and the Dow Jones Islamic Market (DJIM) are not found to have a significant effect on the Jakarta Islamic Index (JII). The FTSE Bursa Malaysia Hijrah Shariah Index (FHSI), on the other hand, is significantly influenced by the Dow Jones Islamic Market (DJIM). Specifically, DJIM has a positive and significant effect on FHSI. Conversely, the Exchange Rate, Money Supply (M2), and Dow Jones Industrial Average (DJIA) are not found to have a significant effect on the FTSE Bursa Malaysia Hijrah Shariah Index (FHSI).

This study aims to analyze the influence of financial literacy, investment risk, sharia compliance, and subjective norms on individual’s interest in investin in sharia-based securities crowdfunding (SCF) stock instruments in Jakarta. A quantitative approach with descriptive method was employed in this research. Primary data were collected through questionnaires distributed to 240 respondents selected using purposive sampling. The population in this study consisted of individuals who are interested in sharia SCF stocks and reside or work in Jakarta. The data were analyzed using structural equation modeling-partial least squares (SEM-PLS). The results indicate that finansial literacy, investment risk, sharia compliance, and subjective norms have a positive and significant influence on investment interest in sharia-based securities crowdfunding stock in Jakarta.

This community engagement initiative was organized by the Faculty of Economics and Business, Department of Accounting, University of Bengkulu, Indonesia. The activity aimed to enhance financial literacy and public awareness of the Sharia capital market among residents of Sri Kuncoro Village, Central Bengkulu. The training focused on technical analysis of Sharia-compliant stocks, introducing participants to key concepts such as price trends, candlestick patterns, support and resistance levels, and the use of technical indicators aligned with Islamic financial principles. The objective was to empower the local community with practical skills and knowledge to participate responsibly and ethically in Sharia-based stock trading. The results showed a significant increase in participants' understanding of technical analysis tools and their confidence in investing in the Sharia capital market.

Often, the quality of human life, whether individually, in groups, communities, or countries, becomes a benchmark for economic welfare. The purpose of this study is to determine the effectiveness of the DPLK Syariah Muamalat program in Cirebon Regency. In this study, a descriptive qualitative approach is used. This is to describe and explain certain phenomena, conditions, or events in the existing data. The results of the study show that DPLK Muamalat as a sharia-based pension fund management institution has high efficiency by investing in halal instruments such as sukuk, sharia stocks, and sharia deposits. The programs offered include individual and corporate pension funds with investment flexibility, management transparency, and digital-based services. The marketing strategy is focused on education and collaboration to increase public literacy about the importance of sharia pension funds. Despite facing the challenge of low public understanding, DPLK Muamalat has a great opportunity as the only sharia-based DPLK in Indonesia.

This study aims to determine the forecasting of stock return volatility of energy companies listed on the Indonesian Sharia Stock Index (ISSI) using the ARCH/GARCH method. This study uses purposive sampling method and uses secondary data in the form of daily stock returns from January 2022 to June 2024 on 10 selected stocks. Data processing is done using Stata software. The results showed that of the 10 selected stocks, only 6 stocks, namely BYAN, ADRO, GEMS, PTBA, AKRA, and BSSR, were suitable for analysis using the ARCH/GARCH model. Meanwhile, PGAS, ITMG, PTRO, and HRUM do not show ARCH effect or do not contain heteroscedasticity. Statistical evaluation of volatility prediction shows that the selected models provide good predictions. Among the six stocks analyzed, ADRO, PTBA, and BSSR show high volatility, while BYAN, GEMS, and AKRA show low volatility. Therefore, investors should consider investment risk when evaluating stocks with different levels of volatility.

Stocks are one of the most popular investment instruments due to their high profit potential. However, in the Islamic view, stock investment requires special consideration to ensure its compliance with sharia principles. This study aims to explain the concept of stocks in the Islamic perspective, the criteria for halal stocks, and the ethical principles that must be applied in investment activities. In Islam, stocks are considered halal if the company that manages its business does not conflict with sharia, such as avoiding usury, gambling, and businesses that contain haram elements. In addition, the stock transaction mechanism must be free from excessive speculation (gharar) and market manipulation. By understanding these principles, Muslim investors can invest responsibly in accordance with Islamic values. This study is expected to provide practical guidance for the public in managing sharia-based investment portfolios.

This study examines and compares the Capital Asset Pricing Model (CAPM) with the Sharia Compliance Asset Pricing Model (SCAPM) in constructing an optimal stock portfolio based on the sharia stock index on the Indonesia Stock Exchange, specifically the Jakarta Islamic Index (JII), during the 2019–2023 period. The primary aim is to evaluate whether the SCAPM, which incorporates mudharabah profit-sharing returns in place of the risk-free rate, offers more relevant insights for Muslim investors compared to the CAPM. Utilizing a quantitative approach and a two-step regression method, the research develops an optimal portfolio by calculating stock betas and analyzing the relationship between systematic risk and expected returns. The findings reveal that neither the CAPM nor the SCAPM models are valid for predicting risk and expected returns for the JII's optimal stock portfolio. This study is intended to guide sharia-compliant investors in making informed decisions and assist investment managers in designing strategies aligned with Islamic financial principles.

Share transactions in the sharia capital market must comply with sharia principles. The aim of this research is to analyze the position of stocks that are used as an arena for speculation in the views of scholars, both classical scholars and contemporary scholars. This research is library research with a descriptive analysis method using a normative juridical approach. The research data analysis was carried out through three mechanisms, namely data reduction, data presentation and drawing conclusions. The results of the research show that Based on the discussion above, it shows that in the view of the ulama it has been explained that speculative activities, Riba, Gharar and Maysir (gambling) have been prohibited by Islamic law which was issued as a regulation. One of them is setting a minimum holding period for shares. With these restrictions, shares cannot be traded at any time, so there is little incentive to profit from price changes alone. However, finding the right retention period can be difficult. These restrictions can limit speculation, but also reduce the liquidity of capital market investments. Therefore, it is very possible that a rational investor needs quick liquidity but cannot sell shares because the required minimum holding period has not been met.

This study explores the dynamics of digital investment in Indonesia within the framework of Islamic economics. The rapid advancement of technology has facilitated the growth of Sharia-compliant investments through digital platforms, making investment more accessible to the Muslim population. This research categorizes several prominent types of Sharia-compliant digital investments, including Online Sharia Mutual Funds, Sharia-Compliant Stocks, UMKM Crowdfunding, Digital Gold, and Online Sharia Property. Each type is evaluated based on its adherence to Islamic principles, legal regulations, and associated risks and opportunities. The study finds that while digital investment platforms offer considerable accessibility and inclusivity, ensuring Sharia compliance remains a challenge amid evolving regulations and technological innovations. Furthermore, the study addresses the regulatory frameworks that oversee these investment types, such as POJK regulations and MUI fatwas, which play a crucial role in maintaining compliance. This research contributes to the ongoing development of Islamic digital finance in Indonesia, providing insights for regulators, platform providers, and investors who seek to expand Sharia-compliant digital investments responsibly.

Stocks and the Indonesian capital market coexisted in Indonesia in 1912, when the Indonesian capital market was first established. An Islamic regulation master named Abdurrahman Isa contends that stock trading exchanges are permitted in religion, including shares gave by banking organizations, where a portion of the exercises are revenue based credit. This is based on the circumstances of Muslims, who, in his opinion, are in a dhorurat state. This study made use of literature research, which uses information from books and other sources to investigate the method for putting into practice investment in sharia stocks as a tool for economic improvement. The English word investment, which means to plant, was adopted from the British language. According to the Dictionary of Capital Market and Financial Terms, "investment" refers to putting money or capital into a business with the intention of earning a profit. The Capital Market Law regulates the sharia capital market, which is a capital market that does not violate sharia law. In this instance, the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) continues to oversee the sharia capital market. The fundamental difference between the sharia capital market and the conventional capital market is that the sharia capital market must adhere to sharia law in all transaction mechanisms and issuers traded in it. In other words, there is no significant difference between the two markets.

Indonesia is a country with the largest Muslim population, but investment in Islamic stocks does not grow as big as convetional stocks. This arises because public investment literacy towards Islamic investment is still low. Therefore, this service activity is carried out with the aim of increasing Islamic investment literacy, especially in the millennial generation. Implementation of activities  is carried out by creating a special class of Islamic capital market with the basics of Islmic stocl investments and tips and tricks for investing in the capital market with limited founds. Community service activities are carried out with partner target students and administrators of the BEM Universitas Islam Majapahit. Activities carried out from March to June 2024. The result of community service av=ctivities are in the form of increasing partner literacy regarding invetments, especially sharia stock investment and being able to create accounts through PT Phintraco Securities as a service partner.

The capital market is an activity involving the trading of securities and public offerings. It also involves institutions and professions dealing with securities. Investors have the potential to allocate their funds to safe-haven investment instruments, although the increase in the number of investors does not correspond to the level of literacy, especially in the capital market, which was only 4.92% in 2019 and decreased to 4.11% in 2022. This research aims to determine how the optimal stock portfolio is formed on the IDX Shariah Growth index in the period from November 2022 to March and from April to August 2023. The research results show that in the period from November 2022 to March 2023, six stocks were selected as candidates for the optimal portfolio, including SMDR, PWON, ISAT, TINS, HEAL, and INCO. On the other hand, in the period from April to August 2023, only SMDR and MAPI were included as candidates. Interestingly, SMDR was consistently selected in both periods. The proportion of the optimal portfolio in November 2022 - March 2023 was 11.62% for SMDR, while in April - August 2023, the proportion of SMDR increased to 25%. The optimal portfolio consisting of two stocks in April - August 2023 is estimated to generate a return of -0,28% per month, with an investment risk of 2.25%. Compared to the period of November 2022 - March 2023, which resulted in a return not significantly different, namely -0,078%, the investment risk level was much higher at 3,8%. However, this risk is lower than investing in individual stocks. Thus, forming an optimal portfolio is one effective way to diversify and reduce investment risk.

This study aims to examine more deeply the material related to corporate financial management, which in this study will focus more on family takaful insurance companies, this research method is through a literature study by collecting literature related to looking at all sources related to the financial performance of tabarru funds. by using a literature study, then every data found by the author will try to separate between what is considered true and not true. The results of this study indicate that tabarru funds are used by family takaful insurance companies to help fellow customers in need, then takaful applies the principle of shring of risk realized through the collection of tabarru funds, so as to be able to create solidarity, mutually protect relationships and establish kinship among participants. Then the participant's funds are managed by family takaful insurance based on a tijarah contract which is free from elements of obscurity, usury gambling etc., participant funds will be invested in sharia-based investment instruments such as sharia stocks, sukuk, syr'i mutual funds, so that they can move the economy to realize people's welfare

This study aims to determine and analyze the influence of Islamic stock understanding and financial behavior on the intention to purchase Islamic stocks at PT FAC Sekuritas. The method used in this study is a quantitative method, and the data analysis method used is the coefficient of determination test. The sample in this study was 94 samples of FEBI students at UIN STS Jambi class of 2019-2021, by distributing Likert scale questionnaires. The results of the study show that understanding of Islamic stocks (X1) has a significant positive effect on the intention to purchase Islamic stocks (Y). This is evidenced by the value of Tcount 4.379 > Ttable 1.661 and a Sig value of 0.001 <0.05, which means that Ho is rejected and Ha is accepted. Financial Behavior (X2) shows that there is a significant positive influence on the intention to purchase Islamic stocks (Y). This is evidenced by the tcount value of the minimum capital variable of 3.480 > 1.661 with a significance value of 0.001 <0.05, so it can be concluded that Ha is accepted and Ho is rejected. Understanding of sharia stocks and financial behavior together have a significant effect on the intention to buy sharia stocks. It is known that the significance values ​​for (X1) and (X2) simultaneously affect (Y) of 0.000 <0.005 and the value of Fcount > Ftable (34.631 > 3.10). So it can be concluded that Ha is accepted and H0 is rejected. This means that the higher the level of understanding of Islamic stocks and the better financial behavior, the higher the interest of students in purchasing Islamic stocks at PT FAC Sekuritas.