Muhammad Muhajir Aminy

Islamic banks' stock is a new interesting material to be discussed among Islamic economics scholars. The majority of Islamic banks' stocks presents in the middle-east countries, especially those which are joining as the Gulf Cooperation Council (GCC) countries. Samples in this study were 10 Islamic banks in the Gulf Cooperation Council (GCC) countries with secondary data from their financial report. A panel data regression analysis was employed to seek the influence of all observed variables (ROA, ROE, and ICSR (zakat)) as the determinant factors toward Islamic banks' stock prices. The study found that all the independent variables simultaneously have an impact on Islamic banks' stock prices in that area. The study also found that the variable of ROA has a negative significant impact, the variable of ROE has a positive significant impact, and ICSR (zakat) has an insignificant impact on Islamic banks' stock prices in the GCC countries. This study suggested all Islamic banks globally to consider investors' sentiment on Islamic banks' financial condition before entering the Islamic capital market.

Cash waqf is an Islamic financial instrument which recently is developed by most Muslim scholars. This Islamic financial instrument is believed to be one alternative to solicit social funds from people, other than zakat, with a purpose to gain sustainable benefits without reducing the amount of used fund. Cash waqf is not similar to zakat that is a mandatory and an Islamic pillar for Muslims across the world. Cash waqf is a preferable (sunnah) that is encouraged to be carried out by Muslims to gain ceaseless reward from God. Muslims who spend their money for this Islamic charity have an awareness to do more kindness as a worship form to God. This study aims to analyse the influence of four independent variables, namely religiosity, trust, service quality, and promotion factor on wakif decision to select cash waqf product in Badan Wakaf Indonesia region of Yogyakarta City. The findings showed a positive significant impact, simultaneously and partially, from all observed independent variables toward the dependent variable. Another purpose of this study is to investigate a cash waqf management that is applied in the waqf institution. The duty of Badan Wakaf Indonesia as the waqf institution is only to supervise the nazhirs, waqf managers, regarding their cash waqf management. Badan Wakaf Indonesia indirectly collects and distributes all cash waqf through all its five nazhirs.

Offshore banking topic is infrequently explained by academicians and scholars in their researches and written articles. Offshore banks do not exist in all countries, unlike the conventional one. Hence, information regarding the offshore banking system is limited. Offshore banks collect and distribute large amount of money in international financial system. This bank type has negative perception among world societies, mainly after 9/11 incident in New York. This bank was accused as the bank that facilitating terrorists with its money to perform their terrorism act, crashing WTC building with their hijacked airplane.This article aims to acquaint offshore banking basic concept to public, particularly to this article's readers. As the writer found that there is still lack of journal articles discussing this bank type, I intend to enrich its literatures and references. This article is expected to be useful for those who want to understand offshore banking in brief explanation and financial crime inside the offshore banking system.

Pembahasan mengenai offshore banks atau perbankan lepas pantai sangat jarang ditemukan sebagai salah satu tema diskusi diantara para akademisi dalam penelitian dan artikel yang telah terpublikasi di jurnal. Tidak seperti perbankan pada umumnya, offshore banks hanya ada di beberapa negara yang telah memberikan izin dan memiliki kebijakan untuk mendirikan salah satu jenis perbankan tersebut. Oleh karenanya informasi terkait offshore banks sangat terbatas. Offshore banks melakukan pengumpulan dan pendistribusian dana dalam jumlah besar di dalam sistem keuangan internasional. Perbankan jenis ini memiliki persepsi negatif bagi mayoritas penduduk dunia, terutama setelah terjadinya aksi 9/11 di New York. Offshore banks dituduh sebagai bank yang memfasilitasi dan memberikan bantuan dana kepada para teroris untuk melakukan aksi terorisme mereka, yaitu menabrakkan pesawat ke gedung World Trade Center (WTC) di New York. Tujuan dari artikel ini adalah untuk mengenalkan offshore banks kepada publik, khususnya para pembaca. Oleh karena masih minimnya jumlah artikel yang membahas mengenai offshore
banks, diharapkan tulisan ini dapat memperkaya literatur dan referensi yang membahas jenis perbankan tersebut di bidang ekonomi dan perbankan internasional.

This thesis discusses the influence of the company's financial ratios, namely Return On Assets (ROA), Return on Equity (ROE), Earning Per Share (EPS), and Price Earning Ratio (PER) to stock price movements listed on Jakarta Islamic Index (JII) during 2008 until 2012. This study uses a quantitative approach with panel data regression analysis method. Companies studied were 8 companies. Conclusions of this study are all variables studied affect the movement of stock prices since in a simultaneous test with the value of Prob. F < alpha (0,05) and adjusted R-Squared value is 0,9709. While in partial test, EPS and PER are the only variables which have impact on stock price movements. Variable that has a dominant influence on stock prices is EPS with regression coefficient of 1,206877.

Skripsi ini membahas pengaruh rasio-rasio keuangan perusahaan, yaitu Return On Asset (ROA), Return On Equity (ROE), Earning Per Share (EPS), dan Price Earning Ratio (PER) terhadap pergerakan harga saham perusahaan yang listing pada Jakarta Islamic Index (JII) pada tahun 2008 hingga 2012. Penelitian ini menggunakan pendekatan kuantitatif dengan metode analisis regresi data panel. Perusahaan yang diteliti berjumlah 8 perusahaan. Kesimpulan dari penelitian ini adalah seluruh variabel yang diteliti berpengaruh terhadap pergerakan harga saham dalam uji simultan dengan nilai Prob. F < alpha (0,05) dan nilai adjusted R-Squared sebesar 0,9709. Sementara dalam uji parsial, hanya variabel EPS dan PER yang memiliki pengaruh terhadap harga saham. Variabel yang memiliki pengaruh dominan terhadap harga saham adalah EPS dengan koefisien regresi sebesar 1,206877.

Stock trading has been allowed in Islam because it does not conflict with Islamic principles. It is similar to other common commodity trading, because in this stock market we can find stock's seller and buyer, object to be traded, and its market. Not all activities are allowed in stock market according to Islamic law or doesn't fulfill sharia compliance. Short selling practice in stock market is prohibited because it allows investors to sell stock which they do not have.Margin trading can't be implemented as an activity in islamic stock market because it relates to interest (usury) which is not allowed in Islam. Meanwhile, insider trading is prohibited in Islam because it indicates fraudulence activity (tadlis) inside the market.
JEL classification: G10, G11, G14