Comparison of Risks, Returns and Performance Measurements of Sharia and Non-Sharia Mutual Funds in Indonesia
DOI:
https://doi.org/10.24090/ijtimaiyya.v4i2.3072Keywords:
Risk, Return, Performance, sharia mutual fundsAbstract
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.Downloads
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BPS. (2010). Sensus Penduduk tahun 2010. Jakarta.
Gunawan, A. (2013). Analisa Penerapan Prinsip Syariah di Pasar Modal Konvensional. Pasca Sarjana Universitas Trisakti, Jakarta.
Hartono, J. (2017). Teori Portofolio dan Analisis Investasi (Kesebelas). BPFE Yogyakarta.
Hilman, I. (2017). Performance of sharia Equity Fund and Convensional Equity Fund, Which one better ? Account and Financial Manajemen journal, 2, 1035–1045.
Huda, N., & Edwin, M. (2007). Investasi pada Pasar Modal Syariah. Jakarta: Kencana Prenada Media.
Mc Call, R. B. (1970). Fundamental Statistic for psychology. New York: Harcourt Brace & World.
OJK. (2017). Strategi Nasional Literasi Keuangan Indonesia (Revisi 2017) (hlm. 50). OJK.
Prasetyo, Y. (2016). Analisis terhadap Kriteria Rasio Keuangan Saham Syariah dalam Peraturan Bapepam LK II.K.1. Pasca Sarjana Universitas Islam Sunan Gunung Djati, Bandung.
Prasetyo, Y. (2018). Hukum Investasi dan Pasar Modal Syariah (II). Bandung: Minna Publishing.
Ryandoro, & Hadi, M. N. (2009). Bursa Efek dan Investasi Syariah. Jakarta: Serambi.
Sugiyono. (2007). Statistik untuk PenelitianSugio. Bandung: Alfabeta.
Susanto, B. (2009). Pasar Modal Syariah, Tinjauan Hukum. Yogyakarta: UII Press.
Syafrida, I., Aminah, I., & Waluyo, B. (2015). Perbandingan Kinerja Instrumen Investasi berbasis syariah dengan konvensional pada Pasar Modal di Indonesia. Al-Iqtishad: Journal of Islamic Economics, 6(2), 195–206. https://doi.org/10.15408/ijies.v6i2.1230
Syauqiyah, S., & Nafik, M. (2018). Perbandingan Kinerja Reksadana Syariah dan Reksadana Non Syariah di Indonesia berdasarkan Return, Resiko dan Koefisien Variasi. Jurnal Ekonomi Syariah Teori dan Terapan, 5 No2, 123–134.
Tandelilin, E. (2010). Portofolio dan Investasi (Pertama). Yogyakarta: Kanisius.
Yudanto, A. (2016). Performance Analysis of Sharia and Convensional Mutual Funds durung 2008 and 2013 Crisis Periods. INFO ARTHA, 1.
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Published
2019-09-24
How to Cite
Prasetyo, Y., Athoillah, M. A., & Yusup, D. K. (2019). Comparison of Risks, Returns and Performance Measurements of Sharia and Non-Sharia Mutual Funds in Indonesia. Ijtimā Iyya Journal of Muslim Society Research, 4(2), 116–136. https://doi.org/10.24090/ijtimaiyya.v4i2.3072
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Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
