APAKAH KINERJA DAN RISIKO REKSADANA SYARIAH LEBIH BAIK DIBANDINGKAN DENGAN REKSADANA KONVENSIONAL?
Keywords:
performance, risk, reksadana, syariahAbstract
The growth of Islamic financial products has fueled as financial issues in the last recent years. This kind of products has been developed as the alternative of financial investment not only in the Islamic countries, but also in the non-islamic ones. This research provides one of the Islamic financial issues, especially equity fund, which traded on Indonesia Stock Exchange. The aim of this research is to compare investment on equity funds base on Islamic and conventional perpectives regarded to risk and performance measurers. The results show that conventional equity’s funds have higer risk and better performance than Islamic ones. According to these results, it reflects that conventional funds have more active strategic investment comparing to Islamic funds.References
Abdullah, F., S. Mohamed dan T. Hassan. 2002. A Comparative Performance of
Malaysian Islamic and Conventional Mutual Funds. Pertanika, 8(2), pp. 30-49.
Abdullah, F., T. Hassan dan S. Mohamad. 2007. Investigation of Performance of
Malaysian Islamic Unit Trust Funds. Managerial Finance, 33 (2), pp. 142-153.
Abderrezak, F. 2008. The Performance of Islamic Equity Funds. Working
Paper.http://www.failaka.com/downloads/AbderrezakF_Perf_IslamicEquityFunds.
pdf
Ahmad, O. 2001. Islamic Equity Funds – The Mode of Resource Mobilization and
Placement, Jeddah, Islamic Research and Training Institute, Islamic Development
Bank.
Annuar, M., S. Mohamed, dan M. Ngu. 1997. Selectivity and Timing: Evidence from The
Performance of Malaysian Unit Trusts. Pertanika, 5(1), pp. 45-57
Ayub, Muhammad,2007, Understanding Islamic Finance. John Wiley & Sons Ltd, The
Atrium, Southern Gate, Chichester, West Sussex PO19 8SQ, England
Bollen, N. P. B. dan J. A. Busse. 2001. On The Timing Ability of Mutual Fund Managers.
Journal of Finance, 56 (3), pp. 1075-1094.
Bose, S. dan R. McGee. 2008. Islamic Investment Funds: An Analysis of Risks and
Returns. Working Paper, Chapman Graduate School of Business, Florida
International University
Campbell, J. Y. dan T. Vuolteenaho. 2004. Bad Beta, Good Beta. American Economic
Review, 94 (5), pp. 1249-1275.
Derigs, U. dan S. Marzban. 2009. New strategies and A New Paradigm for Shariah
Compliant Portfolio Optimization. Journal of Banking & Finance, 33 (6), pp.
1166-1176.
Ebrahim, M. S. dan S. Rahman. 2005. On The Pareto-Optimality of Futures
ContractsOver Forward Contracts: Implications for Emerging Muslim Economies.
Journal of Economic Behavior and Organization, 56 (2), pp. 273-295
Elfakhani, S., M. K. Hassan dan Y. Sidani. 2005. Comparative Performance of Islamic
Versus Secular Mutual Funds. Working Paper, University of New Orleans.
http://www.business.uno.edu/econ/workingpapers/2006WP/10-
IslamicMutualFunds.pdf.
Hayat, Raphie. And Kraeussl, Roman. 2009. Risk and Return Characteristics of Islamic
Equity Funds. Working Paper, University of Amsterdam.
http://ssrn.com/abstract=1320712
Malaysian Islamic and Conventional Mutual Funds. Pertanika, 8(2), pp. 30-49.
Abdullah, F., T. Hassan dan S. Mohamad. 2007. Investigation of Performance of
Malaysian Islamic Unit Trust Funds. Managerial Finance, 33 (2), pp. 142-153.
Abderrezak, F. 2008. The Performance of Islamic Equity Funds. Working
Paper.http://www.failaka.com/downloads/AbderrezakF_Perf_IslamicEquityFunds.
Ahmad, O. 2001. Islamic Equity Funds – The Mode of Resource Mobilization and
Placement, Jeddah, Islamic Research and Training Institute, Islamic Development
Bank.
Annuar, M., S. Mohamed, dan M. Ngu. 1997. Selectivity and Timing: Evidence from The
Performance of Malaysian Unit Trusts. Pertanika, 5(1), pp. 45-57
Ayub, Muhammad,2007, Understanding Islamic Finance. John Wiley & Sons Ltd, The
Atrium, Southern Gate, Chichester, West Sussex PO19 8SQ, England
Bollen, N. P. B. dan J. A. Busse. 2001. On The Timing Ability of Mutual Fund Managers.
Journal of Finance, 56 (3), pp. 1075-1094.
Bose, S. dan R. McGee. 2008. Islamic Investment Funds: An Analysis of Risks and
Returns. Working Paper, Chapman Graduate School of Business, Florida
International University
Campbell, J. Y. dan T. Vuolteenaho. 2004. Bad Beta, Good Beta. American Economic
Review, 94 (5), pp. 1249-1275.
Derigs, U. dan S. Marzban. 2009. New strategies and A New Paradigm for Shariah
Compliant Portfolio Optimization. Journal of Banking & Finance, 33 (6), pp.
1166-1176.
Ebrahim, M. S. dan S. Rahman. 2005. On The Pareto-Optimality of Futures
ContractsOver Forward Contracts: Implications for Emerging Muslim Economies.
Journal of Economic Behavior and Organization, 56 (2), pp. 273-295
Elfakhani, S., M. K. Hassan dan Y. Sidani. 2005. Comparative Performance of Islamic
Versus Secular Mutual Funds. Working Paper, University of New Orleans.
http://www.business.uno.edu/econ/workingpapers/2006WP/10-
IslamicMutualFunds.pdf.
Hayat, Raphie. And Kraeussl, Roman. 2009. Risk and Return Characteristics of Islamic
Equity Funds. Working Paper, University of Amsterdam.
http://ssrn.com/abstract=1320712
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2012-11-01
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