Teknik analisis data yang digunakan teknik analisis data Miles dkk. Data-data yang digunakan bersumber dari buku-buku, jurnal-jurnal ilmiah, laporan penelitian, dan lain sebagainya. Artikel ini merupakan penelitian studi pustaka dengan menggunakan metode penelitian kualitatif. Artikel ini bertujuan mengkaji bagaimana pemanfaatan dan kualitas pengelolaan potensi ekonomi Islam ini dapat dimanfaatkan untuk mengatasi berbagai persoalan ekonomi dalam budaya muslim, khususnya di Indonesia. Pada zaman dahulu, lembaga ini mampu mengentaskan kemiskinan dan meningkatkan pelayanan sosial. Potensi ekonomi agama merupakan tindakan filantropi sukarela dengan konsekuensi ekonomi yang luas. This study will also provide a general outlook on the behaviour and performance of unit trust funds in Malaysia during the selected period of the COVID-19 crisis.Īrtikel ini membahas potensi ekonomi keagamaan dan menjajaki langkah-langkah untuk meningkatkan kapasitas produktivitasnya, terutama melalui dukungan potensi ekonomi keagamaan dan jaringannya dengan lembaga keuangan syariah di Indonesia. Investors and fund managers can benefit from this study when making decisions to enhance their portfolios’ performances during the crucial period. Besides, based on the results of Jensen’s alpha, only a few unit trust funds have a positive alpha, implying that some of the fund managers are either good in market timing or in selecting unit trust funds. On the contrary, the total risk of equity funds is higher than the market benchmark, while systematic risk is lower than the market benchmark. For the fixed income unit trust funds, both the average standard deviation and average beta underperformed the benchmark index. The findings of this research suggest a mixed result of performance, where some funds outperformed the market benchmark while others underperformed it. The performance of the unit trust funds is examined by using the Sharpe ratio measure, Treynor ratio measure, and Jensen’s alpha measure to analyse the impact of COVID-19 on the funds. A total of 32 unit trust funds are selected for the study, consisting of 16 fixed income funds and 16 equity funds. This study emphasises the performances of equity unit trust funds and fixed income unit trust funds during the COVID-19 pandemic, applying daily data from January 2020 to June 2020. The shock of the global COVID-19 pandemic is critical even compared to the great financial crisis of 2007–2008 (Sansa, 2020). These results are explained to be a consequence of less diversification in Islamic indexes, leading to higher risk in some sector groupings such as technology and consumption services. For sector groupings, the results indicate that parameter estimates are not consistent, suggesting that Islamic indexes are sector oriented. Further, when investigating the performance of Islamic and conventional Dow Jones indexes during the recent financial crisis, there is evidence supportive of Islamic indexes against conventional ones.

While Islamic indexes are growth focused, conventional indexes are value focused. The findings suggest a negative market timing ability with both Islamic and conventional indexes. Further, alternative measures of investment performance including the Carhart and Habit Formation models have been used to examine the behavior of the Shariah-Compliant Dow Jones market indexes. The analysis indicates that ethical investment has only an insignificant influence on the performance of stock market returns for both the economy and industry levels. This study examines the relative importance of the Shariah-Compliant Dow Jones market indexes to capture the dynamic behavior of stock returns at economy and industry levels.

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