Can Zakat and Purification be Employed in Portfolio Modelling?
The Capital Asset Pricing Model (CAPM), which has interest rates in its specification, can be deemed non-Shariah compliant. Therefore, the sukuk rate has been proposed to replace these rates in CAPM. This study analyses portfolio modelling by involving two essential elements in Islamic principles...
محفوظ في:
| المؤلفون الرئيسيون: | , , |
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| التنسيق: | مقال PeerReviewed |
| اللغة: | English |
| منشور في: |
Bank Indonesia Institute
2022
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| الموضوعات: | |
| الوصول للمادة أونلاين: | https://repository.ugm.ac.id/278824/1/CAN%20ZAKAT%20AND%20PURIFICATION%20BE%20EMPLOYED%20IN%20PORTFOLIO%20MODELLING.pdf https://repository.ugm.ac.id/278824/ https://jimf-bi.org/index.php/JIMF https://doi.org/10.21098/jimf.v8i0.1418 |
| الوسوم: |
إضافة وسم
لا توجد وسوم, كن أول من يضع وسما على هذه التسجيلة!
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| المؤسسة: | Universitas Gadjah Mada |
| اللغة: | English |
| الملخص: | The Capital Asset Pricing Model (CAPM), which has interest rates in its specification,
can be deemed non-Shariah compliant. Therefore, the sukuk rate has been proposed to
replace these rates in CAPM. This study analyses portfolio modelling by involving two
essential elements in Islamic principles, namely zakat and purification. The concept
of purification has been applied in the Shariah stock selection process in Indonesia,
while at the same time, zakat has been widely socialised in stock investment. The study
highlights two models that consider the concept of zakat reduction and the purification
factors for portfolios in the Indonesian stock market. According to the robustness tests
conducted, the proposed Shariah-compliant asset pricing model developed in this
study is valid. Zakat reduction and purification factor integration in mathematical
models can be applied in portfolio modelling. |
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