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ANALYSIS OF FACTORS AFFECTING THE S&P/OIC COMCEC 50 SHARIAH STOCK INDEX

JEBIS (Jurnal Ekonomi dan Bisnis Islam) · Vol. 11 No. 1 (2025) · hlm. 163–190

DOI
10.20473/jebis.v11i1.65500
ISSN
2527-3027, 2442-6563
Terbit
2025-06-30
Penerbit
Universitas Airlangga
Bahasa
eng
Lisensi
creativecommons.org/licenses/by-nc-sa/4.0

Abstrak

Investors and policymakers in Islamic financial markets are expected to comprehend variables impacting the performance of Standard and Poor (S and P)/Organization of Islamic Cooperation (OIC) COMCEC 50 Islamic Stock Index. Therefore, this research aims to analyze the effects of S&P/OIC COMCEC 50 Islamic Stock Index on inflation, West Texas Intermediate (WTI) oil prices, United States Economic Policy Uncertainty (US EPU), and geopolitical risk (GPR). Autoregressive Distributed Lag (ARDL) model is used in the quantitative monthly data analysis spanning 2019-2023. The analysis estimates the adjustment rate toward long-term equilibrium using Error Correction Term (ECT). Furthermore, the short and long term links between global variables and S&P/OIC COMCEC 50 Index are analyzed. The results show that Islamic stock index benefits greatly from WTI oil prices over the long and short terms. Even though inflation and US EPU have no direct effects on the index, GPR shows a strong positive influence over the periods. However, the considerable ECT coefficient points to a quick adjustment process toward long-term equilibrium after external shocks. The significance of oil prices and geopolitical dynamics as major drivers of changes in Islamic financial markets is supported even though US EPU and worldwide inflation have a less significant effect. Based on the description, this research aimed to offer strategic recommendations for Islamic financial markets’ external risk management. Future research should incorporate other macroeconomic factors such as exchange rates, Islamic interest rates, and fiscal stability to understand the durability of Islamic financial index.

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  • Universitas Airlangga
  • Muhammadiyah University of Surakarta
  • Universitas Negeri Surabaya
  • Universitas Muhammadiyah Kendari
  • Indonesia University of Education
  • Sultan Ageng Tirtayasa University
  • Universiti Teknologi MARA
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Rekan penulisOrganisasiArtikel bersama
Yan Putra TimurUniversitas Negeri Surabaya4
Anwar Allah PitchayUniversiti Sains Malaysia3
La Ode AlimusaUniversitas Muhammadiyah Kendari2
Sri HerianingrumUniversitas Airlangga2
Fadillah Nur SyafiraUniversitas Airlangga2
Dyah Permata SariUniversitas Negeri Surabaya1
Muhammad RifqiYarmouk University1
Hasan AedyUniversitas Halu Oleo1
Adinda Septiani MUniversitas Muhammadiyah Kendari1
Hariyanto HariyantoUniversitas Islam Negeri Profesor Kiai Haji Saifuddin Zuhri Purwokerto1
Sulistya RusgiantoUniversitas Airlangga1
Azhar AlamMuhammadiyah University of Surakarta1
Danang Dwi NurrochmanMuhammadiyah University of Surakarta1
Estina RahmawatiMuhammadiyah University of Surakarta1
Rifki Fajar SubekhiUniversitas Airlangga1
Angga Khoerul UmamUniversitas Airlangga1
Yusuf KurniawanBandung Institute of Technology1
Hindah MustikaSekolah Tinggi Ilmu Ekonomi Indonesia Surabaya1
Lintang Titian PurbasariUniversitas Airlangga1
Muhamad WahyudiAfiliasi tidak diketahui1
Nailul AuthorUniversitas Airlangga1
Siti ZulaikhaUniversitas Airlangga1
Mohamed BattourA'Sharqiyah University1
Usman JamiluAfiliasi tidak diketahui1
Suci Apriliani UtamiAfiliasi tidak diketahui1
Juliana JulianaIndonesia University of Education1
Qudratov InomjonTashkent State University of Economics1
Bahtiar AdamsahIndonesia University of Education1
Firman MenneUniversitas Bosowa1
Rheza HermawanUniversitas Airlangga1
Moh. HuzainiUniversity of Mataram1
Yahya NjieJiangsu University1
Noraini Mohd AriffinInternational Islamic University Malaysia1
Lina Nugraha RaniUniversitas Airlangga1
Melananda Risky AuliaUniversitas Airlangga1

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Sumber metadata: OAI-PMH (metadata jurnal) https://e-journal.unair.ac.id/JEBIS/oai, pertama di-harvest 8 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en-US">ANALYSIS OF FACTORS AFFECTING THE S&amp;P/OIC COMCEC 50 SHARIAH STOCK INDEX</dc:title>
	<dc:creator>Suhartini, Nani </dc:creator>
	<dc:creator>Ratnasari , Ririn Tri </dc:creator>
	<dc:creator>Ismail, Shafinar </dc:creator>
	<dc:subject xml:lang="en-US">OIC-COMCEC</dc:subject>
	<dc:subject xml:lang="en-US">Geopolitical Risk</dc:subject>
	<dc:subject xml:lang="en-US">Economic Uncertainty</dc:subject>
	<dc:subject xml:lang="en-US">Oil Prices</dc:subject>
	<dc:subject xml:lang="en-US">Global Inflation</dc:subject>
	<dc:description xml:lang="en-US">Investors and policymakers in Islamic financial markets are expected to comprehend variables impacting the performance of Standard and Poor (S and P)/Organization of Islamic Cooperation (OIC) COMCEC 50 Islamic Stock Index. Therefore, this research aims to analyze the effects of S&amp;amp;P/OIC COMCEC 50 Islamic Stock Index on inflation, West Texas Intermediate (WTI) oil prices, United States Economic Policy Uncertainty (US EPU), and geopolitical risk (GPR). Autoregressive Distributed Lag (ARDL) model is used in the quantitative monthly data analysis spanning 2019-2023. The analysis estimates the adjustment rate toward long-term equilibrium using Error Correction Term (ECT). Furthermore, the short and long term links between global variables and S&amp;amp;P/OIC COMCEC 50 Index are analyzed. The results show that Islamic stock index benefits greatly from WTI oil prices over the long and short terms. Even though inflation and US EPU have no direct effects on the index, GPR shows a strong positive influence over the periods. However, the considerable ECT coefficient points to a quick adjustment process toward long-term equilibrium after external shocks. The significance of oil prices and geopolitical dynamics as major drivers of changes in Islamic financial markets is supported even though US EPU and worldwide inflation have a less significant effect. Based on the description, this research aimed to offer strategic recommendations for Islamic financial markets’ external risk management. Future research should incorporate other macroeconomic factors such as exchange rates, Islamic interest rates, and fiscal stability to understand the durability of Islamic financial index.</dc:description>
	<dc:publisher xml:lang="en-US">Universitas Airlangga</dc:publisher>
	<dc:date>2025-06-30</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://e-journal.unair.ac.id/JEBIS/article/view/65500</dc:identifier>
	<dc:identifier>10.20473/jebis.v11i1.65500</dc:identifier>
	<dc:source xml:lang="en-US">Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business); Vol. 11 No. 1 (2025): JANUARY - JUNE 2025; 163 – 190</dc:source>
	<dc:source>2527-3027</dc:source>
	<dc:source>2442-6563</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://e-journal.unair.ac.id/JEBIS/article/view/65500/33076</dc:relation>
	<dc:rights xml:lang="en-US">http://creativecommons.org/licenses/by-nc-sa/4.0</dc:rights>
</oai_dc:dc>