Analisis Kinerja dan Strategi Pengelolaan Portofolio Saham Syariah di Indonesia : Kajian Literatur 2019–2024

Authors

  • Muammar Khaddafi Universitas Malikussaleh
  • Nurul Monika Larasati Universitas Malikussaleh
  • Mega Yuwanda Universitas Malikussaleh
  • Trie Yolanda Sari Universitas Malikussaleh

DOI:

https://doi.org/10.61132/jumbidter.v2i3.688

Keywords:

Sharia stocks, investment portfolio, risk and return, Indonesian capital market

Abstract

Indonesia’s Islamic capital market has experienced remarkable growth in recent years, evidenced by the increasing number of investors and the rising market capitalization of Sharia-compliant stocks. This article aims to analyze the performance and management strategies of Sharia stock portfolios by reviewing academic literature published in Indonesia between 2019 and 2024. Utilizing a literature review methodology, the study compares the return and risk characteristics of Sharia stocks with those of conventional stocks. It also evaluates the applicability and effectiveness of classical portfolio theories—namely, the Markowitz Model and the Single Index Model—in managing Sharia-compliant investments. The findings reveal that Sharia stock portfolios often perform competitively and tend to exhibit greater resilience and stability during financial crises. This resilience is attributed in part to the rigorous stock screening mechanisms that comply with Islamic principles, excluding sectors and companies that do not meet Sharia criteria. Additionally, various macroeconomic factors such as inflation, interest rates, exchange rates, and global economic fluctuations are found to impact the performance of Islamic stock portfolios. The article highlights that while Sharia investments align with ethical and religious values, they also offer practical advantages in risk management and diversification. Furthermore, digital technology and fintech innovation are seen as essential tools to enhance transparency, accessibility, and investor engagement in the Islamic capital market. The study concludes that the development of Sharia-compliant stock investments in Indonesia holds promising potential, especially if accompanied by improved financial literacy, inclusive investor education, and stronger technological infrastructure. This paper offers valuable insights for policymakers, market regulators, and investors interested in promoting sustainable and faith-based financial practices within Indonesia’s rapidly evolving capital market ecosystem.

Downloads

Download data is not yet available.

References

Alwahidin. (2020). Kinerja portofolio saham syariah dan faktor yang memengaruhi kinerja saham syariah di Indonesia. Journal Islamic Economics and Business Studies, 1, 17-41. https://doi.org/10.31332/lifalah.v5i1.1884

Ammy, B., & Soemitra, A. (n.d.). Studi literatur prilaku investor Muslim dalam pengambilan keputusan investasi antara saham syariah dan konvensional. Jurnal Ekonomi Islam, 1, 66-87. https://doi.org/10.30821/se .v8i1.12409

Awaluddin, M. (2024). Teori portofolio dan analisis investasi syariah. Jalan Raya Pakan Kamis: Tri Edukasi Ilmiah.

Fahrini, A. D., Legowati, D. A., & Fitriyanto, A. (2024). Analisis pergerakan harga saham pada Jakarta Islamic Index tahun 2019-2023 secara fundamental. Jurnal Ilmiah Ekonomi Islam, 10(2), 1871-1878.

Febrianti, S., Marjono, & Apriani, T. (2021). Pembentukan portofolio optimal saham syariah yang terdaftar di JII dengan metode single index model. Jurnal Ilmiah Ekonomi Islam, 7(4), 1895-1904.

Fuadi, A. (2020). Inflasi dan nilai tukar rupiah terhadap Indeks Saham Syariah Indonesia. Jurnal Akuntansi Bisnis Pelita Bangsa, 5(1), 1-12. https://doi.org/10.37366/akubis.v5i01.102

Hikmah, A., & Selasi, D. (2025). Saham syariah di pasar modal Indonesia. Jurnal Ilmu Manajemen, Ekonomi dan Kewirausahaan, 2(1), 121-134. https://doi.org/10.58192/wawasan.v3i1.2831

Pratitis, F. A., & Setiyono, T. A. (2021). Komparasi Indeks Saham Syariah Indonesia (ISSI) sebelum dan saat pandemi Covid-19. Journal of Islamic Economic and Finance, 3(1), 68-79. https://doi.org/10.28918/jief.v1i1.3730

Sa'diyah, N., Rahma, A., Agustina, H., Nurlia, Rohman, D. T., & Juwari, J. (2023). Analisis kinerja portofolio dengan metode Sharpe, Treynor dan Jensen pada saham JII 70. Jurnal Media Riset Ekonomi, 15(2), 2962-6811. https://doi.org/10.36277/mreko.v2i1.250

Suciati, E. D., Aliyah, F. H., Syaffina, S., & Joni. (2025). Pengaruh modifikasi syariah terhadap kerangka risiko, return pada investasi syariah (studi kasus portofolio saham syariah Indonesia). Jurnal Ekonomi Manajemen dan Bisnis, 6(1), 185-190.

Sularno, M., Akbar, F. M., & Hartono, B. D. (2023). Analisis manajemen portofolio syariah: Praktik penyaringan saham. Jurnal Manajemen dan Bisnis, 5(2), 131-136. https://doi.org/10.46975/aliansi.v18i2.530

Tandirerung, N. W., Amalia, S., Rezki, A., & Hidayat, F. (2024). Penerapan model Markowitz dalam menentukan portofolio optimal di pasar saham syariah. Lontara Journal of Mathematics, Statistics and Application, 2(1), 30-41. https://doi.org/10.61220/jmsa.v1i1.20241.514

Wahyudi, I., Qizam, I., Amelia, E., & Yama, I. (2024). Potensi bisnis perbankan syariah Indonesia tahun 2024: Peluang dan tantangan. Jurnal Lentera Bisnis, 4(1), 11-25. https://doi.org/10.34127/jrlab.v13i1.945

Wulan, M. A., & Putra, R. S. (2025). Strategi investasi portofolio: Analisis perbandingan model Markowitz dan single index pada saham syariah Indonesia. Jurnal Investasi Syariah, 1(1), 1-24.

Zakiah, N. (2020). Analisis perbandingan pelayanan perbankan syariah dan perbankan konvensional. Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah, 5(1), 48-57

Downloads

Published

2025-07-29