The Holy Months Impact of Islam Toward Stock Price in Jakarta Islamic Index (JII)

Yusri Rahma Yanti, Guntur Kusuma Wardana, Rini Safitri


The purpose of this research is to determine the effect of anomaly calendar towards stock price in haram months (Muharam, Rajab, Zulkaidah, and Zulhijjah) in Jakarta Islamic Index (JII). Population for this research include all stockmarkets under the category of Jakarta Islamic Index (JII) during the period of 1436H–1440H. Samples were chosen using purposive sampling, which include 44 companies. Results showed that there are no difference in JII stock price during holy months of Rajab, Zulkaidah, and Zulhijjah compared to any other period of the same year. This finding means that muslim society in Indonesia did not create an out of ordinary transaction in the market and there will be no significant change during the period of holy months. However, in Muharram, results showed different outcome compared to the other holy months.


Holy Months of Islam; Stock Price; Jakarta Islamic Index

Full Text:



Akhter, A., Sandhu, A., & Butt, S. (2015). Islamic Calendar Effect on Market Risk and Return Evidence from Islamic Countries Business & Financial Affairs. 4(2).

Anwar Halari, Nongnuch Tantisantiwong, D. M. P. C. H. (2015). Islamic calendar anomalies : Evidence from Pakistani. The Quarterly Review of Economics and Finance, 58, 64–73.


Atala, M. M. (2017). The Influence of Muslim Holidays on Stock Returns of the Kenyan Listed Firms ’ The Influence of Muslim Holidays on Stock Returns of the Kenyan Listed Firms ’. Journal of Finenace and Accounting, 8(22), 148–158.

Faisal Abduleh Salman Irag Al-Najaf, M. S. and H. S. N. A.-M. (2018). The e ff ect of Islamic sacred months on stock prices in Iran and Iraq Stock Exchanges. ISRA International Journal of Islamic Finance, 10(1), 111–119.

Husnan, S. (2003). Dasar-dasar Teori Portofolio dan Analisis Sekuritas. AMP YKPN.

Munusamy, D. (2018). Islamic Calendar and Stock Market Behaviour in India International Journal of Social Economics Article information : August.

Sonjaya, A. R., & Wahyudi, I. (2016). The Ramadan effect: Illusion or reality? AEBJ, 11(1), 55–71.

Sujana, I. N. (2017). Pasar modal yang efisien. 5(2), 33–40.

Syed, F. and N. U. K. (2017). Islamic Calendar Anomalies : Evidence from Pakistan. 9(3), 1–30.

Tandelilin, E. (2001). Analisis Investasi dan Manajemen Portofolio (Pertama). BPFE Universtias Gajah Mada.

Tandelilin, E. (2010). Portofolio dan Investasi Teori dan Aplikasi (Pertama). Kanisius.

Zafar, N., Urooj, S. F., Chughtai, S., & Amjad, S. (2012). Calendar anomalies : Case of Karachi Stock Exchange. 6(24), 7261–7271.



  • There are currently no refbacks.

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Editorial Office:
Megawati Soekarnoputri Building
Faculty of Economics
Jln. Gajayana 50 Telp (0341) 558881
Universitas Islam Negeri Maulana Malik Ibrahim Malang

Member of:


Indexed by:


Creative Commons License

M-IEC Journal under a CC BY SA 4.0 International License.

View My Stats