Judul: Integration of Islamic Stock Markets of OIC Countries Before and During the Russia-Ukraine War Crisis
Abstrak: Pasar saham yang terintegrasi memberikan dampak negatif seperti percepatan co-movement (pergerakan bersama) yang rentan terhadap guncangan ekonomi, maupun krisis pasar global ke pasar domestik. Salah satu krisis yang terjadi pada tahun 2022 adalah perang Rusia-Ukraina yang berdampak pada pasar saham, termasuk pada saham syariah yang dipercaya lebih tahan terhadap guncangan krisis global. Penelitian ini bertujuan untuk meneliti perkembangan, integrasi dan respon lima pasar saham syariah negara OKI pada perang Rusia-Ukraina. Metode yang digunakan adalah VAR/VECM pada indeks DJIMMT25, SPSADS, SPSUAEDS, JII, DJIMT, SPBMIR, dan SPBMIU. Hasil penelitian menunjukkan pergerakan yang sama pada pasar saham UAE dan Arab Saudi, sedangkan Turki mengalami tren positif selama perang. Pasar saham syariah negara OKI selama periode perang Rusia-Ukraina terkointegrasi, sementara pasar saham Malaysia memengaruhi pasar saham syariah empat negara OKI lainnya. Hasil IRF menunjukkan terdapat efek permanen pada volatilitas pasar saham syariah negara OKI akibat guncangan yang diberikan. Namun, respon volatilitas relatif kecil karena kontribusi guncangan lebih didominasi oleh pasar saham itu sendiri, An integrated stock market has negative impacts, such as accelerating co-movement, which is vulnerable to economic shocks and global market crises on the domestic market. One of the crises in 2022 was the Russia-Ukraine war which impacted the stock market, including Sharia stocks which were believed to be more resistant to the shocks of the global crisis. This study examines the development, integration, and response of OIC countries five Islamic stock markets in the Russia-Ukraine war. The method used is VAR/VECM on the DJIMMT25, SPSADS, SPSUUAEDS, JII, DJIMT, SPBMIR, and SPBMIU indices. The results show the same movement in the UAE and Saudi Arabia stock markets, while Turkey experienced a positive trend during the war. The Islamic stock market of the OIC countries during the Russia-Ukraine war was cointegrated. In contrast, the Malaysian stock market influenced the Islamic stock markets of the other four OIC countries. The IRF results show a permanent effect on the volatility of the Islamic stock market in OKI countries due to the shocks given. However, the volatility response is relatively small because the stock market itself dominates the contribution of shocks.
Keyword: co-movement, OIC, Rusia-Ukraine war, sharia stock market integration

Judul: The Integration of Islamic Stock Market in the OIC Countries at the Event of China Stock Market Crash and US-China Trade War
Abstrak: Globalisasi mengubah sistem ekonomi dan keuangan dunia semakin terintegrasi. Hal ini dapat memicu guncangan pada pasar saham syariah dan mengurangi manfaat diversifikasi bagi investor. Tujuan penelitian ini menganalisis integrasi dan respon pasar saham syariah negara-negara OKI sebelum terjadi krisis, saat terjadi krisis pasar saham Tiongkok tahun 2015, dan saat terjadi perang dagang Amerika Serikat-Tiongkok tahun 2018-2019 dengan metode Autoregressive Distributed Lag (ARDL). Hasil penelitian menunjukkan bahwa tidak terdapat kointegrasi atau hubungan jangka panjang pada semua pasar saham syariah negara-negara anggota OKI pada periode sebelum krisis pasar saham Tiongkok. Akan tetapi, pada periode krisis pasar saham Tiongkok dan perang dagang Amerika Serikat-Tiongkok, integrasi antar pasar saham syariah di negara OKI lebih banyak ditemukan. Pasar saham syariah Qatar, Arab Saudi dan UAE mengalami efek domino dari fluktuasi harga minyak bumi karena Tiongkok dan Amerika Serikat merupakan konsumen terbesar minyak bumi. Kemudian, pasar saham syariah Indonesia dalam dua periode krisis memiliki hubungan jangka panjang dengan pasar saham Amerika Serikat dan Tiongkok. Sedangkan pasar saham syariah Malaysia dan Bangladesh hanya memiliki hubungan jangka panjang dengan pasar saham Amerika Serikat. Dalam hal manfaat diversifikasi portofolio bagi investor, terdapat relevansi kekuatan ekonomi yang dominan, faktor geografis, dan hubungan perdagangan dalam mempengaruhi integrasi pasar saham syariah., Globalization has encouraged the increasing integration of economic and financial system in the world, including the Islamic financial market. This integration could trigger shocks on the Islamic stock market and reduce the benefits of diversification. This study aimed to analyze the integration and responses of Islamic stock market in the selected OIC countries before and during the event of China stock market crash in 2015 and the trade war of United States and China between 2018 and 2019. By employing Autoregressive Distributed Lag (ARDL) method, the results showed that there was no co-integration found for all selected Islamic stock markets in the period before the China stock market crisis. However, during the period of China stock market crisis and the United States-China trade war, the co-integration was more common. This study found that the Islamic stock market of Qatar, Saudi Arabia and UAE have experienced a domino effect from fluctuations in crude oil prices. Besides, this study also discovered a long-run relationship between the Indonesian Islamic stock market, the US and China stock markets during the two events. Whereas the Malaysian and Bangladesh Islamic stock markets have only a long-run relationship with the US stock market. Regarding the benefits of portfolio diversification for investors, the findings of this study confirmed the relevance of the dominance of economic, geographic and trade relations towards the integration of Islamic stock market.
Keyword: Market Integration, Islamic Stocks, China Stock Market Crash, US-China Trade War, ARDL

Judul: Membran Selulosa Berbahan Dasar Kulit Buah Nanas sebagai Adsorben Zat Warna Tekstil Biru Metilena
Abstrak: Treatment of various fruit pineapple in daily life created a problem of the environment, such as build up of peel waste. The waste could be transformed further to microbial cellulose (nata de pina) by using microorganisms Acetobacter xylinum. The application of microbial cellulose produced flux of 4.72-65.56 L/m2.h. The rejection membrane of methylene blue was 90 - 98 %, meaning that the membrane was able to adsorb methylene blue. Based on analysis using Fourier transform infrared and scanning electrone microscope the membrane composed of cellulose, with the type of asymmetry, and has pore size 20-50 nm as ultrafiltration membrane.
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