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systematically without any intervention from
investment managers (Tandelilin, 2010: 104).
In Islamic mutual funds, the risk that occurs in
NAV is influenced by the price of securities that are
arranged in its portfolio (decreasing unit value) and
liquidity risk that can complicate the company's
management in providing its fund (Achsein,
2000:82).
There are risks that must be faced on Sukuk
Investment, one of themn is the risk of sharia
compliance (Wahid, 2010:296). The risk is due to
differences in understanding relating to fiqh and
affect the implemented sukuk contract.
According to Oei (2009:65) gold, which is likely
to experience a decline in prices, potentially in the
case of theft, there will be potentially different price
between the selling price and the purchased price.
Based on Financial Authorities Regulation
Number 65/POJK.03/2016 clause 1 number 15 which
states that rate of return risk is a risk due to changes
in the yield rate received by the bank from funds
channeling from costumers, that may affect the third
party’s behavior.
The requirement of property investment is to have
a considerable initial capital. It also requires
maintenance costs. It will take a considerable amount
of time to gain a profit from reselling the investment.
(Salim, 2011:6).
4 CONCLUSIONS
There were significant difference between rate of risk
of islamic stock, islamic mutual fund, sukuk, gold,
mudharabah deposit, and property. The significant
rate is 0.05.
Based on the average results in terms of rate of
risk, Islamic stock is the best investment instrument
among gold, Islamic mutual funds, sukuk, deposit,
and property.
Using Kruskal-Wallis test, it can be concluded
that rate of risk in Islamic stock, Islamic mutual fund,
sukuk, gold, mudharabah deposit, and property is
different from each other (H
0
rejected).
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