摘要：Introduction The development of the investment world especially in Indonesian capital market has shown a positive development, as seen from the benchmark index based on the OJK (2017a), the Jakarta Composite Index (JCI) shows an upward trend in the last six years. This positive trend proves that investment, especially in capital markets, is increasingly becomes a necessity for society. However, Waridah and Mediawati (2016) said that there are obstacles for investors to be able to invest funds in the capital market, such as the knowledge, information or limited time. Thus, alternative investment instruments that can be used as a solution to these barriers are mutual funds (Pangestuti et al. 2017). Mutual funds can be regarded as one of diversification strategies in the investment activity and also an alternative instrument of investment for society as an investor, especially the investors with limited time and ability to calculate risk on the investment (Waridah and Mediawati 2016). Indonesia, as one of the largest Muslim-majority countries in the world, is a promising reason for the development of the Islamic finance industry. On July 3rd, 1997, Sharia mutual funds were first issued by PT. Danareksa. The presence of Sharia mutual funds further complements the existing diversity of conventional mutual fund investment options (Arifin 2017). Pangestuti et al. (2017), Qomariah et al. (2016) stated that based on its asset portfolio, mutual funds are divided into four categories, namely money market mutual funds, stock mutual funds, fixed income mutual funds, and mixed mutual funds.
