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All Journal Jurnal Ekonomika dan Bisnis Islam
Anisa Nur Aini
STAI An Najah Indonesia Mandiri Sidoarjo
Economics, Econometrics & Finance

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DAMPAK DINAMIKA INFLASI, NILAI TUKAR RUPIAH, DAN KEBIJAKAN BI-RATE TERHADAP KINERJA INDEKS SAHAM SYARIAH INDONESIA (ISSI) DALAM ERA PASCA-PANDEMI COVID-19 Anisa Nur Aini; Norma Rosyidah
Jurnal Ekonomika dan Bisnis Islam Vol 8 No 3 (2025): Desember
Publisher : Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/jekobi.v8n3.p126-141

Abstract

The performance of Islamic equity markets is closely linked to macroeconomic stability, yet the relative influence of key macroeconomic indicators remains inconclusive. This study examines the effects of inflation, the rupiah exchange rate, and the BI Rate on the Indonesian Sharia Stock Index (ISSI) from January 2020 to December 2024. Multiple linear regression was applied to monthly data obtained from the Financial Services Authority (OJK), Bank Indonesia, and Statistics Indonesia (BPS). The results show that inflation does not significantly affect the ISSI (p = 0.188), whereas the rupiah exchange rate (p = 0.027) and the BI Rate (p = 0.001) have significant effects. Collectively, the three variables significantly explain variations in the ISSI (F = 43.044, p < 0.001). The findings indicate that Islamic equity performance during the study period was more responsive to exchange rate movements and monetary policy than to inflation. This study underscores the importance of monetary and exchange rate stability in strengthening Islamic capital market resilience and provides relevant insights for investors in portfolio decision-making and for policymakers in maintaining a stable environment for the sustainable development of Indonesia’s Islamic capital market.
Co-Authors Norma Rosyidah