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Andi Purnomo, Andi
Jurusan Teknik Sipil, Prodi Arsitektur Fakultas Teknik, Universitas Negeri Semarang (UNNES)
Religion Humanities Automotive Engineering Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Economics, Econometrics & Finance Electrical & Electronics Engineering Engineering Industrial & Manufacturing Engineering Library & Information Science Materials Science & Nanotechnology Mathematics Mechanical Engineering Social Sciences Other

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THE EFFECT OF EXCHANGE RATES, JAKARTA SHARIA INDEX, GOLD PRICES, AND COMPOSITE STOCK PRICE INDEX ON THE NET ASSET VALUE OF SHARIA MUTUAL FUNDS IN INDONESIA WITH INFLATION AS A MODERATION VARIABLE IN THE 2021-2024 PERIOD Purnomo, Andi; Bawono, Anton; Sholikhin, Muhammad
Reinforce: Journal of Sharia Management Vol. 4 No. 2 (2025)
Publisher : Faculty of Islamic Economic and Business (FEBI), Sayyid Ali Rahmatullah State Islamic University (UIN SATU) Tulungagung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21274/reinforce.v4i2.11147

Abstract

This research analyses the factors influencing the Net Asset Value (NAV) of Sharia mutual funds in Indonesia, with inflation serving as the moderating variable. The study utilizes secondary data from the Financial Services Authority (OJK), Bank Indonesia (BI), the Indonesia Stock Exchange (BEI), Statistics Indonesia (BPS), academic journals, and other sources for the period of 2021–2024. The data analysis employs Stationarity Tests, Moderated Regression Analysis (MRA), Classical Assumption Tests, and Statistical Tests. The results indicate that the exchange rate has a positive, but insignificant, effect on the NAV of Sharia mutual funds in Indonesia. At the same time, it also has a negative and significant effect on the NAV of Sharia mutual funds in Indonesia. The exchange rate, when moderated by inflation, has a negative and significant effect on the NAV of Sharia mutual funds. Furthermore, the Jakarta Islamic Index (JII), when moderated by inflation, has a positive and significant effect on the NAV of Sharia mutual funds. To obtain the best regression model, it is necessary to exclude a variable due to multicollinearity. These findings are expected to benefit investors and the government in selecting investment factors and formulating policies aligned with public welfare. Furthermore, this research is expected to enrich the literature in Islamic economics.
Co-Authors Achyar, Avrijsto Amandri Adji Sodikin, Damar Aldy Fadilla, Muhammad Aliyah Kurniasih Anton Bawono Arjunal Akmal, Refido Bambang Setyohadi Kuswarna Putra, Bambang Setyohadi Kuswarna DIMAS WICAKSONO Eko Budi Santoso Evelyna, Talitha Zalfa Evelyna Hanafi, Faiz Hangin, Afra Akwila Isna Pratiwi, Isna Mahardika, Rizki Umar Majora Nuansa Al-Ghin Moch Fathoni Setiawan Muhammad Sholikhin Nuarminah, Ahlijati Pulungan, Mutiara Persada Sarwoko, Wanto Savanti, Fisa Setyowati, Wiwit Sri Hartati Wibowo, Ardiyan Adhi Zulziar, Marjuki