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All Journal TERAJU : Jurnal Syariah dan Hukum El-kahfi : Journal of Islamic economics
Aqim Adlan, Muhammad
Unknown Affiliation
Religion Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

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The Impact Of Macroeconomic Variables On The Jakarta Islamic Index (ISSI) And LQ45 Index Wijayanti, Ning; Trisnafi, Kukuh; Aqim Adlan, Muhammad
El-kahfi | Jurnal Ekonomi Islam Vol 6 No 01 (2025): "Islamic Economic Transformation in the Digital Era: Innovation, Inclusivity, an
Publisher : Sekolah Tinggi Ekonomi Syariah Manna Wa Salwa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58958/elkahfi.v6i01.514

Abstract

This study investigates the influence of key macroeconomic variables—namely inflation, interest rate, and exchange rate—on the performance of the Indonesia Sharia Stock Index (ISSI) and the LQ45 Index during the period January 2022 to December 2024. Using a quantitative approach with multiple linear regression analysis, the research examines how Islamic and conventional equity markets in Indonesia respond differently to macroeconomic shocks. The findings reveal that the LQ45 Index is significantly influenced by inflation (positive) and interest rates (negative), while the ISSI is significantly affected only by exchange rate fluctuations (positive). These contrasting sensitivities reflect structural and ethical distinctions in index composition and investor behavior. From an Islamic economics perspective, the study supports the resilience of shariah-compliant firms rooted in real-sector activities and low debt exposure, in alignment with the principles of maqashid shariah—particularly wealth preservation (hifz al-mal) and the prohibition of riba. This research contributes to the growing literature on Islamic financial markets by highlighting the macroeconomic behavior of Islamic stock indices and offering practical insights for policymakers, portfolio managers, and investors in dual financial systems.
SEJARAH PEMIKIRAN EKONOMI ISLAM DI INDONESIA Azizah, Irtifa Umi; Aswad, Muhammad; Aqim Adlan, Muhammad
TERAJU: Jurnal Syariah dan Hukum Vol 7 No 02 (2025)
Publisher : P3M dan Jurusan Syariah dan Ekonomi Bisnis Islam STAIN Sultan Abdurrahman Kepulauan Riau

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35961/teraju.v7i02.1791

Abstract

This research examines the history of Islamic economic thought in Indonesia, especially during the Kingdom, Dutch colonialism and after the proclamation of independence, as well as the role of several important figures who influenced these developments. During Dutch colonialism, Islamic economic thought experienced oppression and marginalization, because the colonial economic system dominated by Western capitalism hampered the development of Islamic economics. However, at the beginning of the 20th century, the rise of the modern Islamic movement in Indonesia also influenced Islamic economic thinking. This movement emphasizes the importance of reform in various aspects of life, including economic practices based on Islamic teachings. The methodology used in this research is qualitative with a literature study approach, and uses historical studies to explore differences in thought. The research results show that Islamic economic thinkers in Indonesia establish Islamic principles as the basis for achieving just and sustainable economic goals.
Co-Authors Azizah, Irtifa Umi Muhammad Aswad Trisnafi, Kukuh Wijayanti, Ning