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All Journal Indonesian Journal of Advanced Research (IJAR)
Al Fath, Muhammad
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Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Education Languange, Linguistic, Communication & Media

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The Effect of Downstreaming, IMUS, and Inflation on Indonesia's Sharia Stock Index Aziz, Roikhan Mochamad; Nurbaidah, Siti Umi; Nurdiansyah, Dede; Hasan, Maskur; Al Fath, Muhammad
Indonesian Journal of Advanced Research Vol. 5 No. 3 (2026): March 2026
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ijar.v5i3.16263

Abstract

Downstreaming, the Dow Jones Islamic Market US (IMUS), and inflation are suspected to affect the performance of the Indonesian Sharia Stock Index (ISSI). This study aims to analyze the direct and indirect influence of these three variables on ISSI for the 2019–2024 period. The method used is path analysis with monthly secondary data from reliable sources. The results show that inflation has a positive and significant effect on ISSI, while downstream and IMUS have no direct effect. However, IMUS has an indirect effect on ISSI through inflation as a significant mediating variable. These findings confirm that moderate inflation (3–4%) can support the performance of the Islamic capital market, while the downstream impact is not significant in the short term. This research makes a new contribution by integrating downstream policies, global Sharia indices, and macroeconomic variables in a single model and highlights the importance of maintaining inflation stability for investors and regulators. The implication is that the government needs to strengthen downstream policies with more concrete incentives, while investors can consider inflation as a key indicator in Islamic investment decision-making.
Co-Authors Dede Nurdiansyah, Dede Hasan, Maskur Nurbaidah, Siti Umi Roikhan Mochamad Aziz, Roikhan Mochamad