<![CDATA[The development of the Islamic capital market in Indonesia is influenced by various macroeconomic conditions, such as inflation, interest rates, and exchange rates. This study aims to analyze the effect of inflation, interest rates (BI Rate), and exchange rates on the Indonesian Sharia Stock Index (ISSI) during the 2020–2024 period, both partially and simultaneously. This research employs a quantitative approach using multiple linear regression analysis processed with IBM SPSS version 25. The data used are secondary monthly time series data from January 2020 to December 2024 obtained from the Central Statistics Agency (BPS), Bank Indonesia (BI), and the Indonesia Stock Exchange (BEI). Before conducting regression analysis, the data were tested using classical assumption tests, including normality, multicollinearity, heteroscedasticity, and autocorrelation tests. The results show that simultaneously inflation, BI Rate, and exchange rates have a significant effect on ISSI, with an F-value of 32.414 and a significance value of 0.000 < 0.05. Partially, inflation has no significant effect on ISSI, while BI Rate and exchange rates significantly affect ISSI. The exchange rate variable is the most dominant factor influencing ISSI. The Adjusted R Square value of 0.615 indicates that 61.5% of ISSI variation can be explained by the three independent variables in this study]]>
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