<![CDATA[This study aims to analyze the partial and simultaneous effects of exchange rates, money supply, and inflation on Islamic banking financing across five provinces in Sumatra — Aceh, North Sumatra, West Sumatra, Riau, and South Sumatra — over the period January 2021 to December 2025. Using a quantitative, causal-associative design and balanced panel data, the research employs multiple linear regression with the Fixed Effects Model in EViews 12, utilizing t-tests for partial effects and F-tests for simultaneous effects. The results show that, individually, all three variables — exchange rate (t = 2.404; p = 0.001), money supply (t = 5.938; p = 0.000), and inflation (t = 2.131; p = 0.005) — have a positive and significant impact on total financing. For Murabahah financing, only money supply is significant (t = 5.106; p = 0.000), while exchange rate and inflation are not. Similarly, for Mudharabah financing, only money supply shows a significant positive effect (t = 5.248; p = 0.000), with exchange rate and inflation statistically insignificant. Simultaneously, the three variables jointly influence all three financing measures (p < 0.001). The findings indicate that systemic liquidity, measured by money supply, is the primary macroeconomic driver of Islamic financing in Sumatra, while exchange rate and inflation play secondary, aggregate-level roles. Maintaining ample liquidity alongside stable prices and exchange rates remains key to supporting sustainable Islamic financing growth in the region.]]>
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