Analysis of Exchange Rate, Inflation and BI Rate on Return of Syari'ah Share

Abstract

This study aims to analyze the exchange rate, inflation and BI rate on stock returns, as well as know developments about the Jakarta Islamic index. Changes in market behaviour make people pay more attention to the company's financial performance factors and macroeconomic factors that affect stocks. The stock return is also influenced by the market index and macro factors, namely; inflation, interest rates, exchange rate, BI rate and economic growth. Investment in Islam is a recommended activity because by investing in assets that are owned it becomes productive and also brings benefits to other people. The Islamic capital market is an indicator of a country's economic growth, as an alternative for individuals to invest. This study used quantitative methods with secondary data sources. The population used in this study is all time series data (time series data) contained in the Jakarta Islamic Stock Index (JII). 11 companies met the criteria and were selected as the research sample. Data collection was carried out using literature and documentation. The data analysis technique used is descriptive statistical analysis. The results obtained from this study indicate that: 1) the exchange rate variable has a significant and significant effect on stock returns with a p-value (Sig) <0.05, namely 0.000 <0.05, then Ha is accepted and Ho is rejected. 2) The inflation variable has a significant and significant effect on people's income with a p-value (Sig) <0.05, namely 0.001 <0.05, then Ha is accepted and Ho is rejected. 3) The BI rate variable has a significant effect on people's income with a p-value (Sig) <0.05, namely 0.045 <0.05, so Ha is accepted and Ho is rejected. 4) Exchange Rate, Inflation and BI Rate variables have a significant and significant effect on people's income with a Fcount value of 6.250 > Ftable 3.172 (df = 55 – 2) with a probability value or sig. = 0.001 <0.05 means that Ha is accepted and Ho is rejected.