Analysis of Determinants of Sharia Stock Price Index in the Jakarta Islamic Index (JII) for the Year 2015–2025
DOI:
https://doi.org/10.24256/kharaj.v8i3.12282Keywords:
exchange rate, inflation, sharia stock price index, world oil pricesAbstract
The purpose of this research is to determine the impact of inflation, exchange rates, and world oil prices on the Islamic stock price index in the Jakarta Islamic Index (JII) from 2015 to 2025. The research method used is a quantitative method with a multiple linear regression model, and the data source is secondary data obtained from the official websites of BPS and IDX. The data analysis techniques used are classical assumption tests, multiple linear regression tests, and hypothesis tests. Based on the data analysis results, inflation has a positive and insignificant effect on the JII. The exchange rate has a negative and significant effect on the JII, and world oil prices have a positive and insignificant effect on the JII. Simultaneously, inflation, the exchange rate, and world oil prices influence the JII by 66.2%, while the remaining 33.8% is explained by other variables outside the model. The results of this study imply that investors should pay more attention to exchange rate developments when considering investment decisions in sharia stocks. For the government and relevant authorities, exchange rate stability is one of the factors that need to be considered in maintaining the stability of the sharia capital market.
References
Ali, M. (2022). Pengaruh Suku Bunga SBI, Inflasi, Nilai Tukar Rupiah, Harga Emas Dunia, dan Harga Minyak Mentah Dunia terhadap Indeks Harga Saham Gabungan (IHSG) Periode Tahun 2017-2020. Tirtayasa EKONOMIKA, 17(12), 325–240.
Amelia, S. (2023). Pendekatan Moneter Penentuan Nilai Tukar Rupiah Terhadap Us Dollar : Apakah Purchasing Power Parity ( Ppp ) Berlaku ? Adijaya : Jurnal Multidisiplin, 01(04), 743–752.
Andrini, A., Siregar, A. A., Alyanisa, F., Maulana, G. S., Irwani, N., Sipahutar, S., & Batubara, M. (2025). Konsep Dasar Dan Landasan Hukum Pasar Modal Syariah Di Indonesia : Tinjauan Regulasi Dan Prinsip Syariah. Jurnal Nirta : Studi Inovasi, 4(2), 106–119.
Ardiansyah, A. B. (2025). Analisis variabel makroekonomi terhadap volatilitas pasar saham dalam optimisme pertumbuhan ekonomi indonesia. Jurnal Ekonomi, Bisnis Dan Pendidikan, 5(4). https://doi.org/10.17977/um066.v5.i4.2025.2
Darmawan, I., Siregar, H., Hakim, D. B., & Manurung, A. H. (2020). The Effect of Crude Oil Price Shocks on Indonesia Stock Market Performance. Adler Jurnal Organisasi Dan Manajemen, 16(1), 11–23. https://doi.org/10.33830/jom.v16i1.785.2020
Djaali. (2020). Metodologi Penelitian Kuantitatif (B. S. Fatmawati (ed.)). Sinar Grafik Offset.
Efrilyati, W., Ahmadi, N., Rahmani, B., & Syafina, L. (2024). Pengaruh Bagi Hasil , Kurs , Dan Inflasi Terhadap Pertumbuhan Pendapatan Bagi Hasil Nasabah Deposito Mudharabah ( Studi Kasus Bank Muamalat Indonesia ). Maslahah : Jurnal Manajemen Dan Ekonomi Syariah, 2(1), 35–48. https://doi.org/https://doi.org/10.59059/maslahah.v2i1.565
Ghifari, R. A. Al, Kristianigsih, & Tamara, D. A. D. (2021). Analisis Pengaruh Variabel Makroekonomi terhadap Jakarta Islamic Index. Journal of Applied Islamic Economics and Finance, 2(1), 75–83. https://doi.org/10.35313/jaief.v2i1.2871
Ghodang, H., & Hartanto. (2020). Metodologi Penelitian Kuantitatif (Konsep Dasar dan Aplikasi Analisis Regresi dan Jalur dengan SPSS) (F. Ghodang (ed.); 1st ed.). PT. Penerbit Mitra Grup.
Hajar, S., Ulfa, S. M., Pieter, J., & Risamasu, P. V. M. (2026). Cara Jitu Menguasai SPSS dalam Pembelajaran Fisika (A. Silaban (ed.); 1st ed.). CV. Eureka Media Aksara.
Heradhyaska, B., & Pamesti, P. I. (2021). Regulasi Dewan Pengawas Syariah Pasar Modal Syariah di Indonesia. Jurnal Hukum Ekonomi Islam, 5(1), 77–94.
Kamal, M., Kasmawati, Rodi, Thamrin, H., & Iskandar. (2021). Pengaruh Tingkat Inflasi dan Nilai Tukar (Kurs) Rupiah Terhadap Indeks Saham Syariah Indonesia (ISSI). Jurnal Tabarru’: Islamic Banking and Finance, 4(2), 521–531.
Kurniawati, F., & Nurwahidin. (2024). Analisis Perbandingan Inflasi dalam Perspektif Islam dan Konvensional. Journal Styntax Idea, 6(02), 1–15.
Kurniawati, R. (2024). EViews dalam Praktik: Paduan Praktis untuk Analisis Statistik. PT Catalyst Development Partners.
Lubis, N. H., & Syarvina, W. (2023). Analisis Pengaruh Nilai Tukar ( Kurs ) dan Inflasi terhadap Pertumbuhan Ekonomi di Indonesia. Al-Istimrar : Jurnal Ekonomi Syariah, 2(2), 150–162. https://doi.org/10.59059/maslahah.v2i1.565
Mashilal, & Pambudi, R. D. (2023). Ekonomi Internasional (B. Wijayama (ed.)). Cahya Ghani Recovery.
Mulyani, R. (2020). Inflasi dan Cara Mengatasinya dalam Islam. Jurnal Studi Islam Dan Sosial, 1(2), 267–278. https://doi.org/https://doi.org/10.58326/jurnallisyabab.v1i2.47
Nur, F. S., Alrasyid, H., & Novianto, A. S. (2025). Analisis Pengaruh Inflasi dan Pertumbuhan Ekonomi Terhadap Kinerja Saham Syariah pada Perusahaan yang Terdaftar di Jakarta Islamic Index (JII) 70 Periode 2020-2023. Wart Ekonomi, 8(2), 132–142.
Nur, S., & Fatwa, N. (2022). Analisis Pengaruh Indikator Makroekonomi Terhadap Indeks Saham Syariah Indonesia. Jurnal Tabarru’: Islamic Banking and Finance, 5(1), 122–131.
Pambuko, Z. B., & Masrini, N. L. (2023). EVIEWS: Analisis data Keuangan dan Penelian Mahasiswa Ekonomi (V. S. Dewi (ed.)). UNIMMA PRESS.
Paramita, R. (2021). Efektivitas Kebijakan Fiskal dan Kebijakan Moneter dalam Mengatasi Inflasi di Indonesia Periode 1984-2019. Jurnal Budget, 6(1), 152–168.
Prasetyo, A. D., Soemitra, A., & Anggraini, T. (2025). Analisis Pengaruh Nilai Tukar Rupiah , BI-Rate , dan Suku Bunga The Fed terhadap Indeks Harga Saham Gabungan ( IHSG ) di Bursa Efek Indonesia Periode 2020 – 2024. Jurnal Ilmu Ekonomi, 8(3), 360–370. https://doi.org/10.57178/paradoks.v8i3.1371
Rorizki, F., Sakinah, Dalimunthe, A., & Silalahi, P. R. (2022). Perkembangan dan Tantangan Pasar Modal Indonesia. Ecomic Review Journal, 1(2), 147–157. https://doi.org/https://doi.org/10.56709/mrj.v1i2.24
Royda, & Riana, D. (2022). Investasi dan Pasar Modal (Nasrudin (ed.)). PT. Nasya Expanding Management.
Sopiyah, S., Safitri, L., Rodiyah, A., Anisah, E. N., Sundana, H., Afandi, A., & Sriyono. (2025). Pengaruh Harga Emas Dunia , Harga Minyak Dunia Dan Indeks Dow Jones ( DJIA ) Terhadap Indeks Harga Saham Gabungan Di Indonesia Pada Periode Perang Dagang AS-Tiongkok. Paradoks: Jurnal Ilmu Ekonomi, 8(3), 234–251.
Sutandi, Wibowo, S., Sutisna, N., Fung, T. S., & Januardi, L. (2021). Pengaruh Inflasi , Nilai Tukar ( Kurs ) Rupiah Dan Tingkat Suku Bunga Terhadap Indeks Harga Saham Gabungan ( Ihsg ) Di Bursa Efek Indonesia ( Bei ) Periode 2016 -2020. Akuntoteknologi: Jurnal Ilmiah Dan Teknologi, 13(2), 2085–8108.
Yulianto, & Nurmalasari, N. (2026). Pengaruh Inflasi , Suku Bunga , dan Nilai Tukar terhadap Indeks Harga Saham Gabungan ( IHSG ) di Indonesia. JKompeten : Jurnal Ilmiah Dan Bisnis, 4(4), 1466–1474.
Downloads
Published
How to Cite
Issue
Section
Citation Check
License
Copyright (c) 2026 Sarah Fitria Harahap, Maryam Batubara, Yusrizal
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. In line with the license, authors are allowed to share and adapt the material. In addition, the material must be given appropriate credit, provided with a link to the license, and indicated if changes were made. If authors remix, transform or build upon the material, authors must distribute their contributions under the same license as the original.
