Analysis of the Influence of DJIMI, DJIJP, Inflation, Oil Prices, and Exchange Rate on ISSI Growth during the 2019–2023 Period

Authors

  • Fakhri Husnaini Politeknik Negeri Bandung
  • Kristianingsih Kristianingsih Politeknik Negeri Bandung
  • Hennidah Karnawati Politeknik Negeri Bandung
  • Koernia Purwihartuti Politeknik Negeri Bandung

DOI:

https://doi.org/10.35313/jaief.v6i1.6776

Keywords:

Islamic capital market, DJIMI, DJIJP, inflation, oil price, exchange rate

Abstract

This study investigates the impact of several macroeconomic and global Islamic financial variables—namely the Dow Jones Islamic Market Index (DJIMI), Dow Jones Islamic Market Japan Index (DJIJP), inflation rate, world oil prices (WTI), and the rupiah exchange rate—on the growth of the Indonesian Sharia Stock Index (ISSI) from 2019 to 2023. Using purposive sampling of 60 monthly observations, multiple linear regression analysis was employed via SPSS 25 and Microsoft Excel 2021. The results show varying significance of each independent variable on ISSI, both individually and simultaneously

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Published

2025-10-31

How to Cite

Husnaini, F., Kristianingsih, K., Karnawati, H., & Purwihartuti, K. (2025). Analysis of the Influence of DJIMI, DJIJP, Inflation, Oil Prices, and Exchange Rate on ISSI Growth during the 2019–2023 Period. Journal of Applied Islamic Economics and Finance, 6(1), 17–28. https://doi.org/10.35313/jaief.v6i1.6776

Issue

Vol. 6 No. 1 (2025): Journal of Applied Islamic Economics and Finance (Oktober 2025)

Section

Articles