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THE EFFECT OF EXCHANGE RATE, WORLD OIL PRICE AND ISLAMIC GLOBAL STOCK INDEX ON THE JAKARTA ISLAMIC INDEX (JII) 2013-2023
The Jakarta Islamic Index (JII) is one of the sharia indexes listed on the Indonesia Stock Exchange (IDX). The Islamic capital market exists in response to Muslim investors' worries about interest, speculation, and the uncertainty associated with mutual fund investment. In order to ascertain the extent to which macroeconomic and international stock index factors impact the Jakarta Islamic Index, this study employed a quantitative approach, which measures information on a numerical scale, and was based on time series data from 2013 to 2023. The variables in this study consist of exchange rates (X1), world oil prices (X2), Dow Jones Islamic market Europe (DJIEU) (X3), and Dow Jones Islamic market Japan (DJIJP) (X4) against the Y variable Jakarta Islamic Index (JII). Partially using a significance of 0.5%, the results of the study show that in the short term only the exchange rate has a significant effect on the JII while world oil prices, DJIEU and DJIJP have no effect. In the long term the variables of exchange rates, world oil prices, DJIEU and DJIJP have a significant effect on the Jakarta Islamic Index (JII).
FAKULTAS EKONOMI DAN BISNIS ISLAM, UIN SUNAN KALIJAGA YOGYAKARTA
THE EFFECT OF EXCHANGE RATE, WORLD OIL PRICE AND ISLAMIC GLOBAL STOCK INDEX ON THE JAKARTA ISLAMIC INDEX (JII) 2013-2023 (Text)
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297.273 Islam dan Ilmu Ekonomi, Perbankan Syariah, Lembaga Keuangan Syariah