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THE INFLUENCE OF SUKUK MARKET DEVELOPMENT AND MACROECONOMICS ON FOREIGN DIRECT INVESTMENT INFLOWS IN OIC COUNTRIES (2017-2023)
This study examines the influence of sukuk market development and macroeconomic factors on Foreign Direct Investment (FDI) inflows in selected Organization of Islamic Cooperation (OIC) countries from 2017 to 2023. The independent variables include sukuk market development, GDP growth rate, inflation rate, and exchange rate stability, while the dependent variable is FDI inflows. Using panel data analysis with the Random Effects Model (REM), the results indicate that sukuk market development and GDP growth have a significant positive effect on FDI inflows. In contrast, the inflation rate and exchange rate stability do not show a significant impact. These findings highlight the critical role of Islamic financial market development and economic growth in attracting foreign investment within OIC countries. The study provides empirical insights for policymakers to strengthen sukuk markets and maintain macroeconomic stability as strategies to enhance FDI inflows.
FAKULTAS EKONOMI DAN BISNIS ISLAM, UIN SUNAN KALIJAGA YOGYAKARTA
THE INFLUENCE OF SUKUK MARKET DEVELOPMENT AND MACROECONOMICS ON FOREIGN DIRECT INVESTMENT INFLOWS IN OIC COUNTRIES (2017-2023) (Text)
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