Keywords
Jakarta Islamic Index (JII)
Gold Price
Composite Stock Price Index (CSPI) / IHSG
Net Asset Value (NAV) of Sharia Mutual Funds
Inflation
How to Cite
Abstract
This research analyses the factors influencing the Net Asset Value (NAV) of Sharia mutual funds in Indonesia, with inflation serving as the moderating variable. The study utilizes secondary data from the Financial Services Authority (OJK), Bank Indonesia (BI), the Indonesia Stock Exchange (BEI), Statistics Indonesia (BPS), academic journals, and other sources for the period of 2021–2024. The data analysis employs Stationarity Tests, Moderated Regression Analysis (MRA), Classical Assumption Tests, and Statistical Tests. The results indicate that the exchange rate has a positive, but insignificant, effect on the NAV of Sharia mutual funds in Indonesia. At the same time, it also has a negative and significant effect on the NAV of Sharia mutual funds in Indonesia. The exchange rate, when moderated by inflation, has a negative and significant effect on the NAV of Sharia mutual funds. Furthermore, the Jakarta Islamic Index (JII), when moderated by inflation, has a positive and significant effect on the NAV of Sharia mutual funds. To obtain the best regression model, it is necessary to exclude a variable due to multicollinearity. These findings are expected to benefit investors and the government in selecting investment factors and formulating policies aligned with public welfare. Furthermore, this research is expected to enrich the literature in Islamic economics.
References
Ardana, Y., Khoirunnisa, S., & Fadilah, K. (2019). Mengukur Determinasi Faktor-Faktor Yang Memengaruhi Nilai Aktiva Bersih (Nab) Saham Syariah Di Indonesia. JUrnal Masharif Al-Syariah: Jurnal Ekonomi Dan Perbankan Syariah, 8(30), 547–563. https://doi.org/10.30651/jms.v8i3.18802
Azalia, N., & Budhijana, R. B. (2023). Analisis Pengaruh Inflasi, Nilai Tukar Rupiah, Dan Bi Rate Terhadap Nilai Aktiva Bersih Reksadana Syariah Di Indonesia (Periode 2015-2019). Journal of Accounting, Management and Islamic Economics, 1(2), 701–712. https://doi.org/10.35384/jamie.v1i2.481
Aziz, A., & Pratama, N. (2021). PENGARUH VARIABEL MAKROEKONOMI TERHADAP TINGKAT PERTUMBUHAN REKSADANA SYARIAH PERIODE 2015 – 2019. 4.
Chairani, S. (2020). Pengaruh Nilai Tukar Rupiah ( Kurs ), Jakarta Islamic Index ( JII ), Usia Reksadana , Dan Volume Perdagangan Reksadana Terhadap Nilai Aktiva Bersih ( Nab ) Reksadana Campuran Syariah. 15(1), 31–43.
E. (2020). Pengaruh Indeks Harga Saham Gabungan, Nilai Tukar Rupiah dan Repo Rate Terhadap Nilai Aktiva Bersih Reksadana Syariah Di Indonesia Periode 2015-2018. AKRUAL : Jurnal Akuntansi Dan Keuangan, 2(1), 91–105. https://doi.org/10.34005/akrual.v2i1.1046
Ghozali, I. (2013). Aplikasi Analisi Multivariate dengan SPSS (Edisi Keem).Badan Penerbit Universitas Diponegoro Semarang.
Index, J. I., & Andriana, P. Dela. (2021). Pengaruh Indeks Harga Saham Gabungan , Sertifikat Bank Indonesia Syariah.
Inflasi, P. T., Bunga, S., Emas, H., Saham, H., Dana, R., & Syariah, S. (2023). Al-Kharaj : Jurnal Ekonomi , Keuangan & Bisnis Syariah Al-Kharaj : Jurnal Ekonomi , Keuangan & Bisnis Syariah. 5(5), 2290–2300. https://doi.org/10.47467/alkharaj.v5i5.3115
Jurnal, J., Mea, I., Nilai, P., Kurs, T., & Inflasi, D. A. N. (2021). NILAI AKTIVA BERSIH REKSA DANA SYARIAH DI INDONESIA JIMEA | Jurnal Ilmiah MEA ( Manajemen , Ekonomi , dan Akuntansi ). 5(1).
Kurniawan, E. (2019). PENGARUH INFLASI , JAKARTA ISLAMIC INDEX , BAGI HASIL BANK SYARIAH TERHADAP INVESTASI REKSA DANA. 2(1), 113–121.
Lestari, H., & Hendrawati. (2020). Pengaruh Inflasi , Nilai Tukar Rupiah , dan Jakarta Islamic Index ( JII ) Terhadap Nilai Aktiva Bersih Reksadana Syariah di Indonesia ( Studi Kasus Pada Otoritas Jasa Keuangan Periode Tahun 2016-2019 ). Sekolah Tinggi Ilmu Ekonomi Indonesia, 2(1), 6.
Muchtar, E. H., Maulana, I., & Silviani, S. (2021). Nilai Aktiva Bersih Reksa Dana Syariah: Ditinjau dari Aspek Inflasi, Kurs, BI 7 Days Repo Rate dan Tingkat Return. JESKaPe: Jurnal Ekonomi Syariah, Akuntansi Dan Perbankan, 5(2), 288–303.
No Title. (n.d.). https://www.idx.co.id/id/idx-syariah/indeks-saham-syariah
Noval, N., & Nadia, N. (2020). Pengaruh Inflasi Terhadap Jakarta Islamic Index (JII) Dengan Bi 7 Day Repo Rate Sebagai Variabel Moderating Dan Nilai Tukar (IDR/USD) Sebagai Variabel Intervening. Jurnal Ilmu Perbankan Dan Keuangan Syariah, 2(1), 1–23. https://doi.org/10.24239/jipsya.v2i1.20.1-23
Nugraha, H., Putriani, S., Gustinanda, M. M., & Makarim, Z. A. (2023). Pengaruh harga komoditas global terhadap industri reksa dana Indonesia. Journal of Economics Research and Policy Studies, 3(1), 1–15. https://doi.org/10.53088/jerps.v3i1.602
Nurrahmawati, H., Bandungu, P. N., Mauluddi, H. A., Akuntansi, J., Bandungu, P. N., Juniwati, E. H., Akuntansi, J., & Bandungu, P. N. (2021). Analisis Pengaruh Variabel Makro Ekonomi terhadap Nilai Aktiva Bersih Reksadana Saham Syariah Periode 2015-2019 Analysis of the influence of macroeconomic to the net asset value of the islamic mutual fund equity period. 1(2), 332–348.
Prasetyo, D., & Widiyanto. (2019). Pengaruh Inflasi, Nilai Tukar Rupiah, Suku Bunga Bank Indonesia, dan Harga Emas Terhadap Nilai Aktiva Bersih Reksadana Syariah. Konferensi Ilmiah Mahasiswa Unissula (Kimu), 2(2), 133–153.
Rachmawati, L. (2019). No Title. 2, 1–9.
Randi, A., Sagantha, F., Studi, P., Akuntansi, S., & Pamulang, U. (2021). PENGARUH INFLASI DAN INDEKS HARGA SAHAM GABUNGAN ( IHSG ) TERHADAP NILAI AKTIVA BERSIH REKSA DANA SYARIAH Abstrak. 1(1), 533–547.
Ratnani, M. R., & Aksar, N. Al. (2020). PENGARUH VARIABEL MAKRO TERHADAP NILAI AKTIVA BERSIH ( NAB ) REKSADANA SAHAM SYARIAH. 6(1), 1–15.
Reksadana, C.-T., Syariah, S., Anwar, S., Salsabila, F. S., Faisal, M. A., Ekonomi, F., & Salatiga, I. (2023). Pengaruh Indeks Harga Saham Gabungan , Kurs , Jakarta Islamic Index , dan. 9(01), 1279–1289.
Rusdiansyah, M. N., & Septiarini, D. F. (2019). Analisis Pengaruh Faktor - Faktor Makroekonomi Terhadap Nilai Aktiva Bersih (Nab) Reksadana Syariah Periode Januari 2015 – Juni 2017. Jurnal Ekonomi Syariah Teori Dan Terapan, 5(10), 860. https://doi.org/https://doi.org/10.20473/vol5iss201810pp860-876
Sunaryo. (2022). Determinan Harga Emas (Studi Kasus pada PT Aneka Tambang, Tbk. Periode Tahun 2010 - 2019). KINERJA Jurnal Ekonomi Dan Bisnis, 5(1), 1–17. https://doi.org/https://uia.e-journal.id/Kinerja/article/view/2126
Sugiyono. (2013). Metode Penelitian Kuantitatif, Kualitatif dan R&D. Alfabeta
All articles published in Reinforce: Journal of Sharia Management are licensed under a Creative Commons Attribution-ShareAlike 4.0 International (CC BY-SA) license. This means anyone is free to copy, transform, or redistribute articles for any lawful purpose in any medium, provided they give appropriate attribution to the original author(s) and Reinforce, link to the license, indicate if changes were made, and redistribute any derivative work under the same license.
Copyright on articles is retained by the respective author(s), without restrictions. A non-exclusive license is granted to Reinforce to publish the article and identify itself as its original publisher, along with the commercial right to include the article in a hardcopy issue for sale to libraries and individuals.
Although the conditions of the CC BY-SA license don't apply to authors (as the copyright holder of your article, you have no restrictions on your rights), by submitting to Reinforce, authors recognize the rights of readers, and must grant any third party the right to use their article to the extent provided by the license.