ANALYSIS OF THE INFLUENCE OF MACRO VARIABLES ON SHARIA MUTUAL FUNDS IN INDONESIA
DOI:
https://doi.org/10.29103/icofeb.v3i1.1385Keywords:
GDP, Exchange Rate, Inflation, Interest Rate, Sharia Mutual FundsAbstract
This study aims to examine the influence of Gross Domestic Product (GDP), exchange rate, inflation, and interest rate on the performance of Islamic mutual funds in Indonesia during the period of 2019 to 2024. A quantitative approach was employed, using multiple linear regression analysis with the aid of EViews 10 software. The data analyzed consists of 24 quarterly observations of secondary data collected over the study period. The results of the regression analysis and hypothesis testing indicate that, individually, GDP has a negative and significant effect on the Net Asset Value (NAV) of Islamic mutual funds. Meanwhile, the exchange rate and inflation show negative but insignificant effects, and the interest rate has a positive but also insignificant effect on the NAV of Islamic mutual funds. Simultaneously, these four variables have a positive and significant impact on Islamic mutual funds. These findings offer practical implications for investors, fund managers, and policymakers in understanding the sensitivity of Islamic mutual funds to macroeconomic conditions, while also contributing to the academic literature in the field of Islamic finance.
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