THE INFLUENCE OF MACROECONOMIC VARIABLES ON THE GROWTH IN THE OUTSTANDING VALUE OF INDONESIAN CORPORATE SUKUK IN 2016═│2019
Abstract
Macroeconomic conditions can reflect a countryÔÇÖs investment climate one of which is sukuk. Sukuk contain an investment element in a real project as the basis for its issuance. The purpose of this study is to determine the effect of gross domestic product money supply, exchange rates and inflation on the growth in the outstanding value of Indonesian corporate sukuk in 2016-2019. This research uses quantitative methods on secondary data based on time series with a population of 240 data. Data collection was carried out by accessing the official web pages of the OJK, BI and BPS. Data were processed using Eviews-10 and analyzed with descriptive statistics, stationary test, multiple linear regression test, hypotesis test and classical assumptions. The partial results of the GDP (X1) and The exchange rate (X3) have a negative and significant effect. JUB (X2) has a positive and significant. The inflation (X4) has a negative and insignificant effect. Meanwhile, simultaneously all variables have a positive and significant.Kondisi makroekonomi dapat mencerminkan iklim investasi suatu negara, salah satunya yaitu sukuk. Sukuk mengandung unsur investasi pada proyek rill sebagai landasan penerbitannya. Tujuan dalam penelitian ini dalam rangka mengetahui pengaruh produk domestik bruto, jumlah uang beredar, kurs dan inflasi terhadap pertumbuhan nilai outstanding sukuk korporasi Indonesia tahun 2016-2019. Penelitian ini menggunakan metode kuantitatif pada data sekunder berdasarkan rentan waktu (time series) dengan populasi sebanyak 240 data. Pengumpulan data dilakukan dengan mengakses laman web resmi Otoritas Jasa Keuangan, Bank Indonesia dan Badan Pusat Stastistik. Data diolah menggunakan Eviews-10 dan dianalisis dengan statistik deskriptif, uji stasioneritas, uji regresi linear berganda, uji hipotesis dan asumsi klasik. Berdasarkan hasil uji regresi linier berganda yang telah dilakukan, didapatkan hasil secara parsial variabel produk domestik bruto (X1) berpengaruh negatif dan signifikan terhadap pertumbuhan nilai outstanding sukuk korporasi Indonesia dengan nilai probability 0.0121. Variabel jumlah uang beredar (X2) berpengaruh positif dan signifikan terhadap pertumbuhan nilai outstanding sukuk korporasi dengan nilai probability 0.0000. Variabel kurs (X3) berpengaruh negatif dan signifikan terhadap pertumbuhan nilai outstanding sukuk korporasi Indonesia dengan nilai probability 0.0429. Variabel inflasi (X4) berpengaruh negatif dan tidak signifikan terhadap pertumbuhan nilai outstanding sukuk korporasi dengan nilai probability 0.1871. Sedangkan secara simultan seluruh variabel (produk domestim bruto, jumlah uang beredar, kurs dan inflasi) berpengaruh positif dan signifikan terhadap pertumbuhan nilai outstanding sukuk korporasi dengan nilai probability 0.000000.┬á
 
References
Apipudin. (2016). Konsep Jual Beli dalam Islam (Analisis Pemikiran Abdu al-Rahman al Jaziri dalam Kitab "Ala Al-Madahib Al-Arba'ah). Jurnal Islaminomic, Vol. V, No.2.
Badri, M. A. (2010). Sifat Perniagaan Nabi Panduan Praktis Fiqih Perniagaan Islam. Pustaka Darul Ilmi: Bogor.
Eka Nuraini Rachmawati, Ab Mumin bin Ab Ghani. (2015). Akad Jual beli dalam Perspektif Fikih dan Praktiknya di Pasar Modal Indonesia. Jurnal Al-'Adalah Vol.XII, No.4 .
Fathoni, N. (2013). Konsep Jual Beli dal Fatwa DSN-MUI. Jurnal Conomica, Volume IV, Edisi 1 .
Fitria, T. N. (2017). Bisnis Jual Beli Online (Online Shop) dalam Hukum Islam dan Hukum Negara. Jurnal Ilmiah Ekonomi Islam Vol.03 No.01 .
Haroen, N. (2007). Fiqh Muamalah. Jakarta: Gaya Media.
Hidayat, E. (2015). Fiqh Jual beli. Bandung: PT Remaja Rosdakarya.
Muhammad, S. A. (2001). Rahmah Al Ummah Fi Ikhtilaf Al Immah. Terj. Abdullah Zaki Alkaf. Fiqh Empat Mazhab. Bandung: Hasyimi Press.
Manan, A. (2013). Fiqih Lintas Madzhab. Kediri: PP Al Falah Ploso.
Retno Dyah Pekerti, Eliada Herwiyanti. (2018). Transaksi Jual beli Onlinedalm Perspktif Syari'ah Madzhab Asy-Syafi'i. Jurnal Ekonomi, Bisnis, dan Akuntansi (JEBA), Vol.20, No.02 .
Rusdiyah, Zainal Muttaqin,Sa'adah. (2015). Sighat Ijab Kabul Transaksi Jual Beli: Perspektif Ulama Kalimantan Selatan (Analisis Praktik Bermazhab di Kalimantan Selatan). Jurnal Al Banjari, Vol.14, No.2 .
Shiddieqy, T. H. (1997). Pokok-Pokok Pegangan Imam Mazhab. Semarang: Pustaka Rizki Putra.
Sohari Sahani, Ruf'ah Abdullah. (2011). Fikih Muamalah. Bogor: Ghalia Indonesia.
Suhendi, H. (2008). Fiqih Muamalah. Jakarta: PT RajaGrafindo Persada.
Supriadi. (2018). Konsep Harga dalam Ekonomi Islam. Guepedia.
Syafe'i, R. (2001). Fiqh Muamalah. Bandung: Pustaka Setia.
Syaifullah. (2014). Etika Jual Beli dalam Islam. Jurnal Studia Islamika, Vol 11, No.12 .
Syaikh Abdurrahman Al-Juzairi, P. N. (2012). Fikih Emapt Madzhab Jilid 3. Jakarta Timur: Pustaka Al-Kautsar.
Syarifuddin, A. (2003). Garis-Garis Besar Fiqh. Jakarta Timur: Prenada Media.
Zainuddin, Bustamar, Rozi Safwan, ‘Review of the Jurisprudence on Trading Activities in the Lower Bukittinggi Market’, Al-Risalah: Forum on Legal and Social Studies, 17 (2017), 147–61
Zuhaili, W. (2011). Fiqh Islam wa Adillatuhu,Terj. Abdul Hayyi Al Katani. Jakarta: Gema Insani.
Downloads
Additional Files
Published
How to Cite
Issue
Section
License
Copyright (c) 2021 Ni'amatul Mahfiroh
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal the right of first publication with the work simultaneously licensed under?áa Creative Commons Attribution-NonCommercial 4.0 International License?áthat allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
