Abstract
This study aims to examine the effect of macroeconomic factors (SBIS Yield Rate, Islamic Interbank Rate, Rupiah and Ringgit Exchange Rates against Dollar), Partial Yield to Maturity, and Time to Maturity and the effect of individual conditions on the Fair Price of Corporate Sukuk for the period 2014-2018. Research data were taken from several institutions in the form of statistical data and historical transactions, namely BI, OJK, BEI, IBPA, KSEI, Securities Commission Malaysia, Bank Negara Malaysia, BPAM, Bursa Malaysia. This research using quantitative approach, where the sampling was done by purposive sampling consisting of 7 series of corporate sukuk from Indonesia and Malaysia. The analysis technique used Panel Data Regression Test. The results showed that Macroeconomic Factors (SBIS and Islamic Interbank Rate) generally have a negative and significant effect on the fair price of sukuk in Indonesia and Malaysia; Macroeconomic factors (Rupiah exchange rate and Ringgit exchange rate against the US dollar), have a positive and significant effect on the fair price of sukuk in Indonesia and Malaysia; Yield To Maturity, has a negative and significant effect on the fair price of sukuk in Indonesia and Malaysia; Time To Maturity, has a negative and significant effect on the fair price of sukuk in Indonesia and Malaysia.
Highlights
The sharia capital market is part of the Indonesian Capital Market Industry
This study aims to examine the effect of macroeconomic factors (SBIS Yield Rate, Islamic Interbank Rate, Rupiah and Ringgit Exchange Rates against Dollar), Partial Yield to Maturity, and Time to Maturity and the effect of individual conditions on the Fair Price of Corporate Sukuk, with the title of “Assessment of Macroeconomic Factors, Yield to Maturity, and Time to Maturity of Fair Price of Corporate Sukuk in Indonesia and Malaysia for the 2014-2018 Period"
Based on the results of panel data analysis and with the assumption of ceteris paribus, the following is the conclusion of this study: 1. Macroeconomic factors (SBIS and Islamic Interbank Rate), generally have a negative and significant effect on the fair price of sukuk in Indonesia and Malaysia; 2
Summary
The sharia capital market is part of the Indonesian Capital Market Industry. The activities of the Sharia Capital Market are not different from conventional capital markets, but it is a capital market that applies sharia principles / facilities or a meeting place for sellers and buyers of sharia financial instruments, in their transactions based on Islamic teachings, and stay away from prohibited things (El Mosaid, 2014). One of the products of the Sharia Capital Market is Sukuk / Sharia Bond which consists of sovereign sukuk and corporate sukuk. At this time, several countries have become regular issuers of sukuk such as, Malaysia, Bahrain, Brunei Darussalam, United Arab. Outstanding Sukuk by country per year 2014-2018
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