Bank Indonesia Sharia Certificates Research Articles

Assessing the Impact of Macroeconomic Variables on Project-Based Sukuk in Indonesia

This study is aimed at examining the influence of variables such as Infrastructure Budget, Bank Indonesia Rate, Money Supply, and Bank Indonesia Sharia Certificate on Project-Based Sukuk over short and long-term periods. The research also evaluates the response given by Project-Based Sukuk to shocks in these variables, as well as their contributions to variations in Project-Based Sukuk. The Vector Error Correction Model (VECM) method, implemented through Eviews 10, was utilized in this study which employed monthly secondary data spanning the period 2016-2020. The findings suggest that, in the short term, the Infrastructure Budget variable positively affects PBS. Conversely, in the long term, the Money Supply variable negatively influences PBS. BI rate and Bank Indonesia Sharia Certificate variables appear to have no significant effect on PBS in either the short or long term. The Impulse Response Function test reveals that PBS responds positively to shocks in the Infrastructure Budget, negatively to shocks in the Bank Indonesia Sharia Certificate, and variably to shocks in the BI Rate and Money Supply. The Forecasting Error Variance Decomposition test indicates that PBS exerts the most significant influence on variance explanation. Sukuk is proposed as a viable alternative to bridge the financing gap for infrastructure development. The government is therefore urged to preserve economic stability, particularly concerning the Infrastructure Budget from the State Budget and the Money Supply, given their impact on sukuk development, which is crucial for infrastructure progression in Indonesia.

Sharia Monetary Policy: Facing the Recession, Saving the Economy

The Economic Recession (economic slowdown, layoffs, undeveloped investment) has haunted the economy. Inflation is high, the rupiah exchange rate is weakening. The central bank is a strategic institution that regulates the country's economy through monetary instruments, one of which is Islamic monetary instruments. This paper aims to elaborate on Bank Indonesia's sharia monetary instruments in saving the economy as a result of the world economic recession. This paper is reviewed with a qualitative approach and a type of literature study. The results of this paper show that the Central Bank in an effort to deal with the world economic recession has issued Islamic and conventional monetary policies. Sharia monetary policy includes implementing open sharia monetary operations in the form of Bank Indonesia Sharia Certificates (SBIS), Bank Indonesia Sukuk, SBSN Repo, SBSN Reverse Repo, Standing Facility and Financing Facility. This policy has an impact on the economy growing by 5.03% in the third quarter of 2023. The practical implications of this paper encourage Bank Indonesia to maximize sharia monetary policy within the framework of improving economic conditions at both the financial institution level and economic circulation in society.

Bank Indonesia Syariah Certificate: Encouraging Economic Growth During The COVID-19 Pandemic

The Bank Indonesia Sharia Certificate (SBIS) is one of the sharia monetary instruments used by Bank Indonesia in formulating monetary policy. The development of SBIS is related to several factors: inflation growth, the economy, and the development of the gross domestic product. This study aims to determine how to implement the Bank Indonesia Sharia Certificate (SBIS) in encouraging monetary economic growth during the Covid-19 pandemic. The slowdown in economic growth and regional economic performance due to the impact of the Covid-19 virus outbreak that attacked the economy resulted in a decline in economic performance. The role of money market products (SBIS) can encourage economic growth and development through Islamic money market transactions. This research method uses descriptive qualitative research with a library research approach and interviews. In collecting interview data using the accidental sampling method conducted on Bank Indonesia staff directly at the research location and data on the growth, economy, and development of SBIS during the Covid-19 pandemic. Research results: The Bank Indonesia Sharia Certificate (SBIS) implementation has generally been carried out properly by Bank Indonesia. When Bank Indonesia issues SBIS and sells it to the public, this will cause the money supply in the community to decrease. When the money supply in society decreases, then inflation can be suppressed. When inflation can be suppressed, this will indirectly affect the increase in financing disbursements in Islamic banks. So, it can be concluded that SBIS significantly affects financing distribution in Islamic banking. When financing distribution increases, this will help MSME players affected by Covid-19 in terms of capital. The role of SBIS during the Covid-19 pandemic can stimulate and encourage economic growth performance.

Effect of Bank Indonesia Sharia Certificate and Inflation on Islamic Interbank Money Market Transactions in Indonesia

Sharia Interbank Money Market (PUAS) is a short-term investment activity in rupiah between market participants based on the principle of mudharabah, which is a funder's agreement with fund managers to carry out profit-making activities, and the profits will be distributed to both parties based on a previously agreed ratio. In order to support Bank Indonesia's objectives to achieve and maintain rupiah stability, Bank Indonesia may also exercise monetary control based on sharia principles. One of the achievements of the objectives referred to above is the controlled annual inflation rate, which is the final target of monetary policy carried out by Bank Indonesia. To achieve the final target of monetary policy, Bank Indonesia can exercise monetary control based on sharia principles, namely through Islamic monetary operations, which further affect the liquidity of Islamic banks. The implementation of Islamic monetary operations affects the level of money market yields between Islamic banks. The level of yield of PUAS as a liquidity instrument for Islamic banking will affect the financing issued by Islamic banks. Financing issued by the banking sector will affect the real sector which is expected to be able to achieve the final target of monetary policy. This study aims to determine the partial influence of SBIS on Islamic interbank money market transactions in 2017-2021 and the influence of inflation on Islamic interbank money market transactions in 2017-2021. The data used in this study is secondary data obtained from Bank Indonesia's official website in the form of monthly SBIS, Inflation, and Islamic interbank money market transactions from January 2017 to December 2021. The research method used is with a quantitative approach. The data analysis techniques used are descriptive statistical analysis, classical assumption test, multiple linear regression analysis, t test, f test, and determination coefficient test. Based on the results of data analysis, it can be concluded that patrially SBIS has a significant negative effect on Islamic interbank money maret transactions, and inflation patrially has no effect on Islamic interbank money market transactions. SBIS and inflation simultaneously affect money market transactions Islamic interbank in 2017-2021.

Determinant Variables that Affect the Financial Performance of Islamic Banking in Indonesia

This study aims to analyze whether there is an influence of Islamic Corporate Governance, Islamic Social Responsibility, Intellectual Capital, Sharia Bank Indonesia Certificates and Profit Sharing Levels on the Financial Performance of Islamic Commercial Banks in Indonesia for the 2016-2020 period. The type of data used is secondary data obtained from the financial reports of banks, BI and OJK through published institutional reports which were analyzed using multiple linear regression with the help of the E-Views 10 Program. The results of this study are the variables Islamic corporate governance, Islamic social responsibility, and Islamic corporate governance. intellectual capital, and Bank Indonesia Sharia Certificates partially have no effect on the Financial Performance of Islamic Commercial Banks in Indonesia in 2016-2020. while the Profit Sharing Variable has an effect on the Financial Performance of Islamic Commercial Banks in Indonesia in 2016-2020. Variables Islamic Corporate Governance, Islamic Social Responsibility, Intellectual Capital, Bank Indonesia Sharia Certificates and Profit Sharing Levels Simultaneously on the Financial Performance of Islamic Commercial Banks in Indonesia in 2016-2020.
 Keywords: Islamic Bank, Financial Performance, Quantitative

The Role of Inflation, Bank Indonesia Sharia Certificates, and the Jakarta Islamic Index on State Sharia Securities

Purpose –This study aims to analyze the effect of inflation, Bank Indonesia Sharia Certificates (BISC), and the Jakarta Islamic Index (JII) on State Sharia Securities (SSS). Methodology/approach – The population used in this study is inflation, Bank Indonesia Sharia Certificates, Jakarta Islamic Index and State Sharia Securities in the 2016-2020 period as many as 60 data with a sampling technique, namely clear sampling of 60 data. This study was analyzed using the Multiple Linear Analysis method.Findings – The results of Multiple Linear Regression Analysis are as follows: Y = 1388.145 – 5.171 X1 + 0.032 X2 – 1.665X3 The study was conducted using time series data for the period 2016 to 2020. The results showed that inflation had a significant negative effect on SSS , BISC has a significant positive effect on SSS, and JII has a significant negative effect on SSS. From the results of the R-square Coefficient of Determination test that Inflation, BISC, and JII have an influence of 55.6% on SSS.Novelty/value – The higher the Bank Indonesia Sharia Certificates (BISC), the higher the State Sharia Securities (SSS). Keywords: Inflation, BISC, Jakarta Islamic Index, SSS

SIMA and SBIS Effect on Liquidity in Sharia Commercial Banks

The study aims to determine the effect of the Interbank Mudharabah Investment Certificate (SIMA) on Liquidity in Islamic Commercial Banks, also to determine the effect of the Bank Indonesia Sharia Certificate (SBIS) on Liquidity in Islamic Commercial Banks, and determine the effect of SIMA and SBIS on Liquidity in Islamic Commercial Banks simultaneously. The type of research used in this research is quantitative research. Quantitative research is one of the research methods used to test a theory, present a fact or describe statistics, show relationships between variables, and some are to develop concepts, develop understanding, or describe many things. This study uses a quantitative approach in the form of financial ratios based on time series. Time series is data arranged chronologically according to time on a particular variable. The data used is monthly data. SIMA has no effect on liquidity in Islamic Commercial Banks for the 2016-2019 period, and SBIS has no effect on liquidity in Islamic Commercial Banks for the 2016-2019 period. At last, SIMA and SBIS have no simultaneous effect on liquidity in Islamic Commercial Banks for the 2016-2019 period.

ANALISA PENGARUH NILAI TUKAR, INFLASI, SUKU BUNGA DAN SERTIFIKAT BANK INDONSIA SYARIAH TERHADAP INDEKS SAHAM SYARIAH INDONESIA

Abstract: This study aims to determine the effect of kurs, inflation, interest rates, and Bank Indonesia Sharia Certificates on the Indonesian Sharia Stock Index. The data used in this study is in the form of panel data using a sample of 26 companies listed on the Indonesian Sharia Stock Index for 2017-2021. The data analysis technique in this study uses panel data analysis with the Fixed Effect Model. The results of the study show that simultaneously the kurs, inflation, interest rates, and Bank Indonesia Sharia Certificates have a significant effect on the Indonesian Sharia Stock Index. This is based on the results of the F test, namely the calculated F value F table (47.86140 2.44) with a prob level (F-Statistic) of 0.000 using an α level of 0.05 or 5%. While partially the exchange rate and inflation have no effect on the Indonesian Sharia Stock Index, however, interest rates and Bank Indonesia Sharia Certificates have a significant effect on the Indonesian Sharia Stock Index.Keywords: Indonesian Sharia Stock Index, Exchange Rates, Inflation, Interest Rates, Bank Indonesia Sharia Certificates

AKAD IJARAH DAN JUALAH DALAM PERSPEKTIF FIQH PERBANDINGAN PADA KEGIATAN BANK SYARIAH DI INDONESIA

Abstract Business transactions are experiencing significant development. In practice, Islamic financial transactions in financial institutions, both Islamic and non-Islamic banks, provide various contracts that can be selected depending on the type of product needed by the community. Among them are the ijarah and ju'alah contracts. Ijarah is one of the contracts contained in the concept of fiqh muamalah, the object is in the form of goods and services. While ju'alah is a reward (reward /'iwadh//ju'l) given by a person / or one party to a certain result achieved by another person / party based on a promise or commitment (iltizam) determined for a certain work. The method used in this study is an analytical descriptive method with a qualitative approach. The results of this study show that in general the ijarah contract is allowed by scholars, while in relation to this ju'âlah contract, most scholars have the opinion that ju'âlah is the law is permissible, and another small part of the scholars actually forbid it. The Ijarah contract is implemented through the financing product ijarah muntahiya bit tamlik (IMBT), this refers to the fatwa of the National Sharia Council Number: 27 / DSN-MUI / III / 2002 concerning "Al-Ijarah Al-Muntahiyah Bi Al-Tamlik" and circular letter No. 10/14 / DPBS issued by Bank Indonesia on March 17, 2008 and the ju'alah contract was implemented through the issuance of a Bank Indonesia Sharia Certificate issued by Bank Indonesia in accordance with the Fatwa of the National Shari'a Council NO: 64/DSN- MUI/XII/2007. Keyword: Ijarah, Ju'alah, Sharia Bank.

The Effect of Equivalent Rate, Bank Indonesia Sharia Certificate And Office Channeling On Third Party Funds With Profitability As Moderating Variables

This scientific research aims to determine the effect of the Equivalent Rate, Bank Indonesia Syariah Certificates and Office Channeling on Third Party Funds with Profitability as Moderation Variable for Indonesian Islamic Commercial Banks. The method used is a quantitative research method with a population of all Islamic Commercial Banks registered with the Financial Services Authority. The sample used in the study was determined through a purposive sampling method with several criteria that have been determined by the author so that there are 60 samples for the period 2016 to 2020. The data used are panel data types. The analytical test methods include descriptive statistical test, stationarity test, multiple regression test, T test, F test, R2, classical assumption test and Moderated Regression Analysis (MRA) test. The test was carried out using the Eviews 10 software tool. The results obtained showed that the Equivalent Rate variable had a significant positive effect on Third Party Funds. The Bank Indonesia Syariah Certificates variable has a significant negative effect on Third Party Funds and the Office Channeling variable has a significant positive effect on Third Party Funds. Based on the results of the MRA test, the profitability interaction variable cannot moderate the effect of the Equivalent Rate, Bank Indonesia Syariah Certificates and Office Channeling variables on Third Party Funds.Keywords: Equivalent Rate, Bank Indonesia Syariah Certificates, Office Channeling, Profitability and Third Party Funds

Indeks Saham Syariah Indonesia Saat Pandemi Covid’19

This study aims to analyze the effect of Inflation, Rupiah/Dollar Exchange Rate, and Bank Indonesia Sharia Certificates on the Indonesian Sharia Stock Index for the period March 2017 to October 2020. The secondary time series data used are 44 data periods. The method of analysis with multiple linear regression and classical assumption test and hypothesis testing. The results show that the rupiah exchange rate has a significant effect on the Sharia Stock Index in Indonesia. Unlike the Indonesian Sharia Stock Index, it is not significantly affected by inflation and Bank Indonesia Sharia Certificates.
 Keyword : Index, Sharia Stock, Covid’19 Pandemic

Effectiveness of Islamic Monetary Policy Transmission on Inflation and Economic Performance

The most crucial part for the economic development of a country is maintaining the stability of inflation to create a positive climate for economic and business activities. A number of efforts can be performed to achieve stable inflation and increase economic growth by designing monetary policy incorporating the variables of Bank Indonesia Sharia Certificate (SBIS), Islamic Interbank Money Market (IIMM), and Financing. Drawing on this issue, the in-hand study aims to examine the effectiveness of Islamic monetary policy transmission, using the instruments of SBIS, IIMM, and Financing, on inflation and economic performance (GDP) from the period of January 2011 to December 2020. Using secondary data, this study employs VAR/VECM approach by the assistance of Eviews program. The results reveal that in the short term period, inflation is significantly influenced by the IIMM, while GDP t is affected by the GDP t-1 and financing activities. In the long term period, both inflation and GDP are determined by SBIS and financing activities. In general, this study results in a conclusion that the variables of IIMM, financing activities, and GDP t-1 influence the economic performance both in short and long term periods. These results contribute as fruitful insights to developing financial strategies and monetary policy to maintain stable inflation and improve economic performance of a country.

THE IMPACT OF ISLAMIC MONETARY OPERATIONS AND AGGREGATE FINANCING ON ECONOMIC GROWTH IN INDONESIA (2010-2020)

Islamic monetary operation policies are regulated to increase the effectiveness in facing economic developments, especially the monetary sector. The working mechanism of the Islamic monetary operation up to its impact on the development of the national economy illustrates the monetary policy transmission carried out by Bank Indonesia. The purpose of this study is to analyze the effects of Bank Indonesia Sharia Certificate (SBIS), Bank Indonesia Sharia Deposit Facility (FASBIS), Sharia Interbank Money Market (PUAS), and aggregate financing on Indonesia's economic growth in the period 2010 to 2020. This research method uses a quantitative approach with the analysis technique Vector Auto Regression (VAR) or Vector Error Correction Model (VECM) to see the long-term impact and shock response on certain variables. Using secondary data on the variables, it is obtained from the Indonesian Economic and Financial Statistics Bank Indonesia (SEKI-BI) and the Central Statistics Agency (BPS) for the period January 2010 to December 2020. This study found that the SBIS variable has a negative relationship with GDP. Meanwhile, the variables FASBIS, PUAS, and aggregate financing have a positive relationship with GDP. For the future, it can be used as input and consideration in policy making that will be determined in optimizing Islamic monetary policy in Indonesia. Further research that will discuss this topic should use Islamic monetary instruments that are more complete than Islamic open market operations and sharia standing facilities. As well as comparing with conventional monetary operation instruments as a comparison for Islamic monetary.

Analisis Pengaruh Variabel Makroekonomi Terhadap Jakarta Islamic Index

This study aims to determine the effect of macroeconomic factors on the JII during the 2015-2019 period. Macroeconomic factors in this study include the rate of return for Bank Indonesia Sharia Certificates (SBIS), the IDR / USD Exchange Rate, and Inflation. The data used in this study is secondary data obtained from the official website of the Indonesia Stock Exchange and the official website of Bank Indonesia. The type of data used is quantitative data. All variable data taken is in the form of monthly time series data from January 2015 to December 2019. This research is a quantitative study with a descriptive approach. The method used in this research is multiple linear regression using the WarpPLS 7.0 program. The results of this study indicate that partially rate of return for Bank Indonesia Syariah Certificates (SBIS), IDR/USD exchange rate, and inflation have a negative and significant effect on the JII.

Analysis Of The Factors That Influence The Growth Of Sharia Insurance Industry Assets In Indonesia (2016-2020 Period)

This study aims to look at the description and influence of contributions, claims, investment returns, inflation, JCI, and BANK INDONESIA SHARIA CERTIFICATE yields on the growth of Sharia insurance industry assets in Indonesia for the 2016-2020 period, both simultaneously and partially. The data used are secondary data for the monthly period in 2016-2020. This study uses multiple linear regression analysis with the help of Eviews 10 software to see the effect of the independent variable on the dependent variable. Based on the research results, simultaneously all variables have a significant effect on asset growth. Partially, the claims variable and the JCI have a significant negative effect on asset growth, while the contribution and investment return variables have a significant positive effect on asset growth, then the inflation variable and BANK INDONESIA SHARIA CERTIFICATE yield have no significant effect on the growth of Islamic insurance industry assets in Indonesia

KUANTITAS ASET BANK SYARIAH DI INDONESIA

This study aims to analyze the influence of Islamic banking financing, certificates of Indonesia sharia banks, and third-party funds, short-term and longterm to total assets of the Islamic banking in Indonesia. Analyses were performed using monthly time series data published by Bank Indonesia from 2006 to 2011 The method used in this study is the dynamic model of Engle and Granger, Error Correction Model.The results of this study indicate that Islamic banking financing variables (0.0000), Bank Indonesia Sharia Certificate (0.0001) and third-party funds (0.0000) has a positive and significant impact in the short term to total assets of the Islamic banking in Indonesia, as well as in the long-term variable Islamic banking financing (0.0297), bank Indonesia sharia certificate (0.0011) and thirdparty funds (0.0299) also has a positive and significant impact on the total assets of the Islamic banking in Indonesia.

Analisis Efektivitas Kebijakan Moneter Dalam Perspektif Konvensional dan Syariah Terhadap Inflasi di Indonesia Tahun 2013-2020

This scientific research was conducted to see the effect and how the effectiveness of the monetary policy transmission mechanism from both conventional and sharia perspectives to tackle inflation in 2013-2020. The conventional monetary policy transmission mechanism can be seen from the total conventional bank credit (LOAN), the interest rate on Bank Indonesia Certificates (SBI), and the average yield on Government Securities (SUN). Meanwhile, sharia monetary policy can be seen from the yield rates on Bank Indonesia Sharia Certificates (SBIS), total Islamic bank financing (FINC) and the average yield of State Sharia Securities (SBSN). Through the Vector Error Correction Model method, it is found that the SBI results have a significant negative effect so that if the interest rate increases by one percent it will reduce inflation. Unlike the case with the effectiveness as measured by the Impulse Response Function (IFR) and Forecast Error Variance Decomposition (FEVD), where conventional monetary policy is fast in controlling the inflation rate compared to Islamic monetary policy. However, the magnitude of Islamic monetary policy is greater than conventional monetary policy.

The Effect of Sharia Monetary Transmission on Murabahah Financing in Sharia Banks in Indonesia

The purpose of the research is to examine the effect of sharia monetary transmission, incuding Bank Indonesia Sharia Certificate (SBIS), Bank Indonesia Sharia Deposit Facility (FASBIS), Third-Party Funds (DPK) on murabahah financing at Sharia banks in Indonesia in the short and long term. The research used a quantitative approach, while the data analysis technique used the error correction model test. The data used are monthly data from 2016-2019. The result of the research showed that, first, in the short-term equation SBIS has a negative and insignificant effect on murabahah financing in Sharia banks in Indonesia, while in the long-term equation SBIS has a positive and significant effect on murabahah financing in Sharia banks in Indonesia. Additionally, in the short term and long-term equation FASBIS has a positive and insignificant effect on murabahah financing in Sharia banks in Indonesia, Indeed, in the short term and long-term equation DPK has a positive and significant effect on murabahah financing in Sharia banks in Indonesia, and lastly, in the short term and long-term equation SBIS, FASBIS, and DPK simultaneously influence on murabahah financing in sharia banks in Indonesia.

Changes in Macroeconomic Conditions and Capital Return in Indonesia

Abstract. This study is focused on looking at conditions of macroeconomic changes that have an impact on the activity of the Islamic capital market, particularly on the return of Islamic stocks listed in the Jakarta Islamic Index. This empirical evidence is related to variable macroeconomic changes, namely changes in inflation, rupiah exchange rate, money supply, foreign exchange reserves, Indonesian Syariah Bank Certificates (SBIS) and interest rates on sharia stock returns for the period January 2014-December 2019 obtained from Financial publications. Service Authority (OJK) and Bank Indonesia. The analysis technique used is quantitative analysis using multiple regression analysis tools. Purpose. This study aims to examine the influence of changes in inflation, changes in the rupiah exchange rate, changes in the money supply, changes in SBIS, changes in foreign exchange reserves and changes in interest rates on the return of Indonesian Islamic stocks. Results. The results of this study are (1) Variable Changes in Inflation, Changes in the Amount of Money Supply, Changes in Foreign Exchange Reserves, Changes in SBIS have a positive and significant effect on Stock Returns listed on the Jakarta Islamic Index, (2) changes in exchange rates have a negative and significant effect on Stock Returns listed in Jakarta Islamic. Index, (3) the Interest Rate variable has no effect on Stock Returns listed on the Jakarta Islamic Index. Conclusion. The approach used by each variable starts with the conventional followed by the study of Islamic macroeconomics, in order to provide a philosophy of science and economics that refers to Baqir Sadr in the Iqtishaduna book. In this study, researchers examined macroeconomic variables on sharia stock returns to prioritize people’s welfare and pay close attention to every investment process based on sharia principles. Therefore the public, entrepreneurs, investors and company performance must pay attention to information regarding changes in inflation, changes in the rupiah exchange rate, changes in the money supply, changes in Bank Indonesia Sharia Certificates (SBIS), changes foreign exchange reserves, and changes in interest rates in order to minimize risks for both investors and entrepreneurs. This variable can affect the movement of the capital market so that the return on Islamic stocks also has an effect. Keywords: Stock Return; Inflation Change; Rupiah Exchange Rate; Change in Amount of Money Supply; Change in Bank Indonesia Sharia Certificate; Change in Foreign Exchange Reserves; and Change in Interest Rates.

Changes in Macroeconomic conditions and capital Return in Indonesia

Purpose: this study aims to examine the influence of changes in inflation, changes in the rupiah exchange rate, changes in the money supply, changes in SBIS, changes in foreign exchange reserves and changes in interest rates on the return of Indonesian Islamic stocks.Methods: this study is focused on looking at conditions of macroeconomic changes that have an impact on the activity of the Islamic capital market, particularly on the return of Islamic stocks listed in the Jakarta Islamic Index. This empirical evidence is related to variable macroeconomic changes, namely changes in inflation, rupiah exchange rate, money supply, foreign exchange reserves, Indonesian Syariah Bank Certificates (SBIS) and interest rates on sharia stock returns for the period January 2014 – December 2019 obtained from Financial publications. Service Authority (OJK) and Bank Indonesia. The analysis technique used is quantitative analysis using multiple regression analysis tools.Results: the results of this study are (1) Variable Changes in Inflation, Changes in the Amount of Money Supply, Changes in Foreign Exchange Reserves, Changes in SBIS have a positive and significant effect on Stock Returns listed on the Jakarta Islamic Index, (2) changes in exchange rates have a negative and significant effect on Stock Returns listed in Jakarta Islamic. Index, (3) the Interest Rate variable has no effect on Stock Returns listed on the Jakarta Islamic Index.Conclusions and Relevance: the approach used by each variable starts with the conventional followed by the study of Islamic macroeconomics, in order to provide a philosophy of science and economics that refers to Baqir Sadr in the Iqtishaduna book. In this study, researchers examined macroeconomic variables on sharia stock returns to prioritize people's welfare and pay close attention to every investment process based on sharia principles. Therefore the public, entrepreneurs, investors and company performance must pay attention to information regarding changes in inflation, changes in the rupiah exchange rate, changes in the money supply, changes in Bank Indonesia Sharia Certificates (SBIS), changes foreign exchange reserves, and changes in interest rates in order to minimize risks for both investors and entrepreneurs. This variable can affect the movement of the capital market so that the return on Islamic stocks also has an effect.