Analisis Return Reksa Dana Syariah Berdasarkan Domestic Macroeconomics dan Foreign Macroeconomics
Keywords:
BI Rate; Dow Jones Islamic Market Index; Inflation; Kurs; Return of Mutual Fund
Abstract
The investment trend of Islamic mutual funds is very interesting in the era of globalization. Sharia mutual funds are the right investment solution because their operations are free from elements of maysir, gharar and usury. In addition, ease of access and reach is also influenced by the application of technology. Investors simply monitor the development of investment instruments using mobile phones. Based on this phenomenon, it is necessary to analyze the various factors that influence the development of Islamic mutual funds so that investors can obtain maximum returns. These influential factors can be domestic macroeconomic factors (inflation, exchange rates and the BI Rate) and foreign (Dow Jones Islamic Market Index). Therefore, this study aims to determine the effect of inflation, exchange rates, the BI Rate and the Dow Jones Islamic Market Index on the return of Islamic mutual funds. A quantitative approach was adopted in the research along with the sample selection using the Purposive Sampling method. So that the population is all Islamic mutual funds registered with the Financial Services Authority with a sample of 17 Islamic mutual funds. Based on multiple linear regression analysis, the results show that: 1) inflation has a partially significant effect on the return of Islamic mutual funds, 2) the exchange rate has no significant effect partially on the return of sharia mutual funds, 3) the BI Rate has no significant effect partially on the return of sharia mutual funds, and 4) the Dow Jones Islamic Market Index has a partially significant effect on the return of Islamic mutual funds. The use of foreign stock indexes (Dow Jones Islamic Market Index) is a novelty in this study.
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nepage&q&f=false
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Septiana, F., & Arif, M. N. R. Al. (2020). Determinants of Net Asset Value of Islamic Mutual
Funds in Indonesia. Al-Amwal, 12(1), 1–11. https://doi.org/10.24235/amwal.v1i1.5443
Sholihat, F., AR, M. D., & Topowijoyo. (2015). Pengaruh Inflasi, Tingkat Suku BUnga
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Pengembalian Reksa Dana Saham (Studi pada Bursa Efek Indonesia Periode 2011-2013).
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Sumantyo, R., & Savitri, D. A. (2019). Macroeconomic Variables Towards Net Asset Value of
Sharia Mutual Funds in Indonesia and Malaysia. Jurnal Keuangan Dan Perbankan, 23(2),
300–307.
Wicaksono, W. et al. (2020). Ekonomi Islam Metode Hahslm. Balai Insan Cendekia Mandiri.
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nepage&q&f=false
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QxRDaIQ6AEwAHoECAMQAg#v=onepage&q=kaya harta kaya amal olehirwan
abdalloh&f=false
Adrian, M., & Rachmawati, L. (2019). Pengaruh Inflasi dan Nilai Tukar Rupiah terhadap Nilai
Aktiva Bersih Reksa Dana Syariah. Jurnal Ekonomi Islam, 2(1).
Ahman, E. (2007). Membina Kompetensi Ekonomi. Grafindo Media Pratama.
https://books.google.co.id/books?id=gtjJEuA4CDcC&printsec=frontcover&hl=id#v=one
page&q&f=false
Aji, A. M., & Mukri, S. G. (2020). Strategi Moneter Berbasis Ekonomi Syariah (Upaya Islami
Mengatasi Islami). Deepublish.
https://books.google.co.id/books?id=73zlDwAAQBAJ&printsec=frontcover&dq=strateg
i+moneter+berbasis+ekonomi+syariah+oleh+aji+dan+mukri&hl=id&sa=X&ved=2ahUK
EwiN9rC066vtAhWHWX0KHV_JDJwQ6AEwAHoECAEQAg#v=onepage&q=strategi
moneter berbasis ekonomi syariah oleh
Ardhani, I. A., Effendi, J., & Irfany, M. I. (2020). The Effect of Macroeconomics variables to
Net Asset Value (NAV) Growth of Sharia Mutual Funds in Indonesia. Jurnal Ekonomi &
Keuangan Islam, 6(2), 134–148. https://doi.org/10.20885/JEKI.vol6.iss2.art5
Arif, M. N. R. Al, & Saifullah, A. (2021). Determinant of Islamic Mutual Fund Performance :
A Comparative Study Between Indonesia and Malaysia. EQUILIBRIUM: Jurnal Ekonomi
Syariah, 9(1), 83–98. https://doi.org/10.21043/equilibrium.v9i1.10231
Darmawan, & Nada, L. (2019). Fund Age, BI Rate, Exchange Rate, dan Jakarta Islamic Index
pada Net Asset Value di Islamic Equity Mutual Fund Indonesia. Jurnal Manajemen, 10(1),
1–11. https://doi.org/10.32832/jm-uika.v10i1.1750
Filbert, R. (2017). Menjadi (Tambah) Kaya dan Terencana dengan Reksa Dana. PT Elex Media
Komputindo. https://books.google.co.id/books?id=v85BDwAAQBAJ&printsec=frontcover&hl=id#v=
onepage&q&f=false
Frida, C. V. O. (2020). Ekonomi Syariah: Pengantar Ekonomi Islam. Garudhawacana.
https://books.google.co.id/books?id=tq7_DwAAQBAJ&printsec=frontcover&hl=id#v=o
nepage&q&f=false
Kartini, S. (2019). Mengenal Inflasi. Mutiara Aksara.
Kertonegoro, S. (1995). Analisa dan Manajemen Investasi. PT Widya Press Jakarta.
https://books.google.co.id/books?id=cj_-
DwAAQBAJ&printsec=frontcover&hl=id#v=onepage&q&f=false
Kurniawan, A., Alia, F., & Apriyani, M. (2019). Pengaruh Dow Jones Islamic World Malaysia
Index dan Dow Jones Islamic Market Japan Index terhadap Indeks Saham Syariah
Indonesia (Periode Januari 2013-Desember 2017). Jurnal Akuntansi Dan Perbankan
Syariah, 02(01), 93–106.
Kurniawan, E. (2019). Pengaruh Inflasi, Jakarta Islamic Index, Bagi Hasil Bank Syariah
terhadap Investasi Reksa Dana Syariah (Studi Empiris pada Reksa Dana yang Terdaftar di
OJK Periode 2013-2017). Jurnal Ekonomi Dan Bisnis, 2(1), 113–121.
Lewis, M. K., & Algaoud, L. M. (2001). Perbankan Syariah. PT Serambi Ilmu Semesta.
https://books.google.co.id/books?id=C1GmM8JXSskC&printsec=frontcover&dq=perba
nkan+syariah+oleh+mervyn+k+lewis+dan+lativa+m+algaoud&hl=id&sa=X&ved=2ahU
KEwjI9bXc7qvtAhXCXSsKHTkoC_4Q6AEwAHoECAEQAg#v=onepage&q=perbanka
n syariah oleh mervyn k lewis dan lativa
Li, C., Atampokah, R., Akolpoka, H., Avonie, P., & Kwame, B. R. (2021). The Impact of
Macroeconomic Variables on Mutual Funds Performance in Ghana. International Journal
of Scientific Research in Science, Engineering and Technology, 8(2), 34–53.
Manurung, A. H. (2008). Panduan Lengkap Reksa Dana Investasiku. PT Kompas Media
Nusantara.
https://books.google.co.id/books?id=n4esAJnP3tUC&printsec=frontcover&hl=id#v=one
page&q&f=false
Miha, C., & Laila, N. (2017). Pengaruh Variabel Makroekonomi terhadap Nilai Aktiva Bersih
(NAB) Reksa Dana Syariah di Indonesia. Jurnal Ekonomi Syariah, 4(2), 144–158.
Mufid, M. (2019). Kaidah Fikih Ekonomi dan Keuangan Kontemporer. Kencana.
https://books.google.co.id/books?id=kMLvDwAAQBAJ&printsec=frontcover&dq=kaid
ah+fikih+ekonomi+dan+keuangan+kontemporer+oleh+moh+mufid&hl=id&sa=X&ved=
2ahUKEwibpoeA7avtAhVEXn0KHQwWAL8Q6AEwAHoECAEQAg#v=onepage&q=kaidah fikih ekonomi dan keuangan kontemporer o
Muhammad. (2002). Manajemen Keuangan Syariah. UPP STIM YKPN.
Nandari, H. U. D. R. A. (2017). Pengaruh Inflasi, Kurs dan BI Rate terhadap Nilai Aktiva Bersih
Reksa Dana Syariah di Indonesia (Periode 2010-2016). An-Nisbah, 4(1), 51–73.
Nguyen, H. T., & Nguyen, D. T. N. (2019). The Impact of Country-Level and Fund-Level
Factors on Mutual Fund Performance in Vietnam. Emerald: Journal of Economics and
Development, 21(1). https://doi.org/10.1108/JED-06-2019-0007
Prasetyo, E. (2018). Teropong Indonesia: Memahami Kondisi Aktual Perekonomian Indonesia.
Ihya’ Publishing.
https://books.google.co.id/books?id=jM16DwAAQBAJ&printsec=frontcover&hl=id#v=
onepage&q&f=false
Rachman, A., & Mawardi, I. (2015). Pengaruh Inflasi, Nilai Tukar Rupiah, BI Rate terhadap
Net Asset Value Reksa Dana Saham Syariah. JESTT, 2(12), 986–1001.
Rudiyanto. (2017). Seri Panduan Investasi: Reksa Dana untuk Pemula 2. PT Elex Media
Komputindo.
https://books.google.co.id/books?id=bjBIDwAAQBAJ&printsec=frontcover&hl=id#v=o
nepage&q&f=false
Salihin, A. (2019). Pengaruh Dow Jones Islamic Market ( DJIM ), Kurs , Dan Harga Emas
Dunia Terhadap Jakarta Islamic Indeks ( JII ) Periode 2016-2018. 5(2), 114–126.
Septiana, F., & Arif, M. N. R. Al. (2020). Determinants of Net Asset Value of Islamic Mutual
Funds in Indonesia. Al-Amwal, 12(1), 1–11. https://doi.org/10.24235/amwal.v1i1.5443
Sholihat, F., AR, M. D., & Topowijoyo. (2015). Pengaruh Inflasi, Tingkat Suku BUnga
Sertifikat Bank Indonesia dan Indeks Harga Saham Gabungan terhadap Tingkat
Pengembalian Reksa Dana Saham (Studi pada Bursa Efek Indonesia Periode 2011-2013).
Jurnal Administrasi Bisnis, 21(1), 1–7.
Sumantyo, R., & Savitri, D. A. (2019). Macroeconomic Variables Towards Net Asset Value of
Sharia Mutual Funds in Indonesia and Malaysia. Jurnal Keuangan Dan Perbankan, 23(2),
300–307.
Wicaksono, W. et al. (2020). Ekonomi Islam Metode Hahslm. Balai Insan Cendekia Mandiri.
https://books.google.co.id/books?id=fWvuDwAAQBAJ&printsec=frontcover&dq=Ekon
omi+Islam+Metode+Hahslm+oleh+Widhi+Wicakso&hl=id&sa=X&ved=2ahUKEwias8
6F66vtAhVUSX0KHe2jD54Q6AEwAHoECAMQAg#v=onepage&q=Ekonomi Islam
Metode Hahslm oleh Widhi Wicakso&f=false
Yuliana, I. (2010). Investasi Produk Keuangan Syariah. UIN Maliki Press. https://books.google.co.id/books?id=nCj1DwAAQBAJ&printsec=frontcover&hl=id#v=o
nepage&q&f=false
Published
2023-05-31
How to Cite
Restuti, D. P., & Tri Cahya, B. (2023). Analisis Return Reksa Dana Syariah Berdasarkan Domestic Macroeconomics dan Foreign Macroeconomics. Jurnal Manajemen Dan Keuangan, 12(1), 1 - 18. https://doi.org/10.33059/jmk.v12i1.6066
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