Pijar Journal of Islamic Economics and Finance (PJIEF)

Vol. 1 No. 01 (2026): April (Pijar Journal of Islamic Economics and Finance)
Articles

What Drives Sharia Stock Growth? An Empirical Inquiry into Macroeconomic Determinants within the IDX Sharia Growth Index

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  • Muhammad Bayu Lesmana,
  • Nur Azifah,
  • Siti Rahayu,
  • Khairul Fitroh
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Published 2026-04-01

Keywords

  • Macroeconomic Determinants,
  • IDX Sharia Growth,
  • Islamic Capital Market,
  • Panel Data Regression,
  • Indonesian Stock Exchange

Copyright (c) 2026 Muhammad Bayu Lesmana, Nur Azifah, Siti Rahayu, Khairul Fitroh

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Abstract

Navigating the complexities of Indonesia's rapidly growing Islamic capital market requires a deep understanding of macroeconomic sensitivities. This study investigates the fundamental drivers of the IDX Sharia Growth index during the 2022–2024 timeframe. By employing a panel data regression methodology on institutional data from BI, BPS, and OJK, the study uncovers divergent macroeconomic impacts. Surprisingly, while inflation and the BI 7-Day Reverse Repo Rate act as significant positive catalysts for sharia stock prices, Gross Domestic Product (GDP) presents a significant negative constraint. Meanwhile, the money supply and foreign exchange volatility remain statistically irrelevant to index movements. This research highlights that the sharia stock market possesses a distinct macroeconomic profile. The empirical outcomes provide critical guidance for investors adjusting their portfolios and serve as a robust reference for regulatory bodies aiming to sustain the momentum of Indonesia's Islamic finance ecosystem.

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