Shariah Stocks, Sukuk, and Shariah Mutual Funds on the Economic Growth of Indonesia: The Role of Exchange Rate

ABSTRACT: This study aims to analyze the influence of Shariah stocks, Sukuk, and Shariah mutual funds on Indonesia's economic growth during 2012-2021, with the exchange rate as a moderating variable. The research utilized a quantitative approach and secondary data from the Financial Services Authority, the Central Statistics Agency, and the Bank of Indonesia. Descriptive statistics, normality tests, multicollinearity tests, autocorrelation tests, heteroskedasticity tests, and multiple linear regression analyses were employed to test the hypotheses. The findings revealed that Shariah stocks, Sukuk, and Shariah mutual funds significantly impacted Indonesia's economic growth. Individually, Sukuk and Shariah mutual funds positively influenced economic growth, while Shariah stocks did not have a significant effect. Furthermore, the exchange rate moderated the relationship between Shariah stocks, Sukuk, and Shariah mutual funds and economic growth. The implications of this study highlight the importance of developing the Shariah financial market in Indonesia and the need for supportive policies to foster its growth. However, this study is limited by secondary data and a limited period. Future research should consider expanding the scope of data and extending the time frame to gain a more comprehensive understanding of the influence of Shariah stocks, Sukuk, and Shariah mutual funds on Indonesia's economic growth.