Publisher

UNIDAUNIDA

Journal Jurnal Syarikah : Jurnal Ekonomi IslamJurnal Syarikah : Jurnal Ekonomi Islam Abstract

This study aims to analyze the effect of literacy and sharia financial inclusion on the performance of the Jakarta Islamic Index (JII) in 2016, 2019, 2022, and 2024. The research approach used is quantitative with secondary time series data obtained from the Indonesia Stock Exchange (IDX) and the Financial Services Authority (OJK). The analysis was conducted through classical assumption tests and multiple linear regression using SPSS 27. The results of the study indicate that neither Islamic financial literacy nor inclusion, either partially or simultaneously, has a significant effect on JII performance, with significance values above 0.05. The negative regression coefficients for both variables indicate that increases in literacy or inclusion do not necessarily drive an increase in JII performance. This is likely due to the dominance of institutional investors in JII transactions and the growth of inclusion being more focused on the banking, insurance, and microfinance sectors compared to the Islamic capital market. The insignificant F-test and t-test results suggest that other factors, such as macroeconomic conditions and issuer performance, have a more dominant influence on JII movements. These findings underscore the need for policies that link Islamic financial literacy and access to participation in the Islamic capital market.

Conclusion

The study concludes that both Islamic financial literacy and inclusion do not have a significant effect on the Jakarta Islamic Index (JII), either partially or simultaneously.This suggests that the regression model used is statistically insufficient to explain the overall variation in JII movements.The findings highlight that macroeconomic factors likely play a more dominant role in influencing the performance of the Islamic capital market in Indonesia than social variables like literacy and inclusion.

Future Research

Penelitian lebih lanjut perlu dilakukan untuk menginvestigasi secara mendalam pengaruh faktor-faktor makroekonomi, seperti tingkat suku bunga, inflasi, dan nilai tukar, terhadap kinerja JII, dengan mempertimbangkan interaksi potensial antara faktor-faktor tersebut dan tingkat literasi serta inklusi keuangan syariah. Selain itu, studi komparatif dapat dilakukan dengan membandingkan kinerja JII dengan indeks saham syariah di negara lain untuk mengidentifikasi praktik terbaik dan faktor-faktor unik yang mempengaruhi kinerja pasar modal syariah di Indonesia. Terakhir, penelitian kualitatif, seperti wawancara mendalam dengan investor dan pelaku industri, dapat memberikan wawasan yang lebih kaya tentang persepsi dan perilaku investor terkait dengan literasi dan inklusi keuangan syariah, serta dampaknya terhadap keputusan investasi mereka. Penelitian-penelitian ini diharapkan dapat memberikan rekomendasi kebijakan yang lebih komprehensif dan efektif untuk mengembangkan pasar modal syariah di Indonesia.

References

1. TINGKAT LITERASI KEUANGAN SYARIAH: STUDI PADA MASYARAKAT KOTA BANDA ACEH | Jihbiz: Global Journal of... doi.org/10.22373/jihbiz.v1i2.8573?utm_source=chatgpt.comTINGKAT LITERASI KEUANGAN SYARIAH STUDI PADA MASYARAKAT KOTA BANDA ACEH Jihbiz Global Journal of doi 10 22373 jihbiz v1i2 8573 utm source chatgpt
2. Vol 7 No 1 (2024): Article Research Volume 7 Number 1, January 2024 | Jesya (Jurnal Ekonomi dan Ekonomi... stiealwashliyahsibolga.ac.id/jurnal/index.php/jesya/issue/view/13Vol 7 No 1 2024 Article Research Volume 7 Number 1 January 2024 Jesya Jurnal Ekonomi dan Ekonomi stiealwashliyahsibolga ac jurnal index php jesya issue view 13
3. Pengaruh Inflasi dan Nilai Tukar Terhadap Indeks Saham Syariah (JII) Pada Pasar Modal Indonesia | Jesya... doi.org/10.36778/jesya.v7i1.1361?utm_source=chatgpt.comPengaruh Inflasi dan Nilai Tukar Terhadap Indeks Saham Syariah JII Pada Pasar Modal Indonesia Jesya doi 10 36778 jesya v7i1 1361 utm source chatgpt

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