The Effect of Inflation Rate and the Indonesian Sharia Stock Index (ISSI) on the Growth of Corporate Sukuk in Indonesia (2016-2021 Period)

Abstract

Long-term securities that are based on sharia principles are also called corporate tribes. This corporate sukuk is issued by issuers to sharia bondholders who then oblige the issuer to pay income to sharia bondholders in the form of profit sharing or margin and repay the bond funds when the time is due. One of the factors that can affect the growth of sukuk are macroeconomic variables, namely inflation and the Islamic stock index (ISSI). This study aims to determine how the influence of inflation and the Indonesian Islamic stock index (ISSI) on the growth of corporate sukuk in Indonesia partially or simultaneously. The type of research used is descriptive research. Then the data used in this study is secondary data obtained from the documentation of the financial services authority (OJK). Data analysis in this study used multiple linear regression using SPSS. The results of this study show that the inflation rate and the Islamic stock index (ISSI) simultaneously affect the growth of corporate sukuk. Partially the inflation rate has a significant effect on the growth of corporate sukuk, and the Indonesian Sharia Stock Index Variable (ISSI) has an insignificant effect on the growth of corporate sukuk.