Citation:

Johan Arifin, Nasrul Fahmi Zaki Fuadi, Riska Lutfiyanti. "The Effect of JCI and Exchange Rate on Sharia Mutual Funds' Net Asset Value (NAV) with Inflation as a Moderator" International Research Journal of Economics and Management Studies, Vol. 2, No. 2, pp. 158-167, 2023.

Abstract:

The annual growth in the net asset value (NAV) of Sharia mutual funds serves as the context for this study. With inflation acting as a moderating factor, this study sought to ascertain the impact of the JCI and currency rates on the NAV of Islamic mutual funds. Quantitative research employing secondary data is the method employed. Sharia mutual funds registered with OJK for the years 2018 through 2022 make up the population used in this analysis. Then, a purposive sampling technique was used to collect a sample of 9 Islamic mutual fund companies. The IBM SPSS Statistics 23 programme was then used to process the data that had been collected. Multiple regression analysis and moderated regression analysis (MRA) were employed in the data analysis to evaluate the hypothesis. According to the study's findings, the exchange rate hurt Islamic mutual funds' NAV whereas the JCI had a beneficial impact on it. The link between the JCI and the NAV of Islamic mutual funds cannot be tempered by inflation. The link between the exchange rate and the NAV of Islamic mutual funds can, however, be strengthened by inflation.

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Keywords:

Composite stock price index, Exchange rates, Inflation, Islamic mutual funds, Net asset value.