Nur Agustiani, Sri Wahyu
Islamic investments in Indonesia are rapidly growing, making Sharia-compliant stocks a popular choice for investors. Stock index movements are usually a key consideration for investors when making investment decisions. This study attempts to examine the impact of the ISSI Sharia stock index and the exchange rate of the Indonesian Rupiah against the U.S. Dollar on Sharia stock returns. The influence of ISSI and the exchange rate is estimated using a linear regression model. The Ordinary Least Square (OLS) estimation method, which is BLUE (Best Linear Unbiased Estimator), is used to estimate the regression model parameters. The results of the study show that the regression model can be used because it meets the assumptions of the regression model, namely that the residuals are normally distributed, independent, show no multicollinearity among the independent variables, and have constant variance. The analysis indicates that ISSI and the exchange rate significantly influence Sharia stock returns. © 2026 Author(s).
Institut Pertanian Bogor, Bogor, Indonesia; Universitas Negeri Padang, Padang, Indonesia
