THE EFFECT OF INTEREST RATE, INFLATION RATE AND RUPIAH EXCHANGE RATE ON INVESTMENT RESULTS IN SHARIA LIFE INSURANCE COMPANIES IN INDONESIA
Keywords:
Sharia Insurance, Interest Rates, Inflation, Rupiah Exchange Rates, Investments.
Abstract
This study aims to analyze the effect of interest rates, inflation rates and the rupiah exchange rate on investment returns in Islamic life insurance companies in Indonesia in 2016 – 2020. The data collection in this study used secondary data obtained from the Islamic Non-Bank Financial Industry (IKNB Syariah), and Bank Indonesia. The research method used is quantitative with a causal approach. The analytical tools used are: Eviews software version 10. The results of this study indicate that: First, interest rates have a positive and insignificant effect on investment returns, second, inflation rates have a negative and significant effect on investment returns. Third, the Rupiah Exchange Rate has a negative and significant effect on investment returns. The implications of this research show that. The low interest rate in 2020 makes the decline in investment returns also decrease in 2020. In addition, the negative impact of the inflation rate on investment returns is because high inflation will increase the risk of investment returns, if the risk of investment returns is high, Islamic life insurance companies will transfer funds to other insurance instruments. As for the weakening of the rupiah exchange rate, insurance companies will reduce the allocation of capital to investment, if the allocation of investment capital decreases, it will reduce the investment returns they get.
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References
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Setyaningrum, R., & Muljono. (2016). Inflasi, Tingkat Suku Bunga Dan Nilai Tukar Terhadap Return Saham. Jurnal Bisnis & Ekonomi, 151-161.
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Tandelilin, E. (2010). Portofolio Dan Investasi: Teori dan Aplikasi. Yogyakarta: Kanisius.
Widoatmodjo, S. (2005). Strategi Ampuh Memenangi Bisnis Di Abad Ke-21. Jakarta: Elex Media Komputindo.
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Zein, F. D., & Shofawati, A. (2017). Kondisi Makro Ekonomi Terhadap Hasil Investasi Asuransi Jiwa Syariah di Indonesia. Jurnal Ekonomi Syariah Teori dan Terapan.
Zulfikar. (2016). Pengantar Pasar Modal Dengan Pendekatan Statistika. Yogyakarta: Deepublish.
Acep Edison., Sugiartiningsih & Tria Aprialiana (2016). The Effect of Inflation, BI Rate, and Rupiah Exchange Rate on Stock Returns and Its Effect on Return on Investment (Study on Manufacturing Sector of Industry listed in Jakarta-Indonesia Stock Exchange period 2010-2014). Widyatama International Seminar on Sustainability.
Afina, F. N., Rahayu, A., Monoarfa, H., Rosida, R., & Juliana. (2019). Factor Analysis on Purchasing Decision of Islamic Insurance (A survey on an Islamic insurance participants in Bandung). Advances in Economics, Business and Management Research, volume 65.
Ajib, M. (2019). Asuransi Syariah. Jakarta: Rumah Fikih Indonesia.
Alamsyah, I. F., & Juliana, J. (2021). Transition to A True Currency: Impact of COVID-19 on The World Currency System. Jurnal Kajian Peradaban Islam, 42-47.
Algifari. (2013). Statistika Induktif untuk Ekonomi dan Bisnis. Yogyakarta: UPP STIM YKPN.
Astuti, S. P. (2013). Pratikum Statistika. Surakarta: IAIN Surakarta.
Bambrough, B. (2020, April 6). The Future of Monetary Policy is Asian. Retrieved from Forbes: https://www.forbes.com/sites/billybambrough/2020/04/06/the-coronavirus-covid-19-crisis-has-changed-money-forever/
Bouhali, H., Dhahbani, A., & Dinar, &. B. (2020). Sustainability of basket peg choices in the post-COVID-19 era: new evidence from Morocco & Tunisia. Macroeconomics and Finance in Emerging Market Economies, 1-20.
Bresser-Pereira, L. C. (2020). Financing COVID-19, Inflation and the Fiscal Constraint. Forum for Social Economics, 1-17.
Brooks, C. (2014). Introductory Econometrics for Finance (3rd Ed.). Cambridge: Cambridge University Press.
Christina, R. (2016). Pengaruh Variabel Makroekonomi Dan Volatilitas Saham–Saham Di Jakarta Islamic Index (JII) Terhadap Investasi Efek Perusahaan Asuransi Syariah di Indonesia. Jurnal Ilmiah Mahasiswa FEB Universitas Brawijaya.
Dwihapsari, R., Suryana, & Juliana, &. (2019). Customer Preferences in Selecting the Pawn Transaction in Pegadaian Syariah Padasuka. The 2nd International Conference on Islamic Economics, Business, and Philanthropy (ICIEBP) Theme: “Sustainability andSocio Economic Growth”, KnE Social Sciences, 231-241.
Fahmi, I. (2012). Manajemen Investasi. Jakarta: Salemba Empat.
Fatwa DSN No. 21/DSN-MUI/X/2001,Tentang Pedoman Umum Asuransi Syariah. (n.d.).
Febrianti, S., & Hasanuddin. (2018). Tingkat Bunga dan Nilai Larangan dalam Al-quran. Jurnal Hukum Ekonomi Syariah, 148.
Ghozali, I. (2016). Aplikasi Analisis Multivariate dengan Program IBM SPSS 21. Semarang: Universitas Diponegoro.
Ghozali, I., & Ratmono, D. (2017). Analisis Multivariat dan Ekonometrika Teori, Konsep dan Aplikasi dengan Eviews 10 (2 ed.). Semarang: Badan Penerbit Universitas Diponegoro.
Gibson, J., & Olivia, &. S. (2020). Direct and Indirect Effects of Covid-19 On Life Expectancy and Poverty in Indonesia. Bulletin of, 325-344.
Hadi, I. F. (2009). Teori Portofolio Dan Analisis Investasi: “Teori Dan Soal Tanya Jawab". Bandung: Alfabeta.
Halim, A. (2015). Analisis Investasi Di Aset Keuangan. Jakarta: Mitra Wacana Media.
Hall, S. G., & Asteriou, D. (2011). Applied Econometrics (2 ed.). Hampshire: Palgrave Macmillan.
Jairin. (2020). Kajian Sistem Kinerja Keuangan (Operating Financial System) Pada Asuransi Syariah dan Asuransi Konvensional Ditinjau dari Perspektif Hukum Islam. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE).
Jannah, D. M., & Nugroho, L. (2019). Strategi Meningkatkan Eksistensi Asuransi Syariah di Indonesia. Jurnal Maneksi, 1.
Juliana, Marlina, R., & Dewi, A. A. (2016). Telaah Pemikiran Ekonomi Menurut Ibnu Qayyim (1292-1350 M / 691-751 H). Jurnal Ekonomi dan Bisnis, Vol. 4 No. 1 April, 80-92.
Juliana, Marlina, R., Saadillah, R., & Maryam, S. (2018). Pertumbuhan dan Pemerataan Ekonomi Perspektif Politik. Jurnal Ekonomi dan Keuangan Syariah Vol.2, No.2 Juli, 259-268.
Khairina, K. (2020). Analisis Pengaruh Keadaan Ekonomi Makro Terhadap Investasi Asuransi Jiwa Syariah di Indonesia . j-EBIS Vol. 5 No. 1.
Kusumaningtyas, N., Widagdo, B., & Nurjannah, D. (2021). The Effect of Interest Rate, Inflation and Exchange Value on Stock Returns with Profitability as Intervening Variables. Jamanika.
OJK. Statistik IKNB Syariah Tentang Asuransi Syariah. (2018, Desember 24). Retrieved from Otoritas Jasa Keuangan: https://ojk.go.id/id/kanal/syariah/data-dan-statistik/iknb-syariah/Pages/Statistik-IKNB-Syariah-Periode-Desember-2017.aspx
Pinshi, C. P. (2020). Monetary Policy, Uncertainty and COVID-19. Journal of Applied Economic Sciences, 579-593.
Priyatno, D. (2010). Paham Analisa Statistik Data dengan SPSS. Yogyakarta: MediaKom.
Ralona, M. (2006). Kamus Istilah Ekonomi Populer. Jakarta: Georgia Media.
Saputra, A. A., & Dharmadiaksa. (2016). Pengaruh Tingkat Suku Bunga, Nilai Tukar Rupiah, Leverage dan Profitabilitas pada Return Saham. E Jurnal Akuntansi Universitas Udayana, 1007-1033.
Sari, F. (2021, Februari 16). Retrieved from Keuangan.kontan.co.id.
Sekaran, U., & Roger. (2013). Research Methods for Business. Wiley.
Sembiring, R. P. (2020). The Influence Of Interest, Jci, Exchange Rate, Economic Growth, And Inflation On The Performance Of Employees Health Investment Inbukit Asam Foundation. Dinasti International Journal of Digital Business Management.
Setyaningrum, R., & Muljono. (2016). Inflasi, Tingkat Suku Bunga Dan Nilai Tukar Terhadap Return Saham. Jurnal Bisnis & Ekonomi, 151-161.
Sukirno, S. (2011). Makro ekonomi Modern. Jakarta: PT Raja Grafindo.
Tandelilin, E. (2010). Portofolio Dan Investasi: Teori dan Aplikasi. Yogyakarta: Kanisius.
Widoatmodjo, S. (2005). Strategi Ampuh Memenangi Bisnis Di Abad Ke-21. Jakarta: Elex Media Komputindo.
Yunus, E. (2016). Manajemen Strategis. Yogyakarta: ANDI OFFSET.
Zein, F. D., & Shofawati, A. (2017). Kondisi Makro Ekonomi Terhadap Hasil Investasi Asuransi Jiwa Syariah di Indonesia. Jurnal Ekonomi Syariah Teori dan Terapan.
Zulfikar. (2016). Pengantar Pasar Modal Dengan Pendekatan Statistika. Yogyakarta: Deepublish.
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