HADIYANTO, Febri (2017) The Influence of Macroeconomics Factors Toward The Development of Corporate Sukuk in Indonesia Period 2008- 2016. Skripsi thesis, Universitas Jenderal Soedirman.

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Abstract

Sukuk derived from arabic term, sakk (plural) that mean ’Islamic bonds’ but the truth meanis ’Islamic Investment Certificates’. Basically, sukuk is similar to conventional bond, there was maturity date, yield interest, and trades on the normal yield price relationships. There is a thing that must be met in issuing sukuk, namely is the underlying asset. Sukuk is ideal alternative Islamic finance instrument for conventional bond for Moslem because sukuk is appropriate with shariah principle.Indonesia is not a Muslim country but Indonesia is the largest Islamic population in the world. It is potential for Indonesia to develop Islamic financial instruments, including sukuk. Fundamental analysis is a method of evaluating a security by attempting to measure its intrinsic value by examining related to economic, financial and other qualitative andquantitative factors. Macroeconomics analysis is the first stage of fundamental analysis. This study is examines the influences of macroeconomics factors (interest rate spread, inflation, trade openness, and economic growth) toward the development of corporate sukuk in Indonesia for period 2008 to 2016. The analysis method ismultiple regression analysis using SPSS as tools of analysis. The sample of this study is corporate sukuk outstanding. The results of this study show that trade openness has a negative and significant influence toward the development of corporate sukuk. Another variable such as interest rate spread, inflation, and economic growth do not have significant influence toward the development of corporate sukuk in Indonesia. The implications from the explanation above that the condition of Indonesia’s macroeconomics generally donot have influence on the development of corporate sukuk in Indonesia. However, if the studies in future may find the evidences of macroeconomics influence on the development of corporate sukuk in Indonesia, then the government’s actions are needed to keep the stability of economy and support the development of corporate sukuk in Indonesia.

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