THE IMPACT OF MACROECONOMIC VARIABLES ON ISLAMIC STOCKS MARKET PERFORMANCE IN MALAYSIA
DOI:
https://doi.org/10.33736/uraf.11625.2025Keywords:
Islamic stock market; FTSE Bursa Malaysia Hijrah Shariah IndexAbstract
This study examines the relationship between macroeconomic variables and the performance of Islamic stocks in Malaysia, focusing on the FTSE Bursa Malaysia Hijrah Shariah Index. By analyzing the effects of interest rates, inflation, gross domestic product (GDP), and foreign direct investment (FDI), the research addresses existing gaps in understanding how these factors influence Shariah-compliant equity markets. The study adopts a quantitative design using 15 years of quarterly data (2009–2023), yielding 60 observations. An Autoregressive Distributed Lag (ARDL) model is applied to assess both short- and long-run dynamics, complemented by diagnostic tests to ensure validity and reliability. The results show that GDP exerts a statistically significant negative influence on Islamic stock market performance in both the short and long run, whereas interest rates, inflation, and FDI exhibit no significant effects. These findings offer important implications for investors, policymakers, and other stakeholders, supporting more informed decision-making and contributing to efforts to strengthen the resilience of Malaysia’s Islamic capital market.References
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