ABSTRACT

This study aims to examine the effect of macroeconomics on financial

instruments in Islamic commercial banks in Indonesia. The indicators of
macroeconomics in this study are third party funds and inflation, while the
indicators of financial instruments are certificates of Bank Indonesia Syariah. This
study uses a quantitative approach using secondary data, namely data obtained
from Islamic Banking Statistics and Bank Indonesia based on monthly financial
reports for the 2017-2020 period. Data were analyzed using multiple linear
regression analysis. The samples in this study were 8 Islamic Commercial Banks,
the samples were taken using a purposive sampling technique.

The results of this study partially show that Third Party Funds have an effect
on Bank Indonesia Sharia Certificates, this can be seen based on the results of the
tcount > ttable test, namely 3,700 > 1,6720 and inflation has an effect on Bank
Indonesia Sharia Certificates based on the value of t count > ttable, namely 2,512 >
1,6720. While simultaneously showing that Third Party Funds and Inflation have
an effect on Bank Indonesia Sharia Certificates based on F count > Ftable, namely
8,154 > 3,16.

Keywords: Macroeconomics, Third Party Funds, Inflation, Financial

Instruments and Bank Indonesia Sharia Certificates.