Management Analysis Journal 9 (4) (2020) Management Analysis Journal http://maj.unnes.ac.id The Influence of Macroeconomic Variables on The Indonesian Sharia Stock Index (ISSI) for The 2013-2019 Period Indah Nawindra  , Andhi Wijayanto Management Department, Faculty of Economics, Universitas Negeri Semarang, Semarang, Indonesia Abstract Investors believe that economic factors have a major impact on developments in the Islamic capital market. This study aims to describe and analyze macroeconomics of the Indonesian Sharia Stock Index (ISSI). The sample of this study consisted of 84 data consisting of all population data, namely all data on closing prices at the end of each month from exchange rates, BI Rate, inflation, world oil prices, world gold prices, and the Indonesian Sharia Stock Index (ISSI) for the period January 2013 - December. 2019. The analysis technique used is the Error Correction Model (ECM). The results showed that in the short term the exchange rate variable had a significant effect on the ISSI, while the BI Rate, inflation, world oil prices and world gold prices had no effect on the ISSI. In the long run, the variable exchange rate, BI Rate, inflation and world gold prices have a significant effect on the ISSI, while the world oil price variable has no effect on the ISSI. Article Information Article History: Received October 2020 Approved November 2020 Published December 2020 Keywords: Exchange Rate, BI Rate, Inflation, World Oil and Gold Prices, ISSI. © 2020 Universitas Negeri Semarang  Correspondence Address: ISSN 2252-6552 L2 Building, 1st Floor, Faculty of Economics, Universitas Negeri Semarang Jalan Taman Siswa, Sekaran, Gunungpati, Semarang, 50229 E-mail: indahveren2310@gmail.com INTRODUCTION An increasingly advanced economic de- velopment will open people’s minds to a more modern direction, especially in terms of investing the funds they have. The public will increasingly understand about investment choices considering the risks that may be faced in the future (Oktavia- ni & Wijayanto, 2015). The presence of a capital market in a country is considered very important to drive the national economy which functions as a faci- lity provider to facilitate companies and issuers in obtaining funds (Rachmawati & Laila, 2015). Economic stability in a country has an impact on performance in the country’s capital market, as well as the capital market in Indonesia (Ningsih & Cahyaningdyah, 2014). Capital market conditions in Indone- sia are reflected in the stock price index. Ac- tivities that occur in the capital market are demand and supply activities between inves- tors who have excess funds and companies that need funds (Utama & Puryandani, 2020). In Indonesia the capital market is regula- ted in Law Number 8 of 1995. However, the exis- ting capital market contains various things that deviate from sharia principles (Nazir, 2016). This is a problem because Indonesia is one of the lar- gest Muslim countries in the world (Suciningtias & Khoiroh, 2015), which of course the majority of the population in Indonesia is Muslim. In recent years, Islamic finance activities have attracted great attention around the world (Kumar & Sahu, 2017). In Islamic investment that existed and taught during this time, there was with in Islam it is different from conventio- nal investment. There are many things that make investors interested in replacing conventional systems with Islamic systems. The public views that the sharia economy contributes optimally in boosting economic growth (Novitasari & Khoir- uddin, 2017). The shares of companies that are listed in sharia are very different from the shares of companies that are not included in the sharia