RESILIENCE OF ISLAMIC FINANCIAL MANAGEMENT AMID JCI VOLATILITY AND RUPIAH EXCHANGE RATE DEPRECIATION: A SYSTEMATIC LITERATURE REVIEW FOR ELEMENTARY SCHOOL

Abstract

This study aims to systematically map and synthesize empirical evidence on the resilience of Indonesia's Islamic financial management amid the volatility of the Composite Stock Price Index (JCI) and the depreciation of the Rupiah exchange rate in the 2020–2025 period. The pressure of rupiah depreciation which touched the range of Rp16,000–17,640 per USD and the JCI turmoil put Islamic finance – which is often assumed to be immune to crises – under empirical examination. The method used was Systematic Literature Review (SLR) following the PRISMA 2020 protocol with the PICOC framework, guided by four research questions (RQ). A search on Google Scholar, Garuda, Moraref, and Scopus yielded a number of recordings that, after gradual selection and quality assessment (MMAT/CASP), left 37 primary articles for analysis. The results showed that: (RQ1) topics were dominated by quantitative studies based on indices and macro data, with the highest concentration on exchange rate and macroeconomic clusters; (RQ2) Islamic finance showed relatively higher resilience due to the real sector basis and profit-sharing scheme, but were not immune to imported inflation transmission; (RQ3) the effect of exchange rates on Islamic stock indices was inconsistent between studies, while JCI was strongly positively correlated with ISSI/JII; (RQ4) three main gaps included the absence of simultaneous JCI-exchange rate modeling, the lack of longitudinal studies of BMT liquidity, and the absence of a sharia-based exchange rate risk management framework. This study proposes an integrative research agenda based on sharia maqashid, dynamic capability theory, and macro-finance theory.