The purpose of this study was to determine the effect of inflation, the BI 7 Day Repo Rate, and the exchange rate on the murabahah financing margin partially and simultaneously for Islamic banking in Indonesia for the 2016-2020 period. The method used is quantitative research with a descriptive approach. The sampling technique used purposive sampling with a total sample of 2 research samples. The results show that partially the inflation and exchange rate variables have a significant negative effect on the murabahah financing margin, while the BI 7 day repo rate variable has no effect on the murabahah financing margin in Islamic banking in Indonesia. Simultaneously, the results of the research show that inflation variables, BI 7 Day Repo Rate, and exchange rates have a significant effect on the margin of murabahah financing.