THE ROLE OF ISLAMIC FINANCIAL INSTRUMENTS IN INDONESIA’S ECONOMIC GRO WTH
Keywords:
GDP, Bond, Sukuk, Syariah Banking Financng, Syariah Banking AssetsAbstract
Introduction
: This research highlights the role of Islamic financial i
nstruments, such as sukuk and Islamic banking, in driving economic growth in I
ndonesia. This study aims to analyze the positive impact of these instruments
on Indonesia's economy, particularly in terms of GDP, investment, and financi
al stability. The title is interesting due to its relevance in the context of
an economy with a Muslim majority, as well as its potential to offer alternat
ive financing options in accordance with Islamic principles that can advance t
he Islamic financial market.
Research Methods
: The data used in this study is secondary data in the fo
rm of a time series. This data was obtained from the official websites of Ban
k Indonesia (BI) and the Financial Services Authority (OJK) for the period fr
om January 2018 to December 2023. In this study, the data was processed using
Eviews 9 with the Auto Regressive Distributed Lag (ARDL) approach.
Finding/Results
: The research results show that in the short term, both t
otal financing and total Islamic banking assets have a significant impact on e
conomic growth, with probability values of 0.036 and 0.077 at the 5% and 10%
significance levels, respectively. This indicates that an increase in these t
wo variables tends to be accompanied by an increase in economic growth over a
short period. On the other hand, the variables sukuk and bonds do not show a
significant impact on economic growth, either in the short or long term.
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