Dampak Kebijakan Moneter Syariah terhadap Inflasi dan Nilai Tukar Rupiah
Analisis ARDL–VECM dan Tinjauan Hukum Ekonomi Syariah
DOI:
https://doi.org/10.21154/antologihukum.v6i1.5493Keywords:
Bank Indonesia, Exchange Rate, Inflation, Islamic Financial System, Sharia Monetary PolicyAbstract
Inflation and exchange rate stability are the main mandates of Bank Indonesia in maintaining national economic resilience. Along with the development of the Islamic financial system, Islamic monetary policy has emerged as a potential alternative instrument for strengthening macroeconomic stability, although empirical evidence regarding its effectiveness in Indonesia remains limited. This study aims to analyze the effectiveness of Islamic monetary policy in controlling inflation and maintaining exchange rate stability, while also evaluating the role of Bank Indonesia from the perspective of Islamic economic law. Using a mixed methods approach, the study combines qualitative analysis and interviews with BI-OJK officials with quantitative analysis employing ARDL and VECM models on 2014–2024 data. The findings indicate that Islamic monetary instruments, particularly SBIS and SUKBI, have a significant negative effect on inflation and positively contribute to exchange rate stability through liquidity absorption mechanisms. These results confirm the macroeconomic relevance of Islamic monetary policy and its consistency with maqasid al-shariah principles emphasizing economic stability and justice.
References
Abdullah, A. “Classical Islamic Perspectives on Monetary Theory”. Journal of King Abdulaziz University Islamic Economics 35, no 1 (2022): 3–22. https://doi.org/10.4197/Islec.35-1.1.
———. “Modern Monetary Theory or Islamic Monetary Theory of Value? Evidence from Malaysia”. Journal of King Abdulaziz University Islamic Economics 33, no 2 (2020): 25–46. https://doi.org/10.4197/Islec.33-2.2.
Agustiar, M. “An assessment of indonesia’s monetary integration with oil exporter countries in islamic nations: Evidence from panel data”. International Journal of Energy Economics and Policy 10, no 1 (2020): 89–95. https://doi.org/10.32479/ijeep.8420.
———. “Monetary integration among oil exporter countries: Testing penen’s product diversification hypothesis in the organization of Islamic cooperation”. International Journal of Energy Economics and Policy 10, no 3 (2020): 380–88. https://doi.org/10.32479/ijeep.8970.
Ali, A. “Economic Output, Monetary Policy Transmission And The Role Of Islamic Banks: Evidence From Pakistan Dual Banking System”. Journal of Islamic Monetary Economics and Finance 8, no 4 (2022): 535–50. https://doi.org/10.21098/jimf.v8i4.1486.
AliAhmadi, S. “Monetary policies and Islamic mutual fund flows: evidence from Islamic republic of Iran”. Journal of Islamic Accounting and Business Research 13, no 8 (2022): 1253–67. https://doi.org/10.1108/JIABR-03-2022-0073.
Anwer, Z. “Monetary transmissions mechanism for Islamic capital markets: evidence from Markov switching dynamic regression approach”. International Journal of Islamic and Middle Eastern Finance and Management 16, no 3 (2023): 448–63. https://doi.org/10.1108/IMEFM-05-2022-0203.
Audah, M T. “Does Islamic banking matter in transmitting monetary policy? empirical evidence from Indonesia and Malaysia”. Pertanika Journal of Social Sciences and Humanities 28, no 1 (2020): 679–94.
Ayub, M. “Evolving Monetary Economics In Islamic Perspective”. Journal of Islamic Monetary Economics and Finance 7, no 2 (2021): 317–40. https://doi.org/10.21098/jimf.v7i2.1372.
Berrahlia, B. “Islamic Banking in Algeria: Legal Evolution and Strategic Reform under the Monetary and Banking Act 2023”. Manchester Journal of Transnational Islamic Law and Practice 21, no 2 (2025): 107–23.
Choi, S Y. “Connectedness between (un)conventional monetary policy and islamic and advanced equity markets: A returns and volatility spillover analysis”. International Review of Economics and Finance 91 (2024): 348–63. https://doi.org/10.1016/j.iref.2024.01.034.
Enders, Walter. Applied Econometric Time Series. 4th ed. Hoboken, NJ: John Wiley & Sons, 2015.
Gaspar, Vitor, Laura Jaramillo, en Philippe Wingender. “Tax Capacity and Growth: Is there a Tipping Point?” IMF Working Papers. 1, 2016.
Gundogdu, A S. “Exploring novel Islamic monetary system: Islamic way of money creation from supply chain to international trade”. Journal of Islamic Accounting and Business Research 11, no 2 (2020): 440–56. https://doi.org/10.1108/JIABR-12-2017-0180.
Hasan, M.A. Berbagai Macam Transaksi Dalam Islam. Jakarta: PT. Raja Grafindo Persada, 2004.
Juhro, S M. Inclusive Welfare: On the Role of Islamic Social-Public Finance and Monetary Economics. Inclusive Welfare on the Role of Islamic Social Public Finance and Monetary Economics, 2025. https://doi.org/10.1007/978-981-96-0051-9.
Khan, Muhammad Akram, en Dahlia El-Halaby. “Stability of Islamic Monetary Instruments in Emerging Economies”. Journal of Islamic Accounting and Business Research 12, no 3 (2022): 412–30.
Lokmanoglu, A. “Monetary economics, illicit economies, and legitimation: The case of Islamic state”. Rule is for None but Allah Islamist Approaches to Governance, 2024.
Malahim, S S. “Examining the Implementation of Financial Incentives using the Framework of Monetary and Non-Monetary Incentives to Improve Employee Innovation Performance Case Study: Jordanian Islamic Banks”. Wseas Transactions on Business and Economics 20 (2023): 657–66. https://doi.org/10.37394/23207.2023.20.60.
Marazi, H. “Ethical foundations of monetary transactions in Islamic economics: Promoting equity, justice and sustainable development”. Islamic Finance and Sustainable Development Balancing Spirituality Values and Profit, 2025. https://doi.org/10.4324/9781003505570-5.
Masood, A. “Halal Reimagined: Ir4.0 Tech Drives Sustainability And Inclusivity In Islamic Monetary Economics”. Malaysian Journal of Syariah and Law 13, no 1 (2025): 164–78. https://doi.org/10.33102/mjsl.vol13no1.736.
Mirakhor, Abbas, en Hossein Askari. Islam and Economic Policy. Singapore: Wiley-Blackwell, 2020.
Moakhar, M M Mojahedi. “Providing an Islamic approach of monetary systems”. International Journal of Islamic and Middle Eastern Finance and Management 16, no 2 (2023): 384–404. https://doi.org/10.1108/IMEFM-02-2022-0050.
Mohsin, Magda Ismail Abdel. Waqf-Based Financing for Entrepreneurship Development in Malaysia. Kuala Lumpur: YaPEIM, 2020.
Savon, Z. “Monetary policy and Islamic banks: a critical literature review”. Journal of Islamic Accounting and Business Research, 2025. https://doi.org/10.1108/JIABR-07-2022-0168.
Senan, M K A Muhamad. “Analysing the disaggregated responses of conventional and Islamic lending to Malaysia’s monetary policy shocks”. Sustainable Development in Economics, 2024.
Shaheen, S. “Optimizing Islamic financing for economic stability – a case for developing Islamic monetary policy tools”. Journal of Islamic Accounting and Business Research, 2025. https://doi.org/10.1108/JIABR-05-2024-0176.
Suprijanto, T. “The role of profit rate in islamic monetary policy”. Research Anthology on Macroeconomics and the Achievement of Global Stability, 2022. https://doi.org/10.4018/978-1-6684-7460-0.ch029.
Youssouf, A B. “Contribution Of Islamic Finance To Inclusive Growth: A Comparative Study Of The West African Economic And Monetary Union (Waemu) And North African Countries”. Isra International Journal of Islamic Finance 16, no 1 (2024): 4–20. https://doi.org/10.55188/ijif.v16i1.749.
Zaman, A. “Islamic Banking after Financial Crises: A Version of the Iceland Plan for Monetary Reform”. Islamic Finance as A Complex System New Insights, 2020.
