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All Journal Al Fiddhoh: Journal of Banking, Insurance, and Finance Journal of Finance and Islamic Banking
Ratih Avisya
Universitas Islam Negeri Sunan Kalijaga
Religion Economics, Econometrics & Finance Social Sciences

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Determinasi Makroekonomi terhadap IPM Indonesia: Analisis ARDL dan Relevansi Maqashid al-Shariah dalam Kebijakan Fiskal Ratih Avisya; Muhammad Wakhid Musthofa; Muhammad Ghafur Wibowo; Yasni Efyanti
Al Fiddhoh: Journal of Banking, Insurance, and Finance Vol. 7 No. 1 (2026): Al Fiddhoh: Journal of Banking, Insurance, and Finance
Publisher : Institut Agama Islam Negeri Kerinci

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32939/fdh.v7i1.6742

Abstract

This study aims to analyze the influence of macroeconomic indicators on the Human Development Index (HDI) in Indonesia from an Islamic economic perspective. This research employs a quantitative approach using the Autoregressive Distributed Lag (ARDL) model with time series data from 1991 to 2022. The variables examined include inflation, economic growth (GDP), government expenditure, and unemployment rate. The results show that all variables simultaneously affect HDI. Partially, economic growth has a positive and significant effect on HDI in both the short and long term. Inflation has a positive and significant effect in the short term, while government expenditure does not have a significant effect on HDI. Meanwhile, the unemployment rate has a negative and significant effect in the long term. These findings highlight the importance of maintaining sustainable economic growth, managing unemployment effectively, and optimizing government expenditure policies in line with maqashid al-shariah principles to enhance the quality of human development in Indonesia.
Operational Efficiency Matter? Financing Diversification and Non-Performing Financing in Indonesian Islamic Rural Banks Ratih Avisya; Ruspita Rani Pertiwi; Slamet Haryono; Yasni Efyanti
Journal of Finance and Islamic Banking Vol. 9 No. 1 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jfib.v9i1.13996

Abstract

Purpose: This study examines the moderating role of the cost-to-income ratio (BOPO) in the relationship between financing diversification (FINDIV) and Non-Performing Financing (NPF) in Indonesian Islamic Rural Banks (BPRS). It aims to determine whether operational efficiency strengthens the effectiveness of financing diversification as a financing risk management strategy. Method: This study employs a quantitative approach using balanced panel data from the quarterly financial reports of 15 BPRS during Q1 2021–Q4 2024, resulting in 240 observations. Panel regression analysis is applied to test the direct and moderating effects among the variables. Results: The findings show that financing diversification has no significant direct effect on NPF. However, operational efficiency, indicated by a lower BOPO ratio, significantly reduces financing risk. BOPO also significantly moderates the relationship between financing diversification and NPF, suggesting that diversification becomes more effective in reducing financing risk when banks operate efficiently. Implications: These findings imply that diversification alone is insufficient to mitigate financing risk; its effectiveness depends on operational efficiency and the bank’s ability to manage portfolio complexity. Originality: This study provides empirical evidence on the moderating role of operational efficiency in the diversification–risk nexus within Indonesian Islamic Rural Banks.
Co-Authors Muhammad Ghafur Wibowo Muhammad Wakhid Musthofa Ruspita Rani Pertiwi Slamet Haryono Yasni Efyanti