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p-Index From 2021 - 2026
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All Journal Journal of Islamic Economics and Business Jurnal Ekonomi Islam
Rini Ariyanti
Universitas Sains Islam Malaysia
Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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OPTIMIZING THE ROLE OF MICROFINANCE AND SPECIALIZED FINANCIAL INSTITUTIONS IN PROMOTING FINANCIAL INCLUSION AND PRODUCTIVE FINANCING IN NORTH SUMATRA Delima Afriyanti; Ahda Segati; Surya Tegar Widjiantoro; Nurlaili Janati; Rini Ariyanti
Ekonomi Islam Vol. 17 No. 1 (2026): Jurnal Ekonomi Islam Fakultas Agama Islam UHAMKA
Publisher : Universitas Muhammadiyah Prof DR HAMKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22236/jei.v17i1.21727

Abstract

Research aims: This study examines the roles of Lembaga Keuangan Khusus (LKK) and Lembaga Keuangan Mikro (LKM) in enhancing financial inclusion and productive financing in North Sumatra Province, Indonesia. Design/Methodology/Approach: This research employs a descriptive qualitative approach using secondary data from OJK, BPS, LPDB-KUMKM, and academic sources. The study evaluates LKK and LKM contributions to regional economic empowerment. Research Findings: Findings show that LKK, such as LPDB-KUMKM, support cooperatives and SMEs through revolving fund programs. Meanwhile, LKM, such as BWM and BMT, strengthen microfinance based on social and sharia principles. Although financial inclusion in North Sumatra has reached 77.24%, challenges related to literacy and digitalization still limit the optimal role of regional financial institutions. Theoretical Contribution/Originality: This study contributes to regional financial system literature by integrating the roles of LKK and LKM within inclusive and sharia finance. It highlights maqāṣid al-syarī’ah principles as a value foundation for building a fair and sustainable financial ecosystem. Practical/Policy Implications: This research recommends strengthening institutional synergy, accelerating digital transformation, and improving financial literacy programs to optimize the roles of LKK and LKM. Policymakers and practitioners are encouraged to adopt strategies aligned with local economic needs and sharia financial principles. Research Limitations/ Implications: This study relies on secondary data, limiting its ability to describe field conditions in depth. Future research should use primary data and empirical methods to obtain a comprehensive understanding of LKK and LKM effectiveness in regional financial development.
Monetary Dynamics: Comparative Analysis of the Dual Policies of Malaysia and Indonesia Fitria Rahmah; Rini Ariyanti; Dwi Handika; Tika Parlina
Journal of Islamic Economics and Business Vol. 5 No. 2 (2025): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/jieb.v5i2.48830

Abstract

Economic stability is a key indicator of macroeconomic health, directly influenced by the effectiveness of monetary policies implemented by national authorities. This study investigates the monetary dynamics and the impact of dual monetary policies on economic stability in Malaysia and Indonesia. Dual monetary policy involves the simultaneous application of both conventional and sharia-based instruments to achieve macroeconomic objectives such as price stability, economic growth, and inflation control. The study employs Partial Least Squares Structural Equation Modeling (SEM-PLS) with Multi-Group Analysis (MGA) to compare the effectiveness of these policies between the two countries using quarterly data from 2016 to 2024. The results indicate that dual monetary policies significantly influence economic stability in both countries, albeit with different leading instruments. In Indonesia, the Minimum Reserve Requirement (GWM) is the most influential component, while in Malaysia, the Discount Rate holds the most weight. However, no statistically significant differences were found between the two contexts. These findings highlight the strategic importance of integrating conventional and sharia-based instruments to enhance economic resilience in dual financial systems.
Co-Authors Ahda Segati Delima Afriyanti Dwi Handika Fitria Rahmah Nurlaili Janati Surya Tegar Widjiantoro Tika Parlina