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All Journal Jurnal Antologi Hukum Journal of Islamic Law (EJIL)
Muhammad Rafi Siregar
Universitas Muhammadiyah Bekasi Karawang
Religion Humanities Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

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Dampak Kebijakan Moneter Syariah terhadap Inflasi dan Nilai Tukar Rupiah: Analisis ARDL–VECM dan Tinjauan Hukum Ekonomi Syariah Muhammad Rafi Siregar; Muhammad Nur Ishak; Ahmad Rifai
Jurnal Antologi Hukum Vol. 6 No. 1 (2026): In Press
Publisher : Fakultas Syariah Universitas Islam Negeri Kiai Ageng Muhammad Besari Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/antologihukum.v6i1.5493

Abstract

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.
Prinsip dan Kaidah Dasar Ekonomi Syariah dalam Membangun Ekonomi Berkeadilan pada Ekosistem Fintech Syariah Indonesia Muhammad Rafi Siregar; Muhammad Nur Ishak; Ahmad Rifai
Equality: Journal of Islamic Law (EJIL) Vol. 4 No. 1 (2026): Equality: Journal of Islamic Law (EJIL)
Publisher : Islamic Law Doctoral Study Programme, Postgraduate UIN Sunan Gunung Djati Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/ejil.v4i1.2027

Abstract

Penelitian ini bertujuan untuk menganalisis penerapan prinsip dasar ekonomi Islam dalam pengembangan fintech syariah di Indonesia dan mengevaluasi kontribusinya terhadap pembangunan ekonomi berkeadilan di era digital. Metode yang digunakan adalah penelitian kualitatif dengan pendekatan normatif berbasis studi literatur terhadap regulasi, fatwa, dan model bisnis fintech syariah. Hasil penelitian menunjukkan bahwa prinsip keadilan, maslahah, larangan riba, gharar, dan maysir telah diimplementasikan melalui akad murabahah, mudharabah, dan musyarakah, yang mendorong inklusi keuangan bagi pelaku UMKM dan kelompok berpenghasilan rendah. Namun, efektivitasnya masih menghadapi tantangan pada aspek pengawasan syariah, literasi keuangan, dan respons regulasi terhadap inovasi digital. Secara ilmiah, penelitian ini menawarkan perspektif bahwa fintech syariah perlu dinilai tidak hanya dari aspek kepatuhan normatif terhadap prinsip syariah, tetapi juga dari kontribusinya dalam mewujudkan distribusi ekonomi yang lebih adil, sehingga memperkaya kerangka evaluasi pengembangan ekonomi Islam berbasis teknologi.
Co-Authors Ahmad Rifai Ahmad Rifai Muhammad Nur Ishak