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All Journal Jurnal Antologi Hukum
Ahmad Rifai
Universitas Islam Negeri Sunan Gunung Djati Bandung
Religion Humanities 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.
Co-Authors Muhammad Nur Ishak Muhammad Rafi Siregar