Ati Musaiyaroh
Universitas Madani Indonesia

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Peran Sukuk Korporasi, Reksa Dana Syariah, dan Pembiayaan Syariah dalam Mendorong Pertumbuhan Ekonomi Indonesia: Bukti Empiris Periode 2011–2024 Siska Aulia Putri; Lilis Yuliati; Ati Musaiyaroh
Ekonomis: Journal of Economics and Business Vol 10, No 2 (2026): September
Publisher : Universitas Batanghari Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33087/ekonomis.v10i2.2932

Abstract

This study aims to analyze the effect of corporate sukuk, Islamic mutual funds, and Islamic financing on Indonesia’s economic growth for the period 2011–2024. The research employs a quantitative approach using the Autoregressive Distributed Lag (ARDL) model on quarterly data obtained from Statistics Indonesia and the Financial Services Authority. The estimation results show that corporate sukuk has a positive and significant effect on economic growth in both the short run and the long run. Islamic financing has a positive and significant effect in the long run, but a negative and significant effect in the short run. Meanwhile, Islamic mutual funds do not show a significant effect in either the short run or the long run. These findings support the Finance-Led Growth Theory for corporate sukuk and Islamic financing, but not fully for Islamic mutual funds. This study highlights the importance of improving the quality of Islamic financial intermediation so that asset growth can optimally drive the real sector and national economic growth