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All Journal Journal of Artificial Intelligence and Digital Business El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Cahyadi, Rahmad
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Agriculture, Biological Sciences & Forestry Civil Engineering, Building, Construction & Architecture Computer Science & IT Economics, Econometrics & Finance Electrical & Electronics Engineering Engineering Industrial & Manufacturing Engineering Social Sciences

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Pengaruh Pembiayaan Mudharabah dan Murabahah terhadap Pertumbuhan UMKM Studi Kasus pada Anggota di BMT di Kecamatan Percut Sei Tuan Mutthaqin, M. Satrya; Hasibuan, Faisal Umardani; Cahyadi, Rahmad; Muda, Iskandar; Soemitra, Andri; Yusrizal, Yusrizal
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 11 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i11.10039

Abstract

This study aims to analyze the influence of mudharabah and murabahah financing on the development of Micro, Small, and Medium Enterprises (MSMEs) among Baitul Maal wat Tamwil (BMT) members in Percut Sei Tuan District. The research background is based on the strategic role of MSMEs in the national economy, but they still face a major obstacle in the form of limited capital. BMT as a sharia financial institution is present to offer financing solutions based on sharia contracts, specifically mudharabah and murabahah, which are expected to be able to support the growth of community businesses. The research method used a quantitative approach with primary data collected through questionnaires. The research subjects were BMT members in Percut Sei Tuan District, with a Likert scale as the measurement instrument. Data analysis was conducted through classical assumption tests (normality, multicollinearity, and heteroscedasticity tests) and multiple regression tests including the t-test, F-test, and coefficient of determination (R²). The results showed that mudharabah financing had a positive and significant effect on the development of MSMEs, while murabahah financing had no significant effect. Simultaneously, both types of financing influence the development of MSMEs with an Adjusted R Square value of 0.165, meaning that only 16.5% of the variation in MSME development can be explained by these two variables, while the remaining 83.5% is influenced by other factors outside the study. This finding emphasizes the importance of optimizing mudharabah financing in encouraging MSME growth. Furthermore, additional strategies are needed, both from Islamic financial institutions and local governments, to improve access to capital and Islamic financial literacy for MSMEs.
Pengaruh Jumlah Uang Beredar, Nilai Tukar Rupiah, BI Rate, dan Tingkat Inflasi terhadap Indeks Saham Syariah Indonesia Cahyadi, Rahmad; Yafiz, Muhammad
RIGGS: Journal of Artificial Intelligence and Digital Business Vol. 5 No. 1 (2026): Februari - April
Publisher : Prodi Bisnis Digital Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/riggs.v5i1.6309

Abstract

Pasar modal syariah memiliki peran strategis dalam perekonomian Indonesia sebagai sarana investasi yang selaras dengan prinsip-prinsip syariah. Salah satu indikator utama kinerja pasar modal syariah adalah Indeks Saham Syariah Indonesia (ISSI), yang pergerakannya dipengaruhi oleh kondisi makroekonomi nasional. Penelitian ini bertujuan untuk menganalisis pengaruh jumlah uang beredar, nilai tukar rupiah, tingkat inflasi, dan BI Rate terhadap pergerakan ISSI pada periode 2020–2025, yaitu fase pemulihan ekonomi pasca-pandemi COVID-19 yang ditandai oleh dinamika kebijakan moneter dan fluktuasi ekonomi global. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder time series bulanan yang bersumber dari Bank Indonesia, Bursa Efek Indonesia, dan instansi terkait. Metode analisis yang digunakan adalah regresi linear berganda dengan bantuan perangkat lunak EViews. Hasil estimasi menunjukkan bahwa secara simultan variabel makroekonomi berpengaruh signifikan terhadap ISSI. Secara parsial, jumlah uang beredar berpengaruh positif dan signifikan terhadap ISSI, sedangkan nilai tukar rupiah dan BI Rate berpengaruh negatif dan signifikan. Tingkat inflasi menunjukkan pengaruh positif namun relatif lemah. Selain itu, ISSI periode sebelumnya memiliki pengaruh positif yang signifikan, mengindikasikan adanya efek lag dalam pergerakan indeks. Model regresi telah memenuhi asumsi klasik, sehingga hasil estimasi dapat diinterpretasikan secara valid. Temuan penelitian ini menegaskan pentingnya stabilitas makroekonomi, khususnya likuiditas moneter, nilai tukar, dan kebijakan suku bunga, dalam menjaga kinerja pasar modal syariah. Hasil penelitian diharapkan dapat menjadi referensi bagi investor syariah, akademisi, dan pembuat kebijakan dalam memahami dinamika pasar saham syariah di Indonesia.
Co-Authors Andri Soemitra Hasibuan, Faisal Umardani Iskandar Muda Muhammad Yafiz, Muhammad Mutthaqin, M. Satrya Yusrizal Yusrizal