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Journal : Ummul Qura : Jurnal Ilmiah Institut Pesantren Sunan Drajat (INSUD) Lamongan

Instrumen Investasi Syariah sebagai Determinan Pertumbuhan Ekonomi Indonesia Gazani, Hawa; Ummah, Afaful; Ilmi, Moh Miqdad; Zahro, Umi Indasyah; Iman, Aldi Khusmufa Nur
Ummul Qura Jurnal Institut Pesantren Sunan Drajat (INSUD) Lamongan Vol. 9 No. 2 (2025): Jurnal Ilmiah Institut Pesantren Sunan Drajat (INSUD) Lamongan
Publisher : Institut Pesantren Sunan Drajat Lamongan, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55352/uq.v9i2.2212

Abstract

In recent years, slowing economic growth has necessitated an investment strategy that is not only effective but also sustainable. One emerging option is sharia-compliant investment instruments, which adhere to Islamic principles and are believed to significantly support national economic growth. The primary objective of this study is to analyze the influence of sharia-compliant investment instruments on economic growth in Indonesia. The instruments studied include sharia-compliant mutual funds, sharia-compliant stocks, and sharia-compliant bonds, while economic growth is measured by Gross Domestic Product (GDP). This study uses a quantitative method with the Vector Error Correction Model (VECM) to examine short-term and long-term relationships between variables. Secondary data from quarterly periods from 2011 to 2024 were used as data sources. The results indicate that sharia-compliant mutual funds, both short-term and long-term, have an impact on economic growth, while sharia-compliant stocks and bonds do not significantly influence economic growth. These findings demonstrate the critical role of sharia-compliant mutual funds as an effective investment instrument for advancing national economic growth. However, in order for sharia stocks and sharia bonds to contribute optimally, greater efforts are required.