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Heru Kurniawan
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THE IMPACT OF THE US-CHINA TRADE WAR ON THE STABILITY OF THE RUPIAH EXCHANGE RATE: A SHARIAH HEADING APPROACH Parlindungan; Mirzah Ikmaliyah; Heru Kurniawan
International Conference on Health Science, Green Economics, Educational Review and Technology Vol. 5 No. 1: IHERT (2023) FIRST ISSUE: International Conference on Health Science, Green Economics,
Publisher : Universitas Efarina

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ihert.v5i1.474

Abstract

The trade war between the United States and China has created significant global economic uncertainty, affecting exchange rate stability in developing countries, including that of the Indonesian Rupiah. This study aims to analyze the impact of the US-China trade war on the stability of the Rupiah exchange rate and to explore the application of the Sharia hedging approach as a solution to manage exchange rate fluctuation risks. Using a qualitative method based on a literature review, this study found that in early 2025, the Rupiah exchange rate depreciated by 8% against the US Dollar due to global trade tensions and a domestic current account deficit. The widely used conventional hedging strategies have proven effective but are not in line with Islamic economic principles. On the other hand, Sharia-compliant hedging, such as wa’ad, salam, and murabahah mu’ajjal, offers a more ethical, inclusive, and Sharia-compliant solution. These instruments can mitigate exchange rate risk without involving elements of speculation, gharar, or riba. The implementation of Sharia hedging requires close collaboration between Islamic banks, business actors, and regulators to ensure its effective and appropriate application. This research concludes that the Shariah hedging approach can strengthen the stability of the Rupiah exchange rate while also supporting the principles of Shariah economics.
Co-Authors A.Latif Nugraha Ali Yusri Ali, Musyafa Alifiya Nur Faidah Alya Fauziah Maulida Amaliyah, Dina Inti Andi Zainal Andriadi Anjani, Anggun Estyan Nur Annisa Mutia Dien Islamy Arliana Fadillah Putri Hari Wijaya Azra, Adhifa Bambang Priyo Darminto Bambang Priyo Darminto Budiarsih, Cahya Budiyono Budiyono Dhea Alpina Giawa Dita Yuzianah Dona Alfina Eka Rahma Tirani Erni Puji Astuti Fauziah, Nurul Hananto Purbonugroho Hananto Purbonugroho Harmedi Yulian Saputra Hasanul Arifin Ikom Prasetyani Imroatun Imroatun Indah Preselia Putri Irawan, RD Ferry Istikomah Istikomah Kasmiati Kusminar, Mimin Lestari, Tuti M Mursalin Martono, Djoko Setyo Marwany Marwany Marzia Khatan Smita Minarsih, Heri Mirzah Ikmaliyah Moh. Ikhsan Kurnia Muhammad Hamid Jumasa Mujiyem Sapti Mustain Mutamassikin Mutamassikin Nasrudin Nasrudin Neni Suryani Nila Kurniasih Nila Kurniasih Ningsih, Singgih Tresna Nur Ihsan Nurcholifah, Siti Parlindungan Parlindungan Parlindungan Prasetyo Budi Darmono Prastyo Budi Darmono Purnomo Hadi Susilo, Purnomo Hadi Purwaningsih, Wharyanti Ika Pusfitra, Susi Rahayu, Eko Sri Rahmanita, Novika Rajinder Sharm Rendy Sudirman Riawan Yudi Purwoko Rikati, Lilis Risnawati Robert Weinhandl Rofika Irmanasari Romdoni, Muhammad Rizki Samsu Somadayo, Samsu Saniati Rofiqoh Septiyana, Dwi Siti Nurcholifah Siti Rokhmah Rokhmah SULASTRI Supriyono Supriyono Syarifah Mulyana Teguh Wibowo Teguh Wibowo Triana Indrasari Wuye Ria Andayanie Yilun Shang Yuyun Ayu Lestari