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All Journal Economic Journal of Emerging Markets Ekonomi Bisnis Journal of Accounting and Investment Jurnal Ilmiah Ekonomi Islam Jurnal Ekonomi & Keuangan Islam Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan Proceeding of Conference on Islamic Management, Accounting, and Economics Amwaluna Jurnal Ekonomi dan Keuangan Syariah Jurnal Baabu Al-ilmi : Ekonomi dan Perbankan Syariah Share: Jurnal Ekonomi dan Keuangan Islam Jurnal Kebijakan Ekonomi dan Keuangan Al-Intaj : Jurnal Ekonomi dan Perbankan Syariah BAABU AL-ILMI: Ekonomi dan Perbankan Syariah
Akhsyim Afandi, Akhsyim
Universitas Islam Indonesia
Religion Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences Other

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Sectoral Diversification and Financing Risks in Indonesian Islamic Banks Widarjono, Agus; Afandi, Akhsyim
Share: Jurnal Ekonomi dan Keuangan Islam Vol 14, No 1 (2025): IN PROGRESS
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v14i1.24510

Abstract

The stability of Islamic banking is crucial for financial sustainability, and sectoral diversification plays a key role in mitigating financing risks. In Indonesia, Islamic banks operate under two models: Islamic bank windows and full-fledged Islamic commercial banks, each facing unique risk exposures. This study investigates the impact of sectoral diversification across various economic sectors on the financing risks of Indonesian Islamic banks. It also examines the role of key bank-specific and macroeconomic factors, including asset size, financing volume, operational efficiency, inflation, and the COVID-19 pandemic. Using aggregate monthly data from Islamic bank windows and Islamic commercial banks spanning January 2015 to December 2023, this study employs the Autoregressive Distributed Lag (ARDL) model to assess both short-term and long-term effects on financing risks. The results indicate that concentrated sectoral financing significantly increases financing defaults for both Islamic bank windows and Islamic commercial banks. Furthermore, while larger bank size and greater operational efficiency contribute to lower financing defaults, an increase in financing volume is associated with higher risks. Inflation and the COVID-19 pandemic further exacerbate financing defaults, particularly for Islamic bank windows. These findings underscore the importance of diversifying sectoral financing to mitigate risk. Policymakers and banking practitioners should promote balanced financing strategies complemented by stringent financing monitoring to reduce default risks and enhance financial resilience.======================================================================================================== ABSTRAK - Diversifikasi Sektoral dan Risiko Pembiayaan pada Bank Syariah di Indonesia. Stabilitas perbankan syariah sangat penting bagi keberlanjutan sektor keuangan, dan diversifikasi sektor ekonomi memainkan peran kunci dalam mengurangi risiko pembiayaan. Di Indonesia, bank syariah beroperasi dalam dua model: unit usaha syariah (Islamic bank windows) dan bank umum syariah (Islamic commercial banks), yang masing-masing menghadapi eksposur risiko yang berbeda. Penelitian ini mengkaji dampak diversifikasi sektor ekonomi terhadap risiko pembiayaan bank syariah di Indonesia. Selain itu, studi ini mengeksplorasi pengaruh variabel spesifik bank dan kondisi makroekonomi, termasuk ukuran aset, volume pembiayaan, efisiensi operasional, inflasi, serta pandemi COVID-19. Data penelitian berasal dari laporan bulanan dari Unit Usaha Syariah (UUS) dan Bank Umum Syariah (BUS) dari Januari 2015 hingga Desember 2023. Analisis data dilakukan dengan model Autoregressive Distributed Lag (ARDL) yang cocok untuk menguji efek jangka pendek dan panjang dari risiko pembiayaan. Hasil penelitian menunjukkan bahwa pembiayaan yang terfokus pada sektor tertentu secara signifikan meningkatkan risiko gagal bayar pada Islamic bank windows maupun Islamic commercial banks. Selain itu, ukuran bank yang lebih besar dan efisiensi operasional yang lebih tinggi terbukti mengurangi risiko gagal bayar, namun peningkatan volume pembiayaan justru meningkatkan risiko. Inflasi dan pandemi COVID-19 semakin memperburuk risiko gagal bayar, terutama bagi UUS. Temuan ini menegaskan pentingnya diversifikasi sektor pembiayaan untuk mengurangi risiko. Para pemangku kebijakan dan praktisi perbankan disarankan untuk mendorong strategi pembiayaan yang lebih seimbang, didukung oleh pemantauan pembiayaan yang ketat guna mengurangi risiko gagal bayar serta meningkatkan ketahanan keuangan. 
MACROECONOMICS AS DETERMINANTS OF THE MONEY SUPPLY IN INDONESIA: ERROR CORRECTION MODELS ANALYSIS Ashari, Nesha Rizky; Prasasti, Riska; Afandi, Akhsyim
Jurnal Ilmiah Ekonomi Bisnis Vol 30, No 1 (2025)
Publisher : Universitas Gunadarma

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35760/eb.2025.v30i1.11577

Abstract

This study analyzes macroeconomic factors that affect the money supply in Indonesia during the period 1993-2022, using the Error Correction Model (ECM). The main objective of this study is to identify macroeconomic variables that are significant in determining the money supply, as well as to understand the short-term and long-term dynamics of these variables. The results of the analysis show that the variables of exchange rate, GDP, government expenditure, and interest rates have a negative effect on the money supply, as is the case with FDI and inflation. Both long-term and short-term actually have a negative impact on the money supply in Indonesia. ECM managed to capture the short-term and long-term relationships between these macroeconomic variables and the money supply. These findings provide important insights for policymakers in formulating effective monetary strategies to manage the money supply and maintain economic stability.
Sectoral Diversification and Financing Risks in Indonesian Islamic Banks Widarjono, Agus; Afandi, Akhsyim
Share: Jurnal Ekonomi dan Keuangan Islam Vol. 14 No. 1 (2025)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v14i1.24510

Abstract

The stability of Islamic banking is crucial for financial sustainability, and sectoral diversification plays a key role in mitigating financing risks. In Indonesia, Islamic banks operate under two models: Islamic bank windows and full-fledged Islamic commercial banks, each facing unique risk exposures. This study investigates the impact of sectoral diversification across various economic sectors on the financing risks of Indonesian Islamic banks. It also examines the role of key bank-specific and macroeconomic factors, including asset size, financing volume, operational efficiency, inflation, and the COVID-19 pandemic. Using aggregate monthly data from Islamic bank windows and Islamic commercial banks spanning January 2015 to December 2023, this study employs the Autoregressive Distributed Lag (ARDL) model to assess both short-term and long-term effects on financing risks. The results indicate that concentrated sectoral financing significantly increases financing defaults for both Islamic bank windows and Islamic commercial banks. Furthermore, while larger bank size and greater operational efficiency contribute to lower financing defaults, an increase in financing volume is associated with higher risks. Inflation and the COVID-19 pandemic further exacerbate financing defaults, particularly for Islamic bank windows. These findings underscore the importance of diversifying sectoral financing to mitigate risk. Policymakers and banking practitioners should promote balanced financing strategies complemented by stringent financing monitoring to reduce default risks and enhance financial resilience.======================================================================================================== ABSTRAK - Diversifikasi Sektoral dan Risiko Pembiayaan pada Bank Syariah di Indonesia. Stabilitas perbankan syariah sangat penting bagi keberlanjutan sektor keuangan, dan diversifikasi sektor ekonomi memainkan peran kunci dalam mengurangi risiko pembiayaan. Di Indonesia, bank syariah beroperasi dalam dua model: unit usaha syariah (Islamic bank windows) dan bank umum syariah (Islamic commercial banks), yang masing-masing menghadapi eksposur risiko yang berbeda. Penelitian ini mengkaji dampak diversifikasi sektor ekonomi terhadap risiko pembiayaan bank syariah di Indonesia. Selain itu, studi ini mengeksplorasi pengaruh variabel spesifik bank dan kondisi makroekonomi, termasuk ukuran aset, volume pembiayaan, efisiensi operasional, inflasi, serta pandemi COVID-19. Data penelitian berasal dari laporan bulanan dari Unit Usaha Syariah (UUS) dan Bank Umum Syariah (BUS) dari Januari 2015 hingga Desember 2023. Analisis data dilakukan dengan model Autoregressive Distributed Lag (ARDL) yang cocok untuk menguji efek jangka pendek dan panjang dari risiko pembiayaan. Hasil penelitian menunjukkan bahwa pembiayaan yang terfokus pada sektor tertentu secara signifikan meningkatkan risiko gagal bayar pada Islamic bank windows maupun Islamic commercial banks. Selain itu, ukuran bank yang lebih besar dan efisiensi operasional yang lebih tinggi terbukti mengurangi risiko gagal bayar, namun peningkatan volume pembiayaan justru meningkatkan risiko. Inflasi dan pandemi COVID-19 semakin memperburuk risiko gagal bayar, terutama bagi UUS. Temuan ini menegaskan pentingnya diversifikasi sektor pembiayaan untuk mengurangi risiko. Para pemangku kebijakan dan praktisi perbankan disarankan untuk mendorong strategi pembiayaan yang lebih seimbang, didukung oleh pemantauan pembiayaan yang ketat guna mengurangi risiko gagal bayar serta meningkatkan ketahanan keuangan. 
Analisis Pengaruh Karakteristik Bank, Faktor Makroekonomi terhadap Pembiayaan Sektor UMKM pada Perbankan Syariah di Indonesia Lestari, Lutfi Bangun; Afandi, Akhsyim
Jurnal BAABU AL-ILMI: Ekonomi dan Perbankan Syariah Vol 5, No 2 (2020): Islamic economics and banking research
Publisher : Universitas Islam Negeri Fatmawati Sukarno Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29300/ba.v5i2.2713

Abstract

MSMEs have an important role in national economic development, but the financing of the MSME sector always fluctuates from year to year and tends to decline. This study aims to analyze the effect of bank characteristics and macroeconomic factors on the financing of the MSME sector in Islamic banking in Indonesia. This study uses time series data which is monthly data on aggregate financial statements of Islamic Commercial Banks and Sharia Business Units in Indonesia. The analysis method used in this research is Autoregressive Distributed Lag (ARDL). The results showed that the variables that affect the financing of the BUS MSME sector in the short term are ROA and BI_Rate. Whereas in the long term, the variables that affect the financing of the BUS MSME sector are the bank office network and inflation. While DPK, NPF, exchange rates, ERP both in the short term and long term have no effect on the financing of the BUS MSME sector. Then the variables that affect UUS MSME sector financing in the short term are the bank office network, ROA and BI_Rate. Whereas in the long term, the variable that affects UUS MSME sector financing is the bank office network. Meanwhile, DPK, NPF, exchange rate, ERP both in the short and long term had no effect on the financing of the UUS MSME sector.
Analisis faktor-faktor yang mempengaruhi indeks harga pangan di Indonesia tahun 2000-2023 Nugroho, Farid; Afandi, Akhsyim
Jurnal Kebijakan Ekonomi dan Keuangan Volume 3 Issue 1, Juni 2024
Publisher : Jurusan Ilmu Ekonomi, Fakultas Bisnis dan Ekonomika, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JKEK.vol3.iss1.art1

Abstract

Purpose – This study aims to explore the factors that influence the food price index in Indonesia Methods – This study uses ARDL analysis and is conducted using monthly time series data from January 2000 until August 2023 Findings – The result shows that money supply had a positive and significant impact on the food price index in Indonesia both in the short-run and long-run. Implication – The Indonesian government needs to formulate a policy that resists increasing food prices, especially during sudden spikes in money supply. Originality – The findings of this research can be used as an additional reference for the stakeholders and policymakers to control the movement of the food price index in Indonesia.   Abstrak Tujuan – Penelitian ini merupakan sebuah upaya untuk menyelidiki faktor apa saja yang mempengaruhi indeks harga pangan di Indonesia Metode – Penelitian ini menggunakan analisis ARDL dan menggunakan data time series bulanan dari Januari 2000 sampai dengan Agustus 2023 Temuan – Hasil estimasi ARDL menunjukkan bahwa pada jangka pendek dan jangka panjang jumlah uang beredar memberikan dampak positif dan signifikan terhadap indeks harga pangan di Indonesia. Implikasi – Pemerintah Indonesia hendaknya dapat merumuskan suatu kebijakan yang dapat meredam kenaikan tingkat indeks harga pangan khususnya pada saat terjadi kenaikan tajam pada jumlah uang beredar. Orisinalitas – Hasil penelitian ini dapat dijadikan sebagai referensi tambahan oleh pemangku kepentingan dan pembuat kebijakan dalam  merumuskan kebijakan terkait indeks harga pangan di Indonesia.
Analisis Pembiayaan Sektor Jasa Dunia Usaha Pada Perbankan Syariah di Indonesia Yuningsih, Ayu; Afandi, Akhsyim
Al-Intaj : Jurnal Ekonomi dan Perbankan Syariah Vol 6, No 1 (2020)
Publisher : Faculty of Economics and Islamic Business, UIN Fatmawati Sukarno Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29300/aij.v6i1.3522

Abstract

Financing is one of the main functions of Islamic banking. In its operational activities, Islamic banking channel most of its assets into financing. However, the financing trend in this sector always fluctuates from year to year and tends to decline. This study aims to analyze the factors that influence the financing of the business services sector in Islamic banking in Indonesia. This study uses time-series data which is the monthly data of the aggregate financial statements of Sharia Commercial Banks and Sharia Business Units in Indonesia. The analysis method used in this study is Autoregressive Distributed Lag (ARDL). The results showed that the variables that influence the financing of the business services sector in the short term are third party funds (DPK), equivalent rate of financing (ERP) and Industrial Production Index (IPI). Whereas in the long run, the variables that influence the financing of the business services sector are third party funds (DPK), return on assets (ROA), non-performance financing (NPF), Industrial Production Index (IPI). While the variable interest rates and exchange rates both in the short and long term do not affect the financing of the business services sector.
Analisis pengaruh dana desa, alokasi dana desa dan Bantuan Keuangan Khusus (BKK) keistimewaan kalurahan terhadap indeks desa membangun di Kabupaten Gunungkidul Anggoro, Yadianto; Afandi, Akhsyim
Jurnal Kebijakan Ekonomi dan Keuangan Volume 4 Issue 2, Desember 2025
Publisher : Jurusan Ilmu Ekonomi, Fakultas Bisnis dan Ekonomika, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Purpose – This study aims to analyze the influence of Village Funds (Dana Desa), Village Fund Allocation (Alokasi Dana Desa), and the Special Financial Assistance for Privilege Funds (Bantuan Keuangan Khusus Dana Keistimewaan) on the Village Development Index (Indeks Desa Membangun, IDM) in Gunungkidul Regency.Methods – The study employs panel data analysis on 114 villages in Gunungkidul Regency over the 2019–2023 period.Findings – The results indicate that Village Funds, Village Fund Allocation, and Special Financial Assistance for Privilege Funds significantly affect the Village Development Index. Village Fund Allocation has a greater effect on IDM improvement than Village Funds and Special Financial Assistance. Additionally, Special Financial Assistance for Privilege Funds has a more pronounced impact on IDM enhancement for villages categorized as developing and advanced.Implication – The findings imply that the management of Village Funds, Village Fund Allocation, and Special Financial Assistance should be data-driven, transparent, and accountable, with active community involvement and rigorous oversight. Collaboration between the government and stakeholders is essential to ensure effective utilization and maximize the benefits for local communities.Originality – This study contributes to the literature by analyzing fiscal policies related to Village Funds, Village Fund Allocation, and Special Financial Assistance for Privilege Funds in Gunungkidul Regency using panel data. AbstrakTujuan – Penelitian ini bertujuan untuk menganalisis pengaruh Dana Desa, Alokasi Dana Desa dan Kebijakan Bantuan Keuangan Khusus Dana Keistimewaan terhadap p Indeks Desa Membangun di Kabupaten Gunungkidul.Metode – Penelitian ini menggunakan analisis data panel pada 114 desa di Kabupaten Gunung Kidul pada periode tahun 2019-2023. Temuan – Hasil penelitian ini menunjukkan bahwa Dana Desa, Alokasi Dana Desa dan BKK Dana Keistimewaan memiliki pengaruh terhadap Indeks Desa Membangun. Alokasi Dana Desa lebih berpengaruh terhadap peningkatan IDM dibandingkan Dana Desa dan BKK Dana Keistimewaan. BKK Dana Keistimewaan lebih berpengaruh terhadap peningkatan IDM pada desa yang berstatus berkembang dan maju.Implikasi – Penelitian ini berimplikasi pada bahwa Pengelolaan Dana Desa, Alokasi Dana Desa, dan Bantuan Keuangan Khusus Dana Keistimewaan Kalurahan harus berbasis data, transparan, dan akuntabel dengan melibatkan masyarakat serta pengawasan ketat. Kolaborasi antara pemerintah dan pemangku kepentingan menjadi kunci efektivitas dan optimalisasi manfaat bagi masyarakat.Orisinalitas – Penelitian ini berkontribusi pada analisis menganalisis kebijakan anggaran khususnya Dana Desa, Alokasi Dana Desa, dan Bantuan Keuangan Khusus Dana Keistimewaan Kalurahan di Kabupaten Gunungkidul menggunakan analisis data panel.
Co-Authors Agus Widarjono Andika Ridha Ayu Perdana, Andika Ridha Ayu Anggoro, Yadianto Ashari, Nesha Rizky Ayu Yuningsih Eko Hariyadi Emile Satia Darma Hazem Marashdeh Heri Sudarsono Lathiefah Rabbaniyah lutfi bangun lestari Nugroho, Farid Prasasti, Riska Rohman, Catur Hidayatur S Suyyinah Vebryna Permatasari Rantung Yuningsih, Ayu