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Dampak Kebijakan Moneter terhadap Kinerja Sektor Manufaktur dan Ditinjau Secara Syariah Dian Zahra Syahfitri Lubis; Fathiya Syahidah Nasution; Maulida Rahma; Maryam Batubara
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 9 No 3 (2024)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v9i3.23227

Abstract

Monetary policy is a tool used by central banks that can influence financial variables such as interest rates and the amount of money in circulation. The goal is to protect the value of money from external and internal threats while maintaining its stability. This monetary policy has a big influence on various sectors, one of which is the manufacturing sector. The method used is qualitative research. By using library research in collecting data. The Monetary policy is a policy that determines interest rates in a country, in the manufacturing sector, this is of course very influential for industrial progress if accompanied by restrictions that can hinder company. If viewed from an Islamic perspective, sharia economics has no regulations or determination regarding interest rates, the use of monetary policy in manufacturing companies is certainly not sustainable if the company is a sharia manufacturer. Monetary policy can influence the manufacturing sector, such as controlling inflation and interest rates to form a positive impact on policy. In this monetary context, monetary policy must be handled carefully in the context of Sharia economics so that it is in accordance with Sharia principles and has a good impact, especially in terms of managing interest rates and inflation. In Indonesia, the industrial sector plays an important role in driving economic expansion.
Perkembangan Financial Technology Terkait Central Bank Digital Currency (CBDC) terhadap Transmisi Kebijakan Moneter dan Makroekonomi Soleha, Safnah; Hikmah Indri Yani Harahap; Tri Wina Sabrina; Maryam Batubara
Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Vol 9 No 3 (2024)
Publisher : Universitas Muhammadiyah Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30651/jms.v9i3.23293

Abstract

The purpose of this study is to determine the development of financial technology related to central bank digital currency (CBDC) on the transmission of monetary and macroeconomic policies. The advancement of financial technology (fintech) continues to show a significant increase in today's digital age. This research uses descriptive qualitative research methods with literature studies. The descriptive method used in this research is to describe the direction or process of research development. In brief, it can be concluded that CBDC is electronic money issued by the central bank and can be accessed universally. on the transmission of monetary policy in Indonesia can be shown by the effect of changes in BI 7DRR on banking rates both deposit and credit rates. If the economy is in recession, Bank Indonesia will implement a loose monetary policy by lowering the benchmark interest rate so that economic activity increases. macroeconomics is part of economics that explores economic events and problems holistically as a unit. Macroeconomics also focuses attention on the role of the state in regulating economic activity. The development of fintech, which is in line with the increasingly wide open access to digital finance, has great potential to increase public access to the financial sector.
Differences Between Syariah Money Markets in Indonesia and Kuwait Safnah Soleha; Hikmah Indri Yani Harahap; Adelia Safitri; Maryam Batubara
Jurnal Multidisiplin Sahombu Vol. 5 No. 04 (2025): Jurnal Multidisiplin Sahombu, May - Juny (2025)
Publisher : Sean Institute

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Abstract

This study compares the Islamic money markets in Indonesia and Kuwait, focusing on their characteristics, instruments, and regulations. The Islamic money market, operating without riba (interest), gharar (uncertainty), and maisir (speculation), is a vital short-term financial instrument in the global Islamic financial system. Indonesia, as the country with the largest Muslim population, demonstrates a strong commitment to developing its Islamic money market through various regulations and innovative products such as Sharia Bank Indonesia Certificates (SBIS) and State Sharia Securities (SBSN). On the other hand, Kuwait is a pioneer in Islamic finance in the Middle East, possessing a mature Islamic money market strictly regulated by the Central Bank of Kuwait (CBK). Although both are based on Sharia principles, their implementation varies between countries due to factors such as regulation, market infrastructure, adoption rates, and macroeconomic conditions. This research employs a descriptive qualitative literature review using secondary data. The findings indicate that Indonesia excels in instrument diversification and the development of Islamic money market infrastructure, supported by progressive regulations. However, challenges in Indonesia include low Islamic financial literacy and the need for broader instrument diversification. Meanwhile, Kuwait, despite its strong foundation, faces the challenge of high reliance on Commodity Murabahah as a primary instrument, necessitating more diverse product innovation. This comparison is expected to enrich Islamic finance literature and provide practical implications for the global development of Islamic money markets.
The Application of Money Market and Capital Market in Islamic Economic Perspective Fitra Amar Rosuli; M. Aidil Syahputra; Yabib Fikri Rambe; Maryam Batubara
Jurnal Multidisiplin Sahombu Vol. 5 No. 04 (2025): Jurnal Multidisiplin Sahombu, May - Juny (2025)
Publisher : Sean Institute

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Abstract

The money market is a place for short-term financial instrument transactions that function to meet the liquidity needs of economic actors, while the capital market provides long-term instruments such as stocks and bonds that support investment and sustainable economic growth. In Islamic economics, the presence of the money market and sharia capital market provides investment alternatives that are in accordance with sharia principles, avoiding elements of usury, gharar, and maysir, and emphasizing justice and transparency. This article also reviews the differences in characteristics, mechanisms, and instruments between conventional and sharia markets, and highlights the importance of implementing the principles of fiqh muamalah in the development of sharia financial markets in Indonesia. This study uses a literature study method by examining various relevant sources to deepen the study of the money market and capital market from an Islamic economic perspective, so that it can provide understanding and references for the development of sharia finance in the future.
Sukuk Dalam Perspektif Global : Tinjauan Akad Dan Praktik Sukuk Murabahah Di Indonesia Dan Qatar Lesmana, Alyatulnisa Ragil; Natasya, Fazira Putri; Lubis, Fitrah Khairuna Ulfa; Lira Amelia; Risma Abidah Nasution; Maryam Batubara
Jurnal Nirta : Inovasi Multidisiplin Vol 4 No 2 (2025): Jurnal Nirta : Studi Inovasi
Publisher : Nirta Learning Centre

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Abstract

Sukuk is an Islamic financial instrument that plays a significant role in promoting economic development based on Islamic principles. This study aims to examine the definition of sukuk, the types of contracts used in sukuk issuance, with a particular focus on the murabahah contract. Furthermore, it compares the implementation of murabahah sukuk in Indonesia and Qatar, two countries with developing Islamic financial systems. Using a literature review and a descriptive-comparative approach, the study reveals that although both countries adhere to the same Sharia principles, differences exist in regulatory frameworks, contract structures, and sectors of sukuk issuance. This research aims to contribute to the advancement of sukuk instruments in ways that are more effective and adapted to each country’s local context. Sukuk merupakan instrumen keuangan syariah yang memainkan peran penting dalam mendukung pembangunan ekonomi berbasis prinsip Islam. Penelitian ini bertujuan untuk mengkaji definisi sukuk, jenis-jenis akad yang digunakan dalam penerbitan sukuk, serta fokus khusus pada akad murabahah. Selain itu, kajian ini juga membandingkan praktik implementasi sukuk murabahah di Indonesia dan Qatar, dua negara dengan sistem keuangan syariah yang terus berkembang. Melalui studi literatur dan analisis deskriptif-komparatif, ditemukan bahwa meskipun keduanya menerapkan prinsip syariah yang sama, terdapat perbedaan dalam pendekatan regulasi, struktur akad, dan sektor penerbitan sukuk. Penelitian ini diharapkan dapat memberikan kontribusi terhadap pengembangan instrumen sukuk secara lebih efektif dan sesuai dengan konteks lokal masing-masing negara.
Konsep Dasar Dan Landasan Hukum Pasar Modal Syariah Di Indonesia : Tinjauan Regulasi Dan Prinsip Syariah Alda Andrini; Asyhari Abdillah Siregar; Fahriza Alyanisa; Gilang Saka Maulana; nabilahirwani; Sandi Sipahutar; Maryam Batubara
Jurnal Nirta : Inovasi Multidisiplin Vol 4 No 2 (2025): Jurnal Nirta : Studi Inovasi
Publisher : Nirta Learning Centre

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Abstract

The Islamic capital market is an integral part of the Islamic financial system in Indonesia, based on Islamic principles such as justice, transparency, and the prohibition of usury (riba). This study aims to explain the fundamental concepts and examine the legal foundations of the Islamic capital market in Indonesia by reviewing existing regulations and their compliance with sharia principles. The method used is a literature review of OJK (Financial Services Authority) regulations, DSN-MUI (National Sharia Council – Indonesian Ulema Council) fatwas, and academic sources related to the Islamic capital market. The findings indicate that the Islamic capital market in Indonesia has a solid legal foundation both from the national legal framework and Islamic fatwas. Pasar modal syariah merupakan bagian integral dari sistem keuangan syariah di Indonesia yang berlandaskan pada prinsip-prinsip Islam, seperti keadilan, transparansi, dan larangan riba. Penelitian ini bertujuan untuk menguraikan konsep dasar serta menelaah landasan hukum pasar modal syariah di Indonesia dengan meninjau regulasi yang berlaku dan kesesuaiannya dengan prinsip-prinsip syariah. Metode yang digunakan adalah studi literatur terhadap regulasi OJK, Fatwa DSN-MUI, serta literatur akademik terkait pasar modal syariah. Hasil kajian menunjukkan bahwa pasar modal syariah di Indonesia memiliki dasar hukum yang cukup kuat, baik dari sisi perundang-undangan nasional maupun fatwa syariah
Pasar Uang Dan Pasar Modal Syariah : Perbandingan Instrumen, Mekanisme, Dan Implikasinya Dalam Sistem Keuangan Islam Didi Handono Syahputra; Muhammad Rizky Putra; Nesya Aulia; Saibarani Nabila; Shafa Sizli Kania; Siti Zuhaira Ritonga; Maryam Batubara
Jurnal Nirta : Inovasi Multidisiplin Vol 4 No 2 (2025): Jurnal Nirta : Studi Inovasi
Publisher : Nirta Learning Centre

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Abstract

. The Islamic money market and capital market are important parts of the ever-evolving Islamic financial system. This study aims to provide a comprehensive overview of the instruments and mechanisms used in both markets, as well as to compare their functions and see their impact on the Islamic economy in general. Through a literature study, the discussion includes the types of instruments, how the market works, and the role of supervisory institutions in maintaining compliance with Islamic principles. The results of the study show that both the Islamic money market and capital market have a significant contribution in supporting financial activities that are in accordance with Islamic values. Pasar uang dan pasar modal syariah merupakan bagian penting dalam sistem keuangan Islam yang terus berkembang. Penelitian ini bertujuan untuk memberikan gambaran menyeluruh mengenai instrumen dan mekanisme yang digunakan dalam kedua pasar tersebut, serta membandingkan fungsinya dan melihat dampaknya terhadap perekonomian syariah secara umum. Melalui studi literatur, pembahasan mencakup jenis-jenis instrumen, cara kerja pasar, serta peran lembaga pengawas dalam menjaga kepatuhan terhadap prinsip-prinsip syariah. Hasil kajian menunjukkan bahwa baik pasar uang maupun pasar modal syariah memiliki kontribusi yang signifikan dalam mendukung aktivitas keuangan yang sesuai dengan nilai-nilai Islam.
Peran Pasar Uang Antar Bank Syariah (Puas) Dalam Mendorong Stabilitas Moneter Nasional : Studi Pada Bank Umum Indonesia Anggi Luthfia Pane; Maura Faradita; Triana; Nuraila Rachman; Yeni Yolanda Simatupang; Maryam Batubara
Jurnal Nirta : Inovasi Multidisiplin Vol 4 No 2 (2025): Jurnal Nirta : Studi Inovasi
Publisher : Nirta Learning Centre

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Abstract

. The Islamic Interbank Money Market (PUAS) plays a crucial role in maintaining national monetary stability by facilitating short-term liquidity transactions among Islamic banks under sharia principles. This study aims to analyze the operational mechanisms of PUAS, its contribution to the transmission of Bank Indonesia’s monetary policy, and the challenges faced within the dual banking system framework. The research employs a descriptive quantitative approach using secondary data from PUAS reports, national inflation statistics, and publications from Bank Syariah Indonesia (2020–2024). Findings indicate a significant rise in PUAS transaction volumes, reflecting growing liquidity needs among Islamic banks amidst inflationary trends and Bank Indonesia's policy rate adjustments. By utilizing contracts such as wadiah and mudharabah, PUAS serves as a sharia-compliant alternative to conventional liquidity instruments and strengthens the inclusiveness and resilience of the Islamic financial system against economic shocks.  
Analisis Konsep Dasar dan Landasan Hukum Pasar Modal Syariah di Indonesia Maryam Batubara; Ahyarul Juanda Sagala; Abdillah Abdillah; Fazlurrasyid Sulaiman Martua Siregar; Farhan Syafiq
Jurnal Ekonomi, Manajemen Pariwisata dan Perhotelan Vol. 4 No. 1 (2025): : Jurnal Ekonomi, Manajemen Pariwisata Dan Perhotelan
Publisher : Lembaga Pengembangan Kinerja Dosen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jempper.v4i1.4934

Abstract

This study uses a qualitative method with a descriptive approach to describe the principles, functions, and financing analysis at Bank Syariah Indonesia (BSI) as a financial institution that applies sharia principles in its operations. The main focus of this study is to explain how sharia principles such as justice, partnership, and prohibition of usury are implemented in financing practices and how sharia banks function not only as financial intermediaries, but also as development and social agents. Financing carried out by BSI is studied through types of products such as murabahah, musyarakah, and mudharabah, each of which is analyzed in terms of contracts, risks, and their contribution to the economic growth of the community. Data were obtained through literature studies and documentation from official BSI reports and related scientific publications. The results show that the application of sharia principles in financing provides a fair and transparent alternative compared to conventional systems, and is able to encourage financial inclusion and community economic empowerment. Thus, sharia financing at BSI not only fulfills commercial aspects, but also spiritual and social aspects.
Perbedaan Pasar Uang Syariah di Indonesia dengan Kuwait Adik Tya Hasibuan; Divya Reyvani; Ika Damai Sari; Intan Juwita Damanik; Nurul Syafriani; Putri Yuanita; Maryam Batubara
Jurnal Ilmiah Manajemen, Bisnis dan Kewirausahaan Vol. 5 No. 3 (2025): Oktober: Jurnal Ilmiah Manajemen, Bisnis dan Kewirausahaan
Publisher : Lembaga Pengembangan Kinerja Dosen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jurimbik.v5i3.1353

Abstract

This study examines the fundamental differences between the Islamic money markets in Indonesia and Kuwait in terms of system structure, financial instruments, regulation, and the role of monetary authorities. Indonesia applies a dual banking system where Islamic and conventional systems operate side by side, while Kuwait adopts an integrated system where Islamic instruments are embedded in national monetary policy. Indonesia's instruments are more diverse (e.g., PUAS, SBIS, Sukuk BI), yet face challenges in liquidity and market penetration. In contrast, Kuwait utilizes instruments such as interbank tawarruq and ijarah-based short-term securities, supported by a more mature Islamic financial infrastructure. This study highlights the importance of regulatory support, financial education, and infrastructure enhancement to strengthen the role of Islamic money markets in national financial stability.
Co-Authors Abdillah Abdillah Abdurrozzaq Ismail Adelia Safitri Adik Tya Hasibuan Adinda Rizki Fadilah Ahyarul Juanda Sagala Alda Andrini Andri Soemitra Angga Putra Suhadi Anggi Luthfia Pane Anisa Mawaddah Aswan Nawawi Asyhari abdillah siregar Aulia Nurrahmah Lubis Ayu Ashara Harahap Ayu Elvina Azrin Bahri Harahap Bella Delima Bunga Anggita Batubara Cahya Amelia Cahya Purwati Sinulingga Cindy Aulia Zalyanti Cut Anggraini Dea Sarah Sati Hana'an Dian Zahra Syahfitri Lubis Didi Handono Syahputra Dini Anggraini Divya Reyvani Eka Lestari Elaeis Guineensis Jalil Hsb Fadillatunnisa Fadillatunnisa Fahriza Alyanisa Faisal Hamdani Harahap Farah Indah Azhari Farhan Syafiq Fathiya Syahidah Nasution Fazlurrasyid Sulaiman Martua Siregar Febriyani Natari Manik Fitra Amar Rosuli Gilang saka Maulana Herdian Nur Rahman Hikmah Indri Yani Harahap Iga Dwi Wardanah Ika Damai Sari Ilham Habibi Lubis Indah Simanjuntak Indah Tri Sari Harahap Indra Mualim Hasibuan Intan Juwita Damanik Keisya Putri Balqis Khofifah Shofy Aulia Laura Oktarani Br Torong Lesmana, Alyatulnisa Ragil Lira Amelia Lubis, Fitrah Khairuna Ulfa Luthfiah Nazmi M. Aidil Syahputra M. Ridwan Mahlia Putri Malahayati Malahayati Malia Humaira Marlinda Mustika Marlinda Mustika Pane Marliyah Masitoh Sitorus Maulida Rahma Maura Faradita Mei Habibah Dalimunthe Melani Azzahra Nur Meutia Maulida Rahma Miftah Khoiriaturrahmah Miftah Rizki Addin Harahap Miftah Rizki Addin Hrp Muhammad Arif Muhammad Arisandi Junjungan Muhammad Luqman El Hakim Muhammad Ramadhan Muhammad Ridwan Muhammad Rizky Putra Muhammad Suhaimi MUHAMMAD YUSUF Mukhlis Mutia Salwa Hutahuruk nabilahirwani Najlah Kholilah Nasution Nasution, Alya Arianti Natasya, Fazira Putri Nesya Aulia NUR AHMADI BI RAHMANI Nuraila Rachman Nurhayati Hutagalung Nursantri Yanti Nurul Inayah Nurul Syafriani Osman Ali Piter Andrean Pratista Andanitya Siregar Putri Yuanita Rahmi Syahfitri Harahap Reza Rahmadani Ridho Erianto Risca Yunia Lestari Risky Sobari Risma Abidah Nasution Safnah Soleha Saibarani Nabila Salsabilla Siagian Sandi sipahutar Sauril Rahmadi Hutabarat Sekar Sari Septia Sakinah Rizki Shafa Sizli Kania Siti Khadijah Mtd Siti Nurul Atiqah Siti Sholeha Siti Zuhaira Ritonga Soleha, Safnah Suci Fadhilah R. Lubis Suhailatun Nafisah Syahputra, Reza Tambunan, Khairina Tobing, Iqbal Fahri Tri Wina Sabrina Triana Wahyu Syarvina Wahyudin Yabib Fikri Rambe Yeni Yolanda Simatupang Yenni Samri Juliati Nasution Yusnita Ulfah Munthe Zakiah Rahmi Siagian