p-Index From 2021 - 2026
12.009
P-Index
This Author published in this journals
All Journal Ahkam: Jurnal Ilmu Syariah Al-Manahij: Jurnal Kajian Hukum Islam International Journal of Nusantara Islam JURNAL IQTISAD: Reconstruction of Justice and Welfare for Indonesia Jurnal Asy-Syari'ah Jurnal Ilmiah Ekonomi Islam Economica: Jurnal Ekonomi Islam Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah al-Afkar, Journal For Islamic Studies Al Qalam: Jurnal Ilmiah Keagamaan dan Kemasyarakatan DE'RECHTSSTAAT Unes Law Review Jurnal Tabarru': Islamic Banking and Finance NUKHBATUL 'ULUM : Jurnal Bidang Kajian Islam Jurnal Ilmu Hukum Tambun Bungai Rayah Al Islam : Jurnal Ilmu Islam Jurnal Hukum Ekonomi Syariah Jurnal Papatung : Jurnal Ilmu Administrasi Publik, Pemerintahan dan Politik Coopetition : Jurnal Ilmiah Manajemen MUAMALATUNA Asyahid Journal of Islamic and Quranic Studies (AJIQS) Airlangga International Journal of Islamic Economics and Finance AL-ARBAH: Journal of Islamic Finance and Banking Eco-Iqtishodi : Jurnal Ilmiah Ekonomi dan Keuangan Syariah Ekonomica Sharia: Jurnal Pemikiran dan Pengembangan Ekonomi Syariah Jurnal Ilmiah Wahana Pendidikan Al-Muamalat : Jurnal Ekonomi Syariah Jurnal Iqtisaduna Share: Jurnal Ekonomi dan Keuangan Islam Mimbar Agama Budaya Islamic Banking : Jurnal Pemikiran dan Pengembangan Perbankan Syariah Jurnal Pengabdian Multidisiplin International Journal of Humanities Education and Social Sciences International Journal of Social Science, Education, Communication and Economics Jurnal Manajemen Journal Islamic Economics Ad Diwan Al-Manahij : Jurnal Kajian Hukum Islam Journal of Comprehensive Science JURNAL ECONOMINA Penamas Yurisprudentia: Jurnal Hukum Ekonomi AHKAM : Jurnal Hukum Islam dan Humaniora Likuid: Jurnal Ekonomi Industri Halal IQTISHOD: Jurnal Pemikiran dan Hukum Ekonomi Syariah Islamic Economics and Business Review (IESBIR) Strata Law Review Asian Journal of Islamic Studies and Da'wah Juni-Jurnal Pelita Nusa IIJSE Zona Law And Public Administration Indonesia Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah International Journal of Nusantara Islam Jurnal Ekonomi, Akuntansi dan Perpajakan Masile:Jurnal Studi Ilmu Keislaman DIRASAH: Jurnal Kajian Islam Strata International Journal of Social Issues Multidiscience: Journal of Multidisciplinary Science Amwaluna: Jurnal Ekonomi dan Keuangan Syariah International Journal of Law Social Sciences and Management Ecopreneur : Jurnal Ekonomi dan Bisnis Islam Mashlahah: Journal of Islamic Economics Ipso Jure
Claim Missing Document
Check
Articles

Sharia Monetary Policy as an Instrument for Inflation Control and Exchange Rate Stability Based on Sharia Economic Law: Bank Indonesia's Role in the Islamic Financial System Ahmad Rifai; Yadi Janwari; Sofian Al-Hakim
AHKAM Vol 5 No 1 (2026): MARET
Publisher : Lembaga Yasin AlSys

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58578/ahkam.v5i1.8557

Abstract

Islamic monetary policy in Indonesia faces the challenge of demonstrating its effectiveness in controlling inflation and maintaining exchange rate stability amid the dominance of conventional monetary instruments within a dual financial system. This study aims to analyze the role of Islamic monetary policy as an instrument for inflation control and exchange rate stabilization from the perspective of Islamic economic law, with a particular focus on the role of Bank Indonesia in the Islamic financial system. Using a qualitative-descriptive approach, the research examines the framework of Islamic monetary policy, central bank operational instruments, and relevant macroeconomic data. The findings indicate that Islamic monetary instruments, such as Bank Indonesia Syariah Certificates (SBIS), sharia SBSN repos, and sharia monetary operations are effective in managing liquidity without relying on interest rate mechanisms. Absorbent instruments are shown to be more effective in suppressing inflation, while injective instruments support economic growth during periods of slowdown. In addition, Islamic monetary policy indirectly contributes to exchange rate stability by strengthening domestic liquidity conditions and reducing speculative activities. The study concludes that sharia monetary policy is not only aligned with the legal principles of Islamic economics but also possesses empirical relevance as a macroeconomic stabilization instrument. The implications highlight the need for institutional strengthening and further deepening of the Islamic financial market so that Islamic monetary policy can play a more optimal role in supporting equitable and sustainable national economic stability.
Co-Authors Abd. Kholik Khoerulloh Abdul Fattah Abdul Gofur Abdurahman, Lukman Abdurrahman Wahid, Abdurrahman Adil, Ustad Ahmad Lukman Nugraha Ahmad Luqman Hakim Ahmad Luqman Hakim, Ahmad Luqman Ahmad Rifai Ahmad Suganda Aini Mansur, Zuhratul Akmaliyah Akmaliyah Al Hakim, Sofyan Al-Hakim, Sofian Alhakim, Sofian Ali Santosa Almurni, Muhammad Furqon Amany, Amany Amin, Faiz Aminulloh, Ali Anggraeni, Desi Cahya Annisa Eka Rahayu anton athoillah Anton Athoillah Ari Fajar Santoso Asep Dadang Hidayat Asri Sundari Astarudin, Tatang Athoillah, Mohamad Anton Ayi Nurbaeti Ayi Yunus Rusyana Ayi Yunus Rusyana Burhansyah, Luki Chandra Dedah Juabaedah Dedah Jubaedah Dedah Zubaedah Dede Nurwahidah Denni Murdani Dodi Yarli Ending Solehudin Firman Nugraha Firman Nugraha Fitriani, Putri Diesy Ghilmanul Wasath Gina Saila Sofiah Gina Saila Sofiah Gozaly, Ahmad Yusdi Gunariah, Frilla Hadiat, Hadiat Heni Pujiastuti Herawan, Jajang Heris Suhendar Heris Suhendar, Heris Heryana, Rudy Hilmi, Ahmad Idzam Fautanu Ilmia, Anisa Imron Rosadi Irni Sri Cahyanti Ishandawi Ismail, Yana Chaeru Taufik Jajang Herawan Jajat sudrajat Jefik Zulfikar Hafizd Juarsa, Eka Jubaedah, Dedah Kamaludin Yusup, Deni Kikin H Mutaqin Kusuma, Nurul Rahmah Lina Pusvisasari LUBIS, MUKHLIS Lubis, Mukhlis Lubis Lutfi Fahrul Rizal, Lutfi Fahrul Mafrudlo, Ahmad Mahfudzi Mansur, Zuhratul Aini Maulana, Fauzan Aziz Mega Silvia Mega Silvia Meinanti, Dwi Reiza Moh. Asep Zakariya Ansori Mohammad Anton Athoillah Mohammad Anton Athoillah Mugni Muhit Muhamad Afif Sholahudin Muhamad Fuji Hakiki Muhammad Hasanuddin, Muhammad Muhammad Yunus Muhammad Yunus Muharni, Yusraini Mursyidah Zein, Ai Imas Mustofa Mustofa Nanang Sobarna Na’im, Fairuz ‘Ainun Nissa Ayu Marliana Nur Azzahra, Annisa Nurjamil Nurrohman Nurrohman Nurrohman Nurrohman Pramayanti, Dian Ikha Prasetio, Andri Rahmah Kusuma, Nurul Rahmah Kusumah, Nurul Ratnasari, Ai reni Ridwan, Ahmad Hasan Rosi Hasna Sari Royani Rumatiga, Hidayat Saebani, Beni Ahmad Salimudin, Mumud Santika, Ganjar Sari, Rosi Hasna Setia Mulyawan, Setia Setiadi Siswahyudianto Slamet Santoso Sodik, Gugun Sofian Al Hakim, Sofian Sofian Al-Hakim Sofiawati, Eva Sofyan Al-Hakim Sofyan Al-Hakim Solihin, Dadin Suganda, Ahmad Suherli, Ian Rakhamawan Suherli, Ian Rakhmawan Sulaeman Sulaeman Sulaeman Sulaeman Sumiati Sumiati Sumiati Sumiati Suntana, Ija Suparman Kholil Suradi Suradi Suradi Suryawirawan, Ade Syafe`i, Rahmat Tamba, Dheddy Abdi Vemy Suci Asih, Vemy Suci Wardiman, Dadi Wawan Oktriawan Widiawati Widiawati Widiawati Zahra, Shofia Zuhratul Aini Mansur