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All Journal Jurnal Ekonomi & Keuangan Islam Review of Islamic Social Finance and Entrepreneurship
Siswantoro Siswantoro
Department of Economic Education, Faculty of Economics, Universitas Negeri Semarang, Semarang, Indonesia
Religion Economics, Econometrics & Finance Social Sciences

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Can the integration between Islamic social finance and Islamic commercial finance tackle poverty in Indonesia? Siswantoro Siswantoro
Jurnal Ekonomi & Keuangan Islam Volume 8 No. 2, July 2022
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol8.iss2.art7

Abstract

Purpose – This study aims to examine the effects of Islamic social finance, Islamic commercial finance, and the integration of Islamic social finance and Islamic commercial finance on poverty in Indonesia.Methodology – Data in the form of time series from 2002 to 2021 were evaluated using the Error Correction Model (ECM) approach. This method describes both long and short-term effects of Islamic social finance, Islamic commercial finance, and integration of Islamic social finance and Islamic commercial finance on poverty.Findings – The results show that Islamic social finance, Islamic commercial finance, and the integration between the two Islamic finance sectors have a significant negative effect on poverty rates in the long term. In the short term, the integration between Islamic social finance and Islamic commercial finance has a significant negative effect on the poverty rate, while Islamic social finance and Islamic commercial finance have a negative but not significant effect on the poverty rate.Implication – This study recommends policymakers make rules regarding the implementation of collaborative efforts on institutions in the two Islamic finance sectors in the future.Originality – Most of the studies that have been conducted have only focused on one sector of Islamic finance. In fact, the integration between Islamic social finance and Islamic commercial finance in Indonesia makes these two sectors of Islamic finance have the potential to reduce poverty higher than without integration.
The contribution of Islamic social finance to economic growth in Indonesia Siswantoro Siswantoro; Ihsanul Ikhwan
Review of Islamic Social Finance and Entrepreneurship Volume 2 Issue 1, 2023
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol2.iss1.art1

Abstract

Purpose – This study aims to identify the contribution of Islamic social finance (Zakat, Infaq, and Shadaqah or ZIS) to economic growth in Indonesia, both in the long-term and short-term models. Based on previous studies, government expenditure; investment; and trade openness are also included in the model as control variables.Methodology – Annual time series data for 21 years from 2002 to 2022 were analyzed using the Error Correction Model (ECM) approach to determine the long-term and short-term effects of independent variables on economic growth.Findings – The main findings of this study confirm that Islamic social finance (ZIS) is a financial instrument that benefits the economy. ZIS can be an alternative fund for overcoming various problems of the Muslim Ummah and revitalizing the economy, even more so in a country with a majority Muslim population like Indonesia where ZIS instruments such as Zakat are obligatory to be issued to able-bodied Muslims. The study results show that the effect of ZIS on economic growth in Indonesia is felt in the long term, while in the short term, it has no significant impact.Implication – This research provides insight for related parties (especially National Board of Zakat/Badan Amil Zakat Nasional, BAZNAS) further to optimize the potential of ZIS into productive sectors to improve the economy.Originality – Most previous studies used panel data with a limited period to estimate the effect of Islamic social finance on economic growth, while this research utilized time series data with the ECM approach for a longer period.
Co-Authors Ihsanul Ikhwan