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Analysis the Effect of Sharia Monetary Operations (OMS) on Inflation in Indonesia for the 2019-2021 Period Anggini, Karlita; Fitriyatustany, Fitriyatustany; Sari, Citra Atrina; Fitri, Resfa; Hasanah, Neneng
AL-MUZARA'AH Vol. 13 No. 2 (2025): AL-MUZARA'AH (December 2025)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.13.2.271-283

Abstract

Monetary policy is the government's effort to maintain, increase, or decrease the amount of money in circulation in order to sustain economic growth and combat inflation. Monetary policy in the form of Sharia Open Market Operations can be implemented by issuing Bank Indonesia Sharia Certificates (SBIS), Minimum Reserve Requirements (GWM), and Standing Facilities, such as Bank Indonesia Sharia Deposit Facilities (FASBIS). This study is novel because it uses comparative effectiveness analysis, different observation periods, and has undergone classical assumption testing. The purpose of this study is to describe and assess the effects of SBIS, FASBIS, and GWM on Indonesian inflation from 2019 to 2021. The research data is sourced from the Financial Services Authority (OJK) website. Multiple linear regression analysis was performed using the Eviews 10 software. The results showed that SBIS has no significant effect on inflation, FASBIS has a significant and negative effect on inflation, and GWM has a significant and positive effect on inflation. FASBIS and GWM can explain 79.7% of inflation, with other factors accounting for the remaining 20.3%. Islamic banking must improve its financial performance by utilizing FASBIS instruments more efficiently.
The Effect of Macroeconomics on the Receipt of Zakat, Infaq, and Shadaqah at BAZNAS Central for 2015-2024 Period Juliarty, Noer Resky; Fitri, Resfa; Achsani, Muhammad Nur Faaiz Fathah; Beik, Irfan Syauqi
International Journal of Zakat Vol 10 No 4 (2025): International Journal of Zakat
Publisher : Center of Strategic Studies (PUSKAS) BAZNAS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37706/ijaz.v10i4.661

Abstract

In recent years, Indonesia's economy has grown steadily, supported by strong household purchasing power and stable investment. However, this stability was disrupted with the emergence of the COVID-19 pandemic in early 2020. This study aims to analyze the effect of macroeconomic variables on the collection of zakat, infaq, and sadaqah at BAZNAS Central during the 2015–2024 period. The research use secondary quarterly time-series data from 2015 to 2024. The analysis is conducted using descriptive analysis combined with the Autoregressive Distributed Lag (ARDL) method. The results show more clearly that GDP consistently exerts a positive and significant influence on zakat as well as infaq and shadaqah receipts in both the short and long run, confirming the central role of economic growth in strengthening Islamic philanthropic capacity. Meanwhile, the Consumer Price Index (CPI), as a proxy for inflation, and the BI Rate were not proven to significantly affect infaq and shadaqah receipts; however, CPI demonstrates a positive long-run effect on zakat, and the BI Rate shows a negative but weak influence, indicating limited monetary policy transmission to ZIS behavior. The impact of the COVID-19 pandemic was found to be significantly negative for zakat receipts, but relatively insignificant for infaq and shadaqah. Furthermore, digitalization at BAZNAS is shown to significantly increase ZIS collection, underscoring the growing role of technological adoption in expanding accessibility and strengthening fundraising performance. Overall, these findings highlight the need for macroeconomic stability and continuous digital transformation to optimize ZIS mobilization.