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All Journal Ekonomi Islam Indonesia Management and Sustainability
Irfan Nurfalah
SMART Indonesia
Religion Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Monetary Stability under Dual Banking System before Covid-19 Pandemic in Indonesia Irfan Nurfalah; Ahlis Fatoni
Ekonomi Islam Indonesia Vol. 5 No. 1 (2023): Ekonomi Islam Indonesia
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/eii.v5i1.229

Abstract

The Indonesian monetary authority or the Central Bank of Indonesia has established a policy in accordance with the constitution No. 3 in 2004, the monetary policy taken by Central Bank of Indonesia is the inflation targeting framework (ITF). To achieve this, Central Bank of Indonesia established intermediary policies which are regulating the volume of the money supply, stipulating the minimum reserves banking and regulating credit or financing. From some of these intermediary policies, the authors are interested in researching monetary policy in the dual monetary system in Indonesia, where the instruments used by each monetary system are different, so which system is the most stable and sustains Indonesia's growth and which system is the best to achieve ITF goals. The method used is Autoregressive Distributed Lag (ARDL) with data from 2010-sep 2018. The results show that the instruments used in conventional monetary systems based on interest rates have no influence on economic growth, whereas instruments in the Islamic monetary system have an influence on economic growth.
Islamic Social Finance as Source of Financing Agricultural Sector in Indonesia Irfan Nurfalah; Salman Al-Parisi
Ekonomi Islam Indonesia Vol. 5 No. 2 (2023): Ekonomi Islam Indonesia
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/eii.v5i2.279

Abstract

The shrinking of rice fields causes crop yields to decrease. Apart from that, financing in this sector is not attractive to investors because it is high risk. The minimal financing of agricultural sector credit is the reason for the author to discuss the problems faced in agricultural sector credit. The source of agricultural credit capital is the synergy between agricultural zakat and the government budget for food security and is allocated according to needs. So, sharia banking, the government and Baznas collaborate in raising funds for agricultural credit. This paper takes an example of an agricultural sector financing scheme from Japan which has been successfully implemented. However, Japan's credit financing comes from government funds only. This encourages the author to innovate credit financing in the agricultural sector, especially food diversification commodities, namely the synergy between agricultural zakat and the government budget for food security. Agricultural zakat is centralized by Baznas and then handed over to the Indonesian Agricultural Association (API). API determines the budget allocation of these funds and then submits it to Bank Indonesia (BI). BI hands it back to sharia banking to be credited to farmers with a predetermined allocation and the remaining allocated funds are deposited.
The Role of BMT in Improving Household Financial Management Irfan Nurfalah; Muhammad Taufiq
Management and Sustainability Vol. 1 No. 1 (2022): Management & Sustainability
Publisher : SMART Insight

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58968/ms.v1i1.283

Abstract

Lack of capital is a major obstacle in doing business, especially when the business is classified as a micro small business. The capital factor is an obstacle to the development of a business. So if this micro small business owner wants to expand, he must borrow or credit to credit institutions such as : BPR, BPRS, Banks and other financial institutions. However, a new problem arises from BPR, namely that the minimum credit for businesses is Rp. 5 million plus interest. In response to this, Islamic economic experts created a concept of financing and savings up to a nominal value below Rp. 1 million even Rp. 100 thousand is still served. The financial institution is Baitul Maal wat Tamwiil (BMT). BMT is a solution for individuals who have home-based businesses to expand. This study will look at the role played by BMT and how maqasid sharia reviews this role.
Co-Authors Ahlis Fatoni Muhammad Taufiq Salman Al-Parisi