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All Journal Al-Muqayyad JCAIP: Journal of Contemporary Applied Islamic Philanthropy
Muhammad Iqbal
Universitas Islam Negeri Raden Intan Lampung, Indonesia
Religion Economics, Econometrics & Finance

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The Effect Of Domestic Investment And Foreign Direct Investment On The Increase Labor Absorption In Indonesia During 2015–2024: An Islamic Economics Perspective Lora Ayu Agustina; Muhammad Iqbal; M. Yusuf Bahtiar
Journal of Contemporary Applied Islamic Philanthropy Vol. 4 No. 1 (2026): JCAIP
Publisher : Nuban Jagadhita Centre

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62265/jcaip.v4i1.579

Abstract

Purpose: This study aims to analyze the effect of domestic investment and foreign direct investment on employment absorption in Indonesia during the 2015–2024 period from the perspective of Islamic economics. Methodology: The study employs a quantitative approach using panel data analysis. The data were obtained from Statistics Indonesia (BPS) and the Indonesia Investment Coordinating Board (BKPM). Findings: The results indicate that both domestic investment and foreign direct investment have a significant effect on employment absorption, both partially and simultaneously. The coefficient of determination of 34.1% suggests that variations in employment absorption can be explained by these two variables, while the remaining 65.9% is influenced by other factors outside the scope of this study. From the perspective of Islamic economics, investment is not solely intended to generate profits but must also uphold the principles of justice, public welfare (maslahah), and social well-being through job creation and the reduction of social inequality. This study is expected to serve as a reference for formulating investment policies that prioritize labor-intensive sectors to increase employment absorption, reduce unemployment, and promote a more inclusive and equitable distribution of welfare in Indonesia.
Pengaruh jumlah uang beredar, suku bunga, dan inflasi terhadap pertumbuhan ekonomi di Indonesia tahun 2012–2024 ditinjau dalam perspektif ekonomi Islam Sinta Tri Utami; Muhammad Iqbal; M. Yusuf Bahtiar
AL-Muqayyad Vol. 9 No. 1 (2026): Al-Muqayyad
Publisher : STAI Auliaurrasyidin Tembilahan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46963/jam.v9i1.3715

Abstract

This study aims to analyze the influence of money supply, interest rates, and inflation on economic growth in Indonesia for the 2012-2024 period using the VECM with quarterly data of 52 observations. The cointegration test results indicate a long-term relationship among the variables. In the long run, inflation has a significant effect on GDP, while money supply has a negative but very small effect, and interest rates have no significant effect. Overall, the three monetary variables collectively contribute less than 1% to GDP variations, thus they are not the main factors driving economic growth. The policy implications of these findings include the need to prioritize inflation control and reevaluate the effectiveness of interest rate instruments and money supply expansion in promoting growth. The contribution of this research lies in using a study period that covers various economic shocks (taper tantrum, pandemic, and recovery) and applying the VECM method capable of separating short-run and long-run effects. From the perspective of Islamic economics, these findings support the principles of distributive justice and the prohibition of usury (riba), as interest-based instruments prove ineffective, making the development of Sharia-based monetary policy through profit-sharing schemes a more relevant and equitable alternative.
Co-Authors Lora Ayu Agustina M. Yusuf Bahtiar Sinta Tri Utami