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All Journal Ad-Deenar: Jurnal Ekonomi dan Bisnis Islam IJMA
Rosviana, Mohammad Irfan
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering

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FISCAL AND MONETARY POLICY SYNERGY IN THE FRAMEWORK OF ISLAMIC ECONOMICS: SOLUTIONS TO MACROECONOMIC STABILITY CHALLENGES Salsabila, Bunga; Nurkhofifaturohma, Mita; Muslimah, Rafika Hauli; Rosviana, Mohammad Irfan
IJMA (Indonesian Journal of Management and Accounting) Vol 6, No 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/ijma.2025.6(1).50-59

Abstract

The monetary policy implemented in Indonesia affects the country's economic growth, especially when viewed from the perspective of Islamic economics. This study explores that monetary policies such as interest rate regulation, sharia monetary instruments, and financial stability can be aligned with Islamic economic principles that emphasize justice, mutual benefit, and freedom from riba (interest). The purpose of this study is to analyze the issue of the influence of monetary policy on Indonesia's economic growth which will be studied from an Islamic perspective. The method of writing this article uses a qualitative approach that is closely related to theoretical writings and other references related to the laws, cultures, and norms that apply in the social situation being studied. The results of this study show that Islamic monetary policy prohibits riba and uses interest-free instruments to achieve economic prosperity and stability. This policy is divided into expansive and contractive, with six elements of sharia that must be met. With a comprehensive and balanced approach, Islamic monetary policy is expected to promote sustainable and inclusive economic growth, address inequality, and ensure that economic benefits can be felt by all levels of society.
FISCAL AND MONETARY POLICY SYNERGY IN THE FRAMEWORK OF ISLAMIC ECONOMICS: SOLUTIONS TO MACROECONOMIC STABILITY CHALLENGES Alifah, Nurul; Permana, Haiqkal; Ajrika, Naela; Aziz, Abdul; Rosviana, Mohammad Irfan
IJMA (Indonesian Journal of Management and Accounting) Vol 6, No 1 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Alma Ata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21927/ijma.2025.6(1).%p

Abstract

This research aims to obtain the results of a synergy analysis of fiscal and monetary policies within the framework of Islamic economics: solutions to the challenges of Islamic macroeconomic stability. The research method uses a qualitative approach, field data collection uses analytical techniques, reading, summarizing and selecting material. To understand the data we take from various journals by researching and reading carefully. Synergy between fiscal and monetary policies is a key element in achieving sustainable economic stability, especially in the context of countries that apply Islamic economic principles. Within this framework, both policies not only aim to achieve economic growth, but also to ensure social justice and societal welfare. Fiscal policy, which includes government spending and taxation, functions to manage resources and support programs that benefit society. The research results show that in the context of macroeconomics, another important economic fundamental is government fiscal policy. Monetary strategy for Fiscal policy in Macroeconomics, namely the implementation of fiscal policy and monetary policy carried out by these two different institutions must not conflict with one another, where both must mutually adjust the policies they make. To maintain national stability in the economic sector, the government needs to keep the inflation rate from exceeding 5%. One of the government's efforts to overcome this inflation problem is by implementing fiscal policy and monetary policy.
Co-Authors Abdul Aziz Ajrika, Naela Alifah, Nurul Muslimah, Rafika Hauli Nurkhofifaturohma, Mita Permana, Haiqkal Salsabila, Bunga Wartoyo Wartoyo