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Salam (Islamic Economics Journal)
Published by Universitas Islam Negeri Raden Intan Lampung
ISSN : 27457478     EISSN : 27235955     DOI : http://dx.doi.org/10.24042/slm
Core Subject : Economy,
Economics, Econometrics & Finance
SALAM is a Journal of Islamic Economics and Business and a biannual journal published by Faculty of Islamic Economics and Business at UIN Raden Intan Lampung - Indonesia. SALAM focused on economic development research. Scope of SALAM are Economic Development, Economic Growth, Islamic Economics, Regional Economics, Public Economics, International Economics, Planning Economics, Institutional Economics, Monetary Economics, and Industrial Economics. SALAM Journal of Islamic Economics provides a space for scientific discussion of issues in Islamic economics and economic development
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekomomi dan Ekonometrika
Articles 101 Documents
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Dampak Risiko Geopolitik terhadap Respon Kebijakan Moneter di Negara-negara Emerging Market(Pendekatan Panel Dinamis GMM) Armunanto, Yohanes Novi; Nadya Ramdhani Ikhsana, Nadya; Ayu Nindien, Qurrota Ayu Nindien; Yusuf Afif, Fadeli Yusuf Afif
Salam (Islamic Economics Journal) Vol. 7 No. 1 (2026): Januari 2026 (Special Edition)
Publisher : Universitas Islam Negeri Raden Intan Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24042/fhjg9n51

Abstract

This study investigates the impact of geopolitical risk on monetary policy response in emerging market countries using a dynamic panel approach. The sample includes Indonesia, India, Brazil, Mexico, South Africa, Turkey, the Philippines, and Thailand. Exchange Rate Volatility (ERV) is used as the dependent variable, while Geopolitical Risk (GPR) and Economic Policy Uncertainty (EPU) are the main explanatory variables, with GDP growth as a control variable. To address the dynamic behavior of exchange rates and potential endogeneity, the analysis employs the Generalized Method of Moments (GMM) with the First Difference GMM (FD-GMM) estimator.  The results indicate that geopolitical risk and economic policy uncertainty significantly increase exchange rate volatility, while economic growth reduces it. The negative and significant lagged ERV coefficient confirms a mean reversion process, suggesting that monetary authorities respond dynamically to stabilize exchange rates against external pressures. Overall, the findings highlight that exchange rate stability in emerging markets depends on both external risk management and strong domestic economic fundamentals.
Paradoks Pertumbuhan Ekonomi dan Dinamika Pemulihan Kemiskinan: Analisis Empiris di Indonesia Pasca-Krisis Adela Putri, Gustina
Salam (Islamic Economics Journal) Vol. 7 No. 1 (2026): Januari 2026 (Special Edition)
Publisher : Universitas Islam Negeri Raden Intan Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24042/q0hnv786

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh dari pertumbuhan ekonomi, pendidikan, pengangguran, dan pertumbuhan penduduk terhadap kemiskinan. Penelitian ini menggunakan instrumen data sekunder yang diperoleh dari BPS. Metode yang digunakan adalah pendekatan kuantitatif dengan analisis regresi data panel (CEM, FEM, REM) melalui aplikasi EViews. Analisis dilakukan pada data 34 provinsi selama periode 2020–2024 dengan tahapan uji pemilihan model. Hasil dari penelitian ini menunjukkan bahwasannya Pertumbuhan ekonomi berpengaruh positif dan tidak signifikan terhadap kemiskinan di Indonesia. Variabel Pendidikan dan Pengangguran berpengaruh negatif dan signifikan terhadap kemiskinan di Indonesia. Lalu, Variabel pertumbuhan penduduk berpengaruh positif dan tidak signifikan terhadap kemiskinan di Indonesia 2020-2024. Secara Bersama-sama dapat dilihat variabel pertumbuhan ekonomi, pendidikan, pengangguran, dan pertumbuhan penduduk berpengaruh signifikan terhadap tingkat kemiskinan di Indonesia. Sehingga Memberikan bukti empiris yang dapat menjadi dasar perumusan kebijakan pengentasan kemiskinan yang lebih inklusif dan berbasis data. Dimana adanya efektivitas bantuan pemerintah saat covid dalam melindungi kelompok miskin saat guncangan besar menimpa ekonomi. Hal ini menyoroti pentingnya pertumbuhan inklusif dan pendidikan dalam menurunkan tingkat kemiskinan pasca krisis. Keterbatasan dalam penelitian ini terbatas pada faktor ekonomi, pendidikan, pengangguran, dan pertumbuhan penduduk saja, faktor lain yang berpotensi mempengaruhi kemiskinan seperti: tingkat partisipasi angkatan kerja informal belum dimasukkan dalam model analisis ini.  
Penerapan Sukuk Mudharabah di Indonesia:Kajian Peluang dan Tantangan dari Sudut Pandang Fiqh Muamalah Suryani; Al Munawar, M. Itoillah; Fadli Alwi, Ahmad Fadli Alwi
Salam (Islamic Economics Journal) Vol. 8 No. 2 (2026): June 2026
Publisher : Universitas Islam Negeri Raden Intan Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24042/1w5vny83

Abstract

The purpose of this study is to determine how the implementation of sukuk in Indonesia is, as well as to discuss the opportunities and challenges of the development of Sukuk Mudharabah. This research uses a qualitative descriptive method by reviewing literature and analyzing data from various sources, including books, the internet, and research journals relevant to the topic. The findings show that Indonesia has demonstrated a strong commitment to developing the Islamic financial market, particularly through the issuance of sukuk. With various types of sukuk, Indonesia has positioned itself as a major player in global Islamic finance and continues to show positive growth. Sukuk Mudharabah, as a profit-sharing-based Islamic financing instrument, has experienced significant development supported by increasing public awareness of Islamic financial products, strong government backing, and innovations in diversifying underlying assets. Despite existing challenges, the issuance of sukuk by both the government and private companies continues to increase, thereby reducing dependence on conventional debt and supporting sustainable projects. A concrete example is the issuance of Sukuk Mudharabah Based on Sustainable Sustainability I by PT Bank Syariah Indonesia Tbk, amounting to IDR 3 trillion. With competitive returns, sukuk mudharabah holds great potential to attract various investor segments, including the younger generation, and can serve as a key instrument in sharia financing that supports economic growth and sustainability in the future.   Keywords : Implementation of Sukuk, Development of Sukuk Mudharabah, Opportunities and Challenges of Sukuk.
Proxy Pembiayaan Green Financing pada Bank Umum Syariah terhadap Energi Terbarukan (2005-2024) Meylani, Raisha Alya Meylani; cupian, Cupian; Noven, Sarah Annisa
Salam (Islamic Economics Journal) Vol. 7 No. 1 (2026): Januari 2026 (Special Edition)
Publisher : Universitas Islam Negeri Raden Intan Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24042/hz8ctp30

Abstract

This study examines the development of green financing proxied by financing in the sector of electricity, gas, and water at Islamic Commercial Banks in Indonesia during the period 2005-2024. Using a descriptive-quantitative approach and secondary data, the analysis focuses on trends, proportional allocation, and changes in financing patterns within the framework of sustainable finance policies. The findings indicate that financing in the proxy sectors has increased gradually, although its proportion to total Islamic Commercial Bank financing remains relatively limited. The implementation of sustainable finance policies, including the Roadmap for Sustainable Finance, POJK No. 51/POJK.03/2017, and the Indonesian Green Taxonomy, is associated with a more consistent allocation of financing, albeit through a gradual adjustment process. In parallel, the development of renewable energy in Indonesia has progressed more steadily than the growth of Islamic bank financing in the proxy sectors. From an Islamic economics perspective, these findings reflect a significant internalization of maqāṣid al-sharī’ah, particularly hifz al-bi’ah, within the financing practices of Islamic Commercial Banks.
TRANSITION TO A GREEN ECONOMY: INTEGRATING NATURAL CAPITAL AND BASIC INFRASTRUCTURE INTO INDONESIA'S REGIONAL PRODUCTIVITY Choirunnisa, Luthfi; Try Waluyo, Adiet
Salam (Islamic Economics Journal) Vol. 8 No. 2 (2026): June 2026
Publisher : Universitas Islam Negeri Raden Intan Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24042/nekj9g80

Abstract

This study examines the dynamic relationship between natural capital, basic infrastructure, and regional economic growth in Indonesia during the post-pandemic period (2020–2024). Economic recovery following COVID-19 highlights the need to balance growth with environmental sustainability within a green economy framework. Natural capital is proxied by the Environmental Quality Index and CO₂ emissions from forest and land fires, while basic infrastructure is represented by access to clean water, roads, and electricity. Using panel data from 32 provinces, this study applies a Vector Autoregression (VAR) model, complemented by Impulse Response Function (IRF) and Variance Decomposition (VD) to capture dynamic interactions and responses to shocks. The results show that environmental quality and CO₂ emissions generate negative and persistent responses in regional economic growth, indicating the presence of a long-term trade-off between environmental conditions and economic output. Basic infrastructure also exhibits predominantly negative responses to shocks, particularly for electricity and roads, while clean water shows short-term positive but weak long-term effects. Variance decomposition results reveal that electricity access is the most dominant factor in explaining Gross Regional Domestic Product volatility. Overall, the relationship between environment, infrastructure, and growth is dynamic and highly context dependent, reflecting both structural constraints and policy inefficiency.
TAX EFFORT & TAX CAPACITY IN INDONESIAN NEWLY AUTONOMOUS REGIONS: A STOCHASTIC FRONTIER APPROACH Pramanda, Muhamad Andri Arif; Kurniawan; Andriani, Neneng Rina
Salam (Islamic Economics Journal) Vol. 8 No. 2 (2026): June 2026
Publisher : Universitas Islam Negeri Raden Intan Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24042/jj6ypx34

Abstract

This study examines the determinants of tax effort and tax capacity in Newly Autonomous Regions (NARs) in Indonesia within the context of fiscal decentralization and regional autonomy. Specifically, the study investigates the effects of government expenditure, investment, and labor force on regional tax performance. Using panel data from 74 NARs during 2019–2022, the study employs panel regression analysis combined with Stochastic Frontier Analysis (SFA) to estimate tax capacity and tax effort. Government expenditure is proxied by economic function expenditure and housing and public facilities expenditure. The findings indicate that both expenditure variables positively and significantly affect tax effort, suggesting that productive public spending stimulates economic activity and broadens the local tax base. In contrast, investment and labor force variables are found to have insignificant effects on tax effort, implying that increases in capital inflows and labor participation do not automatically translate into higher regional tax performance in newly established regions. The SFA results reveal substantial disparities in tax efficiency across NARs, with technical efficiency scores ranging from 0.004 to 0.94 and an average of 0.27, indicating that most regions still operate far below their potential tax capacity. These findings suggest that the sustainability of fiscal decentralization depends not only on regional expansion but also on the ability of local governments to optimize productive expenditure and strengthen tax collection performance.
Ekonomi Syariah dan Artificial Intelligence (AI): Perkembangan, Peluang, dan Risiko dalam Perspektif Islam Aulia Mutiara Salma
Salam (Islamic Economics Journal) Vol. 8 No. 2 (2026): June 2026
Publisher : Universitas Islam Negeri Raden Intan Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24042/w6vba523

Abstract

Perkembangan Artificial Intelligence (AI) di era digital telah membawa perubahan besar dalam berbagai sektor, termasuk ekonomi syariah. Teknologi AI memberikan peluang dalam meningkatkan efisiensi operasional, memperluas inklusi keuangan syariah, mendukung perkembangan fintech syariah, serta meningkatkan transparansi pengelolaan dana sosial Islam seperti zakat dan wakaf. Namun demikian, implementasi AI juga menghadirkan berbagai risiko dan tantangan, seperti ketidaktransparanan algoritma, penyalahgunaan data, potensi ketidakadilan ekonomi, serta kemungkinan munculnya praktik transaksi yang tidak sesuai dengan prinsip syariah. Penelitian ini bertujuan untuk menganalisis peluang, risiko, dan tantangan penggunaan AI dalam perspektif ekonomi Islam. Metode penelitian yang digunakan adalah penelitian kualitatif dengan pendekatan studi pustaka (library research), melalui pengumpulan data dari jurnal ilmiah, buku, artikel akademik, dan sumber literatur terkait lainnya. Teknik analisis data dilakukan secara deskriptif-kualitatif dengan pendekatan maqashid syariah sebagai dasar analisis. Hasil penelitian menunjukkan bahwa AI memiliki potensi besar dalam mendukung transformasi ekonomi syariah menuju sistem yang lebih modern, efisien, dan inklusif. Akan tetapi, penerapannya memerlukan regulasi, pengawasan syariah, serta penerapan etika teknologi agar tetap sesuai dengan prinsip-prinsip Islam. Oleh karena itu, integrasi antara teknologi AI dan nilai-nilai syariah menjadi faktor penting dalam menciptakan kemaslahatan dan keberlanjutan ekonomi Islam di masa depan. Kata Kunci: Artificial Intelligence, ekonomi syariah, fintech syariah, maqashid syariah, transformasi digital.
PENGARUH KONTRIBUSI PENDAPATAN ASLI DAERAH DAN DANA TRANSFER TERHADAP KEMANDIRIAN FISKAL PEMERINTAH DAERAH DI PROVINSI BENGKULU Khairani, Amelia; Mustika, Nelda
Salam (Islamic Economics Journal) Vol. 8 No. 2 (2026): June 2026
Publisher : Universitas Islam Negeri Raden Intan Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24042/aatwyq08

Abstract

This study aims to examine the effect of Regional Original Revenue (PAD), General Allocation Fund (DAU), Special Allocation Fund (DAK), and Revenue Sharing Fund (DBH) on regional financial independence. This research employed a quantitative approach using panel data regression analysis through the Common Effect Model (CEM), Fixed Effect Model (FEM), and Random Effect Model (REM), with model selection conducted using the Chow, Hausman, and Lagrange Multiplier tests. The results indicate that PAD has a positive and significant effect on regional financial independence, suggesting that higher local revenue enhances the ability of regional governments to finance development independently. In contrast, DAU, DAK, and DBH have negative and significant effects on regional financial independence, indicating that greater dependence on central government transfer funds tends to reduce regional fiscal autonomy. Therefore, optimizing local revenue sources is essential to strengthen regional financial independence and reduce dependency on intergovernmental transfers.
Kinerja Ekspor Indonesia Dalam Perspektif Makroekonomi:Pendekatan ARDL Ramah, Nabila Miftaahur; Khairani, Amelia
Salam (Islamic Economics Journal) Vol. 8 No. 2 (2026): June 2026
Publisher : Universitas Islam Negeri Raden Intan Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24042/y81fdc63

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh inflasi, suku bunga, utang luar negeri, dan nilai tukar rupiah terhadap dolar AS terhadap ekspor barang dan jasa Indonesia periode 1986–2025. Penelitian ini menggunakan data sekunder yang diperoleh dari World Bank dengan pendekatan kuantitatif dan analisis Autoregressive Distributed Lag (ARDL) menggunakan aplikasi Stata. Hasil penelitian menunjukkan bahwa dalam jangka panjang variabel utang luar negeri berpengaruh positif dan signifikan terhadap ekspor barang dan jasa Indonesia, sedangkan suku bunga berpengaruh negatif dan signifikan. Sementara itu, inflasi dan nilai tukar rupiah terhadap dolar AS tidak berpengaruh signifikan dalam jangka panjang. Dalam jangka pendek, nilai tukar rupiah terhadap dolar AS berpengaruh negatif dan signifikan terhadap ekspor barang dan jasa Indonesia. Selain itu, nilai Error Correction Term (ECT) yang negatif dan signifikan menunjukkan adanya mekanisme penyesuaian menuju keseimbangan jangka panjang. Hasil penelitian ini memberikan bukti empiris bahwa stabilitas suku bunga, pengelolaan utang luar negeri yang produktif, serta stabilitas nilai tukar memiliki peran penting dalam mendukung kinerja ekspor Indonesia. Penelitian ini masih terbatas pada variabel inflasi, suku bunga, utang luar negeri, dan nilai tukar, sehingga penelitian selanjutnya disarankan menambahkan variabel lain seperti investasi asing, cadangan devisa, dan produk domestik bruto untuk memperoleh hasil yang lebih komprehensif.  Key words: Ekspor, Inflasi, Suku Bunga, Utang Luar Negeri, Nilai Tukar Rupiah, ARDL.
Dinamika Keuangan Sosial Islam: Tren Zakat Produktif dan Pembiayaan Syariah Sektor UMKM terhadap Ketimpangan Pendapatan di Indonesia Tahun 2011-2025 Fitriani, Silmi; cupian, Cupian; Hardiawan, Donny
Salam (Islamic Economics Journal) Vol. 8 No. 2 (2026): June 2026
Publisher : Universitas Islam Negeri Raden Intan Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24042/mf6k6w26

Abstract

Income inequality remains a structural challenge in Indonesia’s economic development that has yet to be fully resolved. Islamic social finance instruments, particularly productive zakat and sharia financing for the MSME sector, are believed to play a role in reducing this disparity. This study aims to analyze the trend development of BAZNAS productive zakat and sharia financing for the MSME sector in relation to income inequality, as measured by the Gini Ratio in Indonesia during the period 2011-2025, using quarterly observations where available. The study employs a descriptive quantitative method with trend analysis based on secondary data obtained from BAZNAS financial reports, the Financial Services Authority (OJK), and Statistics Indonesia (BPS). The results show that BAZNAS productive zakat increased significantly from IDR 5.41 billion in 2011 to IDR 149.71 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 26.8%. Meanwhile, sharia financing for the MSME sector increased from IDR 209.85 trillion at the end of 2011 to IDR 305.84 trillion in the first semester of 2025, with a CAGR of 2.84%. At the same time, the Gini Ratio showed a gradual downward trend from 0,410 in March 2011 to 0,375 in March 2025, although it experienced fluctuations due to COVID-19 pandemic during the 2020-2021 period. Descriptive trend analysis identifies a pattern of alignment between the growth of Islamic social finance instruments and the decline in income inequality. The findings indicate that productive zakat expanded at a substantially faster rate than MSME sharia financing, while both instruments displayed a trend broadly aligned with the gradual decline in income equality. However, this relationship cannot yet be directly interpreted as a causal relationship and still requires further empirical investigation.

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