Perkembangan Sektor Keuangan Islam dan Pertumbuhan Ekonomi: Studi Empiris Negara OKI
Keywords:
Islamic finance, economic growth, Global Islamic Economy Indicator, Islamic fund, Sukuk, regulation, article, zakat, charity, CSR
Abstract
This study explores the effect of the development of Islamic Financial sectors toward the economic growth of ten Islamic countries based on the Global Islamic Economy Indicator (GIEI) from 2014 to 2018. The Islamic financial sectors consist of issuing covering finance represented by the value of Islamic funds and the value of outstanding Sukuk. The governance factor is represented by the number of Islamic finance regulations and the number of Islamic finance scholars. The awareness is represented by some institution education about Islamic Finance and several news/articles about Islamic finance. The Islamic social fund is represented by the fund of Zakat and Charities, and the fund of Corporate Social Responsibility (CSR). This research use panel data and a random effect for analyses. The result shows that three variables positively contribute to economic growth; the value of outstanding Sukuks, the number of Islamic finance regulations, and the number of Islamic educations about Islamic finance. Meanwhile, the number of Islamic finance regulations, the number of Islamic finance scholars, the number of news/articles, the value of zakat and charity, and the CSR scores index do not significantly contribute to the economic growth of ten Islamic countries.
References
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Romdhoni, Abdul Haris. 2017. “Zakat Dalam Mendorong Pertumbuhan Ekonomi Dan Pengentasan Kemiskinan.” Jurnal Ilmiah Ekonomi Islam 3(1): 41–51.
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Sadraoui, Tarek, dan Hanen Hleli. 2015. “A Dynamic Panel Data Analysis for Islamic Finance and Economic Growth.” International Journal of Economics, Finance and Management Sciences 2015; 3: 1–6.
Siti Nurmuminah, Alla Asmara, Deni Lubis. 2015. “Dampak Makroekonomi Pada Penghimpunan Zis Baznas Pusat.” Iqtishodia: Jurnal Ekonomi Islam Republika.
Tabash, Mosab I. 2014. “Islamic Finance and Economic Growth : An Empirical Evidence from United Arab Emirates ( UAE ).” Journal of Emerging Issues in Economics, Finance and Banking (JEIEFB) 3(2): 1069–85.
Tya Ryandini. 2013. “Pengaruh Dana Investasi Melalui Instrumen Sun Dan Sbsn Terhadap Pertumbuhan Ekonomi Indonesia ” Ikatan Ahli Ekonomi Islam Indonesia (IAEI) (1): 59–69.
Sarwer, Saleh, Prof Muhammad Ramzan, dan Waqar Ahmad. 2013. “Does Islamic Banking System Contributes to Economy Development.” Global Journal of Management Research 13(2).
Ulum, Fahrur. 2017. “Progresifitas Regulasi Keuangan Syariah Di Indonesia.” Al-Daulah: Jurnal Hukum Dan Perundangan Islam Volume 7(2): 25.
Wooldridge, Jeffrey M. 2013. Introductory Econometrics : Modern Approach. 5 ed. ed. Michael Worls. Michigan: South-Western CENGAGE Learning.
Ahmad, Wan, Wan Omar, Fauzi Hussin, dan Asan Ali G H. 2015. “The Empirical Effects of Islam on Economic Development in Malaysia.” Sciedu Press 6(1): 99–111.
Arif, M. Nur Rianto Al. 2012. Lembaga Keuangan Syariah : Suatu Kajian Teoretis Praktis. 1 ed. ed. M.Ag.M.M. Dr. Anwar Abbas. Bandung: CV Pustaka Setia.
Arsyad, Prof. Lincolin. “Ekonomi Pembangunan dan Pembangunan Ekonomi.” In Ekonomi Pembangunan Lanjutan, Jakarta: Universitas Terbuka, 1–37.
Badri Rabaa, Boujelbene Younes. 2016. “The Impact Of The Islamic Banks Performances On Economic Growth: Using Panel Data.” International Journal Of Economics And Finance Studies 8(1): 101–11.
BAPPENAS. 2018. Masterplan Ekonomi Syariah Indonesia 2019-2024. pertama. ed. Deputi Bidang Ekonomi. Jakarta: Kementerian Perencanaan Pembangunan Nasional.
Baroroh, Utami. 2012. “Analisis Sektor Keuangan Terhadap Pertumbuhan Ekonomi Regional Di Wilayah Jawa: Pendekatan Model Levine.” Jurnal Etikonomi 11(2): 180–95.
Boukhatem, Jamel, dan Fatma Ben Moussa. 2018. “The effect of Islamic banks on GDP growth: Some evidence from selected MENA countries.” Borsa Istanbul Review 18(3): 231–47. https://doi.org/10.1016/j.bir.2017.11.004.
Chalid, Pheni. 2012. “Teori Pertumbuhan.” In Teori dan Isu Pembangunan, ed. Universitas Terbuka. Jakarta: Universitas Terbuka, 1–52.
Chaouch, Naoel. 2017. “An Exploratory Study of Tunisian Customers’ Awareness and Perception of Islamic Banks.” International Journal Of Islamic Economics And Finance Studies 3(2): 7–32.
Dr. Rifki Ismal, Mr. Ahmad Mohammad Barau, Mr. Naif Alsagr, Mr. Elhadi Idris Habbani. 2019. Infrastructure Financing through Islamic Finance in the Islamic Countries. 4 ed. ed. COMCEC Coordination Office. Ankara: COMCEC Coordination Office.
Fahrian, Derry, dan Chenny Seftarita. 2016. “The Effects Of Sukuk (Islamic Bonds ) In The Economy.” International Conference on Mathematics, Statistics and Its Application: 257–61.
Forouheshfar, Yeganeh. 2018. PSL Research University Financial sector development, economic growth and demography in MENA region. Economies. Paris: Dauphine Universite Paris.
Hidayatullah, Indra. 2015. “Peran Pemerintah Di Bidang Perekonomian Dalam Islam.” DINAR 1(2): 77–90.
Hgb, Bakhita. 2017. “Impact of Islamic Modes of Finance on Economic Growth through Financial Stability.” Journal of Business & Financial Affairs (March).
Huma Nawaz, Maira Abrar, Asma Salman. 2019. “Beyond finance: Impact of Islamic finance on economic growth in Pakistan.” Economic Journal of Emerging Markets 11(1): 8–18.
Itang. 2014. “Kebijakan Pemerintah Tentang Lembaga Keuangan Syariah.” IAIN Sultan Maulana Hasanudin XIV(2): 213–24.
Ir. Taryono, M.Si. “Pengantar Teori Ekonomi Pembangunan.” In Ekonomi Pembangunan Perikanan, ed. Universitas Terbuka. Jakarta: Universitas Terbuka, 1–51.
Jumaniyozov, Inomjon. 2018. “Impact of Development Finance Institutions on Economic Growth : Implications for Reconstruction and Development Fund of Uzbekistan.” International Journal of Management Science and Business Administration 4(2): 84–88.
Kusumaningtuti S. Soetiono. 2016. Pasar modal. SNLKI. Jakarta: Otoritas Jasa Keuangan. https://sikapiuangmu.ojk.go.id/FrontEnd/CMS/Download/203.
Kim, Dai-Won, Yu, Jung-Suk, Hassan, M. Kabir, Financial Inclusion and Economic Growth in OIC Countries. Research in International Business and Finance http://dx.doi.org/10.1016/j.ribaf.2017.07.178
Khasandy, Elleriz Aisha, dan Rudy Badrudin. 2018. “The Influence of Zakat on Economic Growth and Welfare Society in Indonesia.” IJBE (Integrated Journal of Business and Economics): 65–79.
Mulyanyb, Hafas Furqania and Ratna. 2009. “Islamic Banking and Economic Growth: Empirical Evidence from Malaysia.” Journal of Economic Cooperation and Development 2: 59–74.
Muhammad Asif, Iqbal Ather and Zaighum Isma. 2014. “Impact of Islamic Investment Trend on Economic Growth-A Case Study of.” Research Journal of Management Sciences 3(8): 8–17.
Pangestika, Styfanda. 2015. “Analisis estimasi model regresi data panel dengan pendekatan common effect model (cem), fixed effect model (fem), dan random effect model (rem).” Universitas Negeri Semarang.
Reuters, Thomson. 2018. State of the Global Islamic Economy Report 2018/19. 2018 ed. Dubai: Salam Gateway. www.salamgateway.com.
Rawat, Amna Sohail, dan Syed Kumail Mehdi. 2017. “The Impact of Islamic Banks and Takaful Companies on Economic Growth: A Case of Pakistan.” Journal of Finance & Economics Research 2(2): 130–43.
Romdhoni, Abdul Haris. 2017. “Zakat Dalam Mendorong Pertumbuhan Ekonomi Dan Pengentasan Kemiskinan.” Jurnal Ilmiah Ekonomi Islam 3(1): 41–51.
Segara, Tirta. 2017. Strategi Nasional Literasi Keuangan Indonesia. Revisi 201. ed. Bidang Edukasi dan Perlindungan Konsumen. Jakarta: Otoritas Jasa Keuangam.
Soetiono, Kusumaningtuti S. 2016. “Otoritas Jasa Keuangan ( OJK ) dan Pengawasan Mikroprudensial.” In Otoritas Jasa Keuangan, ed. OJK. Jakarta: OJK, 39.
Soetiono, K,S. Seri Literasi Keuangan. Jakarta: Otoritas Jasa Keuangan.2015.
Sadraoui, Tarek, dan Hanen Hleli. 2015. “A Dynamic Panel Data Analysis for Islamic Finance and Economic Growth.” International Journal of Economics, Finance and Management Sciences 2015; 3: 1–6.
Siti Nurmuminah, Alla Asmara, Deni Lubis. 2015. “Dampak Makroekonomi Pada Penghimpunan Zis Baznas Pusat.” Iqtishodia: Jurnal Ekonomi Islam Republika.
Tabash, Mosab I. 2014. “Islamic Finance and Economic Growth : An Empirical Evidence from United Arab Emirates ( UAE ).” Journal of Emerging Issues in Economics, Finance and Banking (JEIEFB) 3(2): 1069–85.
Tya Ryandini. 2013. “Pengaruh Dana Investasi Melalui Instrumen Sun Dan Sbsn Terhadap Pertumbuhan Ekonomi Indonesia ” Ikatan Ahli Ekonomi Islam Indonesia (IAEI) (1): 59–69.
Sarwer, Saleh, Prof Muhammad Ramzan, dan Waqar Ahmad. 2013. “Does Islamic Banking System Contributes to Economy Development.” Global Journal of Management Research 13(2).
Ulum, Fahrur. 2017. “Progresifitas Regulasi Keuangan Syariah Di Indonesia.” Al-Daulah: Jurnal Hukum Dan Perundangan Islam Volume 7(2): 25.
Wooldridge, Jeffrey M. 2013. Introductory Econometrics : Modern Approach. 5 ed. ed. Michael Worls. Michigan: South-Western CENGAGE Learning.
Published
2021-02-13
Section
Articles
