Main Article Content
Abstract
Purpose – The objective of this research is to examine the impact of Islamic-based green financing on economic growth in some Islamic banking countries: Indonesia, Malaysia, and the United Arab Emirates.
Methods – The study employs a fixed effect regression model (FEM), based on panel annual data from 2015 to 2023 from Indonesia, Malaysia, and the UAE. Secondary data from various official sources were utilized for comparative analysis.
Findings – Green financing and the exchange rate positively influence economic growth in all three countries. On the other hand, inflation and interest rate do not have a significant effect on economic growth.
Implication – The findings emphasize the need to develop more competitive Sharia-compliant green financial instruments and enhance human resource literacy in green finance. Governments should also maintain macroeconomic stability, including a competitive exchange rate, to foster green financing and economic growth.
Originality – This study uniquely analyzes the long-term macroeconomic impact of Sharia-compliant green financing using panel data across Indonesia, Malaysia, and the UAE. Its distinct contribution lies in integrating development, green, and Islamic economic perspectives.
Abstrak
Tujuan – Penelitian ini mengkaji sejauh mana pembiayaan hijau berbasis syariah serta variabel ekonomi makro berkontribusi terhadap pertumbuhan ekonomi di tiga negara bank syariah, yaitu Indonesia, Malaysia, dan Uni Emirat Arab (UEA)
Metode – Dengan pendekatan kuantitatif, studi ini memanfaatkan data panel periode 2015–2023 dari Indonesia, Malaysia, dan UEA, yang kemudian dianalisis melalui teknik regresi panel menggunakan Fixed Effect Model.
Temuan – Pembiayaan hijau serta nilai tukar memiliki dampak positif dan signifikan terhadap PDB, sementara inflasi menunjukkan pengaruh negatif namun tidak signifikan, sedangkan suku bunga berpengaruh positif tetapi tidak signifikan.
Implikasi – Temuan ini menekankan urgensi pengembangan instrumen keuangan hijau syariah yang lebih kompetitif dan peningkatan literasi sumber daya manusia di bidang pembiayaan hijau. Pemerintah juga perlu menjaga nilai tukar yang kompetitif, untuk mendorong pertumbuhan ekonomi.
Orisinalitas – Penelitian ini secara unik menganalisis dampak makroekonomi jangka panjang pembiayaan hijau syariah dengan data panel di Indonesia, Malaysia, dan UEA. Kontribusi khususnya adalah mengintegrasikan perspektif ekonomi pembangunan, ekonomi hijau, dan ekonomi syariah
Keywords
Article Details
Copyright (c) 2025 Priyonggo Suseno, Ildhani Afdanisa
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References
- Azhgaliyeva, D (2020), Green Islamic Bonds, Background Notes, Asian Development Bank Institute., Diakses dari https://www.adb.org/sites/default/files/institutional-document/691951/ado2021bn-green-islamic-bonds.pdf
- Baltagi, B. H. (2013). Econometric Analysis of Panel Data. John Wiley & Sons. Diakses dari https://library.wbi.ac.id/repository/27.pdf
- Bank Indonesia. (2023, 30 Maret). Momentum yang Tepat Bagi Negara ASEAN Menerapkan Mitigasi Perubahan Iklim, Siaran Pers, https://www.bi.go.id/id/publikasi/ruang-media/news-release/Pages/sp_258123.aspx
- Barro, R. J. (1995). Inflation And Economic Growth. In National Bureau Of Economic Research, NBER Working Series, No. 5326. https://www.nber.org/system/files/working_papers/w5326/w5326.pdf
- Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics (5th ed). New York: McGraw-Hill/Irwin. Diakses dari https://ucanapplym.s3.ap-south-1.amazonaws.com/RGU/notifications/E_learning/0nline_study/Basic-Econometrics-5th-Ed-Gujarati-and-P.pdf
- Ha, D. T. T., & Hoang, N. T. (2020). Exchange Rate Regime And Economic Growth In Asia: Convergence Or Divergence. Journal Of Risk And Financial Management, 13(1), 1–15. Https://Doi.Org/10.3390/Jrfm13010009
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- Nur, S. A. K. (2019). Transmisi Kebijakan Moneter di Indonesia: Studi Komparatif Perbankan Konvensional dan Syariah. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah, 11(2), 241-255.
- Rafay, A., Sadiq, R., & Ajmal, M. M. (2017). Uniform framework for Sukuk-Al-Ijara—A proposed model for all madhahib. Journal of Islamic Accounting and Business Research, 8(4), 420–454. DOI:10.1108/JIABR-09-2015-0042
- Tien, N. H. (2021). Relationship Between Inflation And Economic Growth In Eu Countries. Turkish Journal Of Computer And Mathematics Education, 12(14), 5134–5139. Https://Doi.Org/10.26650/Jepr1132170
- Uddin, M. N., & Ahmmed, M. (2018). Islamic Banking And Green Banking For Sustainable Development: Evidence From Bangladesh. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah, 10(1). Https://Doi.Org/10.15408/Aiq.V10i1.4563
- World Bank Group. (2019). Islamic Green Finance: Development, Ecosystem And Prospects. Securities Commission Malaysia. https://documents1.worldbank.org/curated/en/591721554824346344/pdf/Islamic-Green-Finance-Development-Ecosystem-and-Prospects.pdf
References
Azhgaliyeva, D (2020), Green Islamic Bonds, Background Notes, Asian Development Bank Institute., Diakses dari https://www.adb.org/sites/default/files/institutional-document/691951/ado2021bn-green-islamic-bonds.pdf
Baltagi, B. H. (2013). Econometric Analysis of Panel Data. John Wiley & Sons. Diakses dari https://library.wbi.ac.id/repository/27.pdf
Bank Indonesia. (2023, 30 Maret). Momentum yang Tepat Bagi Negara ASEAN Menerapkan Mitigasi Perubahan Iklim, Siaran Pers, https://www.bi.go.id/id/publikasi/ruang-media/news-release/Pages/sp_258123.aspx
Barro, R. J. (1995). Inflation And Economic Growth. In National Bureau Of Economic Research, NBER Working Series, No. 5326. https://www.nber.org/system/files/working_papers/w5326/w5326.pdf
Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics (5th ed). New York: McGraw-Hill/Irwin. Diakses dari https://ucanapplym.s3.ap-south-1.amazonaws.com/RGU/notifications/E_learning/0nline_study/Basic-Econometrics-5th-Ed-Gujarati-and-P.pdf
Ha, D. T. T., & Hoang, N. T. (2020). Exchange Rate Regime And Economic Growth In Asia: Convergence Or Divergence. Journal Of Risk And Financial Management, 13(1), 1–15. Https://Doi.Org/10.3390/Jrfm13010009
Liu, F. H. M., & Lai, K. P. Y. (2021a). Ecologies Of Green Finance: Green Sukuk And Development Of Green Islamic Finance In Malaysia. Environment And Planning A, 53(8), 1896–1914. Https://Doi.Org/10.1177/0308518x211038349
Mariana, Kukuh Tondoyekti, & Fachrozi. (2024). Ekonomi Hijau Dan Bisnis Syariah: Mempromosikan Bisnis Yang Berkelanjutan Dan Bertanggung Jawab. Jurnal Ekonomi Bisnis, Manajemen Dan Akuntansi (Jebma), 4(2), 873–882. https://doi.org/10.47709/jebma.v4i2.4071
Mubarik, Y. A. (2005). Threshold Level of Inflation in Pakistan. SBP-Research Bulletin, 1(1), 35–43. Diakses dari https://www.sbp.org.pk/research/bulletin/2005/Article-3.pdf
Muljawan, D. Dkk. (2020). Buku Pengayaan Pembelajaran Ekonomi Syariah untuk SMA kelas X. Penerbit Departemen Ekonomi Dan Keuangan Syariah Bank Indonesia. Diakses dari https://slims.sman1bantul.sch.id/index.php?author=%22Dadang+Muljawan%2C+dkk%22&search=Search
Nur, S. A. K. (2019). Transmisi Kebijakan Moneter di Indonesia: Studi Komparatif Perbankan Konvensional dan Syariah. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah, 11(2), 241-255.
Rafay, A., Sadiq, R., & Ajmal, M. M. (2017). Uniform framework for Sukuk-Al-Ijara—A proposed model for all madhahib. Journal of Islamic Accounting and Business Research, 8(4), 420–454. DOI:10.1108/JIABR-09-2015-0042
Tien, N. H. (2021). Relationship Between Inflation And Economic Growth In Eu Countries. Turkish Journal Of Computer And Mathematics Education, 12(14), 5134–5139. Https://Doi.Org/10.26650/Jepr1132170
Uddin, M. N., & Ahmmed, M. (2018). Islamic Banking And Green Banking For Sustainable Development: Evidence From Bangladesh. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah, 10(1). Https://Doi.Org/10.15408/Aiq.V10i1.4563
World Bank Group. (2019). Islamic Green Finance: Development, Ecosystem And Prospects. Securities Commission Malaysia. https://documents1.worldbank.org/curated/en/591721554824346344/pdf/Islamic-Green-Finance-Development-Ecosystem-and-Prospects.pdf