THE EFFECT OF CONVENTIONAL BANK CREDIT, ISLAMIC BANK FINANCING, AND ZAKAT DISTRIBUTION ON GDP

Muhammad Ali Imran  CANIAGO; Jeihan Ali AZHAR; Muhammad Ghafur  WIBOWO; Joko SETYONO

doi:10.5937/jpmnt12-55062

Muhammad Ali Imran CANIAGO Sunan Kalijaga State Islamic University, Yogyakarta, Indonesia
Jeihan Ali AZHAR Sunan Kalijaga State Islamic University, Yogyakarta, Indonesia
Muhammad Ghafur WIBOWO Sunan Kalijaga State Islamic University, Yogyakarta, Indonesia
Joko SETYONO Sunan Kalijaga State Islamic University, Yogyakarta, Indonesia

DOI: https://doi.org/10.5937/jpmnt12-55062

Abstract

The growth of gross domestic product (GDP) is subject to a number of different influences. The objective of this study is to analyse the impact of conventional bank credit, Islamic bank financing and zakat distribution on gross domestic product. The study employs a sample comprising data from 33 provinces in Indonesia, spanning the period from 2018 to 2022. The data analysis technique employed is dynamic panel data regression utilising the Generalised Method of Moments (GMM) method. The findings indicated that partial conventional bank credit and zakat distribution exerted a notable positive influence on GDP. In contrast, the impact of Islamic bank financing on GDP is not statistically significant. This is due to the fact that the market share of Islamic banking in Indonesia remains relatively low, and access to financing in this sector is also still quite complex. Concurrently, conventional bank credit, Islamic bank financing, and zakat distribution exert a significant influence on GDP. The findings of this study suggest that the financing provided by Islamic banks has not yet been fully capable of boosting GDP, given that the share of Islamic bank financing in Indonesia remains relatively modest in comparison to conventional banks. Consequently, the results of this study can be utilized to inform the development of programs and policies for relevant stakeholders.

References

Adityaswara, M. (2021). UMKM dan Kendala Pembiayaan. Fakultas Ekonomi Dan Bisnis, Universatas Indonesia. https://feb.ui.ac.id/2021/11/16/mirza-adityaswara-umkm-dan-kendala pembiayaan/

Amman, J. (2022). The Muslim 500: The World’s 500 Most Influential Muslims (T. Elgawhary (ed.)). The Royal Islamic Strategic Studies Centre Sa’ed Bino Road, Dabuq.

Ardiansyah, M. (2015). Bayang-bayang teori keagenan pada produk pembiayaan perbankan syariah. IJTIHAD: Jurnal Wacana Hukum Islam Dan Kemanusiaan, 14(2), 251. https://doi.org/10.18326/ijtihad.v14i2.251-269

Arellano, M., & Bond, S. (1991). Some Test of Spesification for Data Panel: Monte Carlo Evidence and an Aplication of Employment Equations. The Review of Economic Studies, 58(2), 277–297.

Asnaini. (2008). Zakat Produktif Dalam Perspektif Hukum Islam. Pustaka Pelajar.

Ben Jedidia, K., & Guerbouj, K. (2021). Effects of zakat on the economic growth in selected Islamic countries: empirical evidence. International Journal of Development Issues, 20(1), 126–142.

Berliana, A., & Suri, A. A. (2023). Analisis Pembiayaan UMKM Pada Bank Syariah Sebagai Upaya Pengembangan Usaha Mikro, Kecil, Menengah (UMKM) di Indonesia. Jurnal Valuasi: Jurnal Ilmiah Ilmu Manajemen Dan Kewirausahaan, 3(2), 850–863.

Rohman, A., & Brilian, R. P. (2023). Sistem Informasi Manajemen Tabungan Pada Bank Sampah Raflesia Menggunakan Metode Waterfall. JBMI (Jurnal Bisnis, Manajemen, Dan Informatika), 19(3), 192–204.

Caniago, M. A. I. (2023). Strategic Management of Islamic Banking in Indonesia to Increase Market Share. Journal of Islamic Economics and Business Studies (JIEBS), 1(1), 1–19.

Case, K. E., & Fair, R. C. (2009). Prinsip Prinsip Ekonomi Makro (B. Sarwiji (ed.); B. Molan (trans.); 5th ed.). P.T. Indeks.

Chowdhury, M. A. M., & Haron, R. (2022). The efficiency of Malaysian Islamic banks: Intermediation, production and operating approach. Asian Management and Business Review, 2(1), 63–73.

Darmawan, & Fasa, M. I. (2020). Manajemen Lembaga Keuangan Syariah. UNY Press.

Dewan Nasional Kawasan Ekonomi Khusus Republik Indonesia. (2023). Sekilas tentang Indonesia. Kek.Go.Id. https://kek.go.id/sekilas-tentang-indonesia

Djojohadikusumo, S. (1994). Perkembangan Pemiikiran Ekonomi Dasar Teori Ekonomi Pertumbuhan dan Ekonomi Pembangunan. PT Pustaka LP3ES.

Dumairy, Hadi, S., & Muhammad. (2018). Model Perhitungan Pendapatan Nasional dalam Perespektif Ekonomi Islam. Jurnal Cmes, XI(2), 174–186.

Evsey D. Domar. (1946). Rate of Growth, and Employment. Journal of the Econometric Society, 14(2), 137–147.

Febriyani, D. (2020). Pengaruh Jumlah Dana Pihak Ketiga dan Penyaluran Pembiayaan Perbankan Syariah Terhadap Pembiayaan Sektor UMKM dan Pertumbuhan Ekonomi di Provinsi Banten. Tsarwah: Jurnal Ekonomi Dan Bisnis Islam, 5(2), 17–30.

Gani, I. M., & Bahari, Z. (2021). Islamic banking’s contribution to the Malaysian real economy. ISRA International Journal of Islamic Finance, 13(1), 6–25.

Gudarzi Farahani, Y., & Dastan, M. (2013). Analysis of Islamic banks’ financing and economic growth: a panel cointegration approach. International Journal of Islamic and Middle Eastern Finance and Management, 6(2), 156–172.

Hachicha, N., & Ben Amar, A. (2015). Does Islamic bank financing contribute to economic growth? The Malaysian case. International Journal of Islamic and Middle Eastern Finance and Management, 8(3), 349–368.

Harrod, R. F. (1939). An Essay In Dinamic Theory. The Economic Journal, 49(193), 14–33.

Hasbi Zaenal, M., Choirin, M., Hartono, N., Farchatunnisa, H., Rarasocta, A. V., Anggraini, D., Shiddiq, M. R., Arbi, D. S., & Tsabita, K. (2022). Potensi Zakat BAZNAS RI. In Badan Amil Zakat Pusat Kajian Strategi (Issue September). https://www.puskasbaznas.com/publications/published/officialnews/1703-potensi-zakat-baznas-ri

Herlambang, T., Sugiarto, Brastoro, & Kelana, S. (2001). Ekonomi Makro: Teori, Analisis, dan Kebijakan. PT Gramedia Pustaka Utama.

Hidayat, S., & Irwansyah, R. (2020). Pengaruh Dana Pihak Ketiga dan Pembiayaan Perbankan Syariah terhadap Pertumbuhan Ekonomi Indonesia. Jurnal Ekonomi Dan Perbankan Syariah, 5(1), 1–21.

Iit Mazidah, & Arivatu Ni’mati Rahmatika. (2021). Pengaruh Zakat Terhadap Perekonomian Masyarakat Jawa Timur (Tinjauan Index Zakat Nasional). Revenue: Jurnal Ekonomi Pembangunan Dan Ekonomi Islam, 4(2), 25–32.

Inayah, G. (2003). Teori Komprehensif tentang Zakat dan Pajak. Tiara Wacana Yogya.

Kementerian koordinator bidang perekonomian Republik Indonesia. (2021). UMKM Menjadi Pilar Penting dalam Perekonomian Indonesia.

Khasanah, U. (2010). Manajemen Zakat Modern: Instrumen Pemberdayaan Ekonomi Umat. UIN-Malang Press.

Kismawadi, E. R. (2023). Contribution of Islamic banks and macroeconomic variables to economic growth in developing countries: vector error correction model approach (VECM). Journal of Islamic Accounting and Business Research.

Ledhem, M. A., & Mekidiche, M. (2022). Islamic finance and economic growth: the Turkish experiment. ISRA International Journal of Islamic Finance, 14(1), 4–19.

Mankiw, N. G. (2006). Makroekonomi (W. Hardam, D. Barnadi, & S. Saat (eds.); F. LIza & I. Nurmawan (trans.); 6th ed.). Erlangga.

Normasyhuri, K., Ahmad, H., & Erike, A. (2021). Studi Komparasi Pertumbuhan Ekonomi Indonesia Sebelum dan Ketika Terjadinya Pandemi Covid-19. Ekonomikawan : Jurnal Ilmu Ekonomi Dan Studi Pembangunan, 21(2), 229–233.

Otoritas Jasa Keuangan. (2023). Apa itu Kredit dan Pembiayaan. Sikapiuangmu.Ojk.Go.Id.

Undang Undang No. 10 Tentang Perbankan, BPK RI (1998).

Purwanti, D. (2020). Pengaruh Zakat, Infak, dan Sedekah terhadap Pertumbuhan Ekonomi Indonesia. Jurnal Ilmiah Ekonomi Islam, 6(1), 101–107.

Putriani, D., Ghani, G. M., & Kartiwi, M. (2020). Exploration of Agent-Based Simulation: the Multiplier Effect of Zakah on Economic Growth. Journal of Islamic Monetary Economics and Finance, 6(3), 667–688.

Samuelson, P. A., & Nordhaus, W. D. (2004). Ilmu Makroekonomi (M. Sumaryati (ed.); Gretta, T. Tanoto, B. Carvallo, & A. Elly (trans.); 17th ed.). P.T. Media Global Edukasi.

Setiawan, I. (2020). Analisis Peran Perbankan Terhadap Pertumbuhan Ekonomi di Indonesia : Bank Syariah Versus Bank Konvensional. Jurnal Akuntansi, Ekonomi Dan Manajemen Bisnis, 8(1), 52–60.

Shaukat, B., & Zhu, Q. (2021). Finance and growth: Particular role of Zakat to levitate development in transition economies. International Journal of Finance and Economics, 26(1), 998–1017.

Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. CV Alfabeta.

Syahputra, D., & Ningsih, S. (2020). Pengaruh Kredit Perbankan Konvensional Dan Pembiayaan Perbankan Syariah Terhadap Pertumbuhan Ekonomi Indonesia. Jurnal Human Falah, 7(1), 42–59.

Toriquddin, M. (2015). Pengelolaan Zakat Produktif Perspektif Maqasid Al-Syariah Ibnu Asyur. UIN Maliki Press.

Wibowo, M. (2016). Kebijakan Pembangunan Nasional: dari Pertumbuhan (Growth) Menuju Kebahagiaan (Happiness). Asy-Syir’ah Jurnal Ilmu Syari’ah Dan Hukum, 50(1), 1–17.

Widarjono, A. (2013). Ekonometrika: Teori dan Aplikasi Untuk Ekonomi dan Bisnis. (Edisi keem). Yogyakarta: Ekonesia FE UII.

Yuni, R. (2021). Dampak Perdagangan Internasional Terhadap Pertumbuhan Ekonomi Indonesia Pada Tahun 2009-2019. Niagawan, 10(1), 62.