Analysis of the Effectiveness of Islamic Money Market Instruments Implementation in Maintaining Monetary Stability in Indonesia
Keywords:
Islamic Money Market, Islamic Monetary Policy, Monetary Stability, Sharia Financial Instruments, IndonesiaAbstract
This study aims to analyze the effectiveness of the implementation of Islamic money market instruments in maintaining monetary stability in Indonesia. The Islamic money market plays a strategic role in supporting liquidity management within the Islamic financial system while ensuring compliance with Sharia principles. The increasing development of Islamic financial institutions in Indonesia has strengthened the need for effective monetary instruments capable of maintaining price stability, controlling inflation, and supporting sustainable economic growth. This research employs a qualitative approach through a literature review method by examining various academic sources, regulatory documents, journal articles, and reports related to Islamic monetary policy and Islamic money market instruments. The findings indicate that Islamic money market instruments, such as Sharia Interbank Money Market (PUAS), Bank Indonesia Sharia Securities (SBIS), and other Sharia-compliant liquidity management instruments, contribute significantly to maintaining liquidity balance and enhancing the effectiveness of monetary policy transmission. These instruments also support financial system stability by reducing dependence on interest-based mechanisms and promoting risk-sharing principles. However, several challenges remain, including limited market depth, low transaction volume, and the need for broader participation among Islamic financial institutions. Therefore, strengthening regulatory frameworks, enhancing financial innovation, and expanding market participants are essential to improve the effectiveness of Islamic money market instruments in maintaining monetary stability in Indonesia. The study concludes that Islamic money market instruments have demonstrated considerable effectiveness in supporting monetary stability, although further development is necessary to optimize their role within the national financial system.References
Ascarya, & Yumanita, D. (2021). Operasi moneter syariah dan efektivitas transmisi kebijakan moneter di Indonesia. Jakarta: Bank Indonesia. https://doi.org/10.21098/bemp.v14i3.360
Bank Indonesia. (2023). Laporan perekonomian Indonesia 2023. Bank Indonesia.
Fauzi, A., & Hidayat, M. (2021). Pengembangan pasar uang syariah dan tantangannya di Indonesia. Jurnal Ekonomi Syariah Indonesia, 11(2), 145–158. https://doi.org/10.20473/vol5iss201812pp1070-1085
Hidayat, M., & Fauzi, A. (2022). Efektivitas instrumen moneter syariah dalam mendukung kebijakan moneter di Indonesia. Jurnal Ilmiah Ekonomi Islam, 8(3), 2678–2688. https://doi.org/10.31219/osf.io/hwv6t
Ismal, R. (2022). Perbankan syariah di Indonesia: Peluang dan tantangan di era modern. Jakarta: Kencana.
Kurniawan, B., & Putri, A. (2024). Tantangan pengembangan pasar uang syariah pada era transformasi digital. Jurnal Masharif Al-Syariah, 9(1), 85–99.
Maulana, F., & Yusuf, M. (2020). Kendala implementasi instrumen moneter syariah dalam menjaga stabilitas ekonomi. Jurnal Al-Iqtishad, 12(1), 67–81. https://doi.org/10.61132/moneter.v3i1.1070
Nugroho, R., & Sari, D. (2023). Regulasi dan efektivitas kebijakan moneter syariah di Indonesia. Jurnal Ekonomi dan Keuangan Syariah, 7(2), 122–136. https://doi.org/10.61132/moneter.v3i1.1101
Otoritas Jasa Keuangan. (2024). Laporan perkembangan keuangan syariah Indonesia 2024. Otoritas Jasa Keuangan. https://doi.org/10.36441/supremasi.v1i1.154
Prasetyo, D., & Ramadhan, F. (2022). Analisis instrumen pasar uang syariah dalam mendukung stabilitas sistem keuangan. Jurnal Ilmiah Ekonomi Islam, 8(3), 2765–2776.
Putri, A., & Kurniawan, B. (2024). Analisis pengaruh instrumen moneter syariah terhadap stabilitas moneter di Indonesia. Jurnal Masharif Al-Syariah, 9(1), 88–104. https://doi.org/10.22373/jose.v5i1.4327
Rahmawati, N., & Prabowo, A. (2021). Peran pasar uang antarbank syariah dalam pengelolaan likuiditas perbankan syariah di Indonesia. Jurnal Ekonomi Syariah Indonesia, 11(2), 125–138. https://doi.org/10.23960/jbm.v21i2.3603
Sari, D., & Nugroho, R. (2023). Stabilitas perbankan syariah dan pengaruh instrumen pasar uang syariah terhadap likuiditas bank. Jurnal Ekonomi dan Keuangan Syariah, 7(1), 45–58. https://doi.org/10.37216/albirru.v3i1.1620
Sukmana, R. (2020). Islamic monetary policy and financial stability: Evidence from Indonesia. Journal of Islamic Monetary Economics and Finance, 6(2), 235–252.
Yusuf, M., & Maulana, F. (2020). Kontribusi instrumen pasar uang syariah dalam menjaga stabilitas sistem keuangan nasional. Jurnal Al-Iqtishad, 12(2), 201–216.
Downloads
Published
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
