Mekanisme Transmisi Syariah pada Sistem Moneter Ganda di Indonesia

The transmission mechanism of monetary policy has been an area of abundant economic research in many countries. The financial system links monetary policy and the real economy. Thus, events or trends that affect the financial system can also change the monetary transmission mechanism. This study tries to analyze shariah transmission mechanism in Indonesian dual monetary system, using Vector Auto Regression (VAR) and Vector Error Correction Model (VECM) methods.

Results show that the relationship between SWBI (SBI Shariah) and shariah financing (LNFINCG) is negative. It means, when SWBI be higher, the quantity of shariah financing would be lower. And so do SBI and inflation (LNIHK). When the total of shariah financing be increase, it will gives positive contribution for reducing inflation rate in Indonesia, because with this system possibility to make equal growth among monetary and real sectors appears. Therefore, it will be strategic action for monetary authority to grow up shariah banking share in Indonesia, for minimizing ‘bad inflation’ in economy. Other recommendation, SWBI as shariah monetary instrument should be reconsidered to achieve positive impact for real sector.

JEL Classification: C32, E31, E42, E52

Keywords: Shariah Transmission Mechanism, Dual Monetary System, VAR/VECM

[Buletin Ekonomi Moneter Perbankan, BEMP BI Vol 11 No 4, 2009]

Mencandera Industri Perbankan Syariah Indonesia: Tinjauan Kritis Pasca UU 21 Tahun 2008

After UU 21 exist, shariah banking industries will predicted find the momentum. Shariah bank will make improvement. The content of rules are possible to push the growth of shariah banking in Indonesia. But in the fact, there are some important thing related to instrument and shariah banking product also that less ideal in this banking industries. In this paper, we try to find and predict deeper about condition of shariah banking in Indonesia after UU 21, we also put lot of critical that will be send them. The result show that after the rules had exist, in short term we can not see the positive effect, significantly. In other case, we find a lot of thing that not come from genuine shariah banking, that in the future will have negative impact in the long term, such as: SBI Shariah instrument, shariah credit card, the domination of non PLS and other thing else.

Keywords: Perbankan Syariah, UU 21 Tahun 2008

Industri perbankan syariah kini memasuki era baru. UU Perbankan Syariah (UU PS) yang memuat 70 pasal, resmi disahkan oleh Dewan Perwakilan Rakyat pada 17 Juni 2008 dan ditandatangani oleh pemerintah sekitar pertengahan Juli. Dukungan regulasi ini dicandera (baca: diprediksi) akan memberi dampak positif bagi perbankan syariah nasional. Perkembangan pesat perbankan syariah selama ini tidak bisa dilepaskan dari dukungan regulasi. Kehadiran bank syariah pertama pada 1992, Bank Muamalat, terjadi berkat dukungan UU No. 7/1992. Perkembangan perbankan syariah secara pesat sejak 1999 juga merupakan hasil dari dukungan regulasi yang memadai yaitu UU No. 10/1998 dan UU No. 23/1999 yang kemudian diperkuat oleh UU No. 3/2004. 

Pertanyaannya kemudian adalah, seberapa besar dampak UU PS bagi perkembangan industri perbankan syariah ke depan? Apakah target share 5% dapat dicapai? Hal-hal apa saja yang masih membutuhkan perhatian lebih dalam untuk pengembangan perbankan syariah? Rumusan masalah dalam tulisan ini dapat disusun dan diketahui dengan memberikan jawaban dari beberapa pertanyaan di atas.

Pada penelitian ini penulis mencoba menganalisis lebih jauh beberapa hal yang menjadi tantangan yang dihadapi oleh industri perbankan syariah Indonesia yang mengakibatkan kurang naturenya lembaga intermediasi ini, berikut tinjauan agak mendalam yang sifatnya otokritik.

[Jurnal La_Riba Vol 2 No 2, 2008]