The Effect of Sharia Financing of Sharia Commercial Bank, Sharia Business Unit, and Inflation on Non-Oil and Gas Export in Indonesia
Putri Ayu (a*), Maizul Rahmizal (b), Devi Yulia Rahmi (b)
a) Economic of Development , Faculty of Economics, Campus II Payakumbuh Universitas Andalas
H. Rasuna Said 192, Kubu Gadang, Payakumbuh 26213, Indonesia
*putri.ayu[at]mail.ugm.ac.id
b) Magister Science in Economics, Faculty of Economics and Business, Universitas Gadjah Mada
Bulak Sumur, Yogyakarta 55281, Indonesia
c) Management , Faculty of Economics, Campus II Payakumbuh Universitas Andalas
H. Rasuna Said 192, Kubu Gadang, Payakumbuh 26213, Indonesia
Abstract
As the largest Muslim population in the world, Indonesia has an excellent opportunity to lead the Islamic economy in the world, one of which is through Financing Sharia. The financing Sharia of Sharia Commercial Bank and Sharia Business Unit in Indonesia have always increased and even have a mission to contribute to the 17 pillars of sustainable development, one of which is a partnership for the goals. This study aims to analyze the influence of Sharia Commercial Bank and Sharia Business Unit financing of musharakah, mudharabah, murabahah and inflation to the exports Indonesia to Japan and the total export in Indonesia. The period of analyses from 2011q1-2018q4 using the ARDL-ECM method. The results show that the financing of musyarakah, mudharabah, murabahah and inflation together have significant on the exports to Japan and the total exports in Indonesia in the long-term effects. Partially in the long term, musyarakah significantly influences the exports to Japan and total exports in Indonesia, inflation significantly positively affects exports in Indonesia, while other variables are not significant. In the short term, the mudharabah positively affects total exports in Indonesia and the total exports to Japan, musharakah affect the total exports to Japan, and the rest do not affect in the short term. The existence of long-term relationships is expected that the government continues to develop Islamic finance through the three pillars of sharia development, especially the financing of musyarakah and mudharabah investments which significantly affect exports.
Keywords: musyarakah, mudharabah, murabahah, export, ARDL-ECM
Topic: Islamic Finance and Banking