A systematic literature review on the role of Islamic monetary policy in Indonesia’s economic development
DOI:
https://doi.org/10.21580/jiemb.2025.7.2.29158Keywords:
Islamic monetary policy, economic development, financial stability, systematic literature reviewAbstract
This study examines the relationship between Islamic monetary policy and Indonesia’s economic development through a systematic literature review (SLR) approach. The research aims to identify how Islamic monetary instruments contribute to achieving national economic goals of justice, equality, and sustainable growth. Data were collected from thirteen indexed journal publications in Scopus, DOAJ, and Sinta databases that discuss Islamic monetary policy and its role in Indonesia’s economy. The results show that Islamic monetary instruments such as the Wadiah Bank Indonesia Certificate (SWBI) and the Interbank Mudarabah Investment Certificate (IMA) enhance liquidity management, stabilize prices, reduce unemployment, and promote equitable wealth distribution. The findings indicate that Islamic monetary frameworks contribute significantly to financial stability, real-sector productivity, and social welfare. However, structural and institutional challenges remain, including regulatory inconsistencies and limited integration between Islamic banking and national monetary policy. The study contributes theoretically by reinforcing the role of Sharia-based instruments in achieving maqasid al-shariah and practically by offering insights for policymakers to strengthen coordination, financial literacy, and innovation in Sharia-compliant monetary mechanisms. Future research should incorporate empirical and econometric models to assess the quantitative impact of Islamic monetary policy on key macroeconomic indicators such as inflation, employment, and GDP growth.
Downloads
References
Abdianti, D., Restu, A., Al Ayyubi, S., & Hidayat, F. (2023). Konsep Kebijakan Moneter dalam Perspektif Ekonomi Islam. Trending: Jurnal Manajemen dan Ekonomi, 1(3), 213-226. https://doi.org/10.30640/trending.v1i3.1140
Alim, M. N., & Suryadi, D. (2021). Uang dan Moneter Islam dalam Sistem Moneter Ganda di Indonesia. Jurnal Asy-Syukriyyah, 22(2), 211-238. https://doi.org/10.36769/asy.v22i2.169
Amri, H. (2018). Analisis Kebijakan Moneter Pada Awal Pemerintahan Islam terhadap Pembangunan Perekonomian Islam. Islamic Banking: Jurnal Pemikiran dan Pengembangan Perbankan Syariah, 3(2), 1-16. https://doi.org/10.36908/isbank.v3i2.41
Chaidir, T., Rois, I., & Jalaluddin. (2022). Konsistensi Waktu Optimal Mekanisme Transmisi Kebijakan Moneter pada Sistem Moneter Ganda di Indonesia. Elastisitas: Jurnal Ekonomi Pembangunan, 4(1), 59–76. Retrieved from https://elastisitas.unram.ac.id/index.php/elastisitas/article/view/57
Hiya, N. N. (2022). Studi Literatur Kebijakan Moneter Islam tanpa Bunga. Jurnal Ilmiah Ekonomi Islam, 8(1), 868–875. https://doi.org/10.29040/jiei.v8i1.4307
Ibrahim, Z. (2012). Sistem Moneter dalam Perspektif Ekonomi Islam. Alqalam, 29 (1), 141-160, doi:10.32678/alqalam.v29i1.592.
Karim, A. A. (2016). Ekonomi Makro Islami. Depok: PT RajaGrafindo Persada
Kitchenham, B., & Charters, S. (2007). Guidelines for Performing Systematic Literature Reviews in Software Engineering. Technical report, EBSE Technical Report EBSE-2007-01. https://docs.edtechhub.org/lib/EDAG684W
Kurniawati, F. (2018). Pengendalian Inflasi dalam Perspektif Ekonomi Islam (Studi Efektivitas Instrumen Moneter Syari’ah di Lampung). Adzkiya: Jurnal Hukum dan Ekonomi Syariah, 6(2). https://doi.org/10.32332/adzkiya.v6i2.1252
Latifah, N. A. (2015). Kebijakan Moneter dalam Perspektif Ekonomi Syariah. Jurnal Ekonomi Modernisasi, 11(2), 124-134. https://doi.org/10.21067/jem.v11i2.873
Lestari, D. P., & Rani, L. N. (2022). Analysis of Internal and External Factors Affecting the Liquidity of Sharia Commercial Banks in Indonesia. Jurnal Ekonomi Syariah Teori Dan Terapan, 9(4), 559–572. https://doi.org/10.20473/vol9iss20224pp559-572
Lukito, R. M., Wulpiah, W., & Taufik, A. (2023). Kebijakan Moneter Syariah di Indonesia. EJESH: Journal of Islamic Economics and Social, 1(1), 34-43. https://doi.org/10.32923/ejesh.v1i1.3250
Maharani, D. (2023). Kebijakan Moneter dalam Presfektif Ekonomi Islam pada Pembangunan Ekonomi. Jurnal Keislaman, 6(2), 360-368. https://doi.org/10.54298/jk.v6i2.3915
Mansur, A. (2013). Kebijakan Moneter dan Implikasinya terhadap Pembangunan Ekonomi dalam Perspektif Islam. Tsaqafah, 9(1), 57-74.
Nasution, A.M., & Batubara, M. (2023). Penerapan Kebijakan Moneter Islam pada Sistem Perekonomian Indonesia. Jurnal Penelitian Ekonomi Akuntansi (JENSI), 7(1), 144 - 154. https://doi.org/10.33059/jensi.v7i1.7665
Nasution, J., Soemitra, A., Ismal, R., Al Jawi, A., Nasution, M. I. M., & Afrizal, A. (2021). Islamic Monetary Instruments Contribution to Economic Growth: Literature Study. E-Mabis: Jurnal Ekonomi Manajemen dan Bisnis, 22(2), 42-51. https://doi.org/10.29103/e-mabis.v22i2.690
Purwanto, H. (2017). Kebijakan Pengendalian Moneter di Indonesia dalam Perspektif Perbankan Syari’ah. Syariati: Jurnal Studi Al-Qur'an dan Hukum, 3(01), 103-118. https://doi.org/10.32699/syariati.v3i01.1146
Uddin, M. A., Ali, M. H., & Radwan, M. (2019). Can GDP Growth Link Instrument Be Used For Islamic Monetary Policy?. European Journal of Islamic Finance, (13). https://doi.org/10.13135/2421-2172/3543
Romadhan, R. A., Serli, S., Aghliyah, S. P., Oktanti, R. A., & Putra, T. R. (2024). Pemikiran Al-Maqrizi dan Keynesian Tentang Teori Perbandingan Inflasi dalam Perspektif Islam dan Konvensional. Buletin Ekonomika Pembangunan, 5(2). https://doi.org/10.21107/bep.v5i2.25933
Romadhan, R. A., Zakaria, A., Rifki, M., & Mashudi. (2025). Comparative Analysis of Roman-Persian Political and Economic Periods with Contemporary in Islamic Perspectives. JPW (Jurnal Politik Walisongo), 7(1), 41–56. https://doi.org/10.21580/jpw.v7i1.24846
Saiyed, R. (2021). Pengendalian Inflasi, Moneter dan Fiskal dalam Perspektif Ekonomi Makro Islam. Jurnal Ilmiah Bongaya, 5(1), 42-49.
Setiawan, I. (2019). Peran Perbankan Syariah Terhadap Pengangguran Dalam Sistem Perbankan Dan Moneter Ganda Di Indonesia. Ekonis: Jurnal Ekonomi dan Bisnis, 21(1).
Sugianto, Harmain, H., & Harahap N. (2015). Mekanisme Transmisi Kebijakan Moneter di Indonesia Melalui Sistem Moneter Syariah. Human Falah: Jurnal Ekonomi dan Bisnis Islam, 2(1), 50-74.
Tambunan, K., & Nawawi, M. I. (2018). Analisis Kausalitas Cranger Kebijakan Moneter Syari’ah terhadap Perekonomian Indonesia. BISNIS: Jurnal Bisnis dan Manajemen Islam, 5(2), 225-238. http://dx.doi.org/10.21043/bisnis.v5i2.3012
Tian, M., Deng, P., Fan, R., & Li, C. (2018). How Can Culture Affect Innovation? A Systematic Literature Review. Academy of Management Proceedings, 2018(1), 15506. https://doi.org/10.5465/ambpp.2018.15506abstract
Triandini, E., Jayanatha, S., Indrawan, A., Werla Putra, G., & Iswara, B. (2019). Metode Systematic Literature Review untuk Identifikasi Platform dan Metode Pengembangan Sistem Informasi di Indonesia. Indonesian Journal of Information Systems, 1(2), 63–77. https://doi.org/10.24002/ijis.v1i2.1916
Vanni, K. M., Yahya, M., Murtadho, A., & Faizah, F. N. (2025). Sharia-compliant financing as fiscal policy instrument: an Islamic economic approach to budget deficit management. Journal of Islamic Economics Management and Business (JIEMB), 7(1), 1-24. https://journal.walisongo.ac.id/index.php/JIEMB/article/view/26208
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Raid Azhar Romadhan, Ely Yuliana, Elrizky Elsa Wisnuna
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
