The Effect of Inflation, Rupiah Exchange Rate, Composite Stock Price Index, and BI Rate on Sharia Commercial Bank Liquidity in Indonesia
Keywords:
Inflation, Exchange Rate, JCI, BI Rate, Liquidity, Sharia Commercial Bank, FDR
Abstract
This study aims to analyze the influence of macroeconomic variables, including inflation, the rupiah exchange rate, the composite stock price index (IHSG), and Bank Indonesia’s benchmark interest rate (BI Rate), on the liquidity of Islamic commercial banks in Indonesia, as measured by the Financing to Deposit Ratio (FDR) during the period 2013–2018. Secondary data were obtained from banking financial reports, Bank Indonesia, the Financial Services Authority (OJK), and the Central Statistics Agency (BPS). The analytical method used was multiple linear regression with a quantitative approach. The results of the study indicate that the four independent variables simultaneously have a significant effect on the FDR of Islamic commercial banks. Partially, inflation and the rupiah exchange rate have a significant effect on the FDR, while the IHSG and BI Rate show no significant influence. These findings affirm that macroeconomic stability plays a crucial role in maintaining the liquidity health of Islamic banking. This research provides important implications for regulators and stakeholders in the Islamic banking industry in formulating monetary policies and liquidity management strategies.
References
Abduh, M., & Omar, M. A. (2020). Islamic banking and monetary policy transmission: Evidence from Indonesia. International Journal of Islamic and Middle Eastern Finance and Management, 13(3), 543–559. https://doi.org/10.1108/IMEFM-04-2019-0146
Ahamed, M. M., & Mallick, S. K. (2019). Is financial inclusion good for bank stability? International evidence. Journal of Economic Behavior & Organization, 157, 403–427. https://doi.org/10.1016/j.jebo.2017.07.027
Aliyu, S., & Yusuf, R. (2023). Interest rate pass-through and the Islamic banking dilemma: Evidence from emerging markets. Economic Modelling, 124, 105555. https://doi.org/10.1016/j.econmod.2023.105555
Alqahtani, F., & Mayes, D. G. (2020). Financial stability of Islamic banking and the global financial crisis: Evidence from the Gulf Cooperation Council. Economic Systems, 44(1), 100722. https://doi.org/10.1016/j.ecosys.2019.100722
Alqahtani, F., & Mayes, D. G. (2021). Financial stability of Islamic banking in the GCC region. Journal of International Financial Markets, Institutions and Money, 70, 101275. https://doi.org/10.1016/j.intfin.2020.101275
Anas, T. (2015). Pengaruh Inflasi, Kurs, dan Suku Bunga Terhadap Profitabilitas Bank Umum Syariah di Indonesia. Jurnal Ekonomi dan Keuangan Islam, 1(2), 45–58.
Ascarya, A., & Yumanita, D. (2021). The impact of macroeconomic variables on Islamic banking liquidity in Indonesia. Journal of Islamic Monetary Economics and Finance, 7(3), 525–548. https://doi.org/10.21098/jimf.v7i3.1335
Aulia, H., & Beik, I. S. (2023). Monetary policy transmission and Islamic banking performance in Indonesia: A dynamic panel analysis. Journal of Islamic Accounting and Business Research, 14(2), 321–340. https://doi.org/10.1108/JIABR-07-2021-0171
Aviliani, D., Siregar, H., & Sahminan. (2015). The role of BI Rate in banking intermediation in Indonesia. Bulletin of Monetary Economics and Banking, 18(3), 311–336. https://doi.org/10.21098/bemp.v18i3.522
Badan Pusat Statistik. (2018). Statistik Ekonomi Makro Indonesia 2013–2018. https://www.bps.go.id
Bank Indonesia. (2018). Laporan Perekonomian Indonesia 2013–2018. https://www.bi.go.id
Beck, T., Demirgüç-Kunt, A., & Merrouche, O. (2019). Islamic vs. conventional banking: Business model, efficiency, and stability. Journal of Banking & Finance, 43, 1–25. https://doi.org/10.1016/j.jbankfin.2014.02.007
Dhaniswara, R., & Nugroho, S. (2023). Dampak nilai tukar dan inflasi terhadap penyaluran pembiayaan perbankan syariah di Indonesia. Jurnal Ekonomi dan Keuangan Islam, 9(2), 121–132. https://doi.org/10.20885/jeki.vol9.iss2.art4
Hanif, M. (2019). Islamic finance and Islamic banking: A review of the literature. International Journal of Islamic Economics and Finance Studies, 5(1), 95–113.
Hasan, M., Paltrinieri, A., Dreassi, A., & Molyneux, P. (2021). Does inflation affect Islamic banking performance? Pacific-Basin Finance Journal, 65, 101480. https://doi.org/10.1016/j.pacfin.2021.101480
Hosen, M. N., & Rahmawati, S. (2021). Analisis pengaruh makroekonomi terhadap pembiayaan perbankan syariah: Studi pada bank umum syariah di Indonesia. Jurnal Akuntansi dan Keuangan Islam, 6(1), 13–25.
Ilyas, M., & Suryanto, T. (2020). The effects of inflation and interest rates on the liquidity of Islamic banks in Indonesia. International Journal of Economics and Financial Issues, 10(1), 100–107.
Iqbal, M., Nasution, M. E., & Siregar, H. (2022). The impact of capital market development on Islamic banking performance in Indonesia. Journal of Islamic Marketing, 13(5), 1123–1141. https://doi.org/10.1108/JIMA-09-2020-0282
Karim, A. A., & Yusoff, M. B. (2021). Displaced commercial risk and Islamic banking liquidity: Issues and regulatory responses. International Journal of Economics and Management, 15(1), 103–118.
Khairunnisa, F., & Firdaus, A. (2023). Analisis faktor-faktor yang memengaruhi likuiditas bank syariah dengan pendekatan model ARDL. Jurnal Ekonomi dan Bisnis Syariah (JEBS), 5(1), 77–92. https://doi.org/10.21043/jebs.v5i1.18372
Lubis, A. A., & Nasution, M. E. (2022). Peran suku bunga acuan dan indeks pasar modal terhadap FDR perbankan syariah di Indonesia. Jurnal Ilmu Ekonomi Syariah, 14(2), 135–147.
Mankiw, N. G. (2020). Macroeconomics (10th ed.). New York: Worth Publishers.
Mollah, S., Hassan, M. K., & Al Farooque, O. (2019). The governance, risk-taking, and performance of Islamic banks. Journal of Financial Services Research, 55, 351–377. https://doi.org/10.1007/s10693-018-0289-4
Narayan, P. K., Phan, D. H. B., & Liu, G. (2020). COVID-19 lockdowns, stimulus packages, travel bans, and stock returns. Finance Research Letters, 38, 101732. https://doi.org/10.1016/j.frl.2020.101732
Novita, A., & Gunawan, B. (2022). The role of macroeconomic indicators in predicting Islamic bank liquidity: Evidence from Indonesia. Journal of Islamic Finance and Banking, 10(2), 89–101.
Otoritas Jasa Keuangan. (2018). Statistik Perbankan Syariah Indonesia 2013–2018. https://www.ojk.go.id
Putra, H. R., & Hermanto, B. (2021). Exchange rate volatility and Islamic banking performance: Evidence from Indonesia. International Journal of Islamic and Middle Eastern Finance and Management, 14(3), 509–525. https://doi.org/10.1108/IMEFM-08-2020-0412
Putri, R. D., & Safitri, N. (2024). Kinerja likuiditas perbankan syariah dalam menghadapi dinamika makroekonomi pasca pandemi. Jurnal Keuangan dan Perbankan Syariah, 12(1), 51–67.
Rahmawati, F. (2016). Analisis Pengaruh Faktor Makroekonomi Terhadap Kinerja Bank Syariah di Indonesia. Jurnal Ekonomi dan Keuangan Syariah, 4(2), 67–82.
Santoso, B. (2016). Pengaruh Variabel Makroekonomi Terhadap Kinerja Keuangan Bank Umum Syariah. Jurnal Keuangan dan Perbankan, 20(1), 1–14.
Setiawan, D. (2021). Financing to deposit ratio, non-performing financing, and efficiency: Evidence from Indonesian Islamic banks. Asian Journal of Islamic Management, 3(2), 85–96. https://doi.org/10.20885/ajim.vol3.iss2.art2
Sukmana, R. (2020). Can Islamic banking contribute to economic growth? Empirical evidence from Indonesia. International Journal of Islamic and Middle Eastern Finance and Management, 13(2), 289–304. https://doi.org/10.1108/IMEFM-02-2019-0083
Wulandari, T., & Kassim, S. (2019). Risk, efficiency and liquidity of Islamic banks: Evidence from Indonesia. International Journal of Islamic and Middle Eastern Finance and Management, 12(2), 199–216. https://doi.org/10.1108/IMEFM-03-2018-0092
Yuliana, R., & Hidayatullah, S. (2023). Pengaruh BI rate, inflasi dan nilai tukar terhadap likuiditas bank syariah di era digitalisasi. Jurnal Ekonomi Islam dan Keuangan Syariah, 5(2), 105–118.
Yusof, R. M., & Majid, M. S. A. (2022). Islamic banking stability and the exchange rate: Panel evidence from emerging countries. Journal of Financial Economic Policy, 14(3), 462–479. https://doi.org/10.1108/JFEP-12-2020-0260
Zaher, T. S., & Hassan, M. K. (2020). A comparative literature survey of Islamic finance and banking. Journal of Financial Services Research, 57(1), 1–60. https://doi.org/10.1007/s10693-020-00327-z
Ahamed, M. M., & Mallick, S. K. (2019). Is financial inclusion good for bank stability? International evidence. Journal of Economic Behavior & Organization, 157, 403–427. https://doi.org/10.1016/j.jebo.2017.07.027
Aliyu, S., & Yusuf, R. (2023). Interest rate pass-through and the Islamic banking dilemma: Evidence from emerging markets. Economic Modelling, 124, 105555. https://doi.org/10.1016/j.econmod.2023.105555
Alqahtani, F., & Mayes, D. G. (2020). Financial stability of Islamic banking and the global financial crisis: Evidence from the Gulf Cooperation Council. Economic Systems, 44(1), 100722. https://doi.org/10.1016/j.ecosys.2019.100722
Alqahtani, F., & Mayes, D. G. (2021). Financial stability of Islamic banking in the GCC region. Journal of International Financial Markets, Institutions and Money, 70, 101275. https://doi.org/10.1016/j.intfin.2020.101275
Anas, T. (2015). Pengaruh Inflasi, Kurs, dan Suku Bunga Terhadap Profitabilitas Bank Umum Syariah di Indonesia. Jurnal Ekonomi dan Keuangan Islam, 1(2), 45–58.
Ascarya, A., & Yumanita, D. (2021). The impact of macroeconomic variables on Islamic banking liquidity in Indonesia. Journal of Islamic Monetary Economics and Finance, 7(3), 525–548. https://doi.org/10.21098/jimf.v7i3.1335
Aulia, H., & Beik, I. S. (2023). Monetary policy transmission and Islamic banking performance in Indonesia: A dynamic panel analysis. Journal of Islamic Accounting and Business Research, 14(2), 321–340. https://doi.org/10.1108/JIABR-07-2021-0171
Aviliani, D., Siregar, H., & Sahminan. (2015). The role of BI Rate in banking intermediation in Indonesia. Bulletin of Monetary Economics and Banking, 18(3), 311–336. https://doi.org/10.21098/bemp.v18i3.522
Badan Pusat Statistik. (2018). Statistik Ekonomi Makro Indonesia 2013–2018. https://www.bps.go.id
Bank Indonesia. (2018). Laporan Perekonomian Indonesia 2013–2018. https://www.bi.go.id
Beck, T., Demirgüç-Kunt, A., & Merrouche, O. (2019). Islamic vs. conventional banking: Business model, efficiency, and stability. Journal of Banking & Finance, 43, 1–25. https://doi.org/10.1016/j.jbankfin.2014.02.007
Dhaniswara, R., & Nugroho, S. (2023). Dampak nilai tukar dan inflasi terhadap penyaluran pembiayaan perbankan syariah di Indonesia. Jurnal Ekonomi dan Keuangan Islam, 9(2), 121–132. https://doi.org/10.20885/jeki.vol9.iss2.art4
Hanif, M. (2019). Islamic finance and Islamic banking: A review of the literature. International Journal of Islamic Economics and Finance Studies, 5(1), 95–113.
Hasan, M., Paltrinieri, A., Dreassi, A., & Molyneux, P. (2021). Does inflation affect Islamic banking performance? Pacific-Basin Finance Journal, 65, 101480. https://doi.org/10.1016/j.pacfin.2021.101480
Hosen, M. N., & Rahmawati, S. (2021). Analisis pengaruh makroekonomi terhadap pembiayaan perbankan syariah: Studi pada bank umum syariah di Indonesia. Jurnal Akuntansi dan Keuangan Islam, 6(1), 13–25.
Ilyas, M., & Suryanto, T. (2020). The effects of inflation and interest rates on the liquidity of Islamic banks in Indonesia. International Journal of Economics and Financial Issues, 10(1), 100–107.
Iqbal, M., Nasution, M. E., & Siregar, H. (2022). The impact of capital market development on Islamic banking performance in Indonesia. Journal of Islamic Marketing, 13(5), 1123–1141. https://doi.org/10.1108/JIMA-09-2020-0282
Karim, A. A., & Yusoff, M. B. (2021). Displaced commercial risk and Islamic banking liquidity: Issues and regulatory responses. International Journal of Economics and Management, 15(1), 103–118.
Khairunnisa, F., & Firdaus, A. (2023). Analisis faktor-faktor yang memengaruhi likuiditas bank syariah dengan pendekatan model ARDL. Jurnal Ekonomi dan Bisnis Syariah (JEBS), 5(1), 77–92. https://doi.org/10.21043/jebs.v5i1.18372
Lubis, A. A., & Nasution, M. E. (2022). Peran suku bunga acuan dan indeks pasar modal terhadap FDR perbankan syariah di Indonesia. Jurnal Ilmu Ekonomi Syariah, 14(2), 135–147.
Mankiw, N. G. (2020). Macroeconomics (10th ed.). New York: Worth Publishers.
Mollah, S., Hassan, M. K., & Al Farooque, O. (2019). The governance, risk-taking, and performance of Islamic banks. Journal of Financial Services Research, 55, 351–377. https://doi.org/10.1007/s10693-018-0289-4
Narayan, P. K., Phan, D. H. B., & Liu, G. (2020). COVID-19 lockdowns, stimulus packages, travel bans, and stock returns. Finance Research Letters, 38, 101732. https://doi.org/10.1016/j.frl.2020.101732
Novita, A., & Gunawan, B. (2022). The role of macroeconomic indicators in predicting Islamic bank liquidity: Evidence from Indonesia. Journal of Islamic Finance and Banking, 10(2), 89–101.
Otoritas Jasa Keuangan. (2018). Statistik Perbankan Syariah Indonesia 2013–2018. https://www.ojk.go.id
Putra, H. R., & Hermanto, B. (2021). Exchange rate volatility and Islamic banking performance: Evidence from Indonesia. International Journal of Islamic and Middle Eastern Finance and Management, 14(3), 509–525. https://doi.org/10.1108/IMEFM-08-2020-0412
Putri, R. D., & Safitri, N. (2024). Kinerja likuiditas perbankan syariah dalam menghadapi dinamika makroekonomi pasca pandemi. Jurnal Keuangan dan Perbankan Syariah, 12(1), 51–67.
Rahmawati, F. (2016). Analisis Pengaruh Faktor Makroekonomi Terhadap Kinerja Bank Syariah di Indonesia. Jurnal Ekonomi dan Keuangan Syariah, 4(2), 67–82.
Santoso, B. (2016). Pengaruh Variabel Makroekonomi Terhadap Kinerja Keuangan Bank Umum Syariah. Jurnal Keuangan dan Perbankan, 20(1), 1–14.
Setiawan, D. (2021). Financing to deposit ratio, non-performing financing, and efficiency: Evidence from Indonesian Islamic banks. Asian Journal of Islamic Management, 3(2), 85–96. https://doi.org/10.20885/ajim.vol3.iss2.art2
Sukmana, R. (2020). Can Islamic banking contribute to economic growth? Empirical evidence from Indonesia. International Journal of Islamic and Middle Eastern Finance and Management, 13(2), 289–304. https://doi.org/10.1108/IMEFM-02-2019-0083
Wulandari, T., & Kassim, S. (2019). Risk, efficiency and liquidity of Islamic banks: Evidence from Indonesia. International Journal of Islamic and Middle Eastern Finance and Management, 12(2), 199–216. https://doi.org/10.1108/IMEFM-03-2018-0092
Yuliana, R., & Hidayatullah, S. (2023). Pengaruh BI rate, inflasi dan nilai tukar terhadap likuiditas bank syariah di era digitalisasi. Jurnal Ekonomi Islam dan Keuangan Syariah, 5(2), 105–118.
Yusof, R. M., & Majid, M. S. A. (2022). Islamic banking stability and the exchange rate: Panel evidence from emerging countries. Journal of Financial Economic Policy, 14(3), 462–479. https://doi.org/10.1108/JFEP-12-2020-0260
Zaher, T. S., & Hassan, M. K. (2020). A comparative literature survey of Islamic finance and banking. Journal of Financial Services Research, 57(1), 1–60. https://doi.org/10.1007/s10693-020-00327-z
Published
2024-06-30
Section
Articles
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under an Attribution 4.0 International (CC BY 4.0). that allows others to Share — copy and redistribute the material in any medium or format, Adapt — remix, transform, and build upon the material.
This work is licensed under an Attribution 4.0 International (CC BY 4.0)
