Main Article Content
Abstract
This study was undertaken to determine how effective Islamic Capital Market Securities, namely the issuance of subordinated sukuk and others sukuk in Islamic banking, are on the quantity of working capital financing distribution to MSMEs in Indonesia. By using monthly time series secondary data and multiple linear regression analysis techniques, it was found that the issuance of subordinated sukuk and others sukuk had a significant positive effect on increasing the quantity of working capital financing distribution to MSMEs. It can be concluded that the policy of Islamic banking to issue Islamic Capital Market Securities effectively supports the increase in the working capital of MSMEs.
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References
- Abasimel, N. A. (2022). Islamic Banking and Economics: Concepts and Instruments, Features, Advantages, Differences from Conventional Banks, and Contributions to Economic Growth. Journal of the Knowledge Economy, 1(3), 27. https://doi.org/10.1007/s13132-022-00940-z
- Abdullahi, S. I. (2022). Review of Literature on Islamic Finance: How Far Do Islamic Stock Markets Perform since Inception? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4091504
- Abdulrahim, K. E. (2018). Perspectives of Islamic Banking and Its Place in Economic Theory: Empirical Evidence from Saudi Arabia. Journal of Economics, Management and Trade, 21(11), 83–91. https://doi.org/10.9734/jemt/2018/9354
- Anass, P. (2015). Channeling Asset-Managed Sukuk towards SMEs financing: a case study for Sukuk Mudaraba (asset finance) applied to a French SME. European Journal of Islamic Finance, 1(1), 1–13. https://doi.org/10.13135/2421-2172/800
- Andhyka, B., Yustisiana, R., & Widayadi, W. (2022). The Small Medium Enterprises Business Sustainability Strategy in The New Normal Era: Indonesia Case Study. International Journal of Business and Technology Management, 4(1), 29–36. https://doi.org/https://doi.org/10.55057/ijbtm.2022.4.1.4
- Azaria, D. N. (2022). Financial System Stability Affected by Monetary, Macroprudential Policies and Systemic Risk. Jurnal Akuntansi, Manajemen Dan Ekonomi. https://doi.org/10.32424/1.jame.2022.24.1.5200
- Babenkova, Y. (2021). Islamic Finance Industry in the Middle East and North Africa: Ways out of the Exogenous Crisis. Entrepreneur’s Guide, 14(1), 62–91. https://doi.org/10.24182/2073-9885-2021-14-1-62-31
- Bhuiyan, R. A., Rahman, M. P., Saiti, B., & Ghani, G. B. M. (2019). Does the Malaysian Sovereign Sukuk Market Offer Portfolio Diversification Opportunities for Global Fixed-income Investors? Evidence from Wavelet Coherence and Multivariate-GARCH Analyses. North American Journal of Economics and Finance, 47(1), 675–687. https://doi.org/10.1016/j.najef.2018.07.008
- Central Bank of Indonesia. (2021). Laporan Tahunan Bank Indonesia 2020. Publication by the Central Bank of Indonesia.
- Chin, W. (2018). The Partial Least Squares Approach to Structural Equation Modeling. Lawrence Publisher New Jersey.
- Financial Services Authority. (2020). Sukuk Handbook. Financial Services Authority.
- Financial Services Authority. (2021). Statistik Perbankan Syariah Mei 2021. Financial Services Authority.
- Gujarati, D. N. (2014). Basic Econometrics 4th Edition. Tata McGraw-Hill.
- Haerisma, A. S. (2017). Tinjauan Maqasid Syariah terhadap Obligasi Syariah (Sukuk). Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah, 2(2), 136–150. https://doi.org/10.24235/jm.v2i2.2154
- Hendri, W., Murad, A., & Iswandi, T. (2022). Analysis of Factors Affecting the Development of the Number of UMKM in Indonesia. International Journal of Multicultural and Multireligious Understanding, 9(2), 15–27. https://doi.org/10.18415/ijmmu.v9i2.3306
- Iqbal, Z. (2015). The Appeal of Suk?k as Asset-Backed Financing. Journal of King Abdul Aziz University, Islamic Economics, 28(2), 185–198. https://doi.org/10.4197/Islec.28-2.6
- Karim, A., Possumah, B. T., & Aqbar, K. (2021). Global COVID-19: What Islamic Economic and Finance Can Do? Indonesia Experience. International Journal of Islamic Business Ethics, 6(2), 119. https://doi.org/10.30659/ijibe.6.2.119-134
- Limanseto, H. (2022). UMKM Menjadi Pilar Penting dalam Perekonomian Indonesia. Publikasi Kementerian Koordinator Bidang Perekonomian Republik Indonesia.
- Mat Ali, S. A., Arshad, A., & Ibrahim, I. (2021). Relief Measures of Islamic Finance in Combating Adverse Impacts of COVID-19 in Malaysia: An Analysis. International Journal of Law, Government and Communication, 6(24), 116–134. https://doi.org/10.35631/ijlgc.624008
- Mawardi, I., Aswin, T. A., Fitri, R., Cupian, Anggraini, Rr. T., & Jazil, T. (OJK). (2019). Modul Pasar Modal Syariah. Financial Services Authority and Sharia Capital Market.
- Ministry of Cooperatives and SMEs. (2021). Perkembangan Data Usaha Mikro, Kecil, Menengah, dan Usaha Besar.
- Mittal, V., & Raman, T. V. (2022). Financing Woes: Estimating the Impact of MSME Financing Gap on Financial Structure Practices of Firm Owners. South Asian Journal of Business Studies, 11(3), 316–340. https://doi.org/10.1108/SAJBS-07-2020-0228
- Mohammed, M. M., Tok, M. E., & Ali, S. N. (2020). The Potential of Islamic Finance in Reinforcing and Regaining Economic Stability in Qatar. Journal of Economic Cooperation and Development, 41(4), 191–217. https://doi.org/doi.org/10.1108/978-1-80071-625-420210003
- Narayan, P. K., Rizvi, S. A. R., & Sakti, A. (2022). Did Green Debt Instruments Aid Diversification During the COVID-19 Pandemic? Financial Innovation, 8(1), 1–15. https://doi.org/10.1186/s40854-021-00331-4
- Oskar, L. (2019). Introduction to Econometrics. Biometrics Journal, 20(1), 332. https://doi.org/10.2307/2527639
- Prayogi, M. A., & Siregar, L. H. (2017). Pengaruh Pembiayaan Mikro Syariah terhadap Tingkat Perkembangan Usaha Mikro Kecil Menengah (UMKM). Ekonomikawan: Jurnal Ilmu Ekonomi Dan Studi Pembangunan, 17(2), 121–131. https://doi.org/10.30596/ekonomikawan.v17i2.1795
- Rinaldhy, Moch. A. (2016). Kajian Terhadap Penerapan Sukuk Sebagai Alternatif Sumber Pembiayaan Negara Jurnal Ilmiah. Jurnal Ilmiah Mahasiswa FEB, 3(2), 67–75. https://doi.org/https://dx.doi.org/10.31332/.v1i1.476
- Salhani, A., & Mouselli, S. (2022). The Impact of Tier 1 sukuk (Islamic bonds) on The Profitability of UAE Islamic Banks. Journal of Financial Reporting and Accounting, 2(ahead-of-print), 43–62. https://doi.org/10.1108/JFRA-12-2021-0461
- Setyono, F., Istiqomah, Y. N. A., Ilmundhita, S., & Mujib, A. (2021). Analisis Efisiensi Perbankan Syariah Pada Masa Pandemi COVID-19 Menggunakan Data Envelopment Analysis (DEA). I-Finance: A Research Journal on Islamic Finance, 7(1), 11–30. https://doi.org/10.19109/ifinance.v7i1.8434
- Suci, Y. R. (2017). Development of MSME (Micro, Small and Medium Enterprises) in Indonesia. Jurnal Ilmiah Cano Ekonomos, 6(1), 1–31. https://doi.org/https://doi.org/10.35609/jber.2017.2.
- Suretno, S., & Bustam, B. (2020). Peran Bank Syariah dalam Meningkatkan Perekonomian Nasional Melalui Pembiayaan Modal Kerja pada UMKM. Ad-Deenar: Jurnal Ekonomi Dan Bisnis Islam, 4(1), 1–19. https://doi.org/10.30868/ad.v4i01.752
- Syafrida, I., Nugroho, H., & Savitri, E. (2017). Pemanfaatan Dana Sukuk Pada Bank Syariah di Indonesia dan Pengaruhnya terhadap Pembiayaan. NISBAH: Jurnal Perbankan Syariah, 3(2), 382–390. https://doi.org/10.30997/jn.v3i2.909
- Tjahjadi, B., Soewarno, N., Nadyaningrum, V., & Aminy, A. (2022). Human Capital Readiness and Global Market Orientation in Indonesian Micro-, Small- and-Medium-sized Enterprises business performance. International Journal of Productivity and Performance Management, 71(1), 79–99. https://doi.org/10.1108/IJPPM-04-2020-0181
- Trie, N., Sari, P., & Kusumawati, A. (2022). Asian Journal of Management Entrepreneurship and Social Sciene Literature Review: The Efforts to Strengthening of Micro, Small and Medium-Sized Enterprises (MSME) in Indonesia. Asian Journal of Management …, 2(01), 98–115. https://doi.org/https://doi.org/10.9744/jmk.23.1.84
- Uluyol, B. (2021). A Comprehensive Empirical and Theoretical Literature Survey of Islamic Bonds (Sukuk). Journal of Sustainable Finance and Investment, 11(4), 351–385. https://doi.org/10.1080/20430795.2021.1917224
- Utomo, S., Sutrisno, J., Sinulingga, G., & Dachi, A. (2022). Achieving MSMEs Business Performances by Innovation and Value Chain through Competitive Advantages. Linguistics and Culture Review, 6(2), 674–685. https://doi.org/10.21744/lingcure.v6ns1.2112
- Wibowo, A., & Khoirudin, R. (2022). Does Macroeconomic Fluctuation Matter for The Composite Stock Price Index?. Jurnal Ekonomi Pembangunan, 20(1), 105-114. doi:https://doi.org/10.29259/jep.v20i1.17479
- Widarjono, A. (2020). Econometrics. Jurnal Bisnis dan Ekonomi. https://doi.org/10.1002/mop
- Widyanata, F., Syathiri, A., & Dwirini. (2022). The Impact of COVID-19 on MSMEs Financing in Indonesia: The Role of Mudharabah and Musharakah. EQUILIBRIUM: Jurnal Ekonomi Syariah, 10(1), 54–70. https://doi.org/http://dx.doi.org/10.21043/equilibrium.v10i1
References
Abasimel, N. A. (2022). Islamic Banking and Economics: Concepts and Instruments, Features, Advantages, Differences from Conventional Banks, and Contributions to Economic Growth. Journal of the Knowledge Economy, 1(3), 27. https://doi.org/10.1007/s13132-022-00940-z
Abdullahi, S. I. (2022). Review of Literature on Islamic Finance: How Far Do Islamic Stock Markets Perform since Inception? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4091504
Abdulrahim, K. E. (2018). Perspectives of Islamic Banking and Its Place in Economic Theory: Empirical Evidence from Saudi Arabia. Journal of Economics, Management and Trade, 21(11), 83–91. https://doi.org/10.9734/jemt/2018/9354
Anass, P. (2015). Channeling Asset-Managed Sukuk towards SMEs financing: a case study for Sukuk Mudaraba (asset finance) applied to a French SME. European Journal of Islamic Finance, 1(1), 1–13. https://doi.org/10.13135/2421-2172/800
Andhyka, B., Yustisiana, R., & Widayadi, W. (2022). The Small Medium Enterprises Business Sustainability Strategy in The New Normal Era: Indonesia Case Study. International Journal of Business and Technology Management, 4(1), 29–36. https://doi.org/https://doi.org/10.55057/ijbtm.2022.4.1.4
Azaria, D. N. (2022). Financial System Stability Affected by Monetary, Macroprudential Policies and Systemic Risk. Jurnal Akuntansi, Manajemen Dan Ekonomi. https://doi.org/10.32424/1.jame.2022.24.1.5200
Babenkova, Y. (2021). Islamic Finance Industry in the Middle East and North Africa: Ways out of the Exogenous Crisis. Entrepreneur’s Guide, 14(1), 62–91. https://doi.org/10.24182/2073-9885-2021-14-1-62-31
Bhuiyan, R. A., Rahman, M. P., Saiti, B., & Ghani, G. B. M. (2019). Does the Malaysian Sovereign Sukuk Market Offer Portfolio Diversification Opportunities for Global Fixed-income Investors? Evidence from Wavelet Coherence and Multivariate-GARCH Analyses. North American Journal of Economics and Finance, 47(1), 675–687. https://doi.org/10.1016/j.najef.2018.07.008
Central Bank of Indonesia. (2021). Laporan Tahunan Bank Indonesia 2020. Publication by the Central Bank of Indonesia.
Chin, W. (2018). The Partial Least Squares Approach to Structural Equation Modeling. Lawrence Publisher New Jersey.
Financial Services Authority. (2020). Sukuk Handbook. Financial Services Authority.
Financial Services Authority. (2021). Statistik Perbankan Syariah Mei 2021. Financial Services Authority.
Gujarati, D. N. (2014). Basic Econometrics 4th Edition. Tata McGraw-Hill.
Haerisma, A. S. (2017). Tinjauan Maqasid Syariah terhadap Obligasi Syariah (Sukuk). Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Syariah, 2(2), 136–150. https://doi.org/10.24235/jm.v2i2.2154
Hendri, W., Murad, A., & Iswandi, T. (2022). Analysis of Factors Affecting the Development of the Number of UMKM in Indonesia. International Journal of Multicultural and Multireligious Understanding, 9(2), 15–27. https://doi.org/10.18415/ijmmu.v9i2.3306
Iqbal, Z. (2015). The Appeal of Suk?k as Asset-Backed Financing. Journal of King Abdul Aziz University, Islamic Economics, 28(2), 185–198. https://doi.org/10.4197/Islec.28-2.6
Karim, A., Possumah, B. T., & Aqbar, K. (2021). Global COVID-19: What Islamic Economic and Finance Can Do? Indonesia Experience. International Journal of Islamic Business Ethics, 6(2), 119. https://doi.org/10.30659/ijibe.6.2.119-134
Limanseto, H. (2022). UMKM Menjadi Pilar Penting dalam Perekonomian Indonesia. Publikasi Kementerian Koordinator Bidang Perekonomian Republik Indonesia.
Mat Ali, S. A., Arshad, A., & Ibrahim, I. (2021). Relief Measures of Islamic Finance in Combating Adverse Impacts of COVID-19 in Malaysia: An Analysis. International Journal of Law, Government and Communication, 6(24), 116–134. https://doi.org/10.35631/ijlgc.624008
Mawardi, I., Aswin, T. A., Fitri, R., Cupian, Anggraini, Rr. T., & Jazil, T. (OJK). (2019). Modul Pasar Modal Syariah. Financial Services Authority and Sharia Capital Market.
Ministry of Cooperatives and SMEs. (2021). Perkembangan Data Usaha Mikro, Kecil, Menengah, dan Usaha Besar.
Mittal, V., & Raman, T. V. (2022). Financing Woes: Estimating the Impact of MSME Financing Gap on Financial Structure Practices of Firm Owners. South Asian Journal of Business Studies, 11(3), 316–340. https://doi.org/10.1108/SAJBS-07-2020-0228
Mohammed, M. M., Tok, M. E., & Ali, S. N. (2020). The Potential of Islamic Finance in Reinforcing and Regaining Economic Stability in Qatar. Journal of Economic Cooperation and Development, 41(4), 191–217. https://doi.org/doi.org/10.1108/978-1-80071-625-420210003
Narayan, P. K., Rizvi, S. A. R., & Sakti, A. (2022). Did Green Debt Instruments Aid Diversification During the COVID-19 Pandemic? Financial Innovation, 8(1), 1–15. https://doi.org/10.1186/s40854-021-00331-4
Oskar, L. (2019). Introduction to Econometrics. Biometrics Journal, 20(1), 332. https://doi.org/10.2307/2527639
Prayogi, M. A., & Siregar, L. H. (2017). Pengaruh Pembiayaan Mikro Syariah terhadap Tingkat Perkembangan Usaha Mikro Kecil Menengah (UMKM). Ekonomikawan: Jurnal Ilmu Ekonomi Dan Studi Pembangunan, 17(2), 121–131. https://doi.org/10.30596/ekonomikawan.v17i2.1795
Rinaldhy, Moch. A. (2016). Kajian Terhadap Penerapan Sukuk Sebagai Alternatif Sumber Pembiayaan Negara Jurnal Ilmiah. Jurnal Ilmiah Mahasiswa FEB, 3(2), 67–75. https://doi.org/https://dx.doi.org/10.31332/.v1i1.476
Salhani, A., & Mouselli, S. (2022). The Impact of Tier 1 sukuk (Islamic bonds) on The Profitability of UAE Islamic Banks. Journal of Financial Reporting and Accounting, 2(ahead-of-print), 43–62. https://doi.org/10.1108/JFRA-12-2021-0461
Setyono, F., Istiqomah, Y. N. A., Ilmundhita, S., & Mujib, A. (2021). Analisis Efisiensi Perbankan Syariah Pada Masa Pandemi COVID-19 Menggunakan Data Envelopment Analysis (DEA). I-Finance: A Research Journal on Islamic Finance, 7(1), 11–30. https://doi.org/10.19109/ifinance.v7i1.8434
Suci, Y. R. (2017). Development of MSME (Micro, Small and Medium Enterprises) in Indonesia. Jurnal Ilmiah Cano Ekonomos, 6(1), 1–31. https://doi.org/https://doi.org/10.35609/jber.2017.2.
Suretno, S., & Bustam, B. (2020). Peran Bank Syariah dalam Meningkatkan Perekonomian Nasional Melalui Pembiayaan Modal Kerja pada UMKM. Ad-Deenar: Jurnal Ekonomi Dan Bisnis Islam, 4(1), 1–19. https://doi.org/10.30868/ad.v4i01.752
Syafrida, I., Nugroho, H., & Savitri, E. (2017). Pemanfaatan Dana Sukuk Pada Bank Syariah di Indonesia dan Pengaruhnya terhadap Pembiayaan. NISBAH: Jurnal Perbankan Syariah, 3(2), 382–390. https://doi.org/10.30997/jn.v3i2.909
Tjahjadi, B., Soewarno, N., Nadyaningrum, V., & Aminy, A. (2022). Human Capital Readiness and Global Market Orientation in Indonesian Micro-, Small- and-Medium-sized Enterprises business performance. International Journal of Productivity and Performance Management, 71(1), 79–99. https://doi.org/10.1108/IJPPM-04-2020-0181
Trie, N., Sari, P., & Kusumawati, A. (2022). Asian Journal of Management Entrepreneurship and Social Sciene Literature Review: The Efforts to Strengthening of Micro, Small and Medium-Sized Enterprises (MSME) in Indonesia. Asian Journal of Management …, 2(01), 98–115. https://doi.org/https://doi.org/10.9744/jmk.23.1.84
Uluyol, B. (2021). A Comprehensive Empirical and Theoretical Literature Survey of Islamic Bonds (Sukuk). Journal of Sustainable Finance and Investment, 11(4), 351–385. https://doi.org/10.1080/20430795.2021.1917224
Utomo, S., Sutrisno, J., Sinulingga, G., & Dachi, A. (2022). Achieving MSMEs Business Performances by Innovation and Value Chain through Competitive Advantages. Linguistics and Culture Review, 6(2), 674–685. https://doi.org/10.21744/lingcure.v6ns1.2112
Wibowo, A., & Khoirudin, R. (2022). Does Macroeconomic Fluctuation Matter for The Composite Stock Price Index?. Jurnal Ekonomi Pembangunan, 20(1), 105-114. doi:https://doi.org/10.29259/jep.v20i1.17479
Widarjono, A. (2020). Econometrics. Jurnal Bisnis dan Ekonomi. https://doi.org/10.1002/mop
Widyanata, F., Syathiri, A., & Dwirini. (2022). The Impact of COVID-19 on MSMEs Financing in Indonesia: The Role of Mudharabah and Musharakah. EQUILIBRIUM: Jurnal Ekonomi Syariah, 10(1), 54–70. https://doi.org/http://dx.doi.org/10.21043/equilibrium.v10i1