Peran Saham Syariah dan Reksadana Syariah Terhadap Pertumbuhan Ekonomi Nasional

Achmad Riady; Nur Usbianto Arsidiq

doi:10.47134/jees.v1i2.135

Authors

Achmad Riady Institut Parahikma Indonesia
Nur Usbianto Arsidiq Institut Parahikma Indonesia

DOI:

https://doi.org/10.47134/jees.v1i2.135

Keywords:

Saham Syariah, Reksadana Syariah, Prediksi Ekonomi Nasional

Abstract

Saham syariah dan reksadana syariah adalah instrumen keuangan yang sesuai dengan prinsip-prinsip syariah Islam. Kedua instrumen ini memiliki peran yang penting dalam konteks pertumbuhan ekonomi nasional. Saham syariah merupakan kepemilikan saham dalam perusahaan yang beroperasi sesuai dengan prinsip-prinsip syariah, seperti larangan terhadap riba (bunga) dan perjudian. Reksadana syariah di sisi lain, adalah wadah investasi yang mengumpulkan dana dari berbagai investor untuk diinvestasikan dalam portofolio saham syariah. Pengembangan saham syariah dan reksadana syariah dapat memberikan kontribusi positif terhadap pertumbuhan ekonomi nasional. Melalui partisipasi yang lebih luas dari masyarakat dalam pasar modal, instrumen-instrumen ini dapat meningkatkan aksesibilitas dan inklusi keuangan. Selain itu, dengan mengalokasikan investasi pada sektor-sektor yang sesuai dengan prinsip-prinsip syariah, seperti industri halal dan keuangan berbasis syariah, saham syariah dan reksadana syariah dapat mendorong pertumbuhan sektor-sektor tersebut dan memberikan dampak positif pada perekonomian nasional secara keseluruhan. Jenis penelitian ini kuantitatif dengan menggunakan data sekunder dari seluruh jumlah populasi laporan triwulan keuangan saham syariah dan reksadana syariah yang terdaftar di OJK dan laporan keuangan pertumbuhan ekonomi nasional yang terdapat di BPS tahun 2015-2022 menggunakan pengambilan sampel nonprobabilitay sampling dengan teknik sampel jenuh. Secara parsial penelitian ini ditemukan saham syariah berpengaruh positif namun tidak signifikan terhadap pertumbuhan ekonomi nasional sedangkan reksadana syariah memiliki pengaruh positif dan signifikan. Secara simultan kedua variabel dinyatakan berpengaruh positif dan signifikan. Penelitian ini dapat menjadi bahan pertimbangan para investor dalam memilih produk syariah yang dapat berkontribusi pada pertumbuhan ekonomi nasional.

Sharia stocks and sharia mutual funds are financial instruments that match the principles of Islamic Syariah. Both of these instruments have an important role in the context of national economic growth. Sharia stocks are shareholders in companies operating in accordance with the sharia principles, such as ban on biba (flowers) and gambling. The sharia mutual fund on the other hand, is an investment container that raises funds from various investors to invest in the syariah portfolio of syariah. Development of Sharia stocks and Sharia Mutual funds can contribute positively to national economic growth. Through the broader participation of the community in the capital market, these instruments may increase financial accessibility and inclusion. In addition, by allocating investments in sectors in accordance with the syariah principles, such as syariah and prepared blacement of industries, sharia stocks and sharia mutual funds can encourage the growth of these sectors and have a positive impact on the national economy as a whole. This type of quantitative research using secondary data from all number of population reports of sharia stocks and sharia mutual funds registered in OJK and the financial statements of national economic growth contained in BPS of 2015-2022 using nonprobabilitay sampling with saturated sample techniques. Partially the study was found sharia stocks positive but not significant to national economic growth while Sharia mutual fund had positive and significant influence. Simultaneously the two variables are declared positive and significant effect. This research can be a consideration of investors in choosing sharia products that can contribute to national economic growth.

References

Akib, B., & Riska, R. (2022). Pengaruh Pembiayaan Ijarah dan Murabahah Terhadap Profitabilitas pada Bank Bri Syariah di Otoritas Jasa Keuangan (OJK). . Akuntansi Dan Keuangan Syariah (Jurnal Akunsyah), 2(1), 39–50.

Aloui, C., Hammoudeh, S., & Hamida, H. ben. (2015a). Global factors driving structural changes in the co-movement between sharia stocks and sukuk in the Gulf Cooperation Council countries. The North American Journal of Economics and Finance, 31, 311–329. https://doi.org/10.1016/j.najef.2014.12.002

Aloui, C., Hammoudeh, S., & Hamida, H. Ben. (2015b). Price discovery and regime shift behavior in the relationship between sharia stocks and sukuk: A two-state Markov switching analysis. Pacific-Basin Finance Journal, 34, 121–135. https://doi.org/10.1016/j.pacfin.2015.06.004

Aloui, C., Shahzad, S. J. H., Hkiri, B., Hela, B. H., & Khan, M. A. (2021). On the investors’ sentiments and the Islamic stock-bond interplay across investments’ horizons. Pacific-Basin Finance Journal, 65, 101491. https://doi.org/10.1016/j.pacfin.2020.101491

Auliyatusaa’adah, N., & Handayani, D. I. (2021). Pengaruh Saham dan Reksadana Syariah Terhadap Pertumbuhan Ekonomi Indonesia Tahun 2013-2019. JIEF: Journal of Islamic Economics and Finance, 1(1), 37–45.

Burns, L. S. (1987). Regional Economic Integration and National Economic Growth. Regional Studies, 21(4), 327–342. https://doi.org/10.1080/00343408712331344508

Castaño, M. S., Méndez, M. T., & Galindo, M. Á. (2016). The effect of public policies on entrepreneurial activity and economic growth. Journal of Business Research, 69(11), 5280–5285. https://doi.org/10.1016/j.jbusres.2016.04.125

Dirjen Dukcapil Kemendagri. (2023). Dukcapil Raih 10 penghargaan Inovasi Pelayanan Publik 2021. Https://Www.Dukcapil.Kemendagri.Go.Id/Berita/Baca/760/Dukcapil-Raih-10-Penghargaan-Inovasi-Pelayanan-Publik-2021.

Frita, N., Hamdani, I., & Devi, A. (2021). Pengaruh Inklusi Keuangan dan Bank Syariah terhadap Infrastruktur Nasional Dan Pertumbuhan Ekonomi Dalam Program SDGs . El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam, 3(1), 155–182. https://doi.org/10.47467/elmal.v3i1.690

Handayani, T., & Abubakar, L. (2017). Perkembangan hukum sektor jasa keuangan dalam upaya percepatan pertumbuhan ekonomi nasional. DE LEGA LATA: Jurnal Ilmu Hukum, 2(2), 418--444.

Hayat, R., & Kraeussl, R. (2011). Risk and return characteristics of Islamic equity funds. Emerging Markets Review, 12(2), 189–203. https://doi.org/10.1016/j.ememar.2011.02.002

Huda, A. N. (2012). The Development of Islamic Financing Scheme for SMEs in a Developing Country: The Indonesian Case. Procedia - Social and Behavioral Sciences, 52, 179–186. https://doi.org/10.1016/j.sbspro.2012.09.454

Irawan, I. , & Siregar, Z. A. (2019). Pengaruh Pasar Modal Syariah terhadap Pertumbuhan Ekonomi Indonesia. In Prosiding Seminar Nasional Ilmu Sosial dan Teknologi (SNISTEK) (2nd ed., pp. 97–102).

Li, N., Wei, C., & Zhang, L. (2023). Risk factors in the Indonesian stock market. Pacific-Basin Finance Journal, 82, 102175. https://doi.org/10.1016/j.pacfin.2023.102175

Merdad, H., Hassan, M. K., & Khawaja, M. (2016). Does Faith Matter in Mutual Funds Investing? Evidence from Saudi Arabia. Emerging Markets Finance and Trade, 52(4), 938–960. https://doi.org/10.1080/1540496X.2015.1025655

Muchlis, S., M, M., & Mais, R. G. (2022). Analisis Dampak Instrumen Investasi Keuangan Syariah Sebagai Determinan Pertumbuhan Ekonomi Nasional Periode 2013-2020. Jurnal Penelitian Teori & Terapan Akuntansi (PETA), 7(2), 241–260. https://doi.org/10.51289/peta.v7i2.529

Nurwahida, N. , Sugianto, S. , & Jannah, N. (2022). Pengaruh Ekspor, Reksadana Syariah dan Utang Luar Negeri Terhadap Pertumbuhan Ekonomi Nasional Periode 2012-2020. Jurnal Ilmiah Ekonomi Islam, 8(2), 1584–1597.

Radjak, L. , & Kartika, I. Y. (2020). Pengaruh saham syariah terhadap pertumbuhan ekonomi nasional. JSAP: Journal Syariah and Accounting Public, 2(1), 60–70.

Rahmadhana, E. , Rahma, T. I. F. , & Tambunan, K. (2022). Pengaruh Investasi Syariah, Sukuk Dan Reksadana Syariah Terhadap Pertumbuhan Ekonomi Indonesia tahun 2011-2020. Jurnal Manajemen Akuntansi (JUMSI), 2(4), 676–691.

Reynolds, C., Agrawal, M., Lee, I., Zhan, C., Li, J., Taylor, P., Mares, T., Morison, J., Angelakis, N., & Roos, G. (2018). A sub-national economic complexity analysis of Australia’s states and territories. Regional Studies, 52(5), 715–726. https://doi.org/10.1080/00343404.2017.1283012

Reza Juanda, Mity Risky, & Rico Nur Ilham. (2023). THE INFLUENCE OF GROWTH OF MICRO SMALL AND MEDIUM ENTERPRISES (UMKM) AND UNEMPLOYMENT ON GROWTH INDONESIAN ECONOMY. International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS), 3(1), 188–202. https://doi.org/10.54443/ijebas.v3i1.675

Stel, A. van, Carree, M., & Thurik, R. (2005). The Effect of Entrepreneurial Activity on National Economic Growth. Small Business Economics, 24(3), 311–321. https://doi.org/10.1007/s11187-005-1996-6

Stoica, O., Roman, A., & Rusu, V. D. (2020). The Nexus between Entrepreneurship and Economic Growth: A Comparative Analysis on Groups of Countries. Sustainability, 12(3), 1186. https://doi.org/10.3390/su12031186

Tung, L. T., & Hoang, L. N. (2023). Impact of R&D expenditure on economic growth: evidence from emerging economies. Journal of Science and Technology Policy Management. https://doi.org/10.1108/JSTPM-08-2022-0129

Urbano, D., Aparicio, S., & Audretsch, D. B. (2019). The Effect of Entrepreneurial Activity on Economic Growth (pp. 85–106). https://doi.org/10.1007/978-3-030-13373-3_4

Wahyono, B. (2021). Dataset on political connections, Sharia, and abnormal returns surrounding M&A announcement in the Indonesian stock market. Data in Brief, 38, 107378. https://doi.org/10.1016/j.dib.2021.107378