Kontribusi Utang Luar Negeri, Sukuk dan Zakat Terhadap Pertumbuhan Ekonomi di Indonesia

Aisyah Nurhayati; Fitria Nur Farida; Hikmah Endraswati

doi:10.29040/jiei.v12i3.19029

Authors

Aisyah Nurhayati Universitas Islam Negeri Sunan Kalijaga Yogyakarta, Indonesia
Fitria Nur Farida Universitas Islam Negeri Sunan Kalijaga, Indonesia
Hikmah Endraswati Universitas Islam Negeri Sunan Kalijaga Yogyakarta, Indonesia

DOI:

https://doi.org/10.29040/jiei.v12i3.19029

Keywords:

Economic Growth, External Debt, Islamic Public Finance, Sukuk, Zakat

Abstract

This study aims to examine the contribution of external debt, sovereign sukuk, and zakat to economic growth in Indonesia. The research employs a quantitative approach using time series data covering the period 2010–2024. Multiple linear regression is applied as the main analytical method.

The empirical results indicate that external debt, sukuk, and zakat jointly have a significant effect on Indonesia’s economic growth. Partially, external debt exerts a positive and statistically significant impact, suggesting that external financing continues to play a productive role when managed efficiently and within sustainable limits. Zakat also shows a positive and significant effect, highlighting its strategic function as an Islamic social finance instrument in promoting inclusive economic growth through income redistribution and enhanced purchasing power among low-income households. In contrast, sovereign sukuk exhibits a positive but statistically insignificant effect, implying that its contribution to economic growth is more structural and long-term rather than immediate.

References

Abbas, S. M. A., & Christensen, J. E. (2010). The role of domestic debt markets in economic growth: An empirical investigation for low-income countries and emerging markets. IMF Staff Papers, 57(1), 209–255. https://doi.org/10.1057/imfsp.2009.24

Adhimllah, H., & Gunawan, Y. (2026). Optimalisasi Penyaluran Zakat dalam Perspektif Maqashid Syariah: Analisis Hukum Islam terhadap Model dan Efektivitas Pemberdayaan Mustahik. Journal of Legal, Political, and Humanistic Inquiry, 1(3), 59-67. https://doi.org/10.65310/yhzm8k06

Alifah, E. I., & Bawono, A. (2020). Strengthening Indonesia’s economic growth with Islamic and non-Islamic macroeconomic variables. Economica: Jurnal Ekonomi Islam, 11(1), 107–128. https://doi.org/10.21580/economica.2020.11.1.5300

Barro, R. J. (1990). Government spending in a simple model of endogenous growth. Journal of Political Economy, 98(5, Part 2), S103–S125. https://doi.org/10.1086/261726

Basten, E. V., Hudayah, S., & Gani, I. (2021). Pengaruh utang luar negeri terhadap pertumbuhan ekonomi dan dampaknya pada pengangguran terbuka di Indonesia. Forum Ekonomi: Jurnal Ekonomi, Manajemen dan Akuntansi, 23(2), 340-350. Received from https://journal.feb.unmul.ac.id/index.php/FORUMEKONOMI/article/view/7277/1268

Beik, I. S., & Arsyianti, L. D. (2016). Measuring zakat impact on poverty and welfare using CIBEST model. Journal of Islamic Monetary Economics and Finance, 1(2), 141–160. https://doi.org/10.21098/jimf.v1i2.524

Chenery, H. B., & Strout, A. M. (1966). Foreign assistance and economic development. The American Economic Review, 56(4), 679–733. https://www.jstor.org/stable/1813524

Darmawan. (2022). Manajemen Keuangan Syariah. UNY Press.

Daulay, J. R., Khoiri, N., & Syahputra, A. (2022). Zakat produktif (Tinjauan hukum Islam dalam karya Prof. Dr. Yusuf Al-Qardawi). Al-Mashlahah: Jurnal Hukum Islam dan Pranata Sosial Islam, 10(2), 1001–1016. https://doi.org/10.30868/am.v10i02.3184

Defrilia, A., Revanata, L., Bela, A. T. S., Firdaus, M. R., & Hidayati, A. N. (2025). Peran strategis zakat dalam mengurangi ketimpangan ekonomi dan kemiskinan. I’tishom: Jurnal Ekonomi Syariah, 4(2), 574–589. https://doi.org/10.70412/its.v4i2.200

Égert, B. (2015). Public debt, economic growth and nonlinear effects: Myth or reality? Journal of Macroeconomics, 43, 226–238. https://doi.org/10.1016/j.jmacro.2014.11.006

Furceri, D., & Sousa, R. M. (2011). Does government spending crowd out private consumption and investment? World Economics, 12(4), 153–170. https://www.world-economics-journal.com/Papers/Does-Government-Spending-Crowd-Out-Private-Consumption-and-Investment.aspx

Jacob, J., Kamal, M., Natsir, I., Ferly, B., Khairun, U., Tinggi, S., Islam, A., Asy, I., Pekanbaru, S., & Ekonomi, P. (2024). Peran Zakat dalam Memberdayakan Perekonomian Masyarakat Indonesia. Edunomika, 8(2), 1–14. https://doi.org/10.29040/jie.v8i2.13967

Laila, N. (2019). Pengembangan Sukuk Negara di Indonesia: Analisis Komprehenshif dalam Menggali Alternatif Solusi dan Strategi Pengembangan Sukuk Negara Indonesia. Skripsi. Universitas Airlangga. Received from https://repository.unair.ac.id/96509/

Maharani, D. W., & Widyastuti, E. (2024). Contribution of foreign debt, sukuk, and bonds in Indonesia’s economic growth. Jurnal Ekonomi dan Bisnis Airlangga, 34(1), 64–76. https://doi.org/10.20473/jeba.V34I12024.64-76

Melati, I., & Nurcahya, Y. A. (2022). Analisis pengaruh asuransi syariah, obligasi syariah (sukuk), saham syariah, dan reksa dana syariah terhadap pertumbuhan ekonomi Indonesia (2013–2020). Jurnal Akuntansi Kompetif, 5(1), 85–96. https://doi.org/10.35446/akuntansikompetif.v5i1.851

Mubassirun. (2013). Distribusi zakat dan pemberdayaan ekonomi umat. Inferensi: Jurnal Penelitian Sosial Keagamaan, 7(2), 493–512. https://doi.org/10.18326/infsl3.v7i2.493-512

Muhammad A.A, F., & Rosidta, A. (2023). Peran Wakaf Dan Zakat Dalam Meningkatkan Ekonomi Masyarakat Indonesia. Lisyabab : Jurnal Studi Islam Dan Sosial, 4(2), 162-185. https://doi.org/10.58326/jurnallisyabab.v4i2.193

Nasrifah, M. (2019). SUkuk (Obligasi Syariah) dalam Perspektif Keuangan Islam. Asy-Syari’ah Jurnal Hukum Islam 5(2):165-179. https://doi.org/10.36835/assyariah.v5i2.120

Nasution, S. F. (2021). Pembiayaan murabahah pada perbankan syariah di Indonesia. AT-Tawassuth: Jurnal Ekonomi Islam, 6(1), 132–152. https://doi.org/10.30829/ajei.v6i1.4088

Novitasari, E., & Arundina, T. (2023). Dynamic relationship between sukuk and economic growth in Indonesia: Evidence from Vector Error Correction Model (VECM) and Wavelet Analysis. Al-Uqud: Journal of Islamic Economics, 7(2), 243–258. https://doi.org/10.26740/al-uqud.v7n2.p243-258

Pratiwi, A., Mainata, D., & Ramadayanti, R. S. (2017). Peran sukuk negara dalam pembiayaan infrastruktur. Al-Tijary: Jurnal Ekonomi dan Bisnis Islam, 2(2), 155–176. https://doi.org/10.21093/at.v2i2.728

Permana, E. G., & Usman, M. (2025). Pengelolaan Zakat, Infak, dan Sedekah dalam Perspektif Maqasid Syariah: Studi Kasus LAZDA RIZKI Jember. KARTIKA: Jurnal Studi Keislaman, 5(2), 827-844. https://doi.org/10.59240/kjsk.v5i2.292

Pratiwi, A., Mainata, D., & Ramadayanti, R. S. (2017). Peran Sukuk Negara dalam Pembiayaan Infrastruktur. Al-Tijary: Jurnal Ekonomi Dan Bisnis Islam, 2(2), 155–176. https://doi.org/10.21093/at.v2i2.788

Rafikhalif, D., & Nirmalawati, D. (2021). Analisis Pengaruh Utang Luar Negeri Pemerintah terhadap Pertumbuhan Ekonomi. Ecosains: Jurnal Ilmiah Ekonomi Dan Pembangunan, 10(1), 1-9. https://doi.org/10.24036/ecosains.11563157.00

Romer, P. M. (1990). Endogenous technological change. Journal of Political Economy, 98(5, Part 2), S71–S102. https://doi.org/10.1086/261725

Salsabila, A. R., & Yazid, M. (2025). Ekonomi Islam sebagai Alternatif Pengelolaan Utang Negara : Studi Kasus Indonesia dalam Konteks Zakat , Wakaf , dan Sukuk. JIMPA: Jurnal Ilmiah Mahasiswa Perbankan Syariah STEBIS Indo Global Mandiri, 5(1), 413–422. https://doi.org/10.36908/jimpa.v5i1.575

Setianingsih, L., & Widyastuti, E. (2020). Does sukuk, domestic investment, foreign investment, and inflation contribute to economic growth in Indonesia? Jurnal Ekonomi Syariah Teori dan Terapan, 7(12), 2375–2384. https://doi.org/10.20473/vol7iss202012pp2375-2384

Shirazi, N. S. (2014). Integrating zakāt and waqf into the poverty reduction strategy of the IDB member countries. Islamic Economic Studies, 22(1), 79–108. https://doi.org/10.12816/0004136

Smaoui, H., Mimouni, K., & Temimi, A. (2017). Sukuk, banking system, and financial markets: Rivals or complements? Economics Letters, 161, 62–65. https://doi.org/10.1016/j.econlet.2017.10.005

Solow, R. M. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65–94. https://doi.org/10.2307/1884513

Syaripudin, E. I., Furkony, D. K., Sulthonuddin, B. H., Hamid, A., Sebelas, U., Sumedang, A., Mudharabah, S., & Syariah, H. E. (2024). Sukuk dalam Perspektif Hukum Ekonomi Syariah. Naratas, 4(2), 1-10. https://doi.org/10.37968/jn.v4i2.330

Umah, L. W., Pikriyyah, N. K., Luthfi, J. A., Anjani, R. A., Ma’rufa, A. F., & Suryanto, A. (2026). Optimalisasi Zakat, Wakaf Produktif, dan Sukuk Negara dalam Mengurangi Ketergantungan Utang Berbasis Bunga di Indonesia Tahun 2024-2026. Jurnal Ekonomi Manajemen Dan Bisnis, 3(4), 32–40. https://doi.org/10.62017/jemb.v3i4.7136

World Bank. (2024). World Development Report: Economic Growth in Middle-income Countries.

Zahruddin, A. M., & Musadad, A. (2024). Analisis Maqasid Syariah Terhadap Praktik Pengelolaan Zakat di LAZ Dompet Al-Qur’an. Jurnal Media Akademik (JMA), 2(12), 1-11. https://doi.org/10.62281/v2i12.1312