Electronic Theses and Dissertation

Stabilitas harga menjadi poin penting dalam menjaga stabilitas sistem keuangan, salah
satunya melalui kebijakan BI 7-Day Reverse Repo Rate (BI7DRR) dan BI Rate, yang juga
menjadi suku bunga acuan bagi perbankan di Indonesia untuk menentukan besaran bunga
simpanan dan bunga pinjaman. Terdapat perbedaan sistem antara perbankan syariah dan suku
bunga acuan Bank Indonesia. Perbedaan sistem bank syariah dan kebijakan suku bunga Bank
Indonesia menjadi isu penting dalam transaksi skema pembiayaan bank syariah. Tujuan
penelitian menguji dan menganalisis pengaruh skema pembiayaan bank syariah murabahah,
mudharabah, musyarakah, istishna', qardh, dan ijarah terhadap stabilitas harga di Indonesia,
menguji dan menganalisis peran suku bunga dalam memoderasi skema pembiayaan bank
syariah murabahah, mudharabah, musyarakah, istishna', qardh, dan ijarah terhadap stabilitas
harga di Indonesia. Penelitian ini menggunakan data time series bulanan dari Januari 2009
hingga Maret 2024 (183 bulan) di Indonesia. Penelitian ini membuktikan bahwa suku bunga,
pembiayaan qardh, pembiayaan ijarah mengganggu stabilitas harga. Sebaliknya, pembiayaan
musyarakah dapat mewujudkan stabilitas harga. Pembiayaan murabahah, mudharabah tidak
dapat mewujudkan stabilitas harga. Kemudian, hasil penelitian model 2 membuktikan bahwa
moderasi suku bunga terhadap pembiayaan murabahah dapat menstabilkan harga. Namun,
moderasi suku bunga pada pembiayaan musyarakah, ishtisna, ijarah memperlemah stabilitas
harga. Sehingga diharapkan Bank Indonesia sebagai pembuat kebijakan, harus tepat dalam
membuat kebijakan untuk menjaga stabilitas harga di Indonesia karena stabilitas harga di
Indonesia cenderung berfluktuasi tinggi.
Kata Kunci : Stabilitas Harga, Suku Bunga, Dual Banking System, Pembiyaan Bank

Price stability is an important point in maintaining financial system stability, one of which is through the BI 7-Day Reverse Repo Rate (BI7DRR) policy and the BI Rate, which is also the benchmark interest rate for banks in Indonesia to determine the amount of deposit interest and loan interest. There is a system difference between Islamic banking and Bank Indonesia's benchmark interest rate. The difference between the Islamic bank system and Bank Indonesia's interest rate policy is an important issue in Islamic bank financing scheme transactions. The research objectives test and analyze the effect of murabahah, mudharabah, musyarakah, istishna', qardh, and ijarah Islamic banking financing schemes on price stability in Indonesia, test and analyze the role of interest rates in moderating murabahah, mudharabah, musyarakah, istishna', qardh, and ijarah Islamic banking financing schemes on price stability in Indonesia. This study uses monthly time series data from January 2009 to March 2024 (183 months) in Indonesia. This study proves that interest rates, qardh financing, ijarah financing disrupt price stability. In contrast, musyarakah financing can realize price stability. Murabahah, mudharabah financing cannot realize price stability. Then, the results of model 2 research prove that moderation of interest rates on murabaha financing can stabilize prices. However, the moderation of interest rates on musyarakah, ishtisna, ijarah financing weakens price stability. So it is hoped that Bank Indonesia as a policy maker, must be precise in making policies to maintain price stability in Indonesia because price stability in Indonesia tends to fluctuate greatly. Keywords: Price Stability, Interest Rate, Islamic Bank Financing, ARDL