Analysing the Effectiveness and Challenges of Islamic Monetary Instruments in Maintaining Economic Stability in Indonesia 2018-2023
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Wildan Hilmawan*
Islamic monetary instruments, such as Sharia Bank Indonesia Certificates (SBIS) and Bank Indonesia Deposit Facility in Rupiah (FASBI), have an important role in maintaining Indonesia's economic stability, particularly in controlling inflation, liquidity management, and exchange rate stability. This study aims to comprehensively evaluate the effectiveness of Islamic monetary instruments, identify challenges in their implementation, and provide strategic recommendations to improve the role of Islamic monetary instruments in maintaining Indonesia's economic stability. This research uses a descriptive qualitative method with a library research approach that relies on secondary data from Bank Indonesia reports, academic journals, books, and relevant previous research. The data collection technique was conducted through the documentation method, while data analysis used descriptive-analytical and content analysis methods to identify patterns and trends in the implementation of Islamic monetary instruments in Indonesia. The results show that SBIS and FASBI play a role in increasing the resilience of Islamic banking and supporting financial system stability, although their effectiveness is still affected by external factors and limited Islamic financial infrastructure. Challenges faced include the limited secondary market, low participation of institutional investors, and the complexity of regulations that differentiate between Islamic and conventional systems. This research recommends the development of sharia-based financial technology, harmonisation of regulations between the Islamic and conventional financial systems, and capacity building of human resources in the Islamic financial sector. With these strategies, the effectiveness of Islamic monetary instruments in maintaining national economic stability can be improved, thereby contributing to more inclusive and sustainable economic growth.
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