Pijar Journal of Islamic Economics and Finance (PJIEF)

Vol 1 No 1 (2026): April
Articles

Monetary Policy at the Grassroots: Do Islamic Instruments Truly Pave the Way for MSME Financing?

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  • Fikri Zaeni Hasballah,
  • Nur Azifah,
  • Khairul Fitroh

Diterbitkan 2026-04-10

Kata Kunci

  • Islamic Monetary Policym MSME Financing,
  • Monetary Transmission Mechanism,
  • ARDL Model,
  • Interbank Mudharabah (SIMA),
  • Real Economy

Hak Cipta (c) 2026 Fikri Zaeni Hasballah, Nur Azifah, Khairul Fitroh (Author)

Creative Commons License

Artikel ini berlisensi Creative Commons Attribution 4.0 International License.

Abstrak

Evaluating the real-sector transmission of Islamic monetary policy, this study explores the dynamics of MSME financing in Indonesia between 2020 and 2024. Through the application of an Autoregressive Distributed Lag (ARDL) model, the effects of five specific instruments—OPTS, SBSN, PUAS, SIMA, and FASBIS—are analyzed. Findings reveal a stark contrast among the tools: SIMA serves as the primary driver of MSME financing across all time horizons, whereas OPTS acts as a constraint, reducing available liquidity and limiting credit distribution. Additionally, FASBIS provides merely a short-lived positive shock, with both SBSN and PUAS proving statistically insignificant. To foster robust MSME growth, the research concludes that monetary authorities must optimize Islamic interbank efficiency and strategically mitigate the adverse effects of contractionary instruments.

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