Memperluas IS-LM Islam: Pemodelan Suku Bunga Berbasis Musharakah dan Transmisi Makro Ekonomi

Rohmi Maulina Agustin (Universitas Muhammadiyah Mataram), Siti Kurniawati (Universitas Muhammadiyah Mataram), Muhammad Khaerul Hafiz (Universitas Muhammadiyah Mataram), Irgi Farezi (Universitas Muhammadiyah Mataram), Ahadiah Agustina (Universitas Muhammadiyah Mataram)

Abstract


Penelitian ini bertujuan mengkaji perluasan model IS–LM Islam melalui substitusi suku bunga dengan imbal hasil musharakah serta implikasinya terhadap transmisi kebijakan moneter dalam sistem keuangan syariah. Dengan pendekatan kualitatif berbasis library research dan metode integrative review, studi ini mensintesis literatur terkini (2015–2024) terkait pengembangan model IS–LM Islam, peran musharakah rate, serta keterkaitannya dengan indikator makroekonomi. Hasil kajian menunjukkan bahwa musharakah rate memiliki potensi teoritis dan konseptual untuk menggantikan suku bunga sebagai instrumen pengendali makroekonomi, sejalan dengan prinsip bagi hasil dan larangan riba. Namun, efektivitas model ini masih terkendala oleh keterbatasan instrumen pasar uang syariah, ketidakterpaduan kebijakan fiskal-moneter, serta kelemahan kelembagaan. Temuan ini menegaskan kebutuhan mendesak untuk pengembangan model IS–LM Islam yang terukur secara empiris dengan integrasi instrumen musharakah, mudharabah, dan qardh al-hasan. Rekomendasi utama meliputi riset kuantitatif berbasis data mikro-makro dan evaluasi transmisi kebijakan moneter syariah di negara dengan sistem perbankan ganda seperti Indonesia, guna memperkuat kontribusi ekonomi Islam terhadap stabilitas dan pertumbuhan berkelanjutan.

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DOI: https://doi.org/10.36269/jes.v1i03.3581

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