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Islamic Fintech Growth Prospects in Accelerating MSMEs Growth during the Covid-19 Pandemic: Evidence in Indonesia

Yıl 2021, Cilt 7, Sayı 2, 126 - 140, 31.07.2021
https://doi.org/10.25272/ijisef.857488

Öz

Islamic fintech plays a role in encouraging the growth of micro, small and medium enterprises (MSMEs) in Indonesia with their financing segments. The bigger the Islamic fintech, the faster the growth of MSMEs in Indonesia. This study aims to identify macroeconomic factors such as gross domestic product (GDP), interest rates and inflation in driving the growth of Islamic fintech. Using the Ordinary Least Squared (OLS) regression method, the results show that GDP and inflation have a positive effect on the growth of Islamic fintech, while interest rates have a negative effect on the growth of Islamic fintech. Improving macroeconomic conditions will encourage the growth of Islamic fintech which in turn will contribute to the growth of MSMEs, which are the main segment of Islamic fintech financing.

Kaynakça

  • Badan Pusat Statistik. (2020). Statistik E-Commerce 2020. BPS-Statistics Indonesia. Cheng, S.-Y., & Hou, H. (2020). Do non-intermediation services tell us more in the finance–growth nexus?: Causality evidence from eight OECD countries. Applied Economics, 52(7), 756–768. https://doi.org/10.1080/00036846.2019.1659928
  • Dabla-Norris, E., Ji, Y., Townsend, R. M., & Unsal, D. F. (2015). Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP, and the Distribution of Income. In NBER Working Papers (No. 20821; NBER Working Papers). National Bureau of Economic Research, Inc. https://ideas.repec.org/p/nbr/nberwo/20821.html
  • DSResearch. (2020). Fintech Report 2020: Maintaining Growth during Pandemic (pp. 1–73) [Annual Report]. DSResearch & CIMB Niaga.
  • EconMark. (2020). Banking Sector Outlook 2021 (pp. 1–36). Mandiri Group Research.
  • Fenwick, M., McCahery, J. A., & Vermeulen, E. P. M. (2017). Fintech and the Financing of Entrepreneurs: From Crowdfunding to Marketplace Lending. European Corporate Governance Institute, 1–53. https://doi.org/10.2139/ssrn.2967891
  • Gujarati, D., Porter, D., & Gunasekar, S. (2017). Basic Econometrics (5th edition). Mcgraw.
  • Haris, M., Iqbal, M., & Hadiyati, P. (2020). Synergy of Sharia Banks and Financial Technology in The Development of Micro, Small and Medium Businesses in Indonesia. Jurnal Reviu Akuntansi Dan Keuangan, 10(1), 115–126. https://doi.org/10.22219/jrak.v10i1.11258
  • Hiyanti, H., Nugroho, L., Sukmadilaga, C., & Fitrijanti, T. (2020). Peluang dan Tantangan Fintech (Financial Technology) Syariah di Indonesia. Jurnal Ilmiah Ekonomi Islam, 5(3), 326–333. https://doi.org/10.29040/jiei.v5i3.578
  • Jagtiani, J., & Lemieux, C. (2017). Fintech Lending: Financial Inclusion, Risk Pricing, and Alternative Information. In Working Papers (No. 17–17; Working Papers). Federal Reserve Bank of Philadelphia. https://ideas.repec.org/p/fip/fedpwp/17-17.html
  • Kemenkop & UKM. (2019). Perkembangan Data Usaha Mikro, Kecil, Menengah (UMKM) Dan Usaha Besar (UB) Tahun 2017—2018. Kemenkop dan UKM.
  • Minerva, R. (2016). The potential of the Fintech industry to support the growth of SMEs in Indonesia. Management Strategy and Industry Evolution.
  • Mohd Yusof, R., Bahlous, M., & Tursunov, H. (2015). Are Profit Sharing Rates in Mudharabah Account Linked to Interest Rates? An Investigation on Islamic Banks in GCC Countries. Jurnal Ekonomi Malaysia, 49(2), 77–86. https://doi.org/10.17576/JEM-2015-4902-07
  • Mukhlisin, M. (2019). Islamic Fintech: Quo Vadis? Insight: Buletin Ekonomi Islam, V, 17–18.
  • Narayan, S. W. (2019). Does Fintech Matter for Indonesia’s Economic Growth? Buletin Ekonomi Moneter Dan Perbankan, 22(4), 437–456. https://doi.org/10.21098/bemp.v22i4.1237
  • Narayan, S. W., & Sahminan, S. (2018). Has Fintech Influenced Indonesia’s Exchange Rate and Inflation? Buletin Ekonomi Moneter Dan Perbankan, 21(2), 177–190. https://doi.org/10.21098/bemp.v21i2.966
  • OJK. (2020a). Indonesia’s Fintech Lending: Driving Economic Growth through Financial Inclusion. Otoritas Jasa Keuangan.
  • OJK. (2020b). Statistik Fintech Lending. Otoritas Jasa Keuangan.
  • Prestama, F. B., Iqbal, M., & Riyadi, S. (2019). Potensi Finansial Teknologi Syariah dalam Menjangkau Pembiayaan Non-Bank. Al-Masraf : Jurnal Lembaga Keuangan dan Perbankan, 4(2), 147–158. https://doi.org/10.15548/al-masraf.v4i2.264
  • PwC. (2019). Indonesia’s Fintech Lending: Driving Economic Growth through Financial Inclusion (PwC Indonesia - Fintech Series, p. 34). PwC Indonesia.
  • Rusydiana, A. S. (2018). Bagaimana Mengembangkan Industri Fintech Syariah di Indonesia? Pendekatan Interpretive Structural Model (ISM). AL-MUZARA’AH, 6(2), 117–128. https://doi.org/10.29244/jam.6.2.117-128
  • Sathish, M., J.Naveen, K., & Jeevanantham, V. (2011). A study on consumer switching behaviour in cellular service provider. Far East Journal of Psychology and Business, 5(2), 13–22.
  • Sekaran, U., & Bougie, R. (2016). Research Methods For Business: A Skill Building Approach (7th Edition). Wiley.
  • Sudarsono, H., & Saputri, M. A. (2018). The Effect of Financial Performance toward Profit-Sharing Rate on Mudharabah Deposit of Sharia Banking in Indonesia. Muqtasid: Jurnal Ekonomi Dan Perbankan Syariah, 9(1), 82–92. https://doi.org/10.18326/muqtasid.v9i1.82-92
  • Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D (1st ed.). Alfabeta. http://cvalfabeta.com/product/metode-penelitian-kuantitatif-kualitatif-dan-rd-mpkk/
  • Vartsaba, V., & Zaslavska, O. (2020). Fintech Industry in Ukraine: Problems and Prospects for The Implementation of Innovative Solutions. Baltic Journal of Economic Studies, 6(4), 46–55. https://doi.org/10.30525/2256-0742/2020-6-4-46-55
  • World Bank Group. (2020). Leveraging Islamic Fintech to Improve Financial Inclution. World Bank.
  • Yang, C.-C., & Chang, Y.-K. (2020). Asymmetric Impact of Financial Intermediary Development in Low- and High-Income Countries. Sustainability, 12(15), 5960. https://doi.org/10.3390/su12155960

Yıl 2021, Cilt 7, Sayı 2, 126 - 140, 31.07.2021
https://doi.org/10.25272/ijisef.857488

Öz

Kaynakça

  • Badan Pusat Statistik. (2020). Statistik E-Commerce 2020. BPS-Statistics Indonesia. Cheng, S.-Y., & Hou, H. (2020). Do non-intermediation services tell us more in the finance–growth nexus?: Causality evidence from eight OECD countries. Applied Economics, 52(7), 756–768. https://doi.org/10.1080/00036846.2019.1659928
  • Dabla-Norris, E., Ji, Y., Townsend, R. M., & Unsal, D. F. (2015). Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP, and the Distribution of Income. In NBER Working Papers (No. 20821; NBER Working Papers). National Bureau of Economic Research, Inc. https://ideas.repec.org/p/nbr/nberwo/20821.html
  • DSResearch. (2020). Fintech Report 2020: Maintaining Growth during Pandemic (pp. 1–73) [Annual Report]. DSResearch & CIMB Niaga.
  • EconMark. (2020). Banking Sector Outlook 2021 (pp. 1–36). Mandiri Group Research.
  • Fenwick, M., McCahery, J. A., & Vermeulen, E. P. M. (2017). Fintech and the Financing of Entrepreneurs: From Crowdfunding to Marketplace Lending. European Corporate Governance Institute, 1–53. https://doi.org/10.2139/ssrn.2967891
  • Gujarati, D., Porter, D., & Gunasekar, S. (2017). Basic Econometrics (5th edition). Mcgraw.
  • Haris, M., Iqbal, M., & Hadiyati, P. (2020). Synergy of Sharia Banks and Financial Technology in The Development of Micro, Small and Medium Businesses in Indonesia. Jurnal Reviu Akuntansi Dan Keuangan, 10(1), 115–126. https://doi.org/10.22219/jrak.v10i1.11258
  • Hiyanti, H., Nugroho, L., Sukmadilaga, C., & Fitrijanti, T. (2020). Peluang dan Tantangan Fintech (Financial Technology) Syariah di Indonesia. Jurnal Ilmiah Ekonomi Islam, 5(3), 326–333. https://doi.org/10.29040/jiei.v5i3.578
  • Jagtiani, J., & Lemieux, C. (2017). Fintech Lending: Financial Inclusion, Risk Pricing, and Alternative Information. In Working Papers (No. 17–17; Working Papers). Federal Reserve Bank of Philadelphia. https://ideas.repec.org/p/fip/fedpwp/17-17.html
  • Kemenkop & UKM. (2019). Perkembangan Data Usaha Mikro, Kecil, Menengah (UMKM) Dan Usaha Besar (UB) Tahun 2017—2018. Kemenkop dan UKM.
  • Minerva, R. (2016). The potential of the Fintech industry to support the growth of SMEs in Indonesia. Management Strategy and Industry Evolution.
  • Mohd Yusof, R., Bahlous, M., & Tursunov, H. (2015). Are Profit Sharing Rates in Mudharabah Account Linked to Interest Rates? An Investigation on Islamic Banks in GCC Countries. Jurnal Ekonomi Malaysia, 49(2), 77–86. https://doi.org/10.17576/JEM-2015-4902-07
  • Mukhlisin, M. (2019). Islamic Fintech: Quo Vadis? Insight: Buletin Ekonomi Islam, V, 17–18.
  • Narayan, S. W. (2019). Does Fintech Matter for Indonesia’s Economic Growth? Buletin Ekonomi Moneter Dan Perbankan, 22(4), 437–456. https://doi.org/10.21098/bemp.v22i4.1237
  • Narayan, S. W., & Sahminan, S. (2018). Has Fintech Influenced Indonesia’s Exchange Rate and Inflation? Buletin Ekonomi Moneter Dan Perbankan, 21(2), 177–190. https://doi.org/10.21098/bemp.v21i2.966
  • OJK. (2020a). Indonesia’s Fintech Lending: Driving Economic Growth through Financial Inclusion. Otoritas Jasa Keuangan.
  • OJK. (2020b). Statistik Fintech Lending. Otoritas Jasa Keuangan.
  • Prestama, F. B., Iqbal, M., & Riyadi, S. (2019). Potensi Finansial Teknologi Syariah dalam Menjangkau Pembiayaan Non-Bank. Al-Masraf : Jurnal Lembaga Keuangan dan Perbankan, 4(2), 147–158. https://doi.org/10.15548/al-masraf.v4i2.264
  • PwC. (2019). Indonesia’s Fintech Lending: Driving Economic Growth through Financial Inclusion (PwC Indonesia - Fintech Series, p. 34). PwC Indonesia.
  • Rusydiana, A. S. (2018). Bagaimana Mengembangkan Industri Fintech Syariah di Indonesia? Pendekatan Interpretive Structural Model (ISM). AL-MUZARA’AH, 6(2), 117–128. https://doi.org/10.29244/jam.6.2.117-128
  • Sathish, M., J.Naveen, K., & Jeevanantham, V. (2011). A study on consumer switching behaviour in cellular service provider. Far East Journal of Psychology and Business, 5(2), 13–22.
  • Sekaran, U., & Bougie, R. (2016). Research Methods For Business: A Skill Building Approach (7th Edition). Wiley.
  • Sudarsono, H., & Saputri, M. A. (2018). The Effect of Financial Performance toward Profit-Sharing Rate on Mudharabah Deposit of Sharia Banking in Indonesia. Muqtasid: Jurnal Ekonomi Dan Perbankan Syariah, 9(1), 82–92. https://doi.org/10.18326/muqtasid.v9i1.82-92
  • Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D (1st ed.). Alfabeta. http://cvalfabeta.com/product/metode-penelitian-kuantitatif-kualitatif-dan-rd-mpkk/
  • Vartsaba, V., & Zaslavska, O. (2020). Fintech Industry in Ukraine: Problems and Prospects for The Implementation of Innovative Solutions. Baltic Journal of Economic Studies, 6(4), 46–55. https://doi.org/10.30525/2256-0742/2020-6-4-46-55
  • World Bank Group. (2020). Leveraging Islamic Fintech to Improve Financial Inclution. World Bank.
  • Yang, C.-C., & Chang, Y.-K. (2020). Asymmetric Impact of Financial Intermediary Development in Low- and High-Income Countries. Sustainability, 12(15), 5960. https://doi.org/10.3390/su12155960

Ayrıntılar

Birincil Dil İngilizce
Konular İşletme Finans
Bölüm Makaleler
Yazarlar

Muhammad IQBAL> (Sorumlu Yazar)
Perbanas Institute
0000-0002-3736-5412
Indonesia


Prameswara NADYA Bu kişi benim
Perbanas Institute
0000-0002-9889-9469
Indonesia


Saripudin SARİPUDİN Bu kişi benim
Perbanas Institute
0000-0003-1979-9257
Indonesia

Yayımlanma Tarihi 31 Temmuz 2021
Yayınlandığı Sayı Yıl 2021, Cilt 7, Sayı 2

Kaynak Göster

APA Iqbal, M. , Nadya, P. & Saripudin, S. (2021). Islamic Fintech Growth Prospects in Accelerating MSMEs Growth during the Covid-19 Pandemic: Evidence in Indonesia . International Journal of Islamic Economics and Finance Studies , 7 (2) , 126-140 . DOI: 10.25272/ijisef.857488

25855

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