THE EFFECT OF PROJECT-BASED SUKUK ISSUANCE ON THE HUMAN DEVELOPMENT INDEX IN INDONESIA
DOI:
https://doi.org/10.35194/eeki.v6i1.6023Keywords:
Sukuk, IPM, Kesejahteraan, Daya Beli, Well-being, Purchasing PowerAbstract
Penelitian ini bertujuan untuk mengidentifikasi perkembangan pembiayaan infrastruktur melalui project based sukuk (PBS) dan dampaknya terhadap indikator pembangunan manusia di Indonesia. Efektivitas belanja pemerintah dan pembiayaan pembangunan merupakan aspek penting untuk dikaji karena pemerintah secara konstitusional bertanggung jawab untuk meningkatkan kesejahteraan masyarakat. Analisis yang dilakukan meliputi pendekatan kuantitatif dengan memanfaatkan data sekunder yang dikumpulkan dari sumber-sumber relevan. Analisis kuantitatif dimulai dari statistik deskriptif dan dilanjutkan dengan perhitungan elastisitas dan estimasi regresi. Hasilnya menunjukkan bahwa pembiayaan infrastruktur melalui project base sukuk (PBS) meningkat pada periode 2015-2024. Hal serupa juga terjadi pada perkembangan Indeks Pembangunan Manusia (IPM). Regresi data time series membuktikan bahwa pengeluaran pemerintah mempunyai dampak yang signifikan dan positif terhadap peningkatan IPM dan kesejahteraan ekonomi masyarakat. IPM dan belanja riil per kapita bersifat inelastis terhadap pembiayaan infrastruktur melalui project base sukuk (PBS). This study aims to identify the development of infrastructure financing through project based sukuk (PBS) and its impact on human development indicators in Indonesia. The effectiveness of government spending and development financing is an important aspect to study because the government is constitutionally responsible for improving people's welfare. The analysis carried out includes a quantitative approach by utilizing secondary data collected from relevant sources. Quantitative analysis starts from descriptive statistics and continues with elasticity calculations and regression estimation. The results show that infrastructure financing through project base sukuk (PBS) increased in the 2015-2024 period. The same thing also happened in the development of the Human Development Index (HDI). Time series data regression proves that government spending has a significant and positive impact on increasing HDI and people's economic welfare. HDI and real expenditure per capita are inelastic to infrastructure financing through project base sukuk (PBS).References
Adil, M., Hoogendoorn, H. J., & Jumat, Z. H. (2023). Sukuk innovation: Powering sustainable finance. Palgrave CIBFR Studies in Islamic Finance. https://doi.org/10.1007/978-3-031-13302-2_7
Badan Pusat Statistik. (2020). Indeks pembangunan manusia Indonesia 2010–2019. Badan Pusat Statistik.
Badan Pusat Statistik. (2024). Indeks pembangunan manusia Indonesia 2020–2023. Badan Pusat Statistik.
Badan Pusat Statistik. (2025). Indeks pembangunan manusia 2024 (Vol. 19). Badan Pusat Statistik. https://www.bps.go.id
Beik, I. S. (2011). Memperkuat peran sukuk negara dalam pembangunan ekonomi Indonesia. Jurnal Ekonomi Islam Al-Infaq, 2(2), 65–72.
Direktorat Jenderal Pengelolaan Pembiayaan dan Risiko, Kementerian Keuangan Republik Indonesia. (2023). 15 tahun sukuk negara mengisi kemerdekaan Indonesia. Sahabat Sukuk Negara.
Direktorat Jenderal Pengelolaan Pembiayaan dan Risiko, Kementerian Keuangan Republik Indonesia. (2024). Sukuk project based 2013–2023.
Direktorat Pembiayaan Syariah. (2023). Buletin Sahabat Sukuk Negara. Kementerian Keuangan Republik Indonesia.
Direktorat Pembiayaan Syariah. (2024). Buletin Sahabat Sukuk Negara (SSN): Edisi VIII Tahun 2024. Kementerian Keuangan Republik Indonesia. https://www.djppr.kemenkeu.go.id
Ersad, M. E., Amir, A., & Zulgani, Z. (2022). Dampak indeks pembangunan manusia terhadap ketimpangan pendapatan. Jurnal Paradigma Ekonomika, 17(2), 425–438.
Farikhi, A., Utomo, C., & Ismal, R. (2025). Islamic infrastructure project financing: A literature review. International Journal of Environmental Sciences, 11(2), 66–77. https://doi.org/10.64252/09ff8q98
Heliarta, I. G. N. (2020). Pembangunan nasional. Pustaka Indonesia.
ICMA, Islamic Development Bank, & London Stock Exchange Group. (2024). Guidance on green, social and sustainability sukuk. https://www.icmagroup.org
Islam, M. A., et al. (2023). Financing infrastructure projects with application of sukuk. Review of Economics and Finance, 21, 1527–1534. https://doi.org/10.1108/IMEFM-06-2020-0301
Junaidi, J., Jamal, A., & Syahnur, S. (2019). Sukuk and endogenous growth in Indonesia: Generalized method of moments approach. Advances in Economics, Business and Management Research, 292, 633–639. https://doi.org/10.2991/agc-18.2019.95
Kurniawan, T., & Rahman, A. A. (2021). Project based sukuk and its implementation. Neliti. https://media.neliti.com/media/publications/363135
Ledhem, M. A. (2022). Does sukuk financing boost economic growth? Empirical evidence from Southeast Asia. PSU Research Review, 6(3), 141–157. https://doi.org/10.1108/PRR-09-2020-0028
Mahfuzh, L. (2021). Analisis pengaruh pembiayaan sukuk, inflasi, dan indeks pembangunan manusia terhadap pertumbuhan ekonomi Indonesia [Tesis magister]. UIN Syarif Hidayatullah Jakarta.
Metoui, M., & Ghorbel, A. (2023). Does sukuk sector stimulate economic growth? Empirical evidence from MENA and Southeast Asia region. International Journal of Empirical Economics, 2(2), Article 2350007. https://doi.org/10.1142/S2810943023500075
Simarmata, Y. W., & Iskandar, D. D. (2022). Pengaruh pengeluaran pemerintah, investasi, jumlah penduduk, dan kemiskinan terhadap pertumbuhan ekonomi dan indeks pembangunan manusia di Indonesia: Analisis two stage least square. Jurnal Dinamika Ekonomi Pembangunan, 5(1), 78–94. https://doi.org/10.14710/jdep.5.1.78-94
Taleb, A., & Khater, T. (2024). Islamic finance for infrastructure development. International Journal of Economic Perspectives, 18(3), 730–754.
UNDP. (1990). Human development report. United Nations Development Programme.
UNDP. (2025). The potential growth and future trends of green sukuk. United Nations Development Programme. https://www.undp.org
Wylde, C. (2017). The role of the state in development. In The developmental state (pp. 25–44). Springer. https://doi.org/10.1057/978-1-137-55655-4_2
Yusuf, A. A., et al. (2025). The role of sukuk financing in economic growth and poverty reduction. Public and Municipal Finance, 14(2), 42–50. https://doi.org/10.21511/pmf.14(2.2025.04)
Badan Pusat Statistik. (2025). Indeks Pembangunan Manusia 2024 (Vol. 19). Jakarta: Badan Pusat Statistik. ISBN 2086-2369. URL: https://www.bps.go.id
Direktorat Pembiayaan Syariah. (2024). Buletin Sahabat Sukuk Negara (SSN): Edisi VIII Tahun 2024. Kementerian Keuangan Republik Indonesia. https://www.djppr.kemenkeu.go.id
Kurniawan, T., & Rahman, A. A. (2021). Project Based Sukuk and Its Implementation. Neliti. https://media.neliti.com/media/publications/363135-project-based-sukuk-pbs-and-its-implemen-bdff40e1.pdf
Islam, M. A., et al. (2023). Financing infrastructure projects with application of Sukuk. Review of Economics and Finance, 21, 1527–1534. https://doi.org/10.1108/IMEFM-06-2020-0301
Metoui, M., & Ghorbel, A. (2023). Does Sukuk sector stimulate economic growth? Empirical evidence from MENA and Southeast Asia region. International Journal of Empirical Economics, 2(2), Article 2350007. https://doi.org/10.1142/S2810943023500075
Mahfuzh, L. (2021). Analisis Pengaruh Pembiayaan Sukuk, Inflasi dan IPM terhadap Pertumbuhan Ekonomi Indonesia. UIN Jakarta.
Yusuf, A. A., et al. (2025). The role of Sukuk financing in economic growth and poverty reduction. Public and Municipal Finance, 14(2), 42–50. DOI: https://doi.org/10.21511/pmf.14(2.2025.04)
Badan Pusat Statistik. (2020). Indeks pembangunan manusia Indonesia 2010–2019. Badan Pusat Statistik.
Badan Pusat Statistik. (2024). Indeks pembangunan manusia Indonesia 2020–2023. Badan Pusat Statistik.
Badan Pusat Statistik. (2025). Indeks pembangunan manusia 2024 (Vol. 19). Badan Pusat Statistik. https://www.bps.go.id
Beik, I. S. (2011). Memperkuat peran sukuk negara dalam pembangunan ekonomi Indonesia. Jurnal Ekonomi Islam Al-Infaq, 2(2), 65–72.
Direktorat Jenderal Pengelolaan Pembiayaan dan Risiko, Kementerian Keuangan Republik Indonesia. (2023). 15 tahun sukuk negara mengisi kemerdekaan Indonesia. Sahabat Sukuk Negara.
Direktorat Jenderal Pengelolaan Pembiayaan dan Risiko, Kementerian Keuangan Republik Indonesia. (2024). Sukuk project based 2013–2023.
Direktorat Pembiayaan Syariah. (2023). Buletin Sahabat Sukuk Negara. Kementerian Keuangan Republik Indonesia.
Direktorat Pembiayaan Syariah. (2024). Buletin Sahabat Sukuk Negara (SSN): Edisi VIII Tahun 2024. Kementerian Keuangan Republik Indonesia. https://www.djppr.kemenkeu.go.id
Ersad, M. E., Amir, A., & Zulgani, Z. (2022). Dampak indeks pembangunan manusia terhadap ketimpangan pendapatan. Jurnal Paradigma Ekonomika, 17(2), 425–438.
Farikhi, A., Utomo, C., & Ismal, R. (2025). Islamic infrastructure project financing: A literature review. International Journal of Environmental Sciences, 11(2), 66–77. https://doi.org/10.64252/09ff8q98
Heliarta, I. G. N. (2020). Pembangunan nasional. Pustaka Indonesia.
ICMA, Islamic Development Bank, & London Stock Exchange Group. (2024). Guidance on green, social and sustainability sukuk. https://www.icmagroup.org
Islam, M. A., et al. (2023). Financing infrastructure projects with application of sukuk. Review of Economics and Finance, 21, 1527–1534. https://doi.org/10.1108/IMEFM-06-2020-0301
Junaidi, J., Jamal, A., & Syahnur, S. (2019). Sukuk and endogenous growth in Indonesia: Generalized method of moments approach. Advances in Economics, Business and Management Research, 292, 633–639. https://doi.org/10.2991/agc-18.2019.95
Kurniawan, T., & Rahman, A. A. (2021). Project based sukuk and its implementation. Neliti. https://media.neliti.com/media/publications/363135
Ledhem, M. A. (2022). Does sukuk financing boost economic growth? Empirical evidence from Southeast Asia. PSU Research Review, 6(3), 141–157. https://doi.org/10.1108/PRR-09-2020-0028
Mahfuzh, L. (2021). Analisis pengaruh pembiayaan sukuk, inflasi, dan indeks pembangunan manusia terhadap pertumbuhan ekonomi Indonesia [Tesis magister]. UIN Syarif Hidayatullah Jakarta.
Metoui, M., & Ghorbel, A. (2023). Does sukuk sector stimulate economic growth? Empirical evidence from MENA and Southeast Asia region. International Journal of Empirical Economics, 2(2), Article 2350007. https://doi.org/10.1142/S2810943023500075
Simarmata, Y. W., & Iskandar, D. D. (2022). Pengaruh pengeluaran pemerintah, investasi, jumlah penduduk, dan kemiskinan terhadap pertumbuhan ekonomi dan indeks pembangunan manusia di Indonesia: Analisis two stage least square. Jurnal Dinamika Ekonomi Pembangunan, 5(1), 78–94. https://doi.org/10.14710/jdep.5.1.78-94
Taleb, A., & Khater, T. (2024). Islamic finance for infrastructure development. International Journal of Economic Perspectives, 18(3), 730–754.
UNDP. (1990). Human development report. United Nations Development Programme.
UNDP. (2025). The potential growth and future trends of green sukuk. United Nations Development Programme. https://www.undp.org
Wylde, C. (2017). The role of the state in development. In The developmental state (pp. 25–44). Springer. https://doi.org/10.1057/978-1-137-55655-4_2
Yusuf, A. A., et al. (2025). The role of sukuk financing in economic growth and poverty reduction. Public and Municipal Finance, 14(2), 42–50. https://doi.org/10.21511/pmf.14(2.2025.04)
Badan Pusat Statistik. (2025). Indeks Pembangunan Manusia 2024 (Vol. 19). Jakarta: Badan Pusat Statistik. ISBN 2086-2369. URL: https://www.bps.go.id
Direktorat Pembiayaan Syariah. (2024). Buletin Sahabat Sukuk Negara (SSN): Edisi VIII Tahun 2024. Kementerian Keuangan Republik Indonesia. https://www.djppr.kemenkeu.go.id
Kurniawan, T., & Rahman, A. A. (2021). Project Based Sukuk and Its Implementation. Neliti. https://media.neliti.com/media/publications/363135-project-based-sukuk-pbs-and-its-implemen-bdff40e1.pdf
Islam, M. A., et al. (2023). Financing infrastructure projects with application of Sukuk. Review of Economics and Finance, 21, 1527–1534. https://doi.org/10.1108/IMEFM-06-2020-0301
Metoui, M., & Ghorbel, A. (2023). Does Sukuk sector stimulate economic growth? Empirical evidence from MENA and Southeast Asia region. International Journal of Empirical Economics, 2(2), Article 2350007. https://doi.org/10.1142/S2810943023500075
Mahfuzh, L. (2021). Analisis Pengaruh Pembiayaan Sukuk, Inflasi dan IPM terhadap Pertumbuhan Ekonomi Indonesia. UIN Jakarta.
Yusuf, A. A., et al. (2025). The role of Sukuk financing in economic growth and poverty reduction. Public and Municipal Finance, 14(2), 42–50. DOI: https://doi.org/10.21511/pmf.14(2.2025.04)
Downloads
Published
2026-01-31
Issue
Section
Articles
License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
