Pengaruh Pertumbuhan Asuransi Syariah terhadap Pertumbuhan Ekonomi Indonesia

Abstract

<p><em>This study aims to determine the effect of growth in Islamic insurance on economic growth. By using secondary data sources, secondary data in the form of total Islamic insurance assets during 2015-2017 originated from the report of the Non Islamic Bank Financial Industry in the official website. This study analyzes the influence of the growth variables of Islamic insurance on economic growth. With the Independent variable in this study is the growth of Islamic insurance with total assets as an indicator (X). And the dependent variable in this study is Indonesia's economic growth using the indicator Gross Domestic Product (GDP) or Gross Domestic Product (GDP) (Y). The results of the study show that the growth variables of Islamic insurance have an effect on Indonesia's economic growth.</em><em></em></p>

Islamic Finance-Growth Nexus: Evidence from Indonesia

“…In particular, a short-term increase in INS would result in a decrease in GDP of 0.426467 units, whereas a long-term increase in INS would result in an increase in GDP of 0.355074. This supports previous research (Mainata & Pratiwi, 2019;Mohy ul din et al, 2017;Muye & Hassan, 2016;Osei-Bonsu et al, 2021). The negative effect in the short term occurs because more than 80% of the sharia insurance investment portfolio is placed in the Islamic capital market with high volatility.…”

“…Moreover, the growth of sharia insurance is measured by the growth of total assets of sharia insurance including sharia general insurance, sharia life insurance, and sharia reinsurance published by the OJK through statistics of sharia non-bank financial industry. In a study on sharia insurance, Mainata and Pratiwi (2019) concluded that increasing sharia insurance assets play a vital role in supporting economic growth. When sharia insurance assets increase, the economy responds with higher growth rates because a healthy investment climate improves, affecting the community's economy and national scale.…”

“…The financial sector is related to economic growth through its function of distributing funds to sectors in need so that a developing financial sector will strengthen the allocation of sources of funds for 141 p-ISSN: 2503-4235 economic growth. Furthermore, research on the Islamic financial industry is still very limited, as the majority of existing studies only look at the financial industry in the stock/capital market sector (Kapaya, 2020;Tan & Shafi, 2021), banking (Anwar et al, 2020;Elmawazini et al, 2020;Ledhem & Mekidiche, 2020;Supriani et al, 2021), bonds Smaoui & Nechi, 2017), and the insurance industry (Mainata & Pratiwi, 2019;Muye & Hassan, 2016;Osei-Bonsu et al, 2021) separately.…”