ANALISIS RELEVANSI PEMIKIRAN EKONOMI M. UMER CHAPRA DALAM KEBIJAKAN MONETER KONTEMPORER DI INDONESIA

Abstrak

Stabilitas makroekonomi dapat dicapai melalui fondasi keadilan distribusi dan penghapusan riba, sesuai dengan pemikiran M. Umer Chapra. Riset kualitatif ini mengevaluasi sinergi antara pemikiran tersebut dengan kebijakan bauran moneter Bank Indonesia periode 2020-2024. Berdasarkan perbandingan antara maqasid al-shari'ah dan implementasi kebijakan di lapangan, ditemukan bahwa Indonesia telah mengadopsi elemen penting pemikiran Chapra, terutama pada aspek stabilitas harga dan integrasi keuangan sosial Islam. Kendala utamanya adalah mekanisme transmisi moneter Indonesia yang masih terikat pada pasar uang berbasis bunga. Penelitian ini menyarankan akselerasi transformasi menuju model bagi hasil sebagai solusi teoretis untuk memperkuat ketahanan ekonomi nasional dari ancaman spekulasi global.

Macroeconomic stability can be realized through the foundations of distributive equity and the elimination of usury (riba), consistent with the economic philosophy of M. Umer Chapra. This qualitative research evaluates the synergy between these conceptual frameworks and Bank Indonesia's monetary policy mix during the 2020–2024 period. Based on a comparative analysis between maqasid al-shari'ah principles and field-level policy implementation, the study finds that Indonesia has integrated significant elements of Chapra’s thought, particularly in price stabilization and the integration of Islamic social finance into the national economy. The primary obstacle identified is the Indonesian monetary transmission mechanism, which remains anchored to interest-based money markets. This research advocates for an accelerated transformation toward profit-and-loss sharing models as a theoretical solution to fortify national economic resilience against the pressures of global financial speculation.