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Indonesian Journal of Innovation Studies

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Section Innovation in Economics, Finance and Sustainable Development

Sharia Financial Instruments and Banking Roles in Strengthening Financial Deepening

Instrumen Keuangan Syariah dan Peran Perbankan dalam Menguatkan Pendalaman Keuangan
Vol. 26 No. 2 (2025): April:
DOI : https://doi.org/10.21070/ijins.v26i2.1812
Published : Apr 27, 2025

Shindy Gresilya Rulitasari (1), Imelda Dian Rahmawati (2)

(1) Program Studi Akuntansi, Universitas Muhammadiyah Sidoarjo, Indonesia
(2) Program Studi Akuntansi, Universitas Muhammadiyah Sidoarjo, Indonesia
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Abstract:

General Background: Financial deepening serves as an essential indicator of a nation’s financial system maturity, reflecting its ability to channel funds efficiently to drive sustainable economic growth.
Specific Background: In Indonesia, the Sharia financial sector—through instruments such as sukuk and Islamic banking—has grown significantly, providing alternative channels for liquidity and capital distribution.
Knowledge Gap: Despite this growth, comprehensive empirical studies integrating both Sharia capital market and banking variables in assessing financial deepening remain scarce.
Aims: This study investigates the roles of corporate sukuk, state sukuk, third-party funds, and financing from Islamic banks in strengthening financial deepening in Indonesia from 2017 to 2020.
Results: Using multiple linear regression analysis, findings indicate that all four variables positively and significantly contribute to financial deepening, demonstrating the vital role of Islamic finance in national liquidity expansion.
Novelty: The study integrates dual-sector variables—Sharia capital market and banking—into a unified model, offering a holistic view of Indonesia’s Islamic financial ecosystem.
Implications: Results underscore the necessity for policymakers to optimize Sharia-based instruments to improve liquidity, promote financial inclusion, and sustain economic resilience.


Highlights:




  • Sharia finance strengthens Indonesia’s financial depth through sukuk and banking.




  • Dual-sector integration provides a broader analytical perspective.




  • Findings guide policy development for sustainable financial systems.




Keywords: Islamic Finance, Sukuk, Sharia Banking, Financial Deepening, Indonesia

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