Apakah Analisis ARDL dalam Pembiayaan Rahn Dapat Mendorong Pertumbuhan Industri Makanan dan Minuman di Indonesia?

https://doi.org/10.52593/mtq.07.2.05

Authors

  • Aisyah Hamzah Universitas Islam Sunan Kalijaga Yogyakarta, Indonesia
  • Siti Nur Azizah Universitas Islam Sunan Kalijaga Yogyakarta, Indonesia
  • Sunarsih Sunarsih Universitas Islam Sunan Kalijaga Yogyakarta, Indonesia
  • Taufikur Rohman Universitas Islam Sunan Kalijaga Yogyakarta, Indonesia
  • Agus Septian Ansori Universitas Islam Sunan Kalijaga Yogyakarta, Indonesia

Keywords:

ARDL, Ekonomi Halal, Industri Makanan dan Minuman, Nilai Tukar, Rahn

Abstract

This study aims to analyze the impact of *rahn* (Islamic pawn) financing and the exchange rate on the growth of the food and beverage (FNB) industry in Indonesia, utilizing quarterly data from 2017Q1 to 2025Q1. The rahn variable is proxied by the outstanding volume of Sharia pawn loans from Pegadaian Syariah, while the exchange rate serves as a macroeconomic control variable. The ARDL analysis reveals that rahn financing has a significant negative impact on FNB growth in both the short term (coefficient: -37.88; p = 0.0194) and the long term (coefficient: -30.79; p = 0.0045), whereas the exchange rate is statistically insignificant across both time horizons. These findings suggest that increased reliance on rahn tends to reflect a need for emergency liquidity, or "survival financing", rather than a drive for productive economic activity; consequently, there is a need to strengthen productive rahn schemes to support the development of an inclusive and sustainable halal economy.

References

A., A. E., O., O. M., A., A. E., & W., O. K. (2025). Effect of Working Capital Components on Profitability in Selected Food and Beverage Companies in Nigeria. Journal of Business Development and Management Research, 7(7). https://doi.org/10.70382/AJBDMR.V7I7.019

Anggara, M. R., & Nuraeni, N. (2025). Enhancing the Sustainability of Small and Medium Enterprises (SMEs) Through Islamic FinTech: A Comprehensive Review of Emerging Trends (2018–2024). Civilization Research: Journal of Islamic Studies, 4(1), 21–37. https://doi.org/10.61630/crjis.v4i1.50

Azman, N. H. N., Masron, T. A., & Ibrahim, H. (2021a). The Significance of Islamic Social Finance in Stabilising Income for Micro-Entrepreneurs During the COVID-19 Outbreak. Journal of Islamic Monetary Economics and Finance, 7(1), 115–136. https://doi.org/10.21098/JIMF.V7I0.1307

Azman, N. H. N., Masron, T. A., & Ibrahim, H. (2021b). The Significance of Islamic Social Finance in Stabilising Income for Micro-Entrepreneurs During the COVID-19 Outbreak. Journal of Islamic Monetary Economics and Finance, 7(1), 115–136. https://doi.org/10.21098/JIMF.V7I0.1307

Badan Penyelenggara Jaminan Produk Halal. (2024). Mau Urus Sertifikasi Halal? Ajukan Lewat Aplikasi PUSAKA Kemenag. https://bpjph.halal.go.id/detail/mau-urus-sertifikasi-halal-ajukan-lewat-aplikasi-pusaka-kemenag

Bui, T. D., Aminah, H., Wang, C. H., Tseng, M. L., Iranmanesh, M., & Lim, M. K. (2022). Developing a Food and Beverage Corporate Sustainability Performance Structure in Indonesia: Enhancing the Leadership Role and Tenet Value from an Ethical Perspective. Sustainability (Switzerland), 14(6). https://doi.org/10.3390/su14063658

Chellai, F. (2025). Rethinking Scale in Applied Econometrics: Practical Impacts of Log Transformations on Model Performance. Econometrics, 29(3), 1–14. https://doi.org/10.15611/eada.2025.3.01

Dewi, P. K., Ahsan, A., & Rahmayanti, K. P. (2025a). A Portrait of Pawn Shops Loans as a Survival Strategy During COVID-19 Pandemic. Jurnal Ekonomi dan Pembangunan Indonesia, 25(1), 8.

Dewi, P. K., Ahsan, A., & Rahmayanti, K. P. (2025b). A Portrait of Pawn Shops Loans as a Survival Strategy During COVID-19 Pandemic. Jurnal Ekonomi dan Pembangunan Indonesia, 25(1), 128–140. https://doi.org/10.7454/jepi.v25i1.1722

Dickey, D. A., & Fuller, W. A. (1979). Distribution of the Estimators for Autoregressive Time Series With a Unit Root. Journal of the American Statistical Association, 74(366a), 427–431. https://doi.org/10.1080/01621459.1979.10482531

Dinar Standard. (2025). State of the Global Islamic Economy Report 2024/2025.

Handoyo, R. D., Alfani, S. P., Ibrahim, K. H., Sarmidi, T., & Haryanto, T. (2023). Exchange Rate Volatility and Manufacturing Commodity Exports in ASEAN-5: A Symmetric and Asymmetric Approach. Heliyon, 9(2). https://doi.org/10.1016/j.heliyon.2023.e13067

Hannafi Ibrahim, K., Dwi Handoyo, R., Dwi Kristianto, F., Kusumawardani, D., Ogawa, K., Azlan Shah Zaidi, M., Erlando, A., Haryanto, T., & Sarmidi, T. (2024). Exchange Rate Volatility and COVID-19 Effects on Indonesia’s Food Products’ Trade: Symmetric and Asymmetric Approach. Heliyon, 10(12). https://doi.org/10.1016/j.heliyon.2024.e32611

Herdiyana, H., Adi, S., & Endri, E. (2020). The Effect of Financial Performance on the Profitability of Food and Beverage Companies in Indonesia. International Journal of Financial Research, 12, 19768. https://doi.org/10.5430/ijfr.v12n1p30

Hesti Setyodyah Lestari, R., Kusuma Damayanti, A., & Abrahem Masuwd, M. (2025). Optimising Societal Welfare: The Strategic Role of Maqashid Shariah and Maslahah in Contemporary Islamic Economics and Business. Al-Insyiroh: Jurnal Studi Keislaman, 11(1).

Iyke, B. N., & Ho, S. Y. (2021). Exchange Rate Exposure in the South African Stock Market Before and During the COVID-19 Pandemic. Finance Research Letters, 43. https://doi.org/10.1016/j.frl.2021.102000

Konstantakopoulou, I. (2023). Financial Intermediation, Economic Growth, and Business Cycles. Journal of Risk and Financial Management, 16(12). https://doi.org/10.3390/jrfm16120514

Kusuma, T., Fatwa, N., & Huda, N. (2026a). Rahn as a Financing Bridge for Business Incubator Tenants: A Case Study on Graduation to Micro and KUR Financing at BSI Ciledug. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 9(1), 1364–1376. https://doi.org/10.31538/IIJSE.V9I1.8909

Kusuma, T., Fatwa, N., & Huda, N. (2026b). Rahn as a Financing Bridge for Business Incubator Tenants: A Case Study on Graduation to Micro and KUR Financing at BSI Ciledug. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 9(1), 1364–1376.

Laiya, S., & Fathurrohman, M. S. (2024). Does Islamic Financing Drive Economic Growth? Evidence from Indonesia. Jurnal Ekonomi Syariah Teori dan Terapan, 11(3), 272–285. https://doi.org/10.20473/VOL11ISS20243PP272-285

Lamtana, L., & Mayditri, V. (2022). Penerapan Prinsip Syariah pada Akad Rahn di Lembaga Pegadaian Syariah. Jurnal Pendidikan dan Kewirausahaan, 10(2), 422–440.

Mahdiya, I., Wahab, A., & Afdhali, M. H. (2026). Bridging Monetary Policy and the Real Sector: A Conceptual Model in Islamic Economics. Indonesian Journal of Islamic Economics Research, 8(1), 81–103. https://doi.org/10.18326/IJIER.V8I1.6622

Novayanti, S. F., Ramandhani, R. S. F., Rahmadani, C., Belvania, N. F., Maharani, D., & Kurniawan, T. (2025). Konsep Rahn sebagai Instrumen Pembiayaan Syariah: Analisis Rukun, Syarat, dan Praktik Inovatif dalam Lembaga Keuangan Syariah. AKSIOMA: Jurnal Sains Ekonomi dan Edukasi, 2(11), 2537–2551.

Nurfadilah, Rafiuddin, & Hidayatullah, S. (2025). Pengaruh Pembiayaan Gadai Syariah (Rahn) terhadap Peningkatan Pendapatan Nasabah. El-Mal: Jurnal Kajian Ekonomi dan Bisnis Islam.

Nurwani, A. D. D., Nurwani, & Nursantri, Y. (2024). Analysis of the Influence of Inflation Rate, Income of Sharia Pawnshops, and Gold Prices on Rahn Credit Distribution at PT Pegadaian Syariah in Indonesia (2019–2023). I-ECONOMICS: A Research Journal on Islamic Economics, 10(2), 250–263. https://doi.org/10.19109/IECONOMICS.V10I2.25250

Putra, H., Azzaki, M. A., & Deli, M. M. (2024). Implementation of Rahn Contract Principles in Sharia Pawnshops to Enhance Public Interest in Sharia Pawn Services. INVEST: Jurnal Inovasi Bisnis dan Akuntansi, 5(2), 436–445. https://doi.org/10.55583/INVEST.V5I2.1146

Razak, A. A., & Asutay, M. (2022a). Financial Inclusion and Economic Well-Being: Evidence from Islamic Pawnbroking (Ar-Rahn) in Malaysia. Research in International Business and Finance, 59. https://doi.org/10.1016/J.RIBAF.2021.101557

Razak, A. A., & Asutay, M. (2022b). Financial Inclusion and Economic Well-Being: Evidence from Islamic Pawnbroking (Ar-Rahn) in Malaysia. Research in International Business and Finance, 59. https://doi.org/10.1016/J.RIBAF.2021.101557

Salma, D. F., Nuryartono, N., & Purwanto, B. (2024). Sharia Financial Inclusion to Build Economic Resilience of Micro Small Enterprises During COVID-19. Jurnal Manajemen dan Organisasi, 14(4), 430–439. https://doi.org/10.29244/jmo.v14i4.47631

Suhendra, I. (2021). How Impact Exchange Rate to Processed Food Industry in Indonesia. Advances in Biological Sciences Research.

Trianto, B., & Masrizal. (2021). Sukuk and Islamic Banking Financing: Their Impacts on the Real Sector. Journal of Islamic Monetary Economics and Finance, 7(4), 671–686. https://doi.org/10.21098/JIMF.V7I4.1407

Utami, N., Nurlaila, N., & Armayani, R. R. (2023). Pengaruh Produksi, Harga Internasional, dan Nilai Tukar Rupiah terhadap Ekspor Kakao di Indonesia pada Periode Tahun 2012–2021. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 5(6), 3724–3740. https://doi.org/10.47467/alkharaj.v5i6.4642

Wijaya, N. H. (2022). The Challenges of Sharia Pawnshops in Indonesia in the Era of the Industrial Revolution 4.0. El-Mashlahah, 12(1), 52–69. https://doi.org/10.23971/elma.v12i1.

Published

2026-07-31

How to Cite

Hamzah, A., Azizah, S. N., Sunarsih, S., Rohman, T., & Ansori, A. S. (2026). Apakah Analisis ARDL dalam Pembiayaan Rahn Dapat Mendorong Pertumbuhan Industri Makanan dan Minuman di Indonesia?. Muttaqien; Indonesian Journal of Multidiciplinary Islamic Studies, 7(2), 216–239. https://doi.org/10.52593/mtq.07.2.05

Issue

Vol. 7 No. 2 (2026): Muttaqien: Indonesian Journal of Multidisciplinary Islamic Studies

Section

Articles
Copyright & Licensing

Copyright (c) 2026 Aisyah Hamzah, Siti Nur Azizah, Sunarsih Sunarsih, Taufikur Rohman, Agus Septian Ansori

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Muttaqien; Indonesian Journal of Multidiciplinary Islamic Studies allows the author(s) to hold the copyright without restrictions and allows the author(s) to retain publishing rights without restrictions, and authors who publish with this journal agree to the following terms:

1) Authors retain copyright and grant the journal the right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
2) Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
3) Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.

In developing strategy and setting priorities, Muttaqien; Indonesian Journal of Multidiciplinary Islamic Studies recognize that free access is better than priced access, libre access is better than free access, and libre under CC-BY-SA or the equivalent is better than libre under more restrictive open licenses. We should achieve what we can when we can. We should not delay achieving free in order to achieve libre, and we should not stop with free when we can achieve libre.

Muttaqien; Indonesian Journal of Multidiciplinary Islamic Studies has a CC-BY SA license or its equivalent as the optimal license for publication, distribution, use and reuse of scientific work. This license is under a Creative Commons Attribution 4.0 International License.

Creative Commons License

You are free to:

  • Adapt remix, transform, and build upon the material for any purpose, even commercially.
  • The licensor cannot revoke these freedoms as long as you follow the license terms.

Similar Articles

<< < 1 2 3 4 5 6 7 8 > >> 

You may also start an advanced similarity search for this article.