Relevansi Konsep Moneter Islam M Umar Chapra dengan Kebikakan Moneter di Indonesia

Abstract

In principle, the implementation of Islamic monetary policy according to M. Umer Chapra differs from conventional monetary policy, especially in the selection of targets and instruments. This study aims to determine the concept of the Islamic monetary system thought by M. Umer Chapra and its relevance to the Indonesian monetary system. The research methodology used in this research is library research. The data analysis technique used in this research is content analysis method. The Indonesian monetary system adheres to the ITF (Inflation Targeting Framework) framework, by setting inflation as the main target of monetary policy, and using the BI7DRR interest rate as a policy to control inflation in accordance with the target. The instruments used by Bank Indonesia to carry out its duties are Open Market Operations, Discount Facilities, Statutory Reserves, and Moral Appeals.