The Nonlinear Impact of Inflation on Zakat Collection in Indonesia

An'im Kafabih

Abstract


Many studies show that zakat collection in Indonesia falls short of its potential. One major factor is the systemic risk faced by muzakki, the zakat payers, due to economic conditions. Given the government's monetary objectives to address systemic risk, such as the unemployment level, these policies theoretically influence zakat collection. This paper examines the impact of inflation and the real exchange rate, as monetary objectives, on zakat collection in Indonesia. Analyzing 45 monthly time series observations with the ARDL bound test, the findings reveal that inflation has a nonlinear effect, boosting zakat collection when the CPI exceeds 105.5. Further, policies increasing the real exchange rate positively affect zakat collection. Additionally, zakat collection during Ied al-Fitr is approximately 1,764% higher compared to other months. The study establishes clear links between monetary policy objectives and zakat collection efficiency, suggesting that monetary policy tools can be leveraged to optimize zakat collection in Indonesia. These findings provide valuable insights for policymakers in harmonizing monetary and zakat collection strategies.

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ABSTRAK - Dampak Nonlinier Inflasi pada Pengumpulan Zakat di Indonesia. Sejumlah penelitian menunjukkan bahwa pengumpulan zakat di Indonesia belum sebanding dengan potensinya. Salah satu faktor utamanya adalah risiko sistemik yang dihadapi oleh muzakki, akibat kondisi ekonomi. Sementara itu, pemerintah membuat sejumlah kebijakan moneter untuk menghindari terjadinya risiko tersebut, yang secara teoritis dapat mempengaruhi pengumpulan zakat. Oleh karena itu, penelitian ini bertujuan untuk mengkaji dampak kebijakan moneter, terutama dalam aspek inflasi dan nilai tukar riil, terhadap pengumpulan zakat di Indonesia. Penelitian ini menganalisis 45 observasi data time series bulanan menggunakan ARDL bound test. Temuan penelitian menunjukkan bahwa inflasi memiliki efek nonlinier, di mana peningkatan inflasi meningkatkan pengumpulan zakat ketika tingkat CPI melebihi 105,5. Selanjutnya, kebijakan moneter yang bertujuan meningkatkan nilai tukar riil berdampak positif pada pengumpulan zakat. Selain itu, pengumpulan zakat ketika hari raya Idul Fitri 1,764% lebih tinggi dibandingkan bulan-bulan lainnya. Penelitian ini menunjukkan hubungan signifikan antara kebijakan moneter dengan efisiensi pengumpulan zakat, yang mengindikasikan bahwa instrumen kebijakan moneter dapat dimanfaatkan untuk mengoptimalkan pengumpulan zakat di Indonesia. Temuan ini memberikan masukan yang penting bagi pembuat kebijakan dalam menyelaraskan strategi moneter dengan pengumpulan zakat.


Keywords


Zakat collection, Monetary Policy Objective, Ied al fitr

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DOI: http://dx.doi.org/10.22373/share.v13i2.24202

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