THE IMPACT OF SOVEREIGN SUKUK, ZAKAH IN THE HEALTH AND EDUCATION SECTORS, AND SHARIA MSME FINANCING ON THE HUMAN DEVELOPMENT INDEX IN INDONESIA (2015–2024)

Savana Atsaqifa, NIM.: 22108010081 (2025) THE IMPACT OF SOVEREIGN SUKUK, ZAKAH IN THE HEALTH AND EDUCATION SECTORS, AND SHARIA MSME FINANCING ON THE HUMAN DEVELOPMENT INDEX IN INDONESIA (2015–2024). Skripsi thesis, UIN SUNAN KALIJAGA YOGYAKARTA.

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Abstract

This study analyzes the effect of Islamic economic instruments on the human development index in Indonesia with inflation as a control variable for the period 2015-2024. This research focuses on five independent variables, namely accumulation sovereign sukuk, zakah on health, zakah on education, sharia MSME financing, and inflation, to determine the extent of their contribution to the human development index. It uses time series data analysis with monthly data frequency using the autoregressive distributed lag method to determine the long-term and short-term relationships. This study states that the accumulation of sovereign sukuk has a positive and significant impact in the short and long term, so that any increase in sovereign sukuk will increase the Human Development Index. Zakah on health also shows a significant positive impact in the short and long term, so that any increase in the distribution of zakah in the health sector will increase the Human Development Index. However, zakah on education is not significant in the short term and shows a non-significant positive impact in the long term. The variable of sharia MSME financing is not significant in the short term, but has a positive and significant effect in the long term, meaning that an increase in financing will help improve human welfare. The inflation variable has a negative and significant effect in the short term and a non-significant positive effect in the long term. These findings show that Islamic economic instruments play an important role in supporting economic growth, especially human welfare as reflected in the human development index, and that maintaining inflation stability is also important for maintaining economic stability. This study contributes to understanding the extent to which Islamic economic instruments support improvements in the human development index and offers policies to enhance a sustainable Islamic economy.

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