Investment Multiplier Effect of Hajj Funds on Economic Growth in Indonesia
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Published:
Mar 1, 2023
Keywords:
Investment, BPKH, Hajj fund, Economic growth
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Abstract
This study aims to measure the multiplier effect coefficient of investment in Hajj funds held by the Hajj Financial Management Agency (BPKH) starting in 2017-2021 on the country’s economy. Data was collected from BPKH and Central Statistics Agency (BPS) publications. This type of research is a descriptive quantitative analysis of the economic balance equation, namely Y= C I+G, with the multiplier effect coefficient analysis tool. The results showed that BPKH Investment had a positive effect on economic growth. Still, the Multiplier Value of Hajj fund investment by BPKH showed that the allocation had not demonstrated awareness of the multiplier number in channelling investment instruments. BPKH focused on studying investment instruments that provide returns in increasing the funds of prospective pilgrims so that the results are significant in driving economic growth. Reviewing the mechanisms in channelling investments, such as embracing MSMEs as financing recipients and allocating investment budgets for labour-intensive projects, is necessary.
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Andni, Riyan, Syukri Fathudin Achmad Widodo, and Arief Hidayat Afendi. “Investment Multiplier Effect of Hajj Funds on Economic Growth in Indonesia”. Islamica: Jurnal Studi Keislaman 17, no. 2 (March 1, 2023): 313-334. Accessed May 21, 2024. https://islamica.uinsby.ac.id/index.php/islamica/article/view/978.
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Badan Pengembangan dan Pembinaan Bahasa. Kamus Besar Bahasa Indonesia (KBBI) Daring. Retrieved from https://kbbi.kemdikbud.go.id/entri/Investasi.
Ghiska, Tassha, and Sylvia V. Ranita. “Analisis Marginal Propensity to Consume Sumatera Utara.” Jurnal Bisnis Administrasi, Vol. 2, No. 02 (2013), 76-81.
Gkouzos, Andreas and Manolis Christofakis. “Multiplier Effects under a Disaggregate Economic Base Model: Evidence from Greek Non-Metropolitan Prefectures.” Journal of Economic Studies, Vol. 45, No. 2 (May 14, 2018), 383-400. https://doi.org/10.1108/JES-12-2016-0259.
https://bpkh.go.id/laporan-keuangan-bpkh/ (accessed in 2022).
Hukubun, Mefi, Debby Rotinsulu, and Audie Niode. “Pengaruh Investasi Pemerintah dan Investasi Swasta terhadap Pertumbuhan Ekonomi Dan Dampaknya terhadap Tenaga Kerja Propinsi Sulawesi Utara Tahun 2002-2012.” Jurnal Berkala Ilmiah Efisiensi, Vol. 15, No. 1 (2015), 1-17.
Khair, Muflihul, and Bahrul Ulum Rusydi. “Analisis Pengaruh Utang Luar Negeri (Foreign Debt) Dan Penanaman Modal Asing (PMA) Terhadap Nilai Produk Domestik Bruto (PDB) Indonesia.” ECCES: Economic, Social, and Development Studies, Vol. 3, No. 1 (2016), 82-100. https://doi.org/10.24252/ecc.v3i1.2893.
Khan, Habibullah, Sock-Yong Phang, and Rex S. Toh. “The Multiplier Effect: Singapore’s Hospitality Industry.” Cornell Hospitality Quarterly, Vol. 36, No. 1 (1995), 64-69. https://doi.org/10.1177/001088049503600121.
Labus, Miroljub. “Multipliers and Foreign Direct Investment Impact on Growth.” Ekonomika Preduzeca, Vol. 67, No. 1-2 (2019), 35-49. https://doi.org/10.5937/EkoPre1808035L.
Nisa, Rizki Khairun. “Urgensi Sosialisasi Pendaftaran Ibadah Haji Diusia Muda Sebagai Upaya Pemerintah Menghadapi Waiting List Haji di Indonesia.” Tadbir: Jurnal Manajemen Dakwah, Vol. 5, No. 1 (March 31, 2020). https://doi.org/10.15575/tadbir.v5i1.1953.
Njiru, Elizabeth Wangai, Justo Masinde, and Bunde Aggrey Utieno. “Effect of Government Infrastructure Investment on Economic Growth in Kenya.” Journal of Economics and Sustainable Development, February 2020, 77-86. https://doi.org/10.7176/JESD/11-4-09.
Nwakoby, Clem, and Alajekwu Udoka Bernard. “Effect of Private Sector Investment on Economic Growth in Nigeria.” NG-Journal of Social Development, Vol. 5, No. 4 (August 2016), 150-167. https://doi.org/10.12816/0033095.
Pavlo, Hryhoruk. “Trends In Ukraine’s Investment Attractiveness in the Context of the Covid-19 Pandemic.” International Journal of Innovative Technologies in Economy (2021), 1. https://doi.org/10.31435/rsglobal_ijite/30122021/7743.
Purnomo, Marchelino J. “Analisis Pengaruh Investasi, Tenaga Kerja, dan Pengeluaran Pemerintah terhadap Pertumbuhan Ekonomi di Sulawesi Utara.” Jurnal Berkala Ilmiah Efisiensi, Vol. 21, No. 1 (2021), 58-69.
Putra, Adetiya Prananda, Tantri Wijayanti, and Jimmi Sandi Prasetyo. “Analisis Dampak Berganda (Multiplier Effect) Objek Wisata Pantai Watu Dodol Banyuwangi.” Journal of Tourism and Creativity, Vol. 1, No. 2 (July 2017), 141-154.
Rahmah, Mas. Hukum Investasi, 1st edition. Jakarta: Kencana, 2020.
Ramayani, Citra. “Pengaruh Investasi Pemerintah, Investasi Swasta, Inflasi, Eksport, Tenaga Kerja Dan Produktivitas Tenaga Kerja Terhadap Pertumbuhan Ekonomi Di Indonesia.” Economica: Journal of Economics and Economic Education, Vol. 1, No. 2 (May 21, 2015), 203-207. https://doi.org/10.22202/economica.2013.v1.i2.120.
Ramdhan, Muhammad. Metode Penelitian. Surabaya: Cipta Media Nusantara, 2021, retrieved from https://books.google.co.id/books?hl=id&lr=&id=Ntw_EAAAQBAJ&oi=fnd&pg=PR1&dq=metode+kuantitatif+deskriptif&ots=f2qL5PRtav&sig=ApxsCed0uZ-cKxK2Z7Xea03dalY&redir_esc=y#v=onepage&q=metode%20kuantitatif%20deskriptif&f=false.
Rusu, Sergiu. “Tourism Multiplier Effect.” Journal of Economics and Business Research, Vol. 17, No. 1 (2011), 70-76, retrieved from https://www.researchgate.net/publication/269630865_Tourism_multiplier_effect.
Senjiati, Ifa Hanifia. “Model Pengelolaan Dana Haji di Bank Syariah.” JRAK: Jurnal Riset Akuntansi dan Bisnis, Vol. 3, No. 2 (2017), 23-32.
“Sering Salah Persepsi, Ini Beda Dana Haji dan Dana Abadi Umat.” https://news.detik.com/adv-nhl-detikcom/d-5015485/sering-salah-persepsi-ini-beda-dana-haji--dana-abadi-umat.
Setiawati, Erni, Rudy Syafariansyah, Lita Furiawan, Karin Setiani, Herdi Nirwany. “Analisis Multiplier Effect Pajak, Investasi dan Pengeluaran Pemerintah terhadap Pertumbuhan Ekonomi Kalimantan Timur.” Ekonomika: Manajemen, Akuntansi dan Perbankan Syari’ah, Vol. 8, No. 1 (March, 2019), 1-8. https://doi.org/10.24903/je.v8i1.754.
Sulistiawati, Rini. “Pengaruh Investasi terhadap Pertumbuhan Ekonomi dan Penyerapan Tenaga Kerja Serta Kesejahteraan Masyarakat di Provinsi di Indonesia.” Jurnal Ekonomi Bisnis dan Kewirausahaan, Vol. 3, No. 1 (2012), 29-51. https://doi.org/DOI:10.26418/jebik.v3i1.9888.
The Constitution of the Republic of Indonesia No. 34 of 2014, retrieved from https://www.kemhan.go.id/ppid/wp-content/uploads/sites/2/2016/11/UU-34-Tahun-2014.pdf.
“Total Dana Haji.” Kompas.com (2022), available at https://nasional.kompas.com/read/2022/05/31/19291901/total-dana-haji-pada-april-22-capai-rp-163-triliun-dikelola-di-mana-saja#:~:text=JAKARTA%2C%20KOMPAS.com%20%2D%20Badan,dikelola%20mencapai%20Rp%20163%20triliun.
“Waiting List Berhaji.” https://haji.kemenag.go.id/v4/waiting-list (2022).