Inflasi di Era Ketidakpastian Global: Analisis Perspektif Ekonomi Makro Syariah

Inflation in the Era of Global Uncertainty: An Analysis from an Islamic Macroeconomic Perspective

Abstract

Purpose: This study aims to analyze inflation dynamics amid global uncertainty from an Islamic macroeconomic perspective, particularly Al-Maqrizi’s distinction between natural inflation and human error inflation. The novelty of this study lies in using this classification as an analytical framework to connect supply shocks, human behavior, and institutional distortions in understanding contemporary inflation, while examining its relevance to the development of Islamic economic policy instruments.

Method: This study employs a qualitative library research approach using economic literature, scholarly works on Al-Maqrizi’s thought, journal articles, and official reports from Bank Indonesia and Statistics Indonesia (BPS). Sources are selected based on their relevance to inflation, monetary policy, Islamic macroeconomics, and Islamic financial instruments, as well as the credibility and traceability of their publications. The literature is analyzed through qualitative content analysis involving thematic identification, categorization of findings, comparison of arguments, and conceptual synthesis.

Findings: The review indicates that contemporary inflation is a multidimensional phenomenon associated with the interaction of supply disruptions, demand dynamics, exchange rates, expectations, and market governance. Al-Maqrizi’s thought provides a conceptual framework for distinguishing price pressures arising from supply constraints from those associated with human behavior and institutional distortions. This study also identifies three potential channels through which Islamic macroeconomics may contribute to economic stability: ZISWAF (zakat, infaq, sadaqah, and waqf) to support the purchasing power of vulnerable groups; Islamic financing to strengthen the productive capacity of the real sector; and Islamic digital finance to expand financing access and improve distribution efficiency. These contributions depend on governance, effective targeting, productivity, and policy coordination; therefore, they cannot be assumed to reduce inflation automatically.

Implications:  This study offers a conceptual synthesis connecting Al-Maqrizi’s thought with contemporary inflation challenges and the potential contributions of Islamic macroeconomic instruments. Further empirical research is needed to evaluate the effectiveness of these instruments in supporting price stability and social justice.