International Journal of Civil Engineering and Technology (IJCIET) Volume 10, Issue 04, April 2019, pp. 167-180. Article ID: IJCIET_10_04_018 Available online at http://www.iaeme.com/ijciet/issues.asp?JType=IJCIET&VType=10&IType=04 ISSN Print: 0976-6308 and ISSN Online: 0976-6316 © IAEME Publication Scopus Indexed ISLAMIC FINANCIAL INTERMEDIATION OF INDONESIAN ECONOMIC GROWTHIN 2003: Q1-2015: Q4 Raditya Sukmana Faculty of Economy and Business Airlangga University of Surabaya, Indonesia Khoirul Zadid Taqwa Faculty of Economy and Business Airlangga University of Surabaya, Indonesia Tika Widiastuti Faculty of Economy and Business Airlangga University of Surabaya, Indonesia ABSTRACT Indonesia applies Islamic financial instruments in its financial system. Indonesia adheres to a bank-based industry financial system that puts Islamic banking as the driving force of the economy. This study aimed to examine the effect of Islamic financial performance in the intermediation function using representative Islamic banking instruments and the Islamic capital market (JII) on Indonesia's economic growth from 2003 to 2015. This study used a quantitative approach with Autoregressive Distributed Lag (ARDL) method with Eviews 9. The data used were secondary data from the official website of the Financial Services Authority and the Central Bureau of Statistics.The intermediation performance of the Islamic financial system (Islamic banking and Islamic capital market) had a significant and positive relationship to economic growth, both in the long term and short term, during the period of March 2003 to December 2015.Thus, the performance of the Indonesian Islamic financial system consisting of Islamic banking and the Islamic capital market through the proxy of Islamic banking financing and market capitalization of JII had been proven to be able to encourage industrial productivity and public consumption in increasing Indonesia's economic growth in the short term. Keywords: Financial System Performance, Islamic Capital Market, Islamic Banking, Economic Growth, ARDL http://www.iaeme.com/IJCIET/index.asp 167 editor@iaeme.com Raditya Sukmana Khoirul Zadid Taqwa and Tika Widiastuti Cite this Article: Raditya Sukmana Khoirul Zadid Taqwa and Tika Widiastuti, Islamic Financial Intermediation of Indonesian Economic Growthin 2003: Q1-2015: Q4, International Journal of Civil Engineering and Technology, 10(4), 2019, pp. 167-180. http://www.iaeme.com/IJCIET/issues.asp?JType=IJCIET&VType=10&IType=04 1. INTRODUCTION The Islamic financial system is a new implemented instrument on a national and even international scale. The application of Islamic finance systems is now an answer to the high shock of the global economy. According to Hossain (2016), “Islamic finance creates resilient national financial stability and low economic inflation”. This includes peculative and antiusury actions. According to the report on the development of Islamic finance (Thomson Reuters, 2013), the growth trend of global Islamic finance in terms of assets has a positive development. Likewise, its contribution in the composition of GDP has reached 32% of GDP in the countries of the Organization of the Islamic Conference (OIC). This shows that the development of Islamic finance has grown rapidly. According to Yahoo Finance, the Jakarta Composite Index (JKSE) has the highest share profit rate of 721.37% during 1999-2014 compared to other stock exchanges, India of 428.30%, Russia of 358.89%, Brazil of 205.14%, China of 110,73%, South Korea of 102.95%, Singapore of 50.88%, America of 47.65%, Germany of 43.35%, Britain of 4.75%, and Japan of -10.69%. The Jakarta Islamic Index as an Islamic stock index since 2000 certainly also enjoyed this huge profit. The level of investment in this sector will certainly increase Indonesia’s industrial productivity (Levine, 1996). It has been more than a decade since Indonesia implemented Islamic financial instruments in its financial system. Indonesia adheres to a bank-based industry financial system means that makes Islamic banking the driving force of the economy. Although Indonesia is late in developing Islamic finance, the measurement of the performance of the Islamic financial system has been an interesting topic to study by reviewing the performance of the Islamic financial system through Islamic banking and the Islamic capital market for the Indonesian economy from 2003-2015. The use of data from 2003-2015 has the aim to as much as possible describe the condition of the Islamic financial system in times of approaching the subprime mortgage crisis. Hamidi (2011) states that “In analyzing the crisis in 2008, we should use data on the experience of the 1998 crisis”. With 2003 availability, this data becomes relevant to be used as a limitation of the problem by analyzing the intermediation function as the main function in the financial system. Thus, the focus of this study is to examine the effect of Islamic financial performance aimed at intermediation using representative instruments of Islamic banking and the Islamic capital market (JII) on Indonesia’s economic growth from 2003 to 2015. 2. LITERATUR REVIEW The Islamic financial system as well as Islamic economics generally has a vision to fulfill the goals of Maqashid Syariah. "The Islamic financial system incorporates the social sector in the financial market and financial intermediaries as the application of sharia economic pillars to the sharia financial system" (Simorangkir, 2014). "The main function of the financial market and financial intermediaries in the financial system is to channel funds from the household, corporate, and government sectors with excess funds to the household, corporate and government sectors that need funds"(Miskhin, 2006). The main function of the Islamic financial system is still the same as the main functions of the conventional financial system. (Simorangkir, 2014) "An efficient financial system is a financial system that is able to channel http://www.iaeme.com/IJCIET/index.asp 168 editor@iaeme.com Islamic Financial Intermediation of Indonesian Economic Growthin funds to the most productive places". The role of financial markets and financial intermediaries as a unity of the financial system. Financial systems consisting of financial markets and financial intermediaries have an important role in allocating capital efficiently because they are able to channel funds from people who have not been able to use capital productively to people who can empower capital productively. (Levine, 1996) "This direct and indirect financial system has a different role, so it does not replace each other but needs to grow together". Through increasing productivity driven by this financial system the economy can grow, but when the financial system experiences problems it will have a bad impact on the economy of a country In the past decade, the development of Islamic finance has grown rapidly. The Sharia Financial System has distinctive components that are not owned by conventional finance, such as the National Council at the national level, the National Supervisory Board in every sharia financial institution, and sectors / social activities that are separate or integrated in each Islamic financial institution. Here is a map of the Islamic financial system. Basic Understanding of Islamic Capital Markets "The capital market is a means for companies and governments to obtain long-term funds by selling shares or bonds (capital market)" (Sholihin, 2010). According to law number 8 of 1998, in the capital market there are stock exchanges that hold and provide trading facilities for securities. The practice of Islamic capital markets has several differences with conventional capital markets, namely in terms of instruments and business activities carried out. In Islamic capital markets, instruments such as preferred securities (preferred securities), interest-based loans, and speculation are not allowed to be traded at all because they are included in the category of usury and maysir. In the Islamic capital market also does not recognize the guarantee of capital or profits in advance(Simorangkir, 2014). In general, it can be concluded that the whole instrument must be in accordance with the rules of Islamic law 3. METHODOLOGY This study used the Autoregressive Distributed Model (ARDL) method and a quantitative approach with the ARDL method as a regression method that includes the lag of both the dependent and independent variables simultaneously. Using this model, we can analyze longterm relationships when the explanatory variables are the combination of I (1) and I (0). The descriptive approach was used to discuss further interpretations of the research results obtained in quantitative analysis using E-Views 9 software to process and analyze data. The type of data in this study was time series based secondary data which began from 2003 to 2015 quarterly. Autoregressive Distributed Lag (ARDL) estimation model in this study is as follows: lnGDPt = α + β1FINt + β2CAPt + µt Note: lnGDP = Gross Domestic Product Natural Logarithm FIN = Islamic banking financing CAP = Jakarta Islamic Index (JII) market capitalization 3.1. Variable identification The variables are used to analyze the significance of the influence and impact of the Islamic financial system performance which includes the development variables of Islamic banking and the development of the Islamic capital market towards economic growth in Indonesia are as follows: http://www.iaeme.com/IJCIET/index.asp 169 editor@iaeme.com Raditya Sukmana Khoirul Zadid Taqwa and Tika Widiastuti Table 1 Variable Identification Proxy Economic growth Proxy Development of Islamic banking Development of the Islamic capital market Endogenous Variable Gross Domestic Bruto Exogenous Variable Symbol GDP Symbol Total Credit Domestic FIN Capitalization of the Jakarta Islamic Index CAP 4. RESULTS AND DISCUSSION The long-term estimation results obtained the coefficient of determination (R2) of 0.997323. These results indicated that variations in the level of economic growth proxied as per capita income can be explained by the total variable financing of Islamic banking and JII market capitalization of 99.73% and the remaining 0.37% was explained by variables outside the model. Table 2 Results of Determination Coefficient Value (R2) Coefficient of Determination (RSquared) 0.997323 Equation Type ARDL equation Adjusted R-Squared 0.997026 Source: Results of EVIEWS9 To find out whether the residuals were normally distributed or not, a normality test was carried out using the Jarque-Bera (JB) method. The results of the tests resulted in a JB number of 0.658049 with a probability of 0.719626 in the model. Since the probability of JB was higher than 0.01 (alpha = 1%) then Ho was rejected, which means that the residual in the model was normally distributed. 4.1. Results of Determining Optimal Lags The lag test was used to determine the duration of influence of the natural GDP logarithm (lngdp), the natural logarithm of total Islamic banking financing (lnfin), and the natural logarithm of JII capitalization (lncap). The optimal lag used is Akaike Information Criterion (AIC) and Schwarz Information Criterion (SIC) where the lowest value is a value that is more in line with the theory. Table 3 Determination of Lag Length Lag LogL 0 1 2 3 4 LR -16.26448 NA 209.8527 414.5481 5.28e08 229.3255 33.26620 3.43e08 254.8317 40.38471* 1.75e08 266.2562 16.66082 1.62e08* -9.469010* FPE 0.000448 AIC 0.802687 SC 0.919637 -8.243860 -7.776060 -8.067078 -8.680231 -7.861581 -8.370862 -9.367987 -8.198486* -8.926031* -7.948659 -8.894467 http://www.iaeme.com/IJCIET/index.asp 170 HQ 0.846882 editor@iaeme.com Islamic Financial Intermediation of Indonesian Economic Growthin * indicates lag order selected by the criterion Source: Results of EVIEWS 9 Table 3 shows that FPE and AIC have optimum values in lag 4. Whereas, LR, SC, and HQ showed the optimum value in lag 3. From the table it can be concluded that the optimum value was in the third lag because the number of lag criteria was in the third lag. 4.2. Cointegration Results Cointegration test is one form of tests of a dynamic model that aims to determine whether or not there is a long-term relationship of linear combinations of variables used. The cointegration method used by the authors was the Johansen cointegration method. The variables tested by the Johansen method are the natural GDP logarithm (lpdp), the natural logarithm of total Islamic banking financing (lnfin), and the natural capitalization logarithm JII (lncap). Cointegration test was done by comparing the value of Trace Statistic with 0.05 Critical Value, indicating that there was a cointegration relationship. This is evidenced by the Trace Statistic magnitude higher than 0.05 Critical Value as seen in Trace test indicates 3 cointegrating eqn(s) at the 0.05 level Table 4 Johansen Cointegration Test Results Hypothesized No. of CE(s) None * At most 1 * At most 2 * Eigenvalue Unrestricted Cointegration Rank Test (Trace) Trace Statistic Critical Value 0.535394 0.285937 0.119039 59.04439 22.24923 6.083599 29.79707 15.49471 3.841466 Unrestricted Cointegration Rank Test (Trace) * denotes rejection of the hypothesis at the 0.05 level **MacKinnon-Haug-Michelis (1999) p-values Unrestricted Cointegration Rank Test (Maximum Eigenvalue) Hypothesized No. of CE(s) None * At most 1 * At most 2 * Eigenvalue 0.285937 0.119039 Max-Eigen Critical Value Statistic 0.535394 36.79517 16.16563 6.083599 0.05 29.79707 15.49471 3.841466 Max-eigenvalue test indicates 3 cointegrating eqn(s) at the 0.05 level * denotes rejection of the hypothesis at the 0.05 level **MacKinnon-Haug-Michelis (1999) p-values Source: Results of EVIEWS 9 4.3. Model Estimation Results After stationarity test, optimum lag determination, and cointegration test, it can be concluded that the model had been stationary and has a long-term equation. The next step in the data processing process was registering with the ARDL model to determine the long-term and short-term effects. The results of long-term estimation are presented in Table 5 and shortterm estimates are presented in Table 6. http://www.iaeme.com/IJCIET/index.asp 171 editor@iaeme.com Raditya Sukmana Khoirul Zadid Taqwa and Tika Widiastuti Table 5. ARDL Model Long Term Equation Results Long Run Coefficients Variables Coefficient Std. Error LOG(FIN) 0.576262 0.010152 LOG(CAP) 0.735450 0.037315 C -0.411340 t-Statistic 56.763559 0.0000 19.709227 0.0000 0.612607 Prob -0.671459 0.5054 Source: Results of EVIEWS 9 Based on the results of long-term ARDL estimation, the results showed that each independent variable had the same value. Identification of each variable can be explained as follows: a. FIN variable coefficient showed a positive sign. This shows that when the total financing of Islamic banking increased by 10 percent, the level of per capita income (GDP) increased by 0.576 percent, assuming other variables were considered constant b. The CAP variable coefficient had a positive sign. This shows that when JII’s market capitalization increased by 10 percent, the level of per capita income (GDP) increased by 0.736 percent, assuming other variables were considered constant. Table 6 ARDL Short-Term Equation Results Variables Coefficient Std. Error LOG(FIN) 0.310509 0.105420 LOG(CAP) 1.202288 0.029667 C -1.177300 t-Statistic 2.945447 0.0051 40.525626 0.0000 0.055670 Prob -21.147785 0.0000 Source: Results of EVIEWS 9 Table 6 illustrates the results of short-term estimation. The estimation results showed different numbers from the estimation results which can be explained as follows: FIN variable coefficient showed a positive sign. This shows that when the total financing of Islamic banks increased by 10 percent, the level of per capita income (GDP) increased by 0.311 percent, assuming other variables were considered constant. The CAP variable coefficient showed a positive sign. This shows that when JII’s market capitalization rose by 10 percent, the level of per capita income (GDP) increased by 1.202 percen,t assuming other variables were considered constant. 4.4. Heteroscedasticity Test The heteroscedasticity test results had an Obs*R-Squared probability number of 7.665784. Obs*R-Squared probability number was higher than 0.05 (alpha = 5%), so it did not reject Ho. This shows that this model had a variant of the constant disturbance variable (homoscedasticity). http://www.iaeme.com/IJCIET/index.asp 172 editor@iaeme.com Islamic Financial Intermediation of Indonesian Economic Growthin Table 7 Results of White Heteroskedasticity Test Model Heteroskedasticity Test: White statistic F Obs*R squared Scaled explained SS 4.628019 Prob. Chi Source: Results of EVIEWS 9 1.592092 Prob. F (5,45) 0.1817 7.665784 Chi Prob. Square (5) 0.1756 Square (5) 0.4629 The last diagnostic test was the autocorrelation test which is a correlation between the disturbance/error variables of one observation with others. Serial correlation test was done by the Breusch-Godfrey Serial Coerralation LM Test by comparing the probability of Obs*RSquared with the critical value (alpha). The results of autocorrelation test for this model are presented in Table 8. Table 8 Results of Breusch-Godfrey Serial LM Correlation Test Model Breusch-Godfrey Serial Correlation LM Test: F-statistic Obs*R-squared 1.331212 2.973640 Prob. F (2,43) Prob. Chi-Square (2) 0.2748 0.2261 Source: Results of EVIEWS 9 The results of the data processing had a probability number of Obs*R-Squared as much as 0.2261. The probability number showed that it was higher than 0.05 (alpha = 5%), so it did not reject Ho, which means that this model did not have a relationship between individual variables with other interference variables or was free from the problem of autocorrelation. 5. DISCUSSION Most theories of economic growth state that capital accumulation is still a condition for achieving long-term economic growth (Hsing, 2005). On the demand side, investment provides an opportunity for the community to increase their income which ultimately plays a major role in improving welfare levels. The transition to improving this level of welfare is through increasing employment participation rates so as to reduce unemployment and increase people’s purchasing power. On the supply side, the role of investment is reflected in its ability to increase and enlarge the economic production capacity of both the private sector, government and third parties. The discussion below will be divided into two, namely the supply side and the demand side. The discussion from the supply side will focus on the independent variables in accordance with the estimates in the variables described as follows: 5.1. Effect of Total Islamic Banking Financing on Indonesian Economic Growth This study used the total variable of Islamic banking financing as a proxy for the performance of Islamic banking. The test results of the total variable of Islamic banking financing positively influenced the growth of the Indonesian economy in 2003 to 2015. This is consistent with the http://www.iaeme.com/IJCIET/index.asp 173 editor@iaeme.com Raditya Sukmana Khoirul Zadid Taqwa and Tika Widiastuti research (Omar, 2012) which shows a positive influence between the total financing of Islamic banking and Indonesia’s per capita income from 2003 to 2010. Indonesia's development, which is still driven by the financial sector, shows the importance of financing by financial institutions, both banking and non-banking. Financial institutions regarding assets in Indonesia are still dominated by banks at 78.5%. Since the economic crisis in 1998, the position of large banking financial assets has then become a concern for the government to improve security and banking services (Tamura, 1994). The increasingly varied development of Islamic banking services shows the commitment of Islamic banking in conducting business expansion in moving the real sector. The FDR rate, which averages 90%, also proves that Islamic banking is entirely for driving the real sector. The increase in Islamic banking financing will certainly further encourage industrial productivity and public consumption in accordance with the theories of economic growth. In addition, the greater size of the Financing to Deposit Ratio from conventional banking also shows the commitment of Islamic banking in driving the real sector, according to (Kassim, 2016). Figure 1 shows that the movement of Islamic banking assets in majority is in line with the movement of GDP. In harmony, this movement shows that Islamic banking financing significantly positively affects Indonesia's economic growth from 2003-2015. Source: Central Statistics Agency and Financial Services Authority 5.2. Effect of JII Market Capitalization on Indonesian Economic Growth JII’s market capitalization variable is a proxy for the development of the Islamic capital Figure 1. Growth in Islamic Banking Financing and Total Per Capita Income in Indonesia from 2003-2015 (in percent) market. The variable test results of JII market capitalization positively affect Indonesia’s economic growth in 2003-2015 which is proxied in the GDP variable. The results of this test are in line with a research (Azam, 2016) that capital markets that have high liquidity have more influence on the country’s economic growth. JII as a part of 30 of the most liquid Islamic stocks has proven the results of previous research. The capital market as a non-banking financial institution has a role in the democratization of finance and business. The magnitude of economic potential has increasingly attracted investors in investing their finances in Indonesia. Continuous improvement is performed by the government in strengthening Indonesia’s infrastructure so that the high level of volatility in the Indonesian capital market can be reduced (Ibrahim, 2015). Investing through the capital market is a solution that is progressive when the economy is sluggish. When the economy is sluggish, public consumption will decline, as well as the weakening export capacity. Finally, domestic capital accumulation also influences GDP (Wahyudi, 2014). When these sluggish economic conditions occur, the role of the government http://www.iaeme.com/IJCIET/index.asp 174 editor@iaeme.com Islamic Financial Intermediation of Indonesian Economic Growthin in driving the economy is very important through development projects so that it will absorb labor and increase economic activity. The presence of JII increasingly makes the capital market has the ability to assess the Indonesian economy. Several volatilities in the economy has been demonstrated by the movement of capital market figures in the past, such as in 2005 and 2008. This proves that JII’s market capitalization significantly affects Indonesia’s economic growth from 2003-2015 which is able to provide an indication of economic growth although not as strong as Islamic banking. Source: Indonesia Stock Exchange and Central Bureau of Statistics In 2011 a new Islamic stock standard was launched. The Islamic stock standard is called the Islamic Stock Index (ISSI). This ISSI has a capital market capitalization that is greater than Figure 4.8 Growth in 2003-2015 JII Market Capitalization and Total Per Capita Income (in percent) JII so that the ISSI also encourages the Indonesian Islamic capital market to become increasingly attractive to investors and stronger. 5.3. The Effect of Investment on Work Participation Unemployment is a serious problem for the macro economy. According to Mankiw (2010), “Increased unemployment will further reduce human living standards and provide psychological pressure for the community.” According to the theory of economic growth in terms of expenditure, factors of production include consumption, investment, government consumption, and net export. Investment accounts for 30% of a number of factors. Productive investment will excite entrepreneurs who then encourage long-term consumption. Continuous consumption can be created through increased work participation (Tamura, 1994). Through this increase in work participation, the purchasing power of the people will increase so that it will improve the living standards of the people. Sources: Indonesia Stock Exchange, OJK, and Central Bureau of Statistics http://www.iaeme.com/IJCIET/index.asp 175 editor@iaeme.com Raditya Sukmana Khoirul Zadid Taqwa and Tika Widiastuti Figure 2. Growth of Islamic Banking Financing, 2004-2015 JII Market Capitalization and Unemployment Rate (in percent). Figure 2 above proves that the majority of the movements in the Islamic banking financing curve and capital market capitalization have a negative impact on unemployment in Indonesia. The reduced level of unemployment signals that there has been an increase in employment. The conclusion obtained from the curve above is that the Islamic financial system has been able to move the real sector through the demand side. “Through this mechanism, the capital market is able to make a definite contribution to economic growth with low capital market volatility from speculation and inflation” (Hossain, 2016). 6. CONCLUSION Based on the modeling results, the data above show that the performance of the Islamic financial system which includes the Islamic capital market and Islamic banking has a longterm positive significant influence on Indonesia’s economic growth. Every 10 percent increase in Islamic finance will increase economic growth by 0.576 percent. Likewise, with the JII, every 10 percent increase in the capitalization of the Islamic capital market will increase 0.736 percent. This shows that the Indonesian Islamic financial system consists of Islamic banking and the Islamic capital market through the proxy of Islamic banking financing and market capitalization of JII. The performance of the Islamic financial system has proven to be able to encourage industrial productivity and public consumption in improving Indonesia’s economic growth in the short term. REFERENCES [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] Azam, M. dkk. (2016) ‘Stock Market Development and Economic Growth: Evidence from Asia-4 Countries’, International Journal of Economics and Financial, 6. Hamidi (2011) ‘Aplikasi sistem informasi geografis berbasis web penyebaran dana bantuan operasionalsSekolah’, Jurnal Masyarakat Informatika. Hossain, A. A. (2016) ‘Inflanatory Shocks and Real Output growth in nine Muslimmajority countries: Implication for Islamic banking and Finance’, Journal of Asian Economics, (45), pp. 56–73. Hsing, Y. (2005) ‘Economic growth and income inequality: The case of the US’, International Journal of Social Economics. doi: 10.1108/03068290510601153. Ibrahim, M. H. (2015) ‘Issues in Islamic banking and finance: Islamic banks, Shari’ahcompliant investment and sukuk’, Pacific Basin Finance Journal. doi: 10.1016/j.pacfin.2015.06.002. Kassim, S. (2016) ‘Islamic finance and economic growth: The Malaysian experience’, Global Finance Journal. doi: 10.1016/j.gfj.2015.11.007. Levine, R. dan S. Z. (1996) ‘Stock Market Development and Long run growth’, The World Bank Economic Review, 10(2). Mankiw, N. G. (2010) Makroekonomi, Ankara: Efil Yayınevi. doi: 10.1016/j.dib.2017.10.006. Miskhin, F. S. (2006) The Economics of Money, Banking and Financial Markets, Seven Edition Update. Pearson, Addison Wisley. Omar, M. abduh and M. A. (2012) ‘Islamic banking and economic growth: the Indonesian Experience’, International Journal of Islamic and Middle Eastern Finance and Management, 5(1), pp. 35–47. R. dan S. Z. (1996) ‘Stock Market Development and Long run growth’, The World Bank Economic Review, 10(2). Sholihin, A. I. (2010) Buku Pintar Ekonomi Syariah. Jakarta: Gramedia Pustaka Utama. Simorangkir, I. (2014) Pengatar Kebanksentralan: Teori dan Praktik di Indonesia. Jakarta: RajaGrafindo Persada. http://www.iaeme.com/IJCIET/index.asp 176 editor@iaeme.com Islamic Financial Intermediation of Indonesian Economic Growthin [14] [15] [16] [17] [18] Year Tamura, R. dkk (1994) Human Capital, Fertility, and Economic Growth. The Univer. Edited by The University of Chicago. Chicago: National Bureau of Economic Research. Thomson Reuters (2013) Thomson Reuters and Dinar Standard, State of the Global Economy Report 2013. new york. Wahyudi, I. dan G. A. S. (2014) ‘Interdependence between Islamic capital market and money market’, Evidence from Indonesia., (Borsa Istanbul Review Journal 14).Levine, Attachment Data Tabulation Quart Market al Capitalization JII 2000 Consta t 2000 t 2010 nt Price 325958 2 18075.24 340865 336967 3 19201.78 355290 360702 20185.75 350763 366143 1 21027.17 356115 386649 2 21726.03 360533 416070 3 22282.33 367517 426828 22696.07 356240 416775 1 19432.24 368650 436975 2 20974.86 375721 450640 3 23788.94 387920 472136 27874.45 372926 462082 74268,92 87731,59 92070,49 1 36395.57 3,662587 386744 496248 2 41758.32 4,161706 394621 498024 3 47126.84 4,832246 405608 516104 52501.15 5,530167 390199 503299 1 56110.35 6,41594 402597 536605 2 62204.58 8,35618 411936 564422 3 69012.95 423852 595321 418132 599478 4 2004 Constan 342852 4 2003 Constan 16806.15 4 2002 Interpolasi GDP 1 4 2001 FIN 4 177781,9 263863,3 76535.47 http://www.iaeme.com/IJCIET/index.asp 177 10,13105 1 11,48993 3 editor@iaeme.com Raditya Sukmana Khoirul Zadid Taqwa and Tika Widiastuti Year 2005 Quart Market al Capitalization 1 82935.25 2 92620.80 3 103755.2 4 2006 123789.2 2 141903.0 3 164098.2 620165,3 190374.9 1 276370.7 2 288555.4 3 282566.7 4 2008 116338.6 1 4 2007 395649,8 1105897 258404.5 1 124277.0 2 100484.5 3 95235.18 http://www.iaeme.com/IJCIET/index.asp FIN 12,95934 1 14,27038 1 14,75329 9 15,23194 2 15,99694 8 18,16212 6 19,66254 2 20,44490 7 20,82006 4 22,96910 3 25,39330 1 27,94431 1 29,62945 6 34,09966 7 37,68058 7 178 GDP 426612 632331 436121 670476 448598 713000 439484 758475 448485 782753 457637 812741 474904 870320 466101 873403 475642 920203 488421 963863 506933 493331 505219 519205 538641 103140 9 103541 9 111003 2 122060 6 132751 0 editor@iaeme.com Islamic Financial Intermediation of Indonesian Economic Growthin Year Quart Market al Capitalization 4 2009 2010 38 519392 1 198938.2 39,308 528057 2 225889.7 42,195 540678 3 247955.5 44,523 561637 265135.7 46,886 548479 1 261949.0 50,206 559683 2 275550.4 55,801 574713 3 290458.7 60,97 594251 306673.8 68,181 585812 1 328413.4 74,253 595785 2 345555.2 82,616 612200 3 362316.9 92,839 632828 378698.3 102,655 623864 1 403707.1 104,239 633415 2 415725.2 117,592 651338 4 2011 4 2012 GDP 108529.1 4 428525,7 FIN 937919,1 1134632 1414984 http://www.iaeme.com/IJCIET/index.asp 179 129054 1 131527 2 138140 7 145820 9 145131 5 164235 160377 6 2 170913 170451 2 0 177511 178619 0 7 173753 176965 5 5 174873 183435 1 5 181626 192823 8 3 188185 205374 0 5 184078 201539 6 3 185558 206133 0 8 192901 216203 9 7 editor@iaeme.com Raditya Sukmana Khoirul Zadid Taqwa and Tika Widiastuti Year Quart Market al Capitalization 3 130,357 672122 427811.8 147,505 662063 1 407323.2 161,081 671593 2 411631.3 171,227 688864 3 420179.0 177,32 709985 432966.4 180,833 699903 1 479329.7 184,964 2770345 2 488861.8 193,136 706533 3 490899.0 196,563 724133 485441.3 199330 745577 1 472488.8 200712 2 452041.3 206056 3 424099.0 208143 388661.8 212996 4 2014 4 2015 GDP 423760.1 4 2013 FIN 4 1671004 1672100 1944532 1737291 http://www.iaeme.com/IJCIET/index.asp 180 199363 222364 2 2 194885 216868 2 8 195839 223528 6 9 203681 234259 7 0 210359 249115 8 9 205768 247709 8 8 205898 250519 5 6 213777 261765 2 5 220810 274653 7 2 216140 269643 8 3 215646 272827 9 2 223741 286886 3 7 231269 299862 3 2 227035 294502 7 9 editor@iaeme.com