Moderasi Inflasi pada Pengaruh Pembiayaan Murabahah, Mudharabah, dan Musyarakah terhadap Non-Performing Financing di Bank Muamalat
Abstract
Abstract
The main problem addressed in this study is the inconsistency in the effect of murabahah, mudharabah, and musyarakah financing on Non-Performing Financing (NPF), as well as the unclear role of inflation as an external factor moderating these relationships at PT Bank Muamalat Indonesia Tbk. This study aims to analyze the effect of the three financing types on NPF and to examine the moderating role of inflation. The method employed is a quantitative approach using quarterly secondary data from 2018–2025 obtained from Bank Muamalat's financial reports, the Financial Services Authority, and Statistics Indonesia. Data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA) with EViews. The findings reveal that murabahah financing has a positive and significant effect on NPF, mudharabah has no significant effect, while musyarakah has a negative and significant effect. The moderation test results prove that inflation only moderates the relationship between musyarakah and NPF, but does not moderate murabahah or mudharabah. This study concludes that internal factors, particularly the characteristics of financing contracts, are more dominant in influencing financing risk than external macroeconomic factors. The practical implication is that Islamic bank management should optimize the musyarakah portfolio to reduce NPF and enhance risk mitigation strategies for murabahah contracts.
Keywords: Non-Performing Financing; Murabahah; Mudharabah; Musyarakah; Inflation
Abstrak
Permasalahan utama dalam penelitian ini adalah ketidakkonsistenan pengaruh pembiayaan murabahah, mudharabah, dan musyarakah terhadap Non-Performing Financing (NPF) serta belum jelasnya peran inflasi sebagai faktor eksternal yang memoderasi hubungan tersebut pada PT Bank Muamalat Indonesia Tbk. Penelitian ini bertujuan menganalisis pengaruh ketiga jenis pembiayaan tersebut terhadap NPF dan menguji peran moderasi inflasi. Metode yang digunakan adalah pendekatan kuantitatif dengan data sekunder triwulanan periode 2018–2025 yang diperoleh dari laporan keuangan Bank Muamalat, Otoritas Jasa Keuangan, dan Badan Pusat Statistik. Analisis dilakukan menggunakan regresi linier berganda dan Moderated Regression Analysis (MRA) berbantuan EViews. Temuan penelitian menunjukkan bahwa pembiayaan murabahah berpengaruh positif dan signifikan terhadap NPF, mudharabah tidak berpengaruh signifikan, sedangkan musyarakah berpengaruh negatif dan signifikan. Hasil uji moderasi membuktikan bahwa inflasi hanya memoderasi hubungan musyarakah terhadap NPF, tetapi tidak memoderasi murabahah maupun mudharabah. Simpulan penelitian ini adalah faktor internal berupa karakteristik akad pembiayaan lebih dominan memengaruhi risiko pembiayaan dibandingkan faktor eksternal makroekonomi. Implikasi praktisnya, manajemen bank syariah perlu mengoptimalkan portofolio musyarakah untuk menekan NPF dan meningkatkan mitigasi risiko pada akad murabahah.
Kata Kunci: Non-Performing Financing; Murabahah; Mudharabah; Musyarakah; Inflasi.
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DOI: http://dx.doi.org/10.21043/jebisku.v4i2.6096
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