Synergy of Monetary and Macroprudential Policy Mix of Bank Indonesia 2024-2025: Macroeconomic Stability Analysis from the Perspective of Maqashid al-Sharia

Indonesia

Abstract

Global financial tightening, exchange rate volatility, and rising digital financial risks during 2024-2025 have intensified challenges for Bank Indonesia (BI) in maintaining macroeconomic stability. Relying solely on monetary policy is increasingly insufficient, while empirical evaluations of BI’s integrated policy mix-especially from an Islamic economic perspective-remain limited. This article aims to analyze the effectiveness of Bank Indonesia’s monetary and macroprudential policy mix in maintaining macroeconomic stability during 2024-2025 and to evaluate its alignment with the principles of maqashid al-shariah. This study employs a qualitative-descriptive policy analysis using official BI reports, macroeconomic indicators, and relevant international literature. A maqashid-based policy evaluation framework is applied to assess policy outcomes beyond conventional efficiency metrics. The findings indicate that BI’s policy mix has been effective in maintaining inflation stability, exchange rate resilience, and financial system soundness, aligning strongly with ḥifẓ al-māl. However, impacts on distributive justice, speculative restraint, and intergenerational sustainability remain moderate, suggesting the need for stronger integration of Islamic ethical values.