CONCEPTUAL ANALYSIS AND PRACTICE OF CORPORATE PERFORMANCE MEASUREMENT
Keywords:
Islamic monetary instruments, economic stability, global uncertainty.Abstract
Global economic uncertainty influenced by exchange rate fluctuations, inflationary pressures, and changes in monetary policy in developed countries has significantly impacted Indonesia's economic stability. This situation demands policy instruments capable of maintaining monetary balance without relying on an interest-based system. In this context, Islamic monetary instruments provide an alternative based on the principles of fairness, transparency, and risk sharing. This study aims to analyze the role of Islamic monetary instruments—including Bank Indonesia Sharia Certificates (SBIS), Bank Indonesia Sukuk (SBI-Sukuk), Bank Indonesia Wadiah Certificates (SWBI), and Islamic Money Market Operations (OPUS)—in maintaining national economic stability amidst global uncertainty. The research method used was a literature study with a descriptive qualitative approach, which examined various academic sources, Bank Indonesia reports, and Islamic finance publications for the 2015–2024 period. The study results indicate that Islamic monetary instruments play a significant role in controlling banking liquidity, reducing money market volatility, and strengthening the stability of the national financial system. Furthermore, the profit-sharing mechanism and real assets underlying these instruments are able to reduce systemic risk compared to conventional interest-based instruments. However, challenges such as limited secondary markets, limited public literacy, and policy coordination still hamper their effectiveness. Thus, policy innovation, regulatory strengthening, and increased Islamic financial literacy are needed so that Islamic monetary instruments can function more optimally in the face of global economic uncertainty and support sustainable national economic resilience.
References
Anthony,R.N.,&Govindrajan,V.(2007).ManagementControlSystems(12th ed.). McGraw-Hill Education.
Higgin,R.C.(2012). AnalysisforFinancial Management(10thed.).McGraw-Hill.
Kaplan, R. S., & Norton, D. P. (2004). The Balanced Scorecard: Translating Strategy into Action. Harvard Business School Press.
Niven,P.R.(n.d.).BalancedScorecardStep-ByStep:MaximizingPerfomanceand Maintaining Results. John Wiley & Sons.
Otley,D.(2020).PerfomanceManagement:A Frame work for Management ControlSystems Research.JournalofManagementAccounting Research,10(4),
Romneyy,M.B.,&Steibart,P.J.(2020).AccountingInformationSystems(15th ed.). Pearson Education.
Simons, R. (2000). Perfomance Measurement and Control Systems for Implementing Strategy. Prentice Hall.
VanHorne,J.C.(2002).FundamentalsofFinancialManagement(12thed.).
Prentice Hall.
Warren, C. S., Reeve, J. M., &Duchac, J. (2020). Financial Accounting. CengageLearning.
Weston,J.F.,& Brigham,E.F.(2005).ManajemenKeuangan.Erlangga.
