THE ANALYSIS OF THE INFLUENCE OF BANK INDONESIA CERTIFICATE (SBI), SHARIAH BANK INDONESIA CERTIFICATE (SBIS), INFLATION AND BI RATE ON FUND DISTRIBUTION TO THE MSMEs SECTOR BY SHARIA BANKING IN INDONESIA

This research was carried out on two banking sides, the first side was on the conventional side, and the second was on the sharia side. The conventional side was used to describe the influence of Bank Indonesia Certificates (SBI), inflation, and the BI Rate of Credit disbursed by Conventional Banks in Indonesia to small and medium business sectors (UMKM) in the 2011-2019 period. Meanwhile, the sharia side was used to explain the influence of Bank Indonesia Sharia Certificates (SBIS), inflation, and the BI Rate of Financing channeled by Islamic Banks in Indonesia to UMKM in the 2011-2019 period. The researcher employed a quantitative approach and analyzed the data using multiple linear regression analysis with two econometric models. Also, the data used in this study were secondary data obtained from official data from Bank Indonesia and the Financial Services Authority (OJK). The results of the conventional research partially show that Bank Indonesia Certificates (SBI) and inflation have a significant negative effect. In contrast, the BI variable Rate has a significant positive impact on UMKM credit in conventional banking. Simultaneously, it shows that there is a significant influence between the variables Bank Indonesia Certificate (SBI), inflation, and the BI Rate on lending to the UMKM sector in conventional banking. Furthermore, in terms of sharia, the results of the research partially explain that Bank Indonesia Sharia Certificates (SBIS) and BI Rate have a significant negative effect. In contrast, inflation has a significant positive impact on UMKM financing in Islamic banking. Simultaneously, it shows that there is a significant influence between the variables of Bank Indonesia Sharia Certificate (SBIS), inflation, and the BI Rate on the distribution of financing to the UMKM sector in Islamic banking.

Keywords: SBI, SBIS, Inflation, BI Rate, and UMKM Financing

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