The Effect of Macroeconomics on the Receipt of Zakat, Infaq, and Shadaqah at BAZNAS Central for 2015-2024 Period
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Dec 18, 2025
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Abstract
In recent years, Indonesia's economy has grown steadily, supported by strong household purchasing power and stable investment. However, this stability was disrupted with the emergence of the COVID-19 pandemic in early 2020. This study aims to analyze the effect of macroeconomic variables on the collection of zakat, infaq, and sadaqah at BAZNAS Central during the 2015–2024 period. The research use secondary quarterly time-series data from 2015 to 2024. The analysis is conducted using descriptive analysis combined with the Autoregressive Distributed Lag (ARDL) method. The results show more clearly that GDP consistently exerts a positive and significant influence on zakat as well as infaq and shadaqah receipts in both the short and long run, confirming the central role of economic growth in strengthening Islamic philanthropic capacity. Meanwhile, the Consumer Price Index (CPI), as a proxy for inflation, and the BI Rate were not proven to significantly affect infaq and shadaqah receipts; however, CPI demonstrates a positive long-run effect on zakat, and the BI Rate shows a negative but weak influence, indicating limited monetary policy transmission to ZIS behavior. The impact of the COVID-19 pandemic was found to be significantly negative for zakat receipts, but relatively insignificant for infaq and shadaqah. Furthermore, digitalization at BAZNAS is shown to significantly increase ZIS collection, underscoring the growing role of technological adoption in expanding accessibility and strengthening fundraising performance. Overall, these findings highlight the need for macroeconomic stability and continuous digital transformation to optimize ZIS mobilization.
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Juliarty, N., Fitri, R., Achsani, M., & Beik, I. (2025, December 18). The Effect of Macroeconomics on the Receipt of Zakat, Infaq, and Shadaqah at BAZNAS Central for 2015-2024 Period. International Journal of Zakat, 10(4), 101-120. https://doi.org/https://doi.org/10.37706/ijaz.v10i4.661
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References
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Giloth, R. (2019). Philanthropy and economic development: new roles and strategies. Economic Development Quarterly, 33(3), 159–169. https://doi.org/10.1177/0891242419839464
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Maclean, M., Harvey, C., & Gordon, J. (2013). Social innovation, social entrepreneurship and the practice of contemporary entrepreneurial philanthropy. International Small Business Journal: Researching Entrepreneurship, 31(7), 747–763. https://doi.org/10.1177/0266242612443376
Mukarromah, H. (2019). Analysis of the influence of macroeconomic variables on zakat receipts at BAZNAS for the 2012-2018 period. Bogor Agricultural University.
Muktar, B., Rahmadani, R., & Siwi, M. (2016). Banks and Other Financial Institutions. Kencana.
Muttaqien, MK, & Mas'ud, T. (2022). Shadaqah campaigns on social media and people's shadaqah-giving behavior intentions during the COVID-19 pandemic. Al-Kharaj: Journal of Islamic Economics, Finance & Business. https://doi.org/10.47476/alkharaj.v4i1.446
Nkoro, E., & Uko, A. K. (2016). Autoregressive Distributed Lag (ARDL) cointegration technique: application and interpretation. Journal of Statistical and Econometric Methods, 5(4), 63–91.
Noviyanti, & Beik, I. (2016). The influence of macro variables on Dompet Dhuafa's ZIS receipts. Iqtishodia Journal.
Nurhelina. (2024). Analysis of the influence of zakat, infaq, and shadaqah (ZIS) collection on the Indonesian macroeconomy: a panel data approach. Journal of Islamic Economics, 10.
Nurmu'minah, S. (2015). The Impact of Macroeconomic Variables on Zakat, Infaq and Shadaqah (ZIS) Receipts at the Central Baznas for the 2008-2014 Period. Bogor Agricultural University.
Oemar, F., Endri, E., & Nugroho, Moh. T. (2023). The potential of paying zakat on income: evidence from an emerging economy. Corporate Governance and Organizational Behavior Review, 7(2), 128–137. https://doi.org/10.22495/cgobrv7i2p11
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Pesaran, M. H., & Shin, Y. (1995). An autoregressive distributed lag modeling approach to cointegration analysis. The Norwegian Academy of Science and Letters.
Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. https://doi.org/10.1002/jae.616
Pesaran, M., & Shin, Y. (1997). An autoregressive distributed lag modeling approach to co-integration analysis.
BAZNAS Center for Zakat Collection. (2020). Indonesian Zakat Outlook 2021.
Putera, D. (2023). Analysis of interest rate pass-through behavior of banking in Indonesia before and during the COVID-19 pandemic. Bogor Agricultural University.
Qardawi, Y. (1999). Zakat Law. In Zakat Law (pp. 34–35). Mizan Publishers.
Salsabila, N., Muna, N., Pradana, VH, & Nurcahya, WF (2024). Analysis of the effectiveness of social assistance (bansos) in overcoming poverty in Indonesia. Journal of Macroeconomics and Social Development, 1(4), 1–13. https://doi.org/10.47134/jmsd.v1i4.317
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Yusoff, M. B. (2010). An analysis of zakat expenditure and real output: theory and evidence. IIUM Journal of Economics and Management, 18(2), 139–160.
Zubaidah, S., & Munawar, A. (2021). The effect of macroeconomic variables on the amount of zakat receipts in Indonesia. Review of Islamic Economics and Finance, 4(1), 1–10. https://doi.org/10.17509/rief.v4i1.34100
Ahmad, Z. (2011). The influence of macroeconomic indicators on the amount of zakat collected at the Dompet Dhuafa Republika Zakat Collection Institution in 1993-2009. University of Indonesia.
Anggraini, R., Ababil, R., & Widiastuti, T. (2018). The effect of ZIS fund distribution and inflation rate on Indonesia's economic growth in the 2011-2015 period. FALAH: Journal of Islamic Economics, 3(2), 1. https://doi.org/10.22219/jes.v3i2.7231
ZAKAT COLLECTION AGENCY. (2024). Indonesian Zakat Outlook 2025. Center for Strategic Studies – National Zakat Collection Agency (Puskas BAZNAS).
BAZNAS. (2020). BAZNAS Strategic Plan 2020-2025.
BAZNAS. (2024a). BAZNAS RI Zakat and Poverty Alleviation Report 2023. www.baznas.go.id;
BAZNAS. (2024b). Indonesian Zakat Outlook 2024. www.baznas.go.id;
Beik, IS, & Arsyianti, LD (2019). Sharia Development Economics Revised Edition (3rd ed.). Rajawali Pers.
BI. (2020). Indonesian Economic Report 2019.
Blanco, E., Baier, A., Holzmeister, F., Jaber-Lopez, T., & Struwe, N. (2021). Long term effects of the COVID-19 pandemic on social concerns. Frontiers in Psychology, 12. https://doi.org/10.3389/fpsyg.2021.743054
Boediono. (2014). Synopsis Series of Introduction to Economics No. 5 Macroeconomics. BPFE.
Butler, D. (2017). Enliving cultural environments through sharing and mutual cooperation (mutual cooperation). Heritage of the Archipelago: International Journal of Religious Literature and Heritage, 5(1), 1–22. https://doi.org/10.31291/hn.v5i1.130
Butt, H. A., Sadaqat, M., & Shear, F. (2023). Does Islamic financial development foster economic growth? International Evidence. Journal of Islamic Accounting and Business Research, 14(6), 1013–1029. https://doi.org/10.1108/JIABR-10-2022-0267
Dinata, AA, & Darna. (2022). Analysis of factors influencing the donation behavior of the Depok City community during the COVID-19 pandemic. National Seminar on Accounting and Management.
Fadhilah, SN, Indriyani, F., & Suharsono, S. (2022). The effect of inflation, economic growth, and population on welfare with ZIS as a moderating variable. Al Maal: Journal of Islamic Economics and Banking, 3(2), 154. https://doi.org/10.31000/almaal.v3i2.4630
Giloth, R. (2019). Philanthropy and economic development: new roles and strategies. Economic Development Quarterly, 33(3), 159–169. https://doi.org/10.1177/0891242419839464
Hafidhuddin, D. (2002). Zakat in the Modern Economy. Gema Insani Press.
Hafizd, JZ, & Mardiatta, D. (2021). The urgency of zakat, infaq, and shadaqah during the COVID-19 pandemic from a maqasid sharia perspective. Al-Mustashfa: Journal of Islamic Economic Law Research, 6(2), 215. https://doi.org/10.24235/jm.v6i2.9186
Haugen, R. A. (2001). Modern Investment Theory (5 ed.). Prentice Hall.
Hill, R. Carter., Griffiths, W.E., & Lim, G.C. (2017). Principles of Econometrics (Fourth Edition). John Wiley & Sons, Inc.
Huda, N., Idris, H., Nasution, M., & Wiliasih, R. (2008). Islamic Macroeconomics: A Theoretical Approach. Kencana Prenada Media Group.
Ilham, AM, Ismail, N., & Al-Ayubi, S. (2024). Exploring potential and innovative strategies from ZIS fund collection at the national amil zakah agency in Siak District. Al-Infaq: Journal of Islamic Economics, 1(1), 129. https://doi.org/10.32507/ajei.v1i1.2691
Indrawati, SM, Satriawan, E., & Abdurohman. (2024). Indonesia's fiscal policy in the aftermath of the pandemic. Bulletin of Indonesian Economic Studies, 60(1), 1–33. https://doi.org/10.1080/00074918.2024.2335967
Jedidia, B. K., & Guerbouj, K. (2021). Effects of zakat on the economic growth in selected Islamic countries: empirical evidence. International Journal of Development Issues, 20(1), 126–142. https://doi.org/10.1108/IJDI-05-2020-0100
Karim, A. (2007). Islamic Macroeconomics. Rajagrafindo Persada.
Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. Macmillan Cambridge University Press.
Lestari, R. (2024, December 7). Prospects for 2025: A testing year for global economic resilience. koran.bisnis.com.
Maclean, M., Harvey, C., & Gordon, J. (2013). Social innovation, social entrepreneurship and the practice of contemporary entrepreneurial philanthropy. International Small Business Journal: Researching Entrepreneurship, 31(7), 747–763. https://doi.org/10.1177/0266242612443376
Mukarromah, H. (2019). Analysis of the influence of macroeconomic variables on zakat receipts at BAZNAS for the 2012-2018 period. Bogor Agricultural University.
Muktar, B., Rahmadani, R., & Siwi, M. (2016). Banks and Other Financial Institutions. Kencana.
Muttaqien, MK, & Mas'ud, T. (2022). Shadaqah campaigns on social media and people's shadaqah-giving behavior intentions during the COVID-19 pandemic. Al-Kharaj: Journal of Islamic Economics, Finance & Business. https://doi.org/10.47476/alkharaj.v4i1.446
Nkoro, E., & Uko, A. K. (2016). Autoregressive Distributed Lag (ARDL) cointegration technique: application and interpretation. Journal of Statistical and Econometric Methods, 5(4), 63–91.
Noviyanti, & Beik, I. (2016). The influence of macro variables on Dompet Dhuafa's ZIS receipts. Iqtishodia Journal.
Nurhelina. (2024). Analysis of the influence of zakat, infaq, and shadaqah (ZIS) collection on the Indonesian macroeconomy: a panel data approach. Journal of Islamic Economics, 10.
Nurmu'minah, S. (2015). The Impact of Macroeconomic Variables on Zakat, Infaq and Shadaqah (ZIS) Receipts at the Central Baznas for the 2008-2014 Period. Bogor Agricultural University.
Oemar, F., Endri, E., & Nugroho, Moh. T. (2023). The potential of paying zakat on income: evidence from an emerging economy. Corporate Governance and Organizational Behavior Review, 7(2), 128–137. https://doi.org/10.22495/cgobrv7i2p11
Othman, A., Hasan, ZA, Ibrahim, K., Ibrahim, SNH, & Mohamed, N.A. (2024). Factors influencing the intention to donate (infaq and sadaqah) among UITMCM staff. Global Business and Management Research: An International Journal, 16.
Pesaran, M. H., & Shin, Y. (1995). An autoregressive distributed lag modeling approach to cointegration analysis. The Norwegian Academy of Science and Letters.
Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. https://doi.org/10.1002/jae.616
Pesaran, M., & Shin, Y. (1997). An autoregressive distributed lag modeling approach to co-integration analysis.
BAZNAS Center for Zakat Collection. (2020). Indonesian Zakat Outlook 2021.
Putera, D. (2023). Analysis of interest rate pass-through behavior of banking in Indonesia before and during the COVID-19 pandemic. Bogor Agricultural University.
Qardawi, Y. (1999). Zakat Law. In Zakat Law (pp. 34–35). Mizan Publishers.
Salsabila, N., Muna, N., Pradana, VH, & Nurcahya, WF (2024). Analysis of the effectiveness of social assistance (bansos) in overcoming poverty in Indonesia. Journal of Macroeconomics and Social Development, 1(4), 1–13. https://doi.org/10.47134/jmsd.v1i4.317
Samuelson, P., & Nordhaus, W. (2001). Macroeconomics (Gretta, T. Tanoto, B. Carvallo, A. Elly, & translator, Ed.; 17 ed.). Education Global Media.
Senawi, AR, Isa, MPM, & Harun, A. (2018). Zakat collection and the effects of the macroeconomic factors: Malaysia Evidence. 607–614. https://doi.org/10.15405/epsbs.2018.05.49
Sianturi, VG, Syafii, M., & Tanjung, AA (2021). Analysis of the determinants of poverty in Indonesia: a case study (2016-2019). Samudra Ekonomika Journal.
Suhendar, FA, Sari, RV, Pangesti, T., Putra, ZMG, & Santoso, APA (2024). The Impact of Poverty in Indonesia on Education. JISIP (Journal of Social Sciences and Education), 8(2), 1119. https://doi.org/10.58258/jisip.v8i2.6682
Indonesian Philanthropy Team. (2021, January 4). Portrait of Indonesian people's donation behavior during the pandemic. Indonesian Philanthropy.
Tilova, TY (2024). The influence of macroeconomics and population demographics on the demand for sharia life insurance in Indonesia.
Yusoff, M. B. (2010). An analysis of zakat expenditure and real output: theory and evidence. IIUM Journal of Economics and Management, 18(2), 139–160.
Zubaidah, S., & Munawar, A. (2021). The effect of macroeconomic variables on the amount of zakat receipts in Indonesia. Review of Islamic Economics and Finance, 4(1), 1–10. https://doi.org/10.17509/rief.v4i1.34100