INVESTASI, TABUNGAN, UTANG, DAN BANTUAN ASING DALAM PEMBIAYAAN PEMBANGUNAN INDONESIA: TINJAUAN EKONOMI ISLAM

Abstract

Development financing requires adequate and stable funding that can be directed toward higher productivity and public welfare. This article examines four sources of development financing (investment, savings, debt, and foreign aid) within an Islamic economic framework by assessing their benefits, risks, governance, and contribution to inclusive and sustainable development. The study uses a narrative literature review of journal articles published in 2024–2026 and official publications of the Financial Services Authority (OJK), Bank Indonesia (BI), the Ministry of Finance, the Ministry of Investment/BKPM, and Statistics Indonesia (BPS). The literature shows that investment can expand production capacity and create jobs; savings mobilize domestic funds that financial institutions can intermediate; debt can accelerate financing when directed to productive activities but raises fiscal risk when it is not managed prudently; and foreign aid can support priority programs, knowledge transfer, and public services but may create dependence when governance is weak. In Islamic economics, these sources should be evaluated by justice, trust (amanah), public benefit (maslahah), transparency, avoidance of prohibited riba and speculation, and protection of future generations. The article concludes that no single financing source can stand alone. A stronger strategy prioritizes domestic resource mobilization, expands productive investment and Islamic finance, uses debt in a measured way, and accepts foreign aid on transparent terms aligned with national development priorities.