State Sukuk Potential in Reducing Indonesia Budget Deficit, 2009-2015

Ima Amaliah, Tasya Aspiranti

Abstract


The purpose of this study is to identify potential retail state sukuk as part of state bonds that are used to replace foreign debt and lower the government's budget deficit. This study is important because the government's budget deficit continues to rise each year due to the increase of foreign debt. The increase in the debt itself is closely related to exchange rate fluctuations. Therefore, it is important for the government to develop a relatively secure funding in facing exchange rate fluctuations as well as parts of interest rate. The government has developed state securities based on sharia (SBSN) which can be used not only to close finance deficit but also to alternatively finance the infrastructure development. The population consists of budget deficit, retail state sukuk, corporate sukuk, and foreign debt. It uses purposive sampling to get the sample during 2009 -2015. This research uses descriptive quantitative method of secondary data published by Bank Indonesia, ministry Finance and Jakarta Islamic Index. The result shows that the proportion of retail state sukuk against sharia state securities increases over time (over 50%) but the proportion of corporate sukuk numbers is still relatively small (below 25%). 


Keywords


State Sukuk, Budget Deficit, Foreign Debt

References


Ahyadi, A.A., 1995,” Psychology of Religion in Muslim Pancasila Personality,” Yogyakarta : BPFE.

Amaliah, Ima, Westi Riani, 2011, "Identifica-tion Implementation of Islamic Business Ethics in Micro Food and Beverages in Bandung," Research Report, Bandung: LPPM Unisba

Amaliah, Ima, Westi Riani, Aan Julia, 2013, "Influence of Ethics Wage Islami on Employee Performance On SMEs in Bandung," Research Report, Bandung: LPPM Unisba

Amaliah, Ima, Westi Riani, Aan Julia, 2014, "Ethical Consumption Islami Employees at the Institute of Islamic Education in Bandung," Research Report, Bandung: LPPM Unisba

Bank Indonesia, 2015, "Financial Statistics Indonesia," Jakarta

Bungin, Burhan, 2011, "Quantitative Research Methodology: Communication, Economics and Public Policy and the Social Sciences," second edition, Jakarta: Kencana Prenada Media Group.

Glock, C. Y., & Stark, R., 1965,”Religion and society in tension,” San Francisco: Rand McNally

Metwally, 1995,” Islamic Economic Model and Theory,1st Edition, PT. Bangkit Daya Insana, Jakarta

Mokhlis, Safiek, 2006,”Religious Contrast in Consumer Shopping Styles; A Factor Analytic Comparison,” Journal of Business Studies Quarterly, 2010, Vol. 2, No. 1, pp. 52-64

Muhlis 2011, "Saving Behavior in Central Java Islamic Banking," Dissertation, Central Java Diponegoro University

Nasution, Harun.1973,”Religion Philosophy,” Jakarta : Bulan Bintang, 1973

Nizar, 2012, "Observing the Current Account Deficit," Fiscal News Issue 6/2012, Jakarta: Fiscal Policy Office

Sartika, Dewi, Ali Mubarak, Indari Larasati, 2011, "The Relationship between Religious Values comitment with Islamic Banking Ser-vices Using Decision on Unisba Lecturer," Proceedings Snapp 2011, Social, Economic and Humanities, Bandung: LPPM Unisba

Sudarsono, 2004,” Delinquency: Prevention, Rehabilitation and resocialization,” Jakarta: Rineka Reserved.

Swatos, William H, 2015, "Encyclopedia of Religion and Society," the Hartford Institute for Religion Research, Hartford Seminary, Al-tamira Press

Tasya Aspiranti, Dede R. Oktini. 2011. "Per-formance of Microfinance Institutions in Ban-dung". Proceedings: National Conference on Bandung Islamic University. (The Proceeds of Research and Community Service).

Tasya Aspiranti, Poppie Sofiah, 2013,” Policy Implementation Strengthening Microfinance Institutions Non Bank In Bandung Regency: A Policy Manager,” research Report, Bandung: LPPM, Bandung Islamic University

Tasya Aspiranti, Ria Haryatiningsih. 2013,” Development Strategy for Microfinance Insti-tutions Non Bank in Bandung: A Development Policy Manager,” Higher Education Competi-tive Research Grant. Bandung: LPPM, Ban-dung Islamic University


Full Text: PDF

DOI: 10.14414/jebav.v20i1.781

Refbacks

  • There are currently no refbacks.




Copyright (c) 2017 Journal of Economics, Business & Accountancy Ventura