Abstract
This research aims to know the impact of issuing sovereign sukuk (SBSN) towards Islamic banks’ profitability in Indonesia. This research is qualitative research with SBSN owned by Islamic Banks (SBSNID) as independent variable and Islamic Banks’ profitability which is proxed by ROA as dependent variable, and some control variables were occupied in this research to minimize the bias effect of other variables, namely company size (SIZE), the level of margins (NOM), the risk of financing (NPF), the capital ratio (CAR), and th level of liquidity (FDR). The data used in this research are secondary data that consist of islamic bank datain Indonesia since 2010-2016. Analysis technique used in this study is panel data regression with Pooled Least Square (PLS) model. The result showed that Issuing sovereign sukuk has negative yet significant effect toward Islamic Banks’ profitability.while the othe variable, such as NPF and CAR have negative and not signifivant impact againts Islamic Banks’ profitability, and NOM has positive but not significat effect againts the profitability of Islamic banks, while the FDR and SIZE variables have positive and significant effect toward Islamic banks’ profitability.
Highlights
Introduction to Islamic FinanceSingapore: John Wiley & Sons (Asia) Pte
This research aims to know the impact of issuing sovereign sukuk
qualitative research with Surat Berharga Syariah Negara (SBSN) owned by Islamic Banks
Summary
Sektor perbankan syariah sebagai bagian dari industri keuangan syariah turut merasakan manfaat dari diterbitkannya SBSN tersebut, yakni dapat membantu mengelola excess of liquidity di industri perbankan syariah. Sebagaimana Diamonds (1984) menyatakan bahwa sekuritisasi dapat mengurangi biaya delegasi yang ditanggung oleh industri perbankan, yang mana fungsi bank sebagai lembaga perantara menghimpun dana berlebih yang dimiliki oleh masyarakat dalam bentuk tabungan, giro dan deposito dan kemudian disalurkan dalam berbagai bentuk pembiayaan, yang kemudian dalam proses penyaluran tersebut membutuhkan proses pengawasan yang menimbulkan biaya tambahan bagi bank dan risiko sistematis. Bank dapat mengalokasikan dana yang dimilikinya melalui diversifikasi aset, salah satunya melalui aktifitas derivatif, sehingga bank dapat menjalankan fungsi sebagai perantara secara efektif. Disamping itu manfaat lain yang diperoleh oleh bank syariah dari penyaluran dana di SBSN yaitu SBSN dapat diperdagangkan di pasar sekunder sesuai dengan harga pasar sehingga investor berpotensi mendapatkan capital gain, selain itu perbankan syariah turut mendukung pembiayaan pembangunan nasional
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