Dampak Penerbitan Sukuk terhadap Kinerja Bank Syariah (Studi Kasus pada Bank Muamalat Indonesia)

Abstract

Sukuk is one of the instruments used by Islamic banks to strengthen their capital base while complying with sharia principles. It represents ownership-based securities that entitle investors to returns in the form of profit-sharing, margins, or fees, with the principal repaid at maturity. In Indonesia, sukuk issuance is regulated by the fatwa of the Indonesian Ulema Council (MUI). To enhance its capital adequacy and support financing expansion, Bank Muamalat Indonesia issued Sustainable Mudharabah Subordinated sukuk I Phase I in 2012 and Phase II in 2013. This study aims to examine the impact of sukuk issuance on the bank’s performance, measured by financing, income, profitability, solvency, liquidity, and efficiency ratios. Using a simple regression method and secondary data from the bank's monthly financial statements covering January 2013 to December 2016, the study finds that sukuk issuance has a significant positive effect on the solvency ratio (CAR) and the banking efficiency ratio (BOPO). However, it does not significantly affect financing, income, profitability (ROA and ROE), or the liquidity ratio (FDR).