Comparative Analysis of The Benefits of Sukuk and Bonds in Indonesia

Suci Mardiyah; Alfiatun Zahrah; Muhammad Syaipudin; Mifta Hasda; Wahyu Febri Ramadhan Sudirman

doi:10.69693/jfb.v1i1.13

Authors

Suci Mardiyah Universitas Pahlawan Tuanku Tambusai
Alfiatun Zahrah Universitas Pahlawan Tuanku Tambusai
Muhammad Syaipudin Universitas Pahlawan Tuanku Tambusai
Mifta Hasda Universitas Pahlawan Tuanku Tambusai
Wahyu Febri Ramadhan Sudirman Universitas Pahlawan Tuanku Tambusai

DOI:

https://doi.org/10.69693/jfb.v1i1.13

Keywords:

Bonds, sukuk, risk, profit

Abstract

This research aims to analyze the comparison of profits between sukuk and bonds in Indonesia, focusing on aspects such as structure, principles, and regulations, as well as the risk and profit profile of each instrument. Sukuk, which is based on Islamic sharia principles, offers the benefits of real asset ownership and profit-sharing-based income, while conventional bonds offer certainty of income through fixed interest payments. This study also discusses regulations governing the issuance of sukuk and bonds, and their impact on investment security and transparency. The analysis results show that sukuk are more attractive to investors who seek sharia compliance and stability in real assets, while bonds are more attractive to those who want income certainty and investment flexibility. This research concludes that the choice between sukuk and bonds must be adjusted to the risk profile, investment objectives, and personal preferences of each investor in Indonesia.

Downloads

Download data is not yet available.

References

Ananda, Q., Azmi, N. F., Febriani, Q., & Aji, G. (2024). Obligasi dan Sukuk Dalam Perspektif Keuangan Islam. 1(3), 149–166.

Brigham, E. F., & Houston, J. F. (2020). Financial management: Theory & Practice (16 (ed.)). Cengage.

Cahyono, O. A., Suryadi, E., & Safitri, H. (2022). Analisis Perbandingan Kinerja Obligasi Konvensional dan Obligasi Syariah Pada Obligasi Yang Terdaftar di Bursa Efek Indonesia Periode 2018-2020. Jurnal Produktivitas: Jurnal Fakultas Ekonomi Universitas Muhammadiyah Pontianak, 9(1), 43–51.

Cooper, D. R., & Schindler, P. S. (2014). Business Research Methods (Twelfth). McGraw-Hill Irwin.

El-Gamal, M. A. (2006). Islamic Finance: Law, Economics, and Practice. Cambridge University Press. https://books.google.co.id/books?id=2ElRUvoVRxYC

Hamzah, O. L. (2023). Pengaruh Penerbitan Sukuk Terhadap Kinerja Keuangan Perusahan Tahun 2017-2021. Jurnal Ekonomi & Ekonomi Syariah, 6(1), 899–907.

Heryana, A. (2021). Jenis-jenis Studi Literature Review. ResearchGate, March, 1–4. https://doi.org/10.13140/RG.2.2.36077.72167

Inassativa, A. (2023). Perbandingan Risk dan Return Sukuk dan Obligasi yang Terdaftar pada Bursa Efek Indonesia. UPY Business and Management Journal (UMBJ), 2(1), 18–29.

Jubaidi. (2020). Analisis Perbandingan Tingkat Permintaan Obligasi Konvensional Dan Sukuk (Obligasi Syariah). Research Journal of Accounting and Business Management (RJABM), 4(2), 183–195.

Purnamawati, I. (2015). Perbandingan Sukuk dan Obligasi (Telaah dari Perspektif Keuangan dan Akuntansi). Jurnal Akuntansi Universitas Jember (JAUJ, 11(1), 62–71.

Ro’is, M., Wahab, A. A., & Fajri, A. (2024). Dampak Kinerja Sukuk terhadap Pertumbuhan Ekonomi di Negara Islam Asean. Economic Reviews Journal, 3(1), 716–727. https://doi.org/10.56709/mrj.v3i1.229

Thau, A. (2001). The bond book: Everything investors need to know about treasuries, municipals, GNMAs, corporates, zeros, bond funds, money market funds, and more. McGraw-Hill.

Visser, H. (2019). Islamic Finance: Principles and Practice, Third Edition. Edward Elgar Publishing. https://books.google.co.id/books?id=vtbEDwAAQBAJ

Zakiyah, F. (2022). Perbandingan kinerja keuangan Sukuk îjarâh dan obligasi konvensional yang listing di bursa efek indonesia. Dinar : Jurnal Prodi Ekonomi Syariah, 5(1), 127–148.