INDONESIAN SMART SUKUK MODEL: OPPORTUNITIES AND CHALLENGES
Keywords:
Smart Sukuk, Tokens, Blockchain, Smart Contracts, MSMEs
Abstract
Micro, Small and Medium Enterprises (MSMEs) have long been the backbone of the Indonesian economy. Recent research shows that Sukuk can be a financing solution for MSMEs. However, the cost of Sukuk is higher than bonds in general, thus burdening MSMEs as issuers. The issue of issuance costs can be fixed through blockchain-based smart contract technology called smart Sukuk. This study aims to describe smart Sukuk's opportunities and the challenges it faces in its implementation in Indonesia. Several research has been done discussing Smart Sukuk and the general challenges of issuing Sukuk on the blockchain. This research focuses on the opportunities and challenges of issuing smart Sukuk and its implementation in Indonesia. The approach used in this study is a qualitative research method with a literature study. The findings show that several factors support the potential of smart Sukuk instruments in Indonesia, namely increased internet penetration, the Muslim population, an increase in young investors and a large number of MSMEs and their contribution to Indonesia's Gross Domestic Product. At the same time, the challenges in developing this evolutionary technology in Indonesia are the underlying regulations that have yet to be formed, unclear tax treatment, the tenor of Sukuk, liquidity risk, and cyber risk that are not evenly distributed.
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References
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Ahmad, A. A. (2021). Blockchain Technology – Towards Complementing the Structuring of Sukuk: A Literature Review. International Journal of Social Science and Human Research, 4(5), 1068–1073. https://doi.org/10.47191/ijsshr/v4-i5-23
Alaeddin, O., Dakash, M. Al, & Azrak, T. (2021). Implementing the Blockchain Technology in Islamic Financial Industry: Opportunities and Challenges. Journal of Information Technology Management, 13(3), 99–115. https://doi.org/10.22059/JITM.2021.83116
Bhardwaj, A., Shah, S. B. H., Shankar, A., Alazab, M., Kumar, M., & Gadekallu, T. R. (2021). Penetration testing framework for smart contract Blockchain. Peer-to-Peer Networking and Applications, 14(5), 2635–2650. https://doi.org/10.1007/s12083-020-00991-6
Bhuiyan, R. A., Puspa, M., Saiti, B., & Ghani, G. M. (2020). Comparative analysis between global sukuk and bond indices: value-at-risk approach. Journal of Islamic Accounting and Business Research, 11(6), 1245–1256. https://doi.org/10.1108/JIABR-02-2018-0019
Blossom. (2017). Islamic Finance Upgraded: Smarter Sukuk Using Blockchain. Blossom Finance. https://blossomfinance.com/posts/islamic-finance-upgraded-smarter-sukuk-using-blockchain
Dailysocial.id. (2021). MSME Empowerment Report 2021: Revive and Thrive with Digitalization.
Delle Foglie, A., Panetta, I. C., Boukrami, E., & Vento, G. (2021). The impact of the Blockchain technology on the global Sukuk industry: smart contracts and asset tokenisation. Technology Analysis and Strategic Management, 0(0), 1–15. https://doi.org/10.1080/09537325.2021.1939000
Dinutistomo, I. A., & Lubis, A. W. (2021). MSME Lending and Bank Efficiency: Evidence from Indonesia. Banks and Bank Systems, 16(3), 93–103. https://doi.org/10.21511/bbs.16(3).2021.09
Dogan, M., Kevser, M., & Erer, E. (2021). Islamic Finance and Recent Development. Gazi Kitabevi Tic. Ltd. Şti.
Elasrag, H. (2019). Blockchains for Islamic finance: Obstacles & Challenges. Munich Personal RePEc Archive, 03, 1–39. https://mpra.ub.uni-muenchen.de/id/eprint/92676
Fadila, R., Herman, S., & Heriyanto, E. (2022). The Influence of Macroeconomic Variables on Trading of Sukuk Negara During Pandemic: Case of Indonesia. Al-Infaq: Jurnal Ekonomi Islam, 13(1), 105. https://doi.org/10.32507/ajei.v13i1.1188
Febriandika, N. R., Millatina, A. N., Luthfiyatillah, & Herianingrum, S. (2020). Customer E-Loyalty of Muslim Millennials in Indonesia: Integrated Model of Trust, User Experience and Branding in E-Commerce Webstore. ACM International Conference Proceeding Series, 369–376. https://doi.org/10.1145/3377571.3377638
Finance, B. (2018). Islamic Finance Upgraded: Smarter Sukuk Using Blockchain. https://blossomfinance.com/posts/islamic-finance-upgraded-smarter-sukuk-using-blockchain
Fulmer, N. (2019). Exploring the Legal Issues of Blockchain Applications. Akron Law Review, 52(1), 161–192. https://ideaexchange.uakron.edu/cgi/viewcontent.cgi?article=2449&context=akronlawreview
Grassi, L., Lanfranchi, D., Faes, A., & Renga, F. M. (2022). Do We Still Need Financial Intermediation? The Case of Decentralized Finance – DeFi. Qualitative Research in Accounting and Management, 19(3), 323–347. https://doi.org/10.1108/QRAM-03-2021-0051
Hamza, O. (2020). Smart Sukuk Structure from Sharia Perspective and Financing Benefits: Proposed Application of Smart Sukuk through Blockchain Technology in Islamic Banks within Turkey. EJIF – European Journal of Islamic Finance, Second Special Issue, 1–8. https://doi.org/10.13135/2421-2172/3983
Herman. (2021). BEI Permudah Persyaratan dan Insentif Biaya Pencatatan Sukuk. BeritaSatu.Com. https://www.beritasatu.com/ekonomi/751397/bei-permudah-persyaratan-dan-insentif-biaya-pencatatan-sukuk
Iftikhar, S. (2018). A Comparative Analysis Of Cost And Benefits Of Blockchain Based Smart Sukuk Vs. Traditional Sukuk. Institute of Business Administration (IBA).
Iman, A. K. N., & Arifin, S. (2021). the Advantages and Challenges of Implementing Sukuk Through Blockchain Technology. An-Nisbah: Jurnal Ekonomi Syariah, 8(2), 247–270. https://doi.org/10.21274/an.v8i2.4665
Imron, M., Subkhan, Risnandar, Nasution, L. Z., Hanifah, A., & Irianti, E. D. (2020). Kajian Smart Sukuk: Potensi Pembiayaan UMKM dan Pendalaman Pasar Keuangan Syariah. Kajian Kelompok Analis Syariah (Pusat Kebijakan Sektor Keuangan-Badan Kebijakan Fiskal). https://fiskal.kemenkeu.go.id/files/berita-kajian/file/1641441201_kajian_smart_sukuk_revisi_2021.pdf?msclkid=40c2a6e4cf9611ec896c58bf4357c768
Indonesia, A. P. J. I. (2022). Profil Internet Indonesia 2022. In Apji.or.Od (Issue June). apji.or.id
Intan, N. (2021). OJK: 88,1 Persen Pengguna Internet Belanja Pakai E-Commerce. Republika Online. https://www.republika.co.id/berita/r2i9wt320/ojk-881-persen-pengguna-internet-belanjapakai-ecommerce
Karina, L. A. (2019). Peluang dan Tantangan Perkembangan Green Sukuk di Indonesia. Conference On Islamic Management Accounting and Economics, 2, 259–265.
Keshminder, J. S., Abdullah, M. S., & Mardi, M. (2022). Green sukuk – Malaysia Surviving the Bumpy Road: Performance, Challenges and Reconciled Issuance Framework. Qualitative Research in Financial Markets, 14(1), 76–94. https://doi.org/10.1108/QRFM-04-2021-0049
Keuangan, O. J. (2020). Laporan Perkembangan Keuangan Syariah Indonesia 2020.
Khan, N., Kchouri, B., Yatoo, N. A., Kräussl, Z., Patel, A., & State, R. (2022). Tokenization of sukuk: Ethereum case study. Global Finance Journal, 51(April). https://doi.org/10.1016/j.gfj.2020.100539
Kunhibava, S., Mustapha, Z., Muneeza, A., Sa’ad, A. A., & Karim, M. E. (2021). Ṣukūk On Blockchain: A Legal, Regulatory And Sharī’ah Review. ISRA International Journal of Islamic Finance, 13(1), 118–135. https://doi.org/10.1108/ijif-06-2020-0120
Kusuma, A. C., & Rahmani, A. D. (2022). Analisis Yuridis Kebocoran Data Pada Sistem Perbankan Di Indonesia (Studi Kasus Kebocoran Data Pada Bank Indonesia). Supremasi Jurnal Hukum, 5(01), 46–63. https://doi.org/https://doi.org/10.32734/politeia.v14i1.6351
Lahsasna, A., Kabir Hassan, M., & Ahmad, R. (2018). Forward lease sukuk in Islamic capital markets: Structure and governing rules. In Forward Lease Sukuk in Islamic Capital Markets: Structure and Governing Rules. https://doi.org/10.1007/978-3-319-94262-9
Liu, J., & Liu, Z. (2019). A Survey on Security Verification of Blockchain Smart Contracts. IEEE Access, 7, 77894–77904. https://doi.org/10.1109/ACCESS.2019.2921624
Lubis, N., & Febrianty, H. F. (2018). Internet Influencing Economic Growth: What and How Much? A Case Study of Indonesia Using Time Series Data (2001-2016). SSRN Electronic Journal, April. https://doi.org/10.2139/ssrn.3216419
Makbull Rizki. (2022). Perkembangan Sistem Pertahanan/Keamanan Siber Indonesia dalam Menghadapi Tantangan Perkembangan Teknologi dan Informasi. Politeia: Jurnal Ilmu Politik, 14(1), 54–62. https://doi.org/10.32734/politeia.v14i1.6351
Malika, B. (2021). Sukuk Tokenization: Successful Experiences. Journal of Studies in Economics and Management, 4(1), 904–923. https://www.asjp.cerist.dz/en/article/155687
Market, I. I. F. (2021). 10 Years of Research: Sukuk Report, A Comprehensive Study of The Global Sukuk Market (Issue 10).
Melani, A. (2021). BEI Beri Stimulus Biaya Pencatatan Sukuk, Simak Aturan Barunya. Liputan 6. https://m.liputan6.com/saham/read/4516911/bei-beri-stimulus-biaya-pencatatan-sukuk-simak-aturan-barunya
Muchtar, M. (2021). Opportunities and Challenges of Retail Sovereign Sukuk Issuance: Lessons from Twelve Years’ Experience. Signifikan: Jurnal Ilmu Ekonomi, 10(2), 259–274. https://doi.org/10.15408/sjie.v10i2.20093
Mutmainah, L., Nurwahidin, & Huda, N. (2021). Waqf Blockchain in Indonesia: at A Glance. AL-AWQAF : Jurnal Wakaf Dan Ekonomi Islam, 14(1), 31–49.
Nasution, L. Z. (2017). Strategi Pengembangan Sukuk Korporasi di Indonesia: Metode Analytical Hierarchy Process. Inovasi, 14(1), 13–27. http://jurnal.balitbang.sumutprov.go.id/index.php/inovasi/article/view/83
Osband, K. (2020). Rational Myopia in Credit Markets. SSRN Electronic Journal, July. https://doi.org/10.2139/ssrn.3649122
Pana, E., & Gangal, V. (2021). Blockchain Bond Issuance. Journal of Applied Business and Economics, 23(1), 217–226. https://doi.org/10.33423/jabe.v23i1.4064
Riawan, M., Widagdo, T., & Falah, P. E. (2021). The Influence of Millennial Investors on IHSG Movements In Jakarta Indonesia. Humanities,Management and Science, 2(1), 661–670.
Sari, N. T. P., & Kusumawati, A. (2022). Literature Review : The Efforts To Strengthening of Micro, Small and Medium-Sized Enterprises (MSME) in Indonesia. Asian Journal of Management, Entrepreneurship and Social Science, 2(01 SE-Articles), 98–115. https://ajmesc.com/index.php/ajmesc/article/view/52
Schär, F. (2021). Decentralized Finance: On Blockchain And Smart Contract-Based Financial Markets. Federal Reserve Bank of St. Louis Review, 103(2), 153–174. https://doi.org/10.20955/r.103.153-74
Septiana, N. I., & Sanjayawati, H. (2021). Sukuk on Blockchain: Application, Advantages, and Challenges. Jihbiz Jurnal Ekonomi Keuangan Dan Perbankan Syariah, 5(2), 120–133. https://doi.org/10.33379/jihbiz.v5i2.855
Shaikh, S., & Zaka, F. (2019). Blockchained Sukuk-Financing. In Lecture Notes in Business Information Processing (Vol. 345). Springer International Publishing. https://doi.org/10.1007/978-3-030-19037-8_5
Smaoui, H., & Khawaja, M. (2017). The Determinants of Sukuk Market Development. Emerging Markets Finance and Trade, 53(7), 1501–1518. https://doi.org/10.1080/1540496X.2016.1224175
Soekarno, S., & Pranoto, S. (2020). Influence of Financial Literacy on the Stock Market Participation and Financial Behavior among Indonesian Millennials. International Symposia in EConomic Theory and Econometrics, 27, 115–125. https://doi.org/10.1108/s1571-038620200000027009
Thakor, A. V. (2020). Fintech and banking: What do we know? Journal of Financial Intermediation, 41(July). https://doi.org/10.1016/j.jfi.2019.100833
Uddin, M. H., Kabir, S. H., Kabir Hassan, M., Hossain, M. S., & Liu, J. (2022). Why do sukuks (Islamic bonds) need a different pricing model? International Journal of Finance and Economics, 27(2), 2210–2234. https://doi.org/10.1002/ijfe.2269
Wansem, P. B. . van der, Jessen, L., & Rivetti, D. (2019). Issuing International Bonds: A Guidance Note. MTI Discussion Paper, 13. https://doi.org/10.1596/31569
World Bank. (2022). Domestic Credit to Private Sector (% of GDP) - Indonesia. The World Bank. https://data.worldbank.org/indicator/FS.AST.PRVT.GD.ZS?locations=ID&view=chart
Yildirim, S., Yildirim, D. C., & Diboglu, P. (2020). Does Sukuk Market Development Promote Economic Growth ? PSU Research Review, 4(3), 209–218. https://doi.org/10.1108/PRR-03-2020-0011
AFPI. (2021). Bagaimana Fintech Pendanaan Bersama Bisa Membuat UMKM Indonesia Lebih Berkembang? https://www.afpi.or.id/articles/detail/umkm-indonesia-lebih-berkembang
Ahmad, A. A. (2021). Blockchain Technology – Towards Complementing the Structuring of Sukuk: A Literature Review. International Journal of Social Science and Human Research, 4(5), 1068–1073. https://doi.org/10.47191/ijsshr/v4-i5-23
Alaeddin, O., Dakash, M. Al, & Azrak, T. (2021). Implementing the Blockchain Technology in Islamic Financial Industry: Opportunities and Challenges. Journal of Information Technology Management, 13(3), 99–115. https://doi.org/10.22059/JITM.2021.83116
Bhardwaj, A., Shah, S. B. H., Shankar, A., Alazab, M., Kumar, M., & Gadekallu, T. R. (2021). Penetration testing framework for smart contract Blockchain. Peer-to-Peer Networking and Applications, 14(5), 2635–2650. https://doi.org/10.1007/s12083-020-00991-6
Bhuiyan, R. A., Puspa, M., Saiti, B., & Ghani, G. M. (2020). Comparative analysis between global sukuk and bond indices: value-at-risk approach. Journal of Islamic Accounting and Business Research, 11(6), 1245–1256. https://doi.org/10.1108/JIABR-02-2018-0019
Blossom. (2017). Islamic Finance Upgraded: Smarter Sukuk Using Blockchain. Blossom Finance. https://blossomfinance.com/posts/islamic-finance-upgraded-smarter-sukuk-using-blockchain
Dailysocial.id. (2021). MSME Empowerment Report 2021: Revive and Thrive with Digitalization.
Delle Foglie, A., Panetta, I. C., Boukrami, E., & Vento, G. (2021). The impact of the Blockchain technology on the global Sukuk industry: smart contracts and asset tokenisation. Technology Analysis and Strategic Management, 0(0), 1–15. https://doi.org/10.1080/09537325.2021.1939000
Dinutistomo, I. A., & Lubis, A. W. (2021). MSME Lending and Bank Efficiency: Evidence from Indonesia. Banks and Bank Systems, 16(3), 93–103. https://doi.org/10.21511/bbs.16(3).2021.09
Dogan, M., Kevser, M., & Erer, E. (2021). Islamic Finance and Recent Development. Gazi Kitabevi Tic. Ltd. Şti.
Elasrag, H. (2019). Blockchains for Islamic finance: Obstacles & Challenges. Munich Personal RePEc Archive, 03, 1–39. https://mpra.ub.uni-muenchen.de/id/eprint/92676
Fadila, R., Herman, S., & Heriyanto, E. (2022). The Influence of Macroeconomic Variables on Trading of Sukuk Negara During Pandemic: Case of Indonesia. Al-Infaq: Jurnal Ekonomi Islam, 13(1), 105. https://doi.org/10.32507/ajei.v13i1.1188
Febriandika, N. R., Millatina, A. N., Luthfiyatillah, & Herianingrum, S. (2020). Customer E-Loyalty of Muslim Millennials in Indonesia: Integrated Model of Trust, User Experience and Branding in E-Commerce Webstore. ACM International Conference Proceeding Series, 369–376. https://doi.org/10.1145/3377571.3377638
Finance, B. (2018). Islamic Finance Upgraded: Smarter Sukuk Using Blockchain. https://blossomfinance.com/posts/islamic-finance-upgraded-smarter-sukuk-using-blockchain
Fulmer, N. (2019). Exploring the Legal Issues of Blockchain Applications. Akron Law Review, 52(1), 161–192. https://ideaexchange.uakron.edu/cgi/viewcontent.cgi?article=2449&context=akronlawreview
Grassi, L., Lanfranchi, D., Faes, A., & Renga, F. M. (2022). Do We Still Need Financial Intermediation? The Case of Decentralized Finance – DeFi. Qualitative Research in Accounting and Management, 19(3), 323–347. https://doi.org/10.1108/QRAM-03-2021-0051
Hamza, O. (2020). Smart Sukuk Structure from Sharia Perspective and Financing Benefits: Proposed Application of Smart Sukuk through Blockchain Technology in Islamic Banks within Turkey. EJIF – European Journal of Islamic Finance, Second Special Issue, 1–8. https://doi.org/10.13135/2421-2172/3983
Herman. (2021). BEI Permudah Persyaratan dan Insentif Biaya Pencatatan Sukuk. BeritaSatu.Com. https://www.beritasatu.com/ekonomi/751397/bei-permudah-persyaratan-dan-insentif-biaya-pencatatan-sukuk
Iftikhar, S. (2018). A Comparative Analysis Of Cost And Benefits Of Blockchain Based Smart Sukuk Vs. Traditional Sukuk. Institute of Business Administration (IBA).
Iman, A. K. N., & Arifin, S. (2021). the Advantages and Challenges of Implementing Sukuk Through Blockchain Technology. An-Nisbah: Jurnal Ekonomi Syariah, 8(2), 247–270. https://doi.org/10.21274/an.v8i2.4665
Imron, M., Subkhan, Risnandar, Nasution, L. Z., Hanifah, A., & Irianti, E. D. (2020). Kajian Smart Sukuk: Potensi Pembiayaan UMKM dan Pendalaman Pasar Keuangan Syariah. Kajian Kelompok Analis Syariah (Pusat Kebijakan Sektor Keuangan-Badan Kebijakan Fiskal). https://fiskal.kemenkeu.go.id/files/berita-kajian/file/1641441201_kajian_smart_sukuk_revisi_2021.pdf?msclkid=40c2a6e4cf9611ec896c58bf4357c768
Indonesia, A. P. J. I. (2022). Profil Internet Indonesia 2022. In Apji.or.Od (Issue June). apji.or.id
Intan, N. (2021). OJK: 88,1 Persen Pengguna Internet Belanja Pakai E-Commerce. Republika Online. https://www.republika.co.id/berita/r2i9wt320/ojk-881-persen-pengguna-internet-belanjapakai-ecommerce
Karina, L. A. (2019). Peluang dan Tantangan Perkembangan Green Sukuk di Indonesia. Conference On Islamic Management Accounting and Economics, 2, 259–265.
Keshminder, J. S., Abdullah, M. S., & Mardi, M. (2022). Green sukuk – Malaysia Surviving the Bumpy Road: Performance, Challenges and Reconciled Issuance Framework. Qualitative Research in Financial Markets, 14(1), 76–94. https://doi.org/10.1108/QRFM-04-2021-0049
Keuangan, O. J. (2020). Laporan Perkembangan Keuangan Syariah Indonesia 2020.
Khan, N., Kchouri, B., Yatoo, N. A., Kräussl, Z., Patel, A., & State, R. (2022). Tokenization of sukuk: Ethereum case study. Global Finance Journal, 51(April). https://doi.org/10.1016/j.gfj.2020.100539
Kunhibava, S., Mustapha, Z., Muneeza, A., Sa’ad, A. A., & Karim, M. E. (2021). Ṣukūk On Blockchain: A Legal, Regulatory And Sharī’ah Review. ISRA International Journal of Islamic Finance, 13(1), 118–135. https://doi.org/10.1108/ijif-06-2020-0120
Kusuma, A. C., & Rahmani, A. D. (2022). Analisis Yuridis Kebocoran Data Pada Sistem Perbankan Di Indonesia (Studi Kasus Kebocoran Data Pada Bank Indonesia). Supremasi Jurnal Hukum, 5(01), 46–63. https://doi.org/https://doi.org/10.32734/politeia.v14i1.6351
Lahsasna, A., Kabir Hassan, M., & Ahmad, R. (2018). Forward lease sukuk in Islamic capital markets: Structure and governing rules. In Forward Lease Sukuk in Islamic Capital Markets: Structure and Governing Rules. https://doi.org/10.1007/978-3-319-94262-9
Liu, J., & Liu, Z. (2019). A Survey on Security Verification of Blockchain Smart Contracts. IEEE Access, 7, 77894–77904. https://doi.org/10.1109/ACCESS.2019.2921624
Lubis, N., & Febrianty, H. F. (2018). Internet Influencing Economic Growth: What and How Much? A Case Study of Indonesia Using Time Series Data (2001-2016). SSRN Electronic Journal, April. https://doi.org/10.2139/ssrn.3216419
Makbull Rizki. (2022). Perkembangan Sistem Pertahanan/Keamanan Siber Indonesia dalam Menghadapi Tantangan Perkembangan Teknologi dan Informasi. Politeia: Jurnal Ilmu Politik, 14(1), 54–62. https://doi.org/10.32734/politeia.v14i1.6351
Malika, B. (2021). Sukuk Tokenization: Successful Experiences. Journal of Studies in Economics and Management, 4(1), 904–923. https://www.asjp.cerist.dz/en/article/155687
Market, I. I. F. (2021). 10 Years of Research: Sukuk Report, A Comprehensive Study of The Global Sukuk Market (Issue 10).
Melani, A. (2021). BEI Beri Stimulus Biaya Pencatatan Sukuk, Simak Aturan Barunya. Liputan 6. https://m.liputan6.com/saham/read/4516911/bei-beri-stimulus-biaya-pencatatan-sukuk-simak-aturan-barunya
Muchtar, M. (2021). Opportunities and Challenges of Retail Sovereign Sukuk Issuance: Lessons from Twelve Years’ Experience. Signifikan: Jurnal Ilmu Ekonomi, 10(2), 259–274. https://doi.org/10.15408/sjie.v10i2.20093
Mutmainah, L., Nurwahidin, & Huda, N. (2021). Waqf Blockchain in Indonesia: at A Glance. AL-AWQAF : Jurnal Wakaf Dan Ekonomi Islam, 14(1), 31–49.
Nasution, L. Z. (2017). Strategi Pengembangan Sukuk Korporasi di Indonesia: Metode Analytical Hierarchy Process. Inovasi, 14(1), 13–27. http://jurnal.balitbang.sumutprov.go.id/index.php/inovasi/article/view/83
Osband, K. (2020). Rational Myopia in Credit Markets. SSRN Electronic Journal, July. https://doi.org/10.2139/ssrn.3649122
Pana, E., & Gangal, V. (2021). Blockchain Bond Issuance. Journal of Applied Business and Economics, 23(1), 217–226. https://doi.org/10.33423/jabe.v23i1.4064
Riawan, M., Widagdo, T., & Falah, P. E. (2021). The Influence of Millennial Investors on IHSG Movements In Jakarta Indonesia. Humanities,Management and Science, 2(1), 661–670.
Sari, N. T. P., & Kusumawati, A. (2022). Literature Review : The Efforts To Strengthening of Micro, Small and Medium-Sized Enterprises (MSME) in Indonesia. Asian Journal of Management, Entrepreneurship and Social Science, 2(01 SE-Articles), 98–115. https://ajmesc.com/index.php/ajmesc/article/view/52
Schär, F. (2021). Decentralized Finance: On Blockchain And Smart Contract-Based Financial Markets. Federal Reserve Bank of St. Louis Review, 103(2), 153–174. https://doi.org/10.20955/r.103.153-74
Septiana, N. I., & Sanjayawati, H. (2021). Sukuk on Blockchain: Application, Advantages, and Challenges. Jihbiz Jurnal Ekonomi Keuangan Dan Perbankan Syariah, 5(2), 120–133. https://doi.org/10.33379/jihbiz.v5i2.855
Shaikh, S., & Zaka, F. (2019). Blockchained Sukuk-Financing. In Lecture Notes in Business Information Processing (Vol. 345). Springer International Publishing. https://doi.org/10.1007/978-3-030-19037-8_5
Smaoui, H., & Khawaja, M. (2017). The Determinants of Sukuk Market Development. Emerging Markets Finance and Trade, 53(7), 1501–1518. https://doi.org/10.1080/1540496X.2016.1224175
Soekarno, S., & Pranoto, S. (2020). Influence of Financial Literacy on the Stock Market Participation and Financial Behavior among Indonesian Millennials. International Symposia in EConomic Theory and Econometrics, 27, 115–125. https://doi.org/10.1108/s1571-038620200000027009
Thakor, A. V. (2020). Fintech and banking: What do we know? Journal of Financial Intermediation, 41(July). https://doi.org/10.1016/j.jfi.2019.100833
Uddin, M. H., Kabir, S. H., Kabir Hassan, M., Hossain, M. S., & Liu, J. (2022). Why do sukuks (Islamic bonds) need a different pricing model? International Journal of Finance and Economics, 27(2), 2210–2234. https://doi.org/10.1002/ijfe.2269
Wansem, P. B. . van der, Jessen, L., & Rivetti, D. (2019). Issuing International Bonds: A Guidance Note. MTI Discussion Paper, 13. https://doi.org/10.1596/31569
World Bank. (2022). Domestic Credit to Private Sector (% of GDP) - Indonesia. The World Bank. https://data.worldbank.org/indicator/FS.AST.PRVT.GD.ZS?locations=ID&view=chart
Yildirim, S., Yildirim, D. C., & Diboglu, P. (2020). Does Sukuk Market Development Promote Economic Growth ? PSU Research Review, 4(3), 209–218. https://doi.org/10.1108/PRR-03-2020-0011
Published
2024-08-28
How to Cite
Hudaya, Nurul, and Ulfa Hidayati. FiTUA: Jurnal Studi Islam 5, no. 2 (August 28, 2024): 113-132. Accessed January 9, 2025. http://ejournal.stitbima.ac.id/index.php/fitua/article/view/659.
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Articles
Copyright (c) 2024 Nurul Hudaya, Ulfa Amani Hidayati
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