Research Article
The Impact of BI Rate, Yield, and Inflation on Project-Based Sukuk
@INPROCEEDINGS{10.4108/eai.19-7-2022.2328206, author={Masruri Muchtar and Siti Irmawati Aris}, title={The Impact of BI Rate, Yield, and Inflation on Project-Based Sukuk}, proceedings={Proceedings of the 3rd International Conference of Islamic Finance and Business, ICIFEB 2022, 19-20 July 2022, Jakarta, Indonesia}, publisher={EAI}, proceedings_a={ICIFEB}, year={2023}, month={4}, keywords={bi rate inflation project-based sukuk yield}, doi={10.4108/eai.19-7-2022.2328206} }- Masruri Muchtar
Siti Irmawati Aris
Year: 2023
The Impact of BI Rate, Yield, and Inflation on Project-Based Sukuk
ICIFEB
EAI
DOI: 10.4108/eai.19-7-2022.2328206
Abstract
One of the sharia-based financing instruments issued by the government of the Republic of Indonesia is the Project-Based Sukuk (PBS) series. PBS is designed to finance certain projects conducted by many Indonesian agencies. This study aims to analyze the effect of BI rate, sukuk yield, and inflation on the development of PBS from 2018 to 2021. A quantitative descriptive using the multiple linear regression analysis is applied. The results show that the BI rate has no significant effect on the development of PBS, while yield and inflation have a significant negative effect. It implies the government shall consider some particular macroeconomic and other factors in the issuance of the next series of sukuk. Moreover, a newly innovated scheme in sukuk issuance is needed. Since PBS has been contributing to the development in Indonesia, it is highly recommended to optimize the use of PBS in long term.
