Benefits and Challenges of Issuing Municipal Bonds for the Aceh Government
Abstract
The issuance of sukuk—Islamic bonds—by local governments has emerged as a viable alternative for financing infrastructure and public development, particularly in regions with special autonomy such as Aceh. This study explores the benefits and challenges of issuing municipal sukuk by the Aceh Government in light of the province’s unique legal framework under Islamic law and the scheduled termination of Special Autonomy Funds by 2027. Using a qualitative library research method, this paper reviews relevant literature, government regulations, and secondary data sources to assess the feasibility of sukuk issuance. The findings reveal several key benefits, including access to more affordable, sharia-compliant financing; reduced dependency on regional budgets and conventional loans; and the promotion of regional financial independence. However, challenges persist, such as limited regulatory clarity, insufficient infrastructure readiness, and low public literacy on sukuk instruments. To maximize the potential of sukuk, policy support, public education, and financial ecosystem strengthening are crucial. The study concludes that sukuk can serve as a strategic financial tool for sustainable development in Aceh, aligning with both economic objectives and Islamic financial principles.
Full Text:
PDFReferences
Akbar, K., Karim, Z. P., Fadlullah, N., & Armia, M. S. (2021). Sistem Pengawasan Dana Otonomi Khsusus Aceh dan Dampaknya terhadap Pemberantasan Korupsi. Integritas: Jurnal Antikorupsi, 7(1), 101-120.
Ashal, F. F., & Nanda, T. S. F. (2018). Analisis Penerapan Sukuk (Obligasi Syariah) Sebagai Alternatif Pembiayaan Belanja Modal Pemerintah Aceh. ICAIOS VII ARICIS II, 80.
Anwar, Z., & Subyanto, S. (2022). Jual beli sukuk di Bursa Efek Indonesia Surabaya. Al-Hukmi: Jurnal Hukum Ekonomi Syariah Dan Keluarga Islam, 3(2), 159-172.
Delle Foglie, A., & Keshminder, J. S. (2022). Challenges and opportunities of SRI sukuk toward financial system sustainability: a bibliometric and systematic literature review. International Journal of Emerging Markets.
Dewi, G. (2022). Challenges and opportunities for the development of green sukuk in Indonesia. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences, 5(3), 18488-18500.
Fadhillah, M. H., Sari, N., Sartiyah, S., Sitepu, N. I., & Nurlina, E. (2024). Municipal Sukuk as an Alternative Source of Aceh Development Fund. Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik, 9(1), 13-23.
Fadian, B. N. (2017). Analisis peran sukuk bagi pembangunan infrastruktur di Indonesia. In PROSIDING Seminar Nasional Dan Call for Papers “Tantangan Pengembangan Ilmu Akuntansi, Inklusi Keuangan, Dan Kontribusinya Terhadap Pembangunan Ekonomi Berkelanjutan (pp. 1-13).
Fikriyah, K., & Alam, W. Y. (2021). Perkembangan Keuangan Syariah dalam Realitas Politik di Indonesia. Jurnal Ilmiah Ekonomi Islam, 7(3), 1594-1601.
Hendratni, T. W., Soemarsono, D. W., & Harsono, H. (2021). Analysis of Sukuk Role in Government Investment. Journal of Public Auditing and Financial Management, 1(2), 59-70.
Ismath Bacha, O., & Mirakhor, A. (2018). Funding development infrastructure without leverage: A risk‐sharing alternative using innovative sukuk structures. The World Economy, 41(3), 752-762.
Nurhayati, S. (2023). Akuntansi Syariah di Indonesia, edisi 5. Penerbit Salemba.
Ramadayanti, R. S., Mainata, D., & Pratiwi, A. (2017). Peran sukuk negara dalam pembiayaan infrastruktur. Al-Tijary, 155-176.
Romys Binekasri. Potensi Keuangan Syariah di Indonesia Sebesar Ini. Diakses pada tanggal 13 Oktober 2023 https://www.cnbcindonesia.com/syariah/20231013165255-29-480399/potensi-keuangan-syariah-di-indonesia-sebesar-ini
Salsabila, U. H., Seviarica, H. P., & Hikmah, M. N. (2020). Urgensi penggunaan media audiovisual dalam meningkatkan motivasi pembelajaran daring di sekolah dasar. INSANIA: Jurnal Pemikiran Alternatif Kependidikan, 25(2), 284-304.
OJK. (2022). Statistik Sukuk Syariah - Januari 2022. https://www.ojk.go.id/id/kanal/syariah/data-dan-statistik
Sarwono, J. (2010). Pintar menulis karangan ilmiahkunci sukses dalam menulis ilmiah. Penerbit Andi.
Suharti, E. (2021). Investment decision on government bonds and sukuk in Indonesia. European Journal of Islamic Finance, (18).
Sunjoto, A. R. (2016). Konsep dan Aplikasi Sukuk Negara dalam Pembiayaan Defisit APBN di Indonesia. KONSEP DAN APLIKASI SUKUK NEGARA DALAM PEMBIAYAAN DEFISIT APBNDI INDONESIA, 2(02), 181-206.
Qanun Aceh Nomor 11 Tahun 2018 Tentang Lembaga Keuangan Syari’ah
Yuliani, I., Qizam, I., Nugroho, A., & Mu'arrif, Z. I. (2022). The impact of Sukuk on the country’s economic growth with country governance as a moderating variable. Al-Uqud: Journal of Islamic Economics, 6(1), 112-123.
DOI: https://doi.org/10.26618/jei.v8i1.17153
Refbacks
- There are currently no refbacks.
Copyright (c) 2025 Trie Nadilla, Trie Nadilla, Almira Keumala Ulfah, Almira Keumala Ulfah, Shelly Midesia, Shelly Midesia, Ana Fitria, Ana Fitria, Putri Wahyu Sagala, Putri Wahyu Sagala