Analisis Komprehensif Instrumen Moneter Syariah: Sukuk, PUAS, dan Repo Syariah untuk Stabilitas Keuangan Islam di Indonesia

Annisyah Nur Silalahi; Dita Handayani; Faris Haikal Hasibuan; Reni Ria Armayani Hasibuan

doi:10.61132/nuansa.v3i4.2413

Authors

Annisyah Nur Silalahi Universitas Islam Negeri Sumatera Utara
Dita Handayani Universitas Islam Negeri Sumatera Utara
Faris Haikal Hasibuan Universitas Islam Negeri Sumatera Utara
Reni Ria Armayani Hasibuan Universitas Islam Negeri Sumatera Utara

DOI:

https://doi.org/10.61132/nuansa.v3i4.2413

Keywords:

Islamic Financial Stability, Islamic Monetary Instruments, Islamic Repo, PUAS, Sukuk

Abstract

This study presents a comprehensive evaluation of three main Islamic monetary instruments Sukuk, the Islamic Interbank Money Market (PUAS), and Sharia Repo to strengthen the resilience and stability of Indonesia’s Islamic financial system. Using a descriptive literature review method, this study analyzes relevant academic sources, regulatory frameworks, and policy reports. Sukuk is examined as an asset-based instrument that plays a crucial role in medium- to long-term financing and fiscal management. PUAS is analyzed as a mechanism for short-term liquidity management among Islamic banks based on mudharabah and wakalah contracts. Meanwhile, Sharia Repo is evaluated through the sale and repurchase mechanism of Sharia State Securities (SBSN) to support liquidity stability in Islamic banking. The findings reveal strong synergy among these instruments in managing excess liquidity, controlling inflation, and strengthening the transmission of Bank Indonesia’s monetary policy in compliance with Sharia principles. This study recommends enhancing public literacy, strengthening innovative regulatory frameworks, and developing Islamic financial infrastructure to promote inclusive and sustainable growth in Indonesia’s Islamic financial sector.

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