Efficiency Level Analysis of Sukuk Negara Ritel as a State Budget Financing Instrument

Abstract

Abstract—The role of State Sukuk as an alternative to APBN financing from time to time has shown a significant increase. According to the data from the Directorate General of Financing and Risk Management (DJPPR) of the Ministry of Finance, the number of state sukuk issuances has constantly increased since it was issued for the first time. This study aims to measure the efficiency level of the issuance of Retail State Sukuk (SR) as a State Budget financing instrument and to provide alternative strategies for the government to achieve the efficiency of the Retail State Sukuk instrument. The method that is used in conducting efficiency level analysis in this study is Data Envelope Analysis (DEA). The DEA methodology is a non-parametric method that uses a linear programming model to calculate the ratio of output and input ratios for all units being compared. Another analysis used is SWOT, with internal analysis (IFAS) and external analysis (EFAS). Based on the DEA analysis, it can be seen that all types of retail sukuk are pretty efficient because even in the series whose value has not reached the efficient value, the score obtained is still close to 100%. It is proven that the lowest value is in SR002, which only needs 3% more to reach its efficient value. Based on the SWOT analysis, it is concluded that the aggressive strategy that will be taken to ensure efficient SR issuance is to continue developing the SR issuance market by taking into account the factors that can support SR issuance more efficiently.