Smart Sukuk in the Digital Era and National Economic Development

Abstract

Development in Indonesia cannot be separated from the increasingly massive development of national finance. One of the things that is trending now is commonly known as sukuk. Sukuk collaborates with financial technology in the form of a blockchain which produces smart sukuk. Referring to the Financial Services Authority regulation Number 18/POJK.04/2015 concerning the issuance and requirements of sukuk, tokenization of sukuk through the issuance of smart sukuk opens up various opportunities or alternative financing access schemes, especially for micro businesses with light and cheap schemes as well as opportunities to strengthen Islamic financing at the micro level such as MSME funding through Baitul Mall wat Tamwil (BMT) or integrated independent business centers. This research uses a qualitative method, the data collection technique carried out is literature study or literature review, this research collects data from previous studies by collecting literature documentation from articles, journals or books as well as publication data from other parties which are sources for examining problems in this study. Base data sources mostly come from Scopus indexed journals and Google Scholar as the main database. The data analysis techniques used in this research are data reduction, data presentation, and conclusion drawing. The results obtained from the data taken based on the Indonesian BMT Association, the total assets reached 12 trillion and total deposits of 10 trillion rupiah with total BMT financing has reached 7.82 trillion rupiah. This data is as a reference for the issuance of smart sukuk in the future, considering that BMT is the first to use smart sukuk. In fact, the issuance of smart sukuk in Indonesia and the issuance of bonds in various countries using blockchain is new starting points in the development of financial innovation and a new niche for explore Islamic microfinance. Currently, smart sukuk is the answer to developing the economy in Indonesia, because its work has realized several MSMEs is managing their businesses. The use of smart sukuk also opens up the possibility of financing for the Regional Revenue and Expenditure Budget (APBD) by local governments. Thus the opportunity to improve the national economy is increasingly wide open.