PERBANDINGAN SALE-BASED PUBLIC DEBT DAN LOAN-BASED FINANCING DALAM PEMBIAYAAN PEMERINTAH PERSPEKTIF EKONOMI ISLAM

Abstract

The government’s need for external financing continues to grow as it seeks to cover fiscal deficits and support development spending, particularly strategic infrastructure projects and post-pandemic National Economic Recovery (PEN) initiatives. From an Islamic perspective, sovereign debt must adhere to maqashid al-shariah and uphold intergenerational equity. While public debt is normatively permissible (mubah), it must be free from riba, which poses a challenge because most conventional instruments remain interest-based. This study compares two government debt financing models—loan-based financing and sale-based financing—through a descriptive comparative literature review of contemporary fiscal instruments. In practice, most public debt, whether through Government Securities (SUN) or external loans, still relies on loan-based structures that provide fixed interest unrelated to project performance. Such mechanisms contradict Islamic economic principles, which prohibit riba due to the absence of risk-sharing and detachment from real economic activity. Islamic scholars, including Monzer Kahf, emphasize that Islamic public finance should prioritize justice and societal welfare rather than replicate conventional designs. As a Sharia-compliant alternative, the government can employ sale-based public debt through Sukuk or State Sharia Securities (SBSN), which represent ownership of real assets and operate under contracts such as Ijarah or Mudharabah. Despite their advantages, Sukuk currently account for less than 30% of national debt, indicating the need for stronger policy commitment. Expanding Sukuk utilization is therefore essential to strengthen fiscal sustainability while aligning with Sharia principles.