PERBANDINGAN KONSEP SURAT UTANG NEGARA DAN SURAT BERHARGA SYARIAH NEGARA DALAM MENJAMIN KEPASTIAN PEMBAYARAN

Authors

  • Indah Kusuma Wardani Fakultas Hukum UPN Veteran Jakarta
  • Nadia Marsya Ramdhani UPN Veteran Jakarta
  • Muhammad Abdul Aziz Hasibuan UPN Veteran Jakarta

Keywords:

Payment Certainty, Sharia-Based Government Securities, Government Bonds

Abstract

The study examines a comparison of the concepts of Government Bonds and Sharia Government Securities in ensuring payment certainty and evaluates the regulatory framework for guarantees of government debt repayment in preventing default disputes. This study employs a normative legal research method using the statute approach, the case approach, the comparative approach, and the conceptual approach. The results of the study indicate that SUN are debt instruments whose principal and interest payments are guaranteed by the state through the State Budget (APBN), whereas SBSN are securities based on Sharia principles supported by underlying assets, Sharia contracts, and a trustee mechanism. From the perspective of legal certainty, SBSN have a stronger protective structure because they rely not only on state guarantees but also on the underlying assets that are the subject of the transaction. Meanwhile, in the case of legacy bonds, differing interpretations regarding maturity and repayment obligations indicate that inconsistent regulations can lead to legal disputes. Thus, SBSN are considered to provide greater legal certainty and minimize the risk of default compared to SUN.

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Undang-Undang Nomor 19 Tahun 2008 tentang Surat Berharga Syariah Negara

Undang-Undang Nomor 24 Tahun 2002 tentang Surat Utang Negara

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Published

2026-09-08

How to Cite

Wardani, I. K., Ramdhani, N. M., & Hasibuan, M. A. A. (2026). PERBANDINGAN KONSEP SURAT UTANG NEGARA DAN SURAT BERHARGA SYARIAH NEGARA DALAM MENJAMIN KEPASTIAN PEMBAYARAN. Jurnal Hukum Statuta, 5(2), 132–145. Retrieved from https://ejournal.upnvj.ac.id/statuta/article/view/14839

Issue

Vol. 5 No. 2 (2026): Volume 5, Nomor 2, April 2026

Section

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