Peran Sertifikat Bank Indonesia Syariah (SBIS) dalam Pengendalian Likuiditas Perbankan Syariah

Abstract

This study aims to analyze the role of Bank Indonesia Sharia Certificates (SBIS) in controlling liquidity in Islamic banking in Indonesia and their implications for operational stability and the intermediation function of Islamic banks. Liquidity is a crucial aspect in Islamic banking, given the limited use of interest-based instruments and the medium- to long-term nature of real asset-based financing. In this context, SBIS is positioned as a sharia monetary instrument that functions to absorb excess liquidity while supporting the transmission of monetary policy in accordance with sharia principles. This study employed a qualitative approach with library research. Data were obtained from various secondary sources, including scientific journals, reports from Bank Indonesia and the Financial Services Authority (OJK), as well as academic literature relevant to Islamic monetary policy, liquidity management, and Islamic banking. The analysis was conducted descriptively and analytically to understand the operational mechanisms of SBIS, the liquidity risks of Islamic banks, and the relationship between liquidity stability and the intermediation function. The research findings indicate that SBIS plays a strategic role in maintaining adequate short-term liquidity for Islamic banks, particularly when there is a surplus of funds or increased financing risk. SBIS has proven effective as a safe, liquid, and sharia-compliant liquidity stabilization instrument. However, increased placement of funds in SBIS has the potential to reduce financing disbursement to the real sector if not managed proportionally. Therefore, a balance between liquidity management and the intermediation function is key. The novelty of this research lies in its emphasis on SBIS not only as a liquidity instrument but also as a crucial link in the transmission of Islamic monetary policy and the stability of the Islamic financial system in Indonesia.