Sukuk Syariah sebagai Instrumen Pengembangan Pembiayaan dan Likuiditas Perbankan Islam: Kajian Konseptual

Abstract

The expansion of the sukuk market has not always been accompanied by an integrated ability of Islamic banks to use sukuk for financing and liquidity purposes. This study develops a conceptual framework linking the financing-investment, liquidity, and institutional-monetary functions of sukuk for Islamic banking. It applies a qualitative approach through a structured integrative literature review. The main searches were conducted in OpenAlex and Crossref, while DOAJ, GARUDA, and documents issued by AAOIFI, IFSB, IIFM, Indonesia's Financial Services Authority, and Bank Indonesia were used to broaden and validate the evidence base. Publications from 2018 to 2026. The result shows that sukuk broaden funding sources and long-term financing by converting assets or usufruct into investable units; provide liquid assets that can be placed, traded, or pledged as collateral; and connect Islamic banks with capital markets, governments, and central banks. These functions are not automatic. Their effectiveness depends on structural tradability, maturity diversity, secondary-market depth, Sharia standardization, underlying-asset quality, and regulatory recognition. The article's novelty is a three-function chain in which financing creates investable assets, liquidity enables portfolio transformation, and institutional support strengthens sukuk circulation. This framework suggests that sukuk-market development should be evaluated by its usefulness for bank balance sheets rather than by issuance volume alone.