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EFFICIENCY ANALYSIS OF GOVERNMENT SHARIA SECURITIES AS INDONESIA STATE BUDGET FINANCING
The budget deficit system in the Indonesian State Budget has become a
system that is always used after the 1998 reform. State Sukuk or Government
Sharia Securities (SBSN) is one of the financial instruments to cover the
difference between state revenues and expenditures. SBSN is based on Islamic
law so that there is no element of usury in it. However, the popularity of SBSN
still has to compete with other instruments that already exist. For this reason, this
research tried to analyze the potential of SBSN in terms of efficiency from Retail
Sukuk type, series SR001 to SR011. The method used is Data Envelopment
Analysis with three input variables and three output variables. The results
obtained, technically there are 9 series that are efficient but on a scale and overall
there are only 5 series that are efficient.
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