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All Journal Jurnal Hukum Statuta
Indah Kusuma Wardani
Fakultas Hukum UPN Veteran Jakarta
Law, Crime, Criminology & Criminal Justice

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PERBANDINGAN KONSEP SURAT UTANG NEGARA DAN SURAT BERHARGA SYARIAH NEGARA DALAM MENJAMIN KEPASTIAN PEMBAYARAN Indah Kusuma Wardani; Nadia Marsya Ramdhani; Muhammad Abdul Aziz Hasibuan
Jurnal Hukum Statuta Vol 5 No 2 (2026): Volume 5, Nomor 2, April 2026
Publisher : Fakultas Hukum Universitas Pembangunan Nasional Veteran Jakarta

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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.
Co-Authors Muhammad Abdul Aziz Hasibuan Nadia Marsya Ramdhani