<![CDATA[State Sharia Securities or Surat Berharga Syariah Negara (SBSN) have become an increasingly important instrument for financing Indonesia’s fiscal needs, yet the economic effects of retail- and non-retail-oriented issuances may differ because they target different investor segments and financing channels. This study examines the short- and long-run roles of Non-Retail SBSN and Retail SBSN in Indonesia’s economic growth. Using a quantitative time-series approach, the study analyzes 60 quarterly observations from 2009Q1 to 2023Q4 and applies the Autoregressive Distributed Lag (ARDL) method in EViews 13. Trade openness, the Consumer Price Index (CPI), and the BI Rate are included as macroeconomic control variables, while GDP represents economic growth. The findings show that Retail SBSN and CPI are significantly associated with GDP in the short run, whereas Non-Retail SBSN, trade openness, and CPI are significant in the long run. The results indicate that the contribution of SBSN to economic growth differs across investor segments and time horizons. Policy efforts should therefore strengthen the productive allocation of SBSN proceeds while expanding retail participation and Islamic financial literacy so that sovereign sukuk can contribute more effectively to sustainable economic activity.]]>
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