<![CDATA[State Sharia Securities (Surat Berharga Syariah Negara or SBSN) are Islamic financial instruments issued by the Indonesian government to support the financing of the State Budget (Anggaran Pendapatan dan Belanja Negara or APBN), particularly in covering the budget deficit and funding strategic national development projects. Although the issuance of SBSN has steadily increased, discussions on its contribution to deficit financing remain limited. This study aims to analyze the effectiveness of SBSN in supporting the financing of the APBN deficit in Indonesia during the period 2019–2023 using a quantitative approach. The results show that SBSN makes a significant contribution, with an average of 33.6% of the total APBN deficit over the past five years. A simple linear regression analysis yields a coefficient of determination (R²) of 0.794 and a p-value of 0.0411, indicating a positive and statistically significant relationship between SBSN issuance and the budget deficit. In addition to its role in fiscal financing, SBSN is also used to fund priority sectors such as infrastructure, education, transportation, and other development projects backed by sharia-compliant assets. The effectiveness of SBSN is further demonstrated by the increasing efficiency of its issuance costs and the narrowing yield spread compared to conventional government bonds (Surat Utang Negara or SUN). Therefore, SBSN can be concluded to be a strategic, efficient, and sustainable financing instrument that supports national development and fiscal stability in accordance with Islamic economic principles.]]>
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