Dinamika Volume Transaksi Pasar Uang Antarbank Syariah dan Konvensional di Indonesia: Analisis Determinan dan Strategi Pengembangan

Abstract

Pasar Uang Antarbank Syariah (PUAS) mengalami pertumbuhan signifikan setelah tahun 2021. Meskipun demikian, pertumbuhannya masih belum optimal jika dibandingkan dengan Pasar Uang Antarbank Konvensional (PUAB). Penelitian ini menganalisis determinan volume transaksi PUAS dan PUAB serta merumuskan strategi pengembangan PUAS. Metode yang digunakan adalah ARDL dan analisis tematik. Hasil penelitian menunjukkan bahwa volume transaksi PUAS dipengaruhi oleh risiko likuiditas, market share aset, imbal hasil, sektor riil, inflasi inti, dan pandemi COVID-19. Volume PUAB dipengaruhi oleh faktor serupa, kecuali pengaruh positif sektor riil dan market share aset. Temuan ini mengindikasikan bahwa rendahnya volume dan stabilitas PUAS dipengaruhi oleh fluktuasi sektor riil dan terbatasnya market share aset perbankan syariah. Strategi pengembangan PUAS difokuskan pada pengembangan instrumen PUAS, pembentukan benchmark imbal hasil syariah, peningkatan partisipasi BUK, dan peningkatan literasi pelaku pasar.

The Islamic Interbank Money Market (PUAS) has experienced significant growth since 2021. However, its development remains suboptimal when compared to the Conventional Interbank Money Market (PUAB). This study analyzes the determinants of PUAS and PUAB transaction volumes and formulates strategies for PUAS development. The methods employed are ARDL and thematic analysis. The findings reveal that PUAS transaction volume is influenced by liquidity risk, asset market share, returns, the real sector, core inflation, and the COVID-19 pandemic. PUAB volume is affected by similar factors, except for the positive influence of the real sector and asset market share. These results indicate that the low volume and limited stability of PUAS are driven by fluctuations in the real sector and the limited asset market share of Islamic banks. The development strategies for PUAS are focused on the enhancement of PUAS instruments, the establishment of a Sharia-compliant return benchmark, increased participation of conventional banks (BUK), and the improvement of market participants' literacy.