Sharia and Conventional Government Retail Bonds in the Perspective of Risk and Return
Siti Ruhana Dara

Universitas Negeri Jakarta

Abstract

Indonesian government issues Retail Bonds, both conventional and Sharia, to support state development programs. This study aims to compare the performance of bonds and sukuk in terms of risk and return. The research sample is bond and sukuk data contained in the ibmd 2020. The sampling technique uses a purposive sampling method because it chooses bonds and sukuk that are more than 5 years old and have a fixed coupon rate. Analysis with the independent sample t-test differs from the previous normality test to ensure that the data is normally distributed. The research sample consisted of 39 samples consisting of 24 bonds and 15 sukuk. The Result indicates that there was no significant difference in the risk of both bonds and sukuk and there was also no significant difference in the return of both bonds and sukuk. Limitations this article, Risk measurement only uses the company^s internal risks, for next researcher it can use or add some external risk. Contribution this research For investors and government, they can see a comparison of investments in Islamic and conventional bonds for retail bonds that the government offers so that it can be a reference for investment decision making and it is expected to increase trading volume for sukuk and withdraw Investors, both Muslim and non-Muslim, can choose Sukuk as well as One of the preferred investment instruments.

Keywords: Bond, Sukuk, Risk Return

Topic: Financial