THE EFFECT OF SHARIA OBLOGATIONS (SUKUK) ON ROA (RETURN ON ASSET) AND ROE (RETURN ON EQUITY) AT PT BANK CIMB NIAGA

PENGARUH OBLIGASI SYARIAH ((SUKUK) TERHADAP ROA ( RETURN ON ASSET) Dan ROE ( RETURN ON EQUITY) DI PT BANK CIMB NIAGA

Abstract

In business, there is a close relationship between assets, equity and liabilities. Company assets are obtained through risks taken from liabilities, including sharia bonds or sukuk. Sukuk is a sharia-based financial instrument that functions as asset securitization and provides additional capital for companies. Issuing sukuk allows companies to finance expansion, increase capital, and run operations more smoothly. Ijarah sukuk is a type of sukuk that provides a fixed return and can increase the company's profitability ratio. The debt to profitability ratio, as explained in capital structure theory, influences the company's financial performance. The ratios used to measure company profitability are Return on Assets (ROA) and Return on Equity (ROE), which reflect the company's efficiency in generating profits from the assets and equity it owns. CIMB Niaga Bank is an example of a company that has issued sukuk and experienced fluctuations in ROA and ROE from 2016 to 2024. Several studies have been conducted regarding the effect of sukuk on ROA and ROE with varying results, showing that sukuk can have a significant effect on profitability or not depending on the condition of the company. Objective: To determine the effect of Sharia Bonds (SUKUK) on ROA (Return On Assets) and ROE (Return On Equity) at PT Bank Cimb Niaga. Method: This research uses a quantitative approach with simple linear regression analysis techniques