ANALISIS PERBANDINGAN KEBIJAKAN PASAR UANG DAN PENGEMBANGAN SUKUK DI INDONESIA DAN BRUNEI DARUSSALAM DALAM PERSPEKTIF INTEGRITAS KEUANGAN ASEAN

Abstrak

This study analyzes the comparative policy of money markets and sukuk development in Indonesia and Brunei Darussalam within the perspective of ASEAN financial integration. The background of this research is the persistent disparity in money market development and sukuk growth across ASEAN, which still reflects partial financial integration. The objective of this study is to examine differences in money market policies, sukuk development, and their implications for ASEAN financial integration. The research employs a mixed-methods approach with a sequential explanatory design using descriptive quantitative analysis and qualitative policy interpretation. Data are obtained from Bank Indonesia, the Monetary Authority of Brunei Darussalam (AMBD), the Financial Services Authority (OJK), the Ministry of Finance, IMF, and World Bank. The findings show that Indonesia has a deeper money market, more diverse monetary policy instruments, and more advanced sukuk development compared to Brunei Darussalam. Meanwhile, Brunei maintains a more stable but limited monetary system due to its currency board arrangement, with sukuk primarily serving as an Islamic banking liquidity instrument. In terms of sukuk development, Indonesia dominates the ASEAN sukuk market through financial innovation, while Brunei contributes through stability and consistent issuance of short-term sukuk. The study concludes that the differences between both countries are complementary and have strong potential to strengthen ASEAN financial integration through regulatory harmonization and enhanced regional cooperation.