State-Owned Asset as An Underlying Asset for Indonesia Government Islamic Securities

This study aims to analyze and formulate a recommendation to improve theprocess of state-owned assets’ use as underlying assets for Indonesia'sgovernment Islamic securities (Surat Berharga Syariah Negara/SBSN) issuance.This study uses theoretical frameworks for governance, risk, compliance theory,and public sector data management. This study uses soft system methodology(SSM). Data collection is done through document review and in-depth interviews.Results of the study formulate three roots definition in the problematic situations:government agencies' roles and performance management, identification andmanaging state-owned assets, and usage of state-owned assets managementinformation system. Therefore, the recommendations to improve this process aredefining performance indicators, improving all entity roles, defining the standardoperational procedures, updating the data regularly, also developing andoptimising state-owned asset management information system usage.