PRODUCT INNOVATION SHARIA RESTRICTED INTERMEDIARY ACCOUNT IN ISLAMIC BANKING TO MACROPRUDENTIAL POLICY INSTRUMENT IN INDONESIA

The limited availability of islamic banking products in showing their distinctive characteristics in mudharabah contracts is one of the triggers for the slow market share growth which only reached 7.3% as of December 2023. On the other hand, the Sharia Restricted Intermediary Account (SRIA) as an innovation for Islamic banks requires macroprudential policy instruments to be able to maintain financial system stability. This study aims to analyze SRIA product innovation in Islamic banking based on the Concept Note that has been prepared by the National Sharia Economic & Finance Committee on Macroprudential Policy Instruments in Indonesia in the form of Statutory Reserves (GWM), Sharia Macroprudential Intermediation Ratio (RIM), and Macroprudential Liquidity Buffer. (PLM) Syariah. The method used is Systematic Literature Review (SLR) of scientific articles in 4 quality scientific databases. There are 15 empirical articles on PSIA (Profit Sharing Investment Account) and macroprudential instruments suggesting that implementation of PSIA products requires accommodative macroprudential policy provisions. It is feared that aspects of liquidity risk and PSIA investment risk could shake the monetary stability of Islamic banking. Meanwhile, 5 other theoretical articles emphasized that PSIA is an investment product so that in essence the mudharabah contract used does not guarantee the principal value of return. The next method uses Delphi which yields results in the form of macroprudential policy t achieving the best consensus with the GWM mechanism in the range of 2% -7.5%, Sharia RIM in the range of 84-92%, and Sharia PLM 4.5% for SRIA products.