This research aims to determine the effectiveness of the spin-off implementation in Indonesia by comparing the efficiency of the full-pledge sharia insurance industry with the Sharia Business Unit (SBU) and analyzing the spin-off criteria. The method used is the mixing method. The quantitative method-Data Envelopment Analysis (DEA) in measuring efficiency and descriptive qualitative by conducting interviews with informants from the insurance shariah industry, AASI, OJK, and BKF for spin-off criteria analysis. . The data used is the input data being assets, operating expenses, while the output data is profit and operating income. Efficiency on profit for SBU is higher than full-pledged companies. Efficiency on revenue is slightly different where the efficiency values of full-pledge companies are not entirely at the bottom. Related to spin-off criteria, the SBU industry has not achieved the number of tabarru funds and participant investment of 50% of the parent fund. Based on these facts, the effectiveness of the spin-off implementation has not been realized optimally. This is because the objectives of increasing efficiency and growing the number of industries have not been achieved. The factors that support the realization of effectiveness are leadership commitment, financial management strategies, professional human resources, the role of government and regulatory bodies

This study aims to determine the impact of the spin-off on the level of efficiency of Sharia insurance in Indonesia by using the Data Envelopment Analysis (DEA) method. This study uses data from companies that have undergone a spin-off, namely Jasindo Syariah and Askrida Syariah, both before the spin-off and after the spin-off. Input data are assets, operating expenses, while output data are profit and operating income for a period of 5 years each. From the results of data processing, it shows that the two companies experienced a decrease in their level of efficiency towards profits after spin-off, but the level of efficiency on income, for Sharia Jasindo are relatively stable, while the Sharia Askrida has decreased.

This study aims to analyze the factors that have the highest level of importance in realizing the spin-off implementation of the Sharia Insurance Industry. The method used is qualitative with an Analytical Hierarchy Process (AHP) approach. Data were obtained from FGDs and AHP questionnaires with informants from AASI, the sharia life and general insurance industry, the Sharia Supervisory Board, the government, and regulators. The research results show that the clarity of policy, or spin-off criteria, has the highest importance. The sub-criteria with the highest level of importance is the clarity in value of tabarru funds which is 50% of the parent fund. The next factor is the actual practice in the industry and the function of monitoring and supervision, respectively. The factors that have the highest level of importance in realizing spin-off effectiveness are the relaxation of a specific aspect and the action of the industry, whether to continue or postpone the spin-off. These aspects include the implementation of tax relief based on the book value of the company's assets, relaxation in reducing costs that occur during and after the spin-off until the SBU is stable and independent, policies related to bank assurance, and policies related to capital. The research implication for industry and regulation considers determining integrated and coordinated efforts to achieve an effective spin-off implementation. The limitation of this research is in determining the factors not based on sub-criteria but the factors as a whole. The novelty of this research is in determining the topic and method, namely analyzing the most dominant factors to realize effectiveness with the AHP method.

Pemerintah melalui Undang-Undang Perasuransian tahun 2014 mengamanatkan Unit Usaha Asuransi Syariah yang masih tergabung dalam perusahaan asuransi konvensional untuk memisahkan diri (spin-off) paling lambat tahun 2024. Penelitian ini bertujuan untuk mengetahui apakah terdapat perbedaan profitabilitas dan tingkat pertumbuhan nilai aset perusahaan yang telah melaksanakan spin-off. Penelitian dilakukan pada 4 (empat) perusahaan yaitu PT. Asuransi Umum Jasindo Syariah, PT. Askrida Syariah, PT. Reasuransi Syariah Indonesia, dan PT. AJS – Bumiputera. Metode yang digunakan adalah analisis rasio untuk membandingkan kinerja perusahaan 3 tahun sebelum dan 3 tahun setelah spin-off. Selanjutnya dilakukan uji beda berpasangan paired t-test. Hasil analisis rasio menunjukan rata-rata ROA, ROE, dan pertumbuhan aset perusahaan mengalami penurunan setelah spin-off. Hasil uji beda menunjukan terdapat perbedaan signifikan pada ROA perusahaan setelah spin-off, namun tidak terdapat perubahan pada ROE dan level pertumbuhan aset perusahaan setelah spin-off.

<pre><em>The</em><em> study entitled How to Improve Sharia Accountability for Sovereign Sukuk in Indonesia aims to analyze </em><em>the factor that has the highest level of importance</em><em> in realizing sharia accountability.</em> <em>The analysis of this research is conducted by applying</em><em>  </em><em>Analytical Hierarchy Process (AHP) approach </em><em>with a hierarchy structure consisting of the first level, namely objectives, sharia accountability for Sovereign Sukuk/Sovereign Sharia Securities (SBSN), then the second level is shariah accountability parameters, consist of structural contract (akad) SBSN, the use of SBSN funds by maqashid sharia, and SBSN accounting and financial reporting. Each criterion is determined by sub-criteria, which are the third level. The last level is the supporting factors for the realization of sharia accountability for SBSN. </em><em>The results showed that human resources competency factor had the highest importance </em><em>level in realizing the sharia accountability for the use of the contract structure (aqad) SBSN parameter, the supervisory function factor had the highest importance level for the parameters of using SBSN funds following the shariahmaqashid, and the decision making authority factor had the highest importance level for the parameters of accounting and financial reporting.  As for the results of the level of importance of the parameters, the parameter of the use of the contract structure has the highest importance level among other parameters. </em></pre>