Tinggi rendahnya tingkat default risk penjaminan pembiayaan syariah usaha kecil menengah dan koperasi (UKMK) sangat berpengaruh terhadap besaran imbal jasa penjaminan yang ditetapkan untuk nasabah penjaminan syariah ini. Imbal jasa penjaminan dibentuk dari komponen default risk dan biaya-biaya perolehan bisnis yang dikeluarkan lembaga penjamin kredit (LPK). Tingkat kredit macet (default risk) memberikan gambaran kualitas risiko poriofolio kredit yang dijaminkan. Oleh karena itu untuk menentukan imbal jasa penjaminan, terlebih dahulu harus mengetahui tingkat default risk dari kredit yang di-cover.Saat ini, Perum Sarana hanya mengambil rumusan imbal jasa dari penjaminan kredit konvensionalnya Karenanya diperlukan suatu evaluasi untuk mengetahui kebenaran kebijakan penetapan imbal jasa tersebut bagi penjaminan pembiayaan syariah UKMK. Hasil penelitian default risk dengan pendekatan CreditRisk+ membuktikan bahwa imbal jasa yang ditetapkan Perum Sarana tidak sebanding dengan kualitas portofolio penjaminan pembiayaan syariah UKMK. imbal jasa basil penelitian menunjukkan besaran yang jauh lebih kecil dari imbal jasa yang ditetapkan Perum Sarana.

---

Fluctuation of the rating of default risk on sharia financing guarantee for cooperative, small and medium enterprises (CSME) is really influenced by the amount of the guarantee service fee which is established for the customers of sharia financing. The service fee is composed by component of default risk and acquisition expenses which are spent by Credit Guarantee Corporation (CGC). Grading of default risk describes of the quality of credit guarantee portfolio. Therefore, for determining the service fee of guarantee, we must know the grading of the default risk first and also the credit being covered.This moment, Pet-urn Sarana is using the formulation of the service fee based on its conventional credit guarantee. Therefore, an evaluation to find out the right policy of the service fee is really needed. The outcome is that using default risk with CreditRisk+ approach demonstrates that service fee which is established by Perum Sarana is not appeal with the quality of the sharia financing guarantee's portfolio for CSME. The service fee of guarantee which is proved by this research is far below the service fee by which is established by Perum Sarana.