127
Table 4.14: Types of Sukuk Negara Shariah Structures Approved by DSN-MUI
Ijarah
(Sale and lease
back)
Ijarah
al-Khadamat
Ijarah
(Asset to be
leased)
Wakalah
Description Sukuk issued based
on the sale-and-
leaseback
mechanism (asset
purchase
transaction,
whereby the
purchaser then
leases back the
purchased assets to
the seller).
Sukuk issued based
on Islamic
principles
represents
ownership of SBSN
assets in the form of
services.
Sukuk issued based
on Islamic
principles,
represents
ownership of SBSN
assets, either
already in existence
or will exist.
Sukuk issued based
on Islamic
principles
represents
ownership of
project or activities
managed on the
basis of an
investment agency,
by appointing an
agent to manage the
operation.
DSN-MUI fatwa Number 72/2008 Number 9/2000 Number 76/2010 Number 95/2014
Underlying
assets
State-owned assets Hajj services Project and state-
owned assets
Rent money/
margin/fixed fee
Tradability Tradable Non-tradable Tradable Tradable
Issuance
documents
 Akad bay’
 Akad ijarah
 Sukuk asset-
management
agreement
 Sale undertaking
and purchase
undertaking
 Akad wakalah
 Akad ijarah
 Handover
(BAST) services
hajj
 Booking letters
 Akad wakalah
 Akad ijarah asset
to be leased
 Sukuk asset-
management
agreement
 Sale undertaking
and purchase
undertaking
 Declaration of
trust
 Purchase
agreement
 Procurement
agreement
 Lease agreement
 Servicing agency
agreement
 Substitution
undertaking
 Transfer
undertaking
 Purchase
undertaking
 Cost undertaking
 Agency
agreement
Sukuk Negara
series
Islamic Fixed Rate
(IFR), Retail Sukuk
(SR), Sukuk Negara
Indonesia (SNI)
Hajj Fund Sukuk
(SDHI)
Project based sukuk
(PBS), SR
SNI
Source: MOF
Analysis of Sukuk Issuances – Supply (Sell Side)
The pace of growth of LCY corporate sukuk remains a challenge for the government and the
regulators. Since the first sukuk issuance by PT Indosat in September 2002, there has been a
limited number of corporate sukuk issues (refer to Chart 4.41).