Diversification of Islamic Financial Insturments
59
Table 25: Sovereign Sukuk Issuance (IDR Billion)38
Sukuk
Shariah
Contract
2009 2010 2011 2012 2013 2014
Islamic Fixed
Rate Sukuk
(IFR)
Ijarah Sale
and Lease
Back
5,976 12,126 16,736 17,136 16,586 16,586
Ritel Sukuk
(SR)
Ijarah Sale
and Lease
Back
5,556 13,590 20,931 28,989 35,924 47,906
Indonesian
Sovereign
Sukuk (SNI)
Ijarah Sale
and Lease
Back
6,110 5,844 14,962 25,466 50,584 40,470
Hajj Fund
Sukuk (SDHI)
Ijarah al-
khadamat
2,686 12.783 23,783 35,783 31,533 35,533
Islamic
Treasury Bill
(SPN-S)
Ijarah Sale
and Lease
Back
1,320 195 8,633 5,165
Project Based
Sukuk (PBS)
Ijarah Asset
to be Leased
16.714 26,030 30,181
Total 20,328 44.344 77.733 124.28 169,29 175,842
Source: Indonesian Ministry of Finance (2016)
Financial Instruments Commonly Used
The National Shariah Board of Indonesian Ulama Council (DSN-MUI) has issued fatwa No.
32/DSN-MUI/IX/2002 on the permissible Sukuk contracts in Indonesia namely Mudarabah,
Murabahah, Musharakah, Salam, Istisna’ and Ijarah. However, the most common structures
used in Indonesian Sukuk structure are Ijarah and Mudarabah.
The Corporate Sukuk in Indonesia are mainly structured following the principles of Ijarah and
Mudarabah. At end-2015, corporate Sukuk based on an ijarah contract accounted for 65.9% of
total corporate Sukuk outstanding.
Table 26: Corporate Sukuk Instruments in Indonesia
Sukuk Structure Outstanding Amount (IDR billion)
Sukuk Ijarah 4,974
Sukuk Mudarabah 1,079
Sukuk Mudarabah Subordinated 1,500
Source: Indonesia Stock Exchange 2016
Likewise, sovereign Sukuk in Indonesia are mainly structured using Ijarah contract. In
sovereign Sukuk, at least three types of Ijarah are used in the structure, namely Ijarah sale and
lease back,39 Ijarah al-Khadamat40 and Ijarah asset to be leased41. The preference to use ijarah in
38 Availabe at
39 Ijarah sale and lease back is defined as a contract whereby the buyer of an asset lease back of the asset that has been
bought to the seller. The underlying asset is usually land or building. This type of Sukuk is categorized as certificate of
ownweship of leased asset as can be referred to AAOIFI Shariah Standards Nomor 17 (3/1).