Indonesian Women Dominate SR025 Retail Sukuk with Highest Investor Count
The Indonesian government has officially determined the sales results for the SR025 retail sukuk series, which was offered from 21 August 2026 to 16 September 2026.
Suminto, the Director General of Financing and Risk Management at the Ministry of Finance, stated on Monday (21/09/2026) that the issuance attracted 93,548 investors. This represents the highest number of investors in the history of retail SBSN (State Sharia Securities) issuances, with women making up the majority at 56.66%.
“The investor base reached all 38 provinces and is dominated by Gen Y or Millennials at 49.11% of the total investors, as well as women at 56.66%. Orders for SR025 were dominated by private sector employees at 33.66%,” Suminto told CNBC Indonesia.
Of the 93,548 investors in the SR025 series, 21,582 individuals, or 23.07%, were recorded as new SBN (State Securities) investors. Suminto noted that SR025 recorded the highest number of investors for a retail SBSN issuance and the highest sales volume in the last 10 years.
In terms of nominal value, the sales proceeds for the SR025 series reached Rp29.77 trillion, consisting of the SR025T3 series (3-year tenor) at Rp24.93 trillion and the SR025T5 series (5-year tenor) at Rp4.83 trillion. The government officially set the total sales result for SR025 at Rp29,770,058,000,000 on 21 September 2026.
The fixed rate return offered by the government for the SR025T3 series is 6.80% per annum. For the longer-term SR025T5 series, the offered return is higher at 6.90% per annum. Both series utilise a fixed coupon scheme paid periodically every month to investors on the 10th of each month. If the 10th falls on a holiday or a non-banking business day, payment will be made on the next business day without additional interest compensation.
The first coupon payment for both series is scheduled for 10 October 2026, which will be calculated as a short coupon since the issuance period is less than a full month. The SR025T3 retail sukuk will mature on 10 September 2029, while the SR025T5 will mature on 10 September 2031.
Regarding investment amounts, the government set a minimum order of Rp1 million and multiples thereof for both series. The maximum order limit differs between the two: SR025T3 is capped at Rp5 billion per investor, while SR025T5 is capped at Rp10 billion per investor. This scheme targets small to medium-scale individual investors, aligning with the government’s goal to encourage domestic financial market deepening and expand the domestic retail investor base.
The issuer of this instrument is the Indonesian SBSN Issuing Company, with underlying assets consisting of State-Owned Goods (BMN) and projects/activities of Ministries/Agencies listed in the 2026 State Budget (APBN).