Sukuk Gains Popularity as Corporations Leverage Cheaper Funding Costs
REPUBLIKA.CO.ID, JAKARTA — Sharia instruments such as sukuk are increasingly being eyed by corporations amid global volatility. This scheme is considered more stable and competitive compared to conventional financing.
In the midst of market uncertainty, companies are seeking funding sources with measured risks. Sukuk is thus emerging as an alternative that is gaining greater consideration. PT Pemeringkat Efek Indonesia (Pefindo) records that total corporate debt issuance in the first quarter of 2026 reached Rp59.4 trillion. This figure grew by 26.97% compared to the same period last year.
Of this total, bond and sukuk issuances amounted to Rp52.4 trillion. Meanwhile, sukuk’s contribution stood at Rp11.4 trillion, indicating that the sharia instrument continues to hold a significant share.
Head of Pefindo’s Economic Research Division, Suhindarto, stated that the still conducive interest rate environment is providing momentum for companies to seek funding.
“With interest rates still quite conducive, the cost of funds from the debt securities market, including sukuk, remains cheaper than bank financing,” Suhindarto said during an online media briefing on Wednesday (15/4/2026).
According to him, the fluctuating market situation is leading investors to seek more stable instruments. Corporate debt securities, including sukuk, are still seen as offering attractive yields.
“Investors are currently seeking more stable alternatives. Corporate debt securities, including sukuk, still offer attractive returns with relatively measured risks,” he added.
He further noted that funds from debt securities issuances are now largely used for working capital and investments. This indicates that business activities continue to run despite increasing global pressures.
However, pressures have begun to appear since March, in line with rising yields due to geopolitical volatility. This situation could potentially increase funding costs in the future.
Nevertheless, high financing needs and sustained strong investor interest are expected to keep sukuk in demand throughout 2026.