Sukuk Portfolio and Family Financial Planning

Sukuk are securities issued by the state (State Sukuk) or companies (Corporate Sukuk) using Sharia contracts. Sukuk were officially introduced in 2008, following the enactment of Law No. 19 of 2008 on State Sharia Securities (SBSN). Meanwhile, the first Retail Sukuk (SR-001) was issued in 2009 for individual members of the public.

The contracts can vary; see Fatwa No. 69/DSN-MUI/VI/2008 on State Sharia Securities (SBSN). This fatwa stipulates that the issuance of SBSN is permissible (Mubah) as long as it meets Sharia principles.

According to the fatwa, the main principle of sukuk that must be fulfilled is asset-based (underlying asset) such as state-owned goods or asset benefits, so it must not be debt-based. The required contracts must comply with Sharia, namely leasing (Ijarah), profit-sharing (Mudharabah), partnership (Musyarakah), project financing (Istishna’), and agency (Wakalah). The returns come from leasing (Ujrah), profit-sharing, or project margins.

Investors who can participate in this investment programme are mandatory Indonesian citizens, with tenors of 2, 3, 4, or 5 years, guaranteed by state assets, and returns that can be monthly or at intervals (long coupon). Investors can sell their sukuk participation in the secondary market before maturity.

The upcoming Retail Sukuk SR025 offering is from 21 August to 16 September 2026. Unlike Retail Sukuk, Savings Sukuk ST016 will be offered from 8 May to 3 June 2026, with a floating coupon with floor and non-tradable. The next Savings Sukuk ST017 will be offered between 6 November and 2 December 2026 with a floating coupon with floor, non-tradable.

Another sukuk model is Project-Based Sukuk (PBS) issued by the Ministry of Finance to finance the state budget based on projects. One of the contracts used is the same as SBSN, such as Ijarah, with the underlying project being infrastructure like roads or campuses, with tenors of 5-30 years.

Unlike Retail Sukuk, PBS investors are typically large institutions, with examples including series PBS003, PBS029, and PBS032. Additionally, Global Sukuk (Foreign Currency State Sukuk) is issued by the Indonesian government in international markets, using USD currency.

The target for Global Sukuk is global institutional investors, listed on international exchanges with tenors of 5-30 years. To date, Indonesia is one of the largest issuers of Global Sukuk in the world. There is also Green Sukuk, a variant of global or domestic sukuk for sustainable financing, characterised by use for renewable energy projects, green transport, and environmental conservation. The targeted investors are Environmental, Social, and Governance (ESG)-focused funds.

Other types of sukuk include Bank Indonesia Sukuk (SBI-S/SukBI) issued by Bank Indonesia for Sharia monetary operations, characterised by short tenors (1-12 months), aimed at Sharia banking liquidity, non-retail, and as a money market instrument to form a short-term yield curve.

Next is Corporate Sukuk, issued by companies (SOEs and private), characterised by using Ijarah, Mudharabah, or Wakalah contracts. This type of sukuk is rated based on company performance, tradable, with yields higher than government bonds; examples of issuers include PLN, Indosat Ooredoo Hutchison, and Sarana Multi Infrastruktur.

Illustration (Source: Ministry of Finance RI)

Investor A starts a Savings Sukuk investment of Rp70 million (70 units), with a return rate of 6.05% per year. If the Savings Sukuk is held until maturity, the results obtained are:

Return per unit = (Rp1,000,000 x 6.05% x 1/12) = Rp5,042

Total return received = 70 x Rp5,042 = Rp352,940 (received every month until maturity), with final income tax of 10% on the return received.

Nominal value = At maturity (2 years later), Investor A receives back the nominal value of the Savings Sukuk of Rp70 million. Assuming no other investments, Investor A does not need to pay zakat maal because the investment has not yet reached the nishab threshold.

Sukuk Portfolio and Family Financial Planning

An investment portfolio that needs attention in personal or family financial planning. It is advisable to set aside at least 10% of monthly income received. For example, if the monthly salary is Rp10 million, then at least Rp1 million should be aimed for investment that month, and so on for subsequent months. Behind the importance of investment returns, investing in sukuk undoubtedly has extraordinary added value.

First, it upholds Sharia principles. For a Muslim, using a Sharia-based financial system is not just a preference but part of worship, as it contains values of justice, honesty, and social responsibility, one of which is avoiding futile activities (QS An-Nisa (4): 29).

Second, investing in sukuk is not merely an investment instrument but also a means of doing good. The funds raised are used to build schools, hospitals, universities, roads and toll roads, bridges, airports, ports, public transport, to energy projects and clean water provision, all of which return to public welfare.

This aligns with QS Al-Baqarah (2): 261, which describes that wealth spent in the way of Allah will be multiplied in reward, 700 times or more. May this writing be beneficial. Wallahu a’lam bis-shawaab. Salam Sakinah!