PROBLEMS IN PRACTICE OF ṢUKŪK ISSUANCE AS ALTERNATIVE FINANCING IN INDONESIA
Keywords:
ṣukūk, infrastructure development, Indonesia, alternative financing, problems on ṣukūk issuanceAbstract
In line with the development of global economic activity, Islamic Finance has become one of strategic solutions for global crisis. Being an alternative financing instrument, ṣukūk shows an increasing trend in Indonesia. However, it is still hindered by some noticeable problems, namely unclear legal aspects, insufficient political will from the Government to encourage business stakeholders in issuing ṣukūk, inadequate human resources in mastering Islamic economics, and poor promotion on ṣukūk for potential investors. This study made use of a normative juridical approach by utilizing secondary data from the primary legal regulations, with the specific research methods using descriptive analysis in which data were subsequently described qualitatively. This work finds that ṣukūk possesses great potentials as an alternative financing instrument in Indonesia. Development of ṣukūk as a financing instrument requires strong political will from the Government to set up the infrastructure as well as legal and qualified human resources to support the development of ṣukūk market in Indonesia.
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