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SUKUK AND BONDS IN INDONESIA: AN OVERVIEW

Jurnal Ilmu Akuntansi dan Bisnis Syariah (AKSY) · Vol. 3 No. 2 (2021) · pp. 101–118

DOI
10.15575/aksy.v3i2.14055
ISSN
2655-9420
Published
2021-09-06
Publisher
UIN Sunan Gunung Djati Bandung
Language
eng

Abstract

From the early 1920s to the late 20th century, there were at least 25 financial crises globally. In 2018, the Global Islamic Finance Report reported that Indonesia has tremendous potential to develop Islamic finance. Some of the Islamic financial products that can be developed in Indonesia are bonds and sukuk. Bonds are a product of the capital market. In its development, bonds have undergone relatively rapid innovation, which provides room for issuing Islamic bonds known as sukuk. This paper discusses the difference between sukuk and bonds. This paper aims to look at the differences between sukuk and bonds and the opportunities for issuance, application, and development of sukuk in Indonesia. This research is qualitative research that is literature. As for obtaining comprehensive results, this study uses two approaches consisting of a socio-historical approach and content analysis. The analysis results show that sukuk are in principle the same as bonds, with the main differences, among others, in the use of the concept of return and profit-sharing as a substitute for interest. Keywords: Sukuk; Bond; Sharia Bonds; Capital market; Indonesia

Collaboration network of the authors

40 authors · 100 co-authorship links · 32 across different organisations · showing the 40 most connected

Hover or tap a name to highlight its co-authors. Double-click to open the author's page.

  • Institut Agama Islam Negeri Kerinci
  • Satya Wacana Christian University
  • Padjadjaran University
  • Universitas Buana Perjuangan Karawang
  • STMIK IKMI Cirebon
  • Sunan Gunung Djati State Islamic University Bandung
  • Universitas Islam Negeri Imam Bonjol Padang
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Mhd. RasidinInstitut Agama Islam Negeri Kerinci6
Dudang GojaliAffiliation unknown5
Darti BusniAffiliation unknown5
Zufriani ZufrianiAffiliation unknown3
Arzam ArzamAffiliation unknown3
Muhamad Izazi NurjamanAffiliation unknown3
Rahmad SetyawanAffiliation unknown3
Muhamad Taufik KustiawanAffiliation unknown2
Muhamad YusufAffiliation unknown2
Andri NurjamanAffiliation unknown2
Asa’ari Asa’ariAffiliation unknown2
Ade PonirahAffiliation unknown2
Rahayu KusumadewiAffiliation unknown2
Rani MulyaniAffiliation unknown2
Abdulah SafeiAffiliation unknown2
Lies SulistyowatiAffiliation unknown2
Imaro SidqiAffiliation unknown2
Dedy HamdaniAffiliation unknown2
Maria Teodora PingAffiliation unknown2
Effendi LimbongAffiliation unknown2
Aryasatya Abdie MaheswaraAffiliation unknown1
Hindriyanto Dwi PurnomoSatya Wacana Christian University1
Irwan SembiringSatya Wacana Christian University1
Danny ManonggaSatya Wacana Christian University1
Ahmad FauziSTMIK IKMI Cirebon1
Baenil HudaSatya Wacana Christian University1
Hendry HendrySatya Wacana Christian University1
April Lia HanantoUniversitas Buana Perjuangan Karawang1
Tukino TukinoUniversitas Buana Perjuangan Karawang1
Dini widianingrumAffiliation unknown1
Tuti WidjastutiAffiliation unknown1
Asep AnangAffiliation unknown1
Abdul RohmanSunan Gunung Djati State Islamic University Bandung1
Ike YulisaUniversitas Islam Negeri Imam Bonjol Padang1
Muhamad Fahrudin YusufInstitut Agama Islam Negeri Kerinci1
Luqyana Azmiya PutriInstitut Agama Islam Negeri Kerinci1
Nurul Salis AlaminInstitut Agama Islam Negeri Kerinci1
Tazkia KhaerunnisaPadjadjaran University1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.uinsgd.ac.id/index.php/aksy/oai, first harvested 7 Nov 2026, last seen 8 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en-US">SUKUK AND BONDS IN INDONESIA: AN OVERVIEW</dc:title>
	<dc:creator>Witro, Doli</dc:creator>
	<dc:creator>Setiawan, Iwan</dc:creator>
	<dc:description xml:lang="en-US">From the early 1920s to the late 20th century, there were at least 25 financial crises globally. In 2018, the Global Islamic Finance Report reported that Indonesia has tremendous potential to develop Islamic finance. Some of the Islamic financial products that can be developed in Indonesia are bonds and sukuk. Bonds are a product of the capital market. In its development, bonds have undergone relatively rapid innovation, which provides room for issuing Islamic bonds known as sukuk. This paper discusses the difference between sukuk and bonds. This paper aims to look at the differences between sukuk and bonds and the opportunities for issuance, application, and development of sukuk in Indonesia. This research is qualitative research that is literature. As for obtaining comprehensive results, this study uses two approaches consisting of a socio-historical approach and content analysis. The analysis results show that sukuk are in principle the same as bonds, with the main differences, among others, in the use of the concept of return and profit-sharing as a substitute for interest. Keywords: Sukuk; Bond; Sharia Bonds; Capital market; Indonesia</dc:description>
	<dc:publisher xml:lang="en-US">UIN Sunan Gunung Djati Bandung</dc:publisher>
	<dc:date>2021-09-06</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
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	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.uinsgd.ac.id/index.php/aksy/article/view/14055</dc:identifier>
	<dc:identifier>10.15575/aksy.v3i2.14055</dc:identifier>
	<dc:source xml:lang="en-US">Jurnal Ilmu Akuntansi dan Bisnis Syariah (AKSY); Vol. 3 No. 2 (2021): AKSY: Jurnal Ilmu Akuntansi dan Bisnis Syariah; 101-118</dc:source>
	<dc:source>2655-9420</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.uinsgd.ac.id/index.php/aksy/article/view/14055/6025</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2021 AKSY: Jurnal Ilmu Akuntansi dan Bisnis Syariah</dc:rights>
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