Muhamad Jarkasih & Aam S. Rusydiana
The growth of corporate sukuk in Indonesia is
relatively slow compare to the global trend of sukuk. Even this country have
potential market and awareness to develop Islamic economic system. This
paper tries to analyze the problem of developing corporate sukuk in Indonesia using Analytic Network Process (ANP)
method. Proceeded by literature survey and in-depth interview with scholars, practitioners, and regulator of
Islamic capital market to fully understand the problem. The cause of this problem can be grouped into four
aspects, namely: 1) market player;
2) product characteristic; 3) regulation; and 4) government. This research finds that the problems of developing
corporate sukuk in Indonesia could be summed
up into two main causes from market player and regulation aspects, namely the lack of market player
understanding and quality of human resource which involve in Islamic capital market, and also the uncertainty
of tax regulations.
Some
solutions that might put forward are to increase understanding of market player by promoting Islamic
capital market intensively, and then providing
quality of human resource by training and education comprehensively. Other suggested solution from government aspect is to give support
through issuance sovereign
sukuk. Moreover, the most effective policy strategy to overcome the problems of Islamic capital market, especially
in developing corporate sukuk market
is by implementing market driven strategy, where policies are made based on market demand consideration.
Keywords: Islamic Capital Market, Corporate Sukuk, Analytic Network Process (ANP)
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