Sukuk: Indonesia's Primary Source of Sharia-Compliant Financial Assets in 2023

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Adi Ahdiat 19/12/2024 10:40 WIB

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According to the Islamic Finance Development Indicator report, the total assets of Indonesia's Islamic finance industry reached US$162 billion in 2023. The majority of this comes from sukuk.

Value of Indonesian Sharia Financial Industry Assets by Sector (2023)

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Value of Indonesian Sharia Financial Industry Assets by Sector (2023)

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According to the Islamic Finance Development Indicator (IFDI) report, the total value of Indonesia's Islamic finance industry assets reached US$162 billion in 2023.

This figure is a combination of assets from the Islamic banking sector, sukuk, Islamic funds, Takaful (Islamic insurance), and other Islamically-based financial industries.

In 2023, the majority, or 61%, of Indonesia's Islamic finance assets originated from sukuk.

Based on regulations from the Financial Services Authority (OJK), sukuk are Sharia-compliant securities in the form of certificates or proof of ownership representing an undivided share (syuyu'/undivided share) of the underlying asset.

The Islamic banking sector contributed 33%, Takaful (Islamic insurance) 1.9%, Islamic funds 1.9%, and other Islamic finance 2.5%, with the value breakdown shown in the graph.

This pattern of Indonesian Islamic finance differs from the global trend.

Globally, the largest contributor to Islamic finance assets is the Islamic banking sector.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."