Digital Transformation and Sukuk Development in the Islamic Financial Market: Challenges and Opportunities
DOI:
https://doi.org/10.70992/7190t925Keywords:
Sukuk, Islamic Capital Market, Digitalization, Sharia Regulation, Market Liquidity, Ijarah ContractAbstract
The sukuk market in Indonesia has experienced significant growth as part of the development of the global Islamic finance industry. However, its advancement still faces several challenges, including low market liquidity, regulatory disharmony, lack of transparency, and limited adoption of digital technologies. This study aims to analyze the development of corporate sukuk in Indonesia, identify key challenges that hinder the optimization of the sukuk market, and explore strengthening strategies through digital innovation and regulatory harmonization. This research employs a qualitative approach using literature review methods. Secondary data were collected from academic journals, financial market reports, government policies, and international case studies related to sukuk issuance. The analysis was conducted thematically to identify major patterns relevant to the dynamics of Indonesia's sukuk market. The findings indicate that corporate sukuk issuance in Indonesia has steadily increased over the years, with the ijarah contract dominating due to its asset-backed structure, which is preferred for its lower risk and clear cash flows. However, the sukuk market's development remains constrained by the lack of regulatory harmonization with international standards (such as AAOIFI and IFSB), low liquidity, insufficient transparency, and limited Islamic financial literacy. Digital integration, including the use of blockchain and smart contracts, is seen as a potential solution to enhance market efficiency, transparency, and inclusiveness. This study recommends four key pillars for strengthening Indonesia's sukuk market: regulatory harmonization, sukuk digitalization, enhancement of Islamic financial literacy, and the development of a technology-based secondary market.
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