Jakarta. When companies seek funding, the options that typically come to mind are bank loans, bond issuances, or equity offerings. However, the capital market also offers another financing alternative that remains underutilized by many conventional companies: sukuk.

Sukuk are often perceived as instruments exclusively for sharia-compliant businesses. In reality, conventional companies can also issue sukuk, provided their issuance structures comply with applicable sharia principles and regulations.

Amid increasingly diverse financing needs and evolving market dynamics, companies are required to take a more proactive and adaptive approach in selecting funding sources. In this context, sukuk deserve consideration as part of a company's long-term financing strategy.

Generally, sukuk are sharia securities issued based on Islamic principles in the capital market using specific contractual structures in accordance with prevailing regulations. Unlike conventional bonds, which are debt-based and involve interest payments, sukuk utilize sharia contracts such as ijarah, istishna, kafalah, mudharabah, musyarakah, wakalah, and other structures that comply with sharia principles in the capital market.

The choice of contract depends on the issuer's business characteristics, financing needs, and transaction structure.

The issuance of corporate sukuk is governed by Financial Services Authority (OJK) Regulation No. 18/POJK.04/2015 on the Issuance and Requirements of Sukuk. Meanwhile, the listing of sukuk on the exchange is regulated under the Indonesia Stock Exchange (IDX) Rule No. I-G of 2021.

With a well-established regulatory framework and a steadily developing market infrastructure, sukuk issuance now offers a clear pathway for companies seeking to raise funds through sharia-based instruments.

It is important to note that sukuk issuers are not required to operate entirely under sharia principles. Non-Sharia companies may issue sukuk as long as they have eligible underlying assets or business activities and ensure that the issuance structure complies with applicable Sharia requirements.

As such, sukuk should not be viewed as instruments reserved for a specific group of companies, but rather as financing alternatives that can be utilized across a wide range of industries.

Indonesia's corporate sukuk market has shown strong growth in recent years. According to IDX data, the number of corporate sukuk issuers increased from 17 issuers with 28 offerings in 2024 to 33 issuers with 52 offerings in 2025.

The total value of funds raised through corporate sukuk also grew significantly, rising from Rp 19.95 trillion in 2024 to Rp 53.69 trillion in 2025. As of May 30, 2026, there had been 19 sukuk issuances by 17 issuers, with a total issuance value of Rp 15.3 trillion.

This growth has been accompanied by a rapid increase in the number of sharia investors in Indonesia's capital market. Based on data from brokerage firms that provide the Sharia Online Trading System (SOTS), the number of Sharia investors surged more than 425-fold, from 531 investors in 2012 to 226,457 investors as of April 2026.

The increase reflects a growing investor base with an interest in sharia-compliant investment instruments, including sukuk.

The rising volume of sukuk issuances in recent years indicates that the instrument is gaining traction as an alternative source of financing in the capital market. At the same time, the growing number of sharia investors has expanded the pool of potential investors that companies can access through sukuk offerings.

Notably, sukuk issuers are not limited to sharia-based businesses. Issuers come from a broad range of sectors, including transportation and logistics, infrastructure, telecommunications, manufacturing, financial services, and property.

Why should conventional companies start considering sukuk?

First, sukuk can help companies broaden their investor base. In addition to attracting conventional investors, sukuk can appeal to investors who specifically focus on sharia-compliant instruments. As interest in Islamic finance continues to grow, sukuk provides companies with access to a more diverse group of investors.

Second, sukuk can form part of a company's financing diversification strategy. Overreliance on a single source of funding may increase financing risks, particularly amid changing economic conditions and interest rate fluctuations. Sukuk offers an additional financing option that can help companies optimize their funding structures.

Third, sukuk issuance can enhance a company's reputation and corporate governance practices. The issuance process emphasizes transparency, accountability, and compliance with applicable regulations.

These principles can encourage companies to strengthen good corporate governance practices and improve the quality of information disclosure to investors. In addition, sharia oversight within the sukuk structure can provide investors with greater confidence in the governance and integrity of the issuance process.

These benefits demonstrate that sukuk issuance is not solely about meeting funding needs but also represents a strategic step toward strengthening a company's credibility and competitiveness in the capital market.

For companies that already issue conventional bonds, sukuk should not be viewed as a substitute but rather as a complementary instrument. By offering different financing instruments to the market, companies can expand their funding options while reaching investor segments that may not be accessible through conventional instruments alone.

Companies interested in exploring sukuk issuance opportunities or other capital market financing options can contact the IDX Go Public Team for further information and initial guidance tailored to their needs.

"We are seeing significant interest in corporate sukuk as an investment option, not only among retail investors but also among institutional investors with portfolios focused on sharia-compliant instruments. This indicates strong demand potential in the corporate sukuk market and presents an opportunity for companies to diversify their funding sources while reaching a broader investor base. We encourage companies to consider this instrument as part of their financing strategy," said Listyorini.

Ultimately, sukuk should no longer be viewed as instruments exclusively for sharia-compliant companies. For businesses seeking to expand access to funding, reach a more diverse investor base, and enhance the flexibility of their financing structures, sukuk offer a viable capital market financing alternative that can be tailored to different business needs and strategies.