E n d r i
ABFI Institute Perbanas Jakarta
Jl. Perbanas, Karet Kuningan, Setia Budi – Jakarta 12940
Korespondensi dengan Penulis:
E n d r i: Telp. +62 21 525 2533
E-mail: endri67@yahoo.com



This paper analyzed the problem of developing corporate sukuk in Indonesia using Analytic Network Process (ANP) methodology, proceeded by literature survey and in-depth interview with scholars, practitioners, and regulator of Islamic capital market to fully understand the problem and to develop an appropriate ANP network. The cause of this problem could be grouped into four aspects, namely 1) market player; 2) product characteristic; 3) regulation; and 4) government. This research found 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 involved in Islamic capital market, and also the uncertainty of tax regulations. The suggested solution was to increase understanding of market player by promoting Islamic capital market intensively, and then providing quality of human resource by training and education comprehensively, revising tax regulation to avoid double taxation become the next solution. Other suggested solution from government aspect was 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 was by implementing market driven strategy, where policies were intended to make market mechanism running well.


Key words: Sukuk, Analytical Network Process, market player, product characteristic, regulation government


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