Constraints and strategies for municipal Sukuk issuance in Indonesia

Imron Mawardi and Tika Widiastuti, - and Muhammad Ubaidillah Al Mustofa Constraints and strategies for municipal Sukuk issuance in Indonesia. Journal of IslamiAccounting and Business Research.

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Purpose – This study aims to examine the constraints in the issuance of municipal Sukuk in Indonesia and proposed potential solutions and strategies to support its implementation. Design/methodology/approach – This study used the analytic network process (ANP) method with four groups of relevant respondents that comprised representatives from the local government, universities (academicians), experts (practitioners) and regulators. Findings – Four elements support municipal Sukuk issuance: issuer (regional government or municipality), investor, market and infrastructure. The element with the highest score was the lack of commitment from the regional government in issuing municipal sukuk due to leadership change that occurs every five years. Thus, specific regulations that strengthen and regulate municipal Sukuk issuance and the support from the central government are the priority solutions and strategies that should be undertaken to encourage regional governments in issuing municipal Sukuk. Practical implications – The establishment of specific regulations by the central government that support and strengthen municipal Sukuk issuance is necessary to promote successful implementation. Supports from the central government include tax incentives, accessible licensing processes and bureaucracy aids. Originality/value – This study extended the literature by examining problems, solutions and strategies for municipal Sukuk issuance in terms of four aspects: the issuer (municipal government), investors, markets and infrastructure. The multiple aspect analyses provided a broader understanding of the lack of municipal Sukuk issuance in Indonesia

Item Type: Article
Subjects: T Technology > TX Home economics > TX1-1110 Home economics
Divisions: 04. Fakultas Ekonomi dan Bisnis
Imron MawardiNIDN0701027104
Tika Widiastuti, -NIDN0730128301
Muhammad Ubaidillah Al MustofaUNSPECIFIED
Depositing User: Dwi Marina
Date Deposited: 20 Apr 2023 22:46
Last Modified: 12 Jun 2023 05:52
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