The Indonesian government has issued Rp 120 trillion or $12.84 billion in sukuk, over the past four years, for what the Finance Ministry calls an "excessive" demand.
“The achievement has been supported by excessive demands for sukuk in the domestic market,” Dahlan said in Surabaya on Thursday. “And the potential for state sukuk in the country is developing rapidly, given that 80 percent of Indonesians are Muslims, and there remains a large potential for them to become investors.”
Indonesia has been selling conventional and Islamic bonds the past year to help plug its budget deficit.
Dahlan added that as of April, the government recorded a total of Rp 102.88 trillion in outstanding sukuk, or the amount of sukuk that the government has yet to fully pay back.
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