REPUBLIKA.CO.ID, JAKARTA – Indonesian sovereign sukuk (SBSN) lures the European investors then increases sukuk foreign ownership up to seven percent. The Director of Sharia Financing Policy at Directorate General of Debt Management Officials, Dahlan Siamat, said on Tuesday. Foreign ownership in sukuk was only three percent while the dominating foreign investors are from Middle East.

Siamat admits the domestic market can draw sovereign sukuk, but the investment grade momentum has affected sukuk demand from foreign investor. “We do not rely on one investor,” he added.

The sukuk will be traded more aggressive than last year. Government will also increase the publishing of sukuk project as it is easier for obtaining underlying asset. 

Government plans to allocate 42 trillion IDR for 2012 sukuk issue as the outstanding SBSN hits 56.7 trillion IDR started from February 16, 2012. The value of APBN project to be underlying asset is still above 20 trillion IDR.

Sukuk is considered safe as new instrument on investment, an economist, Nurul Huda, says, and Indonesian sukuk will be more attractive as crisis hits Europe.

“The sovereign sukuk issued by country with investment grade is more attractive to investors,” she said. 

The developing countries predictably become the new target of investors following the European debt crisis. Four main countries targeted by the international investors are Indonesia, India, China, and Brazil. 

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