Government issues Sukuk SR013, return 6.05 per cent

TEMPO.CO, Jakarta – The government has officially opened the retail Sukuk series SR013 which offers period for Indonesian citizens individual investors. The offer period will last from 28 August – 23 September 2020. The recently issued retail week has a tenor of 3 years, and offers a fixed rate of return of 6.05 per cent per year.

“Why is the government issuing retail sukuk as part of the funding of our state budget,” Luky Alfirman, director general of finance and risk management at the Ministry of Finance, said at a video conference on Friday 28. August 2020.

Luky said the issuance of retail sukuk is also the government’s effort to diversify state budget financing instruments, expand the investor base in the domestic market, support the development of the Islamic financial market and strengthen the Indonesian capital market.

The presence of Retail State Sukuk, said Luky, can provide a safe investment alternative for society, support the realization of financial inclusion and fulfill part of the funding for the development of various projects / activities in the state budget for 2020.

In addition, Luky said, through SR013, that the government also provides opportunities for every citizen to be able to invest while participating in supporting national development.

The main terms and conditions of SR013 include the form and characteristics of the scripless state sukuk, which can be traded on the secondary market from 11 December 2020 and can only be traded between domestic investors.

The date for determining the sales revenue is 28 September 2020. The settlement date is 30 September 2020 and the due date is 10 September 2023. Everyone, said Luky, can order retail sukuk with a minimum value of 1 million IDR and a maximum order of 3 billion IDR.

Sukuk has underlying asset State Property (BMN) and the 2020 budget project, as well as the asset to be leased ijarah agreement. On the other hand, the payment date for rewards or coupons will be the 10th of each month.

“In case the payment date for the compensation / coupon is not a working day, the payment will be made the next working day. The working day is the day the payment system is operated by Bank Indonesia,” said Luky. The first payout of rewards will be made on November 10, 2020, also called the Long Coupon.

The purchase order process SR013 can be done online Online through four stages, namely registration, ordering, payment and settlement. Purchase orders are sent through an electronic system provided by the distribution partner who owns it interface with the e-SBN system.

“For the issuance of retail sukuk, we work with 31 distribution partners. There are many variants here, we have 16 commercial banks and four Islamic banks. We also work with investment firms and financial technology companies to market these retail sukuk,” he said.

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