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This article is aimed to analyse the development of Sukuk (Islamic bond) in Indonesia. From
historical perspective, sukuk had been implemented in medieval Islam as financial tranfer
tools in commerce and other activities. In modern context, sukuk has worldy known as sharia
financial instrument that give its holders right of ownership of specific asset, advantage value,
and ownership of asset in investment of project. Sukuk are now created also by a government,
which is available for personal investors (retail sukuk) as government sharia bond in
both Rupiah or foreign currencies. Sukuk has been a promising sharia-based investment
instrument mainly because of government assurance and low risk. It is therefore a chance for
Moslems in Indonesia to invest their assets in this financial instrument for its compliance
with sharia and benefecial function for country development.
Keywords: sukuk ritel, obligasi negara, investasi syariah.

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