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Sukuk has been popular topic of study among investors and researchers from 2009 until
now. This study is aimed to oversee the correlation and the influence of banking deposit
interest rates, the level of revenue sharing of banking deposits, Sukuk State Retail price on the
level of demand for state retail sukuk, and other bond prices to the level of demand of Islamic
Retail Goverment Bond. The coherent time used in this study is data from March 2009
until June 2010. From the analysis of data using VAR methods, this study found that partially
each independent variable has a significant effect on the level of demand for retail
government sukuk. The result strengthens the hypothesis that jointly each independent variable
has significant influence on the secondary market demand for sukuk. The sharia instruments
have potential strength to affect the demand of retail sukuk bigger than the conventional
Keywords: Islamic Retail Government bond, Islamic Investment, Islamic Investment
Theory on Demand

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