Retail sharia government securities, known as sukuk ritel or SBSN, have outsold their conventional counterpart since the instrument’s launch, according to data from the Directorate General of Financing and Risk Management (DJPPR) at the Ministry of Finance. Cumulative sukuk ritel issuance reached Rp652.2 trillion through October 2026, against Rp632.9 trillion for retail conventional bonds, known as SUN ritel, over the same period. Sukuk ritel account for 50.8 percent of cumulative retail government securities.
A widening gap since 2019
Retail SBSN has been sold since 2006. DJPPR data show it has exceeded retail SUN issuance in every year from 2019 through 2025. Annual SBSN issuance rose from Rp5.6 trillion in 2009 to a peak of Rp85.6 trillion in 2024, a climb spanning 15 years. The SR series has issued roughly Rp46 trillion a year since 2022, a stable range after the earlier run-up. The ST series, which started at Rp10 trillion, reached Rp40.1 trillion in 2025.
A younger, broader investor base
The number of investors in each series has grown substantially. The government has counted 415,000 new investors in sukuk ritel since 2018. Women make up 57.5 percent of sukuk ritel investors.
The investor base has also shifted by generation. Gen Z and Millennial investors made up 46.7 percent of the total in 2018 and rose to 56.9 percent in 2026. Baby boomers fell over the same stretch, from 22.2 percent of investors in 2018 to 12 percent in 2026.
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