Sukuk Market Liquidity Determinants: A Case Study on Sovereign Sukuk in Indonesia

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Farah Rizky Ariyana
Tika Arundina
Rahmatina Awaliah Kasri


This study examines factors that significantly affect the sovereign sukuk market liquidity in Indonesia. The study uses panel regression to determine how macroeconomic factors and sukuk market characteristics influence sukuk market liquidity. The result shows that sukuk’s issuance amount and the Jakarta Interbank Offered Rate have positive impacts while the inflation level, Jakarta Islamic Index and yield to maturity have negative impacts on sukuk market liquidity. In contrast, the Consumer Confidence Index, openness of the economy, and remaining maturity are not significant determinants of sukuk market liquidity. This study contributes to filling the gap of empirical studies regarding sukuk market liquidity determinants in Indonesia.



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