ABSTRACT
The world of Islamic finance has shown rapid growth in recent decades. Indonesia as a country with the largest Muslim population in the world must be a pioneer in the development of Islamic finance. However, that potential is not reflected in reality. In the last two decades, since the first appearance, Islamic finance in Indonesia has shown very slow progress, especially for sukuk or sharia bonds. Since its first appearance in 2002, sukuk market share has not been able to penetrate 5% of total sukuk and bond market. Basically, there are some obstacles that hinder the development of sukuk in Indonesia. Therefore, to cultivate public interest in Indonesia to invest in sukuk, proper and large strategy is absolutely necessary. This study aims to determine the obstacles and solutions in the development of sukuk in Indonesia. This study tries to use a strategic management approach to formulate the most appropriate strategy in developing sukuk in Indonesia. The method used in this research is qualitative exploratory. Technical analysis used is Analytical Hierarchy Process (AHP) by Miles and Hubemain. Obstacles in the development of sukuk in Indonesia from the aspect of issuers are pricing refers to labor, cost efficiency so less competitive disadvantages, lack of sukuk variant, and low regulation while for sukuk development solution in Indonesia from issuer aspect ie reduced cost, asset identification, sukuk contract variation, perspective on sukuk.
