Pengembangan Sukuk dalam Sistem Keuangan Islam Modern: Konsep, Implementasi, dan Tantangan

Abstract

Sukuk, or Islamic bonds, are financial instruments that operate in accordance with the principles of Islamic Sharia and serve as an alternative to conventional interest-based bonds. Over time, sukuk have come to function not only as a means of investment and financing, but also as a strategic instrument in supporting sustainable development through various innovations, such as the issuance of green sukuk. This study aims to examine the basic concepts of sukuk and their implementation in addressing financing needs in an increasingly complex modern era. The method employed is a literature review, analysing various relevant sources of literature, regulations and research findings. The findings indicate that the application of sukuk in Indonesia has experienced rapid growth, both as a source of government financing and as an investment alternative compliant with Sharia principles. The emergence of green sukuk represents a form of innovation that integrates Sharia values with environmental conservation and sustainable development efforts, particularly in the financing of renewable energy projects and green infrastructure. Nevertheless, the implementation of sukuk still faces a number of challenges, including limited public understanding of Sharia-compliant financial instruments, the complexity of the contractual mechanisms used, and the emergence of debates regarding the extent to which sukuk products substantively reflect Sharia principles. It is therefore necessary to strengthen regulations, improve financial literacy in Islamic finance, and develop innovative products so that sukuk can contribute more effectively to supporting inclusive and sustainable economic growth.