The development of the Indonesian sharia capital market showed a positive performance in the past four years. Since 2015, total sharia assets reached US$90.95 billion (Rp1,291.48 trillion), with a market share of 8.55% of national financial assets, according to Financial Services Authority (OJK) report.
Since 2015-2019, the number of sharia mutual funds issued jumped 161.29%. The number of Sharia mutual funds in 2019 was 243 with a NAV of Rp35.38 trillion.
According to OJK data, 55.06% of the total sharia financial assets are contributed by the sharia capital market. The growth is also accompanied by the growth of investor shareholders and sharia mutual funds. As of February 2019, the number of sharia share investors and mutual funds reached 328,268 and 102,253 investors. ‘
To support the growth of Sukuk, OJK encourages the issuance of waqf-based Sukuk investment products, with the name Sukuk Waqf. Sukuk waqf has the same rules as existing Sukuk.