The Indonesia government was very late to issue sukuk, only starting six years after neighbour Malaysia sold its first global sovereign paper. Dwi Irianti Hadiningdyah is a leader and an active contributor to the development of Indonesia’s sukuk market since the country first started drafting its sukuk bill in 2005. Fresh from earning a Masters in Economics from the University of Delaware, Dwi Irianti was appointed by Sri Mulyani Indrawati, during her first stint as finance minister, to lead the drafting of the bill to be signed by parliament. The whole process culminated in parliament passing the bill on May 7, 2008.
Indonesia went on to issue its first sovereign sukuk in August 2008, and continues to regularly sell sukuk both at home and in the international market. In the domestic market, the government issues non-tradable sukuk twice a month at around 7-8 trillion rupiah each, tradable retail sukuk, and savings sukuk twice a year amounting to around 2-3 trillion rupiah each. Domestic sukuk are now competitive, going for around 5.66% profit rate versus 5.68% for 5-year conventional bonds.