Sharia-Compliant Bonds (Sukuk) in Indonesia: SR023 Offering Disappoints?

Sukuk Ritel SR023, which is a type of Sharia-compliant government bond that is issued by the government of Indonesia, somewhat disappointed as the target was not met when the offering period ended on 15 September 2025. It is interesting to take a closer look at what could be behind this disappointing bond issuance.