COMPARATIVE ANALYSIS OF SUKUK STRUCTURES, RATINGS AND YIELDS
EVIDENCE FROM MALAYSIA AND INDONESIA
Keywords:
Sukuk Structures, Ratings. Yield, Malaysia and IndonesiaAbstract
Despite the significant growth of sukuk markets in Southeast Asia, the influence of sukuk structures on credit ratings and yields remains underexplored—particularly from a comparative perspective. Given that different sukuk structures embody varying degrees of risk-sharing, asset-backing, and legal enforceability, they may influence investor perception and pricing mechanisms differently across jurisdictions. This study provides a comparative analysis of sukuk characteristics in Malaysia and Indonesia, focusing on 1. structural composition, 2. credit ratings, 3. yields, and 4. issuance features. Drawing on a cross-sectional dataset comprising 207 Malaysian and 293 Indonesian corporate sukuk issued between 2003 and 2024, the analysis employs descriptive statistics, correlation analysis, independent t-tests, and Cohen’s d effect sizes to examine inter-country differences. The findings reveal statistically significant differences (p < 0.001) in all key variables, including sukuk structure, rating, yield, coupon rate, maturity and issuance size (in million USD). Malaysian sukuk are associated with lower yields, higher credit ratings, larger issuance sizes, and longer maturities. Conversely, Indonesian sukuk offer higher returns, shorter tenors, smaller volumes, and more diverse structural types. Correlation patterns suggest that yield is positively associated with coupon rate and negatively with credit rating, with stronger relationships observed in Malaysia. Cohen’s d indicates large practical differences. These findings offer valuable insights for investors, regulators, and scholars exploring cross-border sukuk investment and policy design.Downloads
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