Sukuk and bonds are investment products issued by the Government of the Republic of Indonesia. However, unlike bonds—which carry interest rates—sukuk are investment products issued in accordance with Islamic Sharia principles, and are available to all Indonesian citizens (WNI). Sukuk are divided into retail sukuk (SR) and savings sukuk (ST), with ST015 being one of the newest series issued at the end of 2025.

This investment product is secure. It is guaranteed by the Government and profitable because it offers higher interest rates than deposits. For those who prefer to invest in products based on Islamic Sharia principles, ST015 is the right choice, as it is certified Sharia-compliant and offered through appointed Distribution Partners.

However, before investing in ST015, let’s find out about the various benefits you’ll get by reading this article to the end!

• Benefits of Investing in ST015

1. Secure Investment

ST015 offers a high level of security, as it is guaranteed by the state, which means there is minimal risk of default.

   2. Affordable Minimum Investment

Investors can start investing with a minimum purchase of IDR 1,000,000.

   3. Attractive Returns

ST015 offers attractive returns that are higher than deposit interest rates.

   4. Floating Returns with Floor

ST015 returns are floating with the floor, meaning that if the reference interest rate rises, the returns will also rise. However, if the benchmark interest rate falls, the return will not fall below the predetermined minimum (floor). This is an advantage of ST015. Every three months, the ST015 return will also be modified to reflect changes in the BI Rate.

   5. Regular Income

Coupons are paid monthly and deposited directly into the investor’s account.

   6. Two Tenor Options

Investors can choose ST015 with a 2 or 4 year tenor, depending on their investment objectives.

   7. Sharia-Compliant Management

ST015 is a riba-free product supervised by Dewan Syariah Nasional Majelis Ulama Indonesia (DSN-MUI). This means investors can invest safely, profitably, and in accordance with Sharia principles.

• Early Redemption

Please note that ST015 cannot be traded on the secondary market. However, investors are given flexibility through the Early Redemption feature. This feature enables investors to receive partial repayment of their investment principal before maturity. This provides flexibility to investors who seek liquidity before the sukuk matures. There are provisions for Early Redemption, with the following details:

1. Minimum ST ownership of IDR 2,000,000.00 at each Distribution Partner.
2. Minimum Early Redemption application of IDR 1,000,000.00 and its multiples.
3. Maximum redemption amount: 50% of the total sukuk held.

• ST015 Types

ST015 has two series, consisting of:

1. ST015-T2

ST015-T2 has a 2-year tenor with a floating coupon with a minimum floor of 5.20% per year (BI Rate+45 bps).

   2. ST015-T4

Has a 4-year tenor with a floating coupon with a minimum floor of 5.45% per year (BI Rate+70 bps).

• ST015 Structure

• Simulation of ST015T2 and ST015T4 Coupons

1. Minimum Coupon ST15T2:

5,20% p.a.

BI Rate (4,75%)+spread 45 bps (0,45%)

   2. Kupon Minimal ST15T4 :

5,45% p.a

BI-Rate (4,75%)+Spread 45 bps (0,70%)

• ST015 vs Bank Savings

• Example of Comparison Results: Bank Savings vs ST015

When graphed, the result is as follows:

Source: Data processed by the Phintraco Sekuritas Education Team

Have you decided whether to purchase the ST015T2 or ST015T4 product?

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Writer: Riska Novi Cahyani

Editor: Salsabila Wardhani & Yundira Putri Rahmadianti