Monetary & Financial Economics

Abstract The need to design new securities to deepen and diversify the country's financial markets due to the lack of use of bonds has led to the discussion of sukuk being pursued more seriously in the country. Sukuk is a type of security that is designed based on accepted Islamic contracts. One of the fourteen types of sukuk is the Istisna'a sukuk or made-to-order securities, which has recently been approved for use in the country's financial markets by the country's Securities and Exchange Organization. This article seeks to examine the operational models of these securities for use in the country's financial markets. The results of the study show that the models of direct Istisna, indirect Istisna, and Istisna and lease with possession have been previously discussed in other articles and have been approved by the Securities and Exchange Organization for use in the country's financial markets. However, the two models of Istisna and ordinary Istisna and lease and Istisna and lease with option to sell are considered new models of build-to-order bonds.