<![CDATA[Purpose – This study aims to analyze the concept of callable in the SR023T3 Government Sukuk, its compliance with DSN-MUI Fatwa No. 137 of 2020 on Sukuk, and the legal certainty and protection afforded to investors. This study is important for providing a legal basis to ensure clarity regarding pricing, buy-back mechanisms, and transparency of information, so that the implementation of callable sukuk can proceed in accordance with Sharia principles and support the creation of healthy, fair, and sustainable investment. Methods – This study employs a normative legal approach using descriptive-analytical methods through a literature review. An interdisciplinary approach is adopted by integrating perspectives from Islamic economic law with the theory of legal certainty and investor protection. Data comprising primary, secondary, and tertiary legal sources were analyzed qualitatively to examine the compatibility of the ‘callable’ concept in the SR023T3 Government Sukuk with DSN-MUI Fatwa No. 137 of 2020, as well as legal certainty and protection for investors. Findings – The research found that the call option in SR023T3 is normatively valid, as it is based on an agreement between the parties and the legitimacy of legislation. However, its implementation is not yet fully in line with the DSN-MUI Fatwa No. 137 of 2020. Price uncertainty arising from the use of market prices, coupled with the lack of specificity regarding the buyback mechanism in the Information Memorandum, gives rise to asymmetric information and an imbalance in the parties’ positions in the buyback agreement. These conditions have the potential to encourage speculation and cause dharar and zhulm among investors. Thus, the issue with the callable feature lies not in the authority to carry out a buyback prior to maturity, but rather in the lack of optimal price certainty and transparency regarding the mechanism as an instrument for protecting investors. Research contribution/limitations – This study contributes to the development of research on Islamic economic law in the context of government sukuk issuance by offering a contextual and practical normative legal framework. However, this study has not yet been able to empirically measured its impact on investors or secondary market conditions. Originality/value – This study integrates Sharia principles in fatwas with the concept of repurchasing government sukuk before maturity, thereby fostering a healthy, fair, and sustainable Shariah financial system.]]>
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