In the evolving landscape of 2026, conservative investors are increasingly looking for ways to grow their wealth without exposing themselves to high volatility. For those seeking "safe havens," the choice often boils down to two heavyweights: Term Deposits (Deposito) and Sukuk (Islamic Bonds).
While both are low-risk instruments, they operate on fundamentally different principles. This article explores which one offers better value for your portfolio in the current economic climate.
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| Deposits vs. Sukuk: Which is More Profitable for a Safe Investment? |
1. The Core Philosophy: Interest vs. Profit-Sharing
The most significant difference lies in the "how."
Term Deposits (Conventional): You lend money to a bank for a fixed period. In return, the bank pays you interest (Riba). In Sharia-compliant deposits (Deposito Syariah), this is replaced by a profit-sharing ratio (Nisbah) based on the bank’s performance.
Sukuk: Often called "Islamic Bonds," Sukuk represents partial ownership of a tangible asset or project (like a toll road or bridge). You don’t earn interest; instead, you receive a share of the profits or "rent" (Ujrah) generated by that asset.
2. Returns and Yields: Which Pays More?
Historically, Sukuk has often outperformed Term Deposits, and 2026 is no exception.
Sukuk (Retail/Government): Currently, government-issued Sukuk (like SR or ST series) offers yields typically ranging from 5.5% to 6.3%. A major advantage is the lower tax rate; in many jurisdictions, the tax on Sukuk returns is around 10%, compared to 20% on deposit interest.
Term Deposits: With central bank rates stabilizing, 1-month to 12-month deposit rates hover around 3.5% to 4.8%. Once you factor in the 20% tax, the "net" return is significantly lower than Sukuk.
Comparison Table: Estimated Returns (2026)
| Feature | Term Deposit | Government Sukuk |
| :--- | :--- | :--- |
| Average Yield (Gross) | 4.0% - 4.8% | 5.8% - 6.2% |
| Tax Rate | 20% | 10% |
| Net Return (Approx.) | ~3.5% | ~5.4% |
| Yield Type | Fixed (Conventional) | Fixed or Floating with Floor |
3. Safety and Risk Profile
Both are considered "safe," but they are protected by different mechanisms.
The Safety of Deposits
Deposits are protected by national insurance schemes (such as the LPS in Indonesia). However, there is usually a cap—for example, only up to IDR 2 billion per bank. If you have IDR 5 billion, the excess is technically at risk if the bank fails.
The Safety of Sukuk
Government Sukuk is considered sovereign risk, meaning it is backed by the full faith and credit of the state. It is often cited as "zero-risk" because the government has the power to tax or print money to meet its obligations. Unlike deposits, there is no "maximum cap" on the guarantee; if you invest IDR 10 billion, the whole amount is guaranteed by law.
4. Liquidity: Can You Get Your Money Back?
This is where Term Deposits often win for short-term needs.
Deposits: You can usually break a deposit anytime, though you will likely face a penalty or lose the accrued interest.
Sukuk: * Tradable Sukuk (e.g., Sukuk Ritel): Can be sold on the secondary market if you need cash. However, if market interest rates have risen, you might have to sell at a lower price than you bought (Capital Loss).
Non-Tradable Sukuk (e.g., Sukuk Tabungan): You cannot sell these. You must wait for "Early Redemption" windows or until maturity.
5. Conclusion: Which is Better for You?
Choose Term Deposits if:
You need the money in a very short timeframe (1–3 months).
You prefer a simple "set it and forget it" tool within your existing mobile banking app.
You want the flexibility to withdraw at any time (even with a small penalty).
Choose Sukuk if:
You want higher net returns through lower taxation and better yields.
You are looking for a Sharia-compliant investment.
You have a medium-term horizon (2–3 years) and want the highest level of security (State Guarantee).
You want to contribute to national infrastructure projects.
In 2026, for the disciplined investor, Sukuk currently holds the edge in terms of "profit-to-safety" ratio.