1 SUKUK (Shariah Bond) and Its Accounting in Indonesia Material Provided by Dr. Abul Hassan ( Lecturer of IEF TRISAKTI S3 Program) Dr. Slamet Wiyono,

Presentasi berjudul: "1 SUKUK (Shariah Bond) and Its Accounting in Indonesia Material Provided by Dr. Abul Hassan ( Lecturer of IEF TRISAKTI S3 Program) Dr. Slamet Wiyono,"— Transcript presentasi:

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2 1 SUKUK (Shariah Bond) and Its Accounting in Indonesia Material Provided by Dr. Abul Hassan ( Lecturer of IEF TRISAKTI S3 Program) Dr. Slamet Wiyono, Ak, MBA,SAS, CA (Alumni of IEF Trisakti S3 Program) Lecuturer of FE Usakti, S1, S2 IEF, S2 Maksi) Jakarta, 24 April 2014 Email: slamet.wiy@gmail.com; hp 0812 85577 937slamet.wiy@gmail.com Assalamu’alaikum Warahmatullaahi Wabarakatuh

3 2 Contents Rules for the issuance of sukuk Sukuk choices Sukuk bills  Salam sukuk structure Murabahah bonds Ijara notes  Ijara sukuk structure Innovation in sukuk structures  Diminishing musharakah sukuk  Mudharabah Sukuk Concerns over sukuk pricing  Financial innovation with sovereign and corporate sukuk Sukuk in the Gulf and South East Asia  2005 and 2006 league tables

4 Sukuk Accounting in Indonesia, based on PSAK No. 110 / 2011 1. Recoqnition and measurement of ‘ijarah sukuk and mudharabah sukuk’ 2. Presentation of ‘ijarah sukuk and mudharabah sukuk’. 3

5 4 Rules for the issuance of sukuk Asset backed  Nominal value of sukuk = asset value at start Payments  No reference to interest Establishment of a special purpose vehicle (SPV)  Assets sold to SPV and then leased back  Promise to buy back assets from SPV on maturity  SPV issues certificates of participation issued in bearer form as evidence of an undivided ownership and interest in the asset  SPV enters a trust agreement with the investors (the beneficiaries)

6 5 Sukuk choices Choice of market for the issue of sukuk  Gulf and Malaysia are dominant markets ( Indonesia, since 2008)  Potential for offshore sukuk without withholding of dividend payments to non residents  Market potential where capital seekers and business confidence Currency and denomination of sukuk  $, €, RM or dinar/riyal ( also Rp )  Minimum level of investment depends on whether inter- bank or retail instrument  RHB Corporate Sukuk Funds RM denominated

7 6 Sukuk bills Fixed return, salam based One month, three month Sale and purchase of an underlying asset to be delivered at a future date Sukuk bills not usually traded Means of managing liquidity Pioneered by Bahrain Monetary Authority Potential for trading through Liquidity Management Center in Bahrain

8 7 Salam sukuk structure IssuerSPVIslamic investors Payment against future delivery of assets Cash Certificate of participation Delivery of asset at maturity Surrender of certificate at maturity Reimbursement of cash plus a mark-up on maturity

9 8 Sukuk bonds Murabahah based sukuk Asset backed Five to twenty years to maturity Return predetermined Returns fixed with no variation Murabahah mark-up determines yields Price may fall when interest or returns on ijara sukuk rising and vice versa Price converges with face value as maturity nears Possibility of short or medium term capital gains or losses Al-Bai Bithaman Ajil bonds in Malaysia correspond to murabahah structures

10 9 Sukuk notes Ijara based sukuk where regular rental payments determine the sukuk return Variable rather than fixed returns Market value rarely varies from face value Run from 2 years to 20 years Returns determined in relation to changes in benchmark indicators, notably LIBOR

11 10 Ijara sukuk structure IssuerSPVIslamic investors Sale of asset Buy back of asset at maturity Rental payments/coupons Cash Certificate of participation Lease agreement Rental paymentsReimbursement of issue price on maturity Guarantee of SPV obligations

12 11 Innovation with sukuk structures Diminishing musharakah sukuk  Partnership certificates  Instalment purchase buys out SPV over time  Sukuk holders assets diminish, but periodic cash compensation provides income stream  Rental element in payment as SPV obtains rent for the use of its asset  Potential for real estate finance  Sukuk through securitization of Islamic mortgages

13 12 Diminishing musharakah sukuk structure IssuerSPVIslamic investors Sale of asset Instalment payments to buy back asset Rental payments plus repayments Cash Certificate of partnership Partnership agreement Rental payments for share of asset owned by SPV Reimbursement of issue price on maturity Guarantee of SPV obligations

14 13 Sukuk concerns Take-up and pricing  Over subscription may indicate too generous pricing  Under subscription may indicate under pricing Issue of tradability  Widely traded in Malaysia  Largely held to maturity in the Gulf Determination of distributions  Alternatives to LIBOR  Cost of living index plus GNP/GDP growth for sukuk distributions  Alternatives to LIBOR as benchmark sought  If return determined by committee are minutes taken of their deliberations and subsequently released

15 14 Saudi and Malaysian interest & GDP growth SR interestSaudi non-oil GDP growth RM interestMalaysia GDP growth 19996.144.205.00 20006.674.302.508.60 20013.923.502.800.30 20022.234.202.704.20 20031.633.402.755.20 20041.735.702.707.10 20053.537.402.705.20 Mean3.694.673.025.08 SD1.901.310.812.39

16 15 Yields for Malaysian sukuk, %

17 16 Sukuk experiences The Gulf and Western Asia  Sukuk valued at $830 million in Bahrain with seven issues  Liquidity management centre to issue 4 sukuk worth $1.2 billion  Strong interest in Qatar with $700 million sovereign sukuk in 2003  Government of Pakistan raised $2.1 billion by sukuk issue  No sovereign sukuk yet in Saudi Arabia despite government debt funded conventionally South East Asia  Islamic bonds issued in the Philippines, Malaysia and Indonesia, with Malaysia Global Sukuk worth $600 million in 2002.

18 17 Number of sukuk issues

19 18 Value of sukuk issues, $ million

20 19 Islamic sukuk managers league 2005 RankBankAmountIssuesShare 1CIMB1,3234720.7 2HSBC Amanah1,2241819.1 3Aseanbankers531398.3 4AmMerchant506507.9 5Standard Chartered316284.9 6Citigroup30014.7 7Dubai Islamic28324.4 8Deutsche Bank27534.3 9EON Bank246473.8 10RHB Sakura201453.1

21 20 Top 10 sukuk January – May 2006 RankIssuerLead bank$mUSCurrency 1Dubai PortsDIB/Barclays Capital 3,500$US 2Rarkau Abang CapitalCIMB2,631MR 3Pakistan GovernmentCitigroup2,105$US 4Bank PembangunanCIMB/HSBC921MR 5Rarkau Abang CapitalCIMB789MR 6Putrajava HoldingsCIMB579MR 7Brunei GovernmentSukuk Brunei500$US 8Cagamas Berhad 263MR 9Putrajava HoldingsRHB/CIMB193MR 10Penang PortCIMB183MR

22 21 Value of sukuk issues by country, 2005-6, %

23 22 Salam sukuk structure IssuerSPVIslamic investors Payment against future delivery of assets Cash Certificate of participation Delivery of asset at maturity Surrender of certificate at maturity Reimbursement of cash plus a mark-up on maturity

24 AKUNTANSI SUKUK DI INDONESIA 23 PSAK No. 110 tentang Akuntansi Sukuk Pernyataan ini diterapkan untuk entitas yang melakukan transaksi sukuk ijarah dan sukuk mudharabah, baik sebagai penerbit sukuk maupun investor sukuk. Sukuk adalah efek syariah berupa sertifikat atau bukti kepemilikan yang bernilai sama dan mewakili bagian yang tidak tertentu (tidak terpisahkan atau tidak terbagi) atas: a)Aset berwujud tertentu; b)Manfaat atas aset berwujud tertentu baik yang sudah ada maupun yang akan ada; c)Jasa yang sudah ada maupun yang akan ada; d)Aset proyek ; atau e)Kegiatan investasi yang telah ditentukan.

25 24 Sukuk ijarah adalah sukuk yang menggunakan akad ijarah Sukuk mudharabah adalah sukuk yang menggunakan akad mudharabah AKUNTANSI PENERBIT Pengakuan dan Pengukuran Sukuk Ijarah Sukuk ijarah diakui pada saat entitas menjadi pihak yang terikat dengan ketentuan penerbitan sukuk ijarah. Sukuk ijarah diakui sebesar nilai nominal, disesuaikan dengan premium atau diskonto, dan biaya transaksi terkait dengan penerbitannya Jurnal yang dibuat: Bila ada premium Debit: K a s Rp 110.000,- -- Kredit: Kewajiban Sukuk IjarahRp 100.000,- (nominal) Kredit: Premium Sukuk IjarahRp 10.000,-

26 25 Bila ada Diskon Debit: K a s Rp 90.000,- -- Debit : Diskon Sukuk Ijarah 10.000,- Kredit: Kewajiban Sukuk IjarahRp 100.000,- (nominal) Pencatatan beban penerbitan sukuk ijarah: D. Beban penerbitan sukuk ijarah Rp 15.000,---- K: K a s --Rp 15.000,- Premium atau diskon diamortisasi selama masa akad sukuk ijarah. Jurnal amortisasi preimum: Debit: Premium sukuk ijarahRp 2.000,- (misal 5 tahun akad sukuk) Kredit: Beban Penerbitan Sukuk Ijarah --Rp 2.000,- Jurnal amortisasi diskon: Debit: Beban Penerbitan Sukuk IjarahRp 2.000,----- Kredit: Diskon sukuk ijarah --Rp 2.000,-- Amortisasi premium akan mengurangi ‘beban penerbitan sukuk ijarah; sedangkan amortisasi diskon akan menambah ‘beban penerbitan sukuk ijarah’.

27 Beban ijarah diakui pada saat terutang jurnal mengakui beban ijarah: Debit: Beban ijarahRp 10.000,--- Kredit: Kewajiban beban ijarah--Rp 10.000,- Pada saat membayar beban ijarah: D: Kewajiban beban ijarah Rp 10.000,- - K: K a s--Rp 10.000,- 26

28 Sukuk Mudharabah 27 Sukuk mudharabah diakui pada saat entitas menjadi pihak yang terikat dengan ketentuan penerbitan sukuk mudharabah. Sukuk mudharabah diakui sebesar nilai nominal. Biaya transaksi diakui secara terpisah dari sukuk mudharabah. Debit: K a s Rp 100.000,- -- Kredit: Dana Syirkah Temporer – Sukuk Mudharabah---Rp 100.000,- (nominal) Biaya transaksi diamortisasi secara garis lurus selama jangka waktu sukuk mudharabah. Pencatatan saat membayar biaya transaksi: D. Biaya transaksi tangguhanRp 15.000,--- K.K a s --Rp 15.000,- Amortisasi biaya transaksi tangguhan: D. Beban transaksi sukuk mudharabahRp 3.000,- --- (misal, diamortisasi 5 tahun) K. Biaya transaksi tangguhan ---Rp 3.000,--

29 Bagi hasil yang menjadi hak pemilik sukuk mudharabah diakui sebagai pengurang pendapatan, bukan sebagai beban. Jurnalnya: D.Distribusi Bagi Hasil Sukuk MudharabahRp 5.000,--- K.Kewajiban Bagi Hasil Sukuk Mudharabah --Rp 5.000,- Saat pembayaran: D.Kewajiban Bagi Hasil Sukuk Mudharabah Rp 5.000,---- K. K a s --Rp 5.000,- Penyajian Sukuk ijarah disajikan sebagai liabilitas. Sukuk mudaharabah disajikan sebagai dana syirkah temporer. 28

30 Akuntansi Investor Pengakuan dan Pengukuran Pengakuan Awal Entitas mengakui investasi pada sukuk ijarah dan sukuk mudharabah sebesar biaya perolehan. Jurnal yang dibuat saat membayar sukuk: D. Investasi Sukuk IjarahRp 110.000,--- D. Investasi Sukuk Mudharabah Rp 210.000,--- K. K a s --Rp 320.000,- Klasifikasi dan Reklasifikasi Sebelum pengakuan awal, entitas menentukan klasifikasi investasi pada sukuk ijarah dan sukuk mudharabah sebagai diukur pada biaya perolehan atau diukur pada nilai wajar. 29

31 Untuk investasi pada sukuk yang diukur pada biaya perolehan, selisih antara biaya perolehan dan nilai nominal diamortisasi secara garis lurus selama jangka waktu sukuk. Jurnal amortisasi: bila ‘biaya perolehan’ > ‘nilai nominal’: D. Amortisasi selisih nilai Sukuk Rp xx--- K. Investasi Sukuk Ijarah ---Rp xx bila ‘biaya perolehan’ < ‘nilai nominal’: D. Investasi Sukuk IjarahRp xx -- K. Amortisasi selisih nilai Sukuk ---Rp xx Entitas tidak dapat mengubah klasifikasi investasi, kecuali terjadi perubahan tujuan model usaha sebagaimana dijelaskan di paragraf 39. Setelah Pengakuan Awal Untuk investasi pada sukuk yang diukur pada nilai wajar, selisih antara nilai wajar dan jumlah tercatat diakui dalam laba rugi. 30

32 Jurnal mencatat selisih nilai wajar: Bila Nilai Wajar > Nilai Tercatat: D. Penyesuaian Harga Pasar Rp xx-- K. Keuntungan kenaikan nilai Sukuk --Rp xx Bila Nilai Wajar < Nilai Tercatat: D. Kerugian Penurunan nilai Sukuk Rp xx-- K. Penyesuaian Harga Pasar --Rp xx Penyajian Pendapatan investasi dan beban amortisasi disajikan secara neto dalam laba rugi. Pengungkapan Entitas mengungkapkan hal-hal berikut ini: (a) Klasifikasi investasi berdasarkan jumlah investasi; (b) Tujuan model usaha yang digunakan; (c) Jumlah investasi yang direklasifikasikan, jika ada, dan penyebabnya; (d) Nilai wajar untuk investasi yang diukur pada biaya perolehan; dan (e) Lain-lain. 31

33 SEMOGA “SHARING” INI BERMANFAAT BAGI KITA SEMUA, A-MIN Terima kasih, Syukron Wasssalamu’alaikum Wr.Wb. Slamet Wiyono 0812 855 77 937 32

34 Kami sedang menyiapkan Ujian Online Akuntansi Syariah Bersertifikat, yang diakui oleh Lembaga Profesi Ekonomi, Keuangan, dan Akuntansi Syariah di Indonesia. Rancangan website kami: www.ujianakuntansisyariah.com Insya Allah www.ujianakuntansisyariah.com 33