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PSTTI -UNIVERSITAS INDONESIA Manajemen Investasi Islami Pasar Modal syariah : Sukuk.

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Presentasi berjudul: "PSTTI -UNIVERSITAS INDONESIA Manajemen Investasi Islami Pasar Modal syariah : Sukuk."— Transcript presentasi:

1 PSTTI -UNIVERSITAS INDONESIA Manajemen Investasi Islami Pasar Modal syariah : Sukuk

2 Obligasi (Bonds) Bersifat Surat Hutang atau I Owe You (IOU) Pembayaran atas kupon bunga secara periodik Pembayaran Pokok saat Jatuh Tempo

3 Sukuk berasal dari bahasa arab, yaitu dari kata صك dengan bentuk jamaknya (plural) adalah صكوك, yang berarti ‘certificate’. Dalam Sharia Standar yang dikeluarkan oleh AAOIFI, sukuk diartikan sebagai Investment Sukuk( صكوك الإستثمار ), yang berarti sertifikat yang merepresentasi kepemilikan atas aset. Sukuk

4 Perbedaan: 1) Sukuk bukan merupakan Surat Hutang, tapi Sertifikat Investasi (Investment Certificate). 2) Menghindari riba  Hadist Nabi: “Setiap pinjaman yang memberikan kelebihan adalah riba”. كل قرض جر منفعة فهو ربا 3) Sukuk dijamin oleh ‘dirinya sendiri’ karena setiap transaksi syariah harus ada underlying asset-nya. 4) Income stream yang dihasilkan oleh sukuk berasal dari underlyingnya. 5) Fleksible dalam pemasaran: Sukuk dapat dibeli oleh LK Konvensional namun tidak sebaliknya. Obligasi Syariah/Sukuk  Kenapa?

5 Obligasi Syariah (Sukuk) Definisi Obligasi Syariah menurut Dewan Syariah Nasional (DSN MUI) Fatwa No. 32/DSN-MUI/IX/2002: “Surat berharga jangka panjang berdasarkan prinsip syariah yang dikeluarkan oleh Emiten kepada pemegang obligasi syariah yang mewajibkan Emiten untuk membayar pendapatan kepada pemegang obligasi syariah berupa bagi hasil/margin/fee serta membayar kembali dana obligasi pada saat jatuh tempo.”

6 Obligasi Syariah (Sukuk) Jenis akad yang digunakan untuk Obligasi Syariah (Fatwa No. 32) adalah: Mudharabah (fatwa No. 33) -> bagi hasil Musyarakah -> bagi hasil Murabahah -> margin Salam -> margin Istishna -> margin Ijarah (fatwa No. 41) -> fee (imbal hasil)

7 Perbedaan Sukuk, Obligasi Konvensional dan Saham (1) SukukBondsShares NatureNot a debt but undevided ownership of assets/projects/services Debt of issuerOwnership share in a corporation Asset backedA minimum 51% of tangible assets for their contracts are required to abck issuance of sukuk al-ijarah Generally not requiredNot required ClaimsOwnership calims on the specific underlying assets/projects/service Creditors claims on the borrowing entity and in some cases liens on assets Ownership claims on the company SecuritySecured by ownership rights in the underlying asses or projects in addition to any additional collateral enchancements structured Generally unsecured debentures Unsecured

8 SukukBondsShares Principal & ReturnNot guaranteed by issuerGuaranteed by issuerNot guaranteed by company PurposeMust be issued only for Islamically permissible (halal) purposes Can be issued for any purposes Can be offered for any purposes Trading of SecuritySale of an ownership interest in a specific asset/project/service etc. Sale of debt instrumentSale of share in a company Responsibility of holders Responsibility for defined duties relating to the underlying assets/projects/ transactions limited to the extent of participationj in the issue Bondholders have no responsibility for the circumstances of the issuer Responsibility for the affairs of the company limited to the extent of holding in the company Perbedaan Sukuk, Obligasi Konvensional dan Saham (2)

9 AAOIFI (Accounting and Auditing Organization for Islamic Financial Institution): Investment Sukuk: Sertificates of equal value representing undivided shares in ownership of tangible assets, usufructs and services or (in the ownership of) the assets of particular projects or special investment activity, however, this is true after received of the value of the sukuk, the closing of subscription and the employment of fund received for the purpose for which the sukuk were issued. (Sharia Standard No. 17) Definisi Sukuk (AAOIFI)

10 Akad Investasi Sukuk (AAOIFI) ItemAAOIFI Sharia Standard No. 17 3/1Certificates of ownership in leased assets 3/2Certificates of ownership of usufructs 3/3Salam Certificates 3 /4Istishna Certificates 3/5Murabaha Certificates 3/6Musharaka Certificates 3/7Muzara’a (sharecropping) Certificates 3/8Musaqa (irrigation) Certificate 3/9Mugharasa (agriculture) Certificates

11 3/1 Certificates of ownership in leased assets These are certificates of equal value issued by the owner of a leased asset or a tangible asset to be leased by promise, or they are issued by a financial intermediary acting on behalf of the owner with the aim of selling the asset and recovering its value through subscription so that the holders of the certificate become owners of the assets. Jenis-Jenis Sukuk

12 3/2 Certificates of ownership of usufructs There are four types: 3/2/1 Certificates of ownership of usufructs of existing assets 3/2/2 Certificates of ownership of usufructs of described future assets 3/2/3Sertificates of ownership of services of a specified party 3/2/4Certificates of ownership of described future services Jenis-Jenis Sukuk

13 3/2/1 Certificates of ownership of usufructs of existing assets, they are two types: 3/2/1/1Certificates of equal value issued by the owner of an existing asset either on his own or through a financial intermediary, with the aim of leasing the asset and receiving the rental from the revenue of subscription so that the usufruct of the assets passes into the ownership of the holders of the certificates. 3/2/1/2Certificates of equal value issued by the owner of the usufruct of an existing asset (lessee), either on his own or through a financial intermediary, with the aim of sub-leasing the usufruct and receiving the rental from the revenue of subscription so that the holders of the certificates become owners of the usufruct of the asset. Jenis-Jenis Sukuk

14 3/2/2 Certificates of ownership of usufructs of described future assets These are certificates of equal value issued for the purpose of leasing out tangible future assets and for collecting the rental from the subscription revenue so that the usufruct of the described future asset passes into the ownership of the holders of the certificates Jenis-Jenis Sukuk

15 3/2/3Certificates of ownership of services of a specified party These are certificates of equal value issued for the purpose of providing services through a specified provider (such as educational benefits in a nominated university) and obtaining the service charges in the form of subscription income so that the holders of the certificates become owners of these services. Jenis-Jenis Sukuk

16 3/2/3Certificates of ownership of described future services These are certificates of equal value issued for the purpose of providing services through a described provider (such as educational benefits from a university without naming the educational institution) and obtaining the fee in the form of subscription income so that the holders of the certificates become owners of these services. Jenis-Jenis Sukuk

17 3/3Salam Certificates These are certificates of equal value issued for the purpose of mobilizing salam capital so that the goods to be delivered on the basis of salam come to be owned by the certificate holders. 3/4Istishna` Certificates These are certificates of equal value issued with the aim of mobilizing fund to be employed for the production of goods so that the goods produced come to be owned by the certificate holders. Jenis-Jenis Sukuk

18 3/5Murabaha Certificates These are certificates of equal value issued for the purpose of financing the purchase of goods through murabaha so that the certificate holders become the owners of the murabaha commodity. 3/6Musharakah Certificates These are certificates of equal value issued with the aim of using the mobilized for establishing a new project, developing an existing project or financing a business activity on the basis of any partnership contract so that the certificate holders become – (cont..) Jenis-Jenis Sukuk

19 the owners of the project or the assets of the activity as per their respective shares, with the musharaka certificates being managed on the basis of participation or Mudaraba or an investment agency. 3/6/1 Participation certificates These are certificates representing projects or activities managedon the basis of Musharaka by appointing one the partners or another person to manage the operation. Jenis-Jenis Sukuk

20 3/6/2Mudaraba Sukuk These are certificates that represent projects or activities managed on the basis of Mudaraba by appointing one of the partners or another person as the mudarib for the management of the operation. 3/6/3Investment Agency Sukuk These are certificates that represent projects or activities managed on the basis of an investment agency by appointing an agent to manage the operation on behalf of the certificate holders. Jenis-Jenis Sukuk

21 3/7Muzara’a (sharecropping) certificate These are certificates of equal value issued for the purpose of using the mobilized through subscription for financing a project on the basis of Muzara’a so that the certificate holders become entitled to a share in crop according to the terms of the agreement. Jenis-Jenis Sukuk

22 3/7Muzara’a (sharecropping) certificate These are certificates of equal value issued for the purpose of using the mobilized through subscription for financing a project on the basis of Muzara’a so that the certificate holders become entitled to a share in crop according to the terms of the agreement. Jenis-Jenis Sukuk

23 3/8Musaqa (irrigation) certificate These are certificates of equal value issued for the purpose of employing the fund mobilized through subscription for the irrigation of fruit bearing trees, spending on them and caring for them on the basis of Musaqa contract so that the certificate holders become entitled to a share in crop as per agreement. Jenis-Jenis Sukuk

24 3/8Mugharasa (agricultural) certificate These are certificates of equal value issued on the basis of Mugharasa contract for the purpose of employing the funds for planting trees and undertaking the work and expenses required by such plantation so that the certificate holders become entitled to a share in the land and the plantation. Jenis-Jenis Sukuk

25 Obligasi Syariah Mudharabah Indosat 2002 PemodalIssuer Shahibul MaalMudharib ekspertise Rp Kegiatan Usaha Nisbah Pendapatan Yang dibagi Hasilkan Modal Rp Pengembalian Dana Rp

26 Obligasi Syariah Mudharabah Indosat 2002 Jumlah Emisi: Rp 175 miliar Penggunaan Dana:Modal Kerja Pendapatan yang dibagihasilkan: 1. Pendapatan Satelit 2. Pendapatan Internet (IM2) Dasar Bagi Hasil:Revenue Sharing Sumber: Prospektus

27 Obligasi Syariah Mudharabah BLTA Sumber: AAA Securities

28 Obligasi Syariah Mudharabah BLTA

29 Sumber: AAA Securities Skedul Pembayaran Obligasi Syariah Mudharabah BLTA

30 PemodalIndosat Shahibul MaalMudharib ekspertise Rp Kegiatan Usaha Nisbah Pendapatan Yang dibagi Hasilkan Modal Rp Pengembalian Dana Rp Skema Obligasi Syariah Mudharabah Indosat 2002 (Fatwa DSN No. 33)

31 Skema Obligasi Syariah Ijarah (manfaat dijual kepada end-users) Fatwa DSN No. 41 PemodalIssuer End-User Obyek Ijarah Hak atas manfaat Akad Ijarah Rp OSI Imbalan Ijarah (Ijarah Fee) melalui Issuer Akad Wakalah dan Kafalah Menjual manfaat Atas nama Pemodal

32 Skema Obligasi Syariah Ijarah (Manfaat digunakan sendiri oleh Issuer) Fatwa DSN No. 41

33 BMA (for the Kingdom of Bahrain) SPV 6. Periodic distribution and capital amount semi-annual lease rentals (variable rate) sukuk BMA (for the Kingdom of Bahrain) 1.Sold certain Government Warehouse 3. Ijara wa iqtina lease for 5 years proceed 4. SPV issued Sukuk with par of $100 M Islamic Financier Secondary Market 2. Payment of $100 M 7. At maturity BMA will purchase the assets For $100M SPV is owned by a subsidiary Of Liquidity Management Centre, Bahrain Sovereign Sukuk (Bahrain)

34 Sovereign Sukuk (QATAR) Qatar SPV 5. Periodic & dissolution distributio amount sukuk 2. Leases land parcels & gift at maturity proceed 3. SPV issued Sukuk with par of $70 M Islamic Financier Secondary Market Qatar 1.Sells land parcels For $70M $70 M 4. Lease rentals & Exercise price on Dissolution event SPV: Qatar Global Sukuk QSC Land Parcel: Land in Doha Designated for the development of Hamad Medical City

35 Proses Penerbitan Sukuk

36 Proses Penerbitan Sukuk (2)

37 Proses Penerbitan Sukuk (3)

38 Perkembangan Pasar Sukuk Internasional Source: Likuidity Market Center - Bahrain, diolah kembali

39 Perkembangan Pasar Sukuk Internasional Source: Addulkadeer Thomas, 2006 Source: Bapepam - LK, diolah kembali

40 Penerbit Malaysia Global Sukuk Inc. Qatar Global Sukuk QSC Dept of Civil Aviation Pakistan Intl Sukuk Co. Ltd. Stichting Sachsen Anhalt Trust Sukuk (Brunei) Inc. Obligor Pemerintah Malaysia Pemerintah Qatar Pemerintah UAE Pemerintah Pakistan Pemerintah Sachsen Anhalt Germany Pemerintah Brunei Struktur Ijarah Volume: US$600 jutaUS$700 jutaUS$1 milyarUS$600 jutaUS$ 100 juta BN$500 juta (max US$1 milyar) Terbit / Jatuh Tempo: 2002/ / / / / /2007 (365 hari) Kupon 6-mo Libor +95bps 6-mo Libor +40bps 6-mo Libor +45bps 6-mo Libor +220bps 6m Euribor +1.00% Zero Coupon/ - DeskripsiSovereign sukuk int’l pertama di dunia Sovereign Sukuk al-Ijara pertama di GCC dengan format Reg-S Int’l soverein Sukuk terbesar Sukuk non- investment grade pertama Sovereign sukuk pertama di Eropa Shorterm sukuk pertama Beberapa contoh Sovereign Sukuk Source: diolah dari beberapa sumber

41 Surat Berharga Syariah Negara (Sukuk Negara) Sukuk Negara Indonesia (SBSN) SeriJenisAkadNilai (Rp miliar) Imbal Hasil (per tahun) Tanggal Terbit Jatuh Tempo IFR-0001Ijarah2.714,711,80%26 Agt Agt 2015 IFR-0002Ijarah1.985,011,95%26 Agt Agt 2018 SR-001 (Ritel)Ijarah5.556,012,00%26 Feb Feb 2012 Sukuk Global SNI 14 Ijarah6.500,0*8,8%23 Apr Apr 2014 IFR-0003Ijarah ,25%29 Okt Sept 2015 IFR-0004Ijarah5509%12 Nov Okt 2013 TOTAL18.032,70 Nilai Sukuk Global US$650 juta (dengan kurs Rp maka Rp6,5 Triliun) * Sampai Dec 2009 Source: Depkeu, diolah kembali

42 Mudharabah : 10 * Ijarah : 29 ** Perkembangan Penerbitan Sukuk Korporasi Indonesia (1) Jumlah : 39 Total nilai emisi sebesar Rp 6,58 triliun * 4 sukuk telah jatuh tempo * 1 sukuk dilunasi lebih awal ** 6 sukuk telah jatuh tempo Source: KSEI, diolah kembali Dec

43 Perkembangan Penerbitan Sukuk Korporasi Indonesia (2) Source: KSEI, diolah kembali Dec

44 Perkembangan Penerbitan Sukuk Korporasi Indonesia (3) Dalam milyar rupiah Dec

45 TERIMA KASIH والسلام عليكم ورحمة الله و بركا ته


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