Pasar Modal syariah : Sukuk Islamic Corporate Finance & Investment Pasar Modal syariah : Sukuk IBF Paramadina Oleh: Else Fernanda, SE.Ak.,M.Sc

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

Sukuk 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.

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

Mengapa Obligasi Syari'ah ? Dari sisi pasar modal: Kebutuhan alternatif instrumen investasi berdasarkan syari’ah seiring berkembangnya institusi-institusi keuangan syari’ah Bentuk pendanaan yang inovatif dan kompetitif Pengembangan instrumen-instrumen syari'ah di Pasar Modal baik pasar primer maupun sekunder Pengembangan Pasar Modal Syari’ah secara lebih luas

Mengapa Obligasi Syari'ah ? (lanjutan) Dari sisi Emiten: Mengembangkan akses pendanaan untuk masuk ke dalam institusi keuangan non konvensional Memperoleh sumber pendanaan yang kompetitif Memperoleh struktur pendanaan yang inovatif dan menguntungkan Memberikan alternatif investasi kepada masyarakat pasar modal

Pengertian Obligasi Syari'ah adalah suatu surat berharga jangka panjang berdasarkan prinsip syari'ah yang dikeluarkan Emiten kepada pemegang Obligasi Syari'ah yang mewajibkan Emiten untuk membayar pendapatan kepada pemegang Obligasi Syari'ah berupa bagi hasil / margin / fee serta membayar kembali dana obligasi pada saat jatuh tempo. (Fatwa Dewan Syari'ah Nasional No: 32/DSN-MUI/IX/2002) Obligasi Syari'ah dapat memberikan Bagi Hasil berdasarkan akad Mudharabah/Muqaradhah/ Qiradh atau Musyarakah. Obligasi Syari'ah dapat memberikan Margin/Fee berdasarkan akad Murabahah atau Salam atau Istishna atau Ijarah

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)

Definisi Sukuk (AAOIFI) 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)

Jenis Sukuk menurut AAOIFI

Jenis-Jenis Sukuk 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 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 3/2/3 Sertificates of ownership of services of a specified party 3/2/4 Certificates of ownership of described future services

Jenis-Jenis Sukuk 3/2/1 Certificates of ownership of usufructs of existing assets, they are two types: 3/2/1/1 Certificates 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. 3/2/1/2 Certificates 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 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 3/2/3 Certificates 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 3/2/3 Certificates 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.

Tangible Asset/ Use fruct/Services $ (Full Payment) Existing Owner (asset/usefruct) Certificate Holders Title of asset / usefruct Tangible Asset/ Use fruct/Services (existing or future) $ (Periodic Payment) Lease Real Tenant/User

Jenis-Jenis Sukuk 3/3 Salam Certificates 3/4 Istishna` 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. 3/4 Istishna` 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 3/5 Murabaha 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. 3/6 Participation 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 3/6/1 Musyarakah certificates the owners of the project or the assets of the activity as per their respective shares. 3/6/1 Musyarakah certificates These are certificates representing projects or activities managed on the basis of Musharaka by appointing one the partners or another person to manage the operation.

Jenis-Jenis Sukuk 3/6/2 Mudaraba Sukuk 3/6/3 Investment Agency 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. 3/6/3 Investment 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 3/7 Muzara’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 3/8 Musaqa (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 3/9 Mugharasa (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.