pasar modal syariah : sukuk
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Pasar Modal syariah : Sukuk. Manajemen Investasi Islami. PSTTI -UNIVERSITAS INDONESIA. Obligasi (Bonds). Bersifat Surat Hutang atau I Owe You (IOU) Pembayaran atas kupon bunga secara periodik Pembayaran Pokok saat Jatuh Tempo. Sukuk. - PowerPoint PPT PresentationTRANSCRIPT
PSTTI -UNIVERSITAS INDONESIAPSTTI -UNIVERSITAS INDONESIA
Manajemen Investasi Islami
Pasar Modal syariah : Sukuk
Obligasi (Bonds)
Bersifat Surat Hutang atau I Owe You (IOU)Pembayaran atas kupon bunga secara periodikPembayaran Pokok saat Jatuh Tempo
Sukuk berasal dari bahasa arab, yaitu dari kata dengan bentuk jamaknya (plural) adalah صك .’yang berarti ‘certificate , صكوك
Dalam Sharia Standar yang dikeluarkan oleh AAOIFI, sukuk diartikan sebagai Investment Sukuk( اإلستثمار yang berarti sertifikat yang ,(صكوكmerepresentasi kepemilikan atas aset.
Sukuk
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?
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.”
Obligasi Syariah (Sukuk)
Jenis akad yang digunakan untuk Obligasi Syariah (Fatwa No. 32)
adalah:Mudharabah (fatwa No. 33) -> bagi hasil Musyarakah -> bagi hasilMurabahah -> marginSalam -> margin Istishna -> margin Ijarah (fatwa No. 41) -> fee (imbal hasil)
Perbedaan Sukuk, Obligasi Konvensional dan Saham (1)
Sukuk Bonds Shares
Nature Not a debt but undevided ownership of assets/projects/services
Debt of issuer Ownership share in a corporation
Asset backed A minimum 51% of tangible assets for their contracts are required to abck issuance of sukuk al-ijarah
Generally not required Not required
Claims Ownership 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
Security Secured by ownership rights in the underlying asses or projects in addition to any additional collateral enchancements structured
Generally unsecured debentures
Unsecured
Sukuk Bonds Shares
Principal & Return Not guaranteed by issuer Guaranteed by issuer Not guaranteed by company
Purpose Must be issued only for Islamically permissible (halal) purposes
Can be issued for any purposes
Can be offered for any purposes
Trading of Security Sale of an ownership interest in a specific asset/project/service etc.
Sale of debt instrument Sale 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)
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)
Akad Investasi Sukuk (AAOIFI)
Item AAOIFI Sharia Standard No. 17
3/1 Certificates of ownership in leased assets
3/2 Certificates of ownership of usufructs
3/3 Salam Certificates
3 /4 Istishna Certificates
3/5 Murabaha Certificates
3/6 Musharaka Certificates
3/7 Muzara’a (sharecropping) Certificates
3/8 Musaqa (irrigation) Certificate
3/9 Mugharasa (agriculture) Certificates
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.
Jenis-Jenis Sukuk
3/3 Salam 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 Musharakah 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
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
3/6/2 Mudaraba 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
3/7 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
3/8 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.
Jenis-Jenis Sukuk
Obligasi Syariah Mudharabah Indosat 2002
Pemodal Issuer
Shahibul Maal MudharibekspertiseRp
Kegiatan
UsahaNisbah Nisbah
Pendapatan Yang dibagi Hasilkan
Modal
Rp Rp
Pengembalian Dana
Rp
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
Obligasi Syariah Mudharabah BLTA
Sumber: AAA Securities
Sumber: AAA Securities
Obligasi Syariah Mudharabah BLTA
Sumber: AAA Securities
Skedul Pembayaran Obligasi Syariah Mudharabah BLTA
Pemodal Indosat
Shahibul Maal MudharibekspertiseRp
Kegiatan
UsahaNisbah Nisbah
Pendapatan Yang dibagi Hasilkan
Modal
Rp Rp
Pengembalian Dana
Rp
Skema Obligasi Syariah Mudharabah Indosat 2002 (Fatwa DSN No. 33)
Skema Obligasi Syariah Ijarah (manfaat dijual kepada end-users)
Fatwa DSN No. 41
Pemodal Issuer
End-User
Obyek Ijarah
Hak atas manfaat
Akad Ijarah Rp
OSI
Imbalan Ijarah (Ijarah Fee)melalui Issuer
Akad Wakalah dan Kafalah
Menjual manfaatAtas namaPemodal
1
2
43
Skema Obligasi Syariah Ijarah (Manfaat digunakan sendiri oleh Issuer)
Fatwa DSN No. 41
Akad Wakalah:
Pemegang Sukuk Ijarahmewakilkan kepada Perseroan untuk menyewa Obyek Ijarah atas nama Pemegang Sukuk Ijarah
Akad Ijarah:
Perseroan menyewa manfaatObyek Ijarah dari Pemegang SukukIjarah untuk keperluan transportasi
3) MenyewaObyek Ijarah
6) Fee/Imbalan Ijarah
1) Dana Sukuk
2) Sukuk Ijarah
5) Menyewa Obyek Ijarah
Objek Ijarah(Jasa
Angkutan)
Perseroan sebagai Penyewa
Perseroan sebagaiWakil
Pemegang SukukIjarah / Pemodal
Akad Ijarah Akad Wakalah
4) Manfaat Obyek Ijarah
Emiten SebagaiWakil
Pemilik ObyekIjarah
Akad Wakalah:
Pemegang Sukuk Ijarahmewakilkan kepada Perseroan untuk menyewa Obyek Ijarah atas nama Pemegang Sukuk Ijarah
Akad Ijarah:
Perseroan menyewa manfaatObyek Ijarah dari Pemegang SukukIjarah untuk keperluan transportasi
3) MenyewaObyek Ijarah
6) Fee/Imbalan Ijarah
1) Dana Sukuk
2) Sukuk Ijarah
5) Menyewa Obyek Ijarah
Objek Ijarah(Jasa
Angkutan)
Perseroan sebagai Penyewa
Perseroan sebagaiWakil
Pemegang SukukIjarah / Pemodal
Akad Ijarah Akad Wakalah
4) Manfaat Obyek Ijarah
Emiten SebagaiWakil
Pemilik ObyekIjarah
BMA (for the Kingdom of Bahrain)
SPV
6. Periodic distribution and capital amount
5. 10 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
proceed4. SPV issued Sukuk with parof $100 M
Islamic Financier
Secondary Market
2. Payment of $100 M
7. At maturity BMAwill purchase the assetsFor $100M
SPV is owned by a subsidiaryOf Liquidity Management Centre, Bahrain
Sovereign Sukuk (Bahrain)
Sovereign Sukuk (QATAR)
Qatar
SPV
5. Periodic & dissolution distributio amount
sukuk
2. Leases land parcels &gift at maturity
proceed3. SPV issued Sukuk with parof $70 M
Islamic Financier
Secondary Market
Qatar
1.Sells land parcelsFor $70M
$70 M
4. Lease rentals & Exercise price on Dissolution event
SPV: Qatar Global Sukuk QSCLand Parcel: Land in Doha Designated for the development of Hamad Medical City
Proses Penerbitan Sukuk
Proses Penerbitan Sukuk (2)
Proses Penerbitan Sukuk (3)
Studi Kasus
STUDI KASUS I:Dalam situasi apapun nampaknya petani kita merupakan puhak yang selalu kurang beruntung. Ketika panen tiba harga beras jatuh karena banjirnya suplai. Sedangkan pada saat mulai produksi petani juga dibikin pusing dengan kenaikan harga bibit, pestisida dan pupuk. Bagaimanakan akad syariah yang tepat untuk mengatasi masalah ini, terutama berkaitan dengan upaya yang menjadi tugas Bulog. Skema sukuk apa yang possible!
STUDI KASUS II:Sebuah perusahaan yang bergerak dalam pengangkutan crude oil, memerlukan dana untuk penambahan armadanya sebesar Rp 100 miliar, dan bermaksud mengeluarkan obligasi syariah. Perusahaan memiliki kontrak jangka waktu 8 tahun dengan Pertamina dengan nilai US$200.000 per tahun. Gambarkan struktur yang tepat dengan akad-akad syariahnya.Buat skedul pembayaran yang dilakukan oleh perusahaan kepada pemegangan obligasi syaraih. (asumsi expected return 13%)
STUDI KASUS III:Sebuah negara memerlukan dana untuk membangun sarana lapangan tembak bagi Departeman Pertahanan. Dana yang dibutuhkan untuk pembangunan lapangan tembak sebesar Rp 300 miliar dan tidak tersedia dalam APBN, sehingga pemerintah harus mengeluarkan Sukuk Negara. Skema sukuk apa yang dapat cocok untuk hal ini.
TERIMA KASIHTERIMA KASIH
والسالم عليكم ورحمة الله و بركا ته