Pasar Modal syariah : Sukuk

1. Pasar Modal syariah : Sukuk ManajemenInvestasiIslami PSTTI -UNIVERSITAS INDONESIA

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

3. 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.

4. ObligasiSyariah/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.

5. ObligasiSyariah (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 bagihasil/margin/fee serta membayar kembali dana obligasi pada saat jatuh tempo.”

6. ObligasiSyariah (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. PerbedaanSukuk, ObligasiKonvensionaldanSaham (1)

8. Perbedaan Sukuk, Obligasi Konvensional dan Saham (2)

9. DefinisiSukuk (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)

10. AkadInvestasiSukuk (AAOIFI)

11. Jenis-JenisSukuk 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 .

12. Jenis-JenisSukuk 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

13. Jenis-JenisSukuk 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.

14. Jenis-JenisSukuk 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

15. Jenis-JenisSukuk 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.

16. Jenis-JenisSukuk 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.

17. Jenis-JenisSukuk 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.

18. Jenis-JenisSukuk 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..)

19. Jenis-JenisSukuk 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.

20. Jenis-JenisSukuk 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.

21. Jenis-JenisSukuk 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.

22. Jenis-JenisSukuk 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.

23. Jenis-JenisSukuk 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.

24. Jenis-JenisSukuk 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.

25. Obligasi Syariah Mudharabah Indosat 2002 Pemodal Issuer Rp ekspertise Shahibul Maal Mudharib Kegiatan Usaha Nisbah Nisbah Rp Rp Pendapatan Yang dibagi Hasilkan Rp Modal Pengembalian Dana

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 Sumber: AAA Securities

29. Skedul Pembayaran Obligasi Syariah Mudharabah BLTA Sumber: AAA Securities

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

31. Skema Obligasi Syariah Ijarah (manfaat dijual kepada end-users)Fatwa DSN No. 41 2 Akad Wakalah dan Kafalah Akad Ijarah Rp 1 Pemodal Issuer OSI Menjual manfaat Atas nama Pemodal Obyek Ijarah Hak atas manfaat 3 4 End-User Imbalan Ijarah (Ijarah Fee) melalui Issuer

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

33. Sovereign Sukuk (Bahrain) BMA (for the Kingdom of Bahrain) 7. At maturity BMA will purchase the assets For $100M 3. Ijara wa iqtina lease for 5 years 5. 10 semi-annual lease rentals (variable rate) 6. Periodic distribution and capital amount SPV sukuk proceed 4. SPV issued Sukuk with par of $100 M 2. Payment of $100 M • Sold certain Government • Warehouse Islamic Financier SPV is owned by a subsidiary Of Liquidity Management Centre, Bahrain BMA (for the Kingdom of Bahrain) Secondary Market

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

35. Proses Penerbitan Sukuk

36. Proses Penerbitan Sukuk (2)

37. Proses Penerbitan Sukuk (3)

38. Studi Kasus STUDI KASUS I: Dalamsituasiapapunnampaknyapetanikitamerupakanpuhak yang selalukurangberuntung. Ketikapanentibahargaberasjatuhkarenabanjirnyasuplai. Sedangkanpadasaatmulaiproduksipetanijugadibikinpusingdengankenaikanhargabibit, pestisidadanpupuk. Bagaimanakanakadsyariah yang tepatuntukmengatasimasalahini, terutamaberkaitandenganupaya yang menjaditugasBulog. Skemasukukapa yang possible! STUDI KASUS II: Sebuahperusahaan yang bergerakdalampengangkutan crude oil, memerlukandanauntukpenambahanarmadanyasebesarRp 100 miliar, danbermaksudmengeluarkanobligasisyariah. Perusahaan memilikikontrakjangkawaktu 8 tahundenganPertaminadengannilai US$200.000 per tahun. Gambarkanstruktur yang tepatdenganakad-akadsyariahnya. Buatskedulpembayaran yang dilakukanolehperusahaankepadapemeganganobligasisyaraih. (asumsi expected return 13%) STUDI KASUS III: SebuahnegaramemerlukandanauntukmembangunsaranalapangantembakbagiDepartemanPertahanan. Dana yang dibutuhkanuntukpembangunanlapangantembaksebesarRp 300 miliardantidaktersediadalam APBN, sehinggapemerintahharusmengeluarkanSukuk Negara. Skemasukukapa yang dapatcocokuntukhalini.

39. TERIMA KASIH والسلام عليكم ورحمة الله و بركا ته