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"Penerbitan Surat Berharga Syariah Negara dengan perjanjian Ijarah berdasarkan Undang-Undang Nomor 19 Tahun 2008 tentang Surat Berharga Syariah Negara merupakan terobosan hukum dalam sistem hukum Indonesia dengan memperkenalkan konsep Benefit Rights sebagai salah satu hak kepemilikan atas suatu benda. Adanya Beneficial Rights yang diadopsi dari konsep di negara-negara dengan sistem hukum Common Law menimbulkan konflik dengan sistem hukum Civil Law yang diterapkan di Indonesia, khususnya mengenai hak kepemilikan atas suatu benda. Studi ini menganalisis keabsahan Hak Manfaat sebagai underlying asset, perbandingan penerapan Hak Manfaat sebagai underlying asset pada SBSN dan Sukuk Korporasi, serta praktek kedua jenis instrumen keuangan tersebut. Metode yang digunakan adalah yuridis normatif analitik deskriptif yang didukung dengan hasil wawancara dengan narasumber. Berdasarkan metode yang digunakan, dapat disimpulkan bahwa Hak Manfaat atas Barang Milik Negara sebagai underlying asset SBSN terbatas pada ruang lingkup penerbitan SBSN, namun Hak Manfaat tersebut tidak dapat diberlakukan atas Sukuk Perseroan dengan alasan terdapat tidak ada dasar hukum. Secara material, Hak Manfaat atas kekayaan perusahaan tidak diklasifikasikan sebagai hak kepemilikan atas suatu benda di Indonesia. Berdasarkan kesimpulan tersebut, maka perlu dipastikan ruang lingkup Benefit Rights sebagai underlying asset Sukuk di Indonesia dan pembentukan dasar hukum yang memadai untuk penerbitan sukuk korporasi di Indonesia.

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The issuance of State Sharia Securities with an Ijarah agreement based on Law Number 19 of 2008 concerning State Sharia Securities is a legal breakthrough in the Indonesian legal system by introducing the concept of Benefit Rights as one of the ownership rights of an object. The existence of Beneficial Rights which is adopted from the concept in countries with the Common Law legal system creates a conflict with the Civil Law legal system applied in Indonesia, especially regarding ownership rights over an object. This study analyzes the validity of Benefit Rights as the underlying asset, the comparison of the application of Benefit Rights as the underlying asset on SBSN and Corporate Sukuk, and the practice of the two types of financial instruments. The method used is juridical normative analytic descriptive supported by the results of interviews with resource persons. Based on the method used, it can be concluded that the Benefit Rights over State Property as the SBSN underlying assets are limited to the scope of the SBSN issuance, however the Benefit Rights cannot be applied to the Company's Sukuk on the grounds that there is no legal basis. In material terms, Benefit Rights over company assets are not classified as ownership rights over objects in Indonesia. Based on these conclusions, it is necessary to ascertain the scope of Benefit Rights as the underlying asset of Sukuk in Indonesia and the establishment of an adequate legal basis for the issuance of corporate sukuk in Indonesia."

"[ABSTRAKSaat ini tersedia beberapa jenis informasi harga sukuk, namun investorberhak mengetahui seberapa signifikan perbedaan antara data dari sumber yangsatu dengan yang lainnya, sehingga investor memiliki keyakinan dalam investasipada instrumen sukuk. Penelitian ini bertujuan untuk mengetahui perbedaanantara imbal hasil dan risiko Sukuk Ijarah dari Bursa Efek Indonesia (IDX) danIndonesian Bond Pricing Agency (IBPA).Kesimpulan dari penelitian ini adalah bahwa terdapat perbedaan yangsignifikan secara statistik dari risiko sukuk ijarah antara yang menggunakan dataharga Bursa Efek Indonesia (IDX) dan data harga Indonesian Bond PricingAgency (IBPA), akan berkaitan dengan tingkat kepercayaan publik dan investoratas validitas data harga sukuk di pasar sekunder.

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ABSTRACTSeveral types pricing information of sukuk are available today, butinvestors are entitled to know how significant the difference between data fromone source to another, so that investors have confidence of investing in sukukinstrument. This study aims to determine differences between returns and risksRisk Adjusted Return (RAR) Sukuk Al-Ijara from Indonesian Stock Exchange(IDX) and Indonesian Bond Pricing Agency (IBPA).The conclusion of this study shows that there is a statistically significantdifference of Sukuk Al-Ijara risks between the use of the Indonesian StockExchange (IDX) and Indonesian Bond Pricing Agency (IBPA), it will be relatedwith public and investor trust in addition of sukuk data price validity in secondarymarket.;Several types pricing information of sukuk are available today, butinvestors are entitled to know how significant the difference between data fromone source to another, so that investors have confidence of investing in sukukinstrument. This study aims to determine differences between returns and risksRisk Adjusted Return (RAR) Sukuk Al-Ijara from Indonesian Stock Exchange(IDX) and Indonesian Bond Pricing Agency (IBPA).The conclusion of this study shows that there is a statistically significantdifference of Sukuk Al-Ijara risks between the use of the Indonesian StockExchange (IDX) and Indonesian Bond Pricing Agency (IBPA), it will be relatedwith public and investor trust in addition of sukuk data price validity in secondarymarket., Several types pricing information of sukuk are available today, butinvestors are entitled to know how significant the difference between data fromone source to another, so that investors have confidence of investing in sukukinstrument. This study aims to determine differences between returns and risksRisk Adjusted Return (RAR) Sukuk Al-Ijara from Indonesian Stock Exchange(IDX) and Indonesian Bond Pricing Agency (IBPA).The conclusion of this study shows that there is a statistically significantdifference of Sukuk Al-Ijara risks between the use of the Indonesian StockExchange (IDX) and Indonesian Bond Pricing Agency (IBPA), it will be relatedwith public and investor trust in addition of sukuk data price validity in secondarymarket.]"

"Sukuk merupakan alternatif sumber keuangan negara yang cukup potensial. Sukuk memerlukan Barang Milik Negara sebagai underlying aset dalam penerbitannya. Peneltian ini mengkaji penggunaan hak manfaat pada negara yang menggunakan civil law seperti Indonesia. Jenis penelitian ini adalah normatif yang menggunakan pendekatan Statute Approach, didukung Comparative Approach dan Conceptual Approach. Pengumpulan data dilakukan dengan studi pustaka yang didukung dengan wawancara dan penelitian terlibat. Hasil penelitian ini menunjukkan Barang Milik Negara dikenal dalam sistem hukum civil law, common law dan hukum Islam. Latar pemikiran civil law adalah hukum alam, sedangkan common law adalah aspek rasional para hakim, adapun pada hukum Islam adalah aspek Illahiyah dalam kepemilikan. Konsep hak manfaat dikenal dalam hukum Islam dan common law, namun tidak dikenal dalam civil law. Hak manfaat dikenal dalam sistem common law dengan konsep bundle of right. Hak manfaat juga diakui dalam hukum Islam, karena manfaat dari suatu barang adalah tujuan yang dikehendaki dari kepemilikan barang. Sedangkan dalam civil law, hak manfaat tidak dikenal karena menggunakan konsep undivided ownership. Penggunaan Barang Milik Negara dalam penerbitan Sukuk ada dua jenis, yaitu Sukuk berbasis aset riil dan Sukuk yang melekat pada dan dijamin oleh aset riil.

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Sukuk is an potential alternative source of state finance. State property needs underlying aset in Sukuk issuance. This study examines the utilization issuance of beneficial title in civil law countries such as Indonesia. This is normative research that employ Statutory Approach approach, supported by Comparative Approach and Conceptual Approach. Data collection is done by library research, supported by interviews and participatory research. The results of this study show that State Property is recognized in civil law system, common law as well as Islamic law. The civil law foundation of thought is natural law, while common law is a rational aspect of judges, and Islamis laws are divine aspec of Allah as ultimate owner. The concept of beneficial title is recognized in Islamic law and common law, but is not known in civil law. The beneficial title is recognized in the common law system with the bundle of rights concept. The beneficial title is also recognized in Islamic law, since the benefit of a good is the desired goal of the goods possession. While in civil law, the beneficial title is unrecognized because it uses the undivided ownership concept. There are two types of utilization State Property in the Sukuk issuance, namely Sukuk based on real assets dan Sukuk attached to and guaranteed by real assets."

"Penerbitan dan Penjualan Sukuk Negara Ritel Ijarah Asset To Be Leased seri SR-004 oleh Pemerintah dimaksudkan untuk mencari alternatif pembiayaan APBN dengan menggunakan sumber dana dalam negeri. Terhadap terbitnya Sukuk Negara Ritel Ijarah Asset To Be Leased yang berdasarkan proyek memunculkan permasalahan mengenai bagaimana pelaksanaan Sukuk Negara Ritel Ijarah Asset To Be Leased seri SR.004 dan apakah Sukuk Negara Ritel seri SR.004 benar dilaksanakan sesuai dengan prinsip syariah. Metode penelitian yang digunakan adalah penelitian yuridis normatif, didukung dengan hasil wawancara dengan narasumber. Sukuk Negara Ritel seri SR-004 merupakan sukuk yang memiliki Aset SBSN/Underlying Asset berupa proyek pembangunan yang telah dialokasikan pada APBN tahun anggaran 2012. Penawaran Sukuk Negara Ritel Ijarah Asset To Be Leased seri SR-004 dilakukan dengan cara bookbuilding. Imbalan hasil yang diterima oleh investor bersumber dari kontrak sewa, sehingga imbalan hasilnya tetap (fixed) selama tenor sukuk.

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The issuance and selling of Retail State Sukuk Ijarah Asset To Be Leased series SR-004, is an endeavor of the government to diversify the sources of state budget financing. This research will examine the implementation of Retail State Sukuk Ijarah Asset To Be Leased series SR-004 and analysis of Sukuk towards Islamic principles. This research is examined through normative juridical approach, and will be supported by some interviews. Retail State Sukuk series SR-004 is sharia bond which has underlying assets in the form of infrastructure project has been allocated for state budget fiscal year 2012. Retail State Sukuk Ijarah Asset To Be Leased series SR-004 are offered with bookbuilding method. During the holding period, retail state sukuk investors will receive income on a monthly basis in the form of lease rental, stemming from the beneficial rights of the sukuk assets. The coupons has a fixed rate during the holding period."

"Skripsi ini menganalisis perlakuan akuntansi sukuk mudharabah dan ijarah pada perusahaan penerbit dan investor dengan menggunakan ED PSAK 110 tentang Akuntansi Sukuk sebagai acuan. Penelitian ini bersifat deskriptif analitis. Metode yang digunakan adalah kajian pustaka dengan pendekatan kualitatif. Sampel yang diteliti adalah sepuluh perusahaan penerbit (emiten) sukuk, dan sepuluh bank yang menjadi subscriber sukuk. Untuk akuntansi sukuk penerbit, hasil penelitian menunjukkan perlakuan akuntansi penerbitan sukuk oleh emiten sampel dalam hal pengukuran dan pengakuan sudah sesuai dengan ED PSAK 110. Untuk akuntansi investor, dapat disimpulkan bahwa perlakuan akuntansi sukuk yang dilakukan oleh sampel bank sudah sesuai dengan ED PSAK 110.

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This paper analyzes accounting treatment on corporate sukuk issuers and investors by using ED PSAK No.110 : Akuntansi Sukuk as a reference. This research is descriptive analytical. The method used is a literature review with qualitative approach. The samples studied are ten companies issuing sukuk, and the ten banks that become sukuk subscriber. For sukuk issuer, the results showed the accounting treatment of sukuk issuance by the issuer in terms of sample measurement and recognition are in accordance with ED PSAK 110. For investors, it can be concluded that the accounting treatment of sukuk performed by the sample banks are in accordance with ED PSAK 110."

"Transaksi dan Penerbitan Surat Berharga Syariah Negara (Sukuk Negara) Ijarah Sale and Lease Back atau yang dikenal dengan SBSN Ijarah Sale and Lease Back dimaksudkan untuk mencari metode pembiayaan negara alternatif syariah. Oleh karena itu, SBSN Ijarah Sale and Lease Back menggunakan kombinasi dari dua perjanjian dan perjanjian yang bersyarat, seperti, pembelian kembali aset, yang menimbulkan masalah terkait implementasi dan kompatibilitasnya dengan Hukum ikatan Islam. Metode penelitian yang digunakan adalah penelitian yuridis normatif yang didukung oleh hasil wawancara narasumber. Penjualan SBSN Ijarah dan Lease Back adalah SBSN yang menggunakan aset dasar dalam bentuk bangunan atau tanah milik negara sebagai objek transaksi. Aplikasi Transaksi Jual dan Sewa Kembali SBSN Ijarah perlu ditinjau ulang karenamenimbulkan inkonsistensi dengan hukum yang mengikat Islam yang ada.

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Transactions and Issuance of State Sharia Securities (Sukuk Negara) Ijarah Sale and Lease Back or known as SBSN Ijarah Sale and Lease Back to seek alternative sharia alternative state financing methods. Therefore, SBSN Ijarah Sale and Lease Kembali uses a combination of conditional agreements and agreements, such as, asset repurchase, which raises issues related to its implementation and agreement with Islamic binding law. The research method used is normative juridical research supported by interviewees. Ijarah and Lease Back SBSN Sales are SBSNs that use basic assets in form building or land owned by the state as the object of the transaction. The SBSN Ijarah Sale and Lease Back Transaction Application needs to be reviewed because raises inconsistencies with existing binding laws of Islam."

"ABSTRAK

Penelitian ini bertujuan untuk menganalisis kesesuaian syariah dalam penerbitan, pelaksanaan, dan kondisi default dalam investasi sukuk ijarah pada PT X, salah satu korporasi yang menerbitkan ijarah di Indonesia. Kasus default pada sukuk ijarah PT X ini merupakan kasus default pada sukuk pertama di Indonesia. Analisis dilakukan dengan menjadikan Fatwa DSN-MUI, Peraturan Bapepam-LK, dan tinjauan literatur terkait sebagai acuan. Hasil penelitian menunjukkan bahwa penerbitan sukuk ijarah telah sesuai dengan Fatwa DSN-MUI dan Peraturan Bapepam-LK. Akan tetapi, dalam masa pelaksanaan dan kebijakan yang diambil pasca-default belum sesuai dengan beberapa prinsip syariah.

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ABSTRACT

This study aims to explain and analyze the sharia compliance of the issuance, execution, and events of default default in the ijarah sukuk issued by X Corp., one of the corporation that issue ijarah sukuk in Indonesia. Events of default in the X Corp. ijarah sukuk is the first ijarah sukuk default case in Indonesia. This study was conducted through applying Fatwa DSN-MUI, Peraturan Bapepam-​​LK, and related literature study review as a reference. The results suggested that the ijarah sukuk issuance had been held in accordance to Fatwa DSN-MUI and Peraturan Bapepam-​​LK. However, the implementation after issuance and post-default decision that taken by corporation is had not been held in accordance with some Islamic principles.

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"ABSTRAKTujuan dari penelitian ini adalah mengukur dan membandingkan imbal hasil, risiko, dan rating antara sukuk ijarah dengan sukuk mudharabah. Penulis menggunakan 32 sukuk ijarah dan 10 sukuk mudharabah sebagai sampel penelitian. Sukuk-sukuk tersebut tercatat di Bursa Efek Indonesia sebelum 1 Januari 2017, serta memiliki jatuh tempo setelah 31 Desember 2017. Penulis menggunakan metode Liliefors / Kolmogorov-Smirnov untuk mengukur distribusi normal data. Jika data terdistribusi normal, maka menggunakan uji t dua rata-rata untuk mengukur tingkat perbedaan data tersebut. Jika data tidak terdistribusi normal, penulis menggunakan Wilcoxon Signed Ranks Test untuk mengukur tingkat perbedaan dari variabel-variabel tersebut. Kesimpulan dari hasil penelitian tersebut adalah tingkat imbal hasil dan credit rating sukuk ijarah lebih tinggi daripada sukuk mudharabah, sedangkan tingkat risiko sukuk ijarah lebih rendah daripada sukuk mudharabah.

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ABSTRACT The main purpose of this paper is to measure and compare the valuation variables of ijarah sukuk and mudharabah sukuk. Using samples from 42 outstanding sukuk in Indonesia Stock Exchange secondary market of fixed income instrument within 2017. Samples are divided into 2 groups, 32 sukuk ijarah and 10 sukuk mudharabah. Researcher use Liliefors Kolmogorov Smirnov to measure whether datas are distributed normally or not. Then Paired Sample T test and Wicoxon Signed Ranks Test is used to measure the difference between two means. Conclusion is made from hipothesis, which is whether any differences in rate of return, risk rate, and transaction volume between ijarah sukuk and mudharabah sukuk. Conclusion from this research is that rate of return and credit rating of ijarah sukuk is higher than mudharabah sukuk, thus risk rate of ijarah sukuk is lower than mudharabah sukuk."