Ditemukan 2 dokumen yang sesuai dengan query
Anju Ayunda
Abstrak :
abstrak
Nilai kredit dan pembiayaan valas dalam rupiah yang disalurkan oleh bank umum
di Indonesia, baik konvensioal maupun syariah, cenderung terus mengalami
peningkatan. Dalam rangka melindungi nilai aset dari risiko nilai tukar, pelaku
usaha dapat melakukan Islamic hedging dengan underlying transaksi komoditi
(aqd al tahawwuth fi suq al-silah). Tesis ini melakukan simulasi perhitungan
transaksi Islamic hedging dengan komoditi dan menganalisis hasilnya agar dapat
memberikan panduan dalam menerapkan lindung nilai. Simulasi dilakukan dengan
dua asumsi: (i) skenario pertama berupa simulasi Islamic hedging dengan komoditi
secara on the spot, yaitu tidak terjadi penahanan kepemilikan sampai dengan jatuh
tempo (not held to maturity) dan (ii) skenario dua berupa simulasi Islamic hedging
dengan penahanan kepemilikan komoditi sampai jatuh tempo (held to maturity).
Hasil simulasi dua skenario tersebut dibandingkan dengan kondisi yang terbentuk
tanpa lindung nilai dan ditemukan bahwa potensi saving valas pada skenario
pertama relatif lebih baik dan stabil daripada skenario kedua, khususnya pada saat
rupiah terdepresiasi dan harga komoditi jatuh. Namun demikian, pilihan skema
Islamic hedging dengan komoditi secara not held to maturity dapat mengundang
isu khusus karena tidak terjadi transaksi jual beli komoditi secara riil yang menjadi
ciri khas transaksi jual beli syariah.
abstract
The value of foreign currency credit and financing in rupiah disbursed by
commercial banks in Indonesia, both conventional and sharia, tends to be
continuously improved. In order to protect the value of assets from exchange rate
risks, business actors can conduct Islamic hedging with the underlying commodity
transactions (aqd al tahawwuth fi suq al-silah). This thesis simulates the
calculation of Islamic hedging transactions with commodities and analyzes the
results to produce guidelines for implementing hedges. The simulation is carried
out with two considerations: (i) the first scenario consists of simulating Islamic
hedging with commodities in place, i.e. no holding is held until maturity (not held
to maturity) and (ii) scenario two islamic hedge simulation of commodities up to
maturity (held to maturity). The results of the simulation of the two scenarios are
compared with values made without hedging and it was found that the potential for
foreign exchange savings is relatively better and stable in the first scenario
compared to scenario two. However, the choice of Islamic hedging with
commodities not held to maturity can invite special issues because there is no real
commodity buying and selling transactions that characterize sharia sale and
purchase transactions.
2019
T54602
UI - Tesis Membership Universitas Indonesia Library
Wushi Adilla Arsyi
Abstrak :
[ABSTRAK
Nilai tukar yang fluktuatif dapat mendatangkan risiko kerugian bagi bank syariah dan pelaku bisnis Instrumen lindung nilai atas nilai tukar berdasarkan prinsip syariah untuk memitigasi risiko ini sangat dibutuhkan Fatwa terkait instrument inipun dikeluarkan oleh DSN MUI dengan Fatwa No 96 DSN MUI IV 2015 tentang Transaksi Lindung Nilai Syariah al Tahawwuth al islam Islamic Hedging atas Nilai Tukar Dengan adanya fatwa ini dapat dilakukan simulasi penerapan hedging dengan skema forward agreement pada produk pembiayaan USD di bank syariah guna mencari hasil yang didapat acuan premi dan tenor yang tepat serta rekomendasi kebijakan yang dapat diberikan kepada regulator Metode yang digunakan pada penelitian yaitu metode simulasi dan komparasi antara outstanding pembiayaan valas dengan kombinasi acuan premi dan tenor forward Hasil penelitian ini menunjukan bahwa bank syariah akan mendapatkan keuntungan gain jika melakukan islamic forward agreement Namun penerapan transaksi islamic forward agreement dilakukan pada kondisi tertentu saja yaitu pada saat krisis dan pada saat nilai tukar berfluktuasi Acuan premi dan tenor yang direkomendasikan untuk meghitung rate forward pada transaksi islamic forward agreement berdasarkan pada hasil penelitian yaitu tingkat imbalan FASBIS dengan tenor 6 bulan dengan gain sebesar Rp 3 461 Triliun Jumlah ini merupakan potensi nominal gain terbesar jika dibandingkan dengan hasil simulasi lainnya Meskipun demikian penggunaan imbalan FASBIS tidak selalu direkomendasikan dan hanya digunakan secara temporary pada saat saat tertentu Namun jika dibandingkan dengan menggunakan acuan premi yang berbasis konvensional acuan premi tingkat imbalan FASBIS dapat menjadi option bagi bank syariah dan pelaku bisnis untuk menghitung rate forward pada transaksi islamic forward agreement.
ABSTRACT
The fluctuating exchange is so risky and can cause the loss to Islamic Banks and the businesses The hedging instrument on the exchange rate based on Islamic principles to manage this risk is needed Dewan Syariah Nasional Majelis Ulama Indonesia DSN MUI has issued a fatwa related to it in fatwa No 96 DSN MUI IV 2015 about Islamic Hedging Transactions al Tahawwuth al Islam on exchange Given this fatwa hedging simulation with forward agreement scheme may be applied in USD financing product in Islamic Bank in order to obtain results the right reference premium and tenor as well as the policy recommendations that can be proposed to the regulator The research method used is simulation and comparison method between the outstanding of forex financing and premium and tenor of forward references The result of this study shows that Islamic banks will benefit if doing islamic forward agreement However the practice of Islamic forward agreement transactions is carried on certain conditions namely in times of crisis and when the exchange rate fluctuates The reference premium and tenor recommended for calculating this islamic forward agreement transactions based on the results of the research is the rate of return of FASBIS with a tenor of 6 months with a gain of 3 461 trillion rupiah This amount represents the highest potential nominal gain compared to other simulation results Nevertheless the use of FASBIS rewards are not always recommended and is only used temporarily in certain moments However when compared to conventional based reference premiums premium benchmark rate of FASBIS return may be an option for islamic banks and businesses to calculate the rate forward of islamic forward agreement transactions , The fluctuating exchange is so risky and can cause the loss to Islamic Banks and the businesses The hedging instrument on the exchange rate based on Islamic principles to manage this risk is needed Dewan Syariah Nasional Majelis Ulama Indonesia DSN MUI has issued a fatwa related to it in fatwa No 96 DSN MUI IV 2015 about Islamic Hedging Transactions al Tahawwuth al Islam on exchange Given this fatwa hedging simulation with forward agreement scheme may be applied in USD financing product in Islamic Bank in order to obtain results the right reference premium and tenor as well as the policy recommendations that can be proposed to the regulator The research method used is simulation and comparison method between the outstanding of forex financing and premium and tenor of forward references The result of this study shows that Islamic banks will benefit if doing islamic forward agreement However the practice of Islamic forward agreement transactions is carried on certain conditions namely in times of crisis and when the exchange rate fluctuates The reference premium and tenor recommended for calculating this islamic forward agreement transactions based on the results of the research is the rate of return of FASBIS with a tenor of 6 months with a gain of 3 461 trillion rupiah This amount represents the highest potential nominal gain compared to other simulation results Nevertheless the use of FASBIS rewards are not always recommended and is only used temporarily in certain moments However when compared to conventional based reference premiums premium benchmark rate of FASBIS return may be an option for islamic banks and businesses to calculate the rate forward of islamic forward agreement transactions ]
2016
T-Pdf
UI - Tesis Membership Universitas Indonesia Library