[ABSTRAK
Tesis ini membahas tentang akad yang digunakan dalam transaksirepurchase Agreement (repo) SBSN berdasarkan ketentuan yang terdapat dalamperaturan SEBI No. 14/32/DPM 7 November 2012 perihal Tata Cara TransaksiRepurchase Agreement (Repo) Surat berharga Syariah Negara (SBSN) denganBank Indonesia Dalam Rangka Operasi Pasar Terbuka Syariah. Repo adalahtransaksi keuangan yang biasanya dilakukan oleh para pelaku pasar keuanganuntuk mendapatkan pinjaman dana dengan menjaminkan surat berharga miliknyadalam bentuk jual beli, baik di pasar modal maupun di pasar uang. Tujuanpenelitian ini adalah untuk menganalisis jenis akad jual beli yang terdapat dalamperaturan tersebut apakah sesuai atau justru bertentangan dengan Hukum Islam,baik dari sifat janji (wa‟d) jual beli SBSN maupun mekanisme penyelesaiantransaksi repo SBSN. Penelitian ini menggunakan metode penelitian hukumnormatif yang menggunakan data sekunder yang dianalisis secara kualitatif.Dengan menggunakan pendekatan maqashid syariah, fiqh prioritas dan istihsan,penulis menyimpulkan bahwa sifat wa‟d yang terdapat dalam peraturan tersebuttidak mengikat secara hukum selama bank syariah yang bersangkutan belummelakukan penjualan SBSN pada saat BI membuka waktu lelang repo SBSN.Sehingga kedudukan wa‟d dalam transaksi repo SBSN adalah sebagai syaratuntuk melakukan repo SBSN dengan BI. Transaksi repo SBSN tidak bisadikatakan sebagai transaksi jual beli menurut hukum Islam, karena akad jual beliyang terdapat dalam transaksi ini hanyalah terminasi yang digunakan untukmendapatkan pinjaman dengan agunan surat berharga yang umumnyadipraktekkan oleh perbankan konvensional, di mana penentuan besaran accruedrepo dan marjin repo SBSN yang ditentukan dalam peraturan ini masih mengacukepada sistem bunga yang menjadikan satuan waktu sebagai komponenperhitungan harga.
ABSTRACT
This thesis discusses the contract used in SBSN repurchase agreement (repoSBSN) based on the provisions contained in SEBI No. 14/32/DPM set onNovember 17, 2012 concerning the Procedures for Syariah Government SecuritiesRepurchase Agreement (Repo SBSN) with Bank Indonesia in the framework ofSyariah Open Market Operations. Repo is a financial transaction that is usuallypracticed by financial market participants to obtain load by pledging securitiesowned in the form af buying and selling, either in the capital market and moneymarket. The purpose of this study is to analyse the type of purchase contractcontained in the regulation is appropriate or even contrary to Islamic law, bothfrom the nature of the promise (wa‟d) in SBSN purchase and settlementmechanism of repo SBSN transaction. This study uses the normative legalresearch using secondary data were analyzed qualitatively. By using maqashidsyariah, fiqh priority, and istihsan approachs, the researcher conclude that thenature of the promise (wa‟d) contained in this regulation is not legally binding aslong as Islamic banks in question have not been selling SBSN during openingtimes for repo SBSN auction. So that the position of wa‟d in repo SBSNtransaction is as a requirement to undertake repo SBSN with BI. Repo SBSNtransaction can not be regarded as sale and purchase transactions according toIslamic law, because the sale and purchase agreement contained in this transactiononly a termination used to present a load with collateral securities that is usuallypracticed in conventional banking, where the determination of the amount ofaccrued repo and repo margin determined in this regulation still refers to theconcept of interest that include the time as a component unit in calculating theprice.;This thesis discusses the contract used in SBSN repurchase agreement (repoSBSN) based on the provisions contained in SEBI No. 14/32/DPM set onNovember 17, 2012 concerning the Procedures for Syariah Government SecuritiesRepurchase Agreement (Repo SBSN) with Bank Indonesia in the framework ofSyariah Open Market Operations. Repo is a financial transaction that is usuallypracticed by financial market participants to obtain load by pledging securitiesowned in the form af buying and selling, either in the capital market and moneymarket. The purpose of this study is to analyse the type of purchase contractcontained in the regulation is appropriate or even contrary to Islamic law, bothfrom the nature of the promise (wa‟d) in SBSN purchase and settlementmechanism of repo SBSN transaction. This study uses the normative legalresearch using secondary data were analyzed qualitatively. By using maqashidsyariah, fiqh priority, and istihsan approachs, the researcher conclude that thenature of the promise (wa‟d) contained in this regulation is not legally binding aslong as Islamic banks in question have not been selling SBSN during openingtimes for repo SBSN auction. So that the position of wa‟d in repo SBSNtransaction is as a requirement to undertake repo SBSN with BI. Repo SBSNtransaction can not be regarded as sale and purchase transactions according toIslamic law, because the sale and purchase agreement contained in this transactiononly a termination used to present a load with collateral securities that is usuallypracticed in conventional banking, where the determination of the amount ofaccrued repo and repo margin determined in this regulation still refers to theconcept of interest that include the time as a component unit in calculating theprice., This thesis discusses the contract used in SBSN repurchase agreement (repoSBSN) based on the provisions contained in SEBI No. 14/32/DPM set onNovember 17, 2012 concerning the Procedures for Syariah Government SecuritiesRepurchase Agreement (Repo SBSN) with Bank Indonesia in the framework ofSyariah Open Market Operations. Repo is a financial transaction that is usuallypracticed by financial market participants to obtain load by pledging securitiesowned in the form af buying and selling, either in the capital market and moneymarket. The purpose of this study is to analyse the type of purchase contractcontained in the regulation is appropriate or even contrary to Islamic law, bothfrom the nature of the promise (wa‟d) in SBSN purchase and settlementmechanism of repo SBSN transaction. This study uses the normative legalresearch using secondary data were analyzed qualitatively. By using maqashidsyariah, fiqh priority, and istihsan approachs, the researcher conclude that thenature of the promise (wa‟d) contained in this regulation is not legally binding aslong as Islamic banks in question have not been selling SBSN during openingtimes for repo SBSN auction. So that the position of wa‟d in repo SBSNtransaction is as a requirement to undertake repo SBSN with BI. Repo SBSNtransaction can not be regarded as sale and purchase transactions according toIslamic law, because the sale and purchase agreement contained in this transactiononly a termination used to present a load with collateral securities that is usuallypracticed in conventional banking, where the determination of the amount ofaccrued repo and repo margin determined in this regulation still refers to theconcept of interest that include the time as a component unit in calculating theprice.] |
T42278-Marlisa Elpira.pdf :: Unduh