Islamic Corporate Finance & Investment
Pasar Modal syariah : Sukuk
I B F PA R A M A D I N A
Oleh: Else Fernanda, SE.Ak.,M.Sc
Obligasi (Bonds)
 Bersifat Surat Hutang atau I Owe You (IOU)
 Pembayaran atas kupon bunga secara periodik
 Pembayaran Pokok saat Jatuh Tempo
Sukuk
Sukuk berasal dari bahasa arab, yaitu dari kata ‫ صك‬dengan
bentuk jamaknya (plural) adalah ‫ صكوك‬, yang berarti
‘certificate’.
Dalam Sharia Standar yang dikeluarkan oleh AAOIFI, sukuk
diartikan sebagai Investment Sukuk(‫)صكوك اإلستثمار‬, yang
berarti sertifikat yang merepresentasi kepemilikan atas
aset.
Obligasi Syariah/Sukuk  Kenapa?
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 راب‬
3)
4)
5)
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.
Mengapa Obligasi Syari'ah ?
Dari sisi pasar modal:
 Kebutuhan alternatif instrumen investasi berdasarkan syari’ah
seiring berkembangnya institusi-institusi keuangan syari’ah
 Bentuk pendanaan yang inovatif dan kompetitif
 Pengembangan instrumen-instrumen syari'ah di Pasar Modal baik
pasar primer maupun sekunder
 Pengembangan Pasar Modal Syari’ah secara lebih luas
Mengapa Obligasi Syari'ah ? (lanjutan)
Dari sisi Emiten:
 Mengembangkan akses pendanaan untuk masuk ke dalam
institusi keuangan non konvensional
 Memperoleh sumber pendanaan yang kompetitif
 Memperoleh struktur pendanaan yang inovatif dan
menguntungkan
 Memberikan alternatif investasi kepada masyarakat pasar modal
Pengertian Obligasi Syari'ah

Obligasi Syari'ah:
adalah suatu surat berharga jangka panjang berdasarkan prinsip syari'ah yang
dikeluarkan Emiten kepada pemegang Obligasi Syari'ah yang mewajibkan
Emiten untuk membayar pendapatan kepada pemegang Obligasi Syari'ah
berupa bagi hasil / margin / fee serta membayar kembali dana obligasi pada saat
jatuh tempo.
(Fatwa Dewan Syari'ah Nasional No: 32/DSN-MUI/IX/2002)

Obligasi Syari'ah dapat memberikan Bagi Hasil berdasarkan akad
Mudharabah/Muqaradhah/ Qiradh atau Musyarakah.

Obligasi Syari'ah dapat memberikan Margin/Fee berdasarkan akad Murabahah
atau Salam atau Istishna atau Ijarah
Obligasi Syariah (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)
Definisi Sukuk (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)
Jenis Sukuk menurut AAOIFI
Jenis-Jenis Sukuk
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.
$ (Full Payment)
Existing Owner
(asset/usefruct)
Title of asset / usefruct
Certificate
Holders
Tangible Asset/
Use fruct/Services
(existing or
future)
$ (Periodic Payment)
Lease
Real
Tenant/User
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
Participation 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.
3/6/1 Musyarakah certificates
These are certificates representing projects or
activities managed on 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
3/8
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
3/9
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.