Manajemen Investasi Islami
Pasar Modal syariah : Sukuk
P S T T I - U N I V E R S I TA S I N D O N E S I A
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.
Obligasi Syariah (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 bagi hasil/margin/fee serta
membayar kembali dana obligasi pada saat jatuh tempo.”
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)
Perbedaan Sukuk,
Obligasi Konvensional dan Saham (1)
Sukuk
Bonds
Shares
Nature
Not a debt but undevided
ownership of
assets/projects/services
Debt of issuer
Ownership share in a
corporation
Asset backed
A minimum 51% of tangible
assets for their contracts are
required to abck issuance of
sukuk al-ijarah
Generally not required
Not required
Claims
Ownership calims on the
specific underlying
assets/projects/service
Creditors claims on the
borrowing entity and in some
cases liens on assets
Ownership claims on the
company
Security
Secured by ownership rights in
the underlying asses or
projects in addition to any
additional collateral
enchancements structured
Generally unsecured
debentures
Unsecured
Perbedaan Sukuk,
Obligasi Konvensional dan Saham (2)
Sukuk
Bonds
Shares
Principal & Return
Not guaranteed by issuer
Guaranteed by issuer
Not guaranteed by
company
Purpose
Must be issued only for
Islamically permissible (halal)
purposes
Can be issued for any
purposes
Can be offered for any
purposes
Trading of Security
Sale of an ownership interest
in a specific
asset/project/service etc.
Sale of debt instrument
Sale of share in a company
Responsibility of
holders
Responsibility for defined
duties relating to the
underlying assets/projects/
transactions limited to the
extent of participationj in the
issue
Bondholders have no
responsibility for the
circumstances of the issuer
Responsibility for the
affairs of the company
limited to the extent of
holding in the company
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)
Akad Investasi Sukuk (AAOIFI)
Item
AAOIFI Sharia Standard No. 17
3/1
Certificates of ownership in leased assets
3/2
Certificates of ownership of usufructs
3/3
Salam Certificates
3 /4
Istishna Certificates
3/5
Murabaha Certificates
3/6
Musharaka Certificates
3/7
Muzara’a (sharecropping) Certificates
3/8
Musaqa (irrigation) Certificate
3/9
Mugharasa (agriculture) Certificates
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.
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
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..)
Jenis-Jenis Sukuk
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.
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
3/7
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
3/8
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.
Obligasi Syariah Mudharabah Indosat 2002
Pemodal
Issuer
Rp
ekspertise
Shahibul Maal
Mudharib
Kegiatan
Nisbah
Usaha
Nisbah
Rp
Rp
Pendapatan Yang dibagi Hasilkan
Rp
Modal
Pengembalian Dana
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:
Sumber: Prospektus
Revenue Sharing
Obligasi Syariah Mudharabah BLTA
Sumber: AAA Securities
Obligasi Syariah Mudharabah BLTA
Sumber: AAA Securities
Skedul Pembayaran Obligasi Syariah Mudharabah BLTA
Sumber: AAA Securities
Skema Obligasi Syariah Mudharabah
Indosat 2002 (Fatwa DSN No. 33)
Pemodal
Indosat
Rp
ekspertise
Shahibul Maal
Mudharib
Kegiatan
Nisbah
Usaha
Nisbah
Rp
Rp
Pendapatan Yang dibagi Hasilkan
Rp
Modal
Pengembalian Dana
Skema Obligasi Syariah Ijarah
(manfaat dijual kepada end-users)
Fatwa DSN No. 41
2
Akad Wakalah dan Kafalah
1
Akad Ijarah
Pemodal
Rp
Issuer
OSI
4
Hak atas
manfaat
Obyek
Ijarah
3
Menjual manfaat
Atas nama
Pemodal
End-User
Imbalan Ijarah (Ijarah Fee)
melalui Issuer
Skema Obligasi Syariah Ijarah
(Manfaat digunakan sendiri oleh Issuer)
Fatwa DSN No. 41
Akad Ijarah
Pemegang Sukuk
Ijarah / Pemodal
5) Menyewa Obyek Ijarah
Akad Wakalah
Perseroan sebagai
Wakil
1) Dana Sukuk
Perseroan
sebagai Penyewa
Emiten Sebagai
Wakil
6) Fee/Imbalan Ijarah
2) Sukuk Ijarah
3) Menyewa
Obyek Ijarah
4) Manfaat Obyek Ijarah
Akad Wakalah:
Pemegang Sukuk Ijarah
mewakilkan kepada Perseroan
untuk menyewa Obyek Ijarah atas
nama Pemegang Sukuk Ijarah
Objek Ijarah
(Jasa
Angkutan)
Akad Ijarah:
Perseroan menyewa manfaat
Obyek Ijarah dari Pemegang Sukuk
Ijarah untuk keperluan transportasi
Pemilik Obyek
Ijarah
Sovereign Sukuk (Bahrain)
BMA (for the
Kingdom of Bahrain)
7. At maturity BMA
will purchase the
assets
5. 10 semi-annual
For $100M
lease rentals
(variable rate)
3. Ijara wa iqtina lease for 5 years
6. Periodic distribution
and capital amount
sukuk
SPV
proceed
2. Payment of
$100 M
SPV is owned by a subsidiary
Of Liquidity Management
Centre, Bahrain
1.
4. SPV issued
Sukuk with par
of $100 M
Sold certain Government
Warehouse
Islamic Financier
BMA (for the
Kingdom of Bahrain)
Secondary Market
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
Qatar
$70 M
sukuk
SPV
proceed
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
Proses Penerbitan Sukuk
Proses Penerbitan Sukuk (2)
Proses Penerbitan Sukuk (3)
Perkembangan Pasar Sukuk Internasional
Source: Likuidity Market Center - Bahrain, diolah kembali
Perkembangan Pasar Sukuk Internasional
Source: Bapepam - LK, diolah kembali
Source: Addulkadeer Thomas, 2006
Beberapa contoh Sovereign Sukuk
Source: diolah dari beberapa sumber
Penerbit
Malaysia
Global Sukuk
Inc.
Qatar Global
Sukuk QSC
Dept of Civil
Aviation
Pakistan Intl
Sukuk Co. Ltd.
Stichting
Sachsen
Anhalt Trust
Sukuk
(Brunei) Inc.
Obligor
Pemerintah
Malaysia
Pemerintah
Qatar
Pemerintah
UAE
Pemerintah
Pakistan
Pemerintah
Sachsen
Anhalt
Germany
Pemerintah
Brunei
Struktur
Ijarah
Ijarah
Ijarah
Ijarah
Ijarah
Ijarah
Volume:
US$600 juta
US$700 juta
US$1 milyar
US$600 juta
US$ 100 juta
BN$500 juta
(max US$1
milyar)
Terbit /
Jatuh
Tempo:
2002/2007
2003/2010
2004/2009
2005/2010
2004/2009
2006/2007
(365 hari)
Kupon
6-mo Libor
+95bps
6-mo Libor
+40bps
6-mo Libor
+45bps
6-mo Libor
+220bps
6m Euribor
+1.00%
Zero Coupon/
-
Deskripsi
Sovereign
sukuk int’l
pertama di
dunia
Sovereign
Sukuk al-Ijara
pertama di
GCC dengan
format Reg-S
Int’l soverein
Sukuk
terbesar
Sukuk noninvestment
grade
pertama
Sovereign
sukuk pertama
di Eropa
Shorterm
sukuk
pertama
Sukuk Negara Indonesia (SBSN)
Surat Berharga Syariah Negara (Sukuk Negara)
Seri
Jenis
Akad
Nilai
(Rp miliar)
Imbal Hasil
(per tahun)
Tanggal
Terbit
Jatuh
Tempo
IFR-0001
Ijarah
2.714,7
11,80%
26 Agt 2008
15 Agt 2015
IFR-0002
Ijarah
1.985,0
11,95%
26 Agt 2008
15 Agt 2018
SR-001 (Ritel)
Ijarah
5.556,0
12,00%
26 Feb 2009
26 Feb 2012
Sukuk Global
SNI 14
Ijarah
6.500,0*
8,8%
23 Apr 2009
23 Apr 2014
IFR-0003
Ijarah
200 + 527
9,25%
29 Okt 2009
15 Sept 2015
IFR-0004
Ijarah
550
9%
12 Nov 2009
15 Okt 2013
TOTAL
18.032,70
•Nilai Sukuk Global US$650 juta (dengan kurs Rp10.000 maka Rp6,5 Triliun)
* Sampai Dec 2009
Source: Depkeu, diolah kembali
Perkembangan Penerbitan Sukuk Korporasi
Indonesia (1)
Source: KSEI, diolah kembali
Dec
Mudharabah : 10 *
Ijarah
: 29**
Jumlah
: 39
Total nilai emisi sebesar Rp 6,58 triliun
* 4 sukuk telah jatuh tempo
* 1 sukuk dilunasi lebih awal
** 6 sukuk telah jatuh tempo
Perkembangan Penerbitan Sukuk Korporasi
Indonesia (2)
Source: KSEI, diolah kembali
Dec
Perkembangan Penerbitan Sukuk Korporasi
Indonesia (3)
Dalam milyar rupiah
Dec
‫‪TERIMA KASIH‬‬
‫والسالم عليكم ورمحة هللا و بركا ته‬