Tinjauan Sukuk Korporasi di Indonesia dari Perspektif Penawaran, Permintaan dan Regulasi
- Divina Mahardika Dewi Universitas Padjadjaran, Indonesia
-
Lucky Nugroho
*
Universitas Mercu Buana,
Indonesia
- Citra Sukmadilaga Universitas Padjadjaran, Indonesia
- Tettet Fitijanti Universitas Padjadjaran, Indonesia (*) Corresponding Author
Keywords:
Corporate Sukuk; Investment; Strategy
Abstract
Sukuk is one of the most active money market investment instruments to date, which provides opportunities for Muslim and non-Muslim investors to invest. Similarly, corporate Sukuk has opportunities to continue to grow. This study proposes to determine the challenges and strategies in developing corporate Sukuk in Indonesia. The research focuses on three aspects, namely, aspects of supply, demand, and regulatory aspects. The benefits of this research can be a policy extension and a reference to encourage the growth of corporate Sukuk in the long period
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References
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Afshar, T. . (2013). Compare and Contrast Sukuk ( Islamic Bonds ) with Conventional Bonds , Are they Compatible ? Journal of Global Business Management, 9(1), 44–52.
Agustina Melani. (2018). Melihat Perkembangan Pasar Modal RI Selama 41 Tahun - Bisnis Liputan6.com. Retrieved September 3, 2019, from https://www.liputan6.com/bisnis/read/3615885/melihat-perkembangan-pasar-modal-ri-selama-41-tahun
Ahmed, E. R., Aminul Islam, M., & Tawfeeq Yousif Alabdullah, T. (2014). Islamic Sukuk: Pricing Mechanism and Rating. Journal of Asian Scientific Research, 4(11), 640–648.
Arafah, W., & Nugroho, L. (2016). Ethics Commitment in Microfinance and Shariah Microfinance Institution. International Journal of Research in Business Studies and Management (Vol. 3). Retrieved from https://www.researchgate.net/publication/306347206
Ayub, M. (2005). Securitization , Sukukk and Fund Management Potential to be Realized by Islamic Financial. Sixth International Conference on Islamic Economics, 1–26.
Dewi, N. (2014). Mengurai Masalah Pengembangan Sukuk Korporasi Indonesia Menggunakan Analytic Network Process. Tazkia Islamic Finance & Business Review, 6(2).
Fatah, D. (2011). Peluang Dan Tantangan Perkembangan Obligasi Syariah (Sukuk) Di Indonesia. Jurnal Innovatio, 2(1).
Hanefah, M. ., Noguchi, A., & Muda, M. (2013). Sukuk: Global issues and challenges. Journal of Legal, Ethical and Regulatory Issues, 16(1).
Harrison, J. M., & Kreps, D. M. (1978). Speculative Investor Behavior in a Stock Market with Heterogeneous Expectations. The Quarterly Journal of Economics, 92(2), 323–336.
Hosen, M., Azzi, A. K., Hoe, F. C., & Ndiaye, N. D. (2016). The pitfalls of the Malaysian Sukuk Industry: Issues and challenges in practice, (June), 1–35. https://doi.org/10.13140/RG.2.2.15203.35368
IIFM. (2018). Iifm Sukuk Report (April).
Jarkasih, Muhamad & Slamet, A. R. (2009). Perkembangan pasar sukuk: perbandingan indonesia, malaysia, dan dunia. Jurnal Bisnis Dan Ekonomi: Antisipasi, Universitas Sanata Dharma Yogyakarta, 1(2), 1–18.
Lerman, E. (1981). Mawdudi’s Concept of Islam. Middle Eastern Studies, 17(4), 492–509.
Masyita, D. (2015). Why Do People See a Financial System As a Whole Very Important? Journal of Islamic Monetary Economics and Finance, 1(1), 79–106. https://doi.org/10.21098/jimf.v1i1.484
Melzatia, S., Doktoralina, C. M., & Mahroji, M. (2018). Yield Sukuk: Maturity, Rating and Value of Emission. Research Journal of Finance and Accounting, 9(12), 106–112. https://doi.org/10.2139/ssrn.3414802
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Nugroho, L., Chandra Husnadi, T., Utami, W., & Hidayah, N. (2017). Maslahah and Strategy To Establish a Single State-Owned Islamic Bank in Indonesia. Tazkia Islamic Finance and Business Review, 10(1), 17–33.
Nugroho, L., & Husnadi, T. C. (2014). State-Owned Islamic Bank (BUMN) in Realizing The Benefit of Ummah (Maslahah) and Indonesia as Islamic Financial Center in The World. In Proceedings in 11th International Research Conference on Quality, Innovation and Knowledge Management. Bandung. (pp. 1–21).
Nugroho, L., Husnadi, T. C., Utami, W., & Hidayah, N. (2017). Maslahah and Strategy to Establish A Single State-Owned Islamic Bank in Indonesia. Tazkia Islamic Finance and Business Review, 10(1), 17–33. Retrieved from http://www.tifbr-tazkia.org/index.php/TIFBR/article/view/97/106
Nugroho, L., Utami, W., Sukmadilaga, C., & Fitrijanti, T. (2017). The Urgency of Allignment Islamic Bank to Increasing the Outreach. International Journal of Economics and Financial Issues, 7(4), 283–291. Retrieved from https://www.econjournals.com/index.php/ijefi/article/view/4493/pdf
Otoritas Jasa Keuangan (OJK), D. P. M. . (2016). Road Map Pasar Modal Syariah 2015 - 2019.
Paldi, C. (2014). Understanding Riba and Gharar in Islamic Finance. Journal of Islamic Banking and Finance, 2(1), 249–259.
Purwaningsih, S. (2013). Faktor Yang Mempengaruhi Rating Sukuk Yang Ditinjau Dari Faktor Akuntansi Dan Non-Akuntansi. Accounting Analysis Journal, 2(3), 360–368. https://doi.org/10.15294/aaj.v2i3.2856
Rofi’ah, N. (2017). Analisis Deskriptif Perkembangan Perbankan Syariah Di Inggris (2004-2016). The Journal of Tauhidinomics, 1(2), 105–123.
S.R., V., & Azmi, S. (2009). An Overview of Islamic Sukuk Bonds. The Journal of Structured Finance, 14(4), 58–67. Retrieved from https://s3.amazonaws.com/academia.edu.documents/33052676/sukuk_and_bond_etude_de_cas_qatar.pdf?AWSAccessKeyId=AKIAIWOWYYGZ2Y53UL3A&Expires=1559628862&Signature=UEk4ScI6dNQxnvzlYSJr%2FXG2KnM%3D&response-content-disposition=inline%3B filename%3DAn_Overview_
Saad, Noriza Binti Mohd; Mamat, Mohd Noor Bin;& Mohammad, N. E. A. B. (2014). “Do sukuk issuance’s characteristicshave a relation to yields and weighted average cost of capital in Malaysian capital market?” Australian Journal of Basic and Applied Sciences, 8(12), 47–55.
Saeed, A., & Salah, O. (2014). Development of Sukuk: Pragmatic and Idealist Approaches to Sukuk Structures. Journal of International Banking Law and Regulation, (1), 41–52.
Safari, M. (2013). Contractual Structures and Payoff Patterns of Sukūk Securities. International Journal of Banking and Finance (IJBF), 10(2), 67–93.
Shakespeare, R., & Harahap, S. (2009). The comparative role of banking in binary and Islamic economy. Humanomics, 25(2), 142–162. https://doi.org/10.1108/08288660910964201
Suci, A., & Hardi, H. (2019). Literacy experiment of Islamic financing to non-Muslim small and micro business. Journal of Islamic Marketing, (June). https://doi.org/10.1108/JIMA-01-2019-0003
Tirole, J. (2019). On the Possibility of Speculation under Rational Expectations. Econometrica, 50(5), 1163–1181.
Utami, W., Nugroho, L., & Farida. (2017). Fundamental Versus Technical Analysis of Investment: Case Study of Investors Decision in Indonesia Stock Exchange. The Journal of Internet Banking and Commerce, 22(8), 1–18. Retrieved from http://www.icommercecentral.com/open-access/fundamental-versus-technical-analysis-of-investment-case-study-of-investors-decision-in-indonesia-stock-exchange.php?aid=86055
Vania, A. S., Nugraha, E., & Nugroho, L. (2018). Potential Big Bath Accounting Practice in CEO Changes ( Study on Manufacturing Companies Listed in Indonesia Stock. International Journal of Commerce and Finance, 4(2), 47–59. https://doi.org/10.22158/ijafs.v1n2p202
Widarjo, W. (2011). Pengaruh Modal Intelektual Dan Pengungkapan Modal Intelektual Pada Nilai Perusahaan Yang Melakukan Initial Public Offering. Jurnal Akuntansi Dan Keuangan Indonesia, 8(2), 157–170. https://doi.org/10.21002/jaki.2011.10
Zulkhibri, M. (2015). A synthesis of theoretical and empirical research on sukuk. Borsa Istanbul Review, 15(4), 237–248. https://doi.org/10.1016/j.bir.2015.10.001
Afshar, T. . (2013). Compare and Contrast Sukuk ( Islamic Bonds ) with Conventional Bonds , Are they Compatible ? Journal of Global Business Management, 9(1), 44–52.
Agustina Melani. (2018). Melihat Perkembangan Pasar Modal RI Selama 41 Tahun - Bisnis Liputan6.com. Retrieved September 3, 2019, from https://www.liputan6.com/bisnis/read/3615885/melihat-perkembangan-pasar-modal-ri-selama-41-tahun
Ahmed, E. R., Aminul Islam, M., & Tawfeeq Yousif Alabdullah, T. (2014). Islamic Sukuk: Pricing Mechanism and Rating. Journal of Asian Scientific Research, 4(11), 640–648.
Arafah, W., & Nugroho, L. (2016). Ethics Commitment in Microfinance and Shariah Microfinance Institution. International Journal of Research in Business Studies and Management (Vol. 3). Retrieved from https://www.researchgate.net/publication/306347206
Ayub, M. (2005). Securitization , Sukukk and Fund Management Potential to be Realized by Islamic Financial. Sixth International Conference on Islamic Economics, 1–26.
Dewi, N. (2014). Mengurai Masalah Pengembangan Sukuk Korporasi Indonesia Menggunakan Analytic Network Process. Tazkia Islamic Finance & Business Review, 6(2).
Fatah, D. (2011). Peluang Dan Tantangan Perkembangan Obligasi Syariah (Sukuk) Di Indonesia. Jurnal Innovatio, 2(1).
Hanefah, M. ., Noguchi, A., & Muda, M. (2013). Sukuk: Global issues and challenges. Journal of Legal, Ethical and Regulatory Issues, 16(1).
Harrison, J. M., & Kreps, D. M. (1978). Speculative Investor Behavior in a Stock Market with Heterogeneous Expectations. The Quarterly Journal of Economics, 92(2), 323–336.
Hosen, M., Azzi, A. K., Hoe, F. C., & Ndiaye, N. D. (2016). The pitfalls of the Malaysian Sukuk Industry: Issues and challenges in practice, (June), 1–35. https://doi.org/10.13140/RG.2.2.15203.35368
IIFM. (2018). Iifm Sukuk Report (April).
Jarkasih, Muhamad & Slamet, A. R. (2009). Perkembangan pasar sukuk: perbandingan indonesia, malaysia, dan dunia. Jurnal Bisnis Dan Ekonomi: Antisipasi, Universitas Sanata Dharma Yogyakarta, 1(2), 1–18.
Lerman, E. (1981). Mawdudi’s Concept of Islam. Middle Eastern Studies, 17(4), 492–509.
Masyita, D. (2015). Why Do People See a Financial System As a Whole Very Important? Journal of Islamic Monetary Economics and Finance, 1(1), 79–106. https://doi.org/10.21098/jimf.v1i1.484
Melzatia, S., Doktoralina, C. M., & Mahroji, M. (2018). Yield Sukuk: Maturity, Rating and Value of Emission. Research Journal of Finance and Accounting, 9(12), 106–112. https://doi.org/10.2139/ssrn.3414802
Novita Sari Simamora. (2017). Pasar Sekunder Sukuk Kian Aktif - Market Bisnis.com. Retrieved September 3, 2019, from https://market.bisnis.com/read/20170312/92/636306/pasar-sekunder-sukuk-kian-aktif
Nugroho, L., Chandra Husnadi, T., Utami, W., & Hidayah, N. (2017). Maslahah and Strategy To Establish a Single State-Owned Islamic Bank in Indonesia. Tazkia Islamic Finance and Business Review, 10(1), 17–33.
Nugroho, L., & Husnadi, T. C. (2014). State-Owned Islamic Bank (BUMN) in Realizing The Benefit of Ummah (Maslahah) and Indonesia as Islamic Financial Center in The World. In Proceedings in 11th International Research Conference on Quality, Innovation and Knowledge Management. Bandung. (pp. 1–21).
Nugroho, L., Husnadi, T. C., Utami, W., & Hidayah, N. (2017). Maslahah and Strategy to Establish A Single State-Owned Islamic Bank in Indonesia. Tazkia Islamic Finance and Business Review, 10(1), 17–33. Retrieved from http://www.tifbr-tazkia.org/index.php/TIFBR/article/view/97/106
Nugroho, L., Utami, W., Sukmadilaga, C., & Fitrijanti, T. (2017). The Urgency of Allignment Islamic Bank to Increasing the Outreach. International Journal of Economics and Financial Issues, 7(4), 283–291. Retrieved from https://www.econjournals.com/index.php/ijefi/article/view/4493/pdf
Otoritas Jasa Keuangan (OJK), D. P. M. . (2016). Road Map Pasar Modal Syariah 2015 - 2019.
Paldi, C. (2014). Understanding Riba and Gharar in Islamic Finance. Journal of Islamic Banking and Finance, 2(1), 249–259.
Purwaningsih, S. (2013). Faktor Yang Mempengaruhi Rating Sukuk Yang Ditinjau Dari Faktor Akuntansi Dan Non-Akuntansi. Accounting Analysis Journal, 2(3), 360–368. https://doi.org/10.15294/aaj.v2i3.2856
Rofi’ah, N. (2017). Analisis Deskriptif Perkembangan Perbankan Syariah Di Inggris (2004-2016). The Journal of Tauhidinomics, 1(2), 105–123.
S.R., V., & Azmi, S. (2009). An Overview of Islamic Sukuk Bonds. The Journal of Structured Finance, 14(4), 58–67. Retrieved from https://s3.amazonaws.com/academia.edu.documents/33052676/sukuk_and_bond_etude_de_cas_qatar.pdf?AWSAccessKeyId=AKIAIWOWYYGZ2Y53UL3A&Expires=1559628862&Signature=UEk4ScI6dNQxnvzlYSJr%2FXG2KnM%3D&response-content-disposition=inline%3B filename%3DAn_Overview_
Saad, Noriza Binti Mohd; Mamat, Mohd Noor Bin;& Mohammad, N. E. A. B. (2014). “Do sukuk issuance’s characteristicshave a relation to yields and weighted average cost of capital in Malaysian capital market?” Australian Journal of Basic and Applied Sciences, 8(12), 47–55.
Saeed, A., & Salah, O. (2014). Development of Sukuk: Pragmatic and Idealist Approaches to Sukuk Structures. Journal of International Banking Law and Regulation, (1), 41–52.
Safari, M. (2013). Contractual Structures and Payoff Patterns of Sukūk Securities. International Journal of Banking and Finance (IJBF), 10(2), 67–93.
Shakespeare, R., & Harahap, S. (2009). The comparative role of banking in binary and Islamic economy. Humanomics, 25(2), 142–162. https://doi.org/10.1108/08288660910964201
Suci, A., & Hardi, H. (2019). Literacy experiment of Islamic financing to non-Muslim small and micro business. Journal of Islamic Marketing, (June). https://doi.org/10.1108/JIMA-01-2019-0003
Tirole, J. (2019). On the Possibility of Speculation under Rational Expectations. Econometrica, 50(5), 1163–1181.
Utami, W., Nugroho, L., & Farida. (2017). Fundamental Versus Technical Analysis of Investment: Case Study of Investors Decision in Indonesia Stock Exchange. The Journal of Internet Banking and Commerce, 22(8), 1–18. Retrieved from http://www.icommercecentral.com/open-access/fundamental-versus-technical-analysis-of-investment-case-study-of-investors-decision-in-indonesia-stock-exchange.php?aid=86055
Vania, A. S., Nugraha, E., & Nugroho, L. (2018). Potential Big Bath Accounting Practice in CEO Changes ( Study on Manufacturing Companies Listed in Indonesia Stock. International Journal of Commerce and Finance, 4(2), 47–59. https://doi.org/10.22158/ijafs.v1n2p202
Widarjo, W. (2011). Pengaruh Modal Intelektual Dan Pengungkapan Modal Intelektual Pada Nilai Perusahaan Yang Melakukan Initial Public Offering. Jurnal Akuntansi Dan Keuangan Indonesia, 8(2), 157–170. https://doi.org/10.21002/jaki.2011.10
Zulkhibri, M. (2015). A synthesis of theoretical and empirical research on sukuk. Borsa Istanbul Review, 15(4), 237–248. https://doi.org/10.1016/j.bir.2015.10.001
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Article History
Submitted: 2019-12-24
Published: 2020-01-27
Abstract View: 1358 times
PDF Download: 1320
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Issue
Vol 1 No 1 (2020): Februari 2020
Pages: 11-16
Pages: 11-16
Section
Articles
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