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Abstract
Sukuk has been developed rapidly both in quality and quantity, this can be proved by the rapid development in the international financial landscape and is also regarded as the most successful financial products among Islamic financial institutions in the realm of the world. As one of the long-term financing instruments, sukuk has become an alternative funding to be obtained for the investment and projects for governments and companies. In Indonesia, the SBSN development has an outstanding value of Rp 298 trillion, or equal with 13% from the total debt securities issued by the government in September 2015 which showed the value of Rp 2.306 trillion. Sukuk is essentially certificate of ownership of an asset (real project) that can be used on a large scale to defray the construction of sukuk which are not included into buying and selling securities in secondary market, but a financing. Sukuk has assurance in the form of main asset (collateral assets) and serves as the basis for the issuance of sukuk to avoid riba by the prerequis its elements that be traded. The purpose of this article is to present a solution in optimizing the asset-based sukuk that are asset of utilization waqf endowments given in Indonesia which is not yet optimal. The method used is the study of literature. The conceptis generated in the form of waqf asset utilization as underlying assets for sukuk. Where the sukuk was issued through a Special Purpose Vehicle (SPV) as the representative body nadzirin this Indonesian Waqf Board (IWB) to be leased to investors. Sukuk is expected to support the optimization of endowment assets to be more productive as well as a challenge to change consumption patterns and preferences with their moral filter in the form of awareness of social solidarity. As a result, the concept of Pareto optimum which does not recognize the existence of a solution that does not require the sacrifice of the minority (wealthy) in order to improve the welfare of the majority (poor) do not apply anymore.
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Copyright (c) 2016 Ima Maspupah, Shofia Mauizotun Hasanah
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References
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- Al-Masri, R. Y. (2006). Renting an item to who sold it: Is it different from bay’ al-wafa’ contract? Journal of King Abdulaziz University, Islamic Economics, 19(2), 39–42. Retrieved from http://iei.kau.edu.sa/Files/121/Files/153883_IEI-VOL-19-2-07E-AlMasri.pdf
- Ambrose, A. H. A. A., Aslam, M., & Hanafi, H. (2015). The possible role of waqf in ensuring a sustainable Malaysian federal government debt. Procedia Economics and Finance, 31, 333–345. https://doi.org/10.1016/S2212-5671(15)01205-8
- Anderson, J. N. D. (1951). The religious element in Waqf endowments. Journal of The Royal Central Asian Society, 38(4), 292–299. https://doi.org/10.1080/03068375108731420
- Anwar, T. (2015). Islamic gift economy vis-Ã -vis waqf (endowment) as vehicles for social entrepreneurship. International Journal of Pluralism and Economics Education, 6(4), 386. https://doi.org/10.1504/IJPEE.2015.075864
- Ayyub, M. (2007). Understanding Islamic finance. New Jersey, US: John Wiley & Sons, Ltd.
- Azmat, S., Skully, M., & Brown, K. (2014). The Shariah compliance challenge in Islamic bond markets. Pacific-Basin Finance Journal, 28, 47–57. https://doi.org/10.1016/j.pacfin.2013.11.003
- Bayinah, A. N. (2012). Exploring and empowering waqf invesment toward an acceleration of economic development in Indonesia. In Conference Proceedings: Annual International Conference on Islamic Studies (AICIS) XII (pp. 2681–2707). Surabaya, Indonesia: UIN Sunan Ampel Surabaya. Retrieved from http://digilib.uinsby.ac.id/7531/
- Dusuki, A. W. (2010). Do equity-based Sukuk structures in Islamic capital markets manifest the objectives of Shariah?? Journal of Financial Services Marketing, 15(3), 203–214. https://doi.org/10.1057/fsm.2010.17
- Fahruroji, & Arifin, J. (2015). Pengembangan harta wakaf di Singapura. Equilibrium, 3(1), 104–125. https://doi.org/10.21043/equilibrium.v3i1.1274
- Haji Mohammad, M. T. S. (2011). Towards an Islamic aocial (waqf) bank. International Journal of Trade, Economics and Finance, 2(5), 381–386. https://doi.org/10.7763/IJTEF.2011.V2.135
- Haji Mohammad, M. T. S. (2015). Theoretical and trustees’ perspectives on the establishment of an Islamic social (Waqf) bank. Humanomics, 31(1), 37–73. https://doi.org/10.1108/H-05-2013-0032
- Huda, M. (2012). Arah pembaruan hukum wakaf Indonesia. Ulumuna, 16(1), 125–142. Retrieved from http://ulumuna.or.id/index.php/ujis/article/view/107
- Huda, N., & Nasution, M. E. (2007). Investasi pada pasar modal syariah. Jakarta, Indonesia: Kencana Prenada Media Group.
- Jusmaliani (Ed.). (2008). Investasi syariah impementasi konsep pada kenyataan empirik. Yogyakarta, Indonesia: Kreasi Wacana.
- Kholid, M., Sukmana, R., & Hassan, K. A. K. (2009). Waqf through sukuk al-intifa’a: A proposed generic model. Gombak, Malaysia. Retrieved from https://islamicbanker.com/publications/waqf-through-sukuk-al-intifa
- Masyarakat Ekonomi Syariah (MES). (2015). Sharia economic outlook 2016. Jakarta, Indonesia: Masyarakat Ekonomi Syariah.
- Mohamad Suhaimi, F., Ab Rahman, A., & Marican, S. (2014). The role of share waqf in the socio-economic development of the Muslim community. Humanomics, 30(3), 227–254. https://doi.org/10.1108/H-12-2012-0025
- Nazar, J. K. (2011). Meningkatkan kesesuaian syariah sukuk. Iqtishodia: Jurnal Ekonomi Islam Republika, 25. Retrieved from http://ftp.unpad.ac.id/koran/republika/2011-01-27/republika_2011-01-27_025.pdf
- Omar, H. H., & Ab Rahman, A. (2013). Aplikasi sukuk dalam melestarikan aset wakaf: Pengalaman pemegang amanah wakaf terpilih. Jurnal Syariah, 21(2), 89–116. Retrieved from http://www.myjurnal.my/filebank/published_article/25925/01.pdf
- Osman, Z. (2012). Pengurusan wakaf: Pengalaman Singapura. In Seminar wakaf serantau tentang instrumen wakaf: Menjana pembangunan ekonomi dan tamadun ummah. Kuala Lumpur, Malaysia.
- Qahaf, M. (2004). Manajemen wakaf produktif. Jakarta, Indonesia: Khalifa.
- Rozalinda. (2015). Manajemen wakaf produktif. Jakarta, Indonesia: Raja Grafindo Persada.
- Saputra, B. (2007). Pasar modal syariah Indonesia: Alternatif instrumen investasi. Makassar: ADEI.
- Saripudin, K. N., Mohamad, S., Mohd Razif, N. F., Abdullah, L. H., & Rahman, N. N. A. (2012). Case study on Sukuk musharakah issued in Malaysia. Middle East Journal of Scientific Research, 12(2), 168–175. https://doi.org/10.5829/idosi.mejsr.2012.12.2.1681
- Securities Commission Malaysia. (2009). Ijarah mawsufah fi zimmah (Forward lease). Malaysian ICM: Quarterly Bulletin of Malaysian Islamic Capital Market, 4(4), 2–7. Retrieved from https://www.sc.com.my/wp-content/uploads/eng/html/icm/0912_msianicm.pdf
- Stibbard, P., Russell, D., & Bromley, B. (2012). Understanding the waqf in the world of the trust. Trusts & Trustees, 18(8), 785–810. https://doi.org/10.1093/tandt/tts087
- Wadjdy, F., & Mursyid. (2007). Wakaf & kesejahteraan umat: Filantropi Islam yang hampir terlupakan. Yogyakarta, Indonesia: Pustaka Pelajar.
- Wahid, N. A. (2010). Sukuk: Memahami dan membedah obligasi pada perbankan syariah. Yogyakarta, Indonesia: Ar-Ruzz Media.
- Yasir. (2009). Analisis tentang pembaharuan hukum perwakafan. Jurnal Aplikasi Manajemen, 7(1), 80–85. Retrieved from http://jurnaljam.ub.ac.id/index.php/jam/article/view/137
- 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
References
Abozaid, A., & Al-Jarhi, M. (2010). Reasons for failure of some sukuk issuances. In Islamic sukuk: Examination & revaluation. Jeddah, Saudi Arabia: International Fiqh Academy, IRTI & Islamic Economics Research Center.
Al-Masri, R. Y. (2006). Renting an item to who sold it: Is it different from bay’ al-wafa’ contract? Journal of King Abdulaziz University, Islamic Economics, 19(2), 39–42. Retrieved from http://iei.kau.edu.sa/Files/121/Files/153883_IEI-VOL-19-2-07E-AlMasri.pdf
Ambrose, A. H. A. A., Aslam, M., & Hanafi, H. (2015). The possible role of waqf in ensuring a sustainable Malaysian federal government debt. Procedia Economics and Finance, 31, 333–345. https://doi.org/10.1016/S2212-5671(15)01205-8
Anderson, J. N. D. (1951). The religious element in Waqf endowments. Journal of The Royal Central Asian Society, 38(4), 292–299. https://doi.org/10.1080/03068375108731420
Anwar, T. (2015). Islamic gift economy vis-Ã -vis waqf (endowment) as vehicles for social entrepreneurship. International Journal of Pluralism and Economics Education, 6(4), 386. https://doi.org/10.1504/IJPEE.2015.075864
Ayyub, M. (2007). Understanding Islamic finance. New Jersey, US: John Wiley & Sons, Ltd.
Azmat, S., Skully, M., & Brown, K. (2014). The Shariah compliance challenge in Islamic bond markets. Pacific-Basin Finance Journal, 28, 47–57. https://doi.org/10.1016/j.pacfin.2013.11.003
Bayinah, A. N. (2012). Exploring and empowering waqf invesment toward an acceleration of economic development in Indonesia. In Conference Proceedings: Annual International Conference on Islamic Studies (AICIS) XII (pp. 2681–2707). Surabaya, Indonesia: UIN Sunan Ampel Surabaya. Retrieved from http://digilib.uinsby.ac.id/7531/
Dusuki, A. W. (2010). Do equity-based Sukuk structures in Islamic capital markets manifest the objectives of Shariah?? Journal of Financial Services Marketing, 15(3), 203–214. https://doi.org/10.1057/fsm.2010.17
Fahruroji, & Arifin, J. (2015). Pengembangan harta wakaf di Singapura. Equilibrium, 3(1), 104–125. https://doi.org/10.21043/equilibrium.v3i1.1274
Haji Mohammad, M. T. S. (2011). Towards an Islamic aocial (waqf) bank. International Journal of Trade, Economics and Finance, 2(5), 381–386. https://doi.org/10.7763/IJTEF.2011.V2.135
Haji Mohammad, M. T. S. (2015). Theoretical and trustees’ perspectives on the establishment of an Islamic social (Waqf) bank. Humanomics, 31(1), 37–73. https://doi.org/10.1108/H-05-2013-0032
Huda, M. (2012). Arah pembaruan hukum wakaf Indonesia. Ulumuna, 16(1), 125–142. Retrieved from http://ulumuna.or.id/index.php/ujis/article/view/107
Huda, N., & Nasution, M. E. (2007). Investasi pada pasar modal syariah. Jakarta, Indonesia: Kencana Prenada Media Group.
Jusmaliani (Ed.). (2008). Investasi syariah impementasi konsep pada kenyataan empirik. Yogyakarta, Indonesia: Kreasi Wacana.
Kholid, M., Sukmana, R., & Hassan, K. A. K. (2009). Waqf through sukuk al-intifa’a: A proposed generic model. Gombak, Malaysia. Retrieved from https://islamicbanker.com/publications/waqf-through-sukuk-al-intifa
Masyarakat Ekonomi Syariah (MES). (2015). Sharia economic outlook 2016. Jakarta, Indonesia: Masyarakat Ekonomi Syariah.
Mohamad Suhaimi, F., Ab Rahman, A., & Marican, S. (2014). The role of share waqf in the socio-economic development of the Muslim community. Humanomics, 30(3), 227–254. https://doi.org/10.1108/H-12-2012-0025
Nazar, J. K. (2011). Meningkatkan kesesuaian syariah sukuk. Iqtishodia: Jurnal Ekonomi Islam Republika, 25. Retrieved from http://ftp.unpad.ac.id/koran/republika/2011-01-27/republika_2011-01-27_025.pdf
Omar, H. H., & Ab Rahman, A. (2013). Aplikasi sukuk dalam melestarikan aset wakaf: Pengalaman pemegang amanah wakaf terpilih. Jurnal Syariah, 21(2), 89–116. Retrieved from http://www.myjurnal.my/filebank/published_article/25925/01.pdf
Osman, Z. (2012). Pengurusan wakaf: Pengalaman Singapura. In Seminar wakaf serantau tentang instrumen wakaf: Menjana pembangunan ekonomi dan tamadun ummah. Kuala Lumpur, Malaysia.
Qahaf, M. (2004). Manajemen wakaf produktif. Jakarta, Indonesia: Khalifa.
Rozalinda. (2015). Manajemen wakaf produktif. Jakarta, Indonesia: Raja Grafindo Persada.
Saputra, B. (2007). Pasar modal syariah Indonesia: Alternatif instrumen investasi. Makassar: ADEI.
Saripudin, K. N., Mohamad, S., Mohd Razif, N. F., Abdullah, L. H., & Rahman, N. N. A. (2012). Case study on Sukuk musharakah issued in Malaysia. Middle East Journal of Scientific Research, 12(2), 168–175. https://doi.org/10.5829/idosi.mejsr.2012.12.2.1681
Securities Commission Malaysia. (2009). Ijarah mawsufah fi zimmah (Forward lease). Malaysian ICM: Quarterly Bulletin of Malaysian Islamic Capital Market, 4(4), 2–7. Retrieved from https://www.sc.com.my/wp-content/uploads/eng/html/icm/0912_msianicm.pdf
Stibbard, P., Russell, D., & Bromley, B. (2012). Understanding the waqf in the world of the trust. Trusts & Trustees, 18(8), 785–810. https://doi.org/10.1093/tandt/tts087
Wadjdy, F., & Mursyid. (2007). Wakaf & kesejahteraan umat: Filantropi Islam yang hampir terlupakan. Yogyakarta, Indonesia: Pustaka Pelajar.
Wahid, N. A. (2010). Sukuk: Memahami dan membedah obligasi pada perbankan syariah. Yogyakarta, Indonesia: Ar-Ruzz Media.
Yasir. (2009). Analisis tentang pembaharuan hukum perwakafan. Jurnal Aplikasi Manajemen, 7(1), 80–85. Retrieved from http://jurnaljam.ub.ac.id/index.php/jam/article/view/137
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