Kamis, 21 Februari 2013

Regulatory Review of Islamic Finance in Malaysia

Regulatory Review of Islamic Finance in Malaysia
By PricewaterhouseCoopers
Islamic finance in Malaysia had its beginnings with the establishment of a pilgrimage fund in 1963. The fund was used as a savings mechanism for Malaysian Muslims to set aside money for the cost of performing pilgrimage. Since then, the Malaysian government has undertaken various initiatives to create a vibrant and comprehensive Islamic banking and finance system, as reflected by a recent report by Bank Negara Malaysia (BNM), which stated, inter alia, that:
i) Assets of the Islamic banking system (including Islamic banking windows operated by conventional banks) have been increasing at an average annual rate of 18.9% since 2000. By end-2006, Malaysia’s Islamic banking and finance assets accounted for 12% of the total assets in the industry. This represents 6.4% of total assets in the financial system.
ii) The Takaful assets and combined Takaful contributions accounted for 6.1% of total assets and 6.5% of total premiums of the Takaful industry. iii) Malaysia’s Sukuk represent 67% of total global Sukuk outstanding as at the 23rd January 2007.

The Islamic finance system carries its own unique risks as compared to the conventional system. These include the need to be Shariah compliant, the prohibition on interest and the different risk sharing features. The conventional regulations were not formed with those needs in mind, thus applying them to the Islamic financial system would be inappropriate.

Malaysian regulatory bodies such as BNM, Securities Commission (SC), Labuan Offshore Financial Services Authority (LOFSA) and Bursa Malaysia continue to play their roles solely or jointly in adopting the conventional framework with suitable and robust guidelines and rules to tackle the peculiarity of Islamic transactions, thus strengthening the industry and promoting further growth on the global front.

Islamic Finance Developments
There have been several regulatory developments in Malaysia, particularly on the Islamic finance front. These include the introduction of a new Islamic monetary instrument by BNM, namely the Commodity Murabahah Program (CMP).

CMP is a cash deposit product based on the globally accepted Islamic concept of underlying commodity transactions to facilitate liquidity management and investments. The commodity-based transaction utilizes crude palm oil-based contracts as the underlying asset. The instrument is part of the diverse range of policy instruments in managing the short-term liquidity in the Malaysian Islamic interbank money market.

The introduction of CMP addresses the issue of managing the liquidity risk of an Islamic bank due to the limited Shariah compliant money market instruments and the issues of lender of last resort. In addition, it will contribute to realizing the vision of turning Malaysia into an International Islamic Financial Center (MIFC).

To date, BNM has executed CMP master agreements with the eight Islamic banking institutions, including three foreign owned banking institutions, in the country in its efforts to promote the use of the instrument for liquidity management. Several CMP transactions have now been conducted between the central bank and the respective Islamic banks.

Malaysia has also introduced the first global Islamic Derivative Master Agreement (IDMA), which documents Islamic derivative transactions in steps to develop Islamic hedging products that are used to mitigate investment risks. The agreement, which spells out the rights and obligations of contracting parties, is expected to enhance risk management practices, balance sheet management, increase fund mobilization efficiency and enhance investment banking capability.

IDMA is considered an important catalyst for future linkages between financial markets that offer Islamic financial market instruments as it incorporates several of the market conduct’s best practices. BNM also intends to diversify the issuance concept of Islamic monetary notes from current Bai Inah and Ijarah into Murabahah.

In the Islamic bond market segment, BNM and SC continue to play a major part in developing MIFC. They have issued the Joint Information Note, which is targeted at qualified bonds and Sukuk issuers. The purpose of the note is to set out the facilitative requirements applicable to foreign currency-denominated bonds and Sukuk issued in a transparent manner and shall be read together with the SC’s Practice Note 1A issued on the 27th March 2007.

Risk Management

In the area of risk management of banking operations, BNM has issued two frameworks: the Revised Weighted Capital Adequacy Framework that is applicable to all banking institutions (including their Islamic banking windows), and the Capital Adequacy Framework for Islamic banks. Both, which will take effect from the 1st January 2008, are consistent with the Basel II document issued by the Basel Committee of Banking Supervision (BCBS) and the Capital Adequacy Standards (CAS) issued by the Islamic Financial Services Board (IFSB).

The issuance is to ensure that the prevailing regulatory framework effectively considers the more complex risk profiles of the financial institutions arising from the offering of more sophisticated products and services. Implementation and compliance with the frameworks will place Malaysian conventional banks, Islamic windows and Islamic banks on a level playing field with global foreign banks.

Islamic banks face challenges to expand internationally while adhering to Shariah. This has altered the governance structure of Islamic banks and set them apart from conventional banks. As a result, BNM has outlined guidelines on corporate governance requirements in the revised BNM/GP1-i for Islamic banks under its purview. Compliance will certify that Islamic banks are managed safely and soundly in the normal course of banking operations where risk taking and business decisions are balanced. Effective corporate governance practices are equally viewed as key elements in the working market discipline and transparency.

Islamic Capital Market

The Islamic capital market in Malaysia has emerged as a significant area of growth. It has a full range of products, infrastructure, institutions, intermediaries and investors that contribute to the development of the Islamic capital market.

In June 2007, SC issued guidelines giving Malaysians direct access to Dubai Islamic Financial Center (DIFC) Islamic funds. This means the said funds can be distributed directly into Malaysia, thereby enabling investors to access a variety of funds available in this recognized jurisdiction. DIFC is the first recognized jurisdiction on the list to be involved in this arrangement. SC plans to expand the said list with the signing of future mutual recognition arrangements. This positive move eases local investors’ exposure to foreign funds as previously they would have had to invest in a feeder fund in Malaysia.

Earlier in 2007, Bursa Malaysia, in collaboration with the global index provider, FTSE Group launched the FTSE Bursa Malaysia EMAS Shariah index. The index is designed to provide investors with a broad benchmark for Shariah compliant investments for the Malaysian market.

The FTSE Bursa Malaysia EMAS Shariah index will act as a singular benchmark for Malaysian Shariah compliant investments when the existing Shariah index (KLSI) deactivates on the 1st November 2007.

Tax Incentives

On the back of the government’s initiatives to spur the growth of Islamic finance in Malaysia, tax neutrality and incentives have been provided over the years.

Firstly, Islamic finance transactions were provided with tax neutrality, which meant that Islamic finance would be tax neutral when compared with conventional financing products. Such initiatives included legislation to provide tax deductibility to profits on Islamic financial products similar to interest in conventional products. In addition, various tax exemptions and withholding tax exemptions available to conventional products would also apply to Islamic financial products.

Further tax incentives were then provided to enhance the treatment of Islamic financial products. These included the ability for the issuance costs of Islamic Sukuk to be tax deductible to the issuer of the bonds. This popular tax incentive has encouraged more issuers to choose Islamic financial products such that it has been extended for another three years till 2010.

The Budget 2008 announcements on the 7th September 2007 provided enhanced tax incentives to the fund management industry. Fund managers who base their operations in Malaysia will be exempted from tax until 2016 if the funds are managed based on Shariah. This incentive is available for services provided by fund managers to Malaysian residents as well as foreigners.

Such generous tax incentives have generated substantial interest from financial players to use Malaysia as their Islamic financial hub and platform in this region.


Islamic finance has seen significant growth in the last decade and will continue to do so. With it, there will be challenges that will push the boundaries of product innovation and development. This in turn will create the need for the regulators and marketplace to be diligent and yet not stifle the growth of Islamic finance.

Potensi Ekonomi Syariah dan Sukuk, Prospek dan Tantangan

Potensi Ekonomi Syariah dan Sukuk:
Prospek dan Tantangan

Pertanyaan yang diajukan oleh Penyelenggara seminar pada dasarnya adalah menggarisbawahi fakta bahwa, “kinerja pasar modal Indonesia yang mengkilap sepanjang tahun 2007 ternyata tidak diimbangi dengan kinerja pada sektor riil atau sektor yang menyerap tenaga kerja”. Dengan contoh Bursa Efek China yang mempunyai kinerja mengkilap dan juga dapat meningkatkan kinerja sektor riil, mengapa Bursa Efek Indonesia tidak bisa berbuat yang sama?

Saat ini, kondisi ekonomi Indonesia dapat dikatakan stabil. Pertumbuhan PDB (Produk Domestik Bruto) Indonesia naik 6.0% pada triwulan I 2007 dibandingkan periode yang sama 2006. Sedangkan pertumbuhan ekonomi Indonesia tahun 2006 sebesar 5,48%, dibandingkan tahun 2005 sebesar 5,68%. Dilain sisi inflasi turun dari 10,7% di tahun 2005 menjadi 6,5% di tahun 2007.

Dalam bidang perbankan, ternyata juga ada kemajuan yang cukup signifikan, yaitu jumlah penghimpunan dana pada bank umum terus meningkat, dari Rp. 1.096,9 triliun pada Desember 2006 menjadi Rp 1.289,6 triliun pada Desember 2007. Sedangkan fluktuasi nilai tukar dollar Amerika relative stabil, dengan kisaran di sekitar Rp. 9.000 per dollar Amerika.

Sedangkan, dalam instrumen keuangan lainnya, seperti asuransi, reksadana, Sertifikat Bank Indonesia, Surat Utang Negara dan lain-lain juga cukup baik. SUN juga membuktikan bahwa selalu habis terpesan pada saat diterbitkan. Dalam hal reksadana, total NAB Reksadana per 2007 sudah mencapai nilai Rp. 73,67 triliun.

Semua ini dapat menjadi indikator bahwa kondisi ekonomi, perbankan, dan keuangan Indonesia mengalami kemajuan yang cukup menjanjikan.

Namun mengapa kurang sekali kemajuan dalam sektor riil?

Banyak assumsi dan hipotesa, baik yang diajukan oleh para akademisi maupun praktisi ekonomi Indonesia guna menjawab pertanyaan ini, antara lain berkaitan dengan:

1.      Kurangnya kepastian aturan hukum dan penegakan hukum di Indonesia.

2.      Kondisi sosial politik dan ekonomi yang masih labil.

3.      Daya beli masyarakat yang rendah; dan yang berperan aktif dalam pasar modal hanyalah “pihak-pihak yang itu-itu” juga. Dengan kata lain, masih rendahnya kemampuan investor Indonesia pada umumnya

4.      Kekhawatiran akan perubahan kebijakan ekonomi nasional, yang cenderung berubah-ubah, seiring dengan kepentingan politik penguasa.

Paper ini ikut mempertanyakan hal ini, namun mencoba mengajukan assumsi dari sisi yang berbeda, yaitu bahwa kurang berkembangnya ekonomi sektor riil, adalah karena kurangnya dilakukan ekplorasi akan sumber-sumber dan potensi ekonomi lain, yang dalam hal ini Sukuk; dan kurang “sigap”nya pejabat pembuat peraturan dan yang berwewenang mengatur pasar modal di Indonesia, dalam mengantisipasi dan menangkap peluang dari tumbuhnya ”trend” ekonomi baru, baik di wilayah Asia maupun Eropa saat ini, yaitu meningkatnya dana syariah dan berkembangnya sukuk, khususnya dari negara-negara yang mulai mengadopsi perekonomian syariah.

Sekilas Perkembangan Ekonomi Global : Ekonomi Syariah dan Sukuk

Sejak akhir dekade 1990an perekonomian global di goyang oleh pesatnya pertumbuhan perekonomian China dan India. Sedangkan, dibelahan dunia lain, perekonomian lesu karena meningkatnya harga minyak dunia yang menembus batas US $100 per barrel, yang akhir-akhir ini, ditambah dengan krisis Sub-Prime Mortgage di Amerika yang juga mempengaruhi kondisi lesunya perekonomian dunia.

Namun, disisi lain, yang luput dari pengamatan kita, khususnya para Pimpinan institusi perekonomian Indonesia, adalah berkembangnya perekonomian Syariah, khususnya perkembangan kekuatan dana likuiditas dan investasi di wilayah Timur Tengah.

Sejak akhir dekade 90 an, dengan adanya “oil price boom” terdapat peningkatan dana di wilayah Timur Tengah. Sedemikian besarnya dana ini, sehingga ada yang menyatakannya sebagai timbulnya “Oasis Economies” (Joe Saddi, Karim Sabbagh & Richard Shediac, Oasis Economies, Booz Allen Hamilton, 2008).

“Oasis economies” ini bukan hanya karena besarnya investasi di negara-negara teluk, tetapi juga tumbuh pesatnya perkonomian yang berdasar kepada syariah perkonomian Islam. Diawali dengan penerbitan “ijarah sukuk” atau “fixed rate bond” oleh Pemerintah Bahrain, kemudian oleh Dinas Penerbangan Sipil Dubai (Hjh Salma Bee Hj Noor Mohamed Abdul Latif & Dr. Abul Hassan, Issuance of Sukuk Landmark Towards Islamic Capital Market in Brunei Darussalam, Borneo Bulletin, November 16, 2005), sampai akhir-akhir ini penerbitan sukuk oleh Pemerintah Malaysia, telah mendorong tumbuhnya perekonomian dan investasi yang berdasar kepada syariah Islam.

Sedemikian besarnya perekonomian yang berdasar pada ekonomi syariah ini, sehingga Sandard & Poor memperkirakan bahwa asset keuangan Islam saat ini telah mencapai US$ 531 milyard pada akhir tahun 2006, US$ 750 milyar pada tahun 2007, dan berpotensi berkembang menjadi US$ 4 trillion dalam kurun waktu kurang dari 5 tahun (Fuwad Beg, Islamic Finance and the War for Talent, Centriva, Strategic Business, April 1, 2008; dan Ayman H. Abdel-Khaleq & Christopher F. Richardson, New Horizons for Islamic Securities: Emerging Trends in Suku Offerings, Chicago Journal of International Law, Vol 7, no. 2,Winter 2007).

Dalam mengantisipasi besarnya pertumbuhan dana syariah ini, Pemerintah Malaysia melakukan tindakan yang cukup berani, yaitu mulai tahun anggaran 2007, Pemerintah Malaysia memberikan insentif dengan memberikan “kebebasan pajak” sampai dengan tahun 2016 kepada bank-bank Islam di Malaysia, baik yang melakukan transaksi dengan pihak-pihak asing dengan menggunakan mata uang asing maupun Ringgit Malaysia (Jennifer Chang, Budget 2007: A Boost for Islamic Bank, Preicewaterhouse Coopers, The Edge, Sept 18, 2006).

Perkembangan pasar modal dengan berdasar pada ekonomi Syariah dan Sukuk di Malaysia telah amat berkembang. Bukan saja Pemerintah Malaysia amat mendukung, akan tetapi juga tambahan kemudahan-kemudahan diberikan oleh otoritas keuangan/perbankan dan Pasar Modal Malaysia untuk tetap dapat terus “memancing” dana syariah, terutama dari Timur Tengah. Pertumbuhan pasar modal Syariah di Malaysia juga amat menjanjikan. Per 30 September 2007, dana “Syariah Based Unit Trust Fund” di Bursa Efek Malaysia, tercatat hampir mencapai 21 triliun ringgit. Pada kwartal ke 3 tahun 2007, jumlah sukuk di Malaysia 14,730 milyar ringgit yang diterbitkan oleh 14 perusahaan. Bahkan Menurut Aslim Tadjudin, Deputi Gubernur BI pada saat Lokakarya Sukuk 19 Juni 2007, menyatakan bahwa dari sekitar US$ 13,8 milyar sukuk global US$ 11,5 milyar atau sekitar 80% dikuasai oleh Malaysia.

Bahkan, negara kecil seperti Brunei Darussalam dan Singapura juga sudah menerbitkan peraturan pemerintah berkenaan dengan sukuk dan bersiap-siap berlomba menimba dana syariah ini.

Indonesia: Perkembangan Ekonomi Syariah dan Sukuk.

Di Indonesia sendiri, secara sederhana dapat dikatakan bahwa perkembangan perekonomian syariah sudah semakin terlihat kemajuannya. Dimulai dengan UU no 19 tahun 1998 tentang Perubahan atas UU no. 7 tahun 1992 tentang Perbankan, maka landasan untuk operasionalisasi bank Syariah telah ditetapkan. Ditambah lagi kemudian dengan UU no: 23 tahun 1999 tentang Bank Indonesia, maka Bank Indonesia telah mempunyai landasan hukum yang kuat untuk dapat menerapkan prinsip-prinsip syariah dalam bidang perbankan dan keuangan. Saat ini, sudah semakin banyak bank nasional dan asing yang sekarang membuka pelayanan bank secara syariah. Dari data BI tercatat posisi perbankan syariah sebesar 1,7% atau bernilai Rp. 33.3 triliun dibanding dengan bank konvensional (Kominfo Newsroom, 8 Januari 2008). Pertumbuhan asset perbankan syariah diperkirakan sekitar 31%.

Demikian juga berbagai kegiatan obligasi syariah (Mudharabah dan Ijarah) yang diterbitkan oleh beberapa perusahaan publik di Indonesia. Diawali hanya dengan Fatwa Dewan Syariah Nasional, MUI, no: 32/DSN-MUI/IX/2002, dan dengan Obligasi Syariah Indosat (2002) sebagai pelopornya, pasar modal syariah mulai mencoba mencari bentuknya di Indonesia (lihat antara lain, Keputusan Bapepam no: Kep-386/BL/2007).

Sebenarnya, Dewan Syariah Nasional, MUI, amat aktif mengeluarkan fatwa-fatwa yang menunjang perkembangan kegiatan ekonomi dan pasar modal syariah di Indonesia. Diterbitkannya peraturan-peraturan baru oleh Bapepam berkenaan dengan “keuangan syariah” ini juga atas dukungan Dewan Syariah Nasional. Bahkan, dalam pertemuan antara Dewan Syariah Nasional dengan Dirjen Pajak pada bulan Maret 2008, pemerintah telah sepakat untuk menghapus pajak yang terkait dalam transaksi murabahah di lembaga keuangan syariah. Namun demikian, mungkin karena MUI bukan lembaga ekonomi, maka belum banyak pelaku ekonomi dan keuangan yang menyimak keberadaan fatwa-fatwa Dewan Syariah Nasional di MUI ini.

Dalam Siaran Pers “30 Tahun Diaktifkannya Kembali Pasar Modal Indonesia” tanggal 10 Agustus 2007, Bapepam melaporkan bahwa perkembangan Obligasi Syariah tumbuh sebesar 23,53% dan nilai emisi tumbuh 47,70% terhitung Sejak akhir tahun 2006. Sampai akhir Juli 2007, terdapat 21 Emiten (12,21% dari total emiten dengan nilai emisi Rp. 3,174 triliun atau 2,47% dari total emisi obligasi. Sedangkan dalam hal Reksadana Syariah, dalam periode yang sama, juga telah tumbuh sebesar 14,29% dengan NAB tumbuh sebesar 75,11%. Sampai dengan Juli 2007, terdapat 24 Reksadana Syariah (6,1% dari total Reksadana) dengan NAB sebesar Rp 1.214,72 milyar (1,68% dari total NAB Reksadana sebesar Rp. 73.670,62 milyar). Kemudian, pada Koran Sindo Edisi Sore tanggal 20 Januari 2008, diberitakan bahwa dari Data Badan Pengawas Pasar Modal dan Lembaga Keuangan disebutkan bahwa hingga akhir tahun 2007 total kumulatif penerbitan sukuk mencapai 21 emiten dengan nilai emisi sukuk korporasi mencapai Rp. 3,7 triliun. Dari jumlah tersebut, 19 sukuk di antaranya masih beredar dengan nilai emisi sebesar Rp. 2,9 triliun, terdiri atas sukuk Mudharabah sebesar Rp. 705 milyar dan 13 suku Ijarah sebesar RP. 2,2 triliun.

Bapepam mulai mengeluarkan peraturan yang berkaitan dengan Efek Syariah pada tahun 2006 dengan Keputusan no: Kep-130/BL/2006 dan no: Kep-131/BL/2006 tanggal 23 November 2006. Peraturan ini kemudian ditindaklanjuti dengan Keputusan Bapepam n: Kep-314/BL/2007 tanggal 31 Agustus tentang “Kriteria dan Penerbitan Daftar Efek Syariah”; Keputusan no: Kep-386/BL/2007 tanggal 30 November 2007 tentang “Daftar Efek Syariah”. Tidak lama kemudian, Bapapem mengeluarkan Peraturan no: Per-03/BL/2007 tanggal 10 Desember 2007 tentang “Kegiatan Perusahaan Pembiayaan Berdasrkan Prinsip Syariah” dan Peraturan no: Per-04/BL/2007 tanggal 10 Desember 2007 tentang “Akad-Akad yang Digunakan dalam Kegiatan Perusahaan Pembiayaan Berdasarkan Prinsip Syariah

Adanya peraturan-peraturan baru yang berkaitan dengan dunia usaha properti antara lain dengan diterbitkannya seri peraturan tentang “Dana Investasi Real Estat Berbentuk Kontrak Investasi Kolektif”(lihat rangkaian Keputusan Bapapem no. 423, 424, 425, dan 426, tahun 2007), belum menyentuh hal-hal yang mendukung untuk dapat mengikutsertakan “prinsip syariah” secara jelas.

Bilamana sukuk di Timur Tengah dapat digunakan untuk mendanai pembangunan Perluasan Bandar Udara Dubai, pembangunan Rumah Sakit di Bahrain dan Qatar, sampai kepada pembangunan “Palm Island” di Dubai; dan di Malaysia sukuk dapat digunakan untuk pengembangan energi, industri dan properti, maka di Indonesia belum ada yang memanfaatkannya. Bilamana ada, maka skala yang ditangani masih berjumlah relatif kecil. Sedangkan, di beberapa negara, penggunaan sukuk untuk membiayai berbagai macam proyek yang bisa menumbuhkan sektor riil telah berhasil dengan baik di negara-negara lain, termasuk Jerman dan Amerika Serikat. Sebagai contoh saja, misalnya: seperti yang dikutip oleh Abdel-Khaleq dan Richardson, sampai Mei 2006, lebih dari US$4.1 milyar sukuk telah diterbitkan. Beberapa analis ekonomi memperkirakan jumlah ini akan bertambah US$ 9 milyar lagi, hanya di negara-negara Teluk sampai akhir tahun 2006.

Beberapa Sukuk diterbitkan pula oleh negara, termasuk oleh negara Bahrain pada tahun 2001. Qatar Global sukuk di tahun 2003 memperoleh dana sebesar US$ 700 juta. Otoritas Penerbangan Sipil Dubai memperoleh US$ 1.6 milyar.

Di Eropa, Pemerintah Provinsi Saxony Anhalt di Jerman, memperoleh 100 juta Euro, baik dari investor Timur Tengah maupun Eropa. Sukuk yang mempunyai masa 5 tahun ini didukung oleh sebuah asset property di Negeri Belanda (Abdel-Khaleq dan Richardson; lihat juga Mahmoud A. El-Gamal, Islamic Finance: Law, Economics, and Practice 107, Cambridge, 2006).

Sukuk korporasi juga diterbitkan oleh Perusahaan Minyak Raksasa Arab Saudi SABIC yang memperoleh US$ 800 juta; dan perusahaan Energi Malaysia Jimah Energy Venture memperoleh US$ 1.27 milyar dollar (Abdel-Khaleq dan Richardson; lihat juga Emilie Rutledge, Sukuk Has Entered English Lexicon and Is Here to Stay, ARAA Gulf Views (July 29, 2006), available online at <http://www.gulfinthemedia.com).

Perusahaan minyak dan gas Amerika, Gulf of Mexico, yang didukung oleh asset yang non-Syraih, memperoleh US$ 165.7 juta untuk mengembangkan fasilitas produksinya (lihat juga Ivar Simensen, Capital Markets and Commodities: Axa Chooses Hybrids, Fin Times UK 39 (June 16, 2006); see also Lane, Islamic Bond Market, Wall St J C1. Sukuk terbesar mungkin diterbitkan oleh Dubai Port World di tahun 2006 yang menawarkan jumlah US$ 3,5milyar. Kemudian di tahun 2007, the Saudi Arabian General Investment Authority SAGIA) mencanangkan pembangunan 6 kota, dengan awal membangun Kota King Abdullah dengan invstasi awal US$ 30 milyar. SAGIA akan menerbitkan Sukuk untuk keperluan ini. (Joe Saddi, et al. Oasis Economies; lihat juga AME Info, Lagoon City US$ 125,000,000 Musharaka Sukuk Road Show Commences in Kuwait (Nov 15, 2005), available online at <http://www.ameinfo.com); Liquidity Management Centre, Emirates Islamic Bank and Liquidity Management Centre Lead Bukhatir Investments Limited US$ 50 Million Sukuk Offering (May 14, 2006), available online at <http://www.lmcbahrain.com).

Mengingat besarnya penduduk Muslim di Indonesia, maka tidak salah bilamana “the work of Shariah Bureau of Bank Indonesia demonstrates that Indonesia, especially in particular parts of the country, has considerable “unmetdemand” for Islamic banking” (Thomas A. Timberg, Islamic Banking and Its Potential Impact, Risk Management: Islamic Finance Policies, Nathan Associates, Inc) - dan mungkin juga “Islamic Capital Market Indonesia”. Apalagi menimbang bahwa Indonesia adalah negara yang termasuk anggota aktif dari Organisasi Konperensi Negara Islam dan juga ikut berperan dalan Islamic Development Bank. Kesempatan untuk mengembangkan sukuk dalam pasar modal Indonesia tentunya cukup besar.

Pasar Modal Sukuk dan Pengembangan Ekonomi Sektor Riil melalui Pasar Modal:

Melihat kepada kuatnya pengaruh ”likuiditas syariah” dan keberhasilan yang dilakukan negara-negara lain dalam menjaring ”dana syariah” ini, maka perlu kiranya kita berkaca diri serta melakukan sejumlah langkah dan kegiatan untuk dapat dengan segera memulai mengembangkan ”Pasar Modal Syariah” di Indonesia.

Bilamana kita perhatikan data tentang Produk Domestik Bruto Indonesia tahun 2006,

1.      Industri Pengolahan Rp936.361,90

2.      Perdagangan, Hotel dan Restaurant Rp.496.336,20

3.      Pertanian Rp430.499,90

4.      Pertambangan, PenggalianRp.354.626.90

5.      Jasa-Jasa Rp.338.385,80

6.      Keuangan, Penyewaan dan Jasa Perusahaan Rp.271.543,10

7.      Bangunan Rp.249.127,80

8.      Pengangkutan dan Komunikasi Rp.230.921,60

9.      Listrik, Gas, dan Air Bersih Rp. 30.396,50

Total Rp. 3.338.195,70

(dalam milyar rupiah)

Terlihat bahwa sektor Industri Pengolahan dan Perdagangan, Hotel dan Restoran mempunyai kontribusi terbesar dalam PDB 2006. Sedangkan, sektor Listrik, Gas dan Air Bersih mengalami ”under investment” karena hanya menyumbangkan sekitar Rp. 30 triliun yang cuma kurang dari 1% dari PDB 2006. Di satu sisi, bilamana ingin mencari pendanaan untuk sektor unggulan, maka sektor industri pengolahan serta perdagangan, hotel dan restoran merupakan sektor yang tepat untuk diajukan. Namun justru kita membutuhkan dana investasi di sektor-sektor yang tertinggal, seperti bangunan, pengangkutan dan komunikasi, serta listrik, gas dan air bersih.

Bilamana diperlukan investasi yang padat karya, guna mengurangi tingkat pengangguran, maka sektor-sektor seperti pertanian, perdagangan, hotel & restoran, serta bangunan, dapat dikemukakan untuk mendapatkan pendanaan.

Proyek-proyek yang didukung oleh pemerintah seperti Program 1000 Menara Rumah Rakyat, Program 10,000 megawatt Pembangkit Tenaga Listrik, Program Infrastuktur termasuk program jalan toll, program Air Bersih, dan program-program dasar lain dapat memanfaatkan sukuk melalui Pasar Modal Indonesia.

Menurut Ketua Umum Asosiasi Bank Syariah Indonesia, M Riawan Amin, Bank Pembangunan Islam menyediakan dana sebesar US$ 10 milyar untuk program-program yang berkaitan dengan penghapusan kemiskinan. Alwi Shihab, Utusan RI khusus untuk Timur Tengah juga menyatakan bahwa di tahun 2008 ini, Indopacific dari Yaman berminat menambah investasi sampai dengan US$ 100 juta untuk pengembangan CPO. Investor-investor Timur Tengah berencana untuk menginvestasikan dana hingga US$ 5 milyar di Indonesia di tahun 2008 ini. Investasi tersebut sebagian besar bergerak di sektor riil, infrastruktur, sumber daya alam dan properti(Detik Finance, 3 Maret 2008).

Akan tetapi, realisasi dari rencana investasi ini belum dapat dipastikan, oleh karena ”kelambanan” pemerintah dalam menerbitkan rangkaian peraturan dan perundangan yang berkaitan dengan prinsip syariah dan sukuk. RUU Surat Berharga Syariah Negara sampai sekarang masih belum selesai digarap, walaupun adanya RUU ini telah didengungkan sejak tahun 2006. Dua RUU yaitu tentang ”Perbankan Syariah” dan ”Sukuk/Obligasi Syariah” masih belum dibahas DPR sampai saat ini. Rencana pemerintah di tahun 2006 untuk mengeluarkan Peraturan Pengganti Undang-Undang (PERPU) tentang Sukuk atau Obligasi Syariah belum ada kelanjutannya.

Sebelum diterbitkannya peraturan dan perundangan yang secara jelas gamblang menjamin secara sah keberadaan dan keabsahan dapat diberlakukannya prinsip-prinsip syariah dalam dunia keuangan dan pasar modal Indonesia, maka perkembangan keuangan syariah di Indonesia tidak akan bisa optimal, walaupun potensi untuk itu amatlah besar.

Prinsip Syariah, pada dasarnya melarang 3 hal yaitu riba atau menetapkan bunga, gharar ataurisiko yang bersifat spekulatif dan terlibat dalam kegiatan-kegiatan yang mudharat atau membawa akibat pada dosa seperti misalnya pembuatan dan distribusi produk yang beralkohol, menggunakan tembakau, mengandung babi, dan senjata, perjudian, pornografi, hiburan erotik.

Sedangkan, sukuk pada dasarnya dapat diartikan sebagai:”are asset-backed, stable income, tradable, and syariah compatible trust certificate. The primary issuance of sukuk is the existence of assets on the balance sheet of government, the monetary authority, the corporate body, the banking and financial institutions or any entity which wants to mobilize the financial resources”. (Salma & Hassan). Asset-asset ini dijadikan agunan hanya terbatas pada hak pemanfaatan (beneficiary title) dan tidak perlu perpindahan kepemilikan.

Jenis-jenis Sukuk antara lain Ijarah Sukuk Murni, Sukuk Campuran, (Hybrid/Pooled Sukuk), Variable Rate Redeemable Sukuk, Zero-coupon non-tradable Sukuk, Embedded Sukuk, dan lain-lain (lihat Salma & Hassan). Sedangkan proses pengurusan Sukuk ini dapat dilakukan melalui instrumen-instrumen keuangan seperti antara lain: Ijara (Leasing), Murabaha (Cost plus Financing), Istishna (Puchase with Specification or Construction/Engineering and Procurement Contract), Bai Al Salam (Purchase with Deferred Delivery), Mudharabah (Pofit Sharing), Musyakarah (Partnership/Participation Financing), Wakala (investment agency) agency)dan lain-lain (Abdel-Khaleq & Richardson; Maulana Taqi Usmani, Principles of Shari’ah Governing Islamic Funds”, Accountancy on-line Publication;dan appendix: Islamic Lending and Borrowing Instruments in Indonesia, Bank Muamalat).

Dengan semakin berkembangnya model-model sukuk, maka kemungkinan untuk dapat mengembangkan sukuk di Indonesia juga semakin besar. Namun semua ini juga tergantung kepada kemauan dan sikap politik ekonomi pimpinan negara untuk menjalankannya. Apalagi dengan mengingat bahwa program sukuk ini akan lebih “afdol” bilamana di dukung oleh asset yang dijamin oleh oleh negara/pemerintah.

Bila dalam awal perkembangan Sukuk di Timur Tengah dan Malaysia diawali dengan penerbitan Sukuk dari perusahaan-perusahaan milik pemerintah, maka Indonesia juga dapat mendorong BUMN yang bergerak dalam sektor riil untuk menerbitkan Sukuk di Bursa Efek Indonesia.

Namun demikian, sebelum dapat menerbitkan Sukuk ini, harus pula diperhatikan ketatnya persyaratan dalam ekonomi syariah, antara lain, saat ini Sukuk masih terbatas pada pembiayaan perdagangan atau produksi dan asset yang tangible dan yang langsung berkaitan dengan sektor riil. Di samping itu, investor Sukuk berhak sepenuhnya untuk mendapatkan semua informasi berkenaan dengan penggunaan dana Sukuk yang bersangkutan, assets yang menjadi dasar penerbitan Sukuk, dan hal-hal lain khususnya yang berkenaan dengan pembedaan yang jelas dengan investasi konvensional. Sebetulnya, hal ini tidaklah sulit untuk ditaati, oleh karena persyaratan ini juga mendorong penerbit Sukuk untuk lebih disiplin dan transparan dalam mengelola keuangannya.

Sebagai tambahan, perlu pula dipikirkan pendidikan tenaga-tenaga ahli dalam bidang ekonomi syariah dan Sukuk ini. Menurut catatan dari Security Commission Malaysia, di negeri itu telah terdaftar 27 orang yang menyandang sertifikat untuk mengelola Syariah Trust Funds, 4 orang dan 3 perusahaan yang menyandang sertifikat mengelola Sukuk.

Sertifikasi ini antara lain berstandarkan pada Islamic Finance Qualification (IFQ), dan telah dapat diperoleh di beberapa negara, seperti Inggris, Lebanon, Bahrain, Dubai, dan Malaysia.

Harianto Solihin, Presiden Direktur – Nikko Securities Indonesia

11 April 2008

Fixed Income Sukuk : Prospects for Corporate Issuance

Fixed Income Sukuk: Prospects for Corporate Issuance

Islamic finance is one of the most exciting areas of the capital markets at the beginning of the 21st century, and the Sukuk is very much a product of the new millennium.The petrodollars boosting the Gulf countries together with the vibrant economies of Southeast Asia have combined to bring Islamic fi nance to the forefront of the international fi nancial community. As a result, the Islamic capital markets are growing at an exponential rate.

In both the leading Islamic centers of the Gulf and Southeast Asia, issuers are seeking to tap the capital markets in a Shariah compliant manner. The rest of the world is catching on as well — from the UK to Japan and back across the Pacifi c Ocean to the US, issuers are ooking to take advantage of investors’ increasing demand for Shariah compliant investment products. Oft-quoted fi gures from the World Bank cite some 300 Islamic fi nancial nstitutions and funds with more than US$250 billion of assets, growing at approximately 10% to 15% per annum, with a further US$200 billion of assets located in Islamic “windows” or divisions of conventional banks.

Growth of Sukuk marketSukuk issues are a 21st century product, although they draw on centuries of Islamic fi nancial practice. While the 1990s saw a handful of structured-fi nance corporate deals tailor-made for a carefully delineated audience, the fi rst sovereign issue came in September 2001, with the US$100 million Sukuk issue by the Bahrain Monetary Authority although this was essentially for liquidity management purposes.

Other sovereigns soon followed suit, fi rst with the US$600 million Malaysia Global Sukuk Ijarah in June 2002 — the fi rst truly global offering — while Qatar maintained the momentum in September 2003 with its debut US$700 million Sukuk Ijarah issue.

The Sukuk market has continued to gain pace since those early years and has, more importantly, widened its range of issuers.

In the GCC, 2005 saw 11 issues raising US$2.3 billion, while 2006 saw 17 issues raising almost fi ve times the previous year’s volume, with just over US$11.5 billion being raised. Last year was another record year, with global issuance to the end of September reaching
almost US$39 billion, from approximately 150 issues.

It is clear from these levels that the Islamic fi nance market in general, and Sukuk issues in particular, are nevertheless still a “niche within a niche” when compared with the international capital markets as a whole. The industry is in the early stages of its life cycle and, as at the beginning of 2007, new ground is being broken with every issue, whether in terms of structure, volume or country of issuer.

In the Gulf Cooperation Council (or GCC, comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates), the growth of Islamic fi nance has several major drivers. First and foremost is retailOne leading player in Islamic fi nance has described the business as “R2B” (retail to bank), and there is little doubt that it is the retail customer (whether the eponymous “Muslim in the street” or the increasing legions of “high net worth individuals” and “ultra-high net worth individuals”) who is seeking to invest and deposit money for utilization in accordance with Shariah.

As is well known, the amounts available from this sector have grown steadily in this new century, with the repatriation of funds to the Gulf region spurred on by events such as 9/11 and the fall of Saddam Hussein, the continued high oil and gas prices and the continual development of new Shariah compliant products.

The banking network in the whole of the GCC has been impacted by this new liquidity and is reacting to it in a variety of ways. Existing banks are establishing Islamic retail, commercial and investment banking platforms. For example, in Qatar, Al Safa Islamic Bank has appeared via Commercial Bank of Qatar and QNB Al Islami via Qatar National Bank, while in the UAE MashreqBank has started Shariah compliant operations via Al Badr Al Islami.

ther banks have gone a step further and undertaken conversion to be fully Shariah-compliant, such as Kuwait Real Estate Bank, Dubai Bank and Saudi Investment Bank.Completely new banks are also being established at a heady pace. Notable recent examples have included Al Rayan Bank in Qatar, Bank Al Bilad in Saudi Arabia, as well as Al Salam Bank and United International Bank in Bahrain.

The latter captured the headlines in the fi nancial pages in the GCC due to the initial authorized capital of US$3 billion, as well as the public involvement of the family of Prince Al Waleed bin Talal in the establishment of the bank.

Investors in the GCC are spreading their wings outside the immediate region as well. Signifi cant investment is being made by several leading players in Southeast Asia, with banks such as Kuwait Finance House and Al Rajhi Bank establishing operations in Malaysia, including signifi cant retail branch networks.

‘Double-dip’ opportunities

Activity has also been seen in Western Europe, in particular in the UK where fully Shariah compliant institutions such as the Islamic Bank of Britain and the European Islamic investment Bank have been established, with further institutions continuing to start up. Last year saw the authorization of the Bank of London and the Middle East, with at least two further institutions seeking the necessary authorizations from the Financial Services Authority to start their Islamic banking businesses.

From an issuer’s perspective, Malaysian corporations have for several years benefi ted from government-led initiatives designed to stimulate Shariah compliant transactions. Companies in the GCC are taking greater strides in the Sukuk market to broaden their appeal to fixed income investors, while at the same time ensuring the issuer’s Shariah acceptability” to its shareholders.

Sukuk issuance is also spreading beyond the GCC and Southeast Asia and it is worth examining why issuers outside these two main Islamic hubs should be interested in Shariah compliant fi nancing. The growing numbers of potential issuers investigating the advantages of Islamic issuance are primarily focusing on diversifying sources of funding.

Potential issuers are in particular attracted by the “double-dip” opportunities afforded by a fi nancing product capable of appealing to “conventional” fi xed-income investors, as well as enticing the participation of the vast wall of liquidity latent in the Islamic fi nancial community.

The ball started to roll in August 2004, when the German state of Saxony-Anhalt issued its €100 million (US$148.3 million) Sukuk al-Ijarah. The US broke its duck in 2006, when the US$165 million Sukuk al-Musharakah was closed for East Cameron Partners, while the Sultanate of Brunei also saw its fi rst issue with the US$150 million Sukuk al-Ijarah from the government (issued concurrently with two local-currency issues).

As at the time of writing, debut Sukuk issues for Japan and China had also been announced (although not yet closed), namely a benchmark issue for JBIC and a US$250 million power project respectively.

Perhaps most notably, the UK government announced in April 2007 its intention to study the feasibility of a debut Sukuk issue, with a further discussion paper to be issued by end-2007.

Development and innovation of structures A notable feature of the Islamic Sukuk market to date has not only been the degree of innovation and creativity involved, but also the pace at which those skills have been, and are increasingly, deployed. Each new issue brings a new structure or a signifi cant refi nement of a previously utilized mechanism.

This is, of course, to be expected given the youth of the modern-day Islamic fi nance market, but there is also little doubt that the overall trend is one of positive and constructive development, with structures tending to be simplifi ed as the underlying Shariah principles become better understood in the context of today’s fi nancial environment.

The simpler the structures, the more capable they become of wider application and, therefore, of greater appeal to issuers across the globe.

Perhaps one of the most noteworthy recent developments in the GCC Sukuk market was the issue of convertible or equity-linked Sukuk, fi rst by PCFC in January 2006 with its US$3.5 billion Sukuk al-Musharakahissue due 2008, followed in December 2006 by the US$3.52 billion

ukuk al-Ijarah due 2009 by the Nakheel Group (this latter issue is a novel pre-IPO Sukuk, as well as being the largest Sukuk issue to Both issues combined structural innovation with a successful appeal to investors for support, both within and outside the GCC, raising ignificant volumes of fi nancing (even by international standards) and successfully tapping into strong demand for equity-linked products.For the Nakheel issue, for example, Sukuk holders were given the right to subscribe for any future equity offered as part of an initial (or qualifying) public offering (QPO) by any member of the Nakheel group, such rights subsisting during the lifetime of the Sukuk issue. In addition, “look-back” rights were also given to Sukuk holders, in this case subsisting for a period of 12 months after the maturity date of the Sukuk issue.

In the event of there not being a QPO during the relevant period, the return to Sukuk holders will be enhanced by an additional 2% per annum. Whilet the ground-breaking nature of both of these equitylinked issues cannot be questioned, there is equally no doubt that
both transactions benefi ted by the issuers being seen as integral parts of “Dubai Inc”, namely corporate entities closely linked to the ruling parties in the Emirate of Dubai.

Another equity-linked product was the US$460 million issue by Aabar Petroleum, which was also notable for utilizing the Mudarabah structure for the fi rst time in the international capital markets. In March 2007, another exchangeable Sukuk was announced, this time by Aldar Properties in Abu Dhabi, for US$2.53 billion.

The US$225 million Sukuk issue by Sharjah Islamic Bank in October 2006 is also worth mentioning. While being on an altogether smaller scale than the “Dubai Inc” transactions described above, the issue was a capital markets debut for another Islamic structure, the coownership of assets based on the concept of Sharikat al-Melk.

Under this structure, certain rights and interests in specifi ed assets on the balance sheet of Sharjah Islamic Bank were sold to the special purpose vehicle (SPV) issuer of the Sukuk holders so that such assets became effectively “co-owned”, with each of Sharjah Islamic Bank and the SPV owning indivisible interests in the Sukuk assets.

The last 12 months have also seen issues featuring put options, or including both put and call options. In Saudi Arabia, Saudi Basic Industries Corporation or SABIC issued a 20-year Sukuk Istithmar (”istithmar” meaning “investment”) encapsulating put options every five years. The structure was geared to ensure that investors are almost certain to put the issue back to SABIC after the fi rst fi ve years, as subsequent redemptions will be at a discount to par.

The Investment Dar’s US$150 million Sukuk Musharakah issue due in 2011 illustrated above included both a put and a call option at the end of the third year. This allows Sukuk holders to focus on a shorter maturity fi nancing for an issuer without an investment grade rating from an internationally recognized rating agency, while affording The Investment Dar the opportunity to retire the transaction after only three years should such a rating materialize and allow it to refi nance at a lower cost. Innovation continued to be seen in 2007, despite the moreApril saw the closing of the US$650 million Sukuk al-Manfaa issue by the Sad Group in Saudi Arabia via its Golden Belt vehicle (utilizing receivables under a master lease and sublease structure), whilst National Industries Group in Kuwait has put in place a ground-breaking US$1.5 billion Sukuk program based on a Mudarabah structure. The first draw-down under the program closed in July 2007 in an initial issue amount of US$475 million.

Looking ahead

Islamic fi nance and the Sukuk market in particular are on the fast track. The geographical spread of the sector is increasing in pace, while with each successive issue it seems that new structures are being utilized and new investors being attracted to the sector. There is also no doubt that the label of “Sukuk” in itself generates a higher profi le for any transaction.

Two distinct, but related, trends in the corporate arena will also maintain the momentum in the Sukuk market. First, the turbulence experienced in almost every GCC stock index in 2006 has led many corporations to consider the “Islamicization” of their debt to ensure their equity is able to be treated as “Shariah-acceptable”, allowing Islamic equity funds (and individual investors) to invest in their shares. For example, Saudi Aramco and SABIC have each made a public announcement to this effect.

The second trend is the counterpart to this in the private sector, where many companies are family-run and managed, with the owners being Muslim. It is no surprise to understand that many such owners are now considering Islamic fi nance — and the Sukuk market — to address their fi nancing requirements. Both trends will be further reinforced by the steadily increasing variety of Shariah compliant instruments.

For corporations outside the GCC, the main attraction is the burgeoning universe of Islamic investors. The growth in the number of Islamic banks, as well as Islamic “windows” of conventional banks, has been described above and is leading to ever-greater interest by non-GCC corporates looking to tap into this expanding and increasingly liquid investor base.

At the same time, the universe of institutional investors is also growing, with the proliferation of Islamic insurance — or Takaful — companies and the increasing appetite and sophistication of GCC pension funds.

Private banking clients are also showing an increasing interest in Islamic fi xed-income products to bring a degree of compliance to their investment portfolios.

There is no doubt, however, that Islamic funds continue to be dominated by the real- estate and private equity sectors and there is an increasing need for funds focusing on the Sukuk sector to be established.

One sector where the market is still awaiting its fi rst benchmark issue, however, is in the realm of securitization. Two small transactions in Saudi Arabia have led the way for others to follow, and the Saudi market is one of the focal points for further securitization transactions during 2007, along with the UAE, where Tamweel made its debut US$220 million 25-year securitization issue in July 2007.

However, there are one or two myths and misinterpretations prevalentin the current market that need to be dispelled in order for a greater degree of clarity and understanding to prevail and to assist market development.

As for all Islamic fi nance products, the structure of a Sukuk issue must be asset-based. This has led to a certain amount of confusion of terminology, as many commentators have leapt to the assumption that every Sukuk issue is a form of asset securitization. This is a long way from reality.

To date, only a very small handful of issues can be seen as resembling the US and European securitization model (which has, as its core features, the concepts of true sale, bankruptcy remoteness, overcollateralization etc.).

Each and every other Sukuk issue has been asset-based, but in fact very few have even been capable of being described as asset-secured. The vast majority of issues revolve around an asset, or a pool of assets, but are usually structured to ensure investors have recourse to the full faith and credit of the issuer, rather than restricting their rights to the asset or assets incorporated in the structure of the issue.

This is not to say that asset-backed issues or true securitizations are not possible in a Sukuk format. Far from it — Islamic fi nance is a prime candidate for such structures (and this is discussed in greater detail below). However, in particular in the GCC, the market is still some way from seeing such issues.

Development is in many cases hampered by the lack of the necessary legislative framework in the relevant jurisdiction, although it is widely expected that further mortgage-backed securitization deals will be seen from the region in the near future.

One particularly interesting sector is the housing market in Saudi Arabia, where a long-term shortfall in the housing supply is being addressed by an expansion in residential real estate development and a corresponding need for an increase in residential mortgages.

The Saudi government has responded by announcing amendments to domestic legislation to further the home loan sector and, in parallel, to initiate the steps needed to develop securitization laws. It is foreseeable that in the relatively short-term, fi nancial institutions in Saudi Arabia will need to resort to the securitization market to meet local demands.

Elsewhere in the GCC, the massive expansion in the real-estate sector in the UAE, and Dubai in particular, has led to a different kind of pressure. Huge real-estate requirements are regularly estimated to exceed US$500 billion and credit-enhanced structures are required to ensure the requisite support from the international fi nancial community, which to date has not fi nanced the UAE real-estate sector in the volumes required for future projects.

Again, the securitization market is one possible tool that could be used to enable the required developments. Islamic mortgage providers are leading the market and it is in all likelihood the Islamic securitization market which will provide the solution.

Issuers will, however, also have to be aware of the challenges that are facing the Islamic sector. At the top of the list of concerns is the fragmentation of Shariah interpretation across the GCC and within each jurisdiction as well. At the heart of the matter is the fact that each Islamic institution has its own Shariah supervisory board that is required to review all activities of that institution, including investments.

However, there is more than one mitigating factor at play. The lack of standardization is at the top of the agenda of almost every multinational supervisory organization operating in the Islamic fi nance sector, led by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board.

Harmonization is also one of the key considerations for the leading indices and regulatory bodies in the region, in particular the Central Bank of Bahrain. An increasingly important factor is the fact that a very small number of leading Islamic scholars are attached to an increasing number of Shariah supervisory boards.

De facto, this is leading to a greater uniformity of interpretation across the GCC (perhaps with the exception of Saudi Arabia, where it is generally acknowledged that a more conservative” school of Islamic interpretation applies).

Another prime consideration is not to leave the Islamic investors behind. The project fi nance sector has already seen the phenomenon of carefully structured Islamic tranches that nevertheless fail to attract any support from Islamic banks (e.g. the only Islamic players in the Dolphin Energy tranche illustrated above were Islamic “windows” of conventional banks).

In an era of double-digit returns for investors in the private equity and real-estate sectors, it cannot be ignored that investors in the GCC — whether Islamic or conventional — are able to pick and choose their investments, with return at the top of their list of deciding factors.

This ties in to one of the other main current criticisms of the Islamic Sukuk market, namely that there is very limited secondary market activity, which means it is diffi cult for issuers to get a clear view on how its risk is seen — and priced — in the market. The Sukuk investor base is characterized as a take and hold market and this is due mainly to
the fact that the level of primary issuance has yet to achieve critical mass.

Investors are reluctant to trade the assets they have simply because there is no established pipeline of issuance. Equally, however, there can be little doubt this will change in the future, given the expected growth in issuance volumes in the short to medium term.

And last but far from least, a prospective issuer must investigate the tax consequences likely to arise from a proposed issue. This is essential, given the asset-based nature of Islamic fi nancing and the changes of ownership entailed in the various modes of Shariah compliant fundraisingfundraising.

The GCC is hardly known for its excessive taxation (although zakat and withholding tax must always be taken into account) and, in addition, the principles of Shariah are — to a greater or lesser extent — recognized by or incorporated in the local jurisprudence.

In Southeast Asia, Malaysia has led the way in introducing specific legislation designed to ensure that Shariah compliant issues are treated on an equal footing from a taxation perspective with conventional debt issues (indeed, the authorities have quite clearly enacted legislation designed to stimulate the sector, with the result that more than 80% of Malaysian capital market issues are Shariah compliant).

Outside the GCC and Southeast Asia, tax and regulatory hurdles will have to be jumped in each jurisdiction in order to ensure issuers obtain the optimal tax treatment for a particular issue. It is crucial for a transaction be treated as a debt-raising and not a transfer of ownership in the relevant asset(s), which could otherwise trigger capital gains (or losses) or other property-related taxes and duties.

In certain jurisdictions, such as the US, is possible to seek relief from the relevant authorities on a case-by-case basis. In terms of the most advanced legislative framework, it is the UK that has most explicitly embraced Shariah compliant structures in order to facilitate fi nancial services to be offered to the signifi cant Muslim community in that country.

The then Chancellor of the Exchequer went on record in 2006 in announcing the Labour Government’s “long-term ambition to make Britain the gateway to Islamic fi nance and trade”. This ambition was stimulated by the recognition that “Islam is Britain’s second-largest faith, and Muslims are involved in every walk of British life”, evidenced by the healthy growth rate in the Islamic mortgage market in the UK and the fl exible and supportive approach adopted by the Financial Services Authority in its licensing of the Islamic Bank of Britain and the European Islamic Investment Bank.

More recently, the UK government has enacted legislation to facilitate not only Islamic retail products, but also commercial and wholesale banking products with its development of the concept of “alternative fi nancing arrangements”. For example, the Finance Act 2005 permitted Ijarah structures to be extended to commercial property, while the Finance Act 2006 widened the ambit even further to Wakalah and “diminishing Musharakah”.

Legislation has also been passed (in the Finance Act 2007) allowing Sukuk issues to be treated for the tax purposes of both issuers and investors in the same manner as conventional bond issues.

(By David Testa, Gatehouse Capital)

Pedoman Pelaksanaan Investasi untuk Reksadana Syariah

Pedoman Pelaksanaan Investasi untuk Reksadana Syariah

09 April 2008

NO: 20/DSN-MUI/IV/2001

Menimbang :
Mengingat :
Memperhatikan :


Pasal 1

  1. Reksa Dana adalah wadah yang dipergunakan untuk menghimpun dana dari masyarakat pemodal untuk selanjutnya diinvestasikan kembali dalam portofolio efek oleh Manajer Investasi.
  2. Portofolio Efek adalah kumpulan efek yang dimiliki secara bersama (kolektif) oleh para pemodal dalam Reksa Dana.
  3. Manajer Investasi adalah pihak yang kegiatan usahanya mengelola Portofolio Efek untuk para nasabah atau mengelola portofolio investasi kolektif untuk sekelompok nasabah.
  4. Emiten adalah perusahaan yang menerbitkan Efek untuk ditawarkan kepada publik.
  5. Efek adalah surat berharga, yaitu surat pengakuan utang, surat berharga komersial, saham, obligasi, tanda bukti utang, unit penyertaan kontrak investasi kolektif, kontrak berjangka atas efek, dan setiap derivatif dari efek.
  6. Reksa Dana Syari'ah adalah Reksa Dana yang beroperasi menurut ketentuan dan prinsip Syari'ah Islam, baik dalam bentuk akad antara pemodal sebagai pemilik harta (sahib al-mal/ Rabb al Mal) dengan Manajer Investasi sebagai wakil shahib al-mal, maupun antara Manajer Investasi sebagai wakil shahib al-mal dengan pengguna investasi.
  7. Mudharabah/qirad adalah suatu akad atau sistem di mana seseorang memberikan hartanya kepada orang lain untuk dikelola dengan ketentuan bahwa keuntungan yang diperoleh (dari hasil pengelolaan tersebut) dibagi antara kedua pihak, sesuai dengan syarat-syarat yang disepakati oleh kedua belah pihak, sedangkan kerugian ditanggung oleh shahib al-mal sepanjang tidak ada kelalaian dari mudharib.
  8. Prospektus adalah setiap informasi tertulis sehubungan dengan Penawaran Umum dengan tujuan agar pihak lain membeli Efek.
  9. Bank Kustodian adalah pihak yang kegiatan usahanya adalah memberikan jasa penitipan Efek dan harta lain yang berkaitan dengan Efek serta jasa lain, termasuk menerima deviden, dan hak-hak lain, menyelesaikan transaksi Efek, dan mewakili pemegang rekening yang menjadi nasabahnya.



Pasal 2

  1. Mekanisme operasional dalam Reksa Dana Syari'ah terdiri atas:

    1. antara pemodal dengan Manajer Investasi dilakukan dengan sistem wakalah, dan
    2. antara Manajer Investasi dan pengguna investasi dilakukan dengan sistem mudharabah.
  2. Karakteristik sistem mudarabah adalah:

    1. Pembagian keuntungan antara pemodal (sahib al-mal) yang diwakili oleh Manajer Investasi dan pengguna investasi berdasarkan pada proporsi yang telah disepakati kedua belah pihak melalui Manajer Investasi sebagai wakil dan tidak ada jaminan atas hasil investasi tertentu kepada pemodal.
    2. Pemodal hanya menanggung resiko sebesar dana yang telah diberikan.
    3. Manajer Investasi sebagai wakil tidak menanggung resiko kerugian atas investasi yang dilakukannya sepanjang bukan karena kelalaiannya (gross negligence/tafrith).






Pasal 3
Hubungan dan Hak Pemodal

  1. Akad antara Pemodal dengan Manajer Investasi dilakukan secara wakalah.
  2. Dengan akad wakalah sebagaimana dimaksud ayat 1, pemodal memberikan mandat kepada Manajer Investasi untuk melaksanakan investasi bagi kepentingan Pemodal, sesuai dengan ketentuan yang tercantum dalam Prospektus.
  3. Para pemodal secara kolektif mempunyai hak atas hasil investasi dalam Reksa Dana Syari'ah.
  4. Pemodal menanggung risiko yang berkaitan dalam Reksa Dana Syari'ah.
  5. Pemodal berhak untuk sewaktu-waktu menambah atau menarik kembali penyertaannya dalam Reksa Dana Syari'ah melalui Manajer Investasi.
  6. Pemodal berhak atas bagi hasil investasi sampai saat ditariknya kembali penyertaan tersebut.
  7. Pemodal yang telah memberikan dananya akan mendapatkan jaminan bahwa seluruh dananya akan disimpan, dijaga, dan diawasi oleh Bank Kustodian.
  8. Pemodal akan mendapatkan bukti kepemilikan yang berupa Unit Penyertaan Reksa Dana Syariah.

Pasal 4
Hak dan Kewajiban Manajer Investasi dan Bank Kustodian

  1. Manajer Investasi berkewajiban untuk melaksanakan investasi bagi kepentingan Pemodal, sesuai dengan ketentuan yang tercantum dalam Prospektus.
  2. Bank Kustodian berkewajiban menyimpan, menjaga, dan mengawasi dana Pemodal dan menghitung Nilai Aktiva Bersih per-Unit Penyertaan dalam Reksa Dana Syari’ah untuk setiap hari bursa.
  3. Atas pemberian jasa dalam pengelolaan investasi dan penyimpanan dana kolektif tersebut, Manajer Investasi dan Bank Kustodian berhak memperoleh imbal jasa yang dihitung atas persentase tertentu dari Nilai Aktiva Bersih Reksa Dana Syari'ah.
  4. Dalam hal Manajer Investasi dan/atau Bank Kustodian tidak melaksanakan amanat dari Pemodal sesuai dengan mandat yang diberikan atau Manajer Investasi dan/atau Bank Kustodian dianggap lalai (gross negligence/tafrith), maka Manajer Investasi dan/atau Bank Kustodian bertanggung jawab atas risiko yang ditimbulkannya.

Pasal 5
Tugas dan Kewajiban Manajer Investasi

Manajer Investasi berkewajiban untuk:

  1. Mengelola portofolio investasi sesuai dengan kebijakan investasi yang tercantum dalam kontrak dan Prospektus;
  2. Menyusun tata cara dan memastikan bahwa semua dana para calon pemegang Unit Penyertaan disampaikan kepada Bank Kustodian selambat-lambatnya pada akhir hari kerja berikutnya;
  3. Melakukan pengembalian dana Unit Penyertaan; dan
  4. Memelihara semua catatan penting yang berkaitan dengan laporan keuangan dan pengelolaan Reksa Dana sebagaimana ditetapkan oleh instansi yang berwenang.

Pasal 6
Tugas dan Kewajiban Bank Kustodian

Bank Kustodian berkewajiban untuk:

  1. Memberikan pelayanan Penitipan Kolektif sehubungan dengan kekayaan Reksa Dana;
  2. Menghitung nilai aktiva bersih dari Unit Penyertaan setiap hari bursa;
  3. Membayar biaya-biaya yang berkaitan dengan Reksa Dana atas perintah Manajer Investasi;
  4. Menyimpan catatan secara terpisah yang menunjukkan semua perubahan dalam jumlah Unit Penyertaan, jumlah Unit Penyertaan, serta nama, kewarganegaraan, alamat, dan indentitas lainnya dari para pemodal;
  5. Mengurus penerbitan dan penebusan dari Unit Penyertaan sesuai dengan kontrak;
  6. Memastikan bahwa Unit Penyertaan diterbitkan hanya atas penerimaan dana dari calon pemodal.

Pasal 7
Jenis dan Instrumen Investasi

  1. Investasi hanya dapat dilakukan pada instrumen keuangan yang sesuai dengan Syari'ah Islam.
  2. Instrumen keuangan yang dimaksud ayat 1 meliputi:

    1. Instrumen saham yang sudah melalui penawaran umum dan pembagian dividen didasarkan pada tingkat laba usaha;
    2. Penempatan dalam deposito pada Bank Umum Syariah;
    3. Surat hutang jangka panjang yang sesuai dengan prinsip Syari’ah;

Pasal 8
Jenis Usaha Emiten

  1. Investasi hanya dapat dilakukan pada efek-efek yang diterbitkan oleh pihak (Emiten) yang jenis kegiatan usahanya tidak bertentangan dengan Syari'ah Islam.
  2. Jenis kegiatan usaha yang bertentangan dengan Syari'ah Islam, antara lain, adalah:

    1. Usaha perjudian dan permainan yang tergolong judi atau perdagangan yang dilarang;
    2. Usaha lembaga keuangan konvensional (ribawi), termasuk perbankan dan asuransi konvensional;
    3. Usaha yang memproduksi, mendistribusi, serta memperdagangkan makanan dan minuman yang haram;
    4. Usaha yang memproduksi, mendistribusi, dan/atau menyediakan barang-barang ataupun jasa yang merusak moral dan bersifat mudarat.

Pasal 9
Jenis Transaksi yang Dilarang

  1. Pemilihan dan pelaksanaan transaksi investasi harus dilaksanakan menurut prinsip kehati-hatian (prudential management/ihtiyath), serta tidak diperbolehkan melakukan spekulasi yang di dalamnya mengandung unsur gharar .
  2. Tindakan yang dimaksud ayat 1 meliputi:

    1. Najsy, yaitu melakukan penawaran palsu;
    2. Bai al-Ma’dum yaitu melakukan penjualan atas barang yang belum dimiliki (short selling);
    3. Insider trading yaitu menyebarluaskan informasi yang menyesatkan atau memakai informasi orang dalam untuk memperoleh keuntungan transaksi yang dilarang;
    4. Melakukan investasi pada perusahaan yang pada saat transaksi tingkat (nisbah) hutangnya lebih dominan dari modalnya.

Pasal 10
Kondisi Emiten yang Tidak Layak

Suatu Emiten tidak layak diinvestasikan oleh Reksa Dana Syariah:

  1. apabila struktur hutang terhadap modal sangat bergantung kepada pembiayaan dari hutang yang pada intinya merupakan pembiayaan yang mengandung unsur riba;
  2. apabila suatu emiten memiliki nisbah hutang terhadap modal lebih dari 82% (hutang 45%, modal 55 %);
  3. apabila manajemen suatu perusahaan diketahui telah bertindak melanggar prinsip usaha yang Islami.


Pasal 11

  1. Hasil investasi yang diterima dalam harta bersama milik pemodal dalam Reksa Dana Syari'ah akan dibagikan secara proporsional kepada para pemodal.
  2. Hasil investasi yang dibagikan harus bersih dari unsur non-halal, sehingga Manajer Investasi harus melakukan pemisahan bagian pendapatan yang mengandung unsur non-halal dari pendapatan yang diyakini halal (tafriq al-halal min al-haram).
  3. Penghasilan investasi yang dapat diterima oleh Reksa Dana Syari'ah adalah:

    1. Dari saham dapat berupa:
      • Dividen yang merupakan bagi hasil atas keuntungan yang dibagikan dari laba yang dihasilkan emiten, baik dibayarkan dalam bentuk tunai maupun dalam bentuk saham.
      • Rights yang merupakan hak untuk memesan efek lebih dahulu yang diberikan oleh emiten.
      • Capital gain yang merupakan keuntungan yang diperoleh dari jual-beli saham di pasar modal.
    2. Dari Obligasi yang sesuai dengan syari’ah dapat berupa:

      • Bagi hasil yang diterima secara periodik dari laba emiten.
    3. Dari Surat Berharga Pasar Uang yang sesuai dengan syari’ah dapat berupa:

      • Bagi hasil yang diterima dari issuer.
    4. Dari Deposito dapat berupa:

      • Bagi hasil yang diterima dari bank-bank Syari'ah.
  4. Perhitungan hasil investasi yang dapat diterima oleh Reksa Dana Syari'ah dan hasil investasi yang harus dipisahkan dilakukan oleh Bank Kustodian dan setidak-tidaknya setiap tiga bulan dilaporkan kepada Manajer Investasi untuk kemudian disampaikan kepada para pemodal dan Dewan Syari'ah Nasional.
  5. Hasil investasi yang harus dipisahkan yang berasal dari non halal akan digunakan untuk kemaslahatan umat yang penggunaannya akan ditentukan kemudian oleh Dewan Syari'ah Nasional serta dilaporkan secara transparan.



Pasal 12

  1. Hal-hal yang belum diatur dalam Pedoman Pelaksanaan ini akan diatur kemudian oleh Dewan Syari'ah Nasional.
  2. Jika salah satu pihak tidak menunaikan kewajibannya atau jika terjadi perselisihan di antara para pihak, maka penyelesaiannya dilakukan melalui Badan Arbitrasi Syari’ah setelah tidak tercapai kesepakatan melalui musyawarah.
  3. Surat Keputusan ini berlaku sejak tanggal ditetapkan, dengan ketentuan jika di kemudian hari ternyata terdapat kekeliruan, akan diubah dan disempurnakan sebagaimana mestinya.

Ditetapkan di : Jakarta
Tanggal : 24 Muharram 1422 H / 18 April 2001 M