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in parallel with the development of the Islamic capital market in Indonesia various securities specially designed according to Islamic Shariah law has been developed. One such investment tool is sukuk.
Definition of Sukuk
In the Sukuk language comes from the Arabic word “sak” which means document. In sanitary terms, it is a commercial securities showing ownership of a property or project. This tool can be issued by governments or companies.
The definition of sukuk according to the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is a certificate of equal value that is proof of ownership of an asset. Right to benefits, services, ownership of specific projects or investment activities
The Sukuk was first approved as an Islamic securities by the Organization of Islamic Cooperation (OIC) in 1988. The instrument was touted as an alternative to ordinary debt instruments (bonds). Pays interest or interest in Islam and there are many transactions that are not allowed in this religious law.
Sukuk products are arranged to comply with Shariah laws. Usually, sukuk-funded products are products that can be seen or felt (tangible assets) so that income from Sukuk is considered as rent instead of interest income
For example, sukuk retailer SR017 is used to build government infrastructure projects such as Makassar Hajj Hostel, Youtefa Bridge (Holtekamp) in Papua, IAIN Salatiga and others. In many other projects, these sukuk purchases give the investor an indirect share of the capital or assets in these projects to the tenants of the projects, in which case the government is obliged to pay rental profits.
Bond definitions
Bonds are securities that prove that a company or government is indebted to bondholders. So another name bond is debenture.
Unlike the bonds you write to your friends, this bond can be traded on the secondary market. (trading application) and can be used as collateral for banks The difference is that the bond owner is not only entitled to repayment on time. but also receive additional benefits in the form of money known as coupons.
Why is that? This is because if the issuer does not lend money Debt owners can use the money for other purposes. In addition, interest is a tool that attracts investors to lend money to their respective issuers.
Bonds can be issued by governments or corporations. Companies issue bonds to raise capital. While the government issued government bonds not only to increase capital. but also makes various monetary policies accomplished such as controlling inflation and interest rates.
There are also many examples of bonds in Indonesia, from Government Securities (SUN) which can only be bought by institutional investors no more than Indonesian Retail Bonds (ORI) that retail investors can buy for as little as IDR 1,000,000.
Difference Between Sukuk and Bond
1. Natural instruments
As mentioned above A bond is a proof of ownership of a debt whereas a sukuk is a proof of ownership of a property. Therefore, a sukuk is often used to support a project that has a physical form (tangible assetsUnlike bonds that can be used to fund physically invisible projects such as the covid19 deal.
2. Reference assets
The difference in No. 1 above makes the difference between a sukuk and a bond. To be considered valid, a sukuk must issue an underlying asset (underlying assetIt is therefore not surprising that card issuers or governments generally describe in detail which projects will be funded using funds collected from Sukuk.
3. Publisher
Although issued by governments or companies, sukuk cannot be issued by any one company. The company that issued this tool may not be a company that is engaged in fields prohibited by Shariah, such as brewers, cigarettes (still gray) and others. interest charge
According to PP No. 56 of 2008 on State Sharia Securities Issuing Companies (SBSN), this state sukuk can also be issued by Special Purpose Vehicle (SPV) or Special purpose company (SPC). SPV is a company established by the government to issue and be a trustee of SBSN exclusively.
This company is different from other companies. The difference is:
- It is not legally incorporated as a Limited Liability Company (PT) and therefore is not subject to Limited Liability Company Law.
- It consists of at least 3 directors and has no employees.
- The SPV does not have a BUMN status and therefore is not subject to the BUMN law.
quote from page DJPPR Ministry of FinanceBonds cannot be issued by special purpose vehicles So this is one difference between Sukuk and Bond.
4. Use of funds
according to the above business branches The funds collected from sukuk cannot be used for things that are prohibited by Islam, such as financing gambling projects. The purchase and sale of products prohibited by religion and others is different from conventional bonds.
The issuer has the full right to use the money collected from the debt securities in various business areas. including if the business branch does not comply with Islamic law
5. Profit source
Like bonds, sukuk can also be sold to the secondary market and benefit from a capital increase. However, sukuk investors do not receive coupons. but is a return from the agreed difference
Coupons are almost the same as interest income. Whereas the sukuk yield is part of the project’s profit, expressed as a percentage. However, the coupon and bond and suk yields are affected. interest rate.
6. Supervision
Sukuk is a financial instrument regulated not only by the Financial Services Authority (OJK), but also regulated by the Sharia Supervisory Board of Indonesian Ulema Council (MUI). Unlike conventional bonds that are only maintained by OJK, administrative expenses are only given to the institution.
7. Cost
All investment instruments regulated by OJK are subject to institutional charges. This includes bonds and sukuk for bonds. The amount charged is 0.05% of issue value and up to 750,000,000 IDR for sukuk, the maximum value is only Rp. 150,000,000.
Sukuk is an ideal investment tool for those who wish to invest in equity markets instruments that comply with Islamic law but are still profitable.
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