Professional Documents
Culture Documents
Lecturer:
Dr. Gemala Dewi
Arranged by:
17101138 Herdy Almadiptha Rahman
17101133 Naufal Ahmad
17101146 Iza Faiz Saputra
17101164 Muhammad Daffa Assyauqi
(Author)
1. Introduction
2. Regulation
As part of the Indonesian capital market system, capital market activities that apply
sharia principles also refer to Law Number 8 of 1995 concerning the Capital Market
and its implementing regulations (Bapepam-LK Regulations, Government
Regulations, Stock Regulations and others) . Bapepam-LK as the capital market
regulator in Indonesia, has several specific regulations related to the Islamic capital
market, as follows:
Rule Number II.K.1 concerning Criteria and Issuance of List of Sharia
Securities
Rule Number IX.A.13 concerning Issuance of Sharia Securities
Rule Number IX.A.14 concerning Contracts used in the Issuance of Sharia
Securities
Fatwa DSN-MUI No. 20/DSN-MUI/IX/2001 concerning Guidelines for
Implementing Investment for Sharia Mutual Funds
Fatwa DSN-MUI No. 32/DSN-MUI/IX/2002 concerning Sharia Bonds
Fatwa DSN-MUI No. 33/DSN-MUI/IX/2002 concerning Mudharabah Sharia
Bonds
Fatwa DSN-MUI No. 40/DSN-MUI/X/2003 concerning the Capital Market and
General Guidelines for the Implementation of Sharia Principles in the Capital
Market Sector
Fatwa DSN-MUI No. 41/DSN-MUI/III/2004 concerning Ijarah Sharia Bonds
Fatwa DSN-MUI No. 59/DSN-MUI /V/2007 concerning Convertible
Mudharabah Sharia Bonds
Fatwa DSN-MUI No. 65/DSN-MUI/III/2008 concerning Sharia Pre-emptive
Rights
Fatwa DSN-MUI No. 66/DSN-MUI/III/2008 concerning Sharia Warrants
Fatwa DSN-MUI No. 69/DSN-MUI/VI/2008 concerning State Sharia
Securities (SBSN)
Fatwa DSN-MUI No. 70/DSN-MUI/VI/2008 concerning SBSN Issuance
Method
Fatwa DSN-MUI No. 71/DSN-MUI/VI/2008 concerning Sale and Lease Back
Fatwa DSN-MUI No. 72/DSN-MUI/VI/2008 concerning SBSN Ijarah Sale and
Lease Back
Fatwa DSN-MUI No. 76/DSN-MUI/VI/2010 concerning SBSN Ijarah Asset to
Be Leased
Fatwa DSN-MUI No. 80/DSN-MUI/III/2011 concerning the Implementation
of Sharia Principles in the Mechanism of Trading Equity-Type Securities in the
Regular Market of the Stock Exchange.
3. Structure
History of Islamic Capital Markets in Indonesia begins with the issuance of Sharia
Mutual Funds by PT. Danareksa Investment Management on July 3, 1997.
Furthermore, the Indonesia Stock Exchange (formerly Jakarta Stock Exchange)
cooperated with PT. Danareksa Investment Management launched the Jakarta Islamic
Index on July 3, 2000 which aims to guide investors who want to invest their funds in
sharia. With the presence of these indices, investors have provided stocks that can be
used as a means of investing in accordance with sharia principles.
On April 18, 2001, for the first time the National Sharia Council of the Indonesian
Ulema Council (DSN-MUI) issued a fatwa directly related to the capital market,
namely Fatwa Number 20 / DSN-MUI / IV / 2001 concerning Investment
Implementation Guidelines for Sharia Mutual Funds. Furthermore, Islamic investment
instruments in the capital market continued to grow with the presence of Sharia Bonds
PT. Indosat Tbk at the beginning of September 2002. This instrument is the first Sharia
Bond and the contract used is the mudharabah contract.
The history of the Islamic Capital Market can also be traced from the institutional
developments involved in regulating the Islamic Capital Market. This development
started from the MoU between Bapepam and DSN-MUI on March 14, 2003. The MoU
showed an understanding between Bapepam and DSN-MUI to develop a sharia-based
capital market in Indonesia.
From the institutional perspective of Bapepam-LK, the development of the Islamic
Capital Market was marked by the establishment of the Islamic Capital Market
Development Team in 2003. Furthermore, in 2004 the development of the Islamic
Capital Market was included in the organizational structure of Bapepam and LK, and
was carried out by echelon IV units specifically has the task and function of developing
the Islamic capital market. In line with the development of the existing industry, in
2006 echelon IV units that had previously been increased to echelon III level units.
On November 23, 2006, Bapepam-LK issued a package of Bapepam and LK
Regulations related to Islamic Capital Market. The regulation package is Bapepam and
LK Regulation Number IX.A13 concerning Issuance of Sharia Securities and Number
IX.A.14 concerning Contracts used in the Issuance of Sharia Securities in the Capital
Market. Furthermore, on August 31, 2007, Bapepam-LK issued Bapepam and LK
Regulation Number II.K.1 concerning Criteria and Issuance of List of Sharia Securities
and followed by the launch of the first List of Sharia Securities by Bapepam and LK
on September 12, 2007.
The development of the Islamic Capital Market reached a new milestone with the
passing of Law Number 19 of 2008 concerning State Sharia Securities (SBSN) on 7
May 2008. This law is needed as a legal basis for the issuance of state sharia securities
or state sukuk. On August 26, 2008 for the first time the Indonesian Government issued
the SBSN series IFR0001 and IFR0002.
On June 30, 2009, Bapepam-LK has made improvements to Bapepam-LK Regulation
Number IX.A.13 concerning Issuance of Sharia Securities and II.K.1 concerning
Criteria and Issuance of List of Sharia Securities.
5. Instrument
In doing muamalah, humans are given the freedom to carry out activities but must pay
attention to things that are prohibited. Capital market activities are included in the
muamalah group, so transactions in the capital market are permissible as long as there
is no prohibition according to sharia. The prohibited muamalah activities are activities
of speculation and manipulation which contain elements of gharar, riba, maisir,
risywah, immorality and tyranny.
Activities/actions that are contrary to sharia principles (according to DSN-MUI fatwa
Number: 80 / DSN-MUI / III / 2011), include:
1. Maisir: Every activity that contains elements of gambling / speculation
2. Gharar: Uncertainty in a contract, both regarding the quality or quantity of
contract objects or transactions that take place
3. Usury: Additions given in exchange of ribawi goods (al amwal al ribawiyah)
and additions given to principal debt in exchange for absolute deferral of
payments
4. Bathil: Fair buying and selling is buying and selling that is not in accordance
with the pillars and contract (provisions of origin / principal and its nature) or
is not justified in Islamic sharia
5. Ba'i al-ma'dum: sell goods (sharia securities) that are not yet owned (short
selling)
6. Summary: buying an item that is needed by the community when the price is
high and hoarding it with the aim of reselling when the price rises (hoarding)
7. Taghrir: an effort to influence other people, both by saying and acting with lies,
to be encouraged to make transactions
8. Ghabn: An imbalance between two objects exchanged in a contract, both
quality and quantity
9. Talaqqi Al-Rukban: Part of Ghabn; namely buying and selling goods at prices
far below market prices because the seller does not know the price
10. Tadlis: the act of hiding an object's disability that is done by the seller to trick
the buyer
11. Ghisysy: Branch of tadlis; i.e. the seller explains the superiority of the goods
sold and hides the disability
12. Tanajusy: The act of bidding for goods at a higher price by those who do not
intend to buy them, to give the impression that many parties are interested in
buying them
13. Dharar: actions that can cause harm or loss to other parties
14. Risywah: a gift that aims to take something that is not his right, justify the
physical and make the false as something that is right
15. Maksiat and Zhalim: actions that are detrimental, take or obstruct the rights of
others who are not justified in sharia, so that they can be considered as a form
of persecution
6. Operational
1) Products in the Islamic Capital Market
Islamic Capital Market products are sharia securities. Islamic securities are securities
that do not conflict with sharia principles in the capital market.
Islamic securities consist of:
Islamic securities in the form of shares
Sukuk
Sharia Mutual Fund
Sharia Asset Backed Securities (Sharia EBA)
Sharia Real Estate Investment Fund (Sharia DIRE)
Other Sharia Securities:
Capital Market Sharia Expert
Sharia Investment Manager
Sharia Investment Management Unit
The Issuer Register Sharia Securities
Sharia Online Trading System
Custodian Bank that provides sharia custodian services
Trustee who provides services in issuing sukuk
Sharia Online Trading System
Custodian Bank that provides sharia custodian services
Trustee who provides services in issuing sukuk
b) Sukuk
Sukuk are sharia securities in the form of certificates or proof of ownership that have
the same value and represent an inseparable or undivided part of the underlying asset.
Underlying Asset itself is an asset that is used as an object or basis for issuing sukuk.
The underlying assets can be in the form of tangible goods such as land, buildings,
development projects, or intangible assets such as services, or benefit rights to assets.
Main differences between sukuk and bonds
Description Sukuk Bonds
Main Group Ownership of an asset/ the Debt transaction between
Principles benefits of asset/ services/ project/ bond issuer and investor
specific investment
Use of Funds Funding only for business activity Unlimited. Any kind of
that not contracy to sharia principles business are able to access
funding
Underlying Necessary Not Necessary
asset
Table 1 Differences between sukuk and bonds
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