Archive for 2013-12-15
Bencana dan
Bisnis Berkelanjutan
Gesit Ariyanto ;
Wartawan
Kompas
KOMPAS,
18 Desember 2013
TAHUN berganti tak lebih dari
setengah bulan lagi. Lalu, kenangan indah apa yang lekat apabila bicara
lingkungan di Tanah Air? Mungkin butuh waktu menyebut hal-hal positif,
berbeda jika menyebut sebaliknya: lahan terbakar, ”ekspor” kabut asap, dan
bencana alam.
Tahun berganti tahun,
kejadian-kejadian itu masih menemani khalayak, seperti tak beranjak. Dan,
benar adanya, itulah sebagian wajah Indonesia apabila memandang lingkungan.
Hal-hal negatif lebih mudah diingat karena menancap dalam ketimbang hal-hal
positif yang sebenarnya juga ada.
Awal 2013, banjir bandang, tanah
longsor, rumah dan sawah terendam, melanda sejumlah daerah. Hujan hingga
pertengahan tahun lalu sempat mengundang kekhawatiran dan akhir tahun ini
tanpa buah-buahan akibat basah sepanjang tahun.
Awal Desember ini hujan masih
menimbulkan banjir di sejumlah daerah, mulai dari Sumatera, Jawa, dan
Sulawesi. Saat ini, Bengawan Solo sedang meluap saat musim hujan belum pada
puncaknya. Di Jakarta, warga di bantaran sungai sudah mulai mencicipi ”tamu
tak diundang” luapan Sungai Ciliwung. Lagi-lagi, ini belum puncaknya musim
hujan.
Contoh kecil dan besar
Kejadian berulang yang mendera
kelompok manusia di tempat sama secara berulang sebenarnya mengirimkan
pesan.
Pesan itu jelas: tak ada cukup upaya berarti untuk memperbaiki situasi.
Bahkan, dampak yang ada kadang jauh lebih parah daripada tahun-tahun sebelumnya.
Bayangkan, bertahun-tahun selalu
tergenang saat hujan, tak ada aksi sekalipun aksi yang dibutuhkan itu
mungkin sebatas mengeruk saluran air! Atau, yang patut dijadikan contoh,
mengembalikan saluran air pada fungsinya semula yang diokupasi bangunan
komersial.
Mengeruk saluran air terbuka
merupakan salah satu contoh kecil yang sering diremehkan. Namun, hampir tak
pernah dilakukan. Kota Jakarta mulai melakukannya hingga mengeruk sungai
dan menormalisasi waduk-waduk dalam arti sesungguhnya dengan ongkos sosial
dan ekonomi yang relatif mahal.
Salah satu contoh besar yang
bertahun-tahun ditunggu adalah pembongkaran vila-vila atau bangunan
permanen di kawasan Puncak, Kabupaten Bogor, Jawa Barat. Bertahun-tahun
dituding sebagai ”biang” kerusakan lingkungan di kawasan hulu yang bermuara
di hilir (Jakarta), akhirnya pembongkaran sungguh-sungguh dilakukan. Tak
mudah karena lagi-lagi ada perlawanan fisik dari sekelompok orang yang
terang-terangan mengaku memperoleh penghidupan dari keberadaan vila-vila
milik pejabat dan pesohor itu.
Di Sumatera Utara, penerima anugerah
Kalpataru dan penghargaan tingkat provinsi mengembalikan penghargaan yang
diterima hingga ke Jakarta. Itu merupakan bentuk protes terhadap perusakan
hutan yang mengganggu masa depan Danau Toba, yang tak juga diatasi.
Katanya, ”Pohon yang tak punya kaki bisa berjalan lebih cepat ke kota
daripada aparat”.
Tentu itu sindiran bagi penegak
hukum. Kementerian Lingkungan Hidup segera mengirim ”tim pencari
fakta” ke lokasi.
Entah, apa hasil tim itu.
Setidaknya, ada gerakan melawan perusakan lingkungan. Gerakan itu mulai
perorangan, kelompok, hingga birokrasi. Kementerian Lingkungan Hidup pun
mulai berani menyidik kasus kebakaran lahan gambut di Rawa Tripa, Aceh.
Selain ancaman pidana, perusahaan perkebunan kelapa sawit terancam denda Rp
300 miliar: besaran nominal yang tak sedikit.
Efek jera, itulah salah satu
terapi yang diharapkan mujarab melindungi lingkungan dari perusakan.
Tujuannya, jasa lingkungan yang berkelanjutan.
”Eco-economy”
Lingkungan dan ekonomi
sesungguhnya tak bisa dipisahkan. Keduanya sama-sama mengenal jasa. Air dan
udara bersih merupakan contoh sederhana jasa yang diberikan lingkungan.
Artinya, menjaga keberlanjutan lingkungan sama dengan menjaga masa depan
bisnis yang berkait erat dengan sumber daya alam (SDA).
Akhir tahun ini, setidaknya ada
dua kegiatan besar yang membahas keterkaitan keberlanjutan lingkungan dan
bisnis. Pertama, forum bisnis yang bertanggung jawab bagi pembangunan
berkelanjutan berlangsung di Singapura. Kedua, forum sejenis di Indonesia.
Forum itu ajang kampanye
pentingnya bisnis, khususnya yang berbasis SDA, terus menjaga modal alam.
Caranya, menerapkan prinsip-prinsip ramah lingkungan dan sosial. Dua
korporasi multinasional turut mensponsori forum di Singapura, masing-masing
raksasa bisnis pertanian Monsanto dan pemegang konsesi besar kebun kelapa
sawit, Wilmar. Kiprah keduanya disorot, termasuk di Indonesia.
Kiriman kabut asap yang disoal
negeri tetangga Singapura dan Malaysia, Juni 2013 lalu, di antaranya
berasal dari pembakaran lahan gambut perkebunan kelapa sawit. Meskipun
sudah menjadi perhatian regional,
lalu lintas kabut asap tetap terjadi.
lalu lintas kabut asap tetap terjadi.
Dampaknya tak sebatas protes
negeri tetangga. Pada skala global, muncul kesadaran konsumen produk-produk
turunan
kelapa sawit—termasuk produk kayu—yang hanya akan membeli produk yang rantai produksinya ramah lingkungan dan sosial.
kelapa sawit—termasuk produk kayu—yang hanya akan membeli produk yang rantai produksinya ramah lingkungan dan sosial.
Untuk memberi perspektif bisnis,
The Economics of Ecosystems and Biodiversity (TEEB) for Coalition—lembaga
multisektor yang menghitung modal alam untuk kepentingan
bisnis—menyebutkan, besaran kerugian akibat praktik bisnis yang tak
bertanggung jawab mencapai 4,7 triliun dollar AS per tahun. Itu hanya dari
ongkos sosial dan lingkungan yang harus ditanggung akibat hilangnya jasa
ekosistem dan polusi. Itu pun belum menghitung seluruh faktor.
Keterkaitan bisnis dengan
keberlanjutan lingkungan (sumber daya alam) dibahas Lester R Brown dalam ”Eco-economy: Building an Economy for
the Earth” (2001). Disebutkan, eksploitasi tanpa batas terhadap SDA
mungkin pada awalnya memberi keuntungan besar. Namun, dampak yang
ditimbulkan bisa tak terpulihkan bagi masa depan.
Cerdas Membaca
Angka dan Segera Antisipasi
Pieter P Giero ;
Wartawan Kompas
KOMPAS,
17 Desember 2013
BAGI para ahli ekonomi, di dunia
ini hanya ada dua ilmu, yakni ilmu ekonomi dan ilmu nonekonomi. Pesan yang
tersirat bahwa setiap perkembangan ekonomi harus juga ditanggapi secara
ekonomi. Seminimal mungkin ditanggapi secara nonekonomi jika tak ingin
mengundang krisis ekonomi yang berdampak memprihatinkan dalam jangka
pendek, menengah, ataupun jangka panjang.
Dalam kaitan ini, para pemimpin
di mana saja, termasuk di negeri ini, harus cerdas membaca angka-angka yang
ada dan kemudian segera mengambil kebijakan tepat untuk mengantisipasinya.
Rumitnya, para pemimpin Indonesia ternyata lebih banyak dibuai pertimbangan
nonekonomi demi popularitas. Alhasil, mereka hanya berhenti pada angka yang
disajikan. Tak pernah atau terlambat melakukan antisipasi. Jangan
menoleransi pemimpin seperti ini.
Kondisi ekonomi Indonesia saat
ini tak bisa ditampik, lagi terancam krisis apabila defisit perdagangan dan
defisit transaksi berjalan tidak segera diatasi. Sudah selama sembilan
triwulan terakhir Indonesia mencatat defisit transaksi berjalan. Rekor
defisit mencapai 9,8 miliar dollar AS pada triwulan II-2013.
Antisipasi yang terlambat ini
membuat nilai rupiah kini terus melemah, sudah menyentuh Rp 12.000 per
dollar AS. Sebenarnya, nilai rupiah yang lemah baik untuk ekspor produk
yang berbasis bahan baku lokal. Namun, pasar global yang melemah membuat
manfaat dari pelemahan rupiah lagi tak banyak berarti. Lagi pula
infrastruktur jelek, korupsi, dan ekonomi biaya tinggi tetap merajalela.
Daya saing ekspor rendah.
Celakanya, sebagian besar
defisit transaksi berjalan ini karena sumbangsih defisit perdagangan yang
terjadi sejak tahun 2012. Defisit perdagangan yang pertama kali terjadi
sejak tahun 1962. Impor produk nonminyak dan gas (migas) dan produk migas
melonjak. Sekali lagi bukti bahwa pemerintah tidak cerdik membaca
angka-angka dan mengantisipasinya.
Mengapa? Sudah sangat jelas
bahwa negeri ini mencatat pertumbuhan ekonomi rata-rata di atas 6 persen
dalam beberapa tahun terakhir. Pertumbuhan ekonomi yang relatif tinggi,
bahkan nomor dua di dunia setelah China, berkonsekuensi menumbuhkan
kebutuhan yang tinggi di dalam negeri. Apalagi dengan kehadiran 240 juta
penduduk.
Yang ada, pemerintah lebih
banyak menggadang-gadang hasil studi McKinsey Global Institute. Menurut
McKinsey, kekuatan ekonomi Indonesia kini 16 besar dunia dengan 45 juta
konsumen potensial. Kekuatan ini akan menjadi nomor tujuh dunia pada tahun
2030 dengan 135 juta konsumen potensial.
Bukan soal dengan laporan
McKinsey? Gugatan yang ada, apa yang dilakukan pemerintah dan semua pihak
di negeri ini menanggapi laporan McKinsey ini? Bagaimana menyikapi
angka-angka ini demi sebuah kepentingan ekonomi yang memberikan manfaat
besar bagi negeri ini sendiri.
Kebutuhan besar
Kekuatan konsumen yang besar
berarti ada kebutuhan yang besar. Dengan daya beli yang memadai, tak ada
persoalan dengan harga. Berapa pun yang ditawarkan, bisa diserap. Yang
terjadi adalah semua kebutuhan tadi dipasok dari impor. Bahkan juga produk
yang bisa dihasilkan di dalam negeri.
Impor pun melonjak jauh di atas
ekspor sehingga terjadi defisit perdagangan dan defisit transaksi berjalan.
Misalnya impor bahan bakar minyak (BBM). Pertumbuhan ekonomi membuat
produksi otomotif melonjak tinggi. Itu berarti ada kebutuhan BBM yang
besar. Harga minyak mentah yang melonjak karena situasi geopolitik membuat
beban impor minyak meningkat.
Beban subsidi pun pada APBN-P
2013 sebesar Rp 299,8 triliun. Subsidi BBM mencapai Rp 199,9 triliun dan
subsidi listrik Rp 99,9 triliun. Anehnya, subsidi yang memberatkan anggaran
ini terus dibiarkan dan harga BBM baru dinaikkan bulan Juni lalu. Semuanya
karena lebih banyak pertimbangan nonekonomi, tetapi juga karena kurang
cerdas membaca angka.
Seharusnya, beban subsidi
listrik itu memunculkan upaya mengalihkan kebijakan energi dari energi
fosil yang bakal habis ke energi baru dan terbarukan. Semisal, panas bumi lebih
diberikan insentif untuk menghasilkan listrik. Negeri di cincin api ini
punya potensi panas bumi hingga 28.000 megawatt (MW) atau 40 persen potensi
dunia. Yang ada baru 1.341 MW atau 4,6 persen.
Demikian pula menambah biodiesel
dalam BBM solar. Mandatori pencampuran baru dinaikkan menjadi 10 persen.
Padahal, produksi biodiesel berupa minyak kelapa sawit mentah (CPO) di
Indonesia begitu besar. Dana subsidi listrik bisa dialihkan ke industri
kelapa sawit nasional. Penghematan devisa pun terjadi.
Kenyataannya, pemerintah lebih
senang mengimpor BBM. Bahkan kilang di dalam negeri untuk mengolah minyak
mentah saja tak pernah dibangun sejak tahun 1970-an. Hal itu mengakibatkan
defisit transaksi berjalan terus membengkak. Impor terus tak terkendali dan
cadangan devisa terus susut.
Kurang cerdasnya pemerintah
membaca angka-angka kebutuhan ini juga terlihat pada pengembangan produk
manufaktur dan pertanian untuk memenuhi kebutuhan domestik. Tekstil dan
produk tekstil impor kini mendominasi pasar lokal. Tengok ke Pasar Tanah
Abang, Jakarta, produk lokal tersingkir.
Produk pertanian yang bisa
dipasok dari dalam juga tidak diperhatikan dari sisi produksinya. Beberapa
produk hortikultura, daging sapi, jagung, dan kedelai praktis diimpor. Pada
era Orde Baru, produksi beberapa produk, seperti jagung, kedelai, dan
beras, bisa sangat tinggi.
Semisal, produksi kedelai tahun
2013 hanya 800.000 ton, padahal tahun 1992 mencapai 1,9 juta ton. Terpaksa
impor 2 juta ton kedelai per tahun. Bawang putih juga diimpor 410.000 ton
dan bawang merah perlu impor 100.000 ton per tahun. Total impor pangan
Indonesia tahun 2012 sebesar Rp 81,5 triliun. Nilai yang cukup besar untuk
menguras devisa.
Apa yang terjadi jika tidak
cerdas membaca angka-angka dan juga tidak segera mengambil kebijakan antisipasi?
Jangan pernah berharap nilai rupiah stabil menguat. Karena impor tetap
tinggi, jatuhnya rupiah akan membuat inflasi karena selisih kurs juga akan
merambat.
Bank Indonesia pun menaikkan
kebijakan bunga acuan (BI Rate) untuk mengatasi inflasi. Hal itu
mengakibatkan, pertumbuhan ekonomi terkoreksi. Padahal, pertumbuhan
dibutuhkan untuk menciptakan lapangan kerja dan mengurangi angka
kemiskinan.
Cadangan devisa Indonesia pernah
124 miliar dollar AS pada Agustus 2011. Kini tinggal 96 miliar dollar AS.
Kalau impor, khususnya BBM, terus dibiarkan, tak heran cadangan devisa akan
anjlok. Membuat kepercayaan terhadap perekonomian negeri ini juga rendah.
Memasuki tahun 2014, saat akan
diselenggarakan pemilihan presiden baru. Tak bisa lain pemimpin yang menjadi
favorit adalah yang cerdas membaca angka-angka ekonomi dan antisipatif.
The Opportunity of Sukuk al-Intifa’a
For Financing Infrastructure Projects in Indonesia
Oleh :
Izzuddin Abdul Manaf, Lc., MA
Lecture SEBI School of Islamic
Economics dan Director of Wafaa International
Email : zudin@yahoo.com
Phone : +62 0251-8616655, Fax : +62 0251-8604985
and
Hendro
Wibowo, SEI., MM
The Chief to
Majoring Islamic Banking of SEBI School of Islamic Economics - Indonesia
Email :
hnd_wibowo@yahoo.co.id
Abstrac
The
weakness of infrastructures has become one of factors that lead
underdevelopment of Indonesia in economic development within the last thirty
years. The availability of good infrastructure is basic foundation from
sustainable economic development. Based on National Medium Term Development in
2010-2014, the macroeconomic policy will be aimed to encourage quality economic
growth, maintain the stabilities of economics, to create inclusive economic
development and equitable (RPJMN Bappenas 2010). The
government will encourage infrastructure development reach IDR 1.924 trillion, assumed this value 5% from GDP IDR 6.7183
trillion in 2011.The amount of finance have plan to fulfill from many sources
finance such as APBN IDR 559.5 trillion(29%) APBD IDR 355.1 trillion (18.4%)
and private domestic party or BUMN IDR 685,5 trillion(35.6%). From the schema,
there are still IDR 232.6 trillion(17%) that haven’t yet clear the sources of finance(finance
gap). The condition indicate about the need of government to create immediate new
innovations to cover how big of funding gap, which is almost impossible to be
met by APBN and also internal funding BUMN. In addition, BUMN as an independent
entity need to seek new innovations to duplicate ability to provision funding
of infrastructure development.
New
alternative has been given, one of them is the schema of infrastructure
development financing through the issuance of sukuk, both SBSN and Ritel sukuk
which is based on infrastructure development, for example construction of
apartments to low income communities(MBR), integrated electricity network
development. With potential large Middle Eastern fund, funding of asia country
and domestic fund is expected to stop the dependence of funding based on debt
which encourage interests. Indeed in 2012 is momentum to attract global
investment fund to move from countries in Europe and Middle East that
politically and economically is experiencing the shock of economic politic
crisis. Clear evidence opportunity to withdraw global fund can be seen from
Indonesia ration debt from Fitch, from BB become BBB-. This proves that
Indonesia economic future will have bright prospect for investment growth. The
consequence of the inclusion Indonesia into investment grade, for merely time it
could be become hot issues among investors who have been meeting in World
Economic Forum.
Key words: Sukuk, Financing, Infrastucture, BUMN.
Introduction
Economic global in generally,
particularly in Asia has shown good growth, particularly Indonesia where the
acceleration of economic growth in 2011, expected to reach 6,5%, at the end
implementation was accordance with target of economic growth in APBN-P 2011
about 6.5%[1]. Stability of economic macro in
2011 was relatively stable, on of them are the movement of rupiah (IDR) against
the U.S dollar, and inflation can still controlled within the target 5±1[2]. This can allow outside
investors and domestic sentiment to make an investment to be more positive,
much less supported by economic conditions in Asia (emerging markets) tend to
have higher performance when compared with the performance of the United States
and European economies, due to American and European countries are still trying
to re wake of economic and financial conditions of the impact of the crisis.
Impact of economic collapse, most investors from many countries are aiming its
funds into the financial markets of Asia, including Indonesia
However, the next
challenge is Indonesia is a big state and widespread, so the provision of
infrastructure is an important role to support economic activity. If the
infrastructure has been one factor of weakness, it will cause capital inflow
into bias. Therefore, it will a big concern for government that potential
funding should get into Indonesia, if it’s fail, then backwardness of Indonesia
in spurring economic development within the last thirty years become real. If
it was estimated by overall, investment needs for infrastructure development as
follows:
Table 1
Estimated Need of Infrastructure Funding
|
Information
|
Tahun
|
|||||
|
2009
|
2010
|
2011
|
2012
|
2013
|
2014
|
|
|
Growth (%)
|
5.1
|
5.5
|
6.2
|
6.8
|
7.3
|
7.7
|
|
Nominal GDP (Rp. Triliun)
|
5.206,5
|
5.989,5
|
6.718,3
|
7.632,3
|
8.611,0
|
9.523,3
|
|
Need of Infrastructure 5% GDP (Rp. Triliun)
|
260.3
|
299.5
|
335.9
|
381.6
|
430.6
|
476.2
|
|
Total Infrastructure Needs 2010-2014 IDR. 1.923,7 Triliun
|
||||||
Resource:
Bappenas, 2011
Infrastructure
financing needs based on a minimum 5% of GDP period 2010-2014 reaches IDR 1.924 trillion. Here is a government program
in the next year to develop infrastructure, in which each sector to development
infrastructure require funds indicated amount to IDR 1.774 until 1.924 trillion.
But for a few years, projects that must be executed as follows.
Grafik 1
Indication of Infrastructure Investment in Indonesia (IDR Triliun)
Resource:
MP3E Indonesia, Ministry of Economic Affairs
Availability of
good infrastructure is the foundation of sustainable economic development. The
existence of adequate infrastructure plays a very vital for economic national.
This is to remind if the rate of movement and economic growth in a country
cannot be separated from the availability of infrastructures such as
transportation, communications, and energy availability.
In recent years,
those facts have been recognized by Government and encourage Government to
explore and empower all the potentials development financing availability. From
the results of the Infrastructure Summit 2005, at least have been formulated
plus minus about ten infrastructure sectors that will be priority of the
government immediately to be realized. The infrastructure consists of: (1)land
transportation, (2) railway, (3) sea port, (4) air port, (5)toll road, (6) oil
and gas infrastructure, (7)electricity, (8) telecommunication, (9)drinking
water, and (10) housing where the government's ability is only IDR 560 trillion
(including the Special Allocation Fund). Other potential funding is from BUMN
investment, private and local funding through APBD estimated at IDR 1.041
trillion. To achieve economic growth target of at least 7% by the end of 2014,
there are still financing gap amount to IDR 323 trillion. So expect more
enhanced role from government.
In order to
implement the whole work program that has been set up in the development of
infrastructure, the enough budgets will be necessary so that any planned
activities can be accomplished. First, to consider internal budget provided by
the government mainly at BUMN ministry until 2010, the budget which has been
obtained by the Ministry of BUMN to support the tasks and functions are still
very small relative ranges ± IDR 50 billion. Along with the increasing
complexity of the activities and the increasing number of targets to be
achieved, although BUMN ministry budget has been increased gradually so in 2011
the total budget received totaled ± IDR.144 billion. The availability of budget
used to support every policy development BUMN in accordance to develop the
infrastructure by Ministry of BUMN which is not still significant yet.
Table 2
The Development of Budget of Ministry of BUMN period
2005-2011 (IDR)
|
Year
|
Pagu
|
Actual
|
Actual (%)
|
|
2005
|
75,430,901,000
|
35,084,842,240
|
46.51%
|
|
2006
|
211,939,209,000
|
155,053,362,110
|
73.16%
|
|
2007
|
351,319,162,000
|
261,846,403,691
|
74.53%
|
|
2008
|
186,933,221,000
|
148,300,549,275
|
79.33%
|
|
2009
|
176,378,744,000
|
129,043,963,130
|
73.16%
|
|
2010
|
166,203,110,000
|
92,873,958,826
|
55.88%
|
|
2011
|
144,341,195,000
|
112,572,597,733
|
77.99%
|
Source : Strategic Plan BUMN 2010-2014
Second, based on
Infrastructure Financing Road Map 2010-2014, noted that in the next 5 years,
the Government of Indonesia will encourage the development of infrastructure
which finance needs reach IDR 1.924 trillion assumed this value to 5% from GDP
about IDR 6.718.3 trillions in 2011. The amount of finance will plan to be fill
from the various sources of financing such as the APBN about IDR 559.5 trillion (29%), APBD about IDR
355.1 trillion (18.4%) and Domestic Private sector or BUMN about IDR 685.5 trillion (35.6%).
Picture 1:
Structure of
Infrastructure Finance
Source: Bappenas (2011)
From the scheme there
are still about IDR 323.7 trillion (17%) are not yet clear where the source of
funding (funding gap). These funding gap will be offered to investors through
the World Economic Forum 2012 and visitation to several other countries to open
up investment opportunities in Indonesia.
Related to infrastructure
development is a major business risk, such as the length of the project
implementation period, the complex problems of land acquisition, the value of
investments, coupled with the potential arise of social impact become a major
factor in the high risk of this infrastructure business. Consequently, the
banking industry (though it's BUMN banks) and other investors as a financing
partner to be impressed very carefully to make loans to business people,
despite of having assurances from the Government. This last condition also puts
infrastructure BUMN who has small capital always in a state capital under
capacity. This condition again indicating the need for government to make a
break immediately to be able to meet the funding gap which is still very large,
which is almost impossible to be met by internal funding of BUMN.
In addition, BUMN as an
independent entity also needs to seek new breakthroughs in the ability to
double the provision of infrastructure financing fund. For example,
infrastructure in the field of electricity by PT National Electricity Company
(PLN) is estimated to reach IDR 20 trillion. The funds are used to build power
plants with a total of 900 megawatts about IDR 9 trillion, IDR 4.5 trillion for
transmission, distribution network about IDR 6 trillion, and the rest for
commercial facilities. The funding will be obtained from its own funds, loans
and selling of obligation. PLN will continue to invite investors to the
development of 20,000 megawatts of generation. The construction is expected to
require funding of U.S. $ 30 billion. Construction is important to avoid a
power crisis and fullfill the needs of the next 10 years. Of these needs, PLN
can only fund of U.S. $ 9 billion to 10 billion. In addition, the government
only gave a commitment to provide funding as much as 4 billion dollars.
Identification
of Problem
The need of fund will
reach IDR 1.924 trillion, assumed this value is 5% from GDP by IDR 6718.3
trillion in 2011. The amount of finance is planned to be fill from the various
sources of financing such as APBN about 559.5 trillion (29%), APBD about IDR
355.1 trillion (18.4%) and Domestic Private sector or BUMN about IDR 685.5
trillion (35.6%), still there are about IDR 323.7 trillion (17%) are not yet
clear where the source of funding (funding gap). One of the investment
opportunities for infrastructure development, especially BUMN have a tremendous
opportunity, mainly related to Infrastructure Summit program that offers the
construction of number of large projects. The Government should make a
breakthrough towards the development of Islamic finance (Islamic financial
system) both local and global, so it will give an enormous multiplier effect
for the future of infrastructure Indonesia. Some of the instruments that could
be developed in order to attract global investors such as by developing the
infrastructure-based sukuk. One impact that is expected to be very useful, that
the global Islamic financial institutions in particular, being the excess
liquidity will have a market to invest funds into infrastructure in Indonesia.
Islamic Financial Model
Islamic
financial practice has, though, not just limited itself to these rudimentary
financing instruments; rather, it has expanded its tool set in two important
directions. To date, Islamic economists have rarely integrated these adequately
into their macroeconomic models and are, therefore, more inclined to an overly
optimistic assessment of the stability and allocative qualities of an Islamic
financial system (nienhaus, 2010):
The first
direction is the provision of liquidity at fixed costs/returns by a combination
of trade transactions. In the original model, Islamic banks could only provide liquidity
on the basis of profit and loss sharing, which presented two problems: on the
one hand, the risks associated with this, and, on the other, the exact costs/ In countries with a lack of regulatory
provisions, low levels of transparency,
poor business ethics, and a legal system with deficient enforcement powers, financing based on profit and loss
sharing harbors a great risk for
the bank. returns, which could only be known retrospectively.
The second direction of expansion
for Shariah-compatible instruments is the creation of tradeable securities that
resemble fixed-interest securities in their economic character but are equity-based
as they incorporate ownership rights: so-called sukuk (Islamic bonds)
are created when companies, who are looking for finance for a fixed period of
time, transfer ownership of such assets which generate a stable income stream
(by long-term rental, for example) to a special purpose vehicle (SPV).
Picture 2
Islamic Financial Model
 |
|||||
 |
 |
 |
|||||||||
 |
 |
||||||||
 |
|||||||||
 |
|||||||||
Sukuk
In its Standard No. 17, the Accounting and
Auditing Organization for Islamic Financial Institutions (AAOIFI) defines sukuk[3]
as s "certificates of equal value representing after closing subscription,
receipt of the value of the certificates and putting it to use as planned, thus
it represents common shares and rights in the underlined assets or their
usufructs and services". From this definition, it appears that Sukūk represent proportionate ownership
of an underlying asset or service, thus entitling their holders to the cash
flows there from.
Table
3
Comparision
sukuk with shares and bonds
|
Information
|
Sukuk
|
Bonds
|
Shares
|
|
Nature
|
Not a debt but undevided
ownership of assets/projects/services
|
Debt of issuer
|
Ownership share in a
corporation
|
|
Asset backed
|
A minimum 51% of tangible assets
for their contracts are required to abck issuance of sukuk al-ijarah
|
Generally not required
|
Not required
|
|
Claims
|
Ownership calims on the specific
underlying assets/projects/service
|
Creditors claims on the borrowing
entity and in some cases liens on
assets
|
Ownership claims on the company
|
|
Security
|
Secured by ownership rights in
the underlying asses or projects in addition to any additional collateral
enchancements structured
|
Generally unsecured debentures
|
Unsecured
|
|
Principal & Return
|
Not guaranteed by issuer
|
Guaranteed by issuer
|
Not guaranteed by company
|
|
Purpose
|
Must be issued only for
Islamically permissible (halal) purposes
|
Can be issued for any purposes
|
Can be offered for any purposes
|
|
Trading of Security
|
Sale of an ownership interest in
a specific asset/project/service etc.
|
Sale of debt instrument
|
Sale of share in a company
|
|
Responsibility of holders
(tanggung jawab pemegang)
|
Responsibility for defined duties
relating to the underlying assets/projects/ transactions limited to the
extent of participationj in the issue
|
Bondholders have no
responsibility for the circumstances
of the issuer
|
Responsibility for the affairs of the company limited to the
extent of holding in the company
|
Source :
compiled form several source
Types of sukuk :
- Model Sukuk Mudharabah
These are investment sukuk that represent
ownership of units of equal value in the Mudaraba equity and are registered in
the names of holders on the basis of undivided ownership of shares in the
Mudaraba equity and its returns according to the percentage of ownership of
share. The owners of such sukuk are the rabbul-mal. (AAOIFI). Mudharabah sukuk
are used for enhancing public participation in big investment projects.
Salient Features:
Following are the salient features
of mudharabah sukuk (Nisar, 2007):
1.
Mudharabah
sukuk (MS) represent common ownership and entitle their holders share in the
specific projects against which the MS has been issued.
2.
The MS
contract is based on the official notice of the issue of the prospectus which
must provide all information required by shariah for the Qirad contract such as
the nature of capital, the ratio for profit distribution and other conditions
related to the issue, which must be compatible with shariah.
3.
The MS
holder is given the right to transfer the ownership by selling the deeds in the
securities market at his discretion. The
sale of MS must follow the rules listed below:
a.
If the mudharabah
capital, before the operations of the project, is still in the form of money,
the trading of MS would be like exchange of money for money. In that case the
rules of bay al-sarf would be applied.
b.
If mudharabah
capital is in the form of debt then it must satisfy the principles of debt
trading in Islam.
c.
If capital
is in the form of combination of cash, receivables, goods, real assets and
benefits, trade must be based on market price evolved by mutual consent.
4.
The
Manager/SPV who receives the fund collected from the subscribers to MS can also
invest his own fund. He will get profit for his capital contribution in
addition to his share in the profit as mudarib.
5. Neither prospectus nor MS should contain a
guarantee, from the issuer or the manager for the fund, for the capital or a
fixed profit, or a profit based on any percentage of the capital. Accordingly;
a.
The
prospectus or the MS issued pursuant to it, may not stipulate payment of a
specific amount to the MS holder,
b.
The profit
is to be divided, as determined by applying rules of shariah; that is, an
amount access of the capital, and not the revenue or the yield; and
c.
Profit and
Loss account of the project must be published and disseminated to MS holders.
6. It is permissible to create reserves for
contingencies, such as loss of capital, by deducting from the profit.
7. The prospectus can also contain a promise made
by a third party, totally un-related to the parties to the contract, in terms
of legal entity or financial status, to donate a specific sum, without any
counter benefit, to meet losses in the give project, provided such commitment
is independent of the mudharaba contract.
8. On the expiry of the specified time period of
the subscription, the Sukuk holders is given the right to transfer the
ownership by sale or trade in the securities market at his discretion.
Picture 3:
Sukuk Mudharabah
|
||||||||||||||||
|
||||||||||||||||
|
 |
|||||||||||||||
 |
||||||||||||||||
 |
||||||||||||||||
|
||||||||||||||||
|
||||||||||||||||
 |
||||||||||||||||
 |
||||||||||||||||
Case Study
Shamil Bank of Bahrain
raised 360 million Saudi Riyal investment capital through the Al Ehsa Special
Realty Mudharabah, representing an investment participation in a land
development transaction with a real estate development company in the Kingdom
of Saudi Arabia. The investment objective of the Mudharabah is to provide
investors with annual returns arising from participation in the funding of a
land financing transaction Profits due to investors will be accrued on the
basis of returns attained from investing the subscriptions.
Sukuk Ijarah
Model
Ijarah sukuk is a security that represents ownership of an equal share
in the usufruct of an asset that is well defined, existing and known, tied to
an Ijarah contract as defined by Shari’ah. The sukuk gives the owner the right
to own the underlying assets, receive rent and dispose the sukuk without any
impact on the sukuk issuer's right to use the asset. There are ownership risks
related to this instrument; for example owners have to bear all costs related
to the basic characteristics of the assets and the lessee is responsible for bearing the cost of
maintenance (Manaf, 2007; Al-Amine, 2001; Ayub, n.d., Billah, n.d.).
According to Al-Amine (2001:6), Ijarah sukuk has four characteristics:
- Ijarah bonds can be traded in the market at prices determined by market forces, such as general market and economic conditions, the financial market, opportunity cost and the price of real investment. The Ijarah bond is also subject to risk related to the ability and desire of the lessee to pay the rental payment, and the market risk arising from the potential changes in asset pricing, maintenance and insurance cost.
- Due to the presence of maintenance and insurance expenses that cannot be perfectly known in advance, the expected return on some forms of Ijarah sukuk cannot be completely fixed and determined at the beginning of the contract.
- Ijarah sukuk is completely negotiable and tradable in the secondary market.
- Ijarah sukuk offers a high degree of flexibility, derived from the approach to issuance management and marketability. The flexibility rules in Ijarah mean that securitization of the Ijarah contract is the key factor to solving the liquidity management problem. Therefore, sukuk has both the characteristics and the necessary conditions to be a successful security.
Picture 4 :
Sukuk Ijarah Models
|
|||
 |
|||
Case Study
In practice, there
are a number of different structures used for this instrument. Three examples
will be discussed here: the Ijarah sukuk issued by Qatar Global Sukuk as
illustrated by Tariq (2004); that issued by RH Capital PTC (2004), and the
hypothetical case of an Ijarah sukuk issued by a Ministry of Defence, as
illustrated by Al-Amine (2001).
The Government of
Qatar issued US$ 700,000,000 Ijarah sukuk through the Qatar Global Sukuk, an
SPV established by the government of Qatar, Qatar International Bank and HSBC.
The Ijarah sukuk was issued in 2003 and will mature in 2010. The proceeds will
be used to finance the construction and development of Hamad Medical City.
The lease payments
or the periodic distribution given to the sukuk holders is calculated by a
floating rate as follows:
§ For
the first four distribution dates, the lease payments are
(LIBOR + 0.4%) *
(700.000.000) * x/360
§ For
the remaining distribution dates, the lease payments are
A + (LIBOR + 0.4%) *
(700.000.000) * x/360
(x is days in return accounting period, A
is an amortization payment)
In addition to two
covenants underlying the birth of sukuk above, in fact some of contract are
still potential to be developed, such as: (a) sukuk, murabaha, (b) salam sukuk,
(c) sukuk istishna and (d) Musharaka sukuk. Thus sukuk still have a diversity
of models that can accommodate a variety of financing needs of the most
feasible and suitable for corporate and government.
Design
resign
The method used in
this research is qualitative research methods. Qualitative research methods are
research methods that are based on the philosophy postpositivisme[4]
is used to examine the condition of natural objects, (as his opponent is an
experiment) in which the researcher is a key instrument, conducted the data
collection technique of triangulation (combined), data analysis is inductive or
qualitative and the result of qualitative research emphasize on the
significance rather than generalization (Sugiyono, 2008).
Qualitative
research is descriptive. The data analyzed is not to accept or reject the
hypothesis (if any). The results are a description of the phenomenon observed
and it doesn’t always in numbers or coefficients between the variables.
However, qualitative research is not imposible to have quantitative data
(Sudrajat, 2005).
Qualitative approach
The nature of sukuk itself is
more towards on investment partnership, not merely debt. This, so far, still
becomes debatable issues which may be never ending conclusions. In addition,
each country thought has inherent characteristics which cannot be accepted by
others. Rosly & Sanusi (1999) criticized the application of bay al-'Innah
and bay al-Dayn in Malaysia for sukuk. He argued that those schemes were not
allowed by the majority of ulama’ (Jumhur Ulama’) especially al-Shafie.
Therefore, this could be risks for sukuk
to be accepted by different Islamic thought in sukuk. In addition, he added that it was similar to
back-door interest.
Other issue was the possibility of reselling salam sukuk before taking possession might
lead to gharar or riba (al-Amine, 2001), guarantee of sukuk and LIBOR benchmark
in pricing (al-Amine, 2008). This may caused reluctance from pure shari’ah
investors. In this case, Jabeen & Khan (2008) showed the experience of
Pakistan sukuk which utilized WAPDA sukuk (water and power development
authority) and musharakah sukuk and two tiered sukuk leading to IPO which was
aligned to Islamic principles. Last concern, we should learn from the case when
there was a default in payments. This related the clarity of regulation and fairness for both parties
especially in a secular regulation (McMillen, 2007).
Adam (2005) described the
benefits of sukuk such as tradeable (sukuk can be traded at market prices),
rateable (easily rated), enhanceable (sukuk may be secured), legal flexibility
(sukuk can be structured and offered
nationally and globally under difference tax regimes and allowing for
redemption possibilities). He emphasized a good system and legal needed to the
implementation of sukuk optimally.
So in this
discussion merely refers optimization the use of sukuk funds to be
developed as investment especially in developing infrastructure in
Indonesia (translate). The most possible is doing a hybrid contract to sukuk transaction
that it 's in the form of sukuk al-intifa'a Where the sukuk
al-intifa'a is Represents a new asset class for Islamic securitization.
It involves the right to benefit or enjoyment (haq al-intifa’) in the form of
time sharing.
Picture
5
Analysis
Method |
|||||||||||||||
|
|||||||||||||||
 |
|||||||||||||||
|
|||||||||||||||
|
|||||||||||||||
|
|||||||||||||||
 |
 |
 |
|||||||||||||
Analysis
Criticisms of Ijarah Sukuk
There are some
disadvantages regarding the Ijarah sukuk structure. Not every potential issuer
has access to the needed underlying asset. Ijarah sukuk carries high transaction costs such as maintenance
and insurance costs, because Shari’ah requires the asset to be operable,
otherwise the lease will be suspended until the asset is fixed; Shari’ah fees
and audits which are not only expensive, but also time consuming; and penalties
for the lessee or borrower if the lease payment is not paid on time. However,
the major criticism is related to the use of interest rate as benchmark,
because it is often the case that the return of Ijarah sukuk is benchmarked to
LIBOR (London Inter Bank Offer Rate) on US$ funds, or the equivalent local rate
of issue. Although the interest rate is only used for pricing, the close link
between interest-based pricing and riba worries Shari’ah scholars (Sen, n.d.).
According to Vogel and Hayes (1998) Islamic scholars do not recognize any
difference between nominal and real rates of return. However, in the process of
articulating an expected rate of profit for the assumed rate of investment,
Muslims end up incorporating implicit inflation assumptions when they set
profit expectation as a function of other conventional capital market returns
on comparable risk.
Since interest rate
is usually used as a basis of cost of capital and a benchmark against interest
rate of return (IRR), in an economy without any interest rate there is no
mechanism to calculate the cost of capital, and the efficiency of an investment
project cannot be evaluated. To solve the problem associated with use of
interest rate for pricing the Ijarah sukuk, Mirakhor (1996) suggested a
procedure that utilizes Tobin’s q in a calculation of the cost of capital and
investment. This calculation is done without resort to a fixed and
predetermined interest rate; equity financing becomes the only source of
financial capital and the economy’s financial system becomes equity based.
In an economy without debt, the stock
capital is valued in the market for equities and the relationship between the
supply price of capital and the rate used by the shareholder to discount the
expected future earnings can be derived. Tobin’s q defines the supply price of
capital as the rate of return which is required by a shareholder to absorb the
existing capital stock to their portfolio. Incentive for companies to invest
depends on the prospective profitability relative to the cost of capital.
Investment is expected to occur when the demand price as reflected in the
financial valuation exceeds the supply price as measured by the cost of
physical capital. In other words, a company is expected to accept investment
where the return will exceed the cost of capital (Mirakhor, 1996).
The q theory of investment relates
investment to the ratio of market to the replacement value of capital. From the
previous observation it can be seen that under certain conditions, the rate of
investment of a share- value maximizing firm is the function of q. Marginal q
is the ratio of market value of an additional unit of capital to its
replacement cost. Marginal q is a fundamental determinant of investment,
because it shows the increase in the market value of a firm, which reflects the
profitability of existing capital (Mirakhor, 1996).
Sukuk Berbasis Profit (Infrastructure
Project)
To anticipate that Islamic principles in
accordance with the role maintained, so needed innovation steps developing of
sukuk specifically with skim Ijarah sukuk. The development of sukuk in a model
for developing Infrastructure in Indonesia. The development forms linkage between the government and the private
(individual) where there is an element therein, (1) linkage with the purpose of
profit or business orientation, (2) linkage without seeking profit or social
orientation. Both development model linkages has the same boils that is to
support infrastructure development in order to develop and adequately. In fact,
the harmony of both linkages is expected to be optimal to drive economy with
large-scale oriented to help develop the real sector. In this part, author
would like to develop the business model of the development of sukuk into two
parts, first part describes the linkage development of sukuk in the business
orientation as Figure 3 below. In that model, there are few opportunities to
develop the Infrastructure Development with capital, ie the profit funding
sources, through a linkage program between the BUMN with other investor or often
called a model of integration.
Picture
6
Structure of Ijarah Sukuk (Pooling
of Multiple or Single BUMN Assets)
Sukuk Model Berbasis Social (Housing Project)/Sukuk Model based on Social
(Housing Project)
With
conditions in introduction, it is a challenge for us that how to build synergy
and connectivity between sectors in Islamic economics, including between sector
waqaf with other sectors. Regarding this, better we look an example of waqaf integration
model with sukuk in a scheme called sukuk al-intifa ', which has been developed
by Saudi Arabia in the development of Zam Zam Tower at Mecca.
In
simply, mechanism of sukuk al intifa based on 'ijara contract. Nadzir (waqf
administrator) lease waqaf land its manage to the developers who are interested
in, for example company A. The agreed rental fee, which must be paid by A, is
in the form of the building, and not in cash. To tell the contract is 25 years
old. So after 25 years, A responsible to give building to nadzir as rental
costs of waqaf land as managed. Thus, the payment system will not do in every
month or every year, but in full (lump sum) after the end of the lease. Then, A
builds needed building immediately. Of course as a company, A wants to make a
profit in accordance with the investment made. For that, a building leased to
other companies who are interested in, for example real estate company B for 20
years, with the agreement that the rent will be paid B every year (or every month).
Considering how big the initial fund needed, then B issued ijara sukuk on the
stock exchange.
Picture
7
|
 |
||||
|
||||
 |
||||
With
the issue this sukuk, then B has sufficient capital to begin operations and pay
obligations a rental fee to A every year. Sukuk issued by B is called a sukuk
al-intifa '. It is called alintifa '(taken benefit) for sukuk (which issued by B)
basically is not sukuk based on land, but the building. In this context, the
existing building is actually a cost to be paid A to Nadzir, because A has used
waqaf lands as managed. So that when B issue sukuk, basically used as underlying asset is in the form of
"benefit". So take benefit from what A paid to Nadzir.
In Indonesia
context, the mechanism of sukuk al-intifa 'can be utilized for many things,
such as trade development, hospitals, office buildings, and others. We can find
a breakthrough new product that is more suitable to be applied. Hopefully,
impact to society can be felt widely. One of its project is residential housing
for low-income people considering the concept of sukuk al-intifa'a integrated
in the program cooperation between country autonomous institutions namely
Indonesia Waqaf Instituion (BWI) with the Ministry of Housing (Kemenpera).
Picture 8
Development
Land Waqf Models
|
|
|||||||||||||
 |
||||||||||||||
 |
||||||||||||||
|
||||||||||||||
|
||||||||||||||
 |
||||||||||||||
|
||||||||||||||
Explanation:
- Wakif is giving waqaf to Nazhir to be managed and land where is indeed destined for housing the poor / less fortunate, or land to be waqaf might be used for public facilities including construction houses for the poor / underprivileged.
- Nazhir coordinate with the Waqaf Institution(LW), namely Nazir (BWI) to follow-up or to flow up desire (intention) of Wakif.
- LW or BWI is having cooperation (MoU) with government institutions to utilize waqaf land for development housing the poor / less fortunate in the form as a rented house, the budget provided by the Government.
- Revenue from the rental house used again to build another rental housing for the poor / underprivileged.
- Or mechanism of cooperation will be initiated between LW and Government Institutions.
- Both sides agreed to conduct a study of waqaf lands which is coordinate LW or BWI both legal aspects and sharia aspect.
- Then both sides create a pilot project to build a rent house in the waqaf land.
From this project can be considered some points: first,
profits that earned by government, government no longer need to free the land with
high cost. Second, the waqaf land can be utilized directly for the construction
of flats with available cost by government. If we see from data the Ministry of
Religious Affairs Directorate of Waqaf in 2011, states that the potential of
asset waqaf is very large number waqaf land in Indonesia about 2171 M2
2,171,041,349.72 M2 or around2171 KM2. The Waqaf is one of economy pillars that can be used to increase the society welfare
, one of them is usage of waqaf assets with construction a public housing for
low-income, which is a joint program with the government in this case is Ministry
of Public Housing. However, with large waqaf and budget assets that owned by
the ministry of public housing is limited then the concept of sukuk al-intifa'a
is properly applied.
Picture
9
Development Land Waqf Models |
|||||||||
 |
|||||||||
 |
|||||||||
 |
|||||||||
 |
|||||||||
This means that development programs have run already
and assets as a house is already exist, but had limitation funds. Therefore, imposed
skim sukuk al-intifa to shore up funding in developing infrastructure
facilities in this regard is the development of housing for low-income
communities (MBR) which is running by a real estate corporation. Then can issue
the sukuk on behalf of the government's public housing that will be addressed
to attract funding from local and domestic investors.
Conclucion
New alternative has been given, one
of them is the schema of infrastructure development financing through the
issuance of sukuk, both SBSN and Ritel sukuk which is based on infrastructure
development, for example construction of apartments to low income communities (MBR),
integrated electricity network development. With potential large Middle Eastern
fund, funding of asia country and domestic fund is expected to stop the
dependence of funding based on debt which encourage interests.
Other structures are also possible such
as participation sukuk. Sukuk for Infrastructure project can also be worked out.
Sukuk financing for Infrastructure Project ties directly with the real economic
activity associated with provision of basic goods and services. Islamic Finance
helps in two way development: from grassroots to top and from the top to grassroots
level. Islamic Finance is not only a religious agenda but also vital for
national development.
And other alternative investment
for social oriented is a waqf. Waqf is a potential instrument from the Islamic
heritage that viable to be used to enhance ummah welfare. Its past history and
present implementation has proved its vital role in the socio economic of
ummah. Waqf development approach is using a mutulism combination of primary and
secondary project of waqf. Sukuk al-intifa’a is one of the instrument to
finance waqf project. Some prerequisites are needed in place for the
implementation of al-intifa’a waqf project.
References
Adam, N. J. (2005). Sukuk: A Panacea for Convergence and Capital
Market Development in the OIC Countries. Paper presented at the International
Conferences on Islamic Economics and Finance, Jakarta
al-Amine, M. a.-B. M. (2001). The Islamic Bonds Market:
Possibilities and Challenges
International
Journal of Islamic Financial Services, vol 3. No.1.
al-Amine, M. a.-B. M. (2008). Sukuk Market: Innovation and
Challenges. Paper presented at the International Conference Islamic Capital
Markets Products, Regulation and Development, Indonesia.
Ali Arsalan Tariq. (2004). Managing Financial Risks of Sukuk
Structures. A dissertation submitted in
partial fulfilment of the requirements for the degree of Masters of Science at
Loughborough University, UK. P. 31
Anas Zarqa. Muhammad. Financing and Investment in Awqaf Projects: A Non
Technical Introduction.
Ayub, M.(n.d.), Securitization, sukuk and fund management potential to
be realized by Islamic Financial Institutions..
Available from: http://islamiccenter.kaau.edu.sa/7iecon/Ahdath/Con06/_pdf/Vol2/48%20Muhammad%20Ayub%20Securitization,%20Sukuk.pdf
[Accessed: July, 2012].
Billah, M.M.(n.d.), Islamic vs modern bond market. Available from:
http://www.icmif.org/services/takaful/Articles-finance.asp
[Accessed: July, 2012].
Jabeen, Z., & Khan, M. R. (2008). An Inquiry into the Usage of
Real Assets in Islamic Transactions and their Benchmarking: The Implications
for Islamic Capital Markets. Paper presented at the International Conference
Islamic Capital Markets Products, Regulation and Development, Indonesia.
Manaf, I.A. (2007). Islamic bonds (sukuk): Its introduction and
application. Available from: http://www.sebi.ac.id/ [Accessed: July, 2012].
McMillen, M. J. T. (2007). Contractual Enforceability Issues: Sukuk
and Capital Markets
Development. Chicago Journal of
International Law. , 7(2).
Mirakhor, A. (1996), "Cost of capital and investment in a non-
interest economy", Islamic Economic Studies, vol. 4, no. 1. pp. 35-46
Nienhaus,
Volker (2010). Fundamentals of an Islamic Economics System Compared to the
Social Market Economy: a Systematic Overview. Kas International Report.
Rukmana, Raditya. et all. (2009). Waqf Management Through Sukuk
al-intifa’a: a Generic Model. AWQAF. Ninth Year. No. 17
Sugiyono. (2008). Metode
Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta. hlm. 9
Subana dan Sudrajat. (2005). Dasar-dasar
Penelitian Ilmiah. Bandung: Pustaka Setia. hlm. 17
Vogel, F. E. & Hayes,
S. L. (1998), Islamic law and finance: Religion, risk and return, Kluwer Law
International, The Hague.
[2] Nota Keuangan dan
Rancangan Anggaran Pendapatan dan Belanja Negara Perubahan Tahun Anggaran 2011.
Kementrian Keuangan Republik Indonesia.
[3] Sukūk is an Arabic word in plural; the corresponding singular is
‘Sakk’.
[4] Postpositivisme philosophy often referred to as the interpretive
and constructive paradigm, which views social reality as something that
holistic / whole, complex, dynamic, meaningful, and the relationship of
symptoms is interactive (reciprocal).
