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Journal : Al-'Adalah

Project Based Sukuk (PBS) and Its Implementation in Economic Development in Indonesia Kurniawan, Taufiq; Rahman, Asmak Ab
al-'adalah Vol 16 No 1 (2019): AL-'ADALAH
Publisher : Universitas Islam Negeri Raden Intan Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24042/adalah.v16i1.3988

Abstract

The Indonesian government needs funds to accelerate infrastructure development. Therefore, in 2012 Indonesia issued a PBS sukuk specifically to finance infrastructure development. This research was conducted to find out how the implementation of PBS sukuk in economic development in Indonesia is seen from the perspective of Islamic economics. Data was collected using interview and documentation methods from primary and secondary sources. The results of this study indicate that the issuance of PBS sukuk from time to time has shown significant growth. This is indicated by the PBS sukuk budget which is increasing from year to year in line with the increasing investor interest in the Shari'ah concept-used instrument. PBS's increasing budget in building national infrastructure also proves that Islamic instruments have grown in the capital market. So that it will gradually reduce the concept of usury circulating in the capital market. This phenomenon also shows that the Shari'ah economy has an important role in helping the government, especially in the field of infrastructure development.
Analysis of the Application of the Wa‘d Concept in the Issuance Project Based Sukuk (PBS) in Indonesia Kurniawan, Taufiq; Ab Rahman, Asmak
al-'adalah Vol 18 No 1 (2021): al-'Adalah
Publisher : Universitas Islam Negeri Raden Intan Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24042/adalah.v18i1.8969

Abstract

Indonesia, in recent years, has been trying to accelerate economic development, especially in the field of infrastructure development. This effort requires enormous funding, both from abroad and domestically. To expand funding sources from within the country, the government issued Project Based Sukuk (PBS) which aims to finance infrastructure development through sharia-based financing instruments. PBS is indeed an alternative for Muslim communities who are interested in building the country's economy without being overshadowed by the element of usury. This instrument has a main contract in the form of ijarah, supporting contracts and promises (wa'd). The application of these contracts can only be said to be valid from the point of view of the Shari'ah if all the rules and conditions are fully complied with. This study tries to analyze the application of the wa'd concept in PBS, to find out whether all the rules and conditions set by Syara' have been implemented properly. Data were collected through interviews and literature review which were then analyzed using a normative approach. This study concludes that the application of the al-wa'd concept to PBS is in line with sharia principles, although there are still two issues that still need to be fixed, namely first: the problem of investor ownership of PBS assets which is only for benefits, not accompanied by ownership of the goods; both mechanisms for reselling PBS assets at a price equivalent to the nominal value of PBS, even though according to AAOIFI and Majma' al-Fiqh al-Islāmī al-Duwali sukuk assets may not be resold at a price equivalent to the nominal value of the sukuk.
Co-Authors Ab Rahman, Asmak Abdul Hakim Bin Abdullah Abdul Waarits Ibrahim Sukri Abdulloh Wasian Afida, Ila Nur Al-ikhsan, Muhammad Fachri Aliyah, Ni'matul Almadani, Muhammad Zaqi Amelia Azura Ananda Akbar Pradana Ananda Della Putri Cahyani Andi Agni Pratista A Andi Kenzie Latunrung Fatkhun Anisa Fitri Anisya, Nur Annisa Triana Aulia Arthana, Daffo Yusuf Asmak Ab Rahman Asmak Ab Rahman Assyifa Akmalia Fadilla Aulia, Izza Asti Auliza, Viranda Rizky Azahra, Intan Muthia Azizah, Ma'rifatul Azka Nabilatuz Zahra Belvania, Nadhira Farras cantika Clarisa Dwi Aprillia Disca Amalia Prastika Egy Surya Marcellina Fadhila Fadhila Faradisa, Amirah Faza Nabilah Chairil Khuluq Firza Yunia Rahmita Gilang Cempaka Gusti, Kamilia Insani Hadid, Zubarul Halizah, Fitria Hanina Nur Hanania Adlina Khairunnisa Hanofi Harianto Hastin, Nisrina Nurlaela Yumna Hikmatusa'diyah, Agustin Hilda Olyvia Wulandari Husna, Zahra Maulidatul Ilham Syahputra Indah Dwi Agustina Dewi Inggiatari Nikmatul Fadilla Intan Khoirunnisa Firda Fradhita Islami, Nafisatuzahra Raysa Kamelia Riskia Putri Khalimatur Rosida Kharishma, Vidya Kuhasumi Agyta Hidayah Maharani, Dewi Marlisa dwi wijaya gresiska Marshanda Sinta Devi Maulidya, Aulia Maulidyah, Shandy Millatillah, Mu'izzatu Mochamad Andhika Rasendrya Saputra Mokhamad Rachmad Tullah Akbar Muhammad Farid Anaqi Muhammad Yoga Nur Adwitya Zain Muhammad, Albian Gustav Nabila Rahma Febrianty Nadya Aziz, Salfa Salsabila Nafila Nur Afidah Naila Baraty Naurah Salsabilah Naysila Khoirotun Nisa Nazzid Abdullah Haiyi Neyza Aqwa Ribut Zaskia Ningtyas, Dwi Sinta Febrian Wahyu Nisa', Iftita Zahrotun Novayanti, Sonia Fitri Nugraha, Aszahra Regita Nur Aini, Intan Nur Khasanah Oktavia Romadani Permatasari, Olivia Pratanti, Putri Dwi Prawira Hadi, Narendra Yudha Purwaningrum, Dinda Alya Putri, Amanda Amelia Putri, Nur Amelia Putri, Ria Julia Qatrunnada Rusyadah H.H Queentanisha, Kayla Jingga Qurrata A’yunin Rafelian Reza Anggara Rahmadani, Chusnul Rahmah W., Zian Rahman, Asmak Ab Rahmawati Rahmawati, Irma Widya Ramadhani, Allya Lubna Octavia Ramandhani, Reka Septianik Fajar Raras Elok Manikam Putri Pribadi Ridho Arifianto Rima Ririn Tri Wahyuni Rivalina Sintia Rizki, Andriani Pratita Rohmah, Nabilla Ni`matur Safitri, Nasya Almira Salsabila Nur Syifa’ Selvi Rahmadani Silvia Dwi Rahmawati Sulastri, Galena Astuty Sri Tsabita, Rifda Tsania Salma Umar Maulana Vania Waffiudin, Moch. Danish Wahyu Aji Satrio Zakhiah, Siska Lailatus Zaskia Syafa Azizah