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Abstract Topic: Sukuk

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Asymmetric Effect of Sukuk Returns on Economic Growth-Evidence from Indonesia, a NARDL Perspective
Ousman Jallow (a) Foday Joof (a)

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Corresponding Author
Ousman Jallow

Institutions
(a) Universitas Airlangga, Faculty of Economics and Business, Department of Accountancy, Surabaya Indonesia
(b) Near East University, Faculty of Social Sciences, Department of Banking and Finance, Northern Cyprus

Abstract
This paper aims to examine the asymmetric effect of sukuk returns on Indonesian economic growth, a non-linear autoregressive distributed lag (NARDL) model and Granger causality test are employ from the periods 2018:02 to 2019:04, using GDP Growth as a proxy of economic activities, Indonesia sukuk composite return index and price index as explanatory variables. The study revealed a non-asymmetric association amid economic growth and sukuk return. The finding of the study suggest that 1% negative shock in sukuk returns will results to a downturn shift in GDP growth by 2.4% and 1.5% in the short and long-run respectively. However, both positive shock on sukuk returns and price are reported to have an insignificant association with economic growth. The outcomes from the Granger causality analysis suggest that there is a unidirectional causal association moving from economic growth to sukuk returns, while a neutral relationship is found between sukuk price and economic growth. The outcome of the study is expected to be useful to stakeholders in terms of investing, formulating and implementing better constructive and sound policies.

Keywords
Sukuk Return Index, Sukuk Price Index, Economic Growth, GDP, Indonesia and NARDL.

Topic
Sukuk

Link: https://ifory.id/abstract/tVKN3gBcrDJX


Correlation of State Sharia and Sovereign Debt Securities Issuance to Sustainable Development
Yudha Prawira

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Corresponding Author
Yudha Prawira

Institutions
Department of Economic and Social Agriculture, University of Brawijaya

Abstract
Issuance of Indonesian Government Securities (SBN) is increasing every year. The issuance of SBN is expected to spur economic growth so that Indonesia can reach the SDGs. Indonesian securities consists of Islamic (SBSN) and conventional (SUN) bonds. Quite a number of studies have analyzed the differences between sukuk and conventional bonds from results, performance and reliability perspective, but there are still few studies that analyze their correlation with sustainable development. In this paper, each SBSN and SUN are analyzed with one of SDGs indicator, constant GDP per capita. Then compared which one has a stronger correlation. The analytical method used is the Pearson correlation test. Secondary data was obtained from literature studies and processed with SPSS 25 software. The finding is: each SBSN and SUN had strong and significant correlation, but SUN correlation is stronger than SBSN on Indonesia constant GDP per capita. SBSN issuance needs to be improved considering its potential is still very large in Indonesia.

Keywords
Sukuk, bonds, Pearson correlation test, Sustainable Development Goals

Topic
Sukuk

Link: https://ifory.id/abstract/nyPbjQ9AGJFL


DETERMINANT LIQUIDITY FACTORS OF PROJECT BASED SUKUK IN SECONDARY MARKET
Wafi Azkia Zahidah(a) ; Rizal Nazarudin Firli (b)

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Corresponding Author
Rizal Nazarudin Firli

Institutions
a. Researcher in STEI Tazkia
b Staff and Researcher in LPPM STEI Tazkia

Abstract
Nowadays, Sukuk is still constrained in liquidity is certainly in the spotlight together. Especially seeing the potential of Sukuk very large, it is expected that liquidity problems did not interfere with these potentials. The author will discuss any Sukuk development strategy in dealing with these problems. And whether some internal factors Sukuk relations have a positive relationship to the Sukuk liquidity itself. The author will discuss the econometric approach VAR / VECM about the influence of several factors in liquidity, as well as interviews approach to address needed solutions and strategies. The discussion will focus on the Sukuk (Project Based Sukuk) PBS-001 in PBS Sukuk liquidity side. The primary factor in data processing Sukuk liquidity, the data will focus on frequency, volume, Nominal Outstanding, Yield and maturity in the year 2012-2016. It is known that in the short term Outstanding Nominal variables positively affect PBS dominant at 2.86825, while the long-term variable volume PBS negatively affect predominantly of -6.74084. Based on the test results of the IRF, the effect of shocks when the Shock to a variable volume, Nominal Outstanding, Tenor, and Yield in the early months are very volatile but started balanced at month 13. Based on interviews, on average, they say that the solution can be given for moment Sukuk is that liquidity is increasing Stock Outstanding Nominal Building or reproduce.

Keywords
Liquidity, Secondary Market, Project Based Sukuk (PBS)

Topic
Sukuk

Link: https://ifory.id/abstract/NQLH3MnbkgvP


Determinants of Sukuk Issuance: Study in Indonesia
Lukmanal Hakim

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Corresponding Author
Lukmanal Hakim

Institutions
Salford Business School, University of Salford, United Kingdom
Email: l.hakim[at]edu.salford.ac.uk

Abstract
This study investigates the determinant factors that promote the issuance of sukuk instrument in Indonesia from 2010 to 2017. The first aim is to examine macroeconomic factors that influence sukuk issuance. Using vector error correction model the empirical results show that economic development has co-integrating relationship with sovereign sukuk issuance. Second objective is to explore which specific firm level factors have a significant effect on corporate sukuk issuance using panel data analysis in the form of fixed effect and random effects model. The results are consistent with trade-off and pecking order theory and suggest that corporate sukuk issuance can enhance company valuation, bargaining value, and business sustainability

Keywords
Sovereign Sukuk; Corporate Sukuk; Macroeconomics; Capital Structure

Topic
Sukuk

Link: https://ifory.id/abstract/qYWThzXuRD7V


Perception and Social Investor Preferences on Cash Waqf Link Sukuk or CWLS
Dr Rahmayati

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Corresponding Author
Rahmayati Nasution

Institutions
Muhammadiyah University North Sumatera

Abstract
This study aims to determine the perceptions and preferences of social investors towards cash waqf link sukuk or CWLS. The problem in this study is that it has not achieved the target of fulfilling the cash waqf link sukuk investment due to various factors and this has become the basis for finding out the constraints of the target waqf market for this money. The methodology of this research is qualitative and explorative by conducting interviews with 37 respondents according to their classification. The results of this study that the public perception is still not knowing the information and socialization related to money waqf because socialization has not been carried out optimally by the government and other institutions that are bound. Whereas the preference of this study shows that the general public is still accustomed to waqf not money, so there is still something new in this cash waqf link sukuk and the main reason for the community to choose cash waqf because of the worship motivation.

Keywords
Perception, Preferences, Cash Waqf Link Sukuk

Topic
Sukuk

Link: https://ifory.id/abstract/QNPDpBz8HVdu


Sukuk Default: A Bankruptcy Law Analysis for The Treatment for Investors, A comparison study between Indonesian Law, Malaysian Law and UAE Law
Dinda Khamasasyiah

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Corresponding Author
Dinda Imani Khamasasyiah

Institutions
HHP Law Firm, 35th Level, Pacific Century Place, Sudirman Central Business District, South Jakarta, Indonesia
dinda.khamasasyiah[at]bakermckenzie.com/dinda.khamasasyiah[at]gmail.com

Abstract
This paper discusses the legal consequences for investors on the bankruptcy of corporate sukuk originators under Indonesian Law, Malaysian Law and UAE Law. This paper focuses to analyse the sukuk asset-based products with Ijarah Lease and Sub Lease akad and Mudharabah akad under those three laws. Besides the function to diversify the investment profile of investors, sukuk, from the very beginning of its creation, aims to promote responsible and real economic based fund raising by keeping financing facilities on proper level of worth relatively with the underlying assets. This virtue is still often sustained as the differentiation value from conventional bond. But does it really achieve the aim? This paper shows how those three current laws respond the bankruptcy of Ijarah Lease and Sub-Lease and Mudharabah sukuk originators for investors and the underlying asset. It seems the investors will be treated the same as conventional bond holders. Investors will be treated as concurrent investors where a pari passu concept applies to them. Under this circumstance, the function of underlying assets will not matter anymore.

Keywords
Sukuk, Default, Bankruptcy, Legal Treatment, Indonesian Law, Malaysian Law, UAE Law

Topic
Sukuk

Link: https://ifory.id/abstract/nuzFK8g94hRH


Sukuk Default: An Islamic Perspective on Restructurizations, Islamic Compliant Models for Restructurizations under Indonesian Law
Dinda Khamasasyiah

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Corresponding Author
Dinda Imani Khamasasyiah

Institutions
HHP Law Firm, 35th Level, Pacific Century Place, Sudirman Central Business District, South Jakarta, Indonesia
dinda.khamasasyiah[at]bakermckenzie.com/dinda.khamasasyiah[at]gmail.com

Abstract
This paper discusses the Islamic perspective applied under Indonesian Law on the idea of restructurization when originators of corporate sukuk are declared to be insolvent. Up until now, there is no corporate sukuk bankruptcy case in Indonesia. However, there are plenty of cases where originators are requested to restructure their sukuk debts by their investors. It is common for conventional bond originators to restructure their debts using some mechanisms, i.e., reducing the debts, rescheduling the payment date by increasing the interest and swapping the debts to equities. This paper tries to analyze how Islamic perspective applied under Indonesian Law responds to each mechanism in the context of sukuk default. It seems the mechanism to reschedule the debt payment and therefore obliges originators to pay higher margin is arguably prohibited under Islamic perspective. At the end, this paper shows the most proper models should be used to conduct restructuring approaches to sukuk defaults.

Keywords
Sukuk, Default, Restructuration, Mechanism, Islamic Compliant, Islamic Perspective, Indonesian Law

Topic
Sukuk

Link: https://ifory.id/abstract/eZRWDtnTBzxp


The Analysis of Company Decisions in Choosing Sukuk and Bonds Using Logit Model
Sukma Kukuh Pribadi (a*), Budi Wibowo (b)

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Corresponding Author
SUKMA KUKUH PRIBADI

Institutions
Magister Manajemen, Universitas Indonesia, Jakarta
Sukma.kukuh[at]gmail.com, Wibowo_buddi[at]yahoo.com

Abstract
Sukuk has become one of alternative financing for corporate. The development of Sukuk provides the flexibility choices of company-s funding decisions that required their needs and capabilities. Sukuk market in Indonesia is the second largest in emerging East Asia in terms of size but the number of issued Sukuk lower than a conventional bond. This study aims to obtain empirical evidence that the characteristics of the company influence the decision of the company in issuing Sukuk and bonds using the logit model. The results of this study conclude: (1) leverage has a negative influence and significant (2) size of the firm has a positive influence and significant (3) fixed assets has a positive influence and significant to the decision of the company in issuing Sukuk.

Keywords
Sukuk, Bonds, Financing Company Decisions, Characteristic Company, Logit Model.

Topic
Sukuk

Link: https://ifory.id/abstract/TrCXxWmG8wuv


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