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All Journal Al-'Adalah Jurnal Hukum Islam
Taufiq Kurniawan
UIN Sultan Syarif Kasim Riau
Religion Humanities Law, Crime, Criminology & Criminal Justice Social Sciences

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Analysis of the Application of the Wa‘d Concept in the Issuance Project Based Sukuk (PBS) in Indonesia Taufiq Kurniawan; Asmak Ab Rahman
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 | Full PDF (736.3 KB) | 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.
Analisis Aplikasi Akad Wakalah dalam Project Based Sukuk (PBS) di Indonesia Taufiq Kurniawan
Jurnal Hukum Islam Vol 19 No 1 (2021)
Publisher : Faculty of Sharia, Universitas Islam Negeri K.H. Abdurrahman Wahid Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28918/jhi.v19i1.3481

Abstract

Islamic economic development is a task incumbent upon a good Muslim community. Indonesia has, in recent years, accelerated its economic development -especially in the area of infrastructure development- thereby requiring additional funding sources to aid this development. Thus, the government has issued Project Based Sukuk (PBS), which aims to finance the development of the country’s infrastructure. PBS is a shariah-based financing instrument that is an alternative for Muslim communities which are interested in building a country’s economy without elements of ribā. This instrument has a main contract in the form of ijārah and supporting contracts, one of which is al-wakalah. However, the application of these contracts can only be said to be valid from a Sharā‘ perspective if all rules and conditions are throughly fulfilled. Therefore, this study focuses on analyzing the application of the al-wakalah contract on PBS, whether the practice is in accordance with fiqh or not. The scope of discussion only focuses on the analysis of the implementation of the al-wakalah contract on PBS. It uses a data collection method by interview and review of literature, which was then analyzed inductively to draw conclusions from the specific to the general. The study found that the application of the al-wakalah contract to PBS is in line with the principles of Shariah, although there is still issue still to be rectified regarding the signing of documents as a symbol of offer (ijab) and acceptance (qabūl).
Co-Authors Asmak Ab Rahman