scholarly journals ASPEK SYARIAH PADA INSTRUMEN SUKUK: ANALISIS PENERAPAN SUKUK WAKAF DI INDONESIA

2020 ◽  
Vol 2 (2) ◽  
pp. 67-91
Author(s):  
Ali Muhayatsyah
Keyword(s):  
Profit Sharing ◽  
Third Party ◽  
Private Companies ◽  
Underlying Asset ◽  
Fund Managers ◽  
Special Purpose Vehicle ◽  
Debt Contract

Sukuk is a letter of acknowledgment of cooperation which has a more diverse scope than just an acknowledgment of debt. The sukuk transaction is not a debt contract, but rather participation. Sukuk issuance is issued with an underlying asset. Sukuk issuance must first obtain a statement of compliance with sharia principles to convince investors that the sukuk has been structured according to sharia. The parties involved in the issuance of the sukuk are Obligors, Special Purpose Vehicle (SPV), Investors. The income received by investors can be in the form of profit sharing, fees and certain margins. When due, the principal of the loan will also be returned to the holder. Issuers act as fund managers and investors act as owners of capital. The profit obtained by investors is a proportional share of the profits from the management of funds by investors. The issuance of sukuk linked waqf involves several parties, at least consisting of the Indonesian Waqf Board (BWI), state-owned companies, SPV, and investors. Waqf sukuk in Indonesia can be issued by private companies or state-owned companies. The sukuk mechanism is carried out by leasing the waqf assets to the sukuk issuer. The sukuk issuer will then issue the sukuk to investors. After the money from investors comes in, the sukuk issuer will contact the contractor to build assets on the waqf land. Then the asset is leased to a third party. The rent is paid to the sukuk issuer, then paid to the nazir. At the end of the period the waqf asset becomes the property of the nazir, returns to the nazir. Land and buildings, administered by the nazir.   Keywords: Islamic Bond, Sukuk Linked Wakaf, Sukuk Ijarah, Sukuk Mudharabah.     Abstrak Sukuk merupakan surat pengakuan kerjsama yang memiliki ruang lingkup yang lebih beragam dibandingkan hanya sekedar surat pengakuan hutang. Transaksi sukuk bukan akad utang piutang melainkan penyertaan. Penerbitan sukuk diterbitkan dengan suatu underlying asset. Penerbitan sukuk harus terlebih dahulu mendapatkan pernyataan kesesuaian prinsip syariah untuk meyakinkan investor bahwa sukuk telah distruktur sesuai syariah. Pihak-pihak yang terlibat dalam penerbitan sukuk adalah Obligor, Special Purpose Vehicle (SPV), Investor. Penghasilan yang diterima investor bisa berupa bagi hasil, fee, dan margin tertentu. Ketika jatuh tempo, pokok pinjaman juga akan dikembalikan kepada pemegangnya. Emiten bertindak selaku pengelola dana dan investor bertindak selaku pemilik modal. Keuntungan yang diperoleh investor merupakan bagian proporsional keuntungan dari pengelolaan dana oleh investor. Penerbitan sukuk linked wakaf melibatkan beberapa pihak, setidaknya terdiri dari Badan Wakaf Indonesia (BWI), Perusahaan BUMN, SPV, dan investor. Sukuk wakaf di Indonesia dapat diterbitkan oleh perusahaan swasta ataupun BUMN. Mekanisme sukuk ini dilakukan dengan menyewakan aset wakaf kepada penerbit sukuk. Penerbit sukuk kemudian akan menerbitkan sukuk kepada investor. Setelah uang dari investor masuk, penerbit sukuk akan menghubungi kontraktor untuk dibangun aset di atas tanah wakaf. Kemudian aset tersebut disewakan ke pihak ketiga. Uang sewa dibayar ke penerbit sukuk, kemudian dibayar juga ke nazir. Pada akhir periode aset wakaf tadi menjadi milik nazir, kembali ke nazir. Tanah dan bangunan, dikelola oleh nazir.   Kata kunci: Obligasi Syariah, Sukuk Linked Wakaf, Sukuk Ijarah, Sukuk Mudharabah

scholarly journals PENGARUH FAKTOR-FAKTOR INTERNAL TERHADAP PROFIT DISTRIBUTION MANAGEMENT (PDM) PADA BANK UMUM SYARIAH DI INDONESIA

2020 ◽  
Vol 8 (2) ◽  
pp. 173
Author(s):  
Tri Utami ◽  
Sri Rezeqi
Keyword(s):  
Commercial Banks ◽  
Sampling Technique ◽  
Profit Sharing ◽  
Third Party ◽  
Operational Cost ◽  
Financial Reports ◽  
Distribution Management ◽  
Operating Income ◽  
Profit Distribution ◽  
Financing Risk

This study aims to analyze the factors that affect the Profit Distribution Management (PDM) using the variable Proportion of Third Party Funds (PDPK), Provision for Earning Asset Losses (PPAP), Operational Cost of Operating Income (BOPO) and Financing Risk (RP) at Commercial Banks. Sharia in Indonesia. The period of this research is the first quarter of 2016 to the fourth quarter of 2018. This type of research is descriptive analysis with quantitative research methods. The data source used is in the form of secondary data and obtained from the Financial Services Authority (OJK) in the form of Islamic Commercial Bank (BUS) quarterly financial reports consisting of 12 Islamic Commercial Banks (BUS) from 2016 to 2018. The data used from these financial reports are reports Profit Sharing Distribution, Financial Position Report, Income Statement, Earning Asset Quality Report and Financial Ratio. The sampling technique used in this research is purposive sampling technique. This study uses panel data regression analysis using Eviews software version 9.5 The results of this study indicate that the Proportion of Third Party Funds (PDPK), Allowance for Earning Asset Losses (PPAP), Operational Cost of Operating Income (BOPO) and Financing Risk (RP) simultaneously affect the Profit Distribution Management (PDM). Meanwhile, partially, the proportion of third party funds (PDPK), operational costs operating income (BOPO) and financing risk (RP) have a significant negative effect on Profit Distribution Management (PDM). Meanwhile, Provision for Earning Asset Losses (PPAP) has no effect on Profit Distribution Management (PDM).

scholarly journals Pengaruh Kinerja Keuangan terhadap Simpanan Dana Pihak Ketiga Melalui Nisbah Bagi Hasil (Studi Kasus Bank Umum Syariah di Indonesia Periode 2012-2015)

AKUNTABEL ◽  
2018 ◽  
Vol 14 (2) ◽  
pp. 129
Author(s):  
Ayu Annisa ◽  
Isna Yuningsih ◽  
Rusliansyah Rusliansyah
Keyword(s):  
Financial Performance ◽  
Revenue Sharing ◽  
Profit Sharing ◽  
Partial Least Square ◽  
Least Square ◽  
Capital Adequacy ◽  
Third Party ◽  
Return On Assets ◽  
Financial Reports ◽  
Operating Income

This study aims to determine the effect of the financial performance of third party funds through revenue sharing on Islamic banks during the period of the first quarter of 2012 until the second quarter 2015. The number of samples in this study are 7 companies, which are taken according to specific criteria banking company sharia is still registered during the observation period 2012-2015 which publishes quarterly financial reports during the study period Then hypothesis testing is done by using partial least square (PLS) 3.2.4. The results showed that a statistically significant effect on the financial performance of third party funds, financial performance significant effect on revenue sharing, profit sharing ratio did not significantly affect third-party funds and financial performance did not significantly affect third-party funds through revenue sharing.Keywords: Third-party funds, ratio of profit sharing, capital adequacy ratio (CAR), Non Performing Financing (NPF), Return on Assets (ROA), Operating Expenses Operating Income (ROA), and Financing to Deposit to ratio (FDR)

scholarly journals Determinan of Implementation Profit Sharing Financing in Islamic Banking

2019 ◽  
Vol 4 (1) ◽  
pp. 582 ◽  
Author(s):  
Winarsih Winarsih ◽  
Winda Asokawati
Keyword(s):  
Multiple Regression ◽  
Analytical Method ◽  
Profit Sharing ◽  
Capital Adequacy ◽  
Third Party ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Return On Assets ◽  
Purposive Sampling ◽  
Capital Adequacy Ratio

One of the characteristics of Islamic banking is using the concept of profit� sharing financing. This study aims to determinan of implementation profit sharing financing, consist of Third Party Funds , Non Performing Financing, Return On Assets, Capital Adequacy Ratio� and Financing to Deposit Ratio. The population in this study are all Islamic banking which listed in Bank of Indonesia in the periode �2013 to 2016. The sample was selected using purposive sampling methodTotal samples used in this study were 11 Islamic Banks with 4-year study period, with �get sampleof 44 data.� The analytical method used in this study is multiple regression were processed using SPSS. The results of this study indicate third party funds, financing to deposit ratio� have a positive significant effect to the financing profit sharing. While non performing financing ,return on asset and capital adequacy ratio �no effect on the profit �sharing financing.

scholarly journals PERLINDUNGAN HUKUM BAGI ANGGOTA MULTI LEVEL MARKETING (MLM) YANG BERBASIS APLIKASI DI INDONESIA (Studi Kasus Pada PT Sukses Integritas Perkasa)

2019 ◽  
Vol 7 (2) ◽  
pp. 204
Author(s):  
Dinaselina Chintya Kosasih ◽  
Ambar Budhisulistyawati
Keyword(s):  
Dispute Resolution ◽  
Code Of Ethics ◽  
Legal Protection ◽  
Secondary Data ◽  
Profit Sharing ◽  
Third Party ◽  
Primary Data ◽  
The Third ◽  
Multi Level

<p>Abstract<br />This articles aims to  find out about the mechanism of transactions and profit sharing at PT Sukses  Integritas Perkasa  and legal protection towards Multi-Level Marketing business members in case  settlement during the Multi-Level Marketing business activities in the case study of PT Sukses  Integritas Perkasa. This research is categorized as a descriptive empirical study. It is using a qualitative approach and primary data support and secondary data. According to the research finding, the legal protection of PT Sukses Integritas Perkasa members in case if a dispute occurs has been stated in the company code of ethics based on applicable regulations in Indonesia. The company code of ethics has elaborated the dispute resolution if a dispute occurs, whereby deliberation and consensus are prioritized prior to other resolution alternatives. In case of the deliberation and consensus failure, dispute resolution alternatives would refer to attend the third party that is arbitration based on Indonesia National Arbitrage Organization (BANI).<br />Keywords : Multi-Level Marketing; Legal Protection; Dispute Resolution.</p><p>Abstrak<br />Artikel ini bertujuan untuk mengetahui mekanisme transaksi beserta pembagian reward dalam  PT Sukses Integritas Perkasa dan perlindungan hukum bagi para anggota Multi Level Marketing tersebut beserta cara penyelesaiannya khususnya pada perusahaan MLM PT Sukses Integritas Perkasa. Penulisan hukum ini merupakan jenis penelitian hukum empiris yang bersifat deksriptif. Pendekatan penelitian menggunakan pendekatan data kualitatif dan jenis data berupa data primer serta data sekunder. Berdasarkan hasil penelitian dapat diketahui, bahwa perlindungan Hukum terhadap anggota PT Sukses Integritas Perkasa apabila terjadi perselisihan sudah tertuang dalam kode etik perusahaan yang berpedoman pada peraturan-peraturan yang sudah ada terlebih dahulu dan berlaku di Indonesia. Kode etik perusahaan juga telah menguraikan mengenai penyelesaian sengketa apabila terjadi perselisihan dimana diselesaikan secara damai terleboh dahulu yaitu dengan musyawarah dan mufakat. Pelaksanaan musyawarah dan mufakat apabila tidak menemui titik temu maka akan penyelesaian akan menggunakan alternatif penyelesaian sengketa dengan cara menghadirkan pihak ke tiga yaitu arbitrase yang berpedoman pada peraturan yang ada di  Badan Arbitrase Nasional Indonesia (BANI).<br />Kata Kunci: Multi Level Marketing; Perlindungan Hukum; Penyelesaian Sengketa.</p>

scholarly journals FINANCIAL CAPABILITY STUDY OF MICRO, SMALL AND MEDIUM ENTERPRISES OWNER WITH SUPERIOR PRODUCT IN MADIUN REGENCY

2017 ◽  
Vol 6 (1) ◽  
Author(s):  
Tatik Suryani
Keyword(s):  
Financial Performance ◽  
Small And Medium Enterprises ◽  
Investment Decision ◽  
Profit Sharing ◽  
Business Development ◽  
Third Party ◽  
Main Topic ◽  
Funding Decision ◽  
Financial Capability ◽  
Medium Enterprises

Financial Capability is become the main topic in this study. The firts aim of this study is to analyze and measure financial capability of MSME (Micro, Small and Medium Enterprises) owner with superior products. The subjects of this study are MSME owner in Madiun Regency, East Java, Indonesia. Financial Capabilty measure by Funding Decision, Proft Sharing, Investment Decision and Financial Performance. By using triangulation method, this study found that Fincancial Capability of the MSME owner still on low level. MSME's funding decision is limited and not supported by third party like Bank. MSME's profit sharing is good for MSME's development. But their perception about business development is not right.  MSME's Investment decision perception about land investment is wrong.

scholarly journals PENGARUH INFLASI, BI RATE, DAN NILAI TUKAR RUPIAH TERHADAP DANA PIHAK KETIGA (DPK) PADA PERBANKAN SYARIAH INDONESIA TAHUN 2012-2017

2018 ◽  
Vol 2 (2) ◽  
Author(s):  
Nofinawati Nofinawati
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Profit Sharing ◽  
Third Party ◽  
Public Expectations ◽  
The Interest Rate ◽  
Conventional Bank

Third Party Funds (TPF) consist of giro, savings and deposits account. The enhancement of TPF is influenced by several factors including Inflation, BI Rate and Rupiah Exchange Rate. In 2013, there was an escalation in Inflation and the BI Rate which was not accompanied by a decrease ofTPF. This is not corresponding with the theory proposed by AuliaPohan. It is said is that if inflation increases then TPF decreases. It is also not fit with Adiwarman Karim's theory of the BI Rate, that is, if there is a profit sharing of sharia funding less than the interest rate, the customer can move to a conventional bank. Whereas in 2013-2015 the Rupiah Exchange Ratedepreciated, whileTPF continued to increase. This condition is also compatible with the theory given by AuliaPohan. The existence of public expectations about the weakening of Rupiah could reduce can be collected by banks.

scholarly journals Tingkat Bagi Hasil Deposito Melalui Variabel Intervening Dana Pihak Ketiga Terhadap Pembiayaan Mudharabah Bank Syariah

2020 ◽  
Vol 6 (5) ◽  
pp. 957
Author(s):  
Setiyo Aji ◽  
Imron Mawardi
Keyword(s):  
Data Collection ◽  
Pathway Analysis ◽  
Financial Statements ◽  
Profit Sharing ◽  
Quantitative Approach ◽  
Third Party ◽  
Islamic Banking ◽  
Analysis Technique ◽  
Monthly Period ◽  
Variable Population

This study aims to determine the effect of profit sharing rates on deposits to third party funds and financing mudharabah sharia banks partially or simultaneously. The approach used is a quantitative approach by using the pathway analysis technique with three variables, namely the profit-sharing rate of deposits as ecogenous variable. Population in this study is the sharia bank industry registered in the statistics of Islamic banking published by the website of the Bank Indonesia. The sample used in this study as many as 60 samples with data from January 2012 until December 2016. Data collection is done by collecting financial statements of the sharia bank industry monthly period 2012-2016.Keywords: Sharia banks, profit-sharing rates, third party funds, mudharabah financing

scholarly journals The comparison of Islamic banks performance in Indonesia before and after the Action to Defend Islam event

2020 ◽  
Vol 2 (1) ◽  
pp. 49-66
Author(s):  
Luksi Visita
Keyword(s):  
Empirical Study ◽  
Commercial Banks ◽  
Profit Sharing ◽  
Third Party ◽  
Islamic Banking ◽  
Islamic Banks ◽  
Return On Assets ◽  
Paired Sample ◽  
Business Units ◽  
Before And After

Purpose – This study aims to compare the performance of Islamic banking before and after the Islamic defense action. The action to defend Islam is a manifestation of populism, which resulted in mixed responses.Method – Financial performance consisting of return on assets (ROA), financing to deposit ratio (FDR), third party funds (DPK), non performing financing (NPF) and profit sharing financing on total financing were analyzed from 30 Islamic commercial banks and Sharia business units in Indonesia. The data were analyzed using different test paired sample T-test.Result – The results show that only TPF and FDR have significant differences. The DPK value increases, while the FDR decreases.Implication – This study can support industry to consider aspects needed to be taken care of during political events.Originality – This study enriches the empirical study of political and business interaction.

Service Oriented Enterprise and Contracted Profit Sharing

2013 ◽  
pp. 209-227
Author(s):  
Ali Habibi Badrabadi ◽  
Mohammad Jafar Tarokh ◽  
Shahriar Mohammadi
Keyword(s):  
Web Services ◽  
Systematic Approach ◽  
Dynamic Environment ◽  
Profit Sharing ◽  
Third Party ◽  
Top Down ◽  
Bottom Up ◽  
Ex Ante ◽  
Service Oriented ◽  
Conflicting Interests

Service Oriented Enterprises (SOEs) outsource their functionalities via third party web services. Therefore, there is a need for a systematic approach to manage the cooperation of the services. SOEs perform their functionalities in an extremely dynamic environment. Changes that happen to a SOE are categorized in two types: top-down changes and bottom-up changes. This paper considers top-down changes which are initiated by SOE’s management. In order to manage a top-down change, the SOE’s management should consider the possible conflicting interests of the different parties. This study finds a situation in which none of the services have to incur losses. Consequently, this paper proposes ex-ante contracted profit sharing principles that can attract the services to the change. The problem is modeled and Security improvement is discussed as an example to describe this approach.

Hedge fund manager fraud through PIPEs

2018 ◽  
Vol 25 (3) ◽  
pp. 636-645
Author(s):  
Majed R. Muhtaseb
Keyword(s):  
Law Enforcement ◽  
Private Equity ◽  
Hedge Fund ◽  
Public Information ◽  
Third Party ◽  
Economic Crises ◽  
Fund Manager ◽  
Content Type ◽  
Fund Managers ◽  
Hedge Fund Manager

Purpose The purpose of this paper is to draw lessons to investors from the conduct of a hedge fund manager who according to the Securities and Exchange Commission (SEC) complaint made false and misleading statements before and after an auditor’s reports, misappropriated for personal benefit over $1m, misappropriated clients’ assets, failed to conduct due diligence on third-party buyer, instructed an employee to mislead investors and satisfied some investors’ redemptions with other investors’ subscriptions (Ponzi scheme) without disclosing it to investors. Ironically, the scheme was unveiled by the economic crises and not the investors, their advisers or third-party hedge fund vendors. Corey Ribotsky set up the investment adviser NIR Group to manage four AJW Funds that invested in private equity in public companies in 1999. Through manipulation of financial statements, he also managed to collect about $136m in management and incentive fees over an eight-year period. The SEC complaint alleged the AJW Funds’ assets to be $876m in 2007, yet this figure was not verified, and no assets were traced. Ribotsky did not pay any monies to SEC, as ordered by court settlement, and hence the victims did not recover any of their monies. The SEC could not produce criminal charges; hence, Ribotsky did not go to jail. This case highlights sterility of law enforcement when confronted with brazen fraud. Findings Investors fail to monitor hedge fund managers. Fraud was detected late and not through investors. Fraud was unraveled by the economic crises of 2008. The SEC had sued the fund manager. The fund manager consented to making payment to the SEC but did not make any payments. The SEC could not bring evidence to criminally charge the fund manager. Research limitations/implications The findings based on the case study are valuable to investors and hedge fund industry stakeholders. The findings are not based on an empirical study. Practical implications Investors need to carefully vet all hedge fund managers before allocating and funds and understand how managers make money through the claimed strategy. Also, there are limitations to law enforcement even with confronted with profound fraud schemes. Originality/value The case was built up from public sources to benefit investors considering making allocations to hedge fund managers. The public information about the case is of either legalistic or journalistic in nature.

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