Retail Sukuk Research Articles

Islamic Capital Market for Social Development: Innovating Waqf Mobile Sukuk in Sub-Saharan Africa

The use of sukuk in social development is an under-researched area, especially in the context of Sub-Saharan Africa. Although the Kenyan government has issued the world’s first mobile bond and the Indonesian government has used mobile platforms as a distribution channels for the issuances of retail sukuk, little is known about mobile sukuk and its potential from the perspective Islamic social finance. This paper aims to explore the opportunities and challenges of mobile sukuk for social development, namely perpetual waqf mobile sukuk, where the concept of waqf is combined with qard. It is anticipated that the proposed type of sukuk has the potential to be used as an Islamic social finance instrument.

Opportunities and Challenges of Retail Sovereign Sukuk Issuance: Lessons from Twelve Years’ Experience

Retail sukuk is a sharia product offered to Indonesian citizens as a safe and profitable investment instrument. This study identified the strengths, weaknesses, opportunities, and threats that the government may face in offering retail sovereign sukuk. It aimed to provide the government the appropriate strategies based on the historical data of listed retail sukuk and its peripherals during 2009-2020. This paper used a qualitative research approach. The data collection techniques used were literature review and in-depth interview. Internal and external factors were identified. SWOT matrix was made prior to analysis. The results show that the coupon rate offered by retail sovereign sukuk is mostly higher than BI rate. Market expansion is needed. The government shall optimize all distribution partners. Newly innovated products should be developed. Certain criteria should be formulated to determine coupon rate. This research suggests that an independent Special Purpose Vehicle should be reconstructed as a separate entity.JEL Classification: E62, G23, G28, H63How to Cite:Muchtar, M. (2021). Opportunities and Challenges of Retail Sovereign Sukuk Issuance: Lessons from Twelve Years’ Experience. Signifikan: Jurnal Ilmu Ekonomi, 10(2), 259-274. https://doi.org/10.15408/sjie.v10i2.20093.

ANALISIS PENGARUH SUKUK TERHADAP PEMBIAYAAN PEMBANGUNAN INFRASTRUKTUR DI INDOENSIA TAHUN 2014 – 2018

Infrastructure is one of the important values to support economic growth and development in a country. Inadequate infrastructure will hinder the country's progress and competition compared to other countries. One of the breakthrough sources of financing funds is the use of sharia bonds or what is known as Sukuk. Infrastructure financing through the issuance of Sukuk has been implemented since 2010 with the Project-Based Sukuk (PBS) series. The Indonesian Hajj Fund Sukuk (SDHI), Retail Sukuk (SR), and Project Base Sukuk (PBS) are three of the parts contained in the Sukuk. The purpose of this research is to provide an overview of the development of SDHI, SR, and PBS in financing infrastructure development in Indonesia. By looking at the level of the problem of public goods or can be called public facilities owned by the State.

ANALISIS PROSEDUR DAN PERLAKUAN AKUNTANSI PENJUALAN SUKUK RITEL DENGAN AKAD IJARAH ASSET TO BE LEASED PADA BANK SYARIAH MANDIRI

This research was conducted in one of the retail state sukuk distribution partners, namely Bank Syariah Mandiri (BSM) with the aim of knowing how the sales procedure and accounting treatment for the sale of retail type state sukuk issued by the government. The research method used in this research is descriptive qualitative analysis method, and this research uses technical analysis of case studies. The results obtained in this study are that Bank Syariah Mandiri as a sales distribution partner in carrying out sales procedures, there is one provision that is not in accordance with the State Retail Sukuk Information Memorandum, namely the provisions for securities account storage fees. Meanwhile, the accounting treatment for the sale of Sukuk Ijarah at Bank Syariah Mandiri is in accordance with PSAK Sharia 110 concerning Sukuk Accounting with disclosure of the explanation of the underlying assets by the Minister of Finance, not Bank Syariah Mandiri.

The Role of Sharia Banks as Nazhir Partners in the Management of CWLS Retail SWR001 Investment Products

Islamic social finance, one of which waqf should have a position and role that can synergize to contribute economically, considering Indonesia has the largest Muslim population in the world. The issue that the potential waqf assets of 2000 trillion with about 51,155.57 ha of waqf land that exists today has not been a productive asset that serves as a source of income in developing the people's economy. While the potential of cash waqf that reaches Rp 180 trillion (BWI) but collected around 391 billion. Therefore, needs the innovation of social finance-based investment scheme with the support of professionalization in its management (in this case nadzir board), one of which is LKS-PWU, especially Sharia Banking. Through State Sukuk instruments in the form of CWLS retail SWR001 products, the government and BWI involve Sharia Banking as Nazhir partners and distribution partners. This study aims to explain the role of sharia banking as nazhir partners in the management of Cash Waqf Linked Sukuk (CWLS) retail SWR001 investment products in the perspective of the basic principles of waqf. This research was conducted by qualitative research method, Library Research approach. Validity of data with source triangulation. The data analysis technique in this study is to use discourse analysis. The results showed that Policy, management and technical processes conducted by Sharia Banking in the management of CWLS Retail SWR001 both in terms of nazhir criteria, the process of collecting and distributing waqf funds is compatibility with the provisions of the Basic Principles of Waqf (PPW) at points 13, 15 and 17 in order to realize good governance for nazhir(Good Nazhir Governance). Keywords: Islamic Bank, Cash Waqf, CWLS Retail SWR001, Waqf Core Priciples (WCP), Good Nazhir Governance

Ann : Predicting of State Retail Sukuk Based on Region in Indonesia

Retail Sukuk is a product of State Sharia Securities (Sukuk) issued by the Government of the Republic of Indonesia in this case the Ministry of Finance and sold to individuals or individuals of Indonesian Citizens through Selling Agents in the domestic Primary Market. This research contributes to the government and the Bank to be able to do the maximum promotion for the next sukuk issuance. The data used is data from the Ministry of Finance. These data are sukuk sales data with series 002-010 based on regional groups. The algorithm used in this study is Artificial Neural Network with Backpropogation method. Variabel masukan yang digunakan adalah kelompok wilayah bagian barat selain Jakarta (X1), kelompok Jakarta (X2), kelompok Indonesia Bagian Tengah(X3), dan kelompok Indonesia Bagian Timur (X4) dengan model arsitektur pelatihan dan pengujian sebanyak 4 arsitektur yakni 4-2-1, 4-3-1, 4-2-3-1 dan 4-3-2-1. The best architectural model is 4-3-1 with epoch 266, MSE 0.009918 and 100% accuracy rate. From this model, predictions of retail country sukuk will be made by region.

ANALYSIS OF FACTORS AFFECTING THE DEMAND OF RETAIL SUKUK

The development of the sharia financial industry in Indonesia can be seen from the increase in the number of Sharia Commercial Banks. The rapid development of the sharia financial industry is also followed by the rapid development of sharia financial instruments such as sukuk. Indonesia, through the ministry of finance, has issued 13 Retail State Sukuk types SR001 to SR013, starting in 2012, which has continued to increase in demand from year to year even though it had decreased in SR010 and SR012. Factors influencing the increase in the purchase of State Retail Sukuk are the minimum purchase, interest rates, and ORI coupons obtained by testing the data using statistical tests.

Peran Sukuk Surat Berharga Syariah Negara (SBSN) dalam Pertumbuhan Pembangunan Ekonomi Indonesia

Indonesia has enormous potential in developing Islamic finance because Indonesia has the largest number of Muslims in the world and high economic growth. The issuance of State Sharia Securities (sukuk) has become the main financing instrument. The presence of sukuk further strengthens the government's ability to finance the budget deficit. The government has many choices in determining the combination of its financing instruments. The government can keep debt costs to a minimum. This study aims to determine 1) the development of sukuk in Indonesia and 2) the role of sukuk in Indonesia's economic growth. This research uses qualitative methods and library research approach. Researchers use secondary data, namely data sourced from existing literature or references. The results of this study are 1) The Indonesian government has issued Retail Sukuk (SR), namely SR 001 - SR 013. The issuance of State Sukuk from year to year continues to increase, in accordance with developments and strategies applied in the APBN. 2) The role of State Sukuk has a very positive impact, such as financing project development, encouraging development of the Islamic financial market, creating branch marks in the Islamic financial market, developing alternative investment instruments, and utilizing public funds.

The Volume of Issuance of Government Islamic Securities SR-007 Series, 2015–2018

In Islamic finance, Sukuk instruments are similar to the bond market in conventional finance and are intended to increase long-term investment capital. However, according to Sharia, Sukuk means there is no uncertainty (Garar), interest (usury) and gambling (Maisir).This is also new in the financial market in Islamic Bank. The government uses Sukuk as an instrument for financing the state budget, and Sukuk financing has contributed to the development and financing of state projects. The amount of Sukuk issuance volume is influenced by external factors such as macroeconomic conditions and internal factors, namely prices and yields of Sukuk. The problem is whether inflation, exchange rates, Sukuk prices and returns affect the volume of Sukuk issuance. Therefore, this research aims to determine the effect of macroeconomic variables (inflation and exchange rates), Sukuk prices and Sukuk yields on the volume of Retail Sukuk issuance in Indonesia, using the Vector Error Correction Model (VECM) research model and the assistance of econometrics EViews 9. The data used in this study are time-series data from April 2015 to March 2018, with a research sample of Retail Sukuk with the latest maturity in March 2018, namely Retail Sukuk SR-007 series. The results of the study show that the inflation and price variables have a long-term significant influence on the volume of Retail Sukuk SR-007 issuance and only yield variables that do not influence both the long- and short-term, while the exchange rate variable has significant long- and short-term effects.

Dominance Of Market Share Of Sukuk In Indonesia

Indonesia is one of the issuers of sukuk in the world with various series that have been issued, this sukuk aims to help finance the state budget for various sectors for sustainable development programs. This study uses a qualitative research method using a phenomenological approach. The results show that the government is still dominated by sukuk because most of the financing of sukuk in Indonesia are government projects in various sectors, in their issuance in collaboration with conventional and sharia banking, securities companies that become AB Bursa. Sukuk series issued by the government such as Islamic Fixed Rate (IFR), greensukuk, Indonesian hajj fund sukuk (SDHI), savings sukuk, retail sukuk, sharia state treasury bills (SPNS), project based sukuk (PBS).

Apakah Sukuk Ritel Merupakan Ancaman Bagi penghimpunan Dana Pihak Ketiga Pada Bank Syariah?

This research is a quantitative study that aims to consider the effect of retail sukuk on the collection of third parties funds (TPF) in Indonesian Islamic Banks for 2015 - 2019. The data used are secondary data retrieved from Islamic Banking Statistics Report for shariah commercial and unit shariah bank quarterly. The method is multiple linear regression analysis techniques with Ordinary Least Square (OLS) approach, using TPF as the dependent variable while Retail Sukuk, ROA, Promotion Cost, Inflation and Bi rate as the independent variables. The results shows Retail Sukuk has a negative and significant impact on the collection of TPF which is intended that retail sukuk is causing the decrease of TPF amount in Indonesian Islamic bank. Therefore the Indonesian government needs to review the policies related to retail sukuk issuance in order to synergize with the development of Islamic Banks. Other results indicate that ROA and promotion costs have positive and significant influance for TPF collection in Indonesian Islamic bank while BI rate is the opposite.

ANALISIS KEBIJAKAN FISKAL EKSPANSIF PADA APBN DI INDONESIA PERSPEKTIF EKONOMI ISLAM

Indonesia in the State Budget (APBN) adopts an expansive economic policy system in its financing, which is that state expenditure will be greater than state revenue, one of the ways to fulfill expenditure needs will be covered by financing, one of which is through the issuance of Government Securities (SBN). Indonesia adheres to the SBN system which is owed to the people themselves. Communities can participate in developing the country through the purchase of ORI, Retail Sukuk and Retail Saving Bonds which are included in sound financing. In an Islamic perspective spending is allocated to the more productive sectors, allocated to fa'i and kharaj sections, public ownership, shadaqah or zakah sections. In addition, expenditures are intended for governors, government officials who are financed from the revenue budget, then the budget is intended to maintain the fairness of the costs of education, public utilities and infrastructure. State debt from an Islamic perspective, interest-free and loans allocated to the central bank without interest, the goal is because interest contains interest and does not prosper the public, because interest is fluctuating.

Risk and Return of Retail Sukuk and Retail Bond in Indonesia Period 2008-2017 (Comparative Study)

Sukuk and Bonds has differences and similarities. Fundamental differences between sukuk and bonds are first, underlying asset in every sukuk issuance, concept of profit loss sharing and the use of Islamic contracts. Whereas conducted research in practice of differences between sukuk and bonds are still an on-going discussion. This study aims to add the evidence in the discussion regarding whether there is differences between sukuk and bonds in the world of practice, provide investment preferences as well as educating investors in choosing sukuk or bonds as a sustainable and smooth instrument. The method used is Mann Whitney U-Test to test whether there is a different between yield to maturity (return) and standard deviation (risk) of both instruments. Using secondary data of Retail Sukuk (SR) and Retail Bonds (ORI) period 2008-2017 obtained from Indonesia Stock Exchange, Indonesia Bond Market Directory and Indonesia Bond Pricing Agency. The result shows that there is no significance difference of retail sukuk return and risk with retail bonds in Indonesia. Besides retail bonds are show higher return than retail sukuk because of higher coupon and longest mature date. While, retail sukuk is more stable rather than bonds as it backed up by the real underlying asset.
 
 Keywords: Retail Sukuk (SR), Retail Bonds (ORI), Yield to Maturity

DETERMINAN TERHADAP YIELD SUKUK RITEL NEGARA (STUDI TAHUN 2009 – 2017)

Retail Sukuk is one of the sukuk series of SBSN issued the first time in 2009 which is enough to attract public interest. The purpose of this study is to find out and analyze the effect of macro variables (inflation and GDP), profit sharing of mudharabah deposits and JII indices to the dependent variable that is the yield of government retail sukuk in the secondary market. This research is a quantitative research with multiple linear regression method that is processed using Eviews8 software.Keywords: Inflation, GDP, mudharabah deposit share, JII, Yield yield of government retail sukuk, SBSN

ANALISIS FAKTOR YANG MEMPENGARUHI PERMINTAAN SUKUK RITEL SERI SR 05

The budget deficit financing instruments and government projects through sukuk have the potential to increase fiscal sustainability in the long run. Series Retail Government Sukuk which are state securities based on sharia principles issued by the Government as proof of the participation in Islamic Securities Assets, which are sold to individuals (ritail) or Indonesian citizens through a Selling Agent, with a minimum nominal amount determined also has increased nominal issuance since it was first published in 2009. The purpose of this study is to find out the factors that influence the demand for Retail Sukuk SR 05. The variables studied in this study are limited to the price of retail state sukuk, bank deposit interest rates, profit sharing ratio for bank deposits sharia, other bond prices and inflation rates. The form of this research is quantitative descriptive. The data used in this study are secondary data The analytical method used in this study is multiple linear regression analysis. The results showed that the factor that influenced the demand for SR 05 series sukuk was the price of the sukuk itself.

ANALISIS DETERMINAN VOLUME PERDAGANGAN SUKUK NEGARA RITEL SERI SR-007

<p><em>Trading volume of retail sukuk is the number of sheets of the State retail sukuk listed on the stock exchange. The country's retail sukuk issued to finance a deficit Budget of income and Expenditure of the State (STATE BUDGET) the purpose of this research is to examine and analyze the influence of internal factors and external factors against a trading volume of sukuk country retail series SR-007. This research uses descriptive kuantitaif approach. Researchers use the data monthly April 2015 period until March 2018. The variables used in this study is the price, the Yield to Maturity (YTM), exchange rates, For the results of Mudharabah Deposits, the BI rate, inflation and trading Volume of Sukuk Retail Series SR-007. The research analytical tool is Vector Error Correction models (VECM) using Eviews 9. The results of this research show that there is a short-term relationship between variables that influence positive YTM against trading volume of sukuk retail series SR-007. In a long term relationship variables YTM, the exchange rate, the BI Rate, and inflation provide a positive influence against the trading volume of sukuk retail series SR-007. Variable YTM on long term negative effect against the trading volume of sukuk retail series SR-007.</em></p>

TINGKAT PERMINTAAN SUKUK RITEL: ANALISIS FAKTOR INTERNAL DAN EKSTERNAL

Sukuk is one of the investment instruments that attract Muslim investors who want to invest in accordance with sharia principles. The demand for sukuk is relatively high every time a sukuk is issued. The study aims to examine the factors influencing the demand of retail sukuk issued by government. Independent variables consist of sukuk price, BI rate, inflation rate and rate of return of Mudharaba investment accounts. Retail sukuk SR-005 is choosen as dependent variable because of the highest average investment per investor during ten years of retail sukuk issuance. The data is taken from February 2013 to February 2016 and analysed using panel data regression. The results indicate that BI rate has negative influence on the demand of retail sukuk SR-005 while sukuk price, inflation rate and rate of return of mudharaba investment accounts do not influence the demand of retail sukuk SR-005. This study is expected to contribute to the scientific development of Islamic finance, especially the study of sukuk.

Model Combination of Activation Functions in Neural Network Algorithms (Case: Retail State Sukuk by Group)

This study aims to maximize the activation function used in backpropogation networks in finding the best architectural model. The case study used is the sale of state retail sukuk based on professional groups. The combination of activation functions used for training and testing is tansig-tansig, tansig-purelin and tansig logsig. The architectural model used is the architectural model 6-2-1 and 6-5-1. The evaluation parameters used are epoch, MSE training, MSE testing and accuracy level of truth. Data processing is assisted by using Matlab software. The results showed that the tansig-logsig activation function had more stable results than tansig-tansig and tansig-purelin.

Analisis Faktor-faktor yang Mempengaruhi Sukuk Negara Ritel

This research aimed to determine the empirical evidences of factors affecting the price movements of sukuk retail. There are four independent variables: inflation, Bank Indonesia interest rate, Gross Domestic Product (GDP), and yield of sukuk retail with the price of sukuk retail as dependent variable. The data used range from February 2011 to June 2014. The results show that Bank Indonesia Interest rate and yield of sukuk retail significantly affect the price of sukuk retail. Simultaneously, all independent variables affect the price of sukuk retail.

PENGARUH SUKUK RITEL PEMERINTAH TERHADAP PENGHIMPUNAN DANA PIHAK KETIGA BANK SYARIAH

This research aims at investigating factors that influence third parties funds (TPF) of Indonesian Islamic banks during the issuance of government retail sukuk 2012-2015. Data are taken from quarterly statistical reports of Indonesian Islamic banking and analysed by using multiple linear regression. The results show that retail sukuk has negative influence, while offices number, company size, and return for the third parties have positive influence on TPF collected. As having negative influence, Islamic banks should anticipate future issuance of retail sukuk by improving their internal performance. Failing to anticipate it, they may suffer of decreasing amount of TPF.