Proceedings of the International Conference on Law, Governance and Islamic Society (ICOLGIS 2019)

Optimization of Sukuk to Support Sustainable Development in Indonesia

Authors
Bintang Setiadi Pratama, Hafizh Mahendra Fikri, Wirdyaningsih
Corresponding Author
Bintang Setiadi Pratama
Available Online 13 March 2020.
DOI
10.2991/assehr.k.200306.181How to use a DOI?
Keywords
Sukuk, beneficial ownership, Akad Wakalah, Akad Ijarah
Abstract

Sukuk is now globally known as one of the fast-developing financial instruments that consistently apply Islamic principles. The role of Sukuk in Indonesia is not limited to the development and expansion of a Sharia-based economy. It also plays a larger role in the financing of both public and private projects. The matter regarding the issuance of Sukuk is still under debate, especially as it pertains to the beneficial ownership of an underlying asset within the law of ownership. This research also uses Sharia’s perspective to determine whether the blending of Akad Wakalah (Proxy Agreement) and Akad Ijarah (Sale and Purchase Agreement) in one transaction is allowed under Sharia law. The research will hopefully offer a clear approach to legal certainty while fulfilling the requirements of Sharia law. Its focus will be on the regulation and practical application of Sukuk and the need for its legal certainty and development in society. Questions regarding the validity of beneficial ownership upon assets as the underlying asset of Sukuk, in addition to the validity of Akad Wakalah and Akad Ijarah as simultaneously used in a single transaction, will be answered.

Copyright
© 2020, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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Volume Title
Proceedings of the International Conference on Law, Governance and Islamic Society (ICOLGIS 2019)
Series
Advances in Social Science, Education and Humanities Research
Publication Date
13 March 2020
ISBN
978-94-6252-926-7
ISSN
2352-5398
DOI
10.2991/assehr.k.200306.181How to use a DOI?
Copyright
© 2020, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Cite this article

TY  - CONF
AU  - Bintang Setiadi Pratama
AU  - Hafizh Mahendra Fikri
AU  - Wirdyaningsih
PY  - 2020
DA  - 2020/03/13
TI  - Optimization of Sukuk to Support Sustainable Development in Indonesia
BT  - Proceedings of the International Conference on Law, Governance and Islamic Society (ICOLGIS 2019)
PB  - Atlantis Press
SP  - 56
EP  - 60
SN  - 2352-5398
UR  - https://doi.org/10.2991/assehr.k.200306.181
DO  - 10.2991/assehr.k.200306.181
ID  - Pratama2020
ER  -