Optimization of Sukuk to Support Sustainable Development in Indonesia
- 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/).
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 -