Siti Umiul Ni’mah
(11220096)
CAPITAL MARKET
INSTRUMENTS
Capital market
instruments other than realized in the form of shares , also can be realized in
the form of bonds ( sukuk ). The word comes from the Dutch bonds , which
obligate or obligaat, which means an obligation that can not be abandoned or
debentures of a borrowing country or region or the company with a fixed
interest rate. In the Islamic bonds known as sukuk. Understanding bonds ( sukuk
) in the Islamic capital market has a broader meaning , which has some of the
contract that can be used.
Sukuk is the
Arabic word that can be interpreted certificate. Based on the results of the
decision No.IX.A.13 regulation of Bapepam - LK No. : KEP-130/BL/2006
concerning the issuance of Islamic securities, Sukuk are Islamic securities
definition of a certificate or proof kepemlikan the same value and represent an
integral part of the investment or divided above:
1)
Ownership of certain
intangible assets
2)
The value of the benefits
and services of the assets of certain projects or certain investing activities
3)
Ownership of assets of
certain projects or certain investing activities.[1]
Ø
Principles of Islamic bonds
After the company issuing Islamic bonds ,
then the company must carry out the principles that govern the Islamic bonds .
Principles of Islamic bonds , among others:
a.
Financing for a transaction
or a specific business activity , which must be held separate accounting to
determine the benefits that arise
b.
Results of the owner of the
funds received investment is a function of the benefit received by the company
from the proceeds from the sale of bonds , not from other business activities
c.
Must not provide assurance
that operating results solely a function of time of money ( time value of money
)
d.
Bonds can not be used to
replace existing debt ( bay al dayn bi al- dayn )
e.
If the owner does not have
to bear the loss of funds , the business owner must commit ourselves ( aqad
allowed but not required )
f.
The owner may accept funds
from revenue sharing ( revenue sharing ) , where the owner of the business (
the issuer ) bind themselves to limit the use of income as a business expense
g.
Bonds can be sold back ,
either to the owner or other funds to the issuer ( if in accordance with the
provisions)
h.
Bonds can be sold below par
value ( initial capital ) if the company suffered losses
i.
Changes in market value
does not mean the change in the amount of debt.[2]
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