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Capital Market Supervisory Agency and Financial Institution Supervisory Agency (Bapepam-LK) said that the increase in the value of sukuk issuance
as well as the number of new issuers that issued the sukuk show Islamic capital market industry in Indonesia is growing and growing.
Head of Accounting Standards and Disclosure of Bapepam-LK, Etty Retno Wulandari in a press conference in Jakarta, Friday (13 / 5) said, sukuk issuance has sufficient regulatory and contract schemes that vary.
"The regulation consists of IX.A.13 Regulation on Issuance of Islamic Securities, Regulation of the Akad-akad IX.A.14 used in the issuance of Islamic securities, and II.K.1 Regulations on Criteria and Issuance of Securities List of Sharia," said him.
In addition, he continued, Bapepam-LK also make improvements and preparation of regulations relating to this Islamic capital market.
"With current market conditions, State-Owned Enterprises (SOEs) have very wide potential to issue sukuk, it is considering the state has a lot of productive assets that can be used as 'underlying' issuance of sukuk," he said.
Besides, he added, Indonesia's macroeconomic conditions conducive (interest rate steady, stable economic growth, and Indonesia's rating to investment grade) to be one contributing factor in issuing sukuk.
In line with this, the Head of Corporate Finance for the Real Sector, Bapepam-LK Anis Baridwan added that the sukuk is one of syariah-based instruments in the capital markets that can be used by SOEs as a source of funding.
Aside from being a funding instrument, he said, the sukuk is also an attractive investment instrument not only by Islamic investors but also conventional investors so interested in the sukuk investor base becomes more widespread.
Commitment to Develop Corporate Sukuk
Shariah Board of the National Council of Ulama Indonesia (DSN-MUI) Kanny Hidaya, adding that the DSN-MUI is also committed in supporting the development of corporate sukuk.
"To support the development, the DSN-MUI has been issuing fatwas, or Islamic bonds related to the tribe. DSN-MUI also have close cooperation with the Bapepam-LK in developing Islamic capital markets including corporate sukuk issuance of fatwas through the preparation and related regulations, "he said.
Previously, the DSN-MUI fatwas have also given No. 80 on the Application of Sharia in Equity Securities Trading Mechanisms in Regular Stock Exchange which was approved by the Shariah Board of the National Council of Ulama Indonesia (DSN-MUI) on March 8, 2011.
With the ratification of the fatwa, the organization of trade in BEI has a base or a strong legal jurisprudence that the continuous auction mechanism (countinous auction) used IDX in equity securities transactions in the regular market has been in accordance with Islamic principles.
Meanwhile, Deputy Ministry of SOE restructuring strategy planning, Pandu Djajanto say, that the state has a major role in accelerating the implementation of national development priorities.
To achieve this, he said, the SOEs are expected to utilize domestic sources of funding, particularly through the capital market sector, one through the issuance of sukuk.
"Financing through the issuance of sukuk has huge potential, given the vast investor base that is owned, Islamic capital markets industry is growing and growing, and Indonesia's macroeconomic conditions and regulatory support that is available," he said. (Ant)source: analisadaily.com
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as well as the number of new issuers that issued the sukuk show Islamic capital market industry in Indonesia is growing and growing.
Head of Accounting Standards and Disclosure of Bapepam-LK, Etty Retno Wulandari in a press conference in Jakarta, Friday (13 / 5) said, sukuk issuance has sufficient regulatory and contract schemes that vary.
"The regulation consists of IX.A.13 Regulation on Issuance of Islamic Securities, Regulation of the Akad-akad IX.A.14 used in the issuance of Islamic securities, and II.K.1 Regulations on Criteria and Issuance of Securities List of Sharia," said him.
In addition, he continued, Bapepam-LK also make improvements and preparation of regulations relating to this Islamic capital market.
"With current market conditions, State-Owned Enterprises (SOEs) have very wide potential to issue sukuk, it is considering the state has a lot of productive assets that can be used as 'underlying' issuance of sukuk," he said.
Besides, he added, Indonesia's macroeconomic conditions conducive (interest rate steady, stable economic growth, and Indonesia's rating to investment grade) to be one contributing factor in issuing sukuk.
In line with this, the Head of Corporate Finance for the Real Sector, Bapepam-LK Anis Baridwan added that the sukuk is one of syariah-based instruments in the capital markets that can be used by SOEs as a source of funding.
Aside from being a funding instrument, he said, the sukuk is also an attractive investment instrument not only by Islamic investors but also conventional investors so interested in the sukuk investor base becomes more widespread.
Commitment to Develop Corporate Sukuk
Shariah Board of the National Council of Ulama Indonesia (DSN-MUI) Kanny Hidaya, adding that the DSN-MUI is also committed in supporting the development of corporate sukuk.
"To support the development, the DSN-MUI has been issuing fatwas, or Islamic bonds related to the tribe. DSN-MUI also have close cooperation with the Bapepam-LK in developing Islamic capital markets including corporate sukuk issuance of fatwas through the preparation and related regulations, "he said.
Previously, the DSN-MUI fatwas have also given No. 80 on the Application of Sharia in Equity Securities Trading Mechanisms in Regular Stock Exchange which was approved by the Shariah Board of the National Council of Ulama Indonesia (DSN-MUI) on March 8, 2011.
With the ratification of the fatwa, the organization of trade in BEI has a base or a strong legal jurisprudence that the continuous auction mechanism (countinous auction) used IDX in equity securities transactions in the regular market has been in accordance with Islamic principles.
Meanwhile, Deputy Ministry of SOE restructuring strategy planning, Pandu Djajanto say, that the state has a major role in accelerating the implementation of national development priorities.
To achieve this, he said, the SOEs are expected to utilize domestic sources of funding, particularly through the capital market sector, one through the issuance of sukuk.
"Financing through the issuance of sukuk has huge potential, given the vast investor base that is owned, Islamic capital markets industry is growing and growing, and Indonesia's macroeconomic conditions and regulatory support that is available," he said. (Ant)source: analisadaily.com
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