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"ABSTRAK Bentuk pembiayaan menggunakan aset sebagai jaminan di masyarakat umum dikenalsebagai gadai, sedangkan di dalam keuangan konvensional dikenal sebagaiREPO, serta dikenal sebagai rahn di keuangan syariah. Keberadaan saham sebagaisalah satu instrumen surat berharga yang bersifat likuid, dapat dimanfaatkan sebagaialternatif jaminan pada akad rahn, sebagaimana sudah digunakan juga di lembagakeuangan konvensional. Potensi penggunaan saham sebagai jaminan diharapkandapat meningkatkan nilai pembiayaan menggunakan gadai rahn pada perbankansyariah. Indikator nilai pembiayaan menunjukkan bahwa pembiayaan perbankansyariah hanya di bawah 2% dibandingkan dengan kapitalisasi pasar saham-sahamJII pada haircut 50%. Berdasarkan simulasi penurunan harga saham, penentuannilai saham menggunakan haircut pada sisi kreditur bisa menjadi pilihan untukmenentukan nilai pembiayaan dan pengendali risiko atas penurunan harga sahamserta bisa dikombinasikan dengan jangka waktu pinjaman. Ditahannya saham sebagaijaminan selama masa pinjaman, juga tidak berpengaruh terhadap likuiditassaham karena volume tertinggi dalam proses penyelesaian Transaksi Bursa adalahkurang dari 10% dari saham yang dimiliki publik, sehingga ruang bagi jaminansaham masih terbuka.

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ABSTRAK Financing scheme using asset as collateral is commonly known as pawn, REPO inconventional finance, and known as rahn in sharia finance. Stock as one of financialinstrument could be utilized as an alternative for collateral in rahn, as it has beenwidely used in conventional finance. Potential of usage of stock as collateral mightbe used to increase financing value through rahn in Islamic banks. Financing valueindicator shows that Islamic banks financing value is only 2% compared to JII?sstocks market capitalization using 50% haircut. According to stock price declinationsimulation, stock pricing using haircut for creditor could be used as an optionfor financing as well as to reduce risk over stock price declination, and it could becombined with loan period as well. Blocked stocks as collateral within loan periodis not significantly affect stock liquidity, since the highest volume of settlement processis less then 10% over publicly owned stocks, so there is space for stocks to becollateralized"

"Prinsip cross collateral merupakan suatu keadaan di mana debitur mengikatkan jaminan yang sama dalam dua fasilitas kredit atau lebih. Penerapan prinsip ini memberikan kemudahan bagi debitur yang memiliki nilai jaminan yang cukup untuk mendapatkan dua atau lebih fasilitas kredit dari kreditur. Untuk dapat melaksanakan prinsip ini dalam hal eksekusi jaminan terhadap debitur yang wanprestasi maka diperlukan prinsip cross default yaitu suatu kondisi dimana debitur terhadap fasilitas-fasilitas tersebut berjanji untuk saling mengikat dalam keadaan lalai. Debitur dikategorikan default pada kondisi ini hanya dengan syarat bahwa salah satu fasilitas kredit tersebut telah berada dalam keadaan default. Permasalahan yang akan dibahas yaitu : penerapan cross collateral dan cross default dalam perjanjian line facility pembiayaan musyarakah pada PT. Bank Muamalat Indonesia, Tbk dan efektifitas cross collateral dan cross default sebagai upaya mencegah perjanjian line facility pembiayaan musyarakah bermasalah pada PT. Bank Muamalat Indonesia, Tbk. Metode Penelitian yang digunakan dalam penulisan ini adalah yuridis normatif. Teknik pengumpulan data menggunakan studi kepustakaan dan wawancara serta data diolah secara kualitatif. Prinsip cross collateral dan cross default ini tidak hanya diterapkan pada perbankan konvensional namun juga pada perbankan syariah, salah satunya yaitu pada Bank Muamalat Indonesia. Pada Bank Muamalat Indonesia penerapan cross collateral dan cross default sering digunakan pada pembiayaan muyarakah yang bersifat line facility dengan tujuan modal kerja dengan debitur one obligor.

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The principle of cross collateral is a state in which the debtor binds the same security into two or more credit facilities. The application of this principle renders ease for debtors who have enough collateral value to obtain two or more credit facilities from creditors. In order to implement this principle in the case of the execution of collateral against a debtor in default, the implementation will require the cross default principle which is a condition where the debtor toward these facilities agrees to bind to each other in a state of neglect. A debtor is categorized as in default under this condition only on the condition that one of the credit facilities has been in a state of default.

The issues that are to be discussed are : the application of cross collateral and cross default in a musharaka financing line facility agreement with PT. Bank Muamalat Indonesia, Tbk and the effectiveness of cross collateral and cross default as an effort to prevent problems found in a musharaka financing line facility agreement at PT. Bank Muamalat Indonesia, Tbk.

The research method used in this paper is the normative juridicial method. The data collection techniques used are literature study and interviews, and also the data obtained is qualitively processed. The principles of cross collateral and cross default are not only applicable to conventional banking, but also in Islamic banking, one of which is the banking practice of Bank Muamalat Indonesia. The application of cross collateral and cross default at Bank Muamalat Indonesia is often used in its musharaka financing line facilities with the objective of working capital facility with a one obligor debtor."

"Skripsi ini membahas tentang peranan collateral manager dalam pembiayaan resi gudang dan analisis putusan hakim yang menyatakan Collateral manager dalam suatu pembiayaan resi gudang dalam skema Collateral management agreementmemiliki kedudukan hukum untuk mengajukan gugatan perlawanan. Penelitian ini dilakukan dengan metode penelitian hukum normatif. Hasil penelitian ini adalahbahwa collateral manager dalam suatu pembiayaan resi gudang memiliki peranan yang krusial. Baik dalam skema collateral management agreement (CMA) maupun berdasarkan UU Sistem Resi Gudang, Collateral manager memiliki peranan untuk menerbitkan resi gudang, menjamin keamanan dan keutuhan barang yang disimpan, memberikan proteksi risiko kepada pemilik barang, memudahkan pemilik barang memperoleh kredit. Collateral manager dalam Putusan No.2239/K/Pdt/2014 seharusnya tidak memiliki kedudukan hukum untuk mengajukan gugatan perlawanan. Hakim dalam memutuskan perkara terkait wewenang collateral manager tidak mempertimbangkan perjanjian yang dibuat oleh parapihak maupun peraturan perundang-undangan mengenani wewenang collateral manager. Padahal, collateral manager hanya diberikan wewenang untuk melakukan pengurusan terkait komoditas yang berada di kekuasaannya.The focus of this study is the analysis of the court's decision which states that Collateral Manager involved in Collateral Management Agremeent has a legal standing to file a claim for resistance. This research was conducted using the normative legal research method. The results of this study are that in a warehouse receipt financing, collateral manager plays an important role. Both in the collateral management agreement (CMA) scheme and under the Warehouse Receipt System Act. Collateral manager has the role to issue warehouse receipts, guarantee the safety and integrity of the goods stored, provide risk protection to the owner of the goods, and facilitate the owner of the goods obtain credit. Role of collateral manager is related to the management of goods stored in the warehouse. Collateral manager in Decision No. 2239 / K / Pdt / 2014 should not have a legal standing to file a claim for resistance, because matters relating to litigation is not the authority of the collateral manager. The judge in deciding cases related to collateral manager's authority does not consider the agreements made by the parties nor the laws and regulations concerning the collateral manager's authority. In fact, the collateral manager is only given the authority to make arrangements related tocommodities in its control."

"[ABSTRAKPerekonomian bangsa Indonesia pada dasarnya dipengaruhi oleh beberapa faktorbaik dalam skala makro maupun mikro. Kegiatan pinjam meminjam uang telahdilakukan sejak lama dalam kehidupan masyarakat yang telah mengenal uangsebagai alat pembayaran. Bank merupakan lembaga yang menyediakan dana bagimasyarakat yang membutuhkan, karena keberadaannya harus bermanfaat bagimasyarakat luas, bank juga melakukan pemberian kredit modal kerja dengantujuanya adalah untuk meningkatkan taraf kehidupan masyarakat khususnyadalam usaha mikro kecil dan menengah. Oleh karena itu, Penulis bertujuan untukmengetahui bagaimana proses pengikatan jaminan sebagai syarat diberikannyakredit oleh bank dan keabsahan pengikatan jaminan non fixed asset pada PT. BankM cabang Kota Tasikmalaya. Metode penelitian yang digunakan dalam penelitianini bersifat deskriptif analitis dengan pendekatan yuridis normatif. Data yangdiperoleh dianalisis dengan metode kualitatif. Melalui penelitian ini, dapatdiketahui bahwa pengikatan jaminan non fixed asset dengan cara cessieseharusnya didaftarkan pada lembaga jaminan fidusia. Keabsahan pengikatanjaminan tersebut dianggap sah apabila tidak bertentangan dengan undang-undangdan kaidah dalam hukum jaminan kebendaan.ABSTRACTBasically, Indonesia?s economic matters are influenced by many factors both inmacro and micro scale. Since money known as the medium of exchange, moneylending activities had been done by public in their daily life for years. Bank is aninstitution that provides fund for those who need it. Because of its beneficialpurposes, bank also provides lending capital loan in order to increase people?sliving standards especially in micro small medium enterprises. Therefore, thisresearch is aimed to know the process of collateral binding as the requirement ofgetting credit and the validity of non fixed asset collateral binding at PT. Bank MTasikmalaya. The research method is analytic descriptive with juridical normativeapproach. The data collected are analyzed by qualitative method. By this research,it can be known that non fixed asset collateral binding using cassie is supposed tobe registered to the fiduciary collateral institution. The validity of that collateralbinding is regarded oficially if it is not contradicted with the regulations and theprinciple of collateral warranty law.;Basically, Indonesia?s economic matters are influenced by many factors both inmacro and micro scale. Since money known as the medium of exchange, moneylending activities had been done by public in their daily life for years. Bank is aninstitution that provides fund for those who need it. Because of its beneficialpurposes, bank also provides lending capital loan in order to increase people?sliving standards especially in micro small medium enterprises. Therefore, thisresearch is aimed to know the process of collateral binding as the requirement ofgetting credit and the validity of non fixed asset collateral binding at PT. Bank MTasikmalaya. The research method is analytic descriptive with juridical normativeapproach. The data collected are analyzed by qualitative method. By this research,it can be known that non fixed asset collateral binding using cassie is supposed tobe registered to the fiduciary collateral institution. The validity of that collateralbinding is regarded oficially if it is not contradicted with the regulations and theprinciple of collateral warranty law.;Basically, Indonesia?s economic matters are influenced by many factors both inmacro and micro scale. Since money known as the medium of exchange, moneylending activities had been done by public in their daily life for years. Bank is aninstitution that provides fund for those who need it. Because of its beneficialpurposes, bank also provides lending capital loan in order to increase people?sliving standards especially in micro small medium enterprises. Therefore, thisresearch is aimed to know the process of collateral binding as the requirement ofgetting credit and the validity of non fixed asset collateral binding at PT. Bank MTasikmalaya. The research method is analytic descriptive with juridical normativeapproach. The data collected are analyzed by qualitative method. By this research,it can be known that non fixed asset collateral binding using cassie is supposed tobe registered to the fiduciary collateral institution. The validity of that collateralbinding is regarded oficially if it is not contradicted with the regulations and theprinciple of collateral warranty law., Basically, Indonesia’s economic matters are influenced by many factors both inmacro and micro scale. Since money known as the medium of exchange, moneylending activities had been done by public in their daily life for years. Bank is aninstitution that provides fund for those who need it. Because of its beneficialpurposes, bank also provides lending capital loan in order to increase people’sliving standards especially in micro small medium enterprises. Therefore, thisresearch is aimed to know the process of collateral binding as the requirement ofgetting credit and the validity of non fixed asset collateral binding at PT. Bank MTasikmalaya. The research method is analytic descriptive with juridical normativeapproach. The data collected are analyzed by qualitative method. By this research,it can be known that non fixed asset collateral binding using cassie is supposed tobe registered to the fiduciary collateral institution. The validity of that collateralbinding is regarded oficially if it is not contradicted with the regulations and theprinciple of collateral warranty law.]"

"Latar Belakang. Remodeling ventrikel bermanifestasi klinis berupa perubahan ukuran, bentuk dan fungsi ventrikel. Remodeling ventrikel pasca infark miokard akut dengan elevasi segmen ST (IMAEST) berhubungan dengan morbiditas dan mortalitas. Dalam keadaan IMAEST, munculnya sirkulasi kolateral koroner (SKK) sebelum tindakan intervensi koroner perkutan primer (IKPP) memberikan tenggang waktu yang lebih lama bagi miokardium untuk mendapat aliran yang cukup sampai tindakan reperfusi dilakukan. Penelitian-penelitian terdahulu pada pasien IMAEST telah menunjukkan bahwa aliran SKK yang baik sebelum tindakan reperfusi terbukti berhubungan dengan remodeling ventrikel yang lebih baik.Metode. Studi prospektif ini melibatkan 33 pasien IMAEST yang menjalani IKPP di Pusat Jantung Nasional Harapan Kita (PJNHK) selama periode November 2012 ? April 2013. Pasien penelitian diambil secara konsekutif dan dikelompokkan menjadi grup nonkolateral (Rentrop 0 atau 1) dan grup kolateral (Rentrop 2 atau 3). Pasien menjalani pencitraan resonansi magnetik jantung (RMJ) pada minggu pertama dan minggu ke-6 pasca IMAEST.Hasil. Dalam studi ini 29 pasien mengikuti penelitian sampai selesai. Dari analisa didapatkan nilai left ventricle end diastolic volume (LVEDV) yang lebih kecil pada grup kolateral dibandingkan dengan grup nonkolateral dengan perbedaan sebesar 23,8% (CI:6,6 - 41,1; p=0,008).Kesimpulan. Sirkulasi kolateral koroner berperan dalam mengurangi proses remodeling ventrikel kiri fase awal pada pasien IMAEST yang menjalani tindakan IKPP yang berhasil.

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Background. Ventricle remodeling manifested clinically as changes in size, shape and function of the heart. Ventricle remodeling after ST-segment elevation myocardial infarction (STEMI) is associated with morbidity and mortality rate. In STEMI patients, the presence of coronary collateral prior to primary percutaneous coronary intervention (PPCI) maintains blood flow to the myocardium. Previous studies have shown protective effect of coronary collateral in prevent worsening ventricle remodeling.

Method. This prospective study consists of 33 STEMI patients who underwent PPCI between November 2012 until April 2013 at National Cardiovascular Center Harapan Kita (NCCHK) Jakarta. The patients were taken consecutively and grouped into noncollateral group (Rentrop 0 or 1) and collateral group (Rentrop 2 or 3). The patients underwent cardiac magnetic resonance evaluation in the first and sixth week after onset of STEMI.

Results. Twenty nine patients completed this study. Coronary collateral were associated with better early left ventricle remodeling, with smaller left ventricle end-diastolic volume (LVEDV) in collateral group compared to noncollateral group, with a difference of 23,8% (CI: 6,6 ? 41,1; p=0,008).

Conclusion. Coronary collateral circulation in STEMI was proved to prevent adverse early left ventricle remodeling."

"Tesis ini membahas mengenai tinjauan yuridis mengenai Gadai Tanah dan putusan Mahkamah Agung atas kasus Gadai Tanah dalam perspektif hukum jaminan keperdataan. Penelitian ini merupakan penelitian kualitatif dengan desain deskriptif analitis . Walaupun Gadai Tanah adalah suatu perbuatan hukum yang berdiri sendiri, tetapi dalam Perspektif Hukum Jaminan Kerperdataan, khususnya Gadai secara Perdata maka Gadai Tanah mengandung beberapa ketentuan-ketentuan yang mengatur Gadai secara Perdata karena dasarnya merupakan hubungan hukum yang sama dengan Gadai secara Perdata. Bahwa putusan Mahkamah Agung mengenai kasus gadai tanah umumnya berdasarkan hukum acara di pengadilan dan PERPU No. 56 Tahun 1960, bukan berdasarkan hukum jaminan keperdataan.

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The focus of this study discusses about judicial review on land pledge and The Supreme Court decisions of land pledge cases in civil collateral law perspective. This research is qualitative research with descriptive analytic design. Land Pledge is a separated legal act, however from civil collateral law perspective in connection with civil pledge, there are several provisions related to land pledge are similiar to civil pledge since it has equal legal relation. Whereas The Supreme Court decisions concerning land pledge cases are generally based on court practice law and Goverment Regulations, not based on civil collateral law."

"Klausul cross collateral dan cross default adalah klausul yang lazim digunakan dalam dunia perbankan apabila terdapat satu atau dua debitor yang memiliki beberapa fasilitas kredit pada suatu kreditor, atau mempunyai beberapa kreditor yang memberikan fasilitas kredit kepada debitor. Sebagai notaris hendaknya mengetahui bagaimana penerapan pembuatan akta perjanjian kredit cross collateral dan cross default dan bagaimanakah tanggung jawab notaris terhadap pembuatan akta klausul cross collateral dan cross default. Metode penelitian yang digunakan adalah yuridis normatif, jenis data yang dikumpulkan adalah data sekunder, alat pengumpulan data berupa studi dokumen, metode analisis data adalah kualitatif, bentuk laporan penelitian deskriptif eksplanatoris. Notaris dalam penerapan perjanjian cross collateral dan cross default dapat membuat 3 tiga akta yaitu akta perjanjian kredit, akta penjaminan, akta cross collateral dan cross default, tanggung jawab notaris dalam pembuatan akta perjanjian kredit klausula cross collateral dan cross default didasarkan pada pasal 15 2 huruf e dan pasal 16 1 huruf a UUJN yaitu memberikan penyuluhan hukum terkait klausula-klausula didalam perjanjian dan membuat akta dengan bertindak amanah, jujur, saksama, mandiri, tidak berpihak, dan menjaga kepentingan pihak yang terkait dalam perbuatan hukum sehingga meminimalisir gugatan di kemudian hari. Bagi notaris diharapkan dapat menjalankan profesinya sesuai dengan UUJN dan Kode Etik, bagi kreditur untuk selalu melaksanakan prinsip kehati-hatian dalam perbankan, bagi debitur untuk terlebihdahulu memahami isi perjanjian didalam akta setelah itu menandatanganinya.

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Cross collateral and cross default clauses are commonly used clauses in the banking world where there are one or two debtors with multiple credit facilities to a creditor, or have multiple creditors who provide credit facilities to debtors. The notary should know how the implementation in making cross collateral and cross default clause deed credit agreements and how is the responsibility of the notary in making of cross collateral and cross default clause deed credit agreements. The research method used is normative juridical, the type of data collected is secondary data, data collection tool in the form of document study, data analysis method is qualitative, explanatory descriptive research report form.

Notary in the application of cross collateral and cross default agreement can make 3 three that is deeds of credit agreements, deed of guarantee, cross collateral and cross default deeds. notary responsibility in making credit agreement agreement of cross collateral and cross default clause based on article 15 2 letter e and article 16 1 letter a constitution of notary is to provide legal counseling related clauses in the agreement and make the deed carefully so as to minimize the lawsuit in the future. The notary is expected to carry out his profession in accordance with constitution of notary and Code of Conduct, for creditors to always implement the prudential principles in banking, for the debtor to first understand the contents of the agreement in the deed before sign it."

"ABSTRAKReksa dana adalah salah satu alternatif untuk investasi yang dikelola oleh perusahaan investasi. Penelitian ini mencoba untuk melihat kinerja reksa dana saham di Indonesia pada periode Januari 2008-Maret 2012 menggunakan Sharpe Ratio, Treynor Measure, model Henriksson-Merton dan model Treynor-Mazuy untuk market timing. Tujuan dari penelitian ini adalah untuk melihat hubungan antara Sharpe Ratio, Treynor Measure dan market timing dengan kinerja reksa dana saham, persistensi dari kinerja reksadana saham, dan untuk melihat apakah pengukuran-pengukuran tersebut dapat digunakan untuk memprediksi kinerja reksadana saham tersebut di periode selanjutnya. Dalam penelitian ini ditemukan bahwa meskipun terdapat indikasi adanya Sharpe Ratio, Treynor Measure dan market timing pada reksa dana dengan performa baik pada periode yang sama, pengukuran-pengukuran tersebut tidak dapat digunakan untuk melihat persistensi kinerja maupun kinerja reksadana di periode mendatang.

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Abstract

Mutual fund is one of the alternatives for investment that is managed by investments companies. This study tries to see the performance of Indonesian equity mutual funds in January 2008-March 2012 using Sharpe Ratio, Treynor Measure, Henriksson-Merton model and Treynor-Mazuy model for market timing. The goal of this study is to find the relation of Sharpe Ratio, Treynor Measure, Henriksson-Merton and Treynor-Mazuy model for market timing to its performance, persistence of performance, and to see if these measures can be used to predict future performance. This study found that although there is an indication that good Sharpe Ratio, Treynor Measure and market timing in the observed period as a whole, these measurement does associate with the persistence of the mutual funds performance and cannot be used as predictor for future performance."

"Elton, Gruber dan Padberg memperkenalkan metode sederhana penentuan kombinasi aktiva yang optimum dan metode ini dikenal dengan nama Simple Ranking Device yang terdiri atas dua model yalcni model Single Indeks (Single Index Model - SLM dan model Korelasi Konstan (Constant Correlation - CC). Penelitlan ini bertujuan untuk mencari kombinasi saham yang optimum dari saham-saham likuid yang tercantum dalam indeks LQ45 Bursa Efek Jakarta dengan menggunakan metode simple ranking device.Dengan dasar model pasar sederhana Sharpe, nilai beta masing-masing saham dihitung dengan menggunakan metode regresi linier sederhana. Data penelitian diperoleh dari data indeks harian saham individual (IHSI) dan indeks harian LQ45 Bursa Efek Jakarta. Perhitungan beta dilakukan dengan piranti lunak SPSS versi 10 sementara perhitungan nilai CutOff Rate kedua model baik Single lndeks Model maupun Constant Correlations menggunakan spreadsheet Excel yang sederhana.Hasil penelitian menunjukkan bahwa perhitungan sederhana Simple Ranking Device dengan model SIM menghasilkan 12 saham yang terpilih untuk masuk dalam portfolio sedangkan model CC mendapatkan 8 saham terpilih. Evaluasi perbandingan expected return portfolio menunjukkan bahwa portfolio Model SIM menghasilkan return yang lebih baik tapi tingkat risiko yang lebrh besar dibandingkan dengan portfolio Model CC. Evaluasi kinerja dengan Treynor Measme dan Sharpe Measure menunjukan preferesi portfolio yang tidak konsistert Treynor Measure menunjukkan relum portfolio bentukan model SIM lebih baik daripada model CC, tapi Sharpe Measure menunjukan yang sebaliknya. Evaluasi kinerja portfolio dengan menggunakan data 1 dan 2 tahun berikutnya menunjukkan bahwa dengan model SIM saham-saham terpilih memberikan return yang lebih kecil daripada saham-saham tidak terpilih. Untuk model Constant Correlation, saham-saham terpilih menghasilkan return portfolio yang lebih besar dibandingkan dengan saham-saham yang tidak terpilih."

"ABSTRAKThis study examines the capability of stock from various industries to act as an inflation-hedge instrument, specifically in eight emerging-market Asian countries. By using monthly data for the period from 2001 to 2014, this study focuses on the relation between stock returns and inflation. The results of this study indicate that stocks from some non-cyclical industries have the capability to act as inflation-hedge instruments. Stocks that have the capability to inflation-hedge are come from industries with the natural characteristic of being a defensive industry."