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Abstrak :
Adanya keterpaduan antara ilmu ekonomi dan ilmu fiqh guna mengembangkan produk Syariah sangat diperlukan. Metode penelitian berbentuk yuridis normative. Alat pengumpulan data berupa studi dokumen dan wawancara. Jenis data yaitu data sekunder, mencakup dokumen resmi, buku, hasil penelitian berwujud laporan, buku harian. Type penelitian ini adalah deskriptif. Metode analis data yaitu kualitatif. Akad Syariah pada Bank Syariah dan Unit Syariah Bank Konvensional memiliki karakteristik tersendiri. Namun ada persamaan dan perbedaan Akad Ijarah Muntahiyah Bit Tamlik (IMBT) dan Musyarakah Mutanaqisah. Persamaan itu berupa persamaan atas subjek, objek dan tujuan akad. Namun perbedaannya yaitu dari segi pembayaran Ijarah, dan pengembalian porsi kepemilikan bank, dan nilai pertanggungan. Umumnya penerapan akad Ijarah Muntahiyah Bit Tamlik (IMBT) dan Musyarakah Mutanaqisah, memberikan posisi Bank Syariah dan Unit Syariah Bank Konvensional selaku kreditor dan nasabah selaku debitor. Ini berarti terjadi perubahan tujuan akad itu. Pengkajian ulang atas produk Ijarah Muntahiyah Bit Tamlik (IMBT) dan Musyarakah Mutanaqisah harus segera dilakukan. Hal ini didasarkan pada kerangka teori yang berbeda jauh dengan praktik. Nasabah adalah selaku penyewa untuk Ijarah Muntahiyah Bit Tamlik (IMBT) dan selaku pemilik modal dalam akad Musyarakah Mutanaqisah. Konsistensi penerapan produk Ijarah Muntahiyah Bit Tamlik (IMBT) dan Musyarakah Mutanaqisah harus segera dilakukan oleh Bank Syariah dan Unit Syariah Bank Konvensional. Jika tidak maka akan banyak terjadi penyimpangan Syariah atas produk perbankan tersebut. Peningkatan profesionalisme dan efisiensi akan dapat mengurangi tidak sempurnanya penerapan produk Syariah. ......The existence of integration between economics and the science of fiqh in order to develop Islamic products is required. Form of juridical normative research methods. Data collection tools in the form of documents and interview studies. The type of data is secondary data, including official documents, books, reports tangible results, diary. Type this research is descriptive. The method of qualitative data analyst. Akad Sharia in the Islamic Bank and the Islamic Unit of Conventional Bank has its own characteristics. But there the similarities and differences Akad Ijarah Muntahiyah Bit Tamlik (IMBT) and Musharaka Mutanaqisah. Equation in the form of the equation on the subject, object and purpose of the contract. But the difference is in terms of Ijarah payments, and the return portion of ownership of banks, and insurance coverage. Generally, the application of the contract of Ijarah Muntahiyah Bit Tamlik (IMBT) and Musyarakah Mutanaqisah, giving the position of the Islamic Bank and the Islamic Unit of Conventional Bank as creditors and customers as debtors. This means there is a change that contract goals. Review of the product of Ijarah Muntahiyah Bit Tamlik (IMBT) and Musharaka Mutanaqisah must be done immediately. It is based on the theoretical framework that differs significantly with practice. Client is as a tenant for Ijarah Muntahiyah Bit Tamlik (IMBT) and as the owner of capital in Mutanaqisah Musharaka contract. Consistency of application of the product Ijarah Muntahiyah Bit Tamlik (IMBT) and Musharaka Mutanaqisah should be carried out by the Islamic Bank and the Islamic Unit of Conventional Bank. If not it will be many deviations above the Sharia banking products. Increased professionalism and efficiency will be able to reduce imperfections in the application of Sharia products.

Abstrak :
Pegadaian syariah didirikan dengan tujuan untuk merespon kecenderungan masyarakat Indonesia yang mayoritas beragama Islam yang ingin bertransaksi secara halal menurut ajaran agama Islam. Berbeda dengan pegadaian konvensional yang menggunakan sistem bunga, dalam konsep gadai syariah diterapkan akad ijarah yang merupakan akad pemindahan manfaat atas suatu barang atau jasa dalam jangka waktu tertentu melalui pembayaran upah/sewa tempat, tanpa diikuti pemindahan kepemilikan barang itu sendiri. Permasalahan dalam tesis ini mengenai bagaimana penerapan akad ijarah dalam gadai syariah dan bagaimana penyelesaian terhadap wanprestasi dalam gadai syariah di Perum Pegadaian Kantor Cabang Pegadaian Syariah Kramat. Penelitian tesis ini adalah penelitian yuridis normatif melalui studi kepustakaan, dengan mengkaji data sekunder, yang bersumber dari bahan hukum primer, sekunder dan tertier yang didukung oleh mewawancarai sumber informasi (informan) mengenai pokok permasalahan dan menganalisis dengan cara kualitatif untuk menemukan jawaban dari pokok permasalahan yang diteliti. Pada gadai syariah, akad ijarah diterapkan sebagai sewa tempat. Pemberi gadai menyewa tempat penyimpanan marhun dengan dikenakan biaya sewa tempat tersebut selama akad rahn berlangsung. Hal ini sesuai dengan prinsip syariah dalam ajaran agama Islam yang juga termuat dalam Fatwa Dewan Syariah Nasional No. 26/DSN-MUI/III/2002 Tentang Rahn Emas. Wanprestasi dalam gadai syariah dapat terjadi karena dua hal yaitu karena rahin tidak melunasi kewajiban-kewajibannya pada saat jatuh tempo dengan tidak memperpanjang akad dan juga karena kerusakan barang gadai selama masih dalam penguasaan Murtahin (pegadaian). Dalam hal penyelesaian kasus-kasus wanprestasi yang terjadi, Perum Pegadaian Kantor Cabang Pegadaian Syariah Kramat mengacu pada prosedur penyelesaian sengketa sesuai dengan Pedoman Operasional Gadai Syariah yang mulai berlaku sejak tanggal 1 Januari 2007. Namun demikian dalam prakteknya penyelesaian wanprestasi dengan proses lelang belum dapat dijalankan sepenuhnya karena alasan efisiensi, sedangkan jika terjadi kerusakan barang gadai selama masih dalam penguasaan Murtahin, maka akan diberikan ganti rugi sesuai dengan ketentuan yang berlaku. ......Sharia-based pawning was established with the purpose to respond the in Indonesian society, of which members are largely Muslims who want to conduct lawful dealings in accordance with the Islamic teachings. Unlike the conventional pawning which applies an interest system, sharia-based pawning applies the ijara contract, which is a contract on the transfer of rights to the goods services through a payment of rent, without being followed by the transfer of ownership of the goods themselves. The main problems examined in this thesis how the ijara contract in the sharia-based pawning is applied, as well as how settlement of defaults in the sharia-based pawning is carried out at the Kramat Branch Office of the state-owned sharia pawnshop. This research is a normative juridical study through library research by reviewing secondary data derived from primary, secondary and tertiary legal materials and supported by interviewing informants on the particular problems. Qualitative analysis was carried out to formulate the answer to the problem. In sharia-based pawning, the ijara contract applied referring to a rent. The owner of the goods (rahin) rents the storage of collateral (marhun), for which a certain fee is charged during the rahn contract progresses. This is in accordance with Islamic principles and is also specified in National Sharia Council Edict No. 26/DSN-MUI/III/2002 about Rahn of Gold. Defaults in sharia-based pawning occur for two factors: a rahin fail to accomplish her obligations on due time by not renewing the contract and some damage to collateral occurs while the particular collateral is still in control of the murtahin. In settling the cases of defaults, the Kramat Branch Office of the stateowned sharia pawnshop follows the dispute settlement procedures in accordance the Operational Guidelines of Sharia-based Pawning, which has been effective as of January 1, 2007. In practice, however, the defaults settlement by auction could not have been fully run for efficiency reasons. Meanwhile should be any damage to the collateral during the murtahin's hold, an amount of compensation will be provided in accordance with the relevant regulations.

Abstrak :
Restrukturisasi pembiayaan murabahah merupakan suatu alternatif penyelesaian pembiayaan bermasalah. Secara praktik, restrukturisasi mengharuskan adanya suatu kesepakatan antara konsumen sebagai pihak yang gagal bayar dengan perusahaan pembiayaan syariah sebagai pihak yang memberikan pembiayaan. Dalam industri pembiayaan syariah, pembiayaan murabahah merupakan produk utama yang banyak ditawarkan dan digunakan oleh konsumen. PT. XYZ merupakan salah satu perusahaan pembiayaan syariah yang jasanya banyak digunakan oleh konsumen. Praktik yang terjadi pada PT XYZ, apabila terjadi gagal bayar dari konsumen maka pendekatan yang dilakukan adalah melakukan restrukturisasi pembiayaan dengan cara melakukan konversi akad murabahah menjadi akad ijarah muntahiyah bittamlik. Pelaksanaan restrukturisasi tersebut menimbulkan konsekuensi hukum baru bagi konsumen maupun PT XYZ. Adapun metode penelitian yang digunakan pada penelitian ini adalah yuridis normatif dengan tipologi penelitian bersifat eksplanatoris dan data hasil penelitian dianalisis secara kualitatif. Dari hasil penelitian, ditemukan bahwa belum terdapat suatu peraturan hukum yang mengatur mengenai konversi akad murabahah menjadi akad ijarah muntahiyah bittamlik. Adapun pelaksanaan konversi akad murabahah menjadi akad ijarah muntahiyah bittamlik masih ditemukan adanya ketidak sesuaian dengan fatwa DSN MUI. Kondisi yang ada saat ini menimbulkan potensi law enforcement yang dilakukan Otoritas Jasa Keuangan menjadi tidak optimal. Dengan adanya penelitian ini, diharapkan dengan segera Otoritas Jasa Keuangan dapat mengeluarkan peraturan mengenai konversi akad murabahah menjadi akad ijarah muntahiyah bittamlik yang berlaku dan mengikat semua pelaku usaha pada industri pembiayaan syariah di Indonesia. ......Restructuring murabaha financing is an alternative to the completion of financing problems. In practice, restructuring requires the existence of an agreement between the consumer as the party failed to pay and the Islamic finance company as the person who provided the financing. In the Islamic finance industry, murabaha financing are the main products which widely offered and used by consumers. PT. XYZ is one of the Islamic financing company whose services are widely used by consumers. The practices occur in PT XYZ, in case if the costumer failure to pay, the approach taken is to restructure the financing by converting akad murabaha into akad of Ijarah muntahiyah bittamlik. Implementation of the restructuring raises new legal consequences for consumers and slso to PT XYZ. The research method used in this research is normative juridical with typology explanatory research and the research data was analyzed qualitatively. From the research, it was found that there were a rule of law that governs the conversion of akad murabaha into akad ijarah muntahiyah bittamlik. As for the conversion of akad murabaha into akad Ijarah muntahiyah bittamlik there were discrepancy with DSN MUI fatwa. Existing conditions pose a potential law enforcement conducted the Financial Services Authority to be not optimal. The research expected that the Financial Services Authority may issued regulations on conversion akad murabaha into akad Ijarah muntahiyah bittamlik as soon as possible, which applicable and binding on all businesses in the Islamic finance industry in Indonesia.

Abstrak :
ABSTRAK
Tujuan dari penelitian ini adalah mengukur dan membandingkan imbal hasil, risiko, dan rating antara sukuk ijarah dengan sukuk mudharabah. Penulis menggunakan 32 sukuk ijarah dan 10 sukuk mudharabah sebagai sampel penelitian. Sukuk-sukuk tersebut tercatat di Bursa Efek Indonesia sebelum 1 Januari 2017, serta memiliki jatuh tempo setelah 31 Desember 2017. Penulis menggunakan metode Liliefors / Kolmogorov-Smirnov untuk mengukur distribusi normal data. Jika data terdistribusi normal, maka menggunakan uji t dua rata-rata untuk mengukur tingkat perbedaan data tersebut. Jika data tidak terdistribusi normal, penulis menggunakan Wilcoxon Signed Ranks Test untuk mengukur tingkat perbedaan dari variabel-variabel tersebut. Kesimpulan dari hasil penelitian tersebut adalah tingkat imbal hasil dan credit rating sukuk ijarah lebih tinggi daripada sukuk mudharabah, sedangkan tingkat risiko sukuk ijarah lebih rendah daripada sukuk mudharabah.

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ABSTRACT
The main purpose of this paper is to measure and compare the valuation variables of ijarah sukuk and mudharabah sukuk. Using samples from 42 outstanding sukuk in Indonesia Stock Exchange secondary market of fixed income instrument within 2017. Samples are divided into 2 groups, 32 sukuk ijarah and 10 sukuk mudharabah. Researcher use Liliefors Kolmogorov Smirnov to measure whether datas are distributed normally or not. Then Paired Sample T test and Wicoxon Signed Ranks Test is used to measure the difference between two means. Conclusion is made from hipothesis, which is whether any differences in rate of return, risk rate, and transaction volume between ijarah sukuk and mudharabah sukuk. Conclusion from this research is that rate of return and credit rating of ijarah sukuk is higher than mudharabah sukuk, thus risk rate of ijarah sukuk is lower than mudharabah sukuk.

Abstrak :
Penelitian ini bertujuan untuk mengetahui pengaruh pembiayaan murabahah dan pembiayaan ijarah terhadap tingkat kesehatan bank pada bank umum syariah pada laporan keuangan tahunan bank umu syariah. Variabel independen yang diteliti adalah pembiayaan murabahah (Xi), ijarah (X2), sedangkan variabel dependen dalam penelitian ini adalah tingkat kesehatan bank (Y). Penelitian ini menggunakan 30 data dari laporan keuangan tahunan 6 bank umum syariah periode 2012-2016. Pengolahan data menggunakan regresi logistik dengan SPSS 23.0. Secara parsial, hasil pengujian menunjukkan bahwa pembiayaan murabahah dan ijarah berpengaruh signifikan terhadap tingkat kesehatan bank. Uji simultan menunjukkan bahwa semua variabel independen dalam penelitian ini memiliki pengaruh yang signifikan terhadap tingkat kesehatan bank.

Abstrak :
Tesis ini membahas penggunaan akad istishna? dalam penerbitan sukuk ditinjau dari aspek yuridis. Tujuan dari penelitian ini adalah untuk memahami skema penerbitan sukuk global menggunakan akad istishna dan kemungkinan penerapannya di Indonesia berdasarkan peraturan yang ada. Metode penelitian yang digunakan ialah normatif dengan pendekatan perundang-undangan. Akad istishna? digunakan dalam penerbitan sukuk global sebagai transaksi pertama yang kemudian dilanjutkan dengan ijarah (lease to own) atau istishna? kembali. Skema transaksi tersebut dapat diterapkan di Indonesia dengan menggunakan akad ijarah muntahiyah bi tamlik disertai dengan wa?d perpindahan kepemilikan objek sukuk. Hasil penelitian menyarankan untuk dilakukan sosialiasi akad istishna? di pasar modal, pengesahan undang-undang pasar modal syariah, dan kajian dari aspek akuntansi syariah terhadap skema tersebut. ......The focus of this study is the usage of istishna? in sukuk issuance from judicial review. The purpose of this study is to understand the transaction scheme of global istishna? sukuk issuance and the possibility of the scheme to be implemented in Indonesia based on local regulation. This research is qualitative normative with statue approach. Istishna? is used as the first transaction in global sukuk issuance continued to the next transaction, ijarah (lease to own) or paralel istishna?. This scheme could be implemented in Indonesia with ijarah muntahiya bi tamlik and promise (wa?d) to transfer ownership of the object. The result of this research suggest to held a socialization of istishna?, legalization of Sharia Capital Market, and a study of sharia accounting relating this scheme.

Abstrak :
[ABSTRAK
Saat ini tersedia beberapa jenis informasi harga sukuk, namun investor berhak mengetahui seberapa signifikan perbedaan antara data dari sumber yang satu dengan yang lainnya, sehingga investor memiliki keyakinan dalam investasi pada instrumen sukuk. Penelitian ini bertujuan untuk mengetahui perbedaan antara imbal hasil dan risiko Sukuk Ijarah dari Bursa Efek Indonesia (IDX) dan Indonesian Bond Pricing Agency (IBPA). Kesimpulan dari penelitian ini adalah bahwa terdapat perbedaan yang signifikan secara statistik dari risiko sukuk ijarah antara yang menggunakan data harga Bursa Efek Indonesia (IDX) dan data harga Indonesian Bond Pricing Agency (IBPA), akan berkaitan dengan tingkat kepercayaan publik dan investor atas validitas data harga sukuk di pasar sekunder.

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ABSTRACT
Several types pricing information of sukuk are available today, but investors are entitled to know how significant the difference between data from one source to another, so that investors have confidence of investing in sukuk instrument. This study aims to determine differences between returns and risks Risk Adjusted Return (RAR) Sukuk Al-Ijara from Indonesian Stock Exchange (IDX) and Indonesian Bond Pricing Agency (IBPA). The conclusion of this study shows that there is a statistically significant difference of Sukuk Al-Ijara risks between the use of the Indonesian Stock Exchange (IDX) and Indonesian Bond Pricing Agency (IBPA), it will be related with public and investor trust in addition of sukuk data price validity in secondary market.;Several types pricing information of sukuk are available today, but investors are entitled to know how significant the difference between data from one source to another, so that investors have confidence of investing in sukuk instrument. This study aims to determine differences between returns and risks Risk Adjusted Return (RAR) Sukuk Al-Ijara from Indonesian Stock Exchange (IDX) and Indonesian Bond Pricing Agency (IBPA). The conclusion of this study shows that there is a statistically significant difference of Sukuk Al-Ijara risks between the use of the Indonesian Stock Exchange (IDX) and Indonesian Bond Pricing Agency (IBPA), it will be related with public and investor trust in addition of sukuk data price validity in secondary market., Several types pricing information of sukuk are available today, but investors are entitled to know how significant the difference between data from one source to another, so that investors have confidence of investing in sukuk instrument. This study aims to determine differences between returns and risks Risk Adjusted Return (RAR) Sukuk Al-Ijara from Indonesian Stock Exchange (IDX) and Indonesian Bond Pricing Agency (IBPA). The conclusion of this study shows that there is a statistically significant difference of Sukuk Al-Ijara risks between the use of the Indonesian Stock Exchange (IDX) and Indonesian Bond Pricing Agency (IBPA), it will be related with public and investor trust in addition of sukuk data price validity in secondary market.]

Abstrak :
[Tesis ini membahas faktor-faktor yang mempengaruhi fluktuasi sukuk ijarah korporasi di Indonesia Februari 2011 sampai dengan Februari 2015 (4 tahun) dengan sampel sebanyak 4 sukuk perusahaan. Penelitian ini menggunakan data kuantitatif dengan total data observasi sebanyak 280 data dan dengan menggunakan pendekatan analisa data panel. Hasil penelitian dengan fixed effect model menunjukkan bahwa tingkat suku bunga (interest rate), kurs rupiah terhadap dollar AS dan imbalan/fee (coupon rate) berpengaruh signifikan terhadap harga sukuk ijarah. Jangka waktu (time to maturity) berpengaruh tidak signifikan terhadap harga sukuk ijarah;This thesis discusses the factors that influence corporate Sukuk Ijarah fluctuations in Indonesia in February 2011 until February 2015 (4 years) with a sample of four sukuk corporate. This study uses quantitative data with observational data of 280 total data and by using a panel data analysis. The results with fixed effect model showed that interest rate, exchange rate and coupon rate significantly affects the price of sukuk ijarah. Time to maturity was?nt significantly affects the price of sukuk ijarah;This thesis discusses the factors that influence corporate Sukuk Ijarah fluctuations in Indonesia in February 2011 until February 2015 (4 years) with a sample of four sukuk corporate. This study uses quantitative data with observational data of 280 total data and by using a panel data analysis. The results with fixed effect model showed that interest rate, exchange rate and coupon rate significantly affects the price of sukuk ijarah. Time to maturity was?nt significantly affects the price of sukuk ijarah;This thesis discusses the factors that influence corporate Sukuk Ijarah fluctuations in Indonesia in February 2011 until February 2015 (4 years) with a sample of four sukuk corporate. This study uses quantitative data with observational data of 280 total data and by using a panel data analysis. The results with fixed effect model showed that interest rate, exchange rate and coupon rate significantly affects the price of sukuk ijarah. Time to maturity was?nt significantly affects the price of sukuk ijarah;This thesis discusses the factors that influence corporate Sukuk Ijarah fluctuations in Indonesia in February 2011 until February 2015 (4 years) with a sample of four sukuk corporate. This study uses quantitative data with observational data of 280 total data and by using a panel data analysis. The results with fixed effect model showed that interest rate, exchange rate and coupon rate significantly affects the price of sukuk ijarah. Time to maturity was?nt significantly affects the price of sukuk ijarah, This thesis discusses the factors that influence corporate Sukuk Ijarah fluctuations in Indonesia in February 2011 until February 2015 (4 years) with a sample of four sukuk corporate. This study uses quantitative data with observational data of 280 total data and by using a panel data analysis. The results with fixed effect model showed that interest rate, exchange rate and coupon rate significantly affects the price of sukuk ijarah. Time to maturity was’nt significantly affects the price of sukuk ijarah]

Abstrak :
Tesis ini dilatarbelakangi karena Bank Syariah sebagai salah satu bentuk lembaga keuangan yang beroperasi di Indonesia berdasarkan prinsip syariah. Dimana produk yang ditawarkan oleh bank syariah salah satu diantaranya adalah jasa pembiayaan ijarah. Ijarah didefinisikan sebagai hak untuk memanfaatkan barang atau jasa dengan membayar imbalan tertentu. Setiap fasilitas pembiayaan pada bank syariah harus selalu berpedoman pada prinsip kehati-hatian begitu juga dalam pembiayaan ijarah. Adapun pokok permasalahan yang akan dibahas adalah penerapan prinsip kehati-hatian terhadap pelaksanan pembiayaan ijarah di Bank Syariah X dan akibat hukum apabila terjadi pelanggaran terhadap prinsip prudential banking dalam pelaksanaan pembiayaan ijarah di Bank Syariah X. tesis ini menggunakan metode penelitian dengan metode pendekatan yuridis normatif. Kesimpulan dari tesis ini yaitu bahwa penerapan prinsip kehati-hatian ini telah diterapkan secara baik dan benar, dimana penerapannya dapat dilihat dalam proses pembiayaan ijarah, serta pelanggaran yang dilakukan oleh oknum karyawan bagian pembiayaan di bank syariah dapat dikategorikan sebagai tindak pidana dalam dunia perbankan, sedangkan pelanggaran yang dilakukan oleh nasabah dapat dilakukan tindakan hukum.

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This thesis is motivated by the Islamic Bank as one form of financial institutions operating in Indonesia based on Islamic principles. Where the products offered by Islamic banks salatu include Ijarah financing services. Ijarah is defined as the right to use goods or services by paying certain benefits. Each facility financing in Islamic banks should always be guided by the principle of prudence as well as in Ijarah financing. The principal issues to be discussed is the application of the precautionary principle on the conduct of financing at Bank Syariah X and legal consequences in case of violation of the principle in the implementation of prudential banking at Bank Syariah Ijarah financing X. This thesis uses the research method using a normative juridical approach. The conclusion of this thesis is that the application of the precautionary principle has been applied properly and correctly, in which its application can be seen in the process of Ijarah financing, as well as violations committed by unscrupulous employees of the financing in Islamic banks can be categorized as a crime in the banking world, whereas violations committed by the client to legal action.