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"In the fast-paced world of technology, there exist popular investment instruments that have no intrinsic value (non-asset-based). As a result, their prices are highly volatile and prone to bubbles. However, from an Islamic perspective, investment vehicles must have a fundamental value (asset-based) to ensure price stability. This research aims to compare the behaviour of asset prices between non-asset-based and asset-based types by utilizing a system dynamics model. Furthermore, this study investigates the impact of two types of market sentiment: relatively stable good market and very good market sentiment, follows by very bad market sentiment. The findings of this study suggest that non-asset-based asset prices tend to bubble in response to good market sentiment and then rapidly decline when significant bad market sentiment arises. In contrast, asset-based assets tend to have more stable prices because investors have benchmarks and do not rely solely on intuition. This research highlights the importance of the fundamental value or asset base in investment instruments, as required by Islamic finance. However, asset-based assets can also be prone to high volatility when irrational investors dominate, and speculation prevails. In such cases, government intervention or regulation may be necessary to mitigate risks and stabilise the market."

"In the fast-paced world of technology, there exist popular investment instruments that have no intrinsic value (non-asset-based). As a result, their prices are highly volatile and prone to bubbles. However, from an Islamic perspective, investment vehicles must have a fundamental value (asset-based) to ensure price stability. This research aims to compare the behaviour of asset prices between non-asset-based and asset-based types by utilizing a system dynamics model. Furthermore, this study investigates the impact of two types of market sentiment: relatively stable good market and very good market sentiment, follows by very bad market sentiment. The findings of this study suggest that non-asset-based asset prices tend to bubble in response to good market sentiment and then rapidly decline when significant bad market sentiment arises. In contrast, asset-based assets tend to have more stable prices because investors have benchmarks and do not rely solely on intuition. This research highlights the importance of the fundamental value or asset base in investment instruments, as required by Islamic finance. However, asset-based assets can also be prone to high volatility when irrational investors dominate, and speculation prevails. In such cases, government intervention or regulation may be necessary to mitigate risks and stabilise the market."

"Istilah mature merupakan istilah yang lazim di kalangan industri minyak dan gas. Istilah tersebut merujuk pada sebuah kondisi di mana produksi migas mulai menurun dan akan terus menurun. Perusahaan yang dihadapkan pada kondisi mature, sudah pasti akan menerapkan berbagai strategi guna menghadapi proses tersebut, agar kondisi perusahaan tetap stabil. PetroSyah adalah perusahaan migas yang telah beroperasi lebih dari 30 tahun dan mulai memasuki kondisi mature sejak tahun 2000. Pada pertengahan tahun 2002, Manajemen Petrosyah memutuskan unruk melakukan implementasi Asset-Based Management sebagai upaya menyikapi kondisi mature mereka.Asset Based Management (ABM) adalah sistem manajemen yang memperlakukan sumber daya utamanya sebagai semi-independent business unit, di mana masing-masing aset memiliki kewenangan untuk menentukan alokasi budget dan target kinerjanya sendiri. Pendekatan ini dipilih karena secara geografis sesuai dengan lingkungan kerja PetroSyah, yang memiliki aset berupa empat lapangan rnigas utama yang letaknya terpisah. Pihak manajemen berharap penerapan ABM akan memicu tirnbulnya persaingan dalam efisiensi kinerja antar aset, yang berujung pada penurunan biaya operasional.Hasil penelitian menunjukkan bahwa dengan mengimplementasikan ABM dapat menahan kenaikan biaya operasi dari $ 982 juta di tahun 2000 menjadi $ 1.102 juta di tahun 2005, hal ini karena terjadi perubahan yang mendasar pada struktur organisasi.Kalau sebelumnya yang dinamakan sebagai departemen Asset adalah departemen yang hanya berfungsi sebagai eksploirasi terhadap lapangan minyak dan gas bumi yang ada dalam wilayah kerjanya, dengan implementasi ABM Asset berubah menjadi divisi yang memiliki tanggung jawab lebih besar. Selain eksploitaisi juga rermasuk di dalamnya produksi, plant field maintenance, HSE, sampai dengan analis bisnis yang bertugas mengatur keuangan dari divisi tersebut. Sehingga implementasi ABM ini seperti melakukan perubahan ke struktur organisasi ke arah unit bisnis yang semi-independen.Dengan perubahan ini terjadi aliansi antar divisi Asset, yang memiliki tujuan yang sama yaitu meningkatkan keuntungan perusahaan dengan cars meningkatkan produksi dan menurunkan biaya operasi. Aliansi yang terbentuk di antara divisi Asset meningkatkan kinerja masing-masing divisi, yang pada akhirnya juga meningkatkan kinerja PetroSyah secara keseluruhan.Namun, kelemahan ABM ini terletak pada saat melakukan penilaian kinerja antar divisi. Di mana antar divisi tidak bisa diukur dengan kuantitatif yang sama, karena masing-masing Asset memiliki karakterisdk yang berbeda-beda. Oleh karena itu perlu ditunjang dengan penilaian kualitatif yang bisa didapat dan manajer divisi lainnya, serta menggunakan organisasi sejenis sebagai pembanding.Memang secara indikator-indikator kinerja yang ada, semua menunjukkan penurunan, namun hal ini tidak bisa dihindarkan karena PetroSyah memang berada di tahapan mature. Di mana tingkat produksi dari lapangan rninyak dan gas buminya sudah menurun drastis. Namun dengan implementasi ABM ini, penurunan produksi tersebut dapat ditahan, sehingga dapat disimpulkan bahwa implementasi ABM menunjukkan hasil yang positif.

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The term "mature" is very well known among the petroleum community. The term refers to a particular condition when the production capacity started to decrease until it finally vanishes. Petroleum Company dealing with the mature condition will likely implements various strategies in order to extent the process and maintains the company's stabilization. PetroSyah' is a petroleum company operated more than thirty years and has beginning to enter a mature phase since year 2000. In the middle of year 2002, the board of Petrosyah management has decided to implement an approach, known as Asset-Based Management, as a response to the mature phase they are facing.

Asset Based Management (ABM) is an approach management system which treated its main resources or asset as semi-independent business runt. The system implies that each asset will have full authority to create their budget allocation and performance targets. This approach has chooser regarding the geographic nature of Petrosyah, who has four main gas field separated by location. The management hopes that the implementation of ABM wills likely act as a trigger to encourage performance competition between assets, which ends up with an operational cost decrement in the corporate level.

Result of this research has shown that ABM implementation successfully hold the operational cost at $982 million in year 2000 to $1.102 million in year 2005. This could happen because ABM implementation has also brought a significant change in the organization structure.

If prior what entitled as asset department was only concerning at petroleum exploitation within their work scope, ABM implementation transform it as a division with a broaden responsibilities, including not only exploitation but also production, plant & field maintenance, health and safety environment, and business analysis to arrange financial aspects of that division. Therefore, ABM implementation significantly changes the organization structure to become a semi-independent business unit.

The ABM implementation also brought cultural change. Because the new system encourages each asset division to make alliance with each other in orders to increase their performance by maximizing their production while at the same decreasing operational cost. This will likely resulted in profit increment in the corporate level.

The weakness side of ABM lies in the performance evaluation. Because it is almost impossible co quantify measure different characteristics of assets. Therefore, performance evaluation must be supported qualitatively by division manager, or used the same kind of organization as a benchmark.

It is clearly stated that all performance indicators has shown decrement. But this particular situation is hardly avoidable because of the mature state. The enhancement in this thesis is that ABM implementation in Petrosyah successfully holds up the decrement. Therefore it is likely to conclude that ABM implementation has shown positive response."

"Skripsi ini berusaha menganalisa perbandingan antara sukuk korporasi asset backed sukuk dan asset based sukuk dengan obligasi korporasi obligasi dengan jaminan dan obligasi tanpa jaminan dengan menggunakan pisau analisis hukum kepailitan di Indonesia. Tiga poin utama yang dibahas dalam skripsi ini adalah akibat hukum terhadap underlying asset dalam transaksi sukuk atas kepailitan originator, kedudukan investor sukuk korporasi atas kepailitan originator, dan kedudukan investor obligasi korporasi atas kepailitan originator. Melalui metode penelitian yuridis-normatif, penelitian ini menemukan fakta bahwa pada dasarnya keamanan atas aset investor dapat dikatakan akan lebih aman dari kepailitan originator jika membeli produk sukuk korporasi dibandingkan dengan obligasi korporasi. Begitupun dengan kedudukan investor sebagai kreditur, walaupun ditemukan bahwa hanya pada obligasi korporasi dengan jaminan lah kreditur menjadi kreditur preferen, akan tetapi ia tidak memiliki underlying asset-nya. Hal ini berbeda dengan sukuk korporasi yang mana investor memiliki aset dan tetap terklasifikasi sebagai kreditur istimewa yang pelunasannya didahulukan oleh undang-undang . Akan tetapi, pada sukuk asset-based, tidak terjadi perpindahan kepemilikan hukum atas aset sehingga jika originator pailit, underlying asset sukuk akan masuk dalam budel pailit originator. Skripsi ini menyarankan untuk diciptakannya kerangka hukum yang jelas tentang sukuk korporasi, termasuk mengenai konsep hukum beneficial ownership dan usufruct, Special Purpose Vehicle, dan skema sukuk yang ideal dalam hukum Indonesia.

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This thesis attempts to analyze the comparison between sukuk corporations asset backed sukuk and asset based sukuk and corporate bonds debentures and secured bond using a knife of bankruptcy law analysis in Indonesia. The three main points discussed in this thesis are the legal consequences of the underlying asset in the sukuk transactions of the originator 39 s bankruptcy, the position of the corporate sukuk investor on the originator 39 s bankruptcy, and the position of the investor of the corporate bond on the originator 39 s bankruptcy. Through the juridical normative research method, this study found the fact that basically the security of the investor asset can be said to be safer from the originator 39 s bankruptcy when purchasing a corporate sukuk product compared to corporate bonds. Likewise with the position of investor as a creditor, although it is found that only on secured corporate bonds the creditor becomes a preferred creditor, but he has no ownership of the underlying assets. This is in contrast to the corporate sukuk in which investors own assets and remain classified as privileged creditors whose repayment takes precedence by law. However, in asset based sukuk, there is no transfer of legal ownership of the asset so that if the originator is bankrupt, the underlying assets of sukuk will enter into the originator's bankruptcy asset failliete boedel. This thesis suggests the creation of a clear legal framework of corporate sukuk, including the legal concepts of beneficial ownership and usufruct, Special Purpose Vehicle, and ideal sukuk schemes in Indonesian law."

"Pandemi Covid-19 memberikan dampak yang signifikan terhadap keberlanjutan komunitas Desa Wisata Pulau Untung Jawa. Pembatasan akses oleh pemerintah selama pandemi menyebabkan pendapatan mereka yang selama ini sangat bergantung pada sektor pariwisata menurun drastis. Pengembangan Komunitas Berbasis Aset (AssetBased Community Development – ABCD) merupakan pendekatan pembangunan yang berasal dari dalam komunitas dan fokus pada potensi dan kekuatan yang dimiliki oleh komunitas. Pendekatan ABCD selama ini dinilai lebih mampu mewujudkan komunitas yang berkelanjutan, dibandingkan pendekatan tradisional yang berbasis kebutuhan (need-based approach). Penelitian ini bertujuan untuk mendeskripsikan strategi komunitas dalam pengelolaan aset yang ada di dalam Desa Wisata Pulau Untung Jawa. Penelitian ini menggunakan pendekatan kualitatif yang berupaya menghasilkan data deskriptif. Hasil penelitian menunjukkan bahwa Komunitas Desa Wisata Pulau Untung Jawa telah mampu mempertahankan kelangsungan hidup komunitasnya dengan memaksimalkan pemanfaatan aset yang dimiliki komunitas secara mandiri serta menjaga hubungan di antara komunitas dan seluruh stakeholder yang terkoneksi satu sama lain. Berdasarkan hal tersebut, saat ini mereka mampu bertahan melewati masa pandemi Covid-19 dan selalu berupaya mewujudkan komunitas yang berkelanjutan (sustainable community) di masa depan.

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The Covid-19 pandemic become a significant threat on the sustainability of the Untung Jawa Island Tourism Village community. Government have taken measures that limit access to the tourist attraction during the pandemic, however this action caused the income of people who depend on the tourism sector was drop drastically. AssetBased Community Development (ABCD) is a development approach from community and focuses on the potential and strengths of the community. The ABCD approach has been considered more capable of realizing a sustainable community, compared to the traditional needbased approach. This study aims to describe the community's strategy in managing assets in the Pulau Untung Jawa Tourism Village by using a qualitative approach that generate descriptive data. The results showed that the Untung Jawa Island Tourism Village Community has been able to maintain the survival of its community by maximizing the assets owned by the community independently and maintaining relationships between the community and all stakeholders who are connected to each other. Based on this results, they are currently able to survive the Covid19 pandemic and always strive to create a sustainable community in the future."

"The purpose of this study is to evaluate performance and volatility of Islamic and conventionalstock indices along with their determinant factor variables in Indonesia. The study adopts: (1) CapitalAsset Pricing Model (CAPM) to compare the performance of the Jakarta Islamic Index (JII) torepresent Islamic index and LQ45 to represent the conventional, (2) beta calculation to measurevolatility, and (3) Autoregressive Distributed Lag (ARDL) to capture the determinants and the reasonbehind the outperformance. The data coverage is from January 2006 to November 2015. The studyfinds that: (1) There is no significant difference on performance between JII and LQ45, (2) JII is lessvolatile than LQ45, except in 2010, and (3) JII performance is less affected by external factorsexceptfor crude oil price. Moreover, the result implies challenge for the authorities to educate society, particularlywhom concern to shari?ah principles, with information that Islamic index performance isnot much difference from conventional index and less volatile."