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Abstrak :
Perusahaan yang memiliki arus kas dalam bentuk valuta asing akan mempunyai risiko terhadap fluktuasi valas. Sejak krisis ekonomi melanda Indonesia, Rupiah terdepresiasi terhadap hampir semua mata uang asing termasuk Dollar Amerika. Hal ini mempunyai dampak yang besar terhadap kondisi keuangan perusahaan yang melakukan perdagangan internasional, terutama perusahaan yang memiliki hutang dalam valuta asing, karena jumlah yang harus dibayar bertambah besar. Krisis ini menyebabkan perusahaan menanggung kerugian yang cukup besar. Salah satu cara yang dapat digunakan oleh perusahaan untuk mengurangi risiko dari valuta asing adalah dengan menerapkan strategi hedging. Penelitian ini mencoba mengetahui Teknik hedging mana yang memberikan keuntungan kepada PT X untuk hutang impornya yang memiliki jatuh tempo 30 hari selama periode 2004 dengan membandingkan antara penerapan strategi forward contract hedging dengan money market hedging . Hasil penelitian menunjukan bahwa dengan tidak melakukan hedging PT X akan membayar total nilai hutang impornya adalah sebesar Rp. 15.582.756.237,55. Dengan Teknik forward contract hedging jumlahnya adalah sebesar Rp. 15.633.094.495,05. Sedangkan dengan Teknik money marker hedging adalah sebesar Rp. 15.854.059.322,01 Dengan demikian dapat disimpulkan bahwa baik forward contract maupun money market, ternyata tidak dapat meminimalkan risiko fluktuasi nilai tukar Rupiah terhadap Dollar America seperti yag diharapkan oleh manajemen PT X. Meskipun demikian, berdasarkan nilai inefisiensi yang dihasilkan, forward contract hedging menghasilkan inefisiensi yang lebih kecil jika dibandingkan dengan money market. Di mana bila memilih Teknik forward contract hedging manajemen PT X akan lebih untung sebesar Rp. 220.964.826.9. Strategi hedging yang diterapkan akan memberikan kepastian cash flow perusahaan meskipun terkadang tidak selalu membuat perusahaan untung. Untuk itu perusahaan harus membuat kebijakan hedging seperti penentuan Teknik apa yang akan diterapkan, batasan nilai hutang yang harus di-hedging dan mengurangi transaksi impor mereka serta meningkatkan transaksi ekspor agar perusahaan mampu menutupi nilai hutang valuta asingnya.

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The company that has cash flow in foreign currency will face a risk from foreign currency fluctuation. Since economic crisis in Indonesia, Rupiah depreciated from all foreign currency especially US Dollar. It gave a big impact for corporate financial international trader. For a company which have payable in foreign currency this situation could make the company suffer big loss cause they have to pay more their payables than they should. A company could use hedging strategy to minimize the risk from fluctuation of foreign currency. This research try to find which technique could give benefit for PT X's payable in foreign exchange that comes from import transaction which has maturity for 30 days during 2004. The purpose of this research is to compare between the use of forward contract and money market hedging. According to the calculation, it is known that the company's payable in foreign exchange without hedging (open position) is Rp. 15.582.756.237,55. If company used forward contract so total of company's payable is Rp. 15.633.094.495,05. And it used money market total of company's payable is Rp. 15.854.059.322,01. The conclusion is either forward contract and money market cannot minimize foreign exchange risk like management wish. But, forward contract hedging has less inefficiency compared to money mantel hedging. Hedging strategy will guarantee company cash flow though sometimes it will not beneficial financially to the company. Thus, a company should employ hedging policy such as which hedging technique to be applied, the payable limitation that should be hedged, and reduce their import transactions and increase export transactions to cover company's payable in foreign exchange.

Abstrak :
Companies that carry out international trade transaction will face a more complicated problem than when the companies only deal with a domestic market....

Abstrak :
[ABSTRAK
Nilai tukar yang fluktuatif dapat mendatangkan risiko kerugian bagi bank syariah dan pelaku bisnis Instrumen lindung nilai atas nilai tukar berdasarkan prinsip syariah untuk memitigasi risiko ini sangat dibutuhkan Fatwa terkait instrument inipun dikeluarkan oleh DSN MUI dengan Fatwa No 96 DSN MUI IV 2015 tentang Transaksi Lindung Nilai Syariah al Tahawwuth al islam Islamic Hedging atas Nilai Tukar Dengan adanya fatwa ini dapat dilakukan simulasi penerapan hedging dengan skema forward agreement pada produk pembiayaan USD di bank syariah guna mencari hasil yang didapat acuan premi dan tenor yang tepat serta rekomendasi kebijakan yang dapat diberikan kepada regulator Metode yang digunakan pada penelitian yaitu metode simulasi dan komparasi antara outstanding pembiayaan valas dengan kombinasi acuan premi dan tenor forward Hasil penelitian ini menunjukan bahwa bank syariah akan mendapatkan keuntungan gain jika melakukan islamic forward agreement Namun penerapan transaksi islamic forward agreement dilakukan pada kondisi tertentu saja yaitu pada saat krisis dan pada saat nilai tukar berfluktuasi Acuan premi dan tenor yang direkomendasikan untuk meghitung rate forward pada transaksi islamic forward agreement berdasarkan pada hasil penelitian yaitu tingkat imbalan FASBIS dengan tenor 6 bulan dengan gain sebesar Rp 3 461 Triliun Jumlah ini merupakan potensi nominal gain terbesar jika dibandingkan dengan hasil simulasi lainnya Meskipun demikian penggunaan imbalan FASBIS tidak selalu direkomendasikan dan hanya digunakan secara temporary pada saat saat tertentu Namun jika dibandingkan dengan menggunakan acuan premi yang berbasis konvensional acuan premi tingkat imbalan FASBIS dapat menjadi option bagi bank syariah dan pelaku bisnis untuk menghitung rate forward pada transaksi islamic forward agreement.

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ABSTRACT The fluctuating exchange is so risky and can cause the loss to Islamic Banks and the businesses The hedging instrument on the exchange rate based on Islamic principles to manage this risk is needed Dewan Syariah Nasional Majelis Ulama Indonesia DSN MUI has issued a fatwa related to it in fatwa No 96 DSN MUI IV 2015 about Islamic Hedging Transactions al Tahawwuth al Islam on exchange Given this fatwa hedging simulation with forward agreement scheme may be applied in USD financing product in Islamic Bank in order to obtain results the right reference premium and tenor as well as the policy recommendations that can be proposed to the regulator The research method used is simulation and comparison method between the outstanding of forex financing and premium and tenor of forward references The result of this study shows that Islamic banks will benefit if doing islamic forward agreement However the practice of Islamic forward agreement transactions is carried on certain conditions namely in times of crisis and when the exchange rate fluctuates The reference premium and tenor recommended for calculating this islamic forward agreement transactions based on the results of the research is the rate of return of FASBIS with a tenor of 6 months with a gain of 3 461 trillion rupiah This amount represents the highest potential nominal gain compared to other simulation results Nevertheless the use of FASBIS rewards are not always recommended and is only used temporarily in certain moments However when compared to conventional based reference premiums premium benchmark rate of FASBIS return may be an option for islamic banks and businesses to calculate the rate forward of islamic forward agreement transactions , The fluctuating exchange is so risky and can cause the loss to Islamic Banks and the businesses The hedging instrument on the exchange rate based on Islamic principles to manage this risk is needed Dewan Syariah Nasional Majelis Ulama Indonesia DSN MUI has issued a fatwa related to it in fatwa No 96 DSN MUI IV 2015 about Islamic Hedging Transactions al Tahawwuth al Islam on exchange Given this fatwa hedging simulation with forward agreement scheme may be applied in USD financing product in Islamic Bank in order to obtain results the right reference premium and tenor as well as the policy recommendations that can be proposed to the regulator The research method used is simulation and comparison method between the outstanding of forex financing and premium and tenor of forward references The result of this study shows that Islamic banks will benefit if doing islamic forward agreement However the practice of Islamic forward agreement transactions is carried on certain conditions namely in times of crisis and when the exchange rate fluctuates The reference premium and tenor recommended for calculating this islamic forward agreement transactions based on the results of the research is the rate of return of FASBIS with a tenor of 6 months with a gain of 3 461 trillion rupiah This amount represents the highest potential nominal gain compared to other simulation results Nevertheless the use of FASBIS rewards are not always recommended and is only used temporarily in certain moments However when compared to conventional based reference premiums premium benchmark rate of FASBIS return may be an option for islamic banks and businesses to calculate the rate forward of islamic forward agreement transactions ]