Assalamu alaikum Warahmatullaahi Wabarakatuh SUKUK Shariah Bond and Its

Assalamu’alaikum Warahmatullaahi Wabarakatuh SUKUK (Shariah. Bond) and Its Accounting in Indonesia Material Provided by Dr. Abul Hassan ( Lecturer of IEF TRISAKTI S 3 Program) Dr. Slamet Wiyono, Ak, MBA, SAS, CA (Alumni of IEF Trisakti S 3 Program) Lecuturer of FE Usakti, S 1, S 2 IEF , S 2 Maksi) Jakarta, 24 April 2014 Email: slamet. wiy@gmail. com; hp 0812 85577 937 1

Contents n Rules for the issuance of sukuk n Sukuk choices Sukuk bills n q n n Murabahah bonds Ijara notes q n q Diminishing musharakah sukuk Mudharabah Sukuk Concerns over sukuk pricing q n Ijara sukuk structure Innovation in sukuk structures q n Salam sukuk structure Financial innovation with sovereign and corporate sukuk Sukuk in the Gulf and South East Asia q 2005 and 2006 league tables 2

n 1. 2. Sukuk Accounting in Indonesia, based on PSAK No. 110 / 2011 Recoqnition and measurement of ‘ijarah sukuk and mudharabah sukuk’ Presentation of ‘ijarah sukuk and mudharabah sukuk’. 3

Rules for the issuance of sukuk n Asset backed q n Payments q n Nominal value of sukuk = asset value at start No reference to interest Establishment of a special purpose vehicle (SPV) q q Assets sold to SPV and then leased back Promise to buy back assets from SPV on maturity SPV issues certificates of participation issued in bearer form as evidence of an undivided ownership and interest in the asset SPV enters a trust agreement with the investors (the beneficiaries) 4

Sukuk choices n Choice of market for the issue of sukuk q q q n Gulf and Malaysia are dominant markets ( Indonesia, since 2008) Potential for offshore sukuk without withholding of dividend payments to non residents Market potential where capital seekers and business confidence Currency and denomination of sukuk q q q $, €, RM or dinar/riyal ( also Rp ) Minimum level of investment depends on whether interbank or retail instrument RHB Corporate Sukuk Funds RM denominated 5

Sukuk bills n n n n Fixed return, salam based One month, three month Sale and purchase of an underlying asset to be delivered at a future date Sukuk bills not usually traded Means of managing liquidity Pioneered by Bahrain Monetary Authority Potential for trading through Liquidity Management Center in Bahrain 6

Salam sukuk structure Reimbursement of cash plus a mark-up on maturity Payment against future delivery of assets Cash Issuer SPV Islamic investors Certificate of participation Delivery of asset at maturity Surrender of certificate at maturity 7

Sukuk bonds n n n n n Murabahah based sukuk Asset backed Five to twenty years to maturity Return predetermined Returns fixed with no variation Murabahah mark-up determines yields Price may fall when interest or returns on ijara sukuk rising and vice versa Price converges with face value as maturity nears Possibility of short or medium term capital gains or losses Al-Bai Bithaman Ajil bonds in Malaysia correspond to murabahah structures 8

Sukuk notes n n n Ijara based sukuk where regular rental payments determine the sukuk return Variable rather than fixed returns Market value rarely varies from face value Run from 2 years to 20 years Returns determined in relation to changes in benchmark indicators, notably LIBOR 9

Ijara sukuk structure Rental payments/coupons Buy back of asset at maturity Sale of asset Cash Issuer SPV Lease agreement Rental payments Islamic investors Certificate of participation Reimbursement of issue price on maturity Guarantee of SPV obligations 10

Innovation with sukukstructures n Diminishing musharakah sukuk q q q Partnership certificates Instalment purchase buys out SPV over time Sukuk holders assets diminish, but periodic cash compensation provides income stream Rental element in payment as SPV obtains rent for the use of its asset Potential for real estate finance Sukuk through securitization of Islamic mortgages 11

Diminishing musharakah sukuk structure Instalment payments to buy back asset Rental payments plus repayments Sale of asset Cash Issuer SPV Partnership agreement Rental payments for share of asset owned by SPV Islamic investors Certificate of partnership Reimbursement of issue price on maturity Guarantee of SPV obligations 12

Sukuk concerns n Take-up and pricing q q n Issue of tradability q q n Over subscription may indicate too generous pricing Under subscription may indicate under pricing Widely traded in Malaysia Largely held to maturity in the Gulf Determination of distributions q q Alternatives to LIBOR Cost of living index plus GNP/GDP growth for sukuk distributions Alternatives to LIBOR as benchmark sought If return determined by committee are minutes taken of their deliberations and subsequently released 13

Saudi and Malaysian interest & GDP growth SR interest 1999 2000 2001 2002 2003 2004 2005 Mean SD Saudi non-oil GDP growth RM interest Malaysia GDP growth 6. 14 6. 67 3. 92 2. 23 1. 63 1. 73 3. 53 3. 69 1. 90 4. 20 4. 30 3. 50 4. 20 3. 40 5. 70 7. 40 4. 67 1. 31 5. 00 2. 50 2. 80 2. 75 2. 70 3. 02 0. 81 5. 00 8. 60 0. 30 4. 20 5. 20 7. 10 5. 20 5. 08 2. 39 14

Yields for Malaysian sukuk, % 15

Sukuk experiences n The Gulf and Western Asia q q q n Sukuk valued at $830 million in Bahrain with seven issues Liquidity management centre to issue 4 sukuk worth $1. 2 billion Strong interest in Qatar with $700 million sovereign sukuk in 2003 Government of Pakistan raised $2. 1 billion by sukuk issue No sovereign sukuk yet in Saudi Arabia despite government debt funded conventionally South East Asia q Islamic bonds issued in the Philippines, Malaysia and Indonesia, with Malaysia Global Sukuk worth $600 million in 2002. 16

Number of sukuk issues 17

Value of sukuk issues, $ million 18

Islamic sukuk managers league 2005 Rank Bank Amount Issues Share 1 CIMB 1, 323 47 20. 7 2 HSBC Amanah 1, 224 18 19. 1 3 Aseanbankers 531 39 8. 3 4 Am. Merchant 506 50 7. 9 5 Standard Chartered 316 28 4. 9 6 Citigroup 300 1 4. 7 7 Dubai Islamic 283 2 4. 4 8 Deutsche Bank 275 3 4. 3 9 EON Bank 246 47 3. 8 10 RHB Sakura 201 45 3. 1 19

Top 10 sukuk January – May 2006 Rank Issuer Lead bank $m. US Currency 1 Dubai Ports DIB/Barclays Capital 3, 500 $US 2 Rarkau Abang Capital CIMB 2, 631 MR 3 Pakistan Government Citigroup 2, 105 $US 4 Bank Pembangunan CIMB/HSBC 921 MR 5 Rarkau Abang Capital CIMB 789 MR 6 Putrajava Holdings CIMB 579 MR 7 Brunei Government Sukuk Brunei 500 $US 8 Cagamas Berhad 263 MR 9 Putrajava Holdings RHB/CIMB 193 MR 10 Penang Port CIMB 183 MR 20

Value of sukuk issues by country, 2005 -6, % 21

Salam sukuk structure Reimbursement of cash plus a mark-up on maturity Payment against future delivery of assets Cash Issuer SPV Islamic investors Certificate of participation Delivery of asset at maturity Surrender of certificate at maturity 22

AKUNTANSI SUKUK DI INDONESIA PSAK No. 110 tentang Akuntansi Sukuk Pernyataan ini diterapkan untuk entitas yang melakukan transaksi sukuk ijarah dan sukuk mudharabah, baik sebagai penerbit sukuk maupun investor sukuk. Sukuk adalah efek syariah berupa sertifikat atau bukti kepemilikan yang bernilai sama dan mewakili bagian yang tidak tertentu (tidak terpisahkan atau tidak terbagi) atas: a)Aset berwujud tertentu; b)Manfaat atas aset berwujud tertentu baik yang sudah ada maupun yang akan ada; c)Jasa yang sudah ada maupun yang akan ada; d)Aset proyek ; atau e)Kegiatan investasi yang telah ditentukan. 23

Sukuk ijarah adalah sukuk yang menggunakan akad ijarah Sukuk mudharabah adalah sukuk yang menggunakan akad mudharabah AKUNTANSI PENERBIT Pengakuan dan Pengukuran Sukuk Ijarah Sukuk ijarah diakui pada saat entitas menjadi pihak yang terikat dengan ketentuan penerbitan sukuk ijarah. Sukuk ijarah diakui sebesar nilai nominal, disesuaikan dengan premium atau diskonto, dan biaya transaksi terkait dengan penerbitannya Jurnal yang dibuat: Bila ada premium Debit: K a s Rp 110. 000, Kredit: Kewajiban Sukuk Ijarah Kredit: Premium Sukuk Ijarah -Rp 100. 000, - (nominal) Rp 10. 000, - 24

Bila ada Diskon Debit: K a s Rp 90. 000, Debit : Diskon Sukuk Ijarah 10. 000, Kredit: Kewajiban Sukuk Ijarah -Rp 100. 000, - (nominal) Pencatatan beban penerbitan sukuk ijarah: D. Beban penerbitan sukuk ijarah Rp 15. 000, K: K a s -- --Rp 15. 000, - Premium atau diskon diamortisasi selama masa akad sukuk ijarah. Jurnal amortisasi preimum: Debit: Premium sukuk ijarah Rp 2. 000, - (misal 5 tahun akad sukuk) Kredit: Beban Penerbitan Sukuk Ijarah -- Rp 2. 000, Jurnal amortisasi diskon: Debit: Beban Penerbitan Sukuk Ijarah Kredit: Diskon sukuk ijarah Rp 2. 000, ----- Rp 2. 000, -- Amortisasi premium akan mengurangi ‘beban penerbitan sukuk ijarah; sedangkan amortisasi diskon akan menambah ‘beban penerbitan sukuk ijarah’. 25

Beban ijarah diakui pada saat terutang jurnal mengakui beban ijarah: Debit: Beban ijarah Rp 10. 000, - Kredit: Kewajiban beban ijarah -Rp 10. 000, Pada saat membayar beban ijarah: D: Kewajiban beban ijarah Rp 10. 000, - K: K a s -Rp 10. 000, - 26

Sukuk Mudharabah Sukuk mudharabah diakui pada saat entitas menjadi pihak yang terikat dengan ketentuan penerbitan sukuk mudharabah. Sukuk mudharabah diakui sebesar nilai nominal. Biaya transaksi diakui secara terpisah dari sukuk mudharabah. Debit: K a s Rp 100. 000, Kredit: Dana Syirkah Temporer – Sukuk Mudharabah --- -Rp 100. 000, - (nominal) Biaya transaksi diamortisasi secara garis lurus selama jangka waktu sukuk mudharabah. Pencatatan saat membayar biaya transaksi: D. Biaya transaksi tangguhan Rp 15. 000, -K. K a s -Rp 15. 000, Amortisasi biaya transaksi tangguhan: D. Beban transaksi sukuk mudharabah Rp 3. 000, - --- (misal, diamortisasi 5 tahun) K. Biaya transaksi tangguhan --- Rp 3. 000, -27

Bagi hasil yang menjadi hak pemilik sukuk mudharabah diakui sebagai pengurang pendapatan, bukan sebagai beban. Jurnalnya: D. Distribusi Bagi Hasil Sukuk Mudharabah Rp 5. 000, K. Kewajiban Bagi Hasil Sukuk Mudharabah -- -Rp 5. 000, - Saat pembayaran: D. Kewajiban Bagi Hasil Sukuk Mudharabah Rp 5. 000, -K. K a s -- -Rp 5. 000, - Penyajian Sukuk ijarah disajikan sebagai liabilitas. Sukuk mudaharabah disajikan sebagai dana syirkah temporer. 28

Akuntansi Investor Pengakuan dan Pengukuran Pengakuan Awal Entitas mengakui investasi pada sukuk ijarah dan sukuk mudharabah sebesar biaya perolehan. Jurnal yang dibuat saat membayar sukuk: D. Investasi Sukuk Ijarah Rp 110. 000, -D. Investasi Sukuk Mudharabah Rp 210. 000, -K. K a s -Rp 320. 000, - Klasifikasi dan Reklasifikasi Sebelum pengakuan awal, entitas menentukan klasifikasi investasi pada sukuk ijarah dan sukuk mudharabah sebagai diukur pada biaya perolehan atau diukur pada nilai wajar. 29

Untuk investasi pada sukuk yang diukur pada biaya perolehan, selisih antara biaya perolehan dan nilai nominal diamortisasi secara garis lurus selama jangka waktu sukuk. Jurnal amortisasi: bila ‘biaya perolehan’ > ‘nilai nominal’: D. Amortisasi selisih nilai Sukuk Rp xx K. Investasi Sukuk Ijarah --bila ‘biaya perolehan’ < ‘nilai nominal’: D. Investasi Sukuk Ijarah Rp xx K. Amortisasi selisih nilai Sukuk --- --Rp xx Entitas tidak dapat mengubah klasifikasi investasi, kecuali terjadi perubahan tujuan model usaha sebagaimana dijelaskan di paragraf 39. Setelah Pengakuan Awal Untuk investasi pada sukuk yang diukur pada nilai wajar, selisih antara nilai wajar dan jumlah tercatat diakui dalam laba rugi. 30

Jurnal mencatat selisih nilai wajar: Bila Nilai Wajar > Nilai Tercatat: D. Penyesuaian Harga Pasar Rp K. Keuntungan kenaikan nilai Sukuk xx -- -Rp xx D. Kerugian Penurunan nilai Sukuk Rp xx K. Penyesuaian Harga Pasar -Penyajian -Rp xx Bila Nilai Wajar < Nilai Tercatat: Pendapatan investasi dan beban amortisasi disajikan secara neto dalam laba rugi. Pengungkapan Entitas mengungkapkan hal-hal berikut ini: (a) Klasifikasi investasi berdasarkan jumlah investasi; (b) Tujuan model usaha yang digunakan; (c) Jumlah investasi yang direklasifikasikan, jika ada, dan penyebabnya; (d) Nilai wajar untuk investasi yang diukur pada biaya perolehan; dan (e) Lain-lain. 31

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