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Title: The Simulation of Islamic Economic Instrument as Sukuk
Authors: Roikhan Mochamad Aziz
Issue Date: Dec-2013
Publisher: IAIN Sulthan Thaha Saifuddin Jambi
Series/Report no.: Volume 8;No. 2
Abstract: Financial system around the world in last decade is experiencing the ftotdamental changing. This conditions are conducted to get better solution in face of economic problem. The solution for global crisis by developing financial system which is more holistic such as Sukuk based on Islamic Financial Concept. Islam had been begun with concept of the God created universe for human life. The meaning of klam can be interpreted as a system. And Islam prefers to have the system which is more comprehensive. And the holistic in Islam means Kaffah. And to explain a save way for hunan life consists of 2 things for balance. To do that, there is methodology of Sinlammim Kaffah. Where Sinlammim is derived from Islam, and Kaffah means comprehensive or holistic. This research represents the result of new finding in Kaffah Thinking and Sinlammim Method based on Islamic Financial Concept. These approaches came from new theory Sinlammim Kaffah method by case study of Sukuk comparison between Indonesia and Malaysia to show that Indonesia will be the biggest sukuk market in 5 years later. Sources nsed and how to read, the main source of this research are statistical data, macroeconomic, monetary, and conventional capital mnrkets also Islamic financial data in Indonesia and Malaysia since 2002 until 2006. The data was read by the method of System Dynamics (Non-linear Systems Thinking) together with Sinlammim Kaffah concept which is a methodology of thinking in a comprehensive slstem of dynamic multi-disciplinary. For computing, this study takes advantage of many techniques in Stock Flow Diagram using Powersim modeling sofnuare.This research shows that: 1) The increasing of Indonesia Sukuk value is effected by SBSN issues, as a high increasing in conventional bonds after Government Debt Securities (SUN) issues. 2) Indonesia Sukuk index is higher than Malaysia Sukuk, this will attract more investments in Indonesia Sukuk. 3) The Indonesia Sukuk development until year 2015 will be effected by macro economy, so it need sensitivity scenario for SBI and market share to anticipate any changing. 4) Indonesia Sukuk value will reach Rp 2.726.019 Billions in year 2015 above Malaysia sukuk value Rp 1.944.952 Billions through tax and SBSN interuention policy.Comprehensive conclusion resulted on development of Sukuk through Sinlammim Kaffah based on System Dynamics is the value of Sukuk benveen Indonesia and Malaysia. The value of Indonesia Sukuk (IS) in year' 2015 would be tnore higher than value of Malaysia Sukuk (MS)
ISSN: 2086-5058
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