tag:blogger.com,1999:blog-80512652375215675902024-02-08T12:36:04.306-08:00Obay Adityaobay.bhochepthttp://www.blogger.com/profile/15134122313754690568noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-8051265237521567590.post-20951735479283839212016-01-24T19:15:00.001-08:002017-02-24T21:32:09.320-08:00BANK SYARIAH<!--[if gte mso 9]><xml>
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<b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">BAB I</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">PENDAHULUAN</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 36.0pt;">
<span lang="IN" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Hal paling umum yang manjadi salah satu
penggerak ekonomi konvensional adalah riba atau <i>interest</i>. Suku bunga
yang menjadi mesin penggerak perekonomian konvensional memang menjadi rancu
penggunaanya dalam sistem konvensional sen</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">d</span><span lang="IN" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">iri. Menurut Adiwarman Karim, suku bunga sendiri pada
awalnya merupakan <i>rate of return</i> bagi kepemilikan modal, atau imbal jasa
atas modal yang digunakan dalam proses produksi, bukan merupakan sebuah
keuntungan atau uang yang dipinjamkan kepada investor yang menjalankan
perekonomian. Namun seiring berjalannya waktu, riba atau <i>interest</i>
akhirnya lazim digunakan untuk menggerakan perekonomian, terutama institusi
perbankan sebagai sebuah <i>medium of intermesdiary</i>.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 36.0pt;">
<span lang="IN" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Dalam ekonomi islam, riba dapat
diartikan sebagai sebuah tambahan atas pinjaman yang diberikan kepada pihak
peminjam terhadap pihak yang dipinjamkan tanpa keikhlasan dari pihak yang
meminjamkan. Ekonomi Islam kini menganggap bahwa <i>interest rate</i> sebagai
perannya dalam menggerakkan perekonomian konvensional sekarang dapat diubah
dengan <i>rate on kapital</i>, yaitu pendapatan atas modal barang dan jasa
dalam proses produksi. Dengan alasan ini, Adiwarman Karim menjelaskan bahwa
perbankan Islam dapat menggerakan perputaran kegiatan atau aktivitasnya dengan
ikut masuk ke dalam proses produksi yaitu dengan ikut atau berperan aktif dalam
kegiatan usaha. Oleh karena itu, maka dua produk perbankan Islam yang sekarang
ada terbentuk dari ide dasar ini. <i>Mudharobah </i>dan <i>musyarokah </i>dapat
dikedepankan sebagai dua produk Islam yang muncul dari ide dasar bahwa
perbankan Islam haruslah perbankan yang mengambil untung dari ikut berperannya
mereka dalam proses produksi dengan mendapat bagian dri bagi hasil pendataan
atau dari untung usaha yang didapatkan perusahaan yang menjadi rekan usahanya.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 36.0pt;">
<span lang="IN" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Selain produk <i>Mudharobah </i>dan <i><span style="mso-spacerun: yes;"> </span>Musyarokah, </i>perbankan Islam juga menganut
prinsip <i>dual system</i>. Perbankan Islam selain berperan sebagai <i>partner</i>
usaha juga dapat berperan sebagai penjual dalam akad <i>Mudharobah</i>, <i>ijarah</i>,
atau <i>ishtinah</i>. Dengan peran perbankan Islam sebagai pedagang inilah maka
perbankan Islam kini mendapatkan selisih keuntngan yang sudah ditetapkan di
awal dengan barang yang disepakati untuk diperjualbelikan. Akad jual beli ini
lah yang selama ini menjadi produk yang banyak di gunakan oleh institusi
syariah karena perhitungan dan sifat produknya yangg lebih mudah digunakan
dalam buisnis syariah. Dengan digunakannya produk <span style="mso-tab-count: 1;"> </span>Mudharobah, ijarah, atau istisna ini memang membuat
banyak orang awam merasa produk syariah menjadi miri</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">p</span><span lang="IN" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"> perbankan dengan
perbankan konvensional. Apalagi penempatan margin keuntungan yang jauh beda
dengan interest rate. Terlepas dari pembelaan bank syariah terhadap hal
ini,<span style="mso-spacerun: yes;"> </span>kritik mengenai produk yang
berlandaskan akad jual beli ini patut menjadi perhitungan sendiri bagi
perbankan syariah.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 36.0pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 36.0pt;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"> </span></div>
<div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">BAB II</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">PEMBAHASAN</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">A. Pengertian Bank Syariah</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"><span style="mso-tab-count: 1;"> </span>Bank syariah adalah suatu bank yang
dalam aktivitasnya; baik dalam penghimpunan dana maupun dalam rangka penyaluran
dananya memberikan dan mengenakan imbalan atas dasar prinsip syariah.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"><span style="mso-tab-count: 1;"> </span>Pada dasarnya ketiga fungsi utama
perbankan (menerima titipan dana, meminjamkan uang, dan jasa pengiriman uang)
adalah boleh dilakukan, kecuali bila dalam melaksanakan fungsi perbankan
melakukan hal – hal yang dilarang syariah. </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Dalam praktik
perbankan konvesional yang dikenal saat ini, fungsi tersebut dilakukan
berdasarkan prinsip bunga. Bank konvensional memang tidak serta merta identik
dengan riba, namun kebanyakan praktik bank konvnsionaldapat digolonglan sebagai
transaksi ribawi.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">B. Perbedaan Bank Syariah Dengan Bank Konvensional</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480; width: 571px;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 25.5pt;" width="34"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">No</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 96.0pt;" width="128"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Perbedaan</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 144.0pt;" width="192"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Bank Konvensional</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 171.9pt;" width="229"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Bank Syariah</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 25.5pt;" width="34"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">1</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 96.0pt;" width="128"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Bunga</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 144.0pt;" width="192"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Berbasis bunga</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 171.9pt;" width="229"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Berbasis <i>revenue/profit loss
sharing</i></span></div>
</td>
</tr>
<tr style="height: 33.7pt; mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 33.7pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 25.5pt;" width="34"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">2</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 33.7pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 96.0pt;" width="128"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Resiko</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 33.7pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 144.0pt;" width="192"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Anti <i>risk</i></span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 33.7pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 171.9pt;" width="229"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<i><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Risk sharing</span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 25.5pt;" width="34"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">3</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 96.0pt;" width="128"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Operasional</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 144.0pt;" width="192"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Beroperasi dengan pendekatan sektor keuangan, tidak
langsung terkait dengan sektor riil</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 171.9pt;" width="229"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Beroperasi dengan pendekatan sektor riil</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 25.5pt;" width="34"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">4</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 96.0pt;" width="128"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Produk</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 144.0pt;" width="192"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Produk tunggal (kredit)</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 171.9pt;" width="229"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Multi produk (jual beli, bagi hasil, jasa)</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 25.5pt;" width="34"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">5</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 96.0pt;" width="128"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Pendapatan</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 144.0pt;" width="192"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Pendapatan yang diterima deposan tidak terkait dengan
pendapatan yang diperoleh bank dari kredit</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 171.9pt;" width="229"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Pendapatan yang diterima deposan terkait langsung
dengan pendapatan yang diperolah bank dari pembiayaan</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 25.5pt;" width="34"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">6</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 96.0pt;" width="128"><br /></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 144.0pt;" width="192"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Mengenal <i>negative spread</i></span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 171.9pt;" width="229"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Tidak mengenal <i>negative spread</i></span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 25.5pt;" width="34"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">7</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 96.0pt;" width="128"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Dasar Hukum</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 144.0pt;" width="192"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Bank Indonesia dan Pemerintah</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 171.9pt;" width="229"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Al Qur’an. Sunnah, fatwa ulama,
Bank Indonesia, dan Pemerintah</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 25.5pt;" width="34"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">8</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 96.0pt;" width="128"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Falsafah</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 144.0pt;" width="192"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Berdasarkan atas bunga (riba)</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 171.9pt;" width="229"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Tidak berdasarkan bunga(riba), spekulasi (maisir), dan ketidakjelasan(gharar)</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 25.5pt;" width="34"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">9</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 96.0pt;" width="128"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Operasional</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 144.0pt;" width="192"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: list 36.0pt; text-indent: -18.0pt;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">-</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;">
</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Dana Masyarakat (Dana Pihak Ketiga/DPK) berupa titipan
simpanan yang harus dibayar bunganya pada saat jatuh tempo</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: list 36.0pt; text-indent: -18.0pt;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">-</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;">
</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Penyaluran dan pada sektor yang menguntungkan, aspek
halal tidak menjadi pertimbangan agama</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 171.9pt;" width="229"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: list 36.0pt; text-indent: -18.0pt;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">-</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;">
</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Dana Masyarakat (Dana Pihak Ketiga/DPK) berupa titipan
( <i>wadi’ah)</i> dan investasi(<i>mudharabah)</i> yang baru akan mendapat
hasil jika “diusahakan“ terlebih dahulu</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: list 36.0pt; text-indent: -18.0pt;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">-</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;">
</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Penyaluran dana (financing) pada usaha yang halal dan
menguntungkan </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 10;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 25.5pt;" width="34"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">10</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 96.0pt;" width="128"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Aspek sosial</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 144.0pt;" width="192"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Tidak diketahui secara tegas</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 171.9pt;" width="229"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Dinyatakan secara eksplisit dan tegas yang tertuang
dalam visi dan misi</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 11;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 25.5pt;" width="34"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">11</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 96.0pt;" width="128"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Organisasi</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 144.0pt;" width="192"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Tidak memiliki Dewan Pengawas
Syariah(DPS)</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 171.9pt;" width="229"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Harus memiliki Dewan Pengawas
Syariah(DPS)</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 12; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 25.5pt;" width="34"><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">12</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 96.0pt;" width="128"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Uang</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 144.0pt;" width="192"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Uang adalah komoditi selain
sebagai alat pembayaran</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 171.9pt;" width="229"><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Uang bukan komoditi, tetapi
hanyalah alat pembayaran</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">C.
</span></b><b><span lang="IN" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Kritik Terhadat Perbankan Islam </span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 36.0pt;">
<span lang="IN" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Dari penjelasan mengenai <i>dual system</i>
perbankan syariah, maka terdapat dua kritik yang dapat diutarakan. Pertama,
perbankan syariah belum bisa di harapkan menjadi media pembangunan bangsa bagi
para pengusaha kecil. Mengingatkan terkadang margin yang di berikan perbankan
syariah bagi produk jual beli cukup tinggi, karna besaranya yang mirip dengan <i>intrest
rate</i>. Hal ini tentunya menjadi <i>constrain</i> bagi pengusaha kecil yang
bermodal pas-pasan dengan angunan yang berat ditambah beban margin yang juga
cukup besar. Belum lagi keritik yang banyak menganggap bahwa perbankan syariah
tidak ubahnya dengan <i>leasing</i> yang menjual motor kredit dengan kredit
suku bunga tetap.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 36.0pt;">
<span lang="IN" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Kedua, konsep bagi hasil perbankan
syariah yang menurut penulis juga memiliki kelemahan. Bayangkan jika produk
yang paling banyak digunakan oleh perbankan syariah adalah bagi hasil maka
hanya bank atau UKM-UKM yang sudah masuk ke sektor formallah yang bisa
mengakses produk ini mengingat jasa auditor akan sangat krusial dalam
menentukan besaran bagi hasil yang akan diterima oleh perbankan syariah. </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 36.0pt;">
<span lang="IN" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Ada <i>asimetric information</i> yang
akan terjadi jika jasa auditor tidak digunakan dalam perjanjian bagi hasil ini.
Bank syariah tidak akan tahu informasi atau <i>revenue</i> yang sesungguhnya
diterima oleh pengusaha yang mendapatkan dana dari bank syariah. Dengan
banyaknya pengusaha yang terlibat dalam perbankan syariah, tentu hal ini akan
membuat semakin besarnya <i>cost</i> yang harus diberikan bagi pihak auditor,
hal ini tentu mekanisme yang tedak efisien bagi sistem perbankan syariah.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
</div>
<b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"><br clear="all" style="mso-break-type: section-break; page-break-before: auto;" />
</span></b>
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"><br clear="all" style="mso-break-type: section-break; page-break-before: always;" />
</span>
<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">E.
</span></b><b><span lang="IN" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Konsep Perbankan Syariah Negara</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 36.0pt;">
<span lang="IN" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Dengan kritik ini maka saya mencoba
membangun sebuah sistem perbankan syariah yang saya impikan. Ekonomi Islam
menganggap bahwa uang sebagaian <i>medium of intermediary. </i>Uang harus
diposisikann hanya sebagai uang, bukan sebagai komoditas yang dapat
menghasilkan uang dengan cara batil. Uang dapat mendapatkan manfaat dengan
membelanjakaannya lewat barang-barang faktor <i>input </i>yang produktif, baru
dapat menghasilkan uang melalui</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 36.0pt;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Profit dari capital yang
dibelanjakan. Dengan ini, uang sejatinya memang bersifat media yang meang
diciptakan pemerintah untuk mempermudah jalannya perekonomian. Dengan demikian,
seharusnya uang tidak bias tersimpan begitu saja, malah harus dikenakan pajak
bila hal itu terjadi. Uang harus terus berputar. Menurut Irving Fisher, semakin
cepat perputaran uang beredar, tentu semakin baik bagi perekonomian, dengan
asumsi jumlah uang beredar tetap. Berawal dari sini, maka perbankan syariah
haruslah merupakn sebuah institusi yang menjadi media penyalur bagi orang yang
kelebihan uang kepada <a href="https://www.blogger.com/null" name="OLE_LINK1"></a><a href="https://www.blogger.com/null" name="OLE_LINK2"><span style="mso-bookmark: OLE_LINK1;"></span></a><a href="http://www.blogger.com/blogger.g?blogID=5628387919731679513"><span style="mso-bookmark: OLE_LINK2;"><span style="mso-bookmark: OLE_LINK1;"><span style="color: blue;">pengusaha</span></span></span><span style="mso-bookmark: OLE_LINK2;"></span><span style="mso-bookmark: OLE_LINK1;"></span></a><span style="mso-bookmark: OLE_LINK1;"></span>- pengusaha yang memeang membutuhkannya.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 36.0pt;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Dengan demikan, tidak patut sebuah
perbankan menjadikan peminjam uang sebagai mesin untuk menghasilkan uang. Namun
bagi perbankan untuk menjalankan aktivitasnya. Hal inilah yang menjadi sulit
bagi system perbankan konvesional. Oleh karena itu, keuntungan tanpa harus
menjadi lintah darat berdasi. Salah satu cara adalah dengan menjadikan bank
yang saya sebut <i style="mso-bidi-font-style: normal;">Bank Syariah Negara</i>
ini menjadi barang public. Dengan statusnyan sebagai institusi yang mendapatkan
gaji dari pemerintah dan gaji dari banker-nya dibiayai lewat APBN, tentu tidak
akan menjadikan mereka bersifat seperti yang biasanya lagi.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 36.0pt;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Namaun, tentu konsep ini berbeda
dengan konsep bank yang pernah ada di zaman Soeharto dulu yang hanya memberikan
kredit kepada kroni-kroninya saja. Di alam keterbukan seperti sekarang, maka
audit bagi perbankan syariah ini akan menjadi tanggung jawab lembaga independen
di luar ajring sperti BPK (Lembaga Pengawas Keuangan), KPK (Komisi Pemberantas
Korupsi), dan dibawah control langsuung dari Bank Indonesia. Bank tetaplah
bersifat bank dan memberikan kredit tanpa bunga khusus bagi UKM- UKM bermodal
kecil sehingga BSN(Bank Syariah Negara) bias menjadi agen perubahan bagi
perekonomian bangsa. Dengan demikian tentu kredit tanpa bunga ini akan
menberikan kemudahan bagi pihak swasta.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 36.0pt;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Lantas pertanyaannya, apakah BSN
akan merugikan bagi Negara mengingat tidak ada imbal jasa bagi Negara karena
tida mendapatkan riba? Hal ini tentu saja tidak masalah, justru Negara akan
semakon diuntungkan dengan keberadaan bank syariah ini. Pertama BSN akan
menjadi salah satu perpanjangan tangan bagi petugas pajak untuk melebrkan
sayapnya. Dengan dibangunnya perbankan ini, maka bank akan dapat mendata siapa
saja nasabah yang belum mepunyai NPWP ketika individu ini berinteraksi dengan
BSN.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 36.0pt;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Kedua, dengan adanya perbankan ini,
maka pemasukan Negara dari pajak akan meningkat. Mengingat UKM yang meminjam
akan dibelanjakn uangnya untuk barang modal serta menambah kapasitas produksi.
Pajak yang akan diterima Negara dapat meningkat, baik dari pajak pertambahan
nilai (PPN) maupun pajak penghasilan (PPh) akibat pertabahan pendapatan yang
diterima pengusaha sehinnga kapasitas produksinya semakin meningkat. Dengan
pertambahan pendapatan pajak ini tentu akan meningkatkan APBN Negara dan akan
menambah kapasitas kemampuan BSN untuk menyalurkan kredit lewat pertumbuhan
pendapatan Negara.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 36.0pt;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Ketiga, perbankan syariah akan
menjadi tulang punggung bagi UKM untuk biasa bertransformasi menjadi perusahaan
yang memasuki sector formal tanpa beban bunga. Walaupun tanpa bunga, BSN ini
tetaplah sebuah bank<span style="mso-spacerun: yes;"> </span>yang memberikan
kredit sesuai dengan prinsip- prinsip perbankan. Pemilihan perusahaan yang
mendaptakan dana tabaru’ ini haruslah UKM- UKM yang potensial dan bisa sebanyak
– sebanyaknya menciptakan lapangan pekerjaan yang memang tujuan pemerintah.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 36.0pt;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Kunci sukses dari system ini adalah bagaimana pemerintah mau
untuk mengeluarkan kepentinganya dari BSN yang terbentuk nantinya. Jajaran
direksi maupun manager harus merupakan <i style="mso-bidi-font-style: normal;">system
management </i>yang bebas dari intervensi pemerintah. Oleh karena itu, pegawai
bank ini bukan seperti pegawai negeri kebanyakan. Harus adatarget pencapaian
untuk BSN, seperti peningkatan pertumbuhan pajak. Sebagai indicator kesuksesan
BSN. Profesioanalisme merupakan syarat mutlak untuk system ini agar dapat terus
berlangsung.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 36.0pt;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Dengan system seperti inilah, maka uang dapat kita tepatkan
hanya sebagai uang. Uang hanya merupakn sebuah alat tukar, bukan sebagai
komoditas yang diperujual-belikan yang selama ini terjadi di system perbankan
konvesional. BSN akan menjamin UKM dapat meminjam tanpa kelebihan sedikit pun
dan memang karena itu dibangun. Sifat BSN yang merupakan bank islam tetap harus
mengedepankan nilai – nilai islam yang luhur dalam menyalurkan kredit
tabaru’-nya kepada masyrakat.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">F. Konsep Dasar Transaksi</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<ol start="1" type="1">
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Efisiensi, mengacu pada prinsip
saling menolong untuk berikhtiar, dengan tujuan mencapai laba sebesar
mungkin dan biaya yang dikeluarkan selayaknya.</span></li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Keadilan, mengacu pada hubungan
yang tidak menzalimi (menganiaya) , saling ikhlas mengikhlaskan antar
pihak – pihak yang terlibat dengan persetujuan yang adil tentang proporsi
bagi hasil, baik untung maupun rugi.</span></li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Kebenaran, mengacu pada prinsip
saling menawarkan bantuan dan nasehat untuk saling meningkatkan
produktivitas.</span></li>
</ol>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Lima transaksi
yang lazim dipraktekkan perbankan syariah adalah:</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<ol start="1" type="1">
<li class="MsoNormal" style="line-height: 150%; mso-list: l2 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Tarnsaksi
yang tidak mengandung ribal.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l2 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Transaksi
yang ditujukan untuk memiliki barang dengan cara jual beli(murabaha)</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l2 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Transaksi
yang ditujukan untuk mendapatkan jaa dengan cara sewa(ijarah)</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l2 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Transaksi
yang ditujukan untuk mendapatkan modal kerja dengan cara bagi hasil
(mudharabah)</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l2 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Transaksi
deposito, tabungan, giro yang imbalannya adlah bagi hasil (mudharabah) dan
transaksi titipan(wadi’ah).</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></li>
</ol>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">G. Produk Perbankan Syariah</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"><span style="mso-tab-count: 1;"> </span></span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Produk perbankan syariah dapat dibagi menjadi tiga bagian
yaitu:</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: list 36.0pt; text-indent: -57.0pt;">
<span lang="DE" style="font-family: "symbol"; font-size: 12.0pt; line-height: 150%;">Þ</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Produk
penyaluran dana</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: list 36.0pt; text-indent: -57.0pt;">
<span lang="DE" style="font-family: "symbol"; font-size: 12.0pt; line-height: 150%;">Þ</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Produk
penghimpunan dana</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: list 36.0pt; text-indent: -57.0pt;">
<span lang="DE" style="font-family: "symbol"; font-size: 12.0pt; line-height: 150%;">Þ</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Produk yang
berkaitan dengan jasa yang diberikan kepada nasabahnya.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">1. Produk penyaluran dana</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">a. Prinsip Jual Beli (<i>Ba’i)</i></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"><span style="mso-tab-count: 1;"> </span>Transaksi
jual beli dibedakanberdasar4kan bentuk pembayarannya dan waktu penyerahan
barang, seperti:</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: list 36.0pt; text-indent: -18.0pt;">
<span style="font-family: "wingdings"; font-size: 12.0pt; line-height: 150%;">Ø</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Pembiayaan
<i>Murabahah</i></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Murabahah adalah transaksi jual beli
di mana bank menyebut jumlah</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">keuntungannya. Bank bertindak
sebagai penjual, sementara nasabah sebagai pembeli. Harga jual adalah harga
beli bank dari pemasok ditambah keuntungan. Kedua pihak harus menyepakati harga
jual dan jangka waktu pembayaran. Harga jual dicantumkan dalam akad jual beli
dan jika telah disepakati tidak dapat berubah selama berlakunya akad. Dalam
perbankan, <i>murabahah</i> lazimnya dilakukan dengan cara pembayaran cicilan (<i>bi
tsaman ajil</i>). Dalam transaksi ini barang diserahkan segera setelah akad,
sedangkan pembayaran dilakukan secara tangguh.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: list 36.0pt; text-indent: -18.0pt;">
<span style="font-family: "wingdings"; font-size: 12.0pt; line-height: 150%;">Ø</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Salam</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: 18.0pt;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Salam adalah transaksi jual beli di mana barang yang
diperjualbelikan belum ada. Dalam praktik perbankan, ketika barang telah
diserahkan kepada bank, maka bank akan menjualnya kepada nasabah itu sendiri
secara tunai atau secara angsuran. Umumnya transaksi ini diterapkan dalam penbiayaan
barang yang belum ada, seperti pembelian komoditi dijual kembali secara tunai
atau secara cicilan.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: list 36.0pt; text-indent: -18.0pt;">
<span lang="DE" style="font-family: "wingdings"; font-size: 12.0pt; line-height: 150%;">Ø</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Istishna</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: 18.0pt;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Produk istishna menyerupai produk salam, namun dalam
istishna pembayarannya dapat dilakukan oleh bank dalam beberapa kali (termin)
pembayaran. <i>Skim istishna </i>dalam bank syariah umumnya diaplikasikan pada
pembiayaan manufaktur dan kontruksi. Ketentuan umum <i>Istishna</i> sebagai
berikut :</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: 18.0pt;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Spesifikasi barang pesanan harus jelas, seperti jenis,
macam, ukuran, mutu, dan jumlah. Harga jual yang disepakati dicantumkan dalam
akad <i>Istishna</i> dan tidak boleh berubah selama berlakunya akad. Jika
terjadi perubahan harga setelah akad ditandatangani, maka seluruh biaya
tambahan tetap ditanggung nasabah.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">b. Prinsip Sewa
(<i>Ijarah</i>)</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"><span style="mso-tab-count: 1;"> </span>Transaksi ijarah dilandasi adanya
perpindahan manfaat. Jadi pada dasarnya prinsip ijarah sama saja dengan prinsip
jual beli, namun perbedaanya terletak pada objek transaksinya. Bila pada jual
beli objek transaksinya adalah barang, maka pada ijarah objek transaksinya
adalah jasa.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"><span style="mso-tab-count: 1;"> </span>Pada akhir masa sewa, bank dapat
saja menjual barang yang disewakan kepada nasabah. Karena itu dalam perbankan
syariah dikenal dengan <i>ijarah muntahiya nittamlik </i>(sewa yang diikuti
dengan berpindahnya kepemilikan). </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Harga sewa dan harga jual disepakati pada awal perjanjian.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">c. Prinsip Bagi Hasil (Syirkah)</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"><span style="mso-tab-count: 1;"> </span>Produk
pembiayaan syariah yang didasarkan pada prinsip bagi hasil adalah:</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: list 36.0pt; text-indent: -18.0pt;">
<span style="font-family: "wingdings"; font-size: 12.0pt; line-height: 150%;">Ø</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Musyarakah</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: 18.0pt;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Musyarakah
adalah semua bentuk usaha yang melibatkan dua pihak atau lebih dimana secara
bersama – sama memadukan seluruh bentuk sumber daya baik yang berwujud maupun
tidak berwujud. Bentuk kontribusi dari pihaki yang bekerja sama dapat berupa
dana, barang perdagangan (trading asset), kewiraswastaan (entrepreneurship),
keahlian (skill), kepemilikan (property), peralatan (equipment), atau
intangible asset( seperti hak paten atau goodwill), kepercayaan/reputasi
(credit worthiness) dan barang – barang lainnya yang dapat dinilai dengan uang.
Dengan merangkum seluruh kombinasi dari bentu kontribusi masing – masing pihak
dengan atau tanpa batasan waktu menjadikan produk ini sangat fleksibel.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: list 36.0pt; text-indent: -18.0pt;">
<span style="font-family: "wingdings"; font-size: 12.0pt; line-height: 150%;">Ø</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Mudharabah</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: 18.0pt;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Mudharabah
adalah bentuk kerjasama antara dua atau lebih pihak dimana pemilik modal
mempercayakan seju7mlah modal kepada pengelola dengan suatu perjanjian
pembagian keuntungan. </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Bentuk ini menegaskan kerjasama dengan kontribusi 100%
modal dari pemilik modal dan keahlian dari pengelola. Beberapa ketentuan umum
mudharabah adalah;</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: -18.0pt;">
<span lang="DE" style="font-family: "wingdings"; font-size: 12.0pt; line-height: 150%;">v</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Jumlah modal y6ang diserahkan kepada
nasabah selaku pengelola modal harus diserahkan tunai;</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: -18.0pt;">
<span lang="DE" style="font-family: "wingdings"; font-size: 12.0pt; line-height: 150%;">v</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Hasil dari pengelolaan modal pembiayaan
mudharabah dapat diperhitungkan dengan dua cara: perhitungan dari pendapatan
proyek (revenue sharing) dan perhitungan dari keuntungan proyek (profit loss
sharing).</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: -18.0pt;">
<span lang="DE" style="font-family: "wingdings"; font-size: 12.0pt; line-height: 150%;">v</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Hasil usaha dibagi sesuai dengan
persetujuan dalam akad pada setiap bulan atau waktu yang disepakati.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: -18.0pt;">
<span lang="DE" style="font-family: "wingdings"; font-size: 12.0pt; line-height: 150%;">v</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Bank berhak melakukan pengawasan
terhadap pekerjaan, namun tidak berhak mencampuri urusan pekerjaan/usaha
nasabah.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">d. Akad Pelengkap</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"><span style="mso-tab-count: 1;"> </span>Untuk mempermudah pelaksanaan
pembiayaan, biasanya diperlukan juga akad pelengkap. Akad pelengkap ini tidak
ditujukan untuk mencari keuntungan, namun ditujukan untuk mempermudah
pelaksanaan pembayaran. Meskipun tidak ditujukan untuk mencari keuntungan,
dalam akad pelengkap ini diperbolehkan untuk meminta pengganti biaya – biaya
yang dikeluarkan untuk melaksanakan akad ini. Besarnya pengganti biaya ini
sekadar untuk menutupi biaya yang benar – benar timbul.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: -18.0pt;">
<span lang="DE" style="font-family: "symbol"; font-size: 12.0pt; line-height: 150%;">Þ</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><i><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Hiwalah </span></i><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">( Alih Utang
Piutang)</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: 18.0pt;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Hiwalah adalah transaksi mengalihkan utang piutang. Dalam
praktik perbankan syariah, fasilitas hiwalah lazimnya untuk melanjutkan suplier
mendapatkan modal tunai agar dapat melanjutkan produksinya. Bank mendapatkan
ganti biaya atas jasa pemindahan piutang. </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: -18.0pt;">
<span lang="DE" style="font-family: "symbol"; font-size: 12.0pt; line-height: 150%;">Þ</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Rahn (Gadai)</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: 18.0pt;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Tujuan akad rahn adalah memberikan jaminan pembayaran
kembali kepada bank dalam memberikan pembiayaan. Barang yang digadaikan wajib
memenuhi kriteria sebagai berikut :</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: list 75.0pt; text-indent: -18.0pt;">
<span lang="DE" style="font-family: "wingdings"; font-size: 12.0pt; line-height: 150%;">§</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Milik nasabah
sendiri,</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: list 75.0pt; text-indent: -18.0pt;">
<span lang="DE" style="font-family: "wingdings"; font-size: 12.0pt; line-height: 150%;">§</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Jelas ukuran,
sifat, dan nilainya ditentukan berdasarkan nilai riil pasar,</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: list 75.0pt; text-indent: -18.0pt;">
<span lang="DE" style="font-family: "wingdings"; font-size: 12.0pt; line-height: 150%;">§</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Dapat dikuasai
namun tidak boleh dimanfaatkan oleh bank. </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: 18.0pt;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Atas izin bank, nasabah dapat menggnakan barang tertentu
yang digadaikan dengan tidak mengurangi nilai dan merusak barang yang
digadaikan. Apabila barang yang digadaikan rusak atau cacat, maka nasabah harus
bertanggungjawab.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: -18.0pt;">
<span lang="DE" style="font-family: "symbol"; font-size: 12.0pt; line-height: 150%;">Þ</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Qardh</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: 18.0pt;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Qardh adalah pinjaman uang. Aplikasi qardh dalam
perbankan biasanya dalam empat hal yaitu:</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: -18.0pt;">
<span lang="DE" style="font-family: "wingdings"; font-size: 12.0pt; line-height: 150%;">Ø</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Sebagai pinjaman talangan haji, diman
nasabah calon haji diberikan pinjaman talangan untuk memenuhi syarat penyetoran
biaya perjalanan haji.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: -18.0pt;">
<span lang="DE" style="font-family: "wingdings"; font-size: 12.0pt; line-height: 150%;">Ø</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Sebagai pinjaman tunai (cash advance)
dari produk kartu kredit syariah, dimana nasabah diberi keleluasaan untuk
menarik uang tunai melalui8 bank (ATM). Nasabah akan mengembalikannya sesuai
waktu yang ditentukan.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: -18.0pt;">
<span lang="DE" style="font-family: "wingdings"; font-size: 12.0pt; line-height: 150%;">Ø</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Sebagai pinjaman kepada pengusaha
kecil, di mana menurut perhitungan bank akan memberatkan si pengusaha bila
diberikan pembiayaan dengan skema jual beli, ijarah, atau bagi hasil.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: -18.0pt;">
<span lang="DE" style="font-family: "wingdings"; font-size: 12.0pt; line-height: 150%;">Ø</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Sebagai pinjaman kepada pengurus bank,
dimana bank menyediakan fasilitas ini untuk memastikan terpenuhinya kebutuhan
pengu7rus bank. Pengurus bank akan mengembalikannya secara angsur melalui
potongan gajinya.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: -18.0pt;">
<span lang="DE" style="font-family: "symbol"; font-size: 12.0pt; line-height: 150%;">Þ</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Wakalah
(Perwakilan )</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: 18.0pt;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Wakalah dalam aplikasi perbankan terjadi apabila nasabah
memberikan kuasa pada bank untuk mewakili dirinya melakukan pekerjaan jasa
tertentu, seperti pembukuan L/C (Letter of Credit), inkaso dan transfer uang.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: 18.0pt;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Bank dan nasabah yang dicantumkan dalam akad pemberian
kuasa harus cakap hukum. Khusus untuk pembukuan L/C, apabila dana nasabah tidak
cukup, maka penyelesaian L/C (settlement L/C) dapat dilakukan dengan pembiayaan
murabahah, salam, ijarah, mudharabah, atau musyarakah.<span style="mso-spacerun: yes;"> </span></span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: -18.0pt;">
<span lang="DE" style="font-family: "symbol"; font-size: 12.0pt; line-height: 150%;">Þ</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Kafalah
(Garansi Bank)</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: 18.0pt;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Garansi bank dapat diberikan dengan tujuan untuk mrnjamin
suatu kewajiban pembayaran. Bank dapat mempersyaratkan nasabah untuk
menempatkan sejumlah dana untuk fasilitas ini sebagai rahnb. Bank dapat pula
menerima dana tersebut dengan prinsip wadi’ah. Bank mendapatkan pengganti biaya
atas jasa yang diberikan.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">2. Produk Penghimpunan Dana</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"><span style="mso-tab-count: 1;"> </span></span></b><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Penghimpunan
dana di Bank Syariah dapat berbentuk giro, tabungan, dan deposito. Prinsip
operasional syariah yang diterapkan dalam penghimpunan dana masyarakat adalah
prinsip wadi’ah dan mudharabah.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">a. Prinsip
Wadi’ah</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Ketentuan umum
dari produk ini adalah :</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: -18.0pt;">
<span lang="DE" style="font-family: "courier new"; font-size: 12.0pt; line-height: 150%;">o</span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Keuntungan atau kerugian dari
penyaluran dana menjadi hak milik atau ditanggung bank, sedang pemilik dana
tidak dijanjikan imabalan dan tidak menanggung kerugian. Bank dimungkinkan
memberi bonus kapada pemilik dana sebagai suatu insentif untuk menarik dana
masyarakat namun tidak boleh diperjanjikan di muka.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: -18.0pt;">
<span style="font-family: "courier new"; font-size: 12.0pt; line-height: 150%;">o</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Bank harus
membuat akad pembukaan rekening yang isinya mencakup izin penyaluran dana yang
disimpan dan persyaratan lain yang disepakati selama tidak bertentangan dengan
prinsip syariah. </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Khusus
bagi pemilik rekening giro, bank dapat memberikan buku cek, bilyet giro, dan
debit card.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: -18.0pt;">
<span style="font-family: "courier new"; font-size: 12.0pt; line-height: 150%;">o</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Terhadap pembukaan rekening ini bank
dapat mengenakan pengganti biaya administrasi untuk sekadar menutupi biaya yang
benar – benar terjadi.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: -18.0pt;">
<span style="font-family: "courier new"; font-size: 12.0pt; line-height: 150%;">o</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Ketentuan – ketentuan lain yang
berkaitan dengan rekening giro dan tabungan berlaku selama tidak bertentangan
dengan prinsip syariah.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">b. Prinsip Mudharabah </span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: -18.0pt;">
<span style="font-family: "symbol"; font-size: 12.0pt; line-height: 150%;">Þ</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Mudharabah Mutlaqah</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Penerapan mudharabah mutlaqah dapat
berupa tabungan dan deposito sehingga terdapat dua jenis penghimpunan dana,
yaitu tabungan mudharaba dan deposito mudharabah. Berdasarkan prinsip ini,
tidak ada pembatasan bagi bank dalam menggunakan dana yang dihimpun. </span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: -18.0pt;">
<span style="font-family: "symbol"; font-size: 12.0pt; line-height: 150%;">Þ</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Mudharabah Muqayyadah on Balance
sheet</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Jenis mudharabah ini merupakan
simpanan khusus (restricted investment) di mana pemilik dana dapat menetapkan
syarat – syarat tertentu yang harus dipenuhi bank. Misalnya disyaratkan
digunakan untuk bisnis tertentu, disyaratkan digunakan deangan akad tertentu,
atau disyaratkan digunakan untuk nasabah tertentu.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: -18.0pt;">
<span style="font-family: "symbol"; font-size: 12.0pt; line-height: 150%;">Þ</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Mudharabah Muqayyadah off Balance
sheet</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Jenis mudharabah ini merupakan
penyaluran dana mudharabah langsung kepada pelaksana usahanya, di mana bank
bertindak sebagai perantara (<i>arranger</i>) yang mempertemukan antara pemilik
dana dengan pelaksana usaha. Pemilik dana dapat menetapkan syarat – syarat
tertentu yang harus dipenuhi oleh bank dalam mencari kegiatan usaha yang akan
dibiayai dan pelaksanaan usahanya.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">c. Akad Pelengkap</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-indent: -18.0pt;">
<span style="font-family: "symbol"; font-size: 12.0pt; line-height: 150%;">Þ</span><span style="font-family: "times new roman" , "serif"; font-size: 7.0pt; line-height: 150%;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Wakalah (perwakilan)</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Dalam aplikasi perbankan, wakalah
terjadi apabila nasabah memberikan kuasa kepada bank untuk mewakili dirinya
melakukan pekerjaan jasa tertentu, seperti inkaso dan transfer uang.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">3. Jasa Perbankan</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">a. <i>Sharf </i>(Jual Beli Valuta
Asing)</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"><span style="mso-tab-count: 1;"> </span>Pada
prinsipnya, jual beli valuta asing sejalan dengan prinsip <i>sharf</i>. Jual
beli mata uang yang tudak sejenis ini penyerahannya harus dilaksanakan pada
waktu yang sama (spot). Bank mengambil keuntungan dari jual beli valuta asing
ini.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">b. Ijarah (sewa)</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"><span style="mso-tab-count: 1;"> </span>Jenis
kegiatan ijarah antara lain penyewaan kotak simpanan (<i>safe deposit box) </i>dan
jasa tata laksana administrasi dokumen (custodian). Bank dapat imbalan sewa
dari jasa tersebut.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">E. Keunggulan Bank Syariah</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<ol start="1" type="1">
<li class="MsoNormal" style="line-height: 150%; mso-list: l1 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Dengan adanya negosiasi antara
pihak nasabah dengan pihak bank, tercapai suatu halyang saling
menguntungkan.</span></li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l1 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Dengan prinsip bagi hasil, jika
perusahaan ingin menaikkan usahanya namun kekurangan modal, maka dapat
mengajukan kredit dengan baik, sehingga dapat menerima modal dan juga
resiko yang ada lebih rendah daripada dengan pinjaman kredit biasanya.</span></li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l1 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Dapat mendorong para pengusaha
kecil untuk mengembangkan usahanya dengan baik, dengan adanya bantuan dari
pihak bank.</span></li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l1 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Resiko
kerugian lebih kecil dengan menggunakan prinsip ini. Karena apabila
mengalami kerugian, maka dibagi menurut perjanjian yang dibuat.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l1 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Pihak bank
akan mendapatkan banyak nasabah dengan menggunakan prinsip ini, karena
adanya kemudahan – kemudahan (misalnya tanpa agunan) yang diberikan oleh bank
dan juga akan menaikkan keuntungan yang besarnya sesuai dengan perjanjian
yang dilakukan.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></li>
</ol>
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span>
<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">BAB III</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
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<b><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">PENUTUP</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: list 12.0pt; text-align: justify;">
<b><span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">A. Kesimpulan</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Dari uraian kita sepakati bersama bahwa perbankan islam
adalah lembaga keuangan yang menjalankan aktivitas perbankan konvensional murni
yang tidak sama sekali ada kaitannya dengan kegiatan keagamaan yang akan
menimbulkan kontradiksi apabila terjadi sebuah kesalahan, maka agama islam
termasuk di dalamnya umat islam itu akan tersalahkan. </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Namun dalam kegiatannnya perbankan islam tidak boleh
menyimpang dari landasan dan prinsip-prinsip islam itu sendiri, karena
timbulnya perbankan islam adalah untuk menyempurnakan dari sistem sosialis dan
konvensional. Yang bukan saja berorientasi pada profitabilitas tapi juga
bagaimana perbankan islam itu sendiri mengedepankan etika dan moral dalam
berbisnis di dunia perbankan yang dapat menciptakan sebuah kegiatan perbankan
yang efisien dan efektip (bebas dari Riba, Gharar, Maysir, dll) sehingga dapat
berimplikasi pada pembangunan ekonomi, kesejahteraan rakyat, menciptakan pasar
ekonomi yang sehat dan menghilangkan paradigma dzalim.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Maka tugas kita selaku akademisi adalah bagai mana kita
mengembangkan dan menerapkan kegiatan perbankan islam pada masyarakat dunia,
sehingga tidak ada kata alergi ketika masyarakat mendengar istilah – istilah
kegiatan perbankan islam. Harapan kita bahwa sudah cukup sampai disini saja
kegiatan dunia bisnis baik yang basis finansial, Investasi, perbankan, real,
pasar modal, pasar barang dll. Yang hanya menguntungkan sebagian pihak dan
dipihak lain tertidas.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="DE" style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;">Mari kita jadikan Perbankan islam sebagai sarana untuk
menciptakan dunia bisnis baru yang bernafaskan positif yang dapat memberikan
kesejahteraan bagi semua.</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal">
<br /></div>
obay.bhochepthttp://www.blogger.com/profile/15134122313754690568noreply@blogger.com0South Jakarta, South Jakarta City, Special Capital Region of Jakarta, Indonesia-6.2521867539568845 106.84740543365479-6.2541597539568841 106.84488393365478 -6.2502137539568849 106.84992693365479tag:blogger.com,1999:blog-8051265237521567590.post-82222451065716373882014-07-27T01:40:00.000-07:002014-07-27T01:40:33.574-07:00SAHAM SYARI'AH<br />
<div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: center;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">BAB
I<o:p></o:p></span></b></div>
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<b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">PENDAHULUAN<o:p></o:p></span></b></div>
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<br /></div>
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<br /></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l2 level1 lfo19; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">A.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: normal; line-height: normal;">
</span></span></b><!--[endif]--><span dir="LTR"></span><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Latar
Belakang Masalah<o:p></o:p></span></b></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Beragam produk
dan layanan yang ditawarkan Ekonomi Islam telah meningkatkan gairah masyarakat
serta pelaku usaha dan bisnis untuk memanfaatkan tawaran tersebut. Salah
satunya adalah investasi syariah yang telah diakomodasi oleh pasar modal –
sebagai salah satu instrumen berinvestasi – dalam bentuk indeks saham sesuai
dengan prinsip syariah.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Jakarta Islamic
Index atau biasa disebut JII adalah salah satu index saham yang ada di
Indonesia yang menghitung index harga rata-rata saham untuk jenis saham-saham
yang memenuhi kriteria syariah. Pembentukan JII tidak lepas dari kerja sama
antara Pasar Modal Indonesia (dalam hal ini PT Bursa Efek Jakarta) dengan PT
Danareksa Invesment Management (PT DIM). JII telah dikembangkan sejak tanggal 3
Juli 2000. Pembentukan instrumen syariah ini untuk mendukung pembentukan Pasar
Modal Syariah yang kemudian diluncurkan di Jakarta pada tanggal 14 Maret 2003.
Mekanisme Pasar Modal Syariah meniru pola serupa di Malaysia yang digabungkan dengan
bursa konvensional seperti Bursa Efek Jakarta dan Bursa Efek Surabaya. Setiap
periodenya, saham yang masuk JII berjumlah 30 (tiga puluh) saham yang memenuhi
kriteria syariah. JII menggunakan hari dasar tanggal 1 Januari 1995 dengan
nilai dasar 100.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Tujuan
pembentukan JII adalah untuk meningkatkan kepercayaan investor untuk melakukan
investasi pada saham berbasis syariah dan memberikan manfaat bagi pemodal dalam
menjalankan syariah Islam untuk melakukan investasi di bursa efek. JII juga
diharapkan dapat mendukung proses transparansi dan akuntabilitas saham berbasis
syariah di Indonesia. JII menjadi jawaban atas keinginan investor yang ingin
berinvestasi sesuai syariah. Dengan kata lain, JII menjadi pemandu bagi
investor yang ingin menanamkan dananya secara syariah tanpa takut tercampur
dengan dana ribawi. Selain itu, JII menjadi tolak ukur kinerja (benchmark)
dalam memilih portofolio saham yang halal.<o:p></o:p></span></div>
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<br /></div>
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<!--[if !supportLists]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">B.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: normal; line-height: normal;">
</span></span></b><!--[endif]--><span dir="LTR"></span><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Rumusan
Masalah<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 1.0cm;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Yang menjadi rumusan masalah dalam penulisan makalah
ini diantaranya adalah :<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">1.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Apa
definisi saham syariah?<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">2.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Apa
saja yang menjadi nilai-nilai saham syariah?<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">3.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Apa
saja jenis-jenis saham syariah?<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">4.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Bagaimana
sifat dan karakteristik saham syariah?<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">5.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Apa
saja keuntungan saham syariah?<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">6.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Apa
saja resiko saham syariah?<o:p></o:p></span></div>
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<br /></div>
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<!--[if !supportLists]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">C.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: normal; line-height: normal;">
</span></span></b><!--[endif]--><span dir="LTR"></span><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Tujuan
Penulisan<o:p></o:p></span></b></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Yang menjadi tujuan dari penulisan makalan ini
diantaranya adalah untuk :<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">1.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Mengetahui
definisi saham syariah.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">2.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Mengetahui
nilai-nilai saham syariah.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">3.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Mengenal
jenis-jenis saham syariah.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l5 level1 lfo21; text-align: justify; text-indent: -14.15pt;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">4.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Mengetahui
sifat dan karakteristik saham syariah.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l5 level1 lfo21; text-align: justify; text-indent: -14.15pt;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">5.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Mengetahui
keuntungan saham syariah.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";">6.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Mengetahui
resiko saham syariah.<o:p></o:p></span></div>
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<br /></div>
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<br /></div>
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<br /></div>
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<br /></div>
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<b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">BAB
II<o:p></o:p></span></b></div>
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<b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">PEMBAHASAN<o:p></o:p></span></b></div>
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<br /></div>
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<br /></div>
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<!--[if !supportLists]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">A.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: normal; line-height: normal;">
</span></span></b><!--[endif]--><span dir="LTR"></span><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Pengenalan
Saham Syariah<o:p></o:p></span></b></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Saham syariah
adalah saham-saham yang memiliki karakteristik sesuai dengan syariah Islam atau
yang lebih dikenal dengan syariah compliant. Terdapat beberapa pendekatan untuk
menyeleksi suatu saham apakah bisa dikategorikan sebagai saham syariah atau
tidak (Kurniawan,T,2008), yaitu:<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">•<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Pendekatan jual
beli. Dalam pendekatan ini diasumsikan saham adalah asset dan dalam jual beli
ada pertukaran asset ini dengan uang. Juga bisa dikategorikan sebagai sebuah
kerja samayang memakai prinsip bagi hasil (profit-loss sharing).<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">•<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Pendekatan
aktivitas keuangan atau produksi. Dengan menggunakan pendekatan produksiini,
sebuah saham bisa diklaim sebagai saham yang halal ketika produksi dari barang dan
jasayang dilakukan oleh perusahaan bebas dari element-element yang haram yang
secara explicitdisebut di dalam Al-Quran seperti riba, judi, minuman yang
memabukkan, zina, babi dansemua turunan-turunannya.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">•<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Pendekatan
pendapatan. Metode ini lebih melihat pada pendapatan yang diperoleh oleh
perusahaan tersebut. Ketika ada pendapatan yang diperoleh dari Bunga (interest)
maka secaraumum kita bisa mengatakan bahwa saham perusahaan tersebut tidak
syariah karena masihada unsur riba disana. Oleh karena itu seluruh pendapatan
yang didapat oleh perusahaanharus terhindar dan bebas dari bunga atau interest.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l20 level2 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">•<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Pendekatan
struktur modal yang dimiliki oleh perusahaan tersebut. Dengan melihat
ratiohutang terhadap modal atau yang lebih dikenal dengan debt/equity ratio.
Dengan melihatratio ini maka diketahui jumlah hutang yang digunakan untuk modal
atas perusahaan ini.Semakin besar ratio ini semakin besar ketergantungan modal
terhadap hutang. Akan tetapiuntuk saat ini bagi perusahan agak sulit untuk
membuat ratio ini nol, atau sama sekali tidak ada hutang atas modal. Oleh
karena itu ada toleransi-toleransi atau batasan seberapa besar “Debt to Equity
ratio“ ini. Dan masing masing syariah indeks di dunia berbeda dalam penetapan
hal ini. Namun secara keseluruhan kurang dari 45% bisa diklaim sebagai
perusahaan yang memiliki saham sariah.<o:p></o:p></span></div>
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<br /></div>
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<!--[if !supportLists]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">B.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: normal; line-height: normal;">
</span></span></b><!--[endif]--><span dir="LTR"></span><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Nilai-Nilai
Saham Syariah<o:p></o:p></span></b></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Nilai yang
berhubungan dengan saham dapat dilihat dalam empat konsep yang memberikan makna
yang berbeda. Saham memiliki nilai nominal, nilai buku ( book value), nilai pasar
( Market value), dan nilai intrinsic ( Intrinsic value).<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Nilai nominal
adalah nilai per lembar saham yang
berkaitan dengan hukum. Nilai buku adalah nilai saham menurut pembukuan
perusahaan. Nilai pasar adalah harga saham di bursa efek. Nilai intrinsic
adalah nilai sebenarnya dari saham.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Memahami keempat
konsep nilai ini merupakan hal yang perlu dan berguna, karena konsep- konsep
itu dapat digunakan untuk mengetahui saham- saham mana yang bertumbuh ( growth)
dan mana yang murah ( undervalued). Dengan mengetahui nilai buku dan nilai
pasar, pertumbuhan perusahaan dapat diketahui.
Pertumbuhan menunjukan investment opportunity set, atau set kesempatan
investasi di masa datang, yaitu menggunakan rasio nilai pasar dibagi dengan
nilai buku sebagai indicator pengukur pertumbuhan perusahaan. Perusahaan
mengalami pertumbuhan apabila mempunyai rasio lebih dari nilai ( 1) , yang
berarti pasar percaya bahwa nilai pasar perusahaan bersangkutan lebih besar
dari nilai bukunya.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Pengetahuan
mengenai nilai pasar dan nilai intrinsic dapat digunakan untuk mengetahui
saham- saham mana yang murah, tepat nilai atau mahal. Jika nilai pasar lebih
kecil dari nilai intrinsic, ini menunjukan bahwa nilai saham bersangkutan lebih
kecil dari yang seharusnya dibayar ( undervalued), jadi layak untuk dibeli.
Sebaliknya nilai pasar yang lebih besar dari nilai intrinsic menunjukan bahwa
saham bersangkutan dijual dengan harga yang mahal ( overvalued).<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 38.7pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Nilai nominal (
Par value) suatu saham adalah nilai kewajiban yang ditetapkan untuk tiap- tiap
lembar saham. Nilai nominal adalah modal per lembar yang harus ditahan di
perusahaan untuk proteksi kepada kreditor yang tidak dapat diambil oleh
pemegang saham. Untuk saham yang tidak mempunyai nilai nominal, dewan direksi
umumnya menetapkan sendiri ( sorted value) per lembar. Jika tidak ada nilai
yang ditetapkan maka yang dianggap sebagai modal adalah semua penerimaan bersih
( proceeds ) yang diterima oleh emiten pada waktu mengeluarkan saham
bersangkutan.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Nilai Buku (
book value) per lembar saham menunjukan aktiva bersih ( net assets) per lembar
saham yang dimiliki oleh pemegang saham. Nilai buku per lembar saham ( book
value per share ) tidak menunjukan ukuran kinerja saham yang penting, tetapi
nilai buku per lembar saham dapat mencermi kan berapa besar jaminan yang akan
diperoleh oleh pemegang saham apabila perusahaan penerbit saham ( emiten )
dilikuidasi.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Jika perusahaan
mempunyai dua jenis saham, yaitu saham preferen dan saham biasa, maka
perhitungan nilai buku per lembar untuk dua jenis saham itu adalah sebagai
berikut:<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l13 level1 lfo4; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">a)<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Cara
menghitung ekuitas preferen adalah mengalikan nilai tebus ( call price)
ditambah dengan dividen yang di arrears dengan lembar saham preferen yang
beredar. Jika nilai tebus tidak digunakan, maka nilai nominal yang digunakan di
dalam perhitungan ini, agio saham untuk saham preferen tidak dimasukan karena
pemegang saham preferen tidak mempunyai hak untuk agio ini, walaupun bereasal
dari saham preferen, sehingga nilai agio ini dimasukkan sebagai tambahan nilai
ekuitas saham biasa.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l13 level1 lfo4; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">b)<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Cara
menghitung nilai ekuitas saham biasa adalah: nilai ekuitas saham biasa dihitung
dengan mengurangi nilai total ekuitas dengan nilai ekuitas saham preferen.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Nilai pasar <i>(market value)</i> berbeda dengan nilai
buku. Jika nilai buku merupakan nilai yang dicatat pada saat saham dijual oleh
perusahaan, maka nilai pasar bursa pada saat tertentu ditentukan oleh pelaku
pasar. Nilai pasar ditentukan oleh permintaan dan penawaran saham bersangkutan
di pasar bursa.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Beberapa
pertanyaan mendasar sering dikemukakan, seperti misalnya, apakah harga saham di
pasar mencerminkan nilai sebenarnya dari perusahaan. Jika tidak, beberapa nilai
sebenarnya dari saham yang diperdagangkan. Nilai sebenarnya ini disebut nilai
fundamental <i>(fundamental value),</i> atau
nilai intrinsic <i>(intrinsic value).<o:p></o:p></i></span></div>
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<br /></div>
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<!--[if !supportLists]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">C.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: normal; line-height: normal;">
</span></span></b><!--[endif]--><span dir="LTR"></span><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Jenis-Jenis
Saham Syariah<o:p></o:p></span></b></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Jakarta Islamic
Index terdiri dari 30 jenis saham yang dipilih dari saham-saham yang sesuai
dengan Syariah Islam. Penentuan kriteria pemilihan saham dalam Jakarta Islamic
Index melibatkan pihak Dewan Pengawas Syariah PT Danareksa Invesment
Management.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Saham-saham yang
masuk dalam Indeks Syariah adalah emiten yang kegiatan usahanya tidak
bertentangan dengan syariah seperti:<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Usaha perjudian
dan permainan yang tergolong judi atau perdagangan yang dilarang.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Usaha lembaga
keuangan konvensional (ribawi) termasuk perbankan dan asuransi konvensional.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Usaha yang
memproduksi, mendistribusi serta memperdagangkan makanan dan minuman yang
tergolong haram.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Usaha yang
memproduksi, mendistribusi dan/atau menyediakan barang-barang ataupun jasa yang
merusak moral dan bersifat mudarat.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Selain criteria diatas, dalam proses pemilihan saham
yang masuk JII Bursa Efek Jakarta melakukan tahap-tahap pemilihan yang juga
mempertimbangkan aspek likuiditas dan kondisi keuangan emiten, yaitu:<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">1.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Memilih
kumpulan saham dengan jenis usaha utama yang tidak bertentangan dengan prinsip
syariah dan sudah tercatat lebih dari 3 bulan (kecuali termasuk dalam 10
kapitalisasi besar).<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Memilih
saham berdasarkan laporan keuangan tahunan atau tengah tahun berakhir yang meiliki
rasio Kewajiban terhadap Aktiva maksimal sebesar 90%.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">3.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Memilih
60 saham dari susunan saham diatas berdasarkan urutan rata-rata kapitalisasi
pasar (market capitalization) terbesar selama satu tahun terakhir.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">4.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Memilih
30 saham dengan urutan berdasarkan tingkat likuiditas rata-rata nilai
perdagangan reguler selama satu tahun terakhir.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 31.65pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 25.05pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Pengkajian ulang akan dilakukan 6 bulan sekali
dengan penentuan komponen index pada awal bulan Januari dan Juli setiap
tahunnya. Sedangkan perubahan pada jenis usaha emiten akan dimonitoring secara
terus menerus berdasarkan data-data publik yang tersedia.<o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt; line-height: 150%;">Jumlah saham syariah yang tercatat di BEI sejak DES
periode pertama (30 November 2007) sampai dengan periode Mei
2012 adalah sebagai berikut:</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Periode</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Tanggal Terbit</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Saham Syariah</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">I</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">30 Nov 2007</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.8pt;" width="125"><div class="MsoNormal" style="margin: 3pt 0cm;">
<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">164</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">II</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">30 Mei 2008</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.8pt;" width="125"><div class="MsoNormal" style="margin: 3pt 0cm;">
<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">180</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">III</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">28 Nov 2008</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">185</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">IV</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">29 Mei 2009</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">177</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">V</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">30 Nov 2009</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">186</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">VI</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">27 Mei 2010</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">194</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">VI</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">I<o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">29 Nov 2010<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"> 209<o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">VIII<o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">31 Mei 2011</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">221</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">IX</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">30 Nov 2011</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">241</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">X</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">24 Mei 2012</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">274</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 9.0pt; line-height: 150%;">Sumber : http://www.idx.co.id<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 31.65pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 32.15pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Adapun jenis instrumen pasar modal yang jelas
diharamkan syariah adalah sebagai berikut:<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l14 level1 lfo3; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Preferred Stock
(saham istimewa). Saham jenis ini diharamkan oleh ketentuan syariah karena
terdapat dua karakteristik utama, yaitu: <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 63.8pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; tab-stops: 63.8pt; text-align: justify; text-indent: -14.15pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">a.
Adanya keuntungan tetap <i>(pre-determinant revenue).</i> Hal ini
menurut kalangan ulama dikategorikan sebagairiba. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 63.8pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; tab-stops: 63.8pt; text-align: justify; text-indent: -14.15pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">b.
Pemilik saham preferen mendapatkan hak istimewa terutama pada saatlikuidasi.
Hal ini mengandung unsur ketidakadilan.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l14 level1 lfo3; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Forward Contract
Forward contract diharamkan karena
segala bentuk jual beliutang <i>(dayn bi
dayn)</i> tidak sesuai dengan syariah. Bentuk kontrak forward ini dilarang dalam
Islam karena dianggap jual beli utang/piutang terdapat unsur ribawi, sedangkan terjadinya
transaksi jual beli dilakukan sebelum tanggal jatuh tempo.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l14 level1 lfo3; text-align: justify; text-indent: -14.2pt;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Option
Option merupakan hak, yaitu untuk membeli dan menjual barang yang tidak
disertai dengan <i>underlying asset</i> atau
<i>real asset</i>. Transaksi option ini
bersifat tidak ada (non exist) dan dinilai oleh kalangan ulama bahwa kontrak
option ini termasuk future, yaitu mengandung unsur gharar (penipuan/spekulasi)
dan maysir (judi).<o:p></o:p></span></div>
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<br /></div>
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<!--[if !supportLists]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">D.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: normal; line-height: normal;">
</span></span></b><!--[endif]--><span dir="LTR"></span><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Sifat
dan Karakteristik Saham Syariah<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; text-align: justify; text-indent: 34.9pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Di dalam literatur –literatur, tidak terdapat
istilah atau pembedaan antara saham yang syariah dengan yang non syariah. Akan
tetapi, saham sebagai bukti kepemilikan suatu perusahaan, dapat dibedakan
menurut kegiatan usaha dan tujuan pembelian saham tersebut. Saham menjadi halal
(sesuai syariah) jika saham tersebut dikeluarkan oleh perusahaan yang kegiatan
usahanya bergerak di bidang yang halal dan atau dalam niat pembelian saham
tersebut adalah untuk investasi, bukan untuk spekaluasi (judi). Untuk lebih
amannya, saham yang dilisting dalam Jakarta Islamic Index merupakan saham-saham
yang insya Allah sesuai syariah.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Syarat
suatu saham yang dikeluarkan oleh perusahaan dapat dikatakan syariah adalah
sebagai berikut :<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l6 level1 lfo5; text-align: justify; text-indent: -14.2pt;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Jenis
usaha, produk barang, jasa yang diberikan dan akad serta cara pengelolaan
perusahaan yang mengeluarkan saham (emiten) atau Perusahaan Publik yang
menerbitkan saham syariah tidak boleh bertentangan dengan Prinsip-prinsip
Syariah. Jenis kegiatan usaha yang bertentangan dengan Prinsip-prinsip Syariah
, antara lain:<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 68.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l12 level1 lfo6; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Wingdings; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">Ø<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">perjudian
dan permainan yang tergolong judi atau perdagangan yang dilarang;<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 68.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l12 level1 lfo6; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Wingdings; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">Ø<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">lembaga
keuangan konvensional (ribawi), termasuk perbankan dan asuransi konvensional;<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 68.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l12 level1 lfo6; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Wingdings; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">Ø<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;"> produsen, distributor, serta pedagang makanan
dan minuman yang haram; dan<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Wingdings; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">Ø<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">produsen,
distributor, dan/atau penyedia barang-barang ataupun jasa yang merusak moral
dan bersifat mudarat.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Wingdings; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">Ø<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">melakukan
investasi pada Emiten (perusahaan) yang pada saat transaksi tingkat (nisbah)
hutang perusahaan kepada lembaga keuangan ribawi lebih dominan dari modalnya;<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Emiten
atau Perusahaan Publik yang menerbitkan saham syariah wajib untuk
menandatangani dan memenuhi ketentuan akad yang sesuai dengan syariah atas
saham syariah yang dikeluarkan.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Emiten
atau Perusahaan Publik yang menerbitkan saham syariah wajib menjamin bahwa
kegiatan usahanya memenuhi Prinsip-prinsip Syariah dan memiliki Shariah
Compliance Officer. (fatwa DSN No 40/2003).<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Khan
(2005) dalam menjelaskan identifikasi perusahaan yang dapat ikut dalam saham
Islami mengajukan beberapa syarat yaitu :<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Emiten/perusahaan
tersebut tidak berkaitan dengan riba<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Perusahaan
tersebut tidak membuat atau memprioduksi barang atau jasa yang dilarang oleh
syariah<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Perusahaan
tidak bertindak ekpliotatif secara berlebihan terhadap faktor-faktor produksi
alam yang diberikan Allah<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Perusahaan
tidak mempermainkan harga sekehendaknya, perusahaan tersebut tidak menghalangi
terjadinya free market<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Perusahaan
tersebut mempunyai sosial responsibility yang tinggi sehingga punya kepedulian
terhadap ummat, dan memilii ethical behaviour .<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Sektor
kegiatan usaha oleh perusahaan yang bersangkutan, juga bisa di dilihat dari
sisi permodalan dari perusahaan dimaksud, seperti (Arrifa’i, 2003):<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Rasio
atas utang dan ekuitas (debt to equity ratio)<b><o:p></o:p></b></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Cash
and interest bearing securities to equity ratio<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Rasio
atas kas dan aset (cash to asset ratio).<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Sedangkan
karakteristik yang diperlukan dalam membentuk pasar modal syariah (Metwally,
1995) adalah sebagai berikut :<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Semua
saham harus diperjualbelikan pada bursa efek<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Bursa
perlu mempersiapkan pasca perdagangan dimana saham dapat diperjualbelikan
melalui pialang<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Semua
perusahaan yang mempunyai saham yang dapat diperjualbelikan di Bursa efek diminta
menyampaikan informasi tentang perhitungan (account) keuntungan dan kerugian
serta neraca keuntungan kepada komite manajemen bursa efek, dengan jarak tidak
lebih dari 3 bulan<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l7 level1 lfo9; text-align: justify; text-indent: -14.2pt;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Komite
manajemen menerapkan harga saham tertinggi (HST) tiap-tiap perusahaan dengan
interval tidak lebih dari 3 bulan sekali<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Saham
tidak boleh diperjual belikan dengan harga lebih tinggi dari HS<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Saham
dapat dijual dengan harga dibawah HST<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Komite
manajemen harus memastikan bahwa semua perusahaan yang terlibat dalam bursa
efek itu mengikuti standar akuntansi syariah<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Perdagangan
saham mestinya hanya berlangsung dalam satu minggu periode perdagangan setelah
menentukan HST<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Perusahaan
hanya dapat menerbitkan saham baru dalam periode perdagangan, dan dengan harga
HST<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Khan
(2005) menambahkan, bahwa saham dan perdagangannya harus sesuai dengan
prinsip-prinsip keadilan dalam islam. Agar tercipta pasar saham yang adil maka
shareholder dilarang berpartisipasi dalam perdagangan dan tidak diperbolehkan
untuk mempunyai orang yang bermain dalam pasar saham. Pasar saham juga harus
bebas dari penipuan, praktek-praktek yang dapat merugikan investor, seperti
rekayasa informasi, pelarangan short selling, dan pencegahan adanya insider
trading.<o:p></o:p></span></div>
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<br /></div>
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<!--[if !supportLists]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">E.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: normal; line-height: normal;">
</span></span></b><!--[endif]--><span dir="LTR"></span><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Keuntungan
Saham Syariah<o:p></o:p></span></b></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Pembelian saham
hendaknya didasarkan bukan karena ingin cepat kaya, tapi benar-benar ingin
berbisnis. Dalam artian bila ada keuntungan, maka keuntungan tersebut akan
dibagi dalam bentuk dividen. Begitu pun bila ada kerugian, maka kerugian itu
harus ditanggung bersama.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 31.6pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Pada dasarnya ada 2 keuntungan yang
diperoleh pemodal dengan membei atau memiliki saham, yaitu:</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-list: l16 level2 lfo12; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 10.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-fareast-language: IN;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Dividen<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Yaitu
pembagian keuntungan yang diberikan perusahaan penerbit saham tersebut atas
keuntungan yang dihasilkan perusahaan, deviden diberikan setelah mendapat
persetujuan dari pemegang saham dalam RUPS. Deviden yang dibagikan perusahaan
dapat berupa devien tunai artinya kepada setiap pemegang saham diberikan
deviden berupa uang tunai dalam jumlah rupiah tertentu untuk setiap saham atau
dapat pula berupa deviden stock yang artinya setiap pemegang saham diberikan
deviden sejumlah saham sehingga sejumlah saham yang dimiliki investor bertambah
dengan adanya pembagian di=eviden stock tersebut.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 10.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-fareast-language: IN;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span dir="LTR"></span><i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Capital Gain</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Capital gain</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"> merupakan
selisih antara harga beli dan harga jual, dimana harga jual lebih tinggi dari
harga beli, <i>capital gain</i> terbentuk dengan adanya aktifitas perdagangan
di pasar sekunder. Misalnya seorang pemodal membeli saham BUMI dengan harga per
lembar Rp.5000 kemudian menjualnya dengan harga Rp.5500 per lembarnya, yang
berarti pemodal tersebut telah mendapatkan <i>capital gain</i> sebesar Rp.500
untuk setiap saham yang dijualnya. Umumnya pemodal dengan orientasi jangka
pendek untuk mengejar keuntungan melalui <i>capital gain</i>.<o:p></o:p></span></div>
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<br /></div>
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<!--[if !supportLists]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">F.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: normal; line-height: normal;">
</span></span></b><!--[endif]--><span dir="LTR"></span><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Resiko
Saham Syariah<o:p></o:p></span></b></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Adapun yang menjadi resiko atau kerugian yang bisa terjadi dalam investasi
di saham, yaitu:<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 10.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-fareast-language: IN;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Tidak mendapat deviden<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Perusahaan
akan membagikan deviden jika operasi perusahaan menghasilkan keuntungan. Dengan
demikian perusahaan tidak dapat membagikan deviden jika perusahaan tersebut
mengalami kerugian. Dengan demikian potensi keuntungan pemodal untukmendapatkan
deviden ditentukan oleh kinerja perusahaan tersebut.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 10.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-fareast-language: IN;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span dir="LTR"></span><i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Capital Loss</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Dalam
aktifitas perdagangan saham, tidak selalu pemodal mendapatkan capital gain atau
keuntungan atas saham yang dijualnya. Ada kalanya investor menjual sahamnya
lebih rendah harganya dari harga belinya, dengan demikian investor mengalami <i>capital
loss</i>. Misalnya seorang investor membeli saham BUMI pada harga Rp.5000 per
lembarnya, namun beberapa waktu kemudian dijual dengan harga Rp.4500 per
lembarnya, berarti investor tersebut mengalami kerugian sebesar Rp.500 per
lembarnya, kerugian tersebut yang disebut <i>capital loss</i>.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Dalam jual
beli saham, terkadang seorang investor untuk menghindari potensi kerugian yang
makin besar seiring dengan terus menurunnya harga saham, maka investor tersebut
rela menjual sahamnya dengan harga lebih rendah dari harga belinya, istilah ini
dikenal dengan <i>Cut Loss</i>.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 10.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-fareast-language: IN;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Perusahaan bangkrut dan dilikuidasi<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Jika suatu
perusahaan bangkrut, maka tentu saja akan berdampak secara langsung kepada
pemegang saham perusahaan tersebut. Sesuai dengan peraturan pencatatan saham di
bursa efek. Dalam kondisi perusahaan dilikuidasi, maka pemeganng saham akan
mendapat posisi lebih rendah dibandingkan kreditor atau pemegang obligasi, dan
jika masih terdapat sisa baru akan dibagikan kepada pemegang saham.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 10.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-fareast-language: IN;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Saham di <i>delist</i> dari bursa <i>(delisting)</i><o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Resiko lain
yang di hadapi oleh para investor adalah jika saham perusahaan dikeluarkan dari
pencatatan bursa efek <i>(delist)</i>. Suatu saham perusahaan di <i>delist</i>
di bursa umumnya karena kinerja perusahaan yang buruk, misalnya dalam kurun
waktu tertentu tidak pernah diperdagangkan, mengalami kerugian beberapa tahun,
tidak membagikan deviden secara berturut-turut selama beberapa tahun dan
berbagai kondisi lainnya sesuai dengan peraturan pencatatan di bursa. Adapula
perusahaan yang di <i>delist</i> keluar dari bursa dengan tujuan <i>Go Private</i>,
perusahan yang melakukan <i>Go Private</i> tidak merugikan investor karena
perusahaan penerbit saham tersebut melakukan <i>Buy Back</i> terhadap saham yg
diterbitkan.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; font-size: 10.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-fareast-language: IN;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Saham di <i>Suspend</i><o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Jika suatu
saham di suspend atau diberhentikan perdagangannya oleh otoritas bursa efek.
Dengan demikian pemodal tidak dapat menjual sahamnya hingga saham yang di <i>suspend</i>
tersebut dicabut dari status suspend. Suspend biasanya berlangsung dalam waktu
singkat misalnya dalam 1 sesi perdagangan, 1 hari perdagangan namun dapat pula
berlangsung dalam kurun waktu beberapa hari perdagangan. Hal yang menyebabkan
saham di suspend yaitu suatu saham mengalami lonjakan harga yang luar biasa,
suatu perusahaan dipailitkan oleh kreditornya, atau berbagai kondisi lainnya
yang mengharuskan otoritas bursa menghentikan sementara perdagangan saham
tersebut untuk kemudian diminta konfirmasi lainnya. Sedemikian hingga informasi
yang belum jelas tersebut tidak menjadi ajang spekulasi, jika setelah
didapatkan suatu informasi yang jelas, maka status <i>suspend</i> atas saham
tersebut dapat dicabut oleh bursa dan saham dapat diperdagangkan lagi seperti
semula<o:p></o:p></span></div>
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<b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">BAB
III<o:p></o:p></span></b></div>
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<b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">PENUTUP<o:p></o:p></span></b></div>
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<br /></div>
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<!--[if !supportLists]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">A.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: normal; line-height: normal;">
</span></span></b><!--[endif]--><span dir="LTR"></span><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Simpulan<o:p></o:p></span></b></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Saham syariah
adalah saham-saham yang memiliki karakteristik sesuai dengan syariah Islam atau
yang lebih dikenal dengan syariah compliant. Nilai yang berhubungan dengan
saham dapat dilihat dalam empat konsep yang memberikan makna yang berbeda.
Saham memiliki nilai nominal, nilai buku (book value), nilai pasar (Market
value), dan nilai intrinsic (Intrinsic value).<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Jakarta Islamic
Index terdiri dari 30 jenis saham yang dipilih dari saham-saham yang sesuai
dengan Syariah Islam. Penentuan kriteria pemilihan saham dalam Jakarta Islamic
Index melibatkan pihak Dewan Pengawas Syariah PT Danareksa Invesment
Management.<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Di dalam
literatur –literatur, tidak terdapat istilah atau pembedaan antara saham yang
syariah dengan yang non syariah. Akan tetapi, saham sebagai bukti kepemilikan
suatu perusahaan, dapat dibedakan menurut kegiatan usaha dan tujuan pembelian
saham tersebut. Saham menjadi halal (sesuai syariah) jika saham tersebut
dikeluarkan oleh perusahaan yang kegiatan usahanya bergerak di bidang yang
halal dan atau dalam niat pembelian saham tersebut adalah untuk investasi,
bukan untuk spekaluasi (judi).<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Pembelian saham
hendaknya didasarkan bukan karena ingin cepat kaya, tapi benar-benar ingin
berbisnis. Dalam artian bila ada keuntungan, maka keuntungan tersebut akan
dibagi dalam bentuk dividen. Begitu pun bila ada kerugian, maka kerugian itu
harus ditanggung bersama.<o:p></o:p></span></div>
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<br /></div>
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<!--[if !supportLists]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">B.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: normal; line-height: normal;">
</span></span></b><!--[endif]--><span dir="LTR"></span><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Saran<o:p></o:p></span></b></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Demikianlah apa yang bisa kami hadirkan pada
kesempatan kali ini. Semoga bermanfaat bagi kami pribadi dan dan umumnya bagi
semua. Selanjutnya demi kesempurnaan makalah ini penulis memohon saran dan
kritik guna memperbaiki kesalahan dikemudian hari.<o:p></o:p></span></div>
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<b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">DAFTAR
PUSTAKA<o:p></o:p></span></b></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Anoraga,
Panji, Pakarti, <i>Pengantar Pasar Modal</i>, Jakarta: Rineka Ciptal,2001)<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 12pt; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">E.
Cahyono, <i>22 Strategi dan Teknik Meraih untung dibursa saham</i>, Jakarta:
Elex Media Komputindo,2002<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 12pt; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">http://www.alhikmah.ac.id/soft/Artikel/Ekonomi%20Islam/Ekonis-Seri2<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 12pt; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">http://www.idx.co.id/Home/ProductAndServices/ShariaMarket/ShariaProducts/tabid/157/language/id-ID/Default.aspx<o:p></o:p></span></div>
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<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
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obay.bhochepthttp://www.blogger.com/profile/15134122313754690568noreply@blogger.com0tag:blogger.com,1999:blog-8051265237521567590.post-15898126927968464592012-11-29T07:46:00.002-08:002013-09-21T11:03:19.433-07:00Al-Syuf'ah<!--[if gte mso 9]><xml>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">A.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Pengertian Al-Syuf’ah</span></b></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Al-syuf’ah menurut bahasa artinya al-dham, at-taqwiyah
dan al-I’anah.sedangkan menurut istilah, para ulama menafsirkan al-syuf’ah
sebagai berikut.</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Menurut Syaikh
Ibrahim al-Bajuri bahwa yang dimaksud dengan al-syuf’ah ialah :</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">“Hak memiliki sesuatu secara paksa ditetapkan untuk
syarik terdahulu atas syarik yang baru disebabkan adanya syirkah dengan
penggantian (i’wadh) yang dimilikinya, disyariatkan untuk mencegah kemudharatan.”</span></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 2.0cm; mso-add-space: auto; mso-list: l4 level1 lfo2; text-align: justify; text-indent: -21.25pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Menurut Sayyid
abiq, al-syuf’ah ialah pemilika benda-benda syuf’ah oleh syafi’i sebagai
pengganti dan pembeli denan membayar harga brang kepada pemiliknya sesuai
dengan nilai yang biasa dibayar oleh pembeli lain.</span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 2.0cm; mso-add-space: auto; mso-list: l4 level1 lfo2; text-align: justify; text-indent: -21.25pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Menurut Idris
ahmad. Al-syuf’ah ialah hak yang tetap secara paksa bagi syarikat lama atas
syarikat barudengan jalan ganti kerugian pada benda yang menjadi milik bersama.</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Setelah diketahui ta’rif-tar’rif yang dikkemukakan oleh
para ulama beserta contohnya, kiranya dapat dipahami bahwa al-syuf’ah ialah
pemilikan oleh seorang syar’riq dan dua orang atau pihak yang berserikat dengan
paksaan terhadap benda syirkah.</span></div>
<div class="MsoListParagraph" style="margin-left: 21.3pt; mso-add-space: auto; mso-list: l3 level1 lfo5; text-align: justify; text-indent: -21.3pt;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">B.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Rukun dan Syarat Syuf’ah</span></b></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Rukun-rukun dan syarat-syarat syuf’ah adalah sebagai
berikut :</span></div>
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</span></span></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Masyfu”,
benda-benda yang dijadikan barang al-syuf’ah.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 2.0cm; mso-add-space: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Berikut ini
syarat-syarat yang harus dipenuhi oleh benda-benda yang dijadikan syuf’ah.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 3.0cm; mso-add-space: auto; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -14.15pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">a.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Barang yang
disyuf’ahkan berbentuk barang tetap (“Uqar), seperti) tanah, rumah, dan hal-hal
yang berkaitan dengan keduanya seperti tanaman, bangunan, pintu-pintu, pagar,
atap rumah, dan semua yang termasuk dalam penjualan pada saat dilepas. </span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 2.0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -21.25pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Syafi yaitu orang
yang akan mengambil atau menerima Syuf’ah.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 2.0cm; mso-add-space: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Syarat-syaratnya
ialah sebagai berikut :</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 3.0cm; mso-add-space: auto; mso-list: l1 level1 lfo4; text-align: justify; text-indent: -14.15pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">a.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Orang yang membeli
secara syuf’ah adalah partner dalam benda atau barang tersebut. Perpartneran
mereka lebuh dahuku terjalin sebelum penjualan, tidak adanya perbedaan batasan
diantara keduanya sehingga benda itu menjadi milik mereka berdua secara bersamaan.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 3.0cm; mso-add-space: auto; mso-list: l1 level1 lfo4; text-align: justify; text-indent: -14.15pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">b.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Syarat yang kedua
adalah bahwa Syafi’i meminta dengan segera.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 3.0cm; mso-add-space: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Maksudnya, Syafi’i
jika telah mengetahui penjualan, ia wajib meminta dengan segera jika hal itu
memungkinkan. Jika ia telah mengetahuinya,kemudian memperlambat permintaan
tanpa adanya uzur, maka haknya gugus.alasanya ialah jika syafi’i memperlambat
permintaannya niscaya hal ini berbahaya buat pembeli,karena pemilikannya
terhadap barang yang dibeli tidak mantap (labil) dan tidak memungkinkan ia
bertindak untuk membangunnya karena takut tersia-sianya usaha dan takut
di-syuf’ah.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 72.0pt; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 3.0cm; mso-add-space: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Jika Syafi’i tidak
ada atau belum mengetahui penjualan atau tidak mengetahui bahwa memperlambat
dapat menggurkan syuf’ah, dalam keadaan seperti ini haknya tidak gugur. Salah
satu riwayat dari Abu Hanifah bahwa permintaa tidak wajib dengan segera setelah
mengetahui, karena syafi’i memerlukan pertimbangan dalam persoalan ini, maka ia
berhak khiar seperti khiar dalam jual beli.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 3.0cm; mso-add-space: auto; mso-list: l1 level1 lfo4; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">c.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Syafi’i memberikan
kepada pembeli sejumlah harga yang telah ditentukan ketika akad, kemudiaan
Syufi”i mengambil syuf’ah harga yang sama jika jual beli itu mitslian atau
dengan suatu nilai jika dihargakan. </span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 3.0cm; mso-add-space: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Madzhab Naliki dan
Madzhab Hanbali berendapat bahwa apabila harga di tangguhkan semuanya atau
sebagiannya, maka syafi’i boleh menangguhkannya atau membayarnya secara kredit
sesuai dengan ketentuan yang disepakati ketika akad, dengan syarat behwa
Syafi’i adalah orang kaya atau ada penanggungnya yang kaya. Jika tidak
demikian, ia wajib membayar ketika itu juga (kontan) untuk menjga kemaslahatan
pembeli.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 3.0cm; mso-add-space: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Al-Syafi’i dan
penganut Madzah Hanbali berpendapat nahwa Syafi’i boleh memilih : jika
pembayaran disegerakan, maka syuf’ah pun disegerakan, jika tidak, maka
terlambat sampai waktu tertentu.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 3.0cm; mso-add-space: auto; mso-list: l1 level1 lfo4; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">d.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Syafi’i mengambil
seluruh barang.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 3.0cm; mso-add-space: auto; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Maksudnya, jika
syafi’i meminta untuk mengambil sebagian, maka semua haknya gugur. Apabila
syuf’ah terjadi antara dua Syafi’i atau lebih, sebagian Syafi’i melepaskannya,
maka Syafi’i yang lain harus menerima semuanya. Hal ini dimaksudkan agar benda
syuf’ah tidak terpiah-pilah atas pembeli.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 2.0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -21.25pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Masyfu’ min hu,
yaitu orang yang mengambil syuf’ah.</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Disyaratkan pada
masyfu ‘min hu bahwa ia memiliki benda telebiih dahulu secara syarikat,
contohnya ialah Umar menjual dan Rahmat memiliki sebuah rumah secara syarikat.
Umar menjual miliknya kepada Zakaria, waktu khiarnya hingga tanggal 20 januari
1992. Kemudian Rahmat menjual pula haknya kepada Fatimah. Maka zakaria dapat
melakukan tindakan Syuf’ah pada Fatimah.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 2.0cm; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 21.3pt; mso-add-space: auto; mso-list: l3 level1 lfo5; text-align: justify; text-indent: -21.3pt;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">C.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Pewarisan Syuf’ah</span></b></div>
<div class="MsoNormal" style="margin-left: 21.3pt; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Malik, penduduk Hijaz, dan syafi’i nberpendapat bahwa
syuf’ah dapat diwariskan dan tidak batal karena adanya kematian.</span></div>
<div class="MsoNormal" style="margin-left: 21.3pt; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Jikaseseorang berhak memperoleh syuf’ah, kemudian
meninggal dunia dan dia dalam keadaan tidak atau belum mengetahui atau ia tahu
tetapi meninggal sebelum dapat melakukan pengambilan, maka haknya beralih
kepada para ahli waris. Alasannya ialah bahwa syuf’ah diqiyaskan kepada irts.</span></div>
<div class="MsoNormal" style="margin-left: 21.3pt; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Menurut Imam Ahmad syuf’ah tidak dapat diwariskan,
kecuali jika mayat menuntutnya. Sedangkan menurut Madzhab Hanbali, syuf’ah
tidak dapat diwariskan dan tidak dapat dijual sekalipun mayit menuntut syuf’ah,
kecuali jikahakim telah memutuskannya dan kemdian ia meninggal dunia.</span></div>
<div class="MsoListParagraph" style="margin-left: 21.3pt; mso-add-space: auto; mso-list: l3 level1 lfo5; text-align: justify; text-indent: -21.3pt;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">D.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Tindakan Pembeli</span></b></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Tindakan pembeli terhadap harta sebagia Syafi’i menerima
syuf’ah dinyatakan sah karena ia bertindak terhdap miliknya. Jika suatu ketika
pembeli menjualnya lagi kepada orang lain, syafi’i berhak melakukan syuf’ah
terhadap salah satu dari dua penjualan.</span></div>
<div class="MsoNormal" style="margin-left: 21.3pt; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Jika pembeli harta mengibahkannya, mewakafkannya,
menyedekahkannya atau yang sejenisnya, Syafi’i kehilangan hak syuf’ahnyasebab
pemilikan barang tersebut tanpa ganti.</span></div>
<div class="MsoNormal" style="margin-left: 21.3pt; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Tindakan pembeli yang telah didahului oleh tindakan
syuf’ah oleh Syafi’i adalah bathil sebab Syafi’i telah melaksanakan haknya dan
ada kemungkinanpembeli bermaksud mempermainkan hak Syafi’i.</span></div>
<div class="MsoNormal" style="margin-left: 21.3pt; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: IN;">Apabila seseoran berdamai dalam masalah syuf;ah aatau
menjalnya dari pembeli, menurut al-syafi’i perbuatan tersebut dinyatakan bathal
dan menggugurkan hak syuf’ahnya serta berkewajiban mengembalikan benda-benda
yang telah diambil. Menurt Imam Hanafi, Maliki dan Hanbali perbuatan itu sah
dan dia berhak memiliki apa yang telah dia usahakan untuk dia miliki dari
pembeli.</span></div>
obay.bhochepthttp://www.blogger.com/profile/15134122313754690568noreply@blogger.com0tag:blogger.com,1999:blog-8051265237521567590.post-88868587999593302152012-11-29T06:40:00.001-08:002012-11-29T06:40:17.709-08:00Musyarakah <!--[if gte mso 9]><xml>
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<br />
<div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">BAB II</span></b></div>
<div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">MUSYARAKAH</span></b></div>
<div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<br /></div>
<div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<br /></div>
<div class="MsoListParagraph" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo5; text-align: justify; text-indent: -21.3pt;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><span style="mso-list: Ignore;">A.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Pengertian Secara Bahasa</span></b></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 14.7pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Musyarakah secara bahasa diambil dari bahasa arab yang
berarti mencampur. Dalam hal ini mencampur satu modal dengan modal yang lain
sehingga tidak dapat dipisahkan satu sama lain. Kata syirkah dalam bahasa arab
berasal dari kata syarika (fi’il madhi), yashruku (fi’il mudhari’) syarikan/syirkatan/syarikatan
(masdar/kata dasar); ertinya menjadi sekutu atau syarikat (kamus al Munawar)
Menurut erti asli bahasa arab, syirkah bererti mencampurkan dua bahagian atau
lebih sehingga tidak boleh dibezakan lagi satu bahagian dengan bahagian
lainnya, (An-Nabhani)</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<br /></div>
<div class="MsoListParagraph" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo5; text-align: justify; text-indent: -21.3pt;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><span style="mso-list: Ignore;">B.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Pengertian Secara Fiqih</span></b></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 14.7pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Adapun menurut makna syara’, syirkah adalah suatu akad
antara 2 pihak atau lebih yang sepakat untuk melakukan kerja dengan tujuan
memperoleh keuntungan. (An-Nabhani)</span><span lang="EN-US" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<br /></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level1 lfo5; text-align: justify; text-indent: -21.3pt;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #2a2a2a; mso-ansi-language: EN-US;"><span style="mso-list: Ignore;">C.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #2a2a2a; mso-ansi-language: EN-US;">Bentuk Musyarakah</span></b></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 14.7pt;">
<span style="color: #2a2a2a;">Landasan Syariah</span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<span style="color: #2a2a2a;">Akad syirkah ini mendapatkan landasan syariahnya dari
al-Qur’an, hadis dan ijma’.</span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l4 level1 lfo1; tab-stops: 2.0cm; text-align: justify; text-indent: -.55pt;">
<span style="color: #2a2a2a;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: #2a2a2a;">Dari al-Qur’an</span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<span style="color: #2a2a2a;">” Maka mereka berserikat dalam sepertiga” Q.S. An-Nisa’ :
12. Ayat ini sebenarnya tidak memberikan landasan syariah bagi semua jenis
syirkah, ia hanya memberikan landasan kepada syirkah jabariyyah ( yaitu
perkongsian beberapa orang yang terjadi di luar kehendak mereka karena mereka
sama-sama mewarisi harta pusaka).</span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<span style="color: #2a2a2a;">” Dan sesungguhnya kebanyakan dari orang-orang yang
berkongsi itu benar-benar berbuat zalim kepada sebagian lainnya kecuali
orang-orang yang beriman dan mengerjakan amal sholeh”. Q.S. Shod: 24. Ayat ini
mencela perilaku orang-orang yang berkongsi atau berserikat dalam berdagang
dengan menzalimi sebagian dari mitra mereka. Kedua ayat al-Qur’an ini jelas
menunjukkan bahwa syirkah pada hakekatnya diperbolehkan oleh risalah-risalah yang
terdahulu dan telah dipraktekkan.</span><span lang="EN-US" style="color: #2a2a2a; mso-ansi-language: EN-US;"></span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<br /></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l4 level1 lfo1; text-align: justify; text-indent: -21.25pt;">
<span style="color: #2a2a2a;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: #2a2a2a;">Dari Sunnah</span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 15.3pt;">
<span style="color: #2a2a2a;">Diriwayatkan dari Abu Hurairah bahwa Rasulullah SAW
bersabda : Sesungguhnya Allah SWT telah berfirman : Aku adalah mitra ketiga
dari dua orang yang bermitra selama salah satu dari kedunya tidak mengkhianati
yang lainnya. Jika salah satu dari keduanya telah mengkhianatinya, maka Aku
keluar dari perkongsian itu”. H. R. Abu Dawud dan al-Hakim. Arti hadis ini
adalah bahwa Allah SWT akan selalu bersama kedua orang yang berkongsi dalam
kepengawasanNya, penjagaanNya dan bantuanNya. Allah akan memberikan bantuan
dalam kemitraan ini dan menurunkan berkah dalam perniagaan mereka. Jika
keduanya atau salah satu dari keduanya telah berkhianat, maka Allah
meninggalkan mereka dengan tidak memberikan berkah dan pertolongan sehingga
perniagaan itu merugi. Di samping itu masih banyak hadis yang lain yang
menceritakan bahwa para sahabat telah mempraktekkan syirkah ini sementara
Rasulullah SAW tidak pernah melarang mereka. Sehingga dapat disimpulkan bahwa
Rasulullah telah memebrikan ketetapan kepada mereka.</span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l4 level1 lfo1; text-align: justify; text-indent: -21.25pt;">
<span style="color: #2a2a2a;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: #2a2a2a;">Ijma’</span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 15.3pt;">
<span style="color: #2a2a2a;">Kaum Muslimin telah sepakat dari dulu bahwa syirkah
diperbolehkan, hanya saja mereka berbeda pandangan dalam hukum jenis-jenis
syirkah yang banyak variasinya itu.</span><span lang="EN-US" style="color: #2a2a2a; mso-ansi-language: EN-US;"></span></div>
<div style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<br /></div>
<div class="MsoListParagraph" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo5; text-align: justify; text-indent: -21.3pt;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><span style="mso-list: Ignore;">D.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Hukum Syirkah</span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 14.7pt;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Syirkah hukumnya mubah. Ini berdasarkan dalil hadith
nabi saw berupa taqrir terhadap syirkah. Pada saat baginda diutuskan oleh Allah
sebagai nabi, orang-orang pada masa itu telah bermuamalat dengan cara
ber-syirkah dan Nabi Muhammad saw membenarkannya. Sabda baginda sebagaimana
diriwayatkan oleh Abu Hurairah ra: Allah ‘Azza wa jalla telah berfirman; Aku
adalah pihak ketiga dari 2 pihak yang bersyirkah selama salah satunya tidak
mengkhianati yang lainnya. Kalau salah satunya khianat, aku keluar dari keduanya.
(Hr Abu dawud, alBaihaqi dan adDaruquthni) Imam Bukhari meriwayatkan bahawa Aba
Manhal pernah mengatakan , “aku dan rakan kongsiku telah membeli sesuatu dengan
cara tunai dan hutang.” Lalu kami didatangi oleh Al Barra’bin azib. Kami lalu
bertanya kepadanya. Dia menjawab, “ Aku dan rakan kongsiku, Zaiq bin Arqam,
telah mengadakan perkongsian. Kemudian kami bertanya kepada nabi s.a.w tentang
tindakan kami. Baginda menjawab: “barang yang (diperoleh) dengan cara tunai
silalah kalian ambil. Sedangkan yang (diperoleh) secara hutang, silalah kalian
bayar” Hukum melakukan syirkah dengan kafir Zimmi Hukum melakukan syirkah
dengan kafir zimmi juga adalah mubah. Imam Muslim pernah meriwayatkan dari
Abdullah bin Umar yang mengatakan: “Rasulullah saw pernah memperkerjakan
penduduk khaibar(penduduk Yahudi) dengan mendapat bahagian dari hasil tuaian
buah dan tanaman”</span><span lang="EN-US" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<br /></div>
<div class="MsoListParagraph" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo5; text-align: justify; text-indent: -21.3pt;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><span style="mso-list: Ignore;">E.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Rukun Syirkah</span></b><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Rukun syirkah yang asas ada 3 perkara iaitu:</span><span lang="EN-US" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 38.6pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l3 level1 lfo6; tab-stops: 49.65pt; text-align: justify; text-indent: -3.15pt;">
<span lang="EN-US" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><span style="mso-list: Ignore;">a.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">akad (ijab-kabul) juga disebut sighah </span><span lang="EN-US" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l3 level1 lfo6; tab-stops: 49.65pt; text-align: justify; text-indent: -14.2pt;">
<span lang="EN-US" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><span style="mso-list: Ignore;">b.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">dua pihak yang berakad (‘aqidani), mesti
memiliki kecekapan melakukan pengelolaan harta </span><span lang="EN-US" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l3 level1 lfo6; tab-stops: 49.65pt; text-align: justify; text-indent: -14.2pt;">
<span lang="EN-US" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><span style="mso-list: Ignore;">c.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">objek aqad (mahal) juga disebut ma’qud
alaihi, sama</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"> </span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">da</span><span lang="EN-US" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">n</span><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"> modal atau pekerjaan</span><span lang="EN-US" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Manakala syarat sah perkara yang boleh disyirkahkan adalah objek tersebut
boleh dikelola bersama atau boleh diwakilkan.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Pandangan Mazhab Fiqih tentang Syirkah Mazhab Hanafi berpandangan ada empat
jenis syirkah yang syari’e iaitu syirkah inan, abdan, mudharabah dan wujuh. (
Wahbah Az Zuhaili, Al Fiqh al Islami wa Adillatuhu) Mazhab Maliki hanya 3 jenis
syirkah yang sah iaitu syirkah inan, abdan dan mudharabah. Menurut mazhab
syafi’e, zahiriah dan Imamiah hanya 2 syirkah yang sah iaitu inan dan
mudharabah. Mazhab hanafi dan zaidiah berpandangan ada 5 jenis syirkah yang sah
iaitu syirkah inan, abdan, mudharabah, wujuh dan mufawadhah.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Ada pun perkongsian boleh samada berkongsi hak milik (syirkatul amlak)
atau/dan perkongsian aqad Syeikh Taqiuddin AnNabhani dalam kitabnya Sistem
Ekonomi Alternatif Perspektif Islam berijtihad terdapat 5 jenis syirkah yang
syari’e sama seperti pandangan mazhab hanafi dan zaidiah.</span><span lang="EN-US" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<br /></div>
<div class="MsoListParagraph" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo5; text-align: justify; text-indent: -14.2pt;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"><span style="mso-list: Ignore;">F.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><span class="apple-style-span"><b style="mso-bidi-font-weight: normal;"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Jenis-jenis musyarakah:</span></b></span><b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></b></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 1.0cm; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -14.15pt;">
<span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">1. <b style="mso-bidi-font-weight: normal;">Syirkah mufawadah</b> Yaitu kerja sama atau
percampuran dana antara dua pihak atau lebih dengan porsi dana yang sama.
Syirkah mufawadah mengahruskan :</span></span><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 64.35pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l5 level1 lfo2; text-align: justify; text-indent: -18.0pt;">
<span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">a.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></span><span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Keidentikan penyertaan modal dari setiap anggota</span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 64.35pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l5 level1 lfo2; text-align: justify; text-indent: -18.0pt;">
<span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">b.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></span><span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Setiap anggota menjadi wakil atau kafil (guarantor) bagi partner
lainnya. Untuk keaktifan semua anggota</span></span><span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;"> </span></span><span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">dalam pengelolaan usaha
yang wajib.</span></span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 64.35pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l5 level1 lfo2; text-align: justify; text-indent: -18.0pt;">
<span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">c.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Pembagian keuntungan dan kerugian berdasarkan atas besarnya
modal masing-masing Karena ketatnya syarat-syarat bentuk syirkah ini, mufawadah
hanya dapat diterapkan dalam keenam produk usaha diatas kalau semua pihak aktif
langsung dalam pengelolaan dan menyertakan dana rasio yang sama</span></span><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 1.0cm; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -14.15pt;">
<span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">2<b style="mso-bidi-font-weight: normal;">. Syirkah Al-‘Inan</b> Yaitu kerja sama
atau percampuran dana anatara dua pihak atau lebih dengan porsi dana yang tidak
mesti sama. Syirkah ‘inan atau limited company mempunyai karakter sebagai
berikut:</span></span><span lang="EN-US" style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;"></span></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 63.8pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -14.15pt;">
<span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">a.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></span><span class="apple-style-span"><span lang="EN-US" style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;">B</span></span><span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">esarnya modal anggota
tidak harus sama</span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 63.8pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -14.15pt;">
<span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">b.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></span><span class="apple-style-span"><span lang="EN-US" style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;">M</span></span><span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">asih setiap anggota
mempunyai hak untuk aktif dalam pengelolaan usaha, ia juga dapat menggugurkan</span></span><span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;"> </span></span><span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">haknya.</span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 63.8pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -14.15pt;">
<span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">c.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></span><span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Pembagian keuntungan dapat didasarkan atas persentase modal
masing-masing, tetapi dapat pula atas dasar negosiasi. Hal ini diperkenankan
karena adanya kemungkinan tambahan kerja, atau penanggung resiko dari salah
satu pihak.</span></span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 63.8pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l2 level1 lfo3; text-align: justify; text-indent: -14.15pt;">
<span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">d.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></span><span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Kerugian dan keuntungan sesuai dengan porsi modal. Jadi, syirkah
inan merupakan bentuk perkongsian yang paling banyak diterapkan dalam dunia
bisnis, hal ini karena sifatnya fleksible. Contoh syirkah ‘Inan : PT. Bank,
Koperasi, leasing, join venture, equity participation, special investment,
descreasing participation dan letter of kredit.</span></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 1.0cm; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -14.15pt;">
<span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">3. <b style="mso-bidi-font-weight: normal;">Syirkah wujuh</b> Yaitu kerja sama atau
percampuran antara pihak pemilik dana dengan pihak lain yang memiliki
kredibilitas ataupun kepercayaan. Syirkah wujuh dinamakan demikian karena
syirkah ini hanya mengandalkan wujuh (wibawah dan nama baik) para anggota,
pembagian untung rugi dilakukan secara negosiasi diantara para anggota. Sesuai
dengan pengertian diatas, syirkah wujuh dapat diterapkan dalam:</span></span><span class="apple-style-span"><span lang="EN-US" style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;"></span></span></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 63.8pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l1 level1 lfo4; text-align: justify; text-indent: -14.15pt;">
<span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">a.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></span><span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">suatu kelompok nasabah yang terbentuk dalam suatu perkongsian
dan mendapat kepercayaan dari Bank untuk suatu proyek tertentu. Dalam kredit
ini pihak debitur tidak menyediakan kolateal atau apapun kecuali wujuh mereka.</span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 63.8pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l1 level1 lfo4; text-align: justify; text-indent: -14.15pt;">
<span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">b.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Suatu perkongsian antara para pedagan yang membeli dengan kredit
dan menjual dengan tunai</span></span><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-list: l4 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">4.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></span><span class="apple-style-span"><b style="mso-bidi-font-weight: normal;"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Syirkah ‘abdan</span></b></span><span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;"> Yaitu kerja sama atau
percampuran tenaga atau profesionalisme antara dua pihak atau lebih (kerja sama
profesi). Contoh perkongsian ini antara lain: - beberapa penjahit yang membuka
toko jahit mengerjakan pesanan secara bersama - perkongsian antara insinyur
listrik, tukang kayu, piñata taman, toko bangunan dalam suatu kontrak
pembangunan rumah.</span></span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 1.0cm; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -14.15pt;">
<span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">5. <b style="mso-bidi-font-weight: normal;">Syirkah Al-Mudharabah</b> Yaitu kerja sama
atu percampuran dana antara pihak pemilik dana dengan pihak lain yang memiliki
profesionalisme atau tenaga. Dasar Al-Qur’an tentang Mudahrabah: Al Muzammil:
20.</span></span><span lang="EN-US" style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 1.0cm; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">“Sesungguhnya Tuhanmu
mengetahui bahwasanya kamu berdiri (sembahyang) kurang dari dua pertiga malam,
atau seperdua malam atau sepertiganya dan (demikian pula) segolongan dari
orang-orang yang bersama kamu. dan Allah menetapkan ukuran malam dan siang.
Allah mengetahui bahwa kamu sekali-kali tidak dapat menentukan batas-batas
waktu-waktu itu, Maka Dia memberi keringanan kepadamu, karena itu bacalah apa
yang mudah (bagimu) dari Al Quran. Dia mengetahui bahwa akan ada di antara kamu
orang-orang yang sakit dan orang-orang yang berjalan di muka bumi mencari
sebagian karunia Allah; dan orang-orang yang lain lagi berperang di jalan
Allah, Maka bacalah apa yang mudah (bagimu) dari Al Quran dan dirikanlah
sembahyang, tunaikanlah zakat dan berikanlah pinjaman kepada Allah pinjaman
yang baik. dan kebaikan apa saja yang kamu perbuat untuk dirimu niscaya kamu
memperoleh (balasan)nya di sisi Allah sebagai Balasan yang paling baik dan yang
paling besar pahalanya. dan mohonlah ampunan kepada Allah; Sesungguhnya Allah
Maha Pengampun lagi Maha Penyayang.</span></span><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 1.0cm; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Al-Jumu’ah:10.</span></span><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 1.0cm; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">“Apabila telah ditunaikan
shalat, Maka bertebaranlah kamu di muka bumi; dan carilah karunia Allah dan
ingatlah Allah banyak-banyak supaya kamu beruntung.</span></span><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;"></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 1.0cm; margin-right: 0cm; margin-top: 0cm; text-align: justify;">
<span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Al-Baqarah:198</span></span><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;"><br />
<span class="apple-style-span">“Tidak ada dosa bagimu untuk mencari karunia
(rezki hasil perniagaan) dari Tuhanmu. Maka apabila kamu telah bertolak dari
‘Arafat, berdzikirlah kepada Allah di Masy’arilharam[125]. dan berdzikirlah
(dengan menyebut) Allah sebagaimana yang ditunjukkan-Nya kepadamu; dan
Sesungguhnya kamu sebelum itu benar-benar Termasuk orang-orang yang sesat.</span></span><span class="apple-style-span"><span lang="EN-US" style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;"></span></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo5; text-align: justify; text-indent: -14.2pt;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">G.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><span class="apple-style-span"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;">P</span></b></span><span class="apple-style-span"><b style="mso-bidi-font-weight: normal;"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">roduk </span></b></span><span class="apple-style-span"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;">P</span></b></span><span class="apple-style-span"><b style="mso-bidi-font-weight: normal;"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">embiayaan </span></b></span><span class="apple-style-span"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;">M</span></b></span><span class="apple-style-span"><b style="mso-bidi-font-weight: normal;"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">usyarakah dan </span></b></span><span class="apple-style-span"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;">R</span></b></span><span class="apple-style-span"><b style="mso-bidi-font-weight: normal;"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">esikonya Produk</span></b></span><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;"></span></b></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 21.8pt;">
<span class="apple-style-span"><span style="color: #474b4e; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">produk pembiayaan
musyarakah dan resikonya Produk Pembiayaan Musyarakah Dan Risiko-Risikonya NPM
91205003 Penulis ISWIYANTI, Agus Sri Pembimbing Budihardjo Suhondo, Drs., MM
Tahun Sidang 2007 Call Number 332.1 Isw p Subyek Abstraksi Agus Sri Iswiyanti,
91205003 Produk Pembiayaan Musyarakah Dan Risiko-Risikonya Tesis, Jurusan
Perbankan, Universitas Gunadarma, 2007 Kata Kunci : Pembiayaan Musyarakah, Bank
Syariah ( xiii + 119 halaman) Bank syariah yaitu bank yang beroperasi sesuai
dengan prinsip-prinsip syariah Islam yang mengacu kepada ketentuan-ketentuan
yang ada dalam Al-Qur’an dan Hadist. Bank syariah beroperasi berdasarkan
prinsip bagi hasil, adapun pembiayaan dengan prinsip bagi hasil terdiri dari
musyarakah dan mudharabah. Penulis lebih tertarik pada pembiayaan musyarakah
dan risikorisikonya berdasarkan kasus-kasus yang terjadi pada bank syariah
khususnya Bank Syariah Mandiri. Adapun tujuan dari penelitian ini adalah untuk
mengetahui dengan jelas produk pembiayaan musyarakah, risiko-risikonya dan
memberikan jalan keluar dalam mengatasi risiko pada produk pembiayaan
musyarakah. Dalam penelitian ini penulis menggunakan metode kualitatif dengan
analisis deskripsi yang memaparkan tentang produk pembiayaan musyarakah dan
membahas risiko-risiko yang dihadapi dalam pemberian pembiayaan musyarakah.
Data yang diteliti pada penelitian ini adalah data sekunder yaitu data yang
diperoleh dari Indikator Perkembangan Industri Perbankan Syariah (2000 – 2005),
Komposisi Pembiayaan Perbankan Syariah, dan Komposisi Penggunaan dan Sumber
Dana Perbankan Syariah. Adapun teknik pengumpulan data dalam penyusunan tesis
ini yaitu penelitian kepustakaan (studi pustaka) dan penelitian lapangan
(wawancara dengan orang-orang yang bekerja langsung pada Bank Syariah Mandiri
Thamrin guna mengetahui kegiatan pemberian pembiayaan musyarakah di lapangan
dan kendala-kendala yang dihadapi dan cara mengatasi kendala tersebut). iv Dari
hasil penelitian yang telah penulis laksanakan dapat disimpulkan bahwa
musyarakah adalah akad kerjasama antara dua pihak atau lebih untuk suatu usaha
tertentu, dimana masing-masing pihak memberikan kontribusi dana dengan
ketentuan bahwa keuntungan dan risiko akan ditanggung bersama sesuai dengan
kesepakatan. Adapun risiko-risiko yang akan dihadapi oleh bank syariah yaitu
assymmetric information (bank tidak mengetahui informasi yang sebenarnya
mengenai perputaran pembiayaan yang diberikan dan besarnya laba yang dihasilkan
dari pembiayaan tersebut) dan moral hazard (adanya penyimpanganpenyimpangan
atas pembiayaan yang nasabah terima serta pemberian informasi yang salah kepada
bank mengenai usaha yang dijalankan sehingga menguntungkan musyarik dan
merugikan bank). Hal ini dapat diatasi dengan jalan menentukan syarat-syarat
tertentu yang harus dipatuhi oleh nasabah / musyarik sebagai mitra usaha bank
syariah. Daftar Pustaka (1983 – 2007)</span></span></div>
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<div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: center;"><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">BAB I</span></b></div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: center;"><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">PENDAHULUAN</span></b></div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: center;"><br />
</div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: center;"><br />
</div><div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l2 level1 lfo19; text-align: justify; text-indent: -18.0pt;"><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">A.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><span dir="LTR"></span><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Latar Belakang Masalah</span></b></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 1.0cm;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Beragam produk dan layanan yang ditawarkan Ekonomi Islam telah meningkatkan gairah masyarakat serta pelaku usaha dan bisnis untuk memanfaatkan tawaran tersebut. Salah satunya adalah investasi syariah yang telah diakomodasi oleh pasar modal – sebagai salah satu instrumen berinvestasi – dalam bentuk indeks saham sesuai dengan prinsip syariah.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 1.0cm;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Jakarta Islamic Index atau biasa disebut JII adalah salah satu index saham yang ada di Indonesia yang menghitung index harga rata-rata saham untuk jenis saham-saham yang memenuhi kriteria syariah. Pembentukan JII tidak lepas dari kerja sama antara Pasar Modal Indonesia (dalam hal ini PT Bursa Efek Jakarta) dengan PT Danareksa Invesment Management (PT DIM). JII telah dikembangkan sejak tanggal 3 Juli 2000. Pembentukan instrumen syariah ini untuk mendukung pembentukan Pasar Modal Syariah yang kemudian diluncurkan di Jakarta pada tanggal 14 Maret 2003. Mekanisme Pasar Modal Syariah meniru pola serupa di Malaysia yang digabungkan dengan bursa konvensional seperti Bursa Efek Jakarta dan Bursa Efek Surabaya. Setiap periodenya, saham yang masuk JII berjumlah 30 (tiga puluh) saham yang memenuhi kriteria syariah. JII menggunakan hari dasar tanggal 1 Januari 1995 dengan nilai dasar 100.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 1.0cm;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Tujuan pembentukan JII adalah untuk meningkatkan kepercayaan investor untuk melakukan investasi pada saham berbasis syariah dan memberikan manfaat bagi pemodal dalam menjalankan syariah Islam untuk melakukan investasi di bursa efek. JII juga diharapkan dapat mendukung proses transparansi dan akuntabilitas saham berbasis syariah di Indonesia. JII menjadi jawaban atas keinginan investor yang ingin berinvestasi sesuai syariah. Dengan kata lain, JII menjadi pemandu bagi investor yang ingin menanamkan dananya secara syariah tanpa takut tercampur dengan dana ribawi. Selain itu, JII menjadi tolak ukur kinerja (benchmark) dalam memilih portofolio saham yang halal.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 1.0cm;"><br />
</div><div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l2 level1 lfo19; text-align: justify; text-indent: -18.0pt;"><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">B.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><span dir="LTR"></span><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Rumusan Masalah</span></b></div><div class="MsoNormal" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 1.0cm;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Yang menjadi rumusan masalah dalam penulisan makalah ini diantaranya adalah :</span></div><div class="MsoListParagraphCxSpFirst" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l11 level1 lfo20; text-align: justify; text-indent: -14.15pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Apa definisi saham syariah?</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l11 level1 lfo20; text-align: justify; text-indent: -14.15pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Apa saja yang menjadi nilai-nilai saham syariah?</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l11 level1 lfo20; text-align: justify; text-indent: -14.15pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Apa saja jenis-jenis saham syariah?</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l11 level1 lfo20; text-align: justify; text-indent: -14.15pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">4.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Bagaimana sifat dan karakteristik saham syariah?</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l11 level1 lfo20; text-align: justify; text-indent: -14.15pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">5.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Apa saja keuntungan saham syariah?</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l11 level1 lfo20; text-align: justify; text-indent: -14.15pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">6.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Apa saja resiko saham syariah?</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify;"><br />
</div><div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l2 level1 lfo19; text-align: justify; text-indent: -18.0pt;"><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">C.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><span dir="LTR"></span><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Tujuan Penulisan</span></b></div><div class="MsoNormal" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 1.0cm;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Yang menjadi tujuan dari penulisan makalan ini diantaranya adalah untuk <span style="mso-spacerun: yes;"> </span>:</span></div><div class="MsoListParagraphCxSpFirst" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l5 level1 lfo21; text-align: justify; text-indent: -14.15pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Mengetahui definisi saham syariah.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l5 level1 lfo21; text-align: justify; text-indent: -14.15pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Mengetahui nilai-nilai saham syariah.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l5 level1 lfo21; text-align: justify; text-indent: -14.15pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Mengenal jenis-jenis saham syariah.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l5 level1 lfo21; text-align: justify; text-indent: -14.15pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">4.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Mengetahui sifat dan karakteristik saham syariah.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l5 level1 lfo21; text-align: justify; text-indent: -14.15pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">5.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Mengetahui keuntungan saham syariah.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l5 level1 lfo21; text-align: justify; text-indent: -14.15pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">6.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Mengetahui resiko saham syariah.</span></div><div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify;"><br />
</div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: center;"><br />
</div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: center;"><br />
</div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: center;"><br />
</div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: center;"><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">BAB II</span></b></div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: center;"><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">PEMBAHASAN</span></b></div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><br />
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</div><div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l8 level1 lfo2; text-align: justify; text-indent: -18.0pt;"><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">A.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><span dir="LTR"></span><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Pengenalan Saham Syariah</span></b></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 31.6pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Saham syariah adalah saham-saham yang memiliki karakteristik sesuai dengan syariah Islam atau yang lebih dikenal dengan syariah compliant. Terdapat beberapa pendekatan untuk menyeleksi suatu saham apakah bisa dikategorikan sebagai saham syariah atau tidak (Kurniawan,T,2008), yaitu:</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l20 level2 lfo1; text-align: justify; text-indent: -18.0pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Pendekatan jual beli. Dalam pendekatan ini diasumsikan saham adalah asset dan dalam jual beli ada pertukaran asset ini dengan uang. Juga bisa dikategorikan sebagai sebuah kerja samayang memakai prinsip bagi hasil (profit-loss sharing).</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l20 level2 lfo1; text-align: justify; text-indent: -18.0pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Pendekatan aktivitas keuangan atau produksi. Dengan menggunakan pendekatan produksiini, sebuah saham bisa diklaim sebagai saham yang halal ketika produksi dari barang dan jasayang dilakukan oleh perusahaan bebas dari element-element yang haram yang secara explicitdisebut di dalam Al-Quran seperti riba, judi, minuman yang memabukkan, zina, babi dansemua turunan-turunannya.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l20 level2 lfo1; text-align: justify; text-indent: -18.0pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Pendekatan pendapatan. Metode ini lebih melihat pada pendapatan yang diperoleh oleh perusahaan tersebut. Ketika ada pendapatan yang diperoleh dari Bunga (interest) maka secaraumum kita bisa mengatakan bahwa saham perusahaan tersebut tidak syariah karena masihada unsur riba disana. Oleh karena itu seluruh pendapatan yang didapat oleh perusahaanharus terhindar dan bebas dari bunga atau interest.</span></div><div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l20 level2 lfo1; text-align: justify; text-indent: -18.0pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">•<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Pendekatan struktur modal yang dimiliki oleh perusahaan tersebut. Dengan melihat ratiohutang terhadap modal atau yang lebih dikenal dengan debt/equity ratio. Dengan melihatratio ini maka diketahui jumlah hutang yang digunakan untuk modal atas perusahaan ini.Semakin besar ratio ini semakin besar ketergantungan modal terhadap hutang. Akan tetapiuntuk saat ini bagi perusahan agak sulit untuk membuat ratio ini nol, atau sama sekali tidak ada hutang atas modal. Oleh karena itu ada toleransi-toleransi atau batasan seberapa besar “Debt to Equity ratio“ ini. Dan masing masing syariah indeks di dunia berbeda dalam penetapan hal ini. Namun secara keseluruhan kurang dari 45% bisa diklaim sebagai perusahaan yang memiliki saham sariah.</span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 1.0cm;"><br />
</div><div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l8 level1 lfo2; text-align: justify; text-indent: -18.0pt;"><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">B.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><span dir="LTR"></span><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Nilai-Nilai Saham Syariah</span></b></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 38.7pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Nilai yang berhubungan dengan saham dapat dilihat dalam empat konsep yang memberikan makna yang berbeda. Saham memiliki nilai nominal, nilai buku ( book value), nilai pasar ( Market value), dan nilai intrinsic ( Intrinsic value).</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 38.7pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Nilai nominal adalah nilai<span style="mso-spacerun: yes;"> </span>per lembar saham yang berkaitan dengan hukum. Nilai buku adalah nilai saham menurut pembukuan perusahaan. Nilai pasar adalah harga saham di bursa efek. Nilai intrinsic adalah nilai sebenarnya dari saham.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 38.7pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Memahami keempat konsep nilai ini merupakan hal yang perlu dan berguna, karena konsep- konsep itu dapat digunakan untuk mengetahui saham- saham mana yang bertumbuh ( growth) dan mana yang murah ( undervalued). Dengan mengetahui nilai buku dan nilai pasar, pertumbuhan perusahaan dapat diketahui.<span style="mso-spacerun: yes;"> </span>Pertumbuhan menunjukan investment opportunity set, atau set kesempatan investasi di masa datang, yaitu menggunakan rasio nilai pasar dibagi dengan nilai buku sebagai indicator pengukur pertumbuhan perusahaan. Perusahaan mengalami pertumbuhan apabila mempunyai rasio lebih dari nilai ( 1) , yang berarti pasar percaya bahwa nilai pasar perusahaan bersangkutan lebih besar dari nilai bukunya.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 38.7pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Pengetahuan mengenai nilai pasar dan nilai intrinsic dapat digunakan untuk mengetahui saham- saham mana yang murah, tepat nilai atau mahal. Jika nilai pasar lebih kecil dari nilai intrinsic, ini menunjukan bahwa nilai saham bersangkutan lebih kecil dari yang seharusnya dibayar ( undervalued), jadi layak untuk dibeli. Sebaliknya nilai pasar yang lebih besar dari nilai intrinsic menunjukan bahwa saham bersangkutan dijual dengan harga yang mahal ( overvalued).</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 38.7pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Nilai nominal ( Par value) suatu saham adalah nilai kewajiban yang ditetapkan untuk tiap- tiap lembar saham. Nilai nominal adalah modal per lembar yang harus ditahan di perusahaan untuk proteksi kepada kreditor yang tidak dapat diambil oleh pemegang saham. Untuk saham yang tidak mempunyai nilai nominal, dewan direksi umumnya menetapkan sendiri ( sorted value) per lembar. Jika tidak ada nilai yang ditetapkan maka yang dianggap sebagai modal adalah semua penerimaan bersih ( proceeds ) yang diterima oleh emiten pada waktu mengeluarkan saham bersangkutan.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 38.7pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Nilai Buku ( book value) per lembar saham menunjukan aktiva bersih ( net assets) per lembar saham yang dimiliki oleh pemegang saham. Nilai buku per lembar saham ( book value per share ) tidak menunjukan ukuran kinerja saham yang penting, tetapi nilai buku per lembar saham dapat mencermi kan berapa besar jaminan yang akan diperoleh oleh pemegang saham apabila perusahaan penerbit saham ( emiten ) dilikuidasi.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 38.7pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Jika perusahaan mempunyai dua jenis saham, yaitu saham preferen dan saham biasa, maka perhitungan nilai buku per lembar untuk dua jenis saham itu adalah sebagai berikut:</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l13 level1 lfo4; text-align: justify; text-indent: -18.0pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">a)<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Cara menghitung ekuitas preferen adalah mengalikan nilai tebus ( call price) ditambah dengan dividen yang di arrears dengan lembar saham preferen yang beredar. Jika nilai tebus tidak digunakan, maka nilai nominal yang digunakan di dalam perhitungan ini, agio saham untuk saham preferen tidak dimasukan karena pemegang saham preferen tidak mempunyai hak untuk agio ini, walaupun bereasal dari saham preferen, sehingga nilai agio ini dimasukkan sebagai tambahan nilai ekuitas saham biasa.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l13 level1 lfo4; text-align: justify; text-indent: -18.0pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">b)<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Cara menghitung nilai ekuitas saham biasa adalah: nilai ekuitas saham biasa dihitung dengan mengurangi nilai total ekuitas dengan nilai ekuitas saham preferen.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 38.7pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Nilai pasar <i style="mso-bidi-font-style: normal;">(market value)</i> berbeda dengan nilai buku. Jika nilai buku merupakan nilai yang dicatat pada saat saham dijual oleh perusahaan, maka nilai pasar bursa pada saat tertentu ditentukan oleh pelaku pasar. Nilai pasar ditentukan oleh permintaan dan penawaran saham bersangkutan di pasar bursa.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 38.7pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Beberapa pertanyaan mendasar sering dikemukakan, seperti misalnya, apakah harga saham di pasar mencerminkan nilai sebenarnya dari perusahaan. Jika tidak, beberapa nilai sebenarnya dari saham yang diperdagangkan. Nilai sebenarnya ini disebut nilai fundamental <i style="mso-bidi-font-style: normal;">(fundamental value),</i> atau nilai intrinsic <i style="mso-bidi-font-style: normal;">(intrinsic value).</i></span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 38.7pt;"><br />
</div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l8 level1 lfo2; text-align: justify; text-indent: -18.0pt;"><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">C.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><span dir="LTR"></span><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Jenis-Jenis Saham Syariah</span></b></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 24.5pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Jakarta Islamic Index terdiri dari 30 jenis saham yang dipilih dari saham-saham yang sesuai dengan Syariah Islam. Penentuan kriteria pemilihan saham dalam Jakarta Islamic Index melibatkan pihak Dewan Pengawas Syariah PT Danareksa Invesment Management.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 24.5pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Saham-saham yang masuk dalam Indeks Syariah adalah emiten yang kegiatan usahanya tidak bertentangan dengan syariah seperti:</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l4 level1 lfo10; text-align: justify; text-indent: -18.0pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Usaha perjudian dan permainan yang tergolong judi atau perdagangan yang dilarang.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l4 level1 lfo10; text-align: justify; text-indent: -18.0pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Usaha lembaga keuangan konvensional (ribawi) termasuk perbankan dan asuransi konvensional.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l4 level1 lfo10; text-align: justify; text-indent: -18.0pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Usaha yang memproduksi, mendistribusi serta memperdagangkan makanan dan minuman yang tergolong haram.</span></div><div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l4 level1 lfo10; text-align: justify; text-indent: -18.0pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Usaha yang memproduksi, mendistribusi dan/atau menyediakan barang-barang ataupun jasa yang merusak moral dan bersifat mudarat.</span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 31.65pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 25.05pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Selain criteria diatas, dalam proses pemilihan saham yang masuk JII Bursa Efek Jakarta melakukan tahap-tahap pemilihan yang juga mempertimbangkan aspek likuiditas dan kondisi keuangan emiten, yaitu:</span></div><div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l17 level1 lfo11; text-align: justify; text-indent: -18.0pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Memilih kumpulan saham dengan jenis usaha utama yang tidak bertentangan dengan prinsip syariah dan sudah tercatat lebih dari 3 bulan (kecuali termasuk dalam 10 kapitalisasi besar).</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l17 level1 lfo11; text-align: justify; text-indent: -18.0pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Memilih saham berdasarkan laporan keuangan tahunan atau tengah tahun berakhir yang meiliki rasio Kewajiban terhadap Aktiva maksimal sebesar 90%.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l17 level1 lfo11; text-align: justify; text-indent: -18.0pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Memilih 60 saham dari susunan saham diatas berdasarkan urutan rata-rata kapitalisasi pasar (market capitalization) terbesar selama satu tahun terakhir.</span></div><div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l17 level1 lfo11; text-align: justify; text-indent: -18.0pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">4.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Memilih 30 saham dengan urutan berdasarkan tingkat likuiditas rata-rata nilai perdagangan reguler selama satu tahun terakhir.</span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 31.65pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 25.05pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Pengkajian ulang akan dilakukan 6 bulan sekali dengan penentuan komponen index pada awal bulan Januari dan Juli setiap tahunnya. Sedangkan perubahan pada jenis usaha emiten akan dimonitoring secara terus menerus berdasarkan data-data publik yang tersedia.</span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 1.0cm; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 1.0cm;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Jumlah saham syariah yang tercatat di BEI sejak DES periode pertama (30 November 2007) sampai dengan periode Mei 2012 adalah sebagai berikut:</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 33.15pt; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 310px;"><tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;"> <td style="border: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.2pt;" width="67"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><b><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Periode</span></b><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> <td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.85pt;" width="118"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><b><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Tanggal Terbit</span></b><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> <td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.8pt;" width="125"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><b><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Saham Syariah</span></b><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> </tr>
<tr style="mso-yfti-irow: 1;"> <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.2pt;" width="67"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">I</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> <td style="border-bottom: inset 1.0pt; border-left: none; border-right: inset 1.0pt; border-top: none; mso-border-alt: inset windowtext .75pt; mso-border-left-alt: inset windowtext .75pt; mso-border-top-alt: inset windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.85pt;" width="118"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">30 Nov 2007</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.8pt;" width="125"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">164</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> </tr>
<tr style="mso-yfti-irow: 2;"> <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.2pt;" width="67"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">II</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> <td style="border-bottom: inset 1.0pt; border-left: none; border-right: inset 1.0pt; border-top: none; mso-border-alt: inset windowtext .75pt; mso-border-left-alt: inset windowtext .75pt; mso-border-top-alt: inset windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.85pt;" width="118"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">30 Mei 2008</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.8pt;" width="125"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">180</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> </tr>
<tr style="mso-yfti-irow: 3;"> <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.2pt;" width="67"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">III</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> <td style="border-bottom: inset 1.0pt; border-left: none; border-right: inset 1.0pt; border-top: none; mso-border-alt: inset windowtext .75pt; mso-border-left-alt: inset windowtext .75pt; mso-border-top-alt: inset windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.85pt;" width="118"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">28 Nov 2008</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.8pt;" width="125"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">185</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> </tr>
<tr style="mso-yfti-irow: 4;"> <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.2pt;" width="67"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">IV</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> <td style="border-bottom: inset 1.0pt; border-left: none; border-right: inset 1.0pt; border-top: none; mso-border-alt: inset windowtext .75pt; mso-border-left-alt: inset windowtext .75pt; mso-border-top-alt: inset windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.85pt;" width="118"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">29 Mei 2009</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.8pt;" width="125"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">177</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> </tr>
<tr style="mso-yfti-irow: 5;"> <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.2pt;" width="67"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">V</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> <td style="border-bottom: inset 1.0pt; border-left: none; border-right: inset 1.0pt; border-top: none; mso-border-alt: inset windowtext .75pt; mso-border-left-alt: inset windowtext .75pt; mso-border-top-alt: inset windowtext .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.85pt;" width="118"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">30 Nov 2009</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.8pt;" width="125"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">186</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> </tr>
<tr style="mso-yfti-irow: 6;"> <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.2pt;" width="67"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">VI</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.85pt;" width="118"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">27 Mei 2010</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> <td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.8pt;" width="125"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">194</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> </tr>
<tr style="mso-yfti-irow: 7;"> <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.2pt;" width="67"> <div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">VI</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">I</span></div></td> <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.85pt;" width="118"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">29 Nov 2010</span></div></td> <td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.8pt;" width="125"> <div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"> 209</span></div></td> </tr>
<tr style="mso-yfti-irow: 8;"> <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.2pt;" width="67"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">VIII</span></div></td> <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.85pt;" width="118"> <div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">31 Mei 2011</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> <td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.8pt;" width="125"> <div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">221</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> </tr>
<tr style="mso-yfti-irow: 9;"> <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.2pt;" width="67"> <div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">IX</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.85pt;" width="118"> <div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">30 Nov 2011</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> <td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.8pt;" width="125"> <div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">241</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> </tr>
<tr style="mso-yfti-irow: 10; mso-yfti-lastrow: yes;"> <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.2pt;" width="67"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">X</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.85pt;" width="118"> <div class="MsoNormal" style="line-height: normal; margin-bottom: 3.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 3.0pt;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">24 Mei 2012</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> <td nowrap="" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.8pt;" width="125"> <div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span lang="IN" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">274</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div></td> </tr>
</tbody></table><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 31.65pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -3.3pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 9.0pt; line-height: 150%;">Sumber : http://www.idx.co.id</span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 31.65pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 32.15pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Adapun jenis instrumen pasar modal yang jelas diharamkan syariah adalah sebagai berikut:</span></div><div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l14 level1 lfo3; text-align: justify; text-indent: -18.0pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Preferred Stock (saham istimewa). Saham jenis ini diharamkan oleh ketentuan syariah karena terdapat dua karakteristik utama, yaitu: </span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 63.8pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; tab-stops: 63.8pt; text-align: justify; text-indent: -14.15pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">a. <span style="mso-tab-count: 1;"> </span>Adanya keuntungan tetap <i style="mso-bidi-font-style: normal;">(pre-determinant revenue).</i> Hal ini menurut kalangan ulama dikategorikan sebagairiba. </span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 63.8pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; tab-stops: 63.8pt; text-align: justify; text-indent: -14.15pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">b. Pemilik saham preferen mendapatkan hak istimewa terutama pada saatlikuidasi. Hal ini mengandung unsur ketidakadilan.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l14 level1 lfo3; text-align: justify; text-indent: -18.0pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Forward Contract Forward contract<span style="mso-spacerun: yes;"> </span>diharamkan karena segala bentuk jual beliutang <i style="mso-bidi-font-style: normal;">(dayn bi dayn)</i> tidak sesuai dengan syariah. Bentuk kontrak forward ini dilarang dalam Islam karena dianggap jual beli utang/piutang terdapat unsur ribawi, sedangkan terjadinya transaksi jual beli dilakukan sebelum tanggal jatuh tempo.</span></div><div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l14 level1 lfo3; text-align: justify; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Option Option merupakan hak, yaitu untuk membeli dan menjual barang yang tidak disertai dengan <i style="mso-bidi-font-style: normal;">underlying asset</i> atau <i style="mso-bidi-font-style: normal;">real asset</i>. Transaksi option ini bersifat tidak ada (non exist) dan dinilai oleh kalangan ulama bahwa kontrak option ini termasuk future, yaitu mengandung unsur gharar (penipuan/spekulasi) dan maysir (judi).</span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 31.65pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 25.05pt;"><br />
</div><div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l8 level1 lfo2; text-align: justify; text-indent: -18.0pt;"><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">D.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><span dir="LTR"></span><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Sifat dan Karakteristik Saham Syariah</span></b></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; text-align: justify; text-indent: 34.9pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Di dalam literatur –literatur, tidak terdapat istilah atau pembedaan antara saham yang syariah dengan yang non syariah. Akan tetapi, saham sebagai bukti kepemilikan suatu perusahaan, dapat dibedakan menurut kegiatan usaha dan tujuan pembelian saham tersebut. Saham menjadi halal (sesuai syariah) jika saham tersebut dikeluarkan oleh perusahaan yang kegiatan usahanya bergerak di bidang yang halal dan atau dalam niat pembelian saham tersebut adalah untuk investasi, bukan untuk spekaluasi (judi). Untuk lebih amannya, saham yang dilisting dalam Jakarta Islamic Index merupakan saham-saham yang insya Allah sesuai syariah.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 35.45pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Syarat suatu saham yang dikeluarkan oleh perusahaan dapat dikatakan syariah adalah sebagai berikut :</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l6 level1 lfo5; text-align: justify; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Jenis usaha, produk barang, jasa yang diberikan dan akad serta cara pengelolaan perusahaan yang mengeluarkan saham (emiten) atau Perusahaan Publik yang menerbitkan saham syariah tidak boleh bertentangan dengan Prinsip-prinsip Syariah. Jenis kegiatan usaha yang bertentangan dengan Prinsip-prinsip Syariah , antara lain:</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 68.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l12 level1 lfo6; text-align: justify; text-indent: -18.0pt;"><span lang="IN" style="font-family: Wingdings; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;">Ø<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">perjudian dan permainan yang tergolong judi atau perdagangan yang dilarang;</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 68.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l12 level1 lfo6; text-align: justify; text-indent: -18.0pt;"><span lang="IN" style="font-family: Wingdings; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;">Ø<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">lembaga keuangan konvensional (ribawi), termasuk perbankan dan asuransi konvensional;</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 68.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l12 level1 lfo6; text-align: justify; text-indent: -18.0pt;"><span lang="IN" style="font-family: Wingdings; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;">Ø<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;"><span style="mso-spacerun: yes;"> </span>produsen, distributor, serta pedagang makanan dan minuman yang haram; dan</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 68.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l12 level1 lfo6; text-align: justify; text-indent: -18.0pt;"><span lang="IN" style="font-family: Wingdings; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;">Ø<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">produsen, distributor, dan/atau penyedia barang-barang ataupun jasa yang merusak moral dan bersifat mudarat.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 68.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l12 level1 lfo6; text-align: justify; text-indent: -18.0pt;"><span lang="IN" style="font-family: Wingdings; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;">Ø<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">melakukan investasi pada Emiten (perusahaan) yang pada saat transaksi tingkat (nisbah) hutang perusahaan kepada lembaga keuangan ribawi lebih dominan dari modalnya;</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l6 level1 lfo5; text-align: justify; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Emiten atau Perusahaan Publik yang menerbitkan saham syariah wajib untuk menandatangani dan memenuhi ketentuan akad yang sesuai dengan syariah atas saham syariah yang dikeluarkan.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l6 level1 lfo5; text-align: justify; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Emiten atau Perusahaan Publik yang menerbitkan saham syariah wajib menjamin bahwa kegiatan usahanya memenuhi Prinsip-prinsip Syariah dan memiliki Shariah Compliance Officer. (fatwa DSN No 40/2003).</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 35.45pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Khan (2005) dalam menjelaskan identifikasi perusahaan yang dapat ikut dalam saham Islami mengajukan beberapa syarat yaitu :</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l3 level1 lfo7; text-align: justify; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Emiten/perusahaan tersebut tidak berkaitan dengan riba</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l3 level1 lfo7; text-align: justify; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Perusahaan tersebut tidak membuat atau memprioduksi barang atau jasa yang dilarang oleh syariah</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l3 level1 lfo7; text-align: justify; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Perusahaan tidak bertindak ekpliotatif secara berlebihan terhadap faktor-faktor produksi alam yang diberikan Allah</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l3 level1 lfo7; text-align: justify; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Perusahaan tidak mempermainkan harga sekehendaknya, perusahaan tersebut tidak menghalangi terjadinya free market</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l3 level1 lfo7; text-align: justify; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Perusahaan tersebut mempunyai sosial responsibility yang tinggi sehingga punya kepedulian terhadap ummat, dan memilii ethical behaviour .</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 35.45pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Sektor kegiatan usaha oleh perusahaan yang bersangkutan, juga bisa di dilihat dari sisi permodalan dari perusahaan dimaksud, seperti (Arrifa’i, 2003):</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l10 level1 lfo8; text-align: justify; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Rasio atas utang dan ekuitas (debt to equity ratio)</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l10 level1 lfo8; text-align: justify; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Cash and interest bearing securities to equity ratio</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l10 level1 lfo8; text-align: justify; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Rasio atas kas dan aset (cash to asset ratio).</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 35.45pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Sedangkan karakteristik yang diperlukan dalam membentuk pasar modal syariah (Metwally, 1995) adalah sebagai berikut :</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l7 level1 lfo9; text-align: justify; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Semua saham harus diperjualbelikan pada bursa efek</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l7 level1 lfo9; text-align: justify; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Bursa perlu mempersiapkan pasca perdagangan dimana saham dapat diperjualbelikan melalui pialang</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l7 level1 lfo9; text-align: justify; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Semua perusahaan yang mempunyai saham yang dapat diperjualbelikan di Bursa efek diminta menyampaikan informasi tentang perhitungan (account) keuntungan dan kerugian serta neraca keuntungan kepada komite manajemen bursa efek, dengan jarak tidak lebih dari 3 bulan</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l7 level1 lfo9; text-align: justify; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Komite manajemen menerapkan harga saham tertinggi (HST) tiap-tiap perusahaan dengan interval tidak lebih dari 3 bulan sekali</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l7 level1 lfo9; text-align: justify; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Saham tidak boleh diperjual belikan dengan harga lebih tinggi dari HS</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l7 level1 lfo9; text-align: justify; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Saham dapat dijual dengan harga dibawah HST</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l7 level1 lfo9; text-align: justify; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Komite manajemen harus memastikan bahwa semua perusahaan yang terlibat dalam bursa efek itu mengikuti standar akuntansi syariah</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l7 level1 lfo9; text-align: justify; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Perdagangan saham mestinya hanya berlangsung dalam satu minggu periode perdagangan setelah menentukan HST</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l7 level1 lfo9; text-align: justify; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Perusahaan hanya dapat menerbitkan saham baru dalam periode perdagangan, dan dengan harga HST</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 35.45pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Khan (2005) menambahkan, bahwa saham dan perdagangannya harus sesuai dengan prinsip-prinsip keadilan dalam islam. Agar tercipta pasar saham yang adil maka shareholder dilarang berpartisipasi dalam perdagangan dan tidak diperbolehkan untuk mempunyai orang yang bermain dalam pasar saham. Pasar saham juga harus bebas dari penipuan, praktek-praktek yang dapat merugikan investor, seperti rekayasa informasi, pelarangan short selling, dan pencegahan adanya insider trading.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 35.45pt;"><br />
</div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l8 level1 lfo2; text-align: justify; text-indent: -18.0pt;"><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">E.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><span dir="LTR"></span><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Keuntungan Saham Syariah</span></b></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 31.6pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Pembelian saham hendaknya didasarkan bukan karena ingin cepat kaya, tapi benar-benar ingin berbisnis. Dalam artian bila ada keuntungan, maka keuntungan tersebut akan dibagi dalam bentuk dividen. Begitu pun bila ada kerugian, maka kerugian itu harus ditanggung bersama.</span></div><div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 31.6pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Pada dasarnya ada 2 keuntungan yang diperoleh pemodal dengan membei atau memiliki saham, yaitu:</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;"></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-list: l16 level2 lfo12; text-indent: -18.0pt;"><span lang="IN" style="font-family: Symbol; font-size: 10.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-fareast-language: IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Dividen</span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Yaitu pembagian keuntungan yang diberikan perusahaan penerbit saham tersebut atas keuntungan yang dihasilkan perusahaan, deviden diberikan setelah mendapat persetujuan dari pemegang saham dalam RUPS. Deviden yang dibagikan perusahaan dapat berupa devien tunai artinya kepada setiap pemegang saham diberikan deviden berupa uang tunai dalam jumlah rupiah tertentu untuk setiap saham atau dapat pula berupa deviden stock yang artinya setiap pemegang saham diberikan deviden sejumlah saham sehingga sejumlah saham yang dimiliki investor bertambah dengan adanya pembagian di=eviden stock tersebut.</span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-list: l18 level2 lfo13; text-indent: -18.0pt;"><span lang="IN" style="font-family: Symbol; font-size: 10.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-fareast-language: IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><i><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Capital Gain</span></i><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><i><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Capital gain</span></i><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"> merupakan selisih antara harga beli dan harga jual, dimana harga jual lebih tinggi dari harga beli, <i>capital gain</i> terbentuk dengan adanya aktifitas perdagangan di pasar sekunder. Misalnya seorang pemodal membeli saham BUMI dengan harga per lembar Rp.5000 kemudian menjualnya dengan harga Rp.5500 per lembarnya, yang berarti pemodal tersebut telah mendapatkan <i>capital gain</i> sebesar Rp.500 untuk setiap saham yang dijualnya. Umumnya pemodal dengan orientasi jangka pendek untuk mengejar keuntungan melalui <i>capital gain</i>.</span></div><div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 31.6pt;"><br />
</div><div class="MsoListParagraph" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 32.2pt; margin-right: 0cm; margin-top: 0cm; mso-list: l8 level1 lfo2; text-align: justify; text-indent: -18.0pt;"><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">F.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><span dir="LTR"></span><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Resiko Saham Syariah</span></b></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 1.0cm;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Adapun yang menjadi resiko atau kerugian yang bisa terjadi dalam investasi di saham, yaitu:</span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-list: l19 level2 lfo14; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 10.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-fareast-language: IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Tidak mendapat deviden</span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Perusahaan akan membagikan deviden jika operasi perusahaan menghasilkan keuntungan. Dengan demikian perusahaan tidak dapat membagikan deviden jika perusahaan tersebut mengalami kerugian. Dengan demikian potensi keuntungan pemodal untukmendapatkan deviden ditentukan oleh kinerja perusahaan tersebut.</span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-list: l9 level2 lfo15; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 10.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-fareast-language: IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><i><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Capital Loss</span></i><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;"></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Dalam aktifitas perdagangan saham, tidak selalu pemodal mendapatkan capital gain atau keuntungan atas saham yang dijualnya. Ada kalanya investor menjual sahamnya lebih rendah harganya dari harga belinya, dengan demikian investor mengalami <i>capital loss</i>. Misalnya seorang investor membeli saham BUMI pada harga Rp.5000 per lembarnya, namun beberapa waktu kemudian dijual dengan harga Rp.4500 per lembarnya, berarti investor tersebut mengalami kerugian sebesar Rp.500 per lembarnya, kerugian tersebut yang disebut <i>capital loss</i>.</span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Dalam jual beli saham, terkadang seorang investor untuk menghindari potensi kerugian yang makin besar seiring dengan terus menurunnya harga saham, maka investor tersebut rela menjual sahamnya dengan harga lebih rendah dari harga belinya, istilah ini dikenal dengan <i>Cut Loss</i>.</span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-list: l15 level2 lfo16; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 10.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-fareast-language: IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Perusahaan bangkrut dan dilikuidasi</span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Jika suatu perusahaan bangkrut, maka tentu saja akan berdampak secara langsung kepada pemegang saham perusahaan tersebut. Sesuai dengan peraturan pencatatan saham di bursa efek. Dalam kondisi perusahaan dilikuidasi, maka pemeganng saham akan mendapat posisi lebih rendah dibandingkan kreditor atau pemegang obligasi, dan jika masih terdapat sisa baru akan dibagikan kepada pemegang saham.</span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-list: l0 level2 lfo17; text-indent: -14.2pt;"><span lang="IN" style="font-family: Symbol; font-size: 10.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-fareast-language: IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Saham di <i>delist</i> dari bursa <i>(delisting)</i></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Resiko lain yang di hadapi oleh para investor adalah jika saham perusahaan dikeluarkan dari pencatatan bursa efek <i>(delist)</i>. Suatu saham perusahaan di <i>delist</i> di bursa umumnya karena kinerja perusahaan yang buruk, misalnya dalam kurun waktu tertentu tidak pernah diperdagangkan, mengalami kerugian beberapa tahun, tidak membagikan deviden secara berturut-turut selama beberapa tahun dan berbagai kondisi lainnya sesuai dengan peraturan pencatatan di bursa. Adapula perusahaan yang di <i>delist</i> keluar dari bursa dengan tujuan <i>Go Private</i>, perusahan yang melakukan <i>Go Private</i> tidak merugikan investor karena perusahaan penerbit saham tersebut melakukan <i>Buy Back</i> terhadap saham yg diterbitkan.</span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-list: l1 level2 lfo18; text-indent: -18.0pt;"><span lang="IN" style="font-family: Symbol; font-size: 10.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-fareast-language: IN;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span dir="LTR"></span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Saham di <i>Suspend</i></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: IN;">Jika suatu saham di suspend atau diberhentikan perdagangannya oleh otoritas bursa efek. Dengan demikian pemodal tidak dapat menjual sahamnya hingga saham yang di <i>suspend</i> tersebut dicabut dari status suspend. Suspend biasanya berlangsung dalam waktu singkat misalnya dalam 1 sesi perdagangan, 1 hari perdagangan namun dapat pula berlangsung dalam kurun waktu beberapa hari perdagangan. Hal yang menyebabkan saham di suspend yaitu suatu saham mengalami lonjakan harga yang luar biasa, suatu perusahaan dipailitkan oleh kreditornya, atau berbagai kondisi lainnya yang mengharuskan otoritas bursa menghentikan sementara perdagangan saham tersebut untuk kemudian diminta konfirmasi lainnya. Sedemikian hingga informasi yang belum jelas tersebut tidak menjadi ajang spekulasi, jika setelah didapatkan suatu informasi yang jelas, maka status <i>suspend</i> atas saham tersebut dapat dicabut oleh bursa dan saham dapat diperdagangkan lagi seperti semula</span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><br />
</div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><br />
</div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">BAB III</span></b></div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">PENUTUP</span></b></div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><br />
</div><div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l0 level3 lfo17; text-align: justify; text-indent: -18.0pt;"><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">A.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><span dir="LTR"></span><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Simpulan</span></b></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 1.0cm;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Saham syariah adalah saham-saham yang memiliki karakteristik sesuai dengan syariah Islam atau yang lebih dikenal dengan syariah compliant. Nilai yang berhubungan dengan saham dapat dilihat dalam empat konsep yang memberikan makna yang berbeda. Saham memiliki nilai nominal, nilai buku (book value), nilai pasar (Market value), dan nilai intrinsic (Intrinsic value).</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 1.0cm;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Jakarta Islamic Index terdiri dari 30 jenis saham yang dipilih dari saham-saham yang sesuai dengan Syariah Islam. Penentuan kriteria pemilihan saham dalam Jakarta Islamic Index melibatkan pihak Dewan Pengawas Syariah PT Danareksa Invesment Management.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 1.0cm;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Di dalam literatur –literatur, tidak terdapat istilah atau pembedaan antara saham yang syariah dengan yang non syariah. Akan tetapi, saham sebagai bukti kepemilikan suatu perusahaan, dapat dibedakan menurut kegiatan usaha dan tujuan pembelian saham tersebut. Saham menjadi halal (sesuai syariah) jika saham tersebut dikeluarkan oleh perusahaan yang kegiatan usahanya bergerak di bidang yang halal dan atau dalam niat pembelian saham tersebut adalah untuk investasi, bukan untuk spekaluasi (judi).</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify; text-indent: 1.0cm;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Pembelian saham hendaknya didasarkan bukan karena ingin cepat kaya, tapi benar-benar ingin berbisnis. Dalam artian bila ada keuntungan, maka keuntungan tersebut akan dibagi dalam bentuk dividen. Begitu pun bila ada kerugian, maka kerugian itu harus ditanggung bersama.</span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; text-align: justify;"><br />
</div><div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l0 level3 lfo17; text-align: justify; text-indent: -18.0pt;"><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">B.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><span dir="LTR"></span><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Saran</span></b></div><div class="MsoNormal" style="line-height: 200%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 1.0cm;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 200%;">Demikianlah apa yang bisa kami hadirkan pada kesempatan kali ini. Semoga bermanfaat bagi kami pribadi dan dan umumnya bagi semua. Selanjutnya demi kesempurnaan makalah ini penulis memohon saran dan kritik guna memperbaiki kesalahan dikemudian hari.</span></div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b style="mso-bidi-font-weight: normal;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">DAFTAR PUSTAKA</span></b></div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><br />
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</div><div class="MsoNormal" style="line-height: normal; margin-bottom: 12.0pt; text-align: justify;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Anoraga, Panji, Pakarti, <i>Pengantar Pasar Modal</i>, Jakarta: Rineka Ciptal,2001)</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: 12.0pt; text-align: justify;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">E. Cahyono, <i>22 Strategi dan Teknik Meraih untung dibursa saham</i>, Jakarta: Elex Media Komputindo,2002</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: 12.0pt; text-align: justify;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">http://www.alhikmah.ac.id/soft/Artikel/Ekonomi%20Islam/Ekonis-Seri2</span></div><div class="MsoNormal" style="line-height: normal; margin-bottom: 12.0pt; text-align: justify;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">http://www.idx.co.id/Home/ProductAndServices/ShariaMarket/ShariaProducts/tabid/157/language/id-ID/Default.aspx</span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><br />
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</div>obay.bhochepthttp://www.blogger.com/profile/15134122313754690568noreply@blogger.com0tag:blogger.com,1999:blog-8051265237521567590.post-66241495633208697562012-11-01T01:10:00.001-07:002012-11-01T01:10:07.679-07:00Pengertian, Sejarah, Dasar Hulum, dan Tujuan Berdirinya obligasi syari'ah<br />
<div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";">BAB I<o:p></o:p></span></b></div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">PENDAHULUAN</span></b><b><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></b></div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><br />
</div><div class="MsoListParagraph" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l16 level1 lfo19; text-align: justify; text-indent: -18.0pt;"><!--[if !supportLists]--><b><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";">A.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: normal; line-height: normal;"> </span></span></b><!--[endif]--><span dir="LTR"></span><b><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";">Latar Belakang<o:p></o:p></span></b></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 35.45pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Pesatnya perkembangan lembaga keuangan syari’ah, memberikan harapan bagi perkembangan pasar modal yang dilandasi prinsip-prinsip syari’ah. Ada keterkaitan yang erat dalam upaya pengembangan lembaga keuangan syari’ah dengan pasar modal syari’ah. Lembaga keuangan syari’ah membutuhkan penempatan portofolionya pada pasar modal syari’ah dengan saham yang halal dalam obligasi syari’ah. Terutama untuk memenuhi kebutuhan penempatan dana investasi lembaga keuangan syari’ah yang cenderung over likuiditas pada pasca fatwa MUI mengenai haramnya bunga bank.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 35.45pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Obligasi merupakan salah satu instrumen pasar modal syari’ah, disamping saham syari’ah dan reksa dana syari’ah. Pada awalnya banyak kalangan yang meragukan dari keabsahan obligasi syari’ah. Mengingat obligasi syari’ah merupakan surat bukti kepemilikan hutang, yang dalam islam sendirihal tersebut tidak diakui.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 35.45pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Namun demikian, sebagaimana pengertian bank syari’ah adalah bank yang menjalankan prinsip syari’ah, tetap menghimpun dan menyalurkan dana, tetapi tidak dengan dasar bunga, demikian juga adanya pergeseran pengertian pada obligasi. Mulanya dikenal sebagai <i>instrumen fixed income</i> karena memberikan kupon dengan bunga tetap <i>(fixed)</i> sepanjang tenornya. Kemudian dikembangkan pula obligasi dengan kupon bunga mengambang <i>(floating)</i> sehingga bunga yang diterima pemegang obligasi tidak lagi tetap. Dalam hal obligasi syari’ah, kupon yang diberikan tidak lagi berdasarkan bunga, tetapi bagi hasil atau margin/<i>fee</i>.</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><br />
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</div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">BAB II<o:p></o:p></span></b></div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">PEMBAHASAN</span></b><b><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></b></div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><br />
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</div><div class="MsoListParagraph" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l18 level1 lfo17; text-indent: -18.0pt;"><!--[if !supportLists]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">A.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-weight: normal; line-height: normal;"> </span></span></b><!--[endif]--><span dir="LTR"></span><b><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";">Pengertian, Sejarah, Dasar Hulum, dan Tujuan Berdirinya</span></b><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></b></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">1. Pengertian<o:p></o:p></span></b></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 36.0pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";">O</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">bligasi merupakan surat hutang dari suatu lembaga atau perusahaan yang dijual kepada investor untuk mendapatkan dana segar. Para investor akan mendapatkan return dalam bentuk tingkat suku bunga tertentu yang sangat bervariasi, tergantung kekuatan bisnis penerbitnya. Suku bunga ini bisa dibayarkan secara tetap atau berjenjang. Obligasi diterbitkan dapat berupa atas unjuk dan atas nama<i>.</i> <o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 36.0pt;"><i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Obligasi atas unjuk</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"> berarti pemegang obligasi dianggap sebagai pemilik atas hak obligasi tersebut. <i>Sedangkan obligasi atas</i> <i>nama</i> berarti yang berhak atas sejumlah nilai uang atas obligasi tersebut adalah sesuai dengan nama yang tertera pada obligasi tersebut.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 36.0pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Tingkat suku bunga dalam obligasi disebut kupon. Kupon merupakan penghasilan bunga obligasi yang didasarkan atas nilai nominal yang dilakukan berdasarkan perjanjian, biasanya setiap tahun atau setiap semester atau triwulan.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 36.0pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Penerbitan obligasi melibatkan perjanjian antara dua pihak, yaitu pihak penerbit<i> (issuer)</i> dengan pihak pembeli pinjaman <i>(investor/bondholder)</i>. Dalam kontrak perjanjian tersebut biasanya berisi beberapa hal, diantaranya:<o:p></o:p></span></div><div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l12 level1 lfo18; text-align: justify; text-indent: -21.25pt;"><!--[if !supportLists]--><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";">1.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Besarnya tingkat kupon serta periode pembayaran</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l12 level1 lfo18; text-align: justify; text-indent: -21.25pt;"><!--[if !supportLists]--><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";">2.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Jangka waktu jatuh tempo</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div><div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l12 level1 lfo18; text-align: justify; text-indent: -21.25pt;"><!--[if !supportLists]--><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";">3.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Besarnya nominal</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div><div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l12 level1 lfo18; text-align: justify; text-indent: -21.25pt;"><!--[if !supportLists]--><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";">4.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Jenis obligasi</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 35.45pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";">Sedangkan yang dimaksud dengan obligasi syari’ah sebagaimana Fatwa Dewan Syari’ah Nasional (DSN) No.32/DSN-MUI/IX/2002, <i>obligasi syari’ah adalah</i> suatu surat berharga jangka panjang berdasarkan prinsip syari’ah yang dikeluarkan emiten kepada pemegang obligasi syari’ah yang mewajibkan emiten untuk membayar pendapatan kepada pemegang obligasi syari’ah berupa bagi hasil atau margin atau fee, serta membayar kembali dana obligasi pada saat jatuh tempo. <o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 35.45pt;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";">Walaupun masih ada sebagian ulama yang mempertanyakan kebolehan obligasi syari’ah, namun obligasi syari’ah di Indonesia telah dipayungi kehalalannya oleh Fatwa Dewan Syari’ah Nasional (DSN) bernomor 32/DSN-MUI/IX/2002. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Dua obligasi yang beredar bernomor 32/DSN-MUI/IX/2002, yaitu obligasi syari’ah mudharabah dan obligasi syari’ah ijarah. Masing-masing disahkan oleh Fatwa DSN –MUI No.33/DSN-MUI/IX/2002 dan fatwa DSN-MUI No.41/DSN-MUI/111/2004.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 35.45pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Adapun kaidah syari’ah untuk obligasi syari’ah ini adala</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";">h :<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l11 level1 lfo1; text-align: justify; text-indent: -21.25pt;"><!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">1.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Bersifat mudharabah karena tidak harus menanggung rugi.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l11 level1 lfo1; text-align: justify; text-indent: -21.25pt;"><!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Dapat menerima pembagian dari pendapatan<i> (revenue sharing)</i> dimana emiten mengikat diri untuk membatasi penggunaan pendapatan sebagai biaya usaha.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l11 level1 lfo1; text-align: justify; text-indent: -21.25pt;"><!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">3.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Dapat dijual dibawah nilai paru (modal awal) kalau perusahaan mengalami kerugian.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l11 level1 lfo1; text-align: justify; text-indent: -21.25pt;"><!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">4.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Perubahan nilai pasar bukan berarti perubahan jumlah utang.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><br />
</div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2. Sejarah Munculnya Obligasi<o:p></o:p></span></b></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 1.0cm;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Pasar modal syari’ah telah diluncurkan pada tanggal 14 maret 2003. Mucul harapan bahwa pasar modal yang di dasari prinsip syari’ah dapat berkembang lebih besar lagi. Pasar modal syari’ah diharapkan dapat mendorong pertumbuhan institusi-institusi (lembaga keuangan) syari’ah dan instrumen-instrumen syari’ah. Salah satu instrumen syari’ah yang diperkirakan akan berkembang pesat adalah obligasi syari’ah.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 1.0cm;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Memang terdapat keterkaitan yang erat dalam upaya pengembangan pasar modal syari’ah ini. Pasar, instrumen, dan institusi menjadi komponen yang saling mendukung dalam sistem keuangan syari’ah. Satu institusi skan membutuhkan pasar, instrumen, dan institusi lainnya.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 1.0cm;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Ketika bank syari’ah dikembangkan, muncullah untuk membuat pasar uang syari’ah. Pada saat reksa dana syari’ah dimunculkan, perlu instrumen halal untuk penyaluran penempatan fortofolio-nya. Demikian juga dengan asuransi dan dana pensiun syari’ah. Lembaga keuangan syariah ini memerlukan bank syari’ah, membutuhkan pasar modal syariah dengan saham halal dan obligasi syariahnya. Ketika suatu emiten yang tercatat di bursa ingin dikatakan tergolong syariah, boleh jadi emiten tadi memerlukan obligasi syariah sebagai pendanaan alternatifnya.</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 1.0cm;"><br />
</div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">3. Dasar Hukum<o:p></o:p></span></b></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 1.0cm;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Pelaksaan obligasi syari’ah di Indonesia dilaksanakan atas dasar hukum:<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l8 level1 lfo2; text-align: justify; text-indent: -21.25pt;"><!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">1.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">pendapat ulama tentang keharaman mendapatkan bunga<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l8 level1 lfo2; text-align: justify; text-indent: -21.25pt;"><!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">pendapat ulama tentang keharaman obligasi yang penghasilannaya berbentuk bunga (kupon)<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l8 level1 lfo2; text-align: justify; text-indent: -21.25pt;"><!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">3.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">pendapat ulama tentang obligasi syari’ah yang menggunakan prinsip mudharabah, murabahah, musyarakah, istishna, dan salam.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l8 level1 lfo2; text-align: justify; text-indent: -21.25pt;"><!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">4.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Fatwa Dewan Syari’ah Nasional no.20 DSN/IV/2001 mengenai pedoman pelaksaan invstasi reksa dana syari’ah.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l8 level1 lfo2; text-align: justify; text-indent: -21.25pt;"><!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">5.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Fatwa Dewan Syari’ah Nasional No.32/DSN-MUI/IX/2002 tentang obligasi syari’ah.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 1.0cm;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Dengan dasar pegangan hukum dari Dewan Syari’ah Nasional dibawah Majlis Ulama Indonesia mengenai obligasi syari’ah, penerbitan obligasi syari’ah oleh perusahaan di Indonesia bisa direalisasikan.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 1.0cm;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Penyelesaian perselisihan dalam menerbitkan obligasi syari’ah jika timbul perselisihan antara pihak terkait, harus diselesaikan Badan Arbitrase Syrai’ah apabila tidak mendapatkan penyelesaian sepakat antara kedua belah pihak yang bersengketa</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";">.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 1.0cm;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Adapun ayat Al-Qur’an yang berhubungan dengan ini adalah:</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div><div class="MsoNormal" dir="RTL" style="direction: rtl; margin: 0cm 0cm 0.0001pt 35.45pt; text-align: justify; unicode-bidi: embed;"><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">$</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">y</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">g</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;"></span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;"></span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">r</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">'</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">¯</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">»</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">t</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;"></span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;"><span dir="LTR"></span><span dir="LTR"></span></span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">ú</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">ï</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">Ï</span><span dir="LTR" style="font-family: HQPB3; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB3;">%</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">©</span><span dir="LTR" style="font-family: HQPB3; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB3;">!</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">$</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">#</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;"><span dir="LTR"></span><span dir="LTR"></span>(</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">#</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">þ</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">q</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">ã</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">Y</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">t</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">B</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">#</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">u</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">ä</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;"><span dir="LTR"></span><span dir="LTR"></span>(</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">#</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">q</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">è</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">ù</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">÷</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">r</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">r</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">&</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;"><span dir="LTR"></span><span dir="LTR"></span>Ï</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;"></span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">q</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">à</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">)</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">ã</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">è</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">ø</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">9</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">$</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">$</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">Î</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">/</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;"><span dir="LTR"></span><span dir="LTR"></span>4</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;"><span dir="LTR"></span><span dir="LTR"></span>ô</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">M</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">¯</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">=</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">Ï</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">m</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">é</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">&</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;"><span dir="LTR"></span><span dir="LTR"></span>N</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">ä</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">3</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">s</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">9</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;"><span dir="LTR"></span><span dir="LTR"></span>è</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">p</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">y</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">J</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">Í</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">k</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">u</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">5</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;"><span dir="LTR"></span><span dir="LTR"></span>É</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">O</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">»</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">y</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">è</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">÷</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">R</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">F</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">{</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">$</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">#</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;"><span dir="LTR"></span><span dir="LTR"></span></span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">w</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">Î</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">)</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;"><span dir="LTR"></span><span dir="LTR"></span>$</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">t</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">B</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;"><span dir="LTR"></span><span dir="LTR"></span>4</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;"></span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">n</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">=</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">÷</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">F</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">ã</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;"></span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;"><span dir="LTR"></span><span dir="LTR"></span>ö</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">N</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">ä</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">3</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">ø</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;"></span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">n</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">=</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">t</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">æ</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;"><span dir="LTR"></span><span dir="LTR"></span>u</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">ö</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;"></span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">x</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">î</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;"><span dir="LTR"></span><span dir="LTR"></span></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">Ì</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">j</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">?</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">Ï</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">t</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">è</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">C</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;"><span dir="LTR"></span><span dir="LTR"></span>Ï</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">ø</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">¢</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">Á</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">9</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">$</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">#</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;"><span dir="LTR"></span><span dir="LTR"></span>ö</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">N</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">ç</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">F</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">R</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">r</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">&</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">u</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">r</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;"><span dir="LTR"></span><span dir="LTR"></span>î</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">P</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">ã</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">ã</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">m</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;"><span dir="LTR"></span><span dir="LTR"></span>3</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;"><span dir="LTR"></span><span dir="LTR"></span>¨</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">b</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">Î</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">)</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;"><span dir="LTR"></span><span dir="LTR"></span>©</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">!</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">$</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">#</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;"><span dir="LTR"></span><span dir="LTR"></span>ã</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">N</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">ä</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">3</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">ø</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">t</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">s</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;"></span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;"><span dir="LTR"></span><span dir="LTR"></span>$</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">t</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">B</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;"><span dir="LTR"></span><span dir="LTR"></span>ß</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;"></span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">Ì</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">ã</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;"></span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;"><span dir="LTR"></span><span dir="LTR"></span>Ç</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">Ê</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">È</span><span dir="RTL"></span><span dir="RTL"></span><span lang="AR-SA" style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR" lang="IN" style="font-family: "(normal text)","serif"; mso-ansi-language: IN;"><o:p></o:p></span></div><div class="MsoNormal" style="margin: 0cm 35.45pt 0.0001pt; text-align: justify;"><i><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> </span></i><i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">“hai orang-orang yang beriman! Penuhilah aqad-aqad itu…”</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div><div class="MsoNormal" style="margin: 0cm 35.45pt 0.0001pt; text-align: justify;"><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";">(</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Al-Maidah: 1)</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div><div class="MsoNormal" style="margin: 0cm 35.45pt 0.0001pt; text-align: justify;"><br />
</div><div class="MsoNormal" dir="RTL" style="direction: rtl; margin: 0cm 0cm 0.0001pt 35.45pt; text-align: justify; unicode-bidi: embed;"><span lang="AR-SA" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">Ÿ</span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;"><span dir="LTR"></span><span dir="LTR"></span></span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">w</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">Î</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">)</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;"><span dir="LTR"></span><span dir="LTR"></span></span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">ú</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">ï</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">Ï</span><span dir="LTR" style="font-family: HQPB3; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB3;">%</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">©</span><span dir="LTR" style="font-family: HQPB3; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB3;">!</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">$</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">#</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;"><span dir="LTR"></span><span dir="LTR"></span>(</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">#</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">q</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">ç</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">/</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">$</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">s</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">?</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;"><span dir="LTR"></span><span dir="LTR"></span>`</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">Ï</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">B</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;"><span dir="LTR"></span><span dir="LTR"></span>È</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">@</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">ö</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">6</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">s</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">%</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;"><span dir="LTR"></span><span dir="LTR"></span>b</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">r</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">&</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;"><span dir="LTR"></span><span dir="LTR"></span>(</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">#</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">r</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">â</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">Ï</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">ø</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">)</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">s</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">?</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;"><span dir="LTR"></span><span dir="LTR"></span>ö</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">N</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">Í</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">k</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">ö</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;"></span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">n</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">=</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">t</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">ã</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;"><span dir="LTR"></span><span dir="LTR"></span>(</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;"><span dir="LTR"></span><span dir="LTR"></span>(</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">#</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">þ</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">q</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">ß</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">J</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">n</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">=</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">÷</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">æ</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">$</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">$</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">s</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">ù</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;"><span dir="LTR"></span><span dir="LTR"></span></span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">c</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">r</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">&</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;"><span dir="LTR"></span><span dir="LTR"></span>©</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">!</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">$</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">#</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;"><span dir="LTR"></span><span dir="LTR"></span>Ö</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;"></span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">q</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">à</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">ÿ</span><span dir="LTR" style="font-family: HQPB5; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB5;">x</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">î</span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;"><span dir="LTR"></span><span dir="LTR"></span>Ò</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">O</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;"></span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">Ï</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;">m</span><span dir="LTR" style="font-family: HQPB4; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB4;">§</span><span dir="LTR" style="font-family: HQPB1; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB1;"></span><span dir="RTL"></span><span dir="RTL"></span><span style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR"></span><span dir="LTR"></span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;"><span dir="LTR"></span><span dir="LTR"></span>Ç</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">Ì</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">Í</span><span dir="LTR" style="font-family: HQPB2; font-size: 14.0pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-char-type: symbol; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-symbol-font-family: HQPB2;">È</span><span dir="RTL"></span><span dir="RTL"></span><span lang="AR-SA" style="font-family: "Arial","sans-serif"; mso-ascii-font-family: "\(normal text\)"; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi; mso-hansi-font-family: "\(normal text\)";"><span dir="RTL"></span><span dir="RTL"></span> </span><span dir="LTR" lang="IN" style="font-family: "(normal text)","serif"; mso-ansi-language: IN;"><o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><i><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 10.0pt; line-height: 150%; mso-ansi-language: IN; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";">34. kecuali orang-orang yang taubat (di antara mereka) sebelum kamu dapat menguasai (menangkap) mereka; Maka ketahuilah bahwasanya Allah Maha Pengampun lagi Maha Penyayang.<o:p></o:p></span></i></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><br />
</div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 1.0cm; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Dari hadits Nabi yang diriwayatkan oleh Imam Al-Tirmidzi dari ‘Amr Bin ‘Auf Al Muzani, Nabi SAW bersabda:<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 1.0cm; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">“perjanjian boleh dilakukan diantara kaum muslimin kecuali perjanjian yang mengharamkan yang halal atau menghalalkan yang haram; dan kaum kuslimin terikat dengna syarat-syarat mereka kecuali syarat yan mengharamkan yang halal atau menghalalkan yang haram.”</span></i><i><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></i></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 1.0cm; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><br />
</div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">4. Tujuan Berdirinya Obligasi Syari’ah<o:p></o:p></span></b></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Adapun tujuan di terbitkannya obligasi adalah sebagai berikut: <o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l15 level1 lfo3; text-align: justify; text-indent: -21.25pt;"><!--[if !supportLists]--><span style="font-family: Symbol; font-size: 10.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Memperluas basis sumber pembiayaan angggaran negara<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l15 level1 lfo3; text-align: justify; text-indent: -21.25pt;"><!--[if !supportLists]--><span style="font-family: Symbol; font-size: 10.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Mendorong pengembangan pasar keuangan syari’ah<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l15 level1 lfo3; text-align: justify; text-indent: -21.25pt;"><!--[if !supportLists]--><span style="font-family: Symbol; font-size: 10.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Menciptakan benchmark di pasar keuangan syari’ah<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l15 level1 lfo3; text-align: justify; text-indent: -21.25pt;"><!--[if !supportLists]--><span style="font-family: Symbol; font-size: 10.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Diversifikasi basis investor<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l15 level1 lfo3; text-align: justify; text-indent: -21.25pt;"><!--[if !supportLists]--><span style="font-family: Symbol; font-size: 10.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Mengembangkan alternatif instrumen investasi<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l15 level1 lfo3; text-align: justify; text-indent: -21.25pt;"><!--[if !supportLists]--><span style="font-family: Symbol; font-size: 10.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Megoptimalkan pemanfaatan barang milik negara<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; mso-list: l15 level1 lfo3; text-align: justify; text-indent: -21.25pt;"><!--[if !supportLists]--><span style="font-family: Symbol; font-size: 10.0pt; line-height: 150%; mso-bidi-font-family: Symbol; mso-bidi-font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Memanfaatkan dana-dana mesyarakat yang belum terjaring oleh sistem perbankan konvensional<b><o:p></o:p></b></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 2.0cm; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><br />
</div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">B. Konsep Dasar Obligasi Syari’ah<o:p></o:p></span></b></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 1.0cm;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Sebagaimana yang telah dikemukakan diawal makalah ini, bahwa obligasi adalah surat hutang, dimana pemegangnya berhak atas bunga tetap. Sedangkan bunga dalam islam sama dengan riba yang diharamkan baik dalam al-qur’an, hadits nabi, ataupun ijma’ ulama. Oleh kerena itu, pada prinsip syari’ah tidak mengenal adanya hutang, tetapi mengenal adanya kewajiban yang hanya timbul akibat adanya transaksi atas aset/produk <i>(maal)</i> maupun jasa <i>(amal)</i> yang tidak tunai, sehingga terjadi transaksi pembiyaan.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 1.0cm;"><i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Perbedaan </span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">yang paling mendasar antara obligasi syari’ah dengan obligasi konvensional terletak pada penetapan bunga yang besarnya sudah ditentukan diawal transaksi jual-beli. Sedangkan pada obligasi syari’ah saat perjanjian jual-beli belum ditentukan besarnya bunga. Yang ditentukan adalah seberapa besar proporsi pembagian hasil apabila mendapatkan keuntungan dimasa yang akan datang.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 1.0cm;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Rekontruksi terhadap obligasi dilakukan agar sesuai dengan kaidah-kaidah ayari’ah, diantaranya:<o:p></o:p></span></div><br />
<ol start="1" style="margin-top: 0cm;" type="1"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l10 level1 lfo4; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">penghapusan bunga yang tetap dan mengalihkannya ke surat investasi yang ikut serta dalam keuntungan dan dalam kerugian, serta tunduk pada kaidah<i> al-ghunm bi al-ghurm,</i> yaitu keuntungan/peghasilan itu berimbang dengan kerugian yang ditanggungnya.</span></li>
</ol><ol start="1" style="margin-top: 0cm;" type="1"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l10 level1 lfo4; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">penghapusan syarat jaminan atas kembalinya harga obligasi dan bunganya sehingga menjadi saham biasa.</span></li>
</ol><ol start="1" style="margin-top: 0cm;" type="1"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l10 level1 lfo4; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">pengalihan obligasi ke saham biasa.</span></li>
</ol><ol start="1" style="margin-top: 0cm;" type="1"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l4 level1 lfo5; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Kemungkinan perolehan dari bagi hasil pendapatan lebih tinggi dari pada obligasi konvensional.</span></li>
</ol><ol start="1" style="margin-top: 0cm;" type="1"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l4 level1 lfo5; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Obligasi syari’ah aman karena digunakan untuk mendanai proyek-proyek yang prosfektif.</span></li>
</ol><ol start="1" style="margin-top: 0cm;" type="1"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l4 level1 lfo5; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Bila terjadi kerugian (di luar kontrol) investor tetap memperoleh aktiva.</span></li>
</ol><ol start="1" style="margin-top: 0cm;" type="1"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l4 level1 lfo5; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Terobosan paradigma, bukan lagi surat hutang tapi surat investasi.</span></li>
</ol><ol start="1" style="margin-top: 0cm;" type="1"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l3 level1 lfo6; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Bagi hasil berdasarkan akad <i>mudharabah, muqaradah, qiradah,</i> ataupun<i> musyarakah</i>. Akad mudharabah/musyarakah adalah akad kerja sama dengan skema bagi hasil pendapatan atau keuntungan. Obligasi jenis ini akan memberikan return dengan penggunaan<i> term indicativ</i> atau <i>expected return</i> karena sifatnya yang floating dan tergantung pada kinerja pendapatan yang dibagihasilkan.</span></li>
</ol><ol start="1" style="margin-top: 0cm;" type="1"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l3 level1 lfo6; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Margin atau fee berdasarkan akad mudharabah, salam, istishna, dan ijarah. Dengan akad tersebut, obligasi syari’ah akan memberikan <i>fixed return</i> (pendapatan tetap)</span></li>
</ol><ol start="1" style="margin-top: 0cm;" type="1"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l9 level1 lfo7; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Obligasi syari’ah mudharabah merupakan bentuk pendanaan yang paling sesuai untuk investasi dalam jumlah besar dan jangka waktunya relatif panjang.</span></li>
</ol><ol start="1" style="margin-top: 0cm;" type="1"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l9 level1 lfo7; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Obligasi syari’ah mudharabah dapat digunkan untuk pendanaan umum<i> (general financing)</i>, seperti pandanaan modal kerja ataupun <i>capital expenditure.</i></span></li>
</ol><ol start="1" style="margin-top: 0cm;" type="1"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l9 level1 lfo7; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Mudharabah merupakan pencampuran kerjasama antara modal dan jasa (kegiatan usaha), sehingga membuat strukturnya memungkinkan untuk tidak memerlukan jaminan atas aset yang spesifik. Hal ini berbeda dengan struktur yang menggunakan dasar akad jual beli yang mensyartakan jaminan atas aset yang didanai.</span></li>
</ol><ol start="1" style="margin-top: 0cm;" type="1"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l9 level1 lfo7; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Kecenderungan regional dan global, dari penggunaan struktur mudharabah dan <i>bai’ bi’tsaman ajil</i> menjadi mudharabah dan ijarah.</span></li>
</ol><ol start="1" style="margin-top: 0cm;" type="1"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l6 level1 lfo8; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Objeknya dapat berupa barang (harta fisik yang bergerak, tak bergerak, harta perdagangan) maupun berupa jasa.</span></li>
</ol><ol start="1" style="margin-top: 0cm;" type="1"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l6 level1 lfo8; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Manfaat dari objek dan nilai manfaat tersebut diketahui dan disepakati oleh kedua belah pihak.</span></li>
</ol><ol start="1" style="margin-top: 0cm;" type="1"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l6 level1 lfo8; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Ruang lingkup dan jangka waktu pemakaiannya harus dinyatakan secara spesifik.</span></li>
</ol><ol start="1" style="margin-top: 0cm;" type="1"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l6 level1 lfo8; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Penyewa harus membagi hasil manfaat yan diperolehnya dalam bentuk imbalan atau sewa/upah.</span></li>
</ol><ol start="1" style="margin-top: 0cm;" type="1"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l6 level1 lfo8; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Pemakai manfaat (penyewa) harus menjaga objek agar manfaat yang diberikan oleh objek tetap terjaga.</span></li>
</ol><ol start="1" style="margin-top: 0cm;" type="1"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l6 level1 lfo8; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Pembeli sewa haruslah pemilik mutlak.</span></li>
</ol><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l13 level1 lfo9; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Kontrak atau aqad mudharabah dihitung dalam perjanjian perwalimanatan.</span></li>
</ul><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l13 level1 lfo9; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Rasio atau persentasi bagi hasil dapat ditetapkan berdasarkan komponen pendapatan <i>(revenue)</i> atau keuntungan (opening profit, EBIT atau EBITDA). Tetapi fatwa no. 15/DSN-MUI/IX/2000 memberi pertimbangan bahwa dari segi kemaslahatan pembagian usaha sebaiknya menggunakan prinsip <i>revenue sharing</i>.</span></li>
</ul><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l13 level1 lfo9; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Nisbah ini dapat ditetapkan konstan meningkat ataupun menurun dengan mempertimbangkan proyeksi pendapatan emiten, tetapi sudah ditetapkan diawal kontrak.</span></li>
</ul><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l13 level1 lfo9; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Pendapatan bagi hasil berarti jumlah pendapatan yang dibagihasilkan yang menjadi hak dan oleh kerenanya harus dibayarkan oleh emiten kepada pemegang obligasi syari’ah dengan pendapatan/keuntungan yang dibagihasilkan yang jumlahnya tercantum dalam laporan keuangan konsolidasi emiten.</span></li>
</ul><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l13 level1 lfo9; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Pembagian hasil pendapatan atau keuntungan ini dapat dilakukan secaar periodik (tahunan, semesteran, kuartalan, bulanan).</span></li>
</ul><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l13 level1 lfo9; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Karena besarnya pendapatan bagi hasil akan ditentukan oleh kinerja aktual emiten, maka obligasi syari’ah memberikan<i> indicative return</i> tertentu.</span></li>
</ul><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l7 level1 lfo10; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Investor dapat bertindak sebagai penyewa <i>(musta’jir).</i> Sedangkan emiten dapat bertindak sebagai wakil investor. Dan<i> property owner</i> dapat bertindak sebagai orang yang menyewakan <i>(mu’jir)</i>. Dengan demikian, ada dua kali transaksi dalam hal ini;<i> transaksi pertama</i> terjadi antara investor dengan emiten, dimana investor mewakilkan dirinya kepada emiten dengan akad wakalah, untuk melakukan transaksi sewa-menyewa dengan <i>property owner</i> dengan akad ijarah. <i>Selanjutnya,</i> transaksi terjadi antara emiten (sebagai wakil investor) dengan properti owner (sebagai orang yang menyewakan) untuk melakukan transaksi sewa-menyewa (ijarah).</span></li>
</ul><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l1 level1 lfo11; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Setelah investor memperoleh hak sewa, maka investor menyewakan kembali objek sewa tersebut kepada emiten. Atas dasar transaksi sewa-menyewa tersebut, maka diterbitkanlah surat berharga jangka panjang (obligasi syari’ah ijarah), dimana atas penerbitan obligasi tersebut, emiten wajib membayar pendapatan kepada investor berupa <i>fee </i>serta wajib membayar kembali dana obligasi pada saat jatuh tempo.</span></li>
</ul><ol start="1" style="margin-top: 0cm;" type="1"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l17 level1 lfo12; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Akivitas utama (core business) yang halal, tidak bertentangan dengan substansi Fatwa No: 20/DSN-MUI/IV/2001. fatwa tersebut menjelaskan bahwa jenis kegiatan usaha yang bertentangan dengan syari’ah islam diantaranya adalah:</span></li>
</ol><ol start="3" style="margin-top: 0cm;" type="1"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l17 level1 lfo12; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Keuntungan tambahan jika termasuk dalam komponen Jakarta Islamic Index (JII) Struktur obligasi syari’ah.</span></li>
</ol><table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable"><tbody>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.75pt;" valign="top" width="93"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Tahun<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">MYR<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">USD<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Valas Lain<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.0pt;" valign="top" width="92"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Total<o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.75pt;" valign="top" width="93"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2002<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">3.975<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">750<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">167<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.0pt;" valign="top" width="92"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">4.892<o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.75pt;" valign="top" width="93"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2003<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2.839<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">1.350<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">92<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.0pt;" valign="top" width="92"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">4.281<o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.75pt;" valign="top" width="93"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2004<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">3.745<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">1.700<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">324<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.0pt;" valign="top" width="92"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">5.769<o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.75pt;" valign="top" width="93"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2005<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">5.006<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2.456<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">123<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.0pt;" valign="top" width="92"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">7.594<o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.75pt;" valign="top" width="93"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2006<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">7.015<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">10.155<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">955<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.0pt;" valign="top" width="92"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">18.125<o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.75pt;" valign="top" width="93"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2007<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">11.239<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">8.780<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">10.784<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.0pt;" valign="top" width="92"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">30.803<o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.75pt;" valign="top" width="93"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">outstanding<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">33.819<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">25.200<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">12.445<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.0pt;" valign="top" width="92"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">71.464<o:p></o:p></span></div></td> </tr>
</tbody></table><br />
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable"><tbody>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.75pt;" valign="top" width="93"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Tahun<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">MYR<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">USD<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Valas Lain<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.0pt;" valign="top" width="92"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Total<o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.75pt;" valign="top" width="93"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2002<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">120<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">13<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.0pt;" valign="top" width="92"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">135<o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.75pt;" valign="top" width="93"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2003<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">101<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">3<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">9<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.0pt;" valign="top" width="92"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">113<o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.75pt;" valign="top" width="93"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2004<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">190<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">4<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">11<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.0pt;" valign="top" width="92"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">205<o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.75pt;" valign="top" width="93"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2005<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">275<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">9<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">4<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.0pt;" valign="top" width="92"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">288<o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.75pt;" valign="top" width="93"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2006<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">260<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">13<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">3<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.0pt;" valign="top" width="92"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">276<o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.75pt;" valign="top" width="93"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2007<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">211<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">17<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">24<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.0pt;" valign="top" width="92"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">252<o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.75pt;" valign="top" width="93"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">outstanding<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">1.157<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">48<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 81.75pt;" valign="top" width="109"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">64<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 69.0pt;" valign="top" width="92"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">1.269<o:p></o:p></span></div></td> </tr>
</tbody></table><br />
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable"><tbody>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 72.0pt;" valign="top" width="96"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Emiten<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 78.0pt;" valign="top" width="104"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Jenis obligasi<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 60.0pt;" valign="top" width="80"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Nilai emisi<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 66.0pt;" valign="top" width="88"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">perangkat<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 55.5pt;" valign="top" width="74"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Indikasi return/ fee<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 70.5pt;" valign="top" width="94"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Waktu penerbitan<o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 72.0pt;" valign="top" width="96"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Indosat<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 78.0pt;" valign="top" width="104"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Mudharabah<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 60.0pt;" valign="top" width="80"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Rp 175 M<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 66.0pt;" valign="top" width="88"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">AA+<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 55.5pt;" valign="top" width="74"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">15,75 %<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 70.5pt;" valign="top" width="94"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">TH 2002<o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 72.0pt;" valign="top" width="96"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Berlian Laju Tanker<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 78.0pt;" valign="top" width="104"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Mudharabah<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 60.0pt;" valign="top" width="80"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Rp 60 M<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 66.0pt;" valign="top" width="88"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">A-<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 55.5pt;" valign="top" width="74"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">14,75 %<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 70.5pt;" valign="top" width="94"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">TH 2003<o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 72.0pt;" valign="top" width="96"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Bank Bukopin<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 78.0pt;" valign="top" width="104"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Mudharabah<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 60.0pt;" valign="top" width="80"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Rp 45 M<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 66.0pt;" valign="top" width="88"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">BBB+<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 55.5pt;" valign="top" width="74"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">13,75 %<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 70.5pt;" valign="top" width="94"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">TH 2003<o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 72.0pt;" valign="top" width="96"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">BMI<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 78.0pt;" valign="top" width="104"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Mudharabah<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 60.0pt;" valign="top" width="80"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Rp 200 M<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 66.0pt;" valign="top" width="88"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">BBB-<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 55.5pt;" valign="top" width="74"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">17,00 %<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 70.5pt;" valign="top" width="94"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">15 JULI 2003<o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 72.0pt;" valign="top" width="96"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Ciliandra Perkasa<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 78.0pt;" valign="top" width="104"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Mudharabah<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 60.0pt;" valign="top" width="80"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Rp 60 M<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 66.0pt;" valign="top" width="88"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">BBB<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 55.5pt;" valign="top" width="74"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">17, 70 %<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 70.5pt;" valign="top" width="94"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">26 SEP 2003<o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 72.0pt;" valign="top" width="96"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">BSM<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 78.0pt;" valign="top" width="104"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Mudharabah<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 60.0pt;" valign="top" width="80"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Rp 200 M<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 66.0pt;" valign="top" width="88"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">BBB<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 55.5pt;" valign="top" width="74"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">13,00 %<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 70.5pt;" valign="top" width="94"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">31 OKT 2003<o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 72.0pt;" valign="top" width="96"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Perkebunan Nusantara Vii<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 78.0pt;" valign="top" width="104"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Mudharabah<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 60.0pt;" valign="top" width="80"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Rp 75 M<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 66.0pt;" valign="top" width="88"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">BBB+<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 55.5pt;" valign="top" width="74"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">13875 %<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 70.5pt;" valign="top" width="94"></td> </tr>
<tr> <td style="padding: 0cm 0cm 0cm 0cm; width: 72.0pt;" valign="top" width="96"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Matahari Putra Prima<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 78.0pt;" valign="top" width="104"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Mudharabah<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 60.0pt;" valign="top" width="80"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Rp 150 M<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 66.0pt;" valign="top" width="88"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">A+<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 55.5pt;" valign="top" width="74"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">13,80 %<o:p></o:p></span></div></td> <td style="padding: 0cm 0cm 0cm 0cm; width: 70.5pt;" valign="top" width="94"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">6 MEI 2004<o:p></o:p></span></div></td> </tr>
</tbody></table><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l0 level1 lfo13; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Belum banyak masyarakat yang pahamtentang keberadaan obligasi syari’ah, apalagi sistem yang digunakan didalamnya. Hal tersebut tidak lepas dari ruang sosialisasi obligasi syari’ah dikondisikan hanya terbatas oleh para pemodal yang memiliki dana lebih dari cukup.</span></li>
</ul><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l0 level1 lfo13; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Masyarakat dalam menyimpan dananya cenderung didasarkan atas pertimbangan pragmatis. Hal ini yang menjadikan trend tingkat bunga yang cenderung bisa dipastikan pada masa yang akan datang, menjadikan investor lebih memilih obligasi konvensional dari pada obligasi syari’ah.</span></li>
</ul><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l0 level1 lfo13; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Di usia yang relatif muda dan sistem yang berbeda, obligasi syari’ah dikondisikan untuk menghadapi masyarakat yang kurang percaya akan keberadaan sistem yang belum ia kenal.</span></li>
</ul><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l14 level1 lfo14; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Langkah-langkah sosialisasi dilakukan untuk membangun pemahaman akan keberadaan oblgasi syari’ah ditengah-tengah masyarakat keterlibatan praktisi, akademisi dan ulama sangat diperlukan dalam usaha-usaha mensosialisasikan obligasi syari’ah.</span></li>
</ul><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l14 level1 lfo14; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Usaha untuk menarik pasar emosional secara statistik relatif lebih sedikit daripada pasar nasional. Oleh kerenanya obligasi syari’ah tidak bisa hanya sekedar menunggu sampai adanya perubahan paradigma mengenai obligasi syari’ah yang tidak tentu waktunya tetapi setidaknya obligasi syari’ah mampu menangkap kondisi yang ada sebagai peluang yang bisa digunakan untuk meningkatkan produksinya.</span></li>
</ul><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l14 level1 lfo14; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Untuk meningkatkan kepercayaan masyarakat, usaha untuk meningkatkan profesionalitas, kualitas, kapabilitas, dan efesiensi, harus selalu dilakukan oleh obligasi syari’ah.</span></li>
</ul><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l5 level1 lfo15; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Sudarsono, Heri. 2004.<i> Bank Dan Lembaga Keuangan Syari’ah, Deskripsi Dan Ilustras</i>i. Edisi ke-2. Ekonisia: Yogyakarta.</span></li>
</ul><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l5 level1 lfo15; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Himpunan Fatwa Dewan Syari’ah Nasional, DSN MUI-BI. 2006: Jakarta.</span></li>
</ul><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l5 level1 lfo15; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Firdaus, Muhammad, Dkk. 2005. <i>Konsep Dasar Obligasi Syari’ah. </i>Renaisans: Jakarta.</span></li>
</ul><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l5 level1 lfo15; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Sumitro, Warkum. 2004. <i>Asas-Asas Perbankan Islam Dan Lembaga-Lembaga Terkait</i>. Raja Grafindo Persada: Jakarta.</span></li>
</ul><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l5 level1 lfo15; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Direktorat Kebijakan Pembiayaan Syari’ah, Direktorat Jenderal Pengelolaan Utang,. Departemen Keuangan RI. 2007. Mengenal Sukuk, Instrumen Investasi Dan Pembiayaan Berbasis Syari’ah.</span></li>
</ul><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l5 level1 lfo15; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Raharjo, Sapto. 2003.<i> Panduan Investasi Obligasi</i>. PT Gramedia Pustaka Utama: Jakarta.</span></li>
</ul><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l5 level1 lfo15; tab-stops: list 36.0pt; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">www. Google. com</span></li>
</ul><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 150%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" /></span><table border="0" cellpadding="0" class="MsoNormalTable"><tbody>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">Imbalan</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= 12% x Rp 10,000,000.00 x 1/12</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= Rp 100,000.00 setiap bulan sampai dengan jatuh tempo</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
<tr> <td colspan="2" style="padding: .75pt .75pt .75pt .75pt;"></td> </tr>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">Nilai Nominal saat jatuh tempo</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= Rp 10,000,000.00</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
<tr> <td colspan="2" style="padding: .75pt .75pt .75pt .75pt;"></td> </tr>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">Total yang diperoleh saat jatuh tempo</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= Imbalan + Nilai Nominal</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= Rp 10,100,000.00</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
</tbody></table><table border="0" cellpadding="0" class="MsoNormalTable"><tbody>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">Imbalan</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= 12% x Rp 10,000,000.00 x 1/12</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= Rp 100,000.00 setiap bulan sampai dengan dijual</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
<tr> <td colspan="2" style="padding: .75pt .75pt .75pt .75pt;"></td> </tr>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">Capital Gain saat dijual</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= Rp 10,000,000.00 x (105-100)%</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= Rp 500,000.00</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
<tr> <td colspan="2" style="padding: .75pt .75pt .75pt .75pt;"></td> </tr>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">Nilai Nominal saat dijual</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= Nilai Nominal + Capital Gain</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= Rp 10,000,000.00 + Rp 500,000</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= Rp 10,500,000.00</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
<tr> <td colspan="2" style="padding: .75pt .75pt .75pt .75pt;"></td> </tr>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">Total yang diperoleh saat dijual</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= Imbalan + Nilai Nominal pada saat dijual</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= Rp 10,600,000.00</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
</tbody></table><table border="0" cellpadding="0" class="MsoNormalTable"><tbody>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">Imbalan</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= 12% x Rp 10,000,000.00 x 1/12</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= Rp 100,000.00 setiap bulan sampai dengan dijual</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
<tr> <td colspan="2" style="padding: .75pt .75pt .75pt .75pt;"></td> </tr>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">Capital Loss saat dijual</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= Rp 10,000,000.00 x (95-100)%</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= - Rp 500,000.00</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
<tr> <td colspan="2" style="padding: .75pt .75pt .75pt .75pt;"></td> </tr>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">Nilai Nominal saat dijual</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= Nilai Nominal + Capital Loss</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= Rp 10,000,000.00 - Rp 500,000</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= Rp 9,500,000.00</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
<tr> <td colspan="2" style="padding: .75pt .75pt .75pt .75pt;"></td> </tr>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">Total yang diperoleh saat dijual</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= Imbalan + Nilai Nominal pada saat dijual</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
<tr> <td style="padding: .75pt .75pt .75pt .75pt;"></td> <td style="padding: .75pt .75pt .75pt .75pt;"> <div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">= Rp 9,600,000.00</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div></td> </tr>
</tbody></table><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l2 level1 lfo16; tab-stops: list 36.0pt; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">Ilustrasi di atas belum memperhitungkan biaya-biaya transaksi dan pajak.</span></li>
</ul><ul style="margin-top: 0cm;" type="disc"><li class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l2 level1 lfo16; tab-stops: list 36.0pt; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">Transaksi penjualan di Pasar Sekunder dengan asumsi penjualan terjadi pada saat pembayaran Imbalan, sehingga tidak memperhitungkan accrued yang ada</span></li>
</ul><br />
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 1.0cm;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Menurut Muhammad Amin, instrumen obligasi syari’ah dapat diterbitkan dengan menggunakan prinsip <i>mudharabah, musyarakah, ijarah, istishna, salam</i> dan <i>mudharabah</i> sehingga dari prinsip ini nama obligasi syari’ah tergantung pada prinsip yang mana yang akan digunakan emiten.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 1.0cm;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Dalam konsep obligasi syari’ah mudharabah, emiten menerbitkan surat berharga jangka panjang untuk ditawarkan kepada investor dan berkewajiban membayar pendapatan berupa bagi hasil atau <i>margin fee</i> serta pokok hutang obligasi pada waktu jatuh tempo kepada para pemegang obligasi tersebut. Dalam hal ini pihak emiten berfungsi sebagai <i>mudharib</i>, sedangkan investor pemegang obligasi sebagai <i>shahibul maal</i>. Sementara emiten yang menerbitkan obligasi syari’ah harus memenuhi persyaratan seperti persyaratan emiten yang masuk dalam kriteria Jakarta Islamic Index (JII).<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 1.0cm;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Obligasi syari’ah juga lebih kompetitif dibandingkan dengan obligasi konvensional, hal ini disebabkan oleh:<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><br />
</div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">C. Prinsip Transaksi Dan Aplikasinya<o:p></o:p></span></b></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 35.45pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Sebagai bentuk pendanaan<i> (financing) </i>dan sekaligus investasi memungkinkan beberapa bentuk atau struktur yang dapat ditawarkan untuk tetap berada dalam rambu-rambu syari’ah. Salah satunya adalah menghindarkan segala jenis transaksi dari unsur riba. Berdasarkan alasan tersebut, maka struktur obligasi syari’ah dapat berupa: <o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 35.45pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Berdasarkan prinsip transaksi diatas, untuk saat ini di indonesia mengenal adanya dua jenis obligasi, yaitu obligasi<i> mudharabah </i>dan obligasi <i>ijarah.</i></span><i><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></i></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 35.45pt;"><br />
</div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Obligasi Mudharabah</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 35.45pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Obligaasi syari’ah mudharabah adalah obligasi syari’ah yang menggunkan akad mudharabah. Sesbagaimana yang telah kita ketahui, akad mudharabah adalah akad kerjasama antara pemilik modal (shahibul maal/investor) dan pengelola (mudahrib/emiten)<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 35.45pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Ikatan atau akad mudharabah pada hakikatnya adalah ikatan penggabungan atau percampuran berupa hubungan kerjasama antara pemilik harta dengan pemilik usaha, dimana pemilik harta hanya menyediakan dana secara penuh (100%) dalam suatu kegiatan usaha dan tidak boleh secara aktif dalam pengelolaan usaha. Sedangkan pemilik usaha (mudharib/emiten) memberikan jasa, yaitu mengelola harta secara penuh dan mandiri <i>(directonery)</i> dalam bentuk asset pada kegiatan usaha tersebut.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 35.45pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Ada beberapa alasan yang mendasari pemilihan prinsip obligasi mudharabah, diantaranya: <o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 35.45pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Produk obligasi mudharabah juga dapat dikonversi menjadi saham setelah dalam jangka waktu tertentu dengan persetujuan pemiliknya. Sehingga pemilik surat ini berubah menjadi mitra kerjasama kontemporer bagi perusahaan. Dalam keuntungan investasinya menjadi pemilik saham atau mitra kerjasama selamanya.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 35.45pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Pada prinsipnya, obligasi mudharabah yang dikonversi menjadi saham sama dengan obligasi mudharabah baik yang <i>muthlaqah</i> maupun<i> muqayyadah.</i> Persamaan adalah sama-sama menggunakan prinsip musyarakah dan<i> al-ghunm bi al-ghurm</i> dalam hal pembagian keuntungan, sehingga dalam hal ini sesuai dengan kaidah-kaidah islam dalam distribusi keuntungan investasi.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Obligasi Ijarah</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 35.45pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Obligasi ijarah adalah obligasi syari’ah berdasarkan akad ijarah. Akad ijarah adalah suatu jenis akad untuk mengambil manfaat dengan jalan penggantian. Artinya, pemilik harta memberikan hak untuk memanfaatkan objek yang ditransaksikan melalui penguasaan sementara atau peminjaman objek dengan manfaat tertentu dengan membayar imbalan kepada pemilik objek. Ijarah mirip dengan <i>leasing</i>, tapi tidak sepenuhnya sama. Dalam akad ijarah disertai dengan adanya perpindahan manfaat tetapi tidak terjadi perpindahan kepemiikan.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 35.45pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Ketentuan akad ijarah adalah sebagai berikut:<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 35.45pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Sebagai contoh transaksi obligasi ijarah adalah pemegang obligasi memberi dana kepada Toko Matahari untuk menyewa sebuah ruangan guna keperluan ekspansi. Yang mempunyai hak manfaat atas sewa ruangan adalah pemegang obligasi, tapi ia menyewakan kembali kepada Toko Matahari<i>. </i>Jadi harus membayar kepada pemegang obligasi sejumlah dana obligasi yang dikeluarkan ditambah return sewa yang telah disepakati.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 35.45pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Obligasi ijarah banyak diminati oleh para investor, karena pendapat-pendapatnya bersifat tetap. Terutama investor yang paradigmanya masih konvensional konservatif dan lebih mengykai <i>fixied income.</i></span><i><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></i></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 35.45pt;"><br />
</div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 35.45pt;"><br />
</div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">D. Jenis-Jenis Obligasi & Mekanisme Oprasionalnya<o:p></o:p></span></b></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 21.3pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">1. Jenis Obligasi Berdasarkan Penerbitan<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">a) Obligasi pemerintah pusat<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">b) Obligasi pemerintah daerah<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">c) Obligasi badan usaha milik negara<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">d) Obligasi perusahaan swasta<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 21.3pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2. Jenis Obligasi Berdasarkan Jaminan<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">a) Unsecured bonds/ debentures (obligasi tanpa jaminan)<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">b) Indenture (obligasi dengan jaminan)<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">c) Mortage bond (obligasi yang dijamin oleh properti)<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">d) Collateral trust (obligasi yang dijamin dengan skuritas)<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">e) Equipment trust certificates (obligasi yang dijamin asset tertentu)<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 21.3pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">3. Jenis Obligasi Berdasarkan Jenis Kupon</span><a href="http://diyantiajah.wordpress.com/2009/06/18/obligasi-syariah/#_ftn12"><span style="color: windowtext; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">[12]</span></a><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 63.8pt; margin-right: 0cm; margin-top: 0cm; tab-stops: 63.8pt; text-align: justify; text-indent: -27.8pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">a) </span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"> </span><i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">fixed rate,</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"> yaitu obligasi yang memberikan tingkat kupon tetap sejak diterbitkan hingga jatuh tempo.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 63.8pt; margin-right: 0cm; margin-top: 0cm; tab-stops: 63.8pt; text-align: justify; text-indent: -27.8pt;"><i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">b) </span></i><i><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"> </span></i><i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Floating rate,</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"> yaitu obligasi yang tingkat bunganya mengikuti tingkat kupon yang berlaku dipasar.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 63.8pt; margin-right: 0cm; margin-top: 0cm; tab-stops: 63.8pt; text-align: justify; text-indent: -27.8pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">c) <i>Mixed rate,</i> yaitu obligasi yang memeberikan tingka kupon tetap untuk periode tertentu.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 21.3pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">4. Jenis Obligasi Berdasarkan Konversi<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 63.8pt; margin-right: 0cm; margin-top: 0cm; tab-stops: 63.8pt; text-align: justify; text-indent: -27.8pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">a) <i>Concertible bond,</i> yaitu obligasi yang dapat ditukarkan dengan saham setelah jangka waktu tertentu.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 63.8pt; margin-right: 0cm; margin-top: 0cm; tab-stops: 63.8pt; text-align: justify; text-indent: -27.8pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">b) <i>Non-convertable bond,</i> yaitu obligasi yang tidak dapat dikonversi menjadi saham.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 35.45pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Untuk mekanisme oprasional obligasi syari’ah, terdapat beberapa hal pokok mengenai obligasi syari’ah mudharabah dan obligasi syari’ah ijarah.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Untuk obligasi syari’ah mudharabah:</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"> <o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Untuk obligasi syari’ah ijarah:</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"> <o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><br />
</div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">E. Peraturan Terkait<o:p></o:p></span></b></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Beberapa peraturan terkait mengenai obligasi syari’ah: <o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 35.45pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">(i) usaha perjudian dan permainan yang tergolong judi atau perdagangan yang dilarang; (ii) usaha lembaga keuangan konvensional (ribawi), termasuk perbankan dan asuransi konvensional; (iii) usaha yang memproduksi, mendistribusi, serta memperdagangkan makanan dan minuman haram; (iv) usaha yang memproduksi, mendistribusi dan atau menyediakan barang-barang ataupun jasa yang merusak moral dan bersifat mudharat.<o:p></o:p></span></div><div class="MsoListParagraph" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-list: l17 level1 lfo12; tab-stops: list 36.0pt; text-align: justify; text-indent: -18.0pt;"><!--[if !supportLists]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;"> </span></span><!--[endif]--><span dir="LTR"></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Peringkat investment grade: (i) memiliki fundamental usaha yang kuat; (ii) memiliki fundamental keuangan yang kuat; (iii) memiliki citra yang baik bagi publik.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; text-align: justify;"><br />
</div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: -14.2pt;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">F. Perkembangan Dan Pertumbuhan Obligasi Syari’ah Di</span></b><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"> </span></b><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Indonesia<o:p></o:p></span></b></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 14.2pt; margin-right: 0cm; margin-top: 0cm; text-align: justify; text-indent: 36.0pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Di indonesia penerbitan obligasi syari’ah ini dipelopori oleh indosat dengan menerbitkan obligasi syari’ah mudharabah indosat senilai Rp 100 milyar pada oktober 2002 lalu. Obligasi ini mengalami <i>oversubribed</i> dua kali lipat, sehingga indosat menambah jumlah obligasi yang ditawarkan menjadi Rp 175 milyar. Langkah indosat ini diikuti Bank Muamalat dan Bank Syari’ah Mandiri (BSM) pada tahun ini.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 36.0pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Disusul PT Berlain Laju Tanker yang menerbitkan obligasi syari’ah Berlian Laju Tanker dengan emisi senilai Rp 175 milyar pada 28 Mei 2003. PT Bank Bukopin menerbitkan obligasi syari’ah mudharabah pada 10 Juli 2003 dengan nilai emisi Rp 45 milyar. PT Bank Muamalat Indonesia (BMI) pada 15 Juli 2003 dengan nilai emisi Rp 200 milyar, PT Ciliandra Perkasa pada 26 September 2003 dengan nilai emisi Rp 60 milyar, PT Bank Syari’ah Mandiri pada 31 Oktober 2003 dengan nilai emisi Rp 200 milyar, dll. <o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Saat ini Peraturan Bank Indonesia (PBI) telah mengeluarkan mengenai perubahan penghitungan aset tertimbang menurut resiko obligasi yang dibeli perbankan. Insentif BI diperkirakan akan lebih memarakkan pasar obligasi.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Dari sini perusahaan yang rating obligasinya bagus, dengan mudah akan mendapatkan sumber dana yang lebih murah dari perbankan. Sementara bank juga dimudahkan mendapatkan instrumen investasi yang lebih jelas dengan dana yang lebih murah.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Hingga saat ini Indonesia berinisiatif untuk bisa menjadi hub keuangan syari’ah di Asia Tenggara pada tahun 2012, dan mampu mengalahkan sukuk Malaysia. Karena walaupun Malaysia mendominasi sukuk dunia, namun negara itu hanya memiliki satu sukuk global negara yang di terbitkan pada Juli 2002 dengan nilai 600 juta dolar AS.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Dalam beberapa tahun ke depan, di perkirakan Indonesia membutuhkan dana sebesar 150 miliar dolar AS untuk membiayai proyek infrastrukrur. Jika kebutuhan dana tersebut dapat dipenuhi melalui pembiyaan syari’ah, maka Indonesia bisa menjadi salah satu negara penting dalam keuangan syari’ah dunia. Hal ini juga bisa mendorong perkembangan industri keuangan dan perbankan syari’ah lokal.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Ditektur Batasa Tazkia, Heriyakto S Hartomo menyatakan bahwa potensi Indonesia untuk menjadi hub keuangan syari’ah di Asia Tenggara pada 2012 memang cukup besar. Karena sebenarnya investor dari Timur Tengah telah lama ingin masuk berinvestasi di Indonesia, namun karena tidak adanya instrumen investasi syari’ah di Indonesia yang menari seperti sukuk, mereka memutuskan menunda investasinya, dan akhirnya dialihkan terlebih dahulu kepada Malaysia.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Penerbitan Sukuk 2002-2007 Berdasarkan Nilai Penerbitan<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">(dalam jutaan dolar AS)<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><br />
</div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><br />
</div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><br />
</div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><br />
</div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><br />
</div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Penerbitan Sukuk 2002 – 2007</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Berdasarkan jumlah penerbitan<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Sumber: Bloomberg dan HSBC Amanah Indonesia<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Namun, perkembangan obligasi syari’ah belum memicu pemerintah untuk segera menerbitkan sukuk, yaitu sejenis obligasi negara syari’ah. Sampai saat ini pengkajian terhadap sukuk masih terus dilakukan oleh Departemen Keuangan. Hal ini disebabkan oleh perlunya menerapkan prinsip kehati-hatian dan tidak sekedar latah atau ikut-ikutan.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Dari sisi pasar modal, penerbitan obligasi syari’ah muncul sehubungan dengan berkembangnya institusi-institusi keuangnan syari’ah seperti perbankan syari’ah, asuransi syari’ah, dan reksadana syai’ah yang membutuhkan penempatan alternatif obligasi syari’ah.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Tabel Emisi Obligasi Syari’ah<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Di Malaysia, instrumen obligasi syari’ah digunakan untuk berbagai macam keperluan, baik untuk pembiyaan kegiatan pemerintah maupun untuk keperluan industri keuangn syari’ah. Instrumen yang sudah pernah diterbitkan berupa<i> government investment issue, </i>yaitu pinjaman kebaikan atau qardhul hasan yang digunakan untuk membiayai kegiatan pemerintah. Konsep ini tidak ada imbalan bagi pemilik modal, namun demikian pemerintah boleh memberikan semacam hadiah. Oleh karena itu, instrumen GIIs tidak untuk diperdagangkan.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">The Malaysian Global Sukuk merupaka surat berharga dengan akad ijarah. Surat berharga ini adalah aset backed scurities dengan aset berupa real estate yang berharga milik pemerintah Malaysia.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Disamping menerbitkan obligasi pemerintah, berbagai perusahaan di Malaysia juga menerbitkan instrumen efek syari’ah. Seperti sanadat Mudharabah Cagamas adalah obligasi mudharabah dengan jangka waktu s/d 7 tahun yang diterbitkan untuk pembiayaan perumahan. Biniaring Satelit Sistem menerbitkan surat berharga senilai RM 750 milion berupa akad <i>ba’i bi thaman ajil</i> dan <i>mudharabah underwritten notes issuance facility </i>(MUNIF).<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Sementara itu, di Bahraen juga telah menerbitkan beberapa surat berharga syari’ah. Salah satunya adalah Bahrain Monetary Agency Sukuk Al-Ijarah senilai $US 100 dan US $ 70 milion yang digunakan untuk membiayai infrastruktur pemerintah.<b><o:p></o:p></b></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">G. Prospek, Kendala, & Strategi Pengembangan<o:p></o:p></span></b></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">1. Prospek Obligasi Syari’ah<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 36.0pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Dengan penerbitan obligasi syari’ah Indosat, diharapkan pangsa pasar investasi pada instrumen syari’ah akan lebih semarak. Industri obligasi syari’ah di Indonesia diharapkan bisa berkembang pesat seperti di negara Malaysia yang telah mencapai RM 3 miliar. Selain itu inestor dari negara muslim diseluruh dunai bisa mencapai jumlah diatas US$ 700 miliar, sebuah jumlah yang sangat signifikan untuk dijadikan target pengembangan pasar. <o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Prospek perkembangan obligasi syari’ah yang untuk pertama kalinya diterbitkan oleh PT Indosat dipastikan akan diikuti oleh beberapa perusahaan lain. Tentunya penerbitan obligasi syari’ah melalui proses prosedur perizinan yang berlaku dengan melibatkan pihak Dewan Syari’ah Nasional (MUI) untuk memberikan opini dan pengawasan proses penerbitan obligasi syari’ah tersebut. Diharapkan bahwa munculnya instrunen investasi obligasi syari’ah di Indonesia bisa mendukung pertumbuhan pasar modal Indonesia menjadi lebih maju dan memberikan berbagai alternatif investasi bagi investor.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2. Kendala Pengembangan Obligasi Syari’ah<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">diantara kendala pengembangan obligasi syari’ah adalah sebagai berikut: <o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">3. Strategi Pengembangan Obligasi Syari’ah<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">usaha yang perlu dilakukan untuk menjawab kendala-kendala obligasi syari’ah adalah sebagai berikut: <o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.3pt; margin-right: 0cm; margin-top: 0cm; tab-stops: 14.2pt; text-align: justify; text-indent: -21.3pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">H. <b>Manfaat Obligasi Syariah Untuk Perbankan Syariah</b></span><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"> </span></b><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Di</span></b><b><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"> I</span></b><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">ndonesia</span></b><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">BI dalam fungsinya sebagai <i>The Leader of Last Resort</i> adalah membantu bank-bank yang mengalami kesulitan likuiditas. Menurut ps. 11 (1) UU No. 23/1999 tentang Bank Indonesia adalah bahwa BI dapat memberi kredit atau pembiayaan berdasarkan prinsip syariah untuk jangka waktu paling lama 90 hari kepada bank untuk mengatasi kesulitan pendanaan jangka pendek bank tersebut. Hanya saja kesulitan terjadi ketika UU tersebut juga menentukan bahwa bank konvensional maupun bank syariah wajib memberikan jaminan berupa agunan yang berkualitas tinggi dan mudah dicairkan serta nilainya minimal sebesar jumlah kredit atau pembiayaan yang diterimanya. Sedangkan maksud agunan yang berkualitas tinggi dan mudah dicairkan adalah meliputi surat berharga atau tagihan yang diterbitkan oleh pemerintah atau badan hukum lain yang mempunyai otoritas. Bagi bank syariah untuk dapat menyediakan agunan berupa surat-surat berharga dan/atau tagihan yang tidak berbunga, dulu belum dimungkinkan karena pasar keuangan (<i>financial market</i>) yang berdasarkan prinsip syariah belum berkembang di Indonesia.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Tetapi sekarang, keadaan ini sudah berubah dan indikasinya adalah berdirinya pasar keuangan sesuai dengan prinsip syariah terbuka lebar, walaupun nilai obligasi syariah Indosat masih jauh dari harapan, tetapi itu tidak akan menutup kemungkinan bank-bank syariah di Indonesia akan megikuti langkah Indosat sehingga hal itu akan membuka peluang investasi yang besar terhadap perbankan syariah dan akan berpartisipasi dalam menyelesaikan masalah likuiditas yang dialami semua lembaga keuangan syariah di Indonesia dewasa ini.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Bank Muamalat Indonesia (BMI) mempertimbangkan untuk menerbitkan obligasi syariah guna mendapatkan dana pengembangan operasinya, dan rencana penerbitan obligasi syariah saat ini masih dalam tahap kajian. Pengkajian kemungkinan penerbitan obligasi syariah ini, karena produk tersebut masih sesuatu yang baru. Menurut Direktur Utama BMI, M. Riawan Amin, pengkajian ini diperlukan karena obligasi syariah merupakan sesuatu yang tidak riil. Sehingga, apabila proyek berakhir, obligasi pun berakhir. Akan tetapi, kalau bank ini sampai suatu titik tiba-tiba obligasinya berakhir kemudian tingkat pembiayaan bank masih begitu tinggi, maka bank tersebut akan menghadapi rasio likuiditas yang tinggi. Dengan alasan tersebut, <i>right issue</i> (penerbitan saham terbatas) tetap menjadi pilihan bagi BMI karena relatif lebih aman dibandingkan dengan penerbitan obligasi syariah.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Menurut Dirut Tazkia Institut, Zainul Arifin berpendapat dalam seminar <i>Obligasi Syariah: Kendala dan Prospeknya di Indonesia</i> yang diselenggarakan oleh Fakultas Hukum Universitas Indonesia, perbankan syariah sangat terbuka untuk menerbitkan obligasi syariah. Hanya saja, prospeknya sangat tergantung dari persepsi masyarakat. Selain itu, tidak seperti emiten yang lain, perbankan yang mau menerbitkan obligasi tunduk pada dua institusi sekaligus: Bapepam dan Bank Indonesia.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Anggota Dewan Syariah Nasional (DSN), Cecep Maskanul Hakim, mengemukakan bahwa perbankan yang hendak menerbitkan obligasi syariah harus memenuhi beberapa syarat. Salah satunya, <i>underlying asset</i>-nya harus didukung oleh aset riil.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Lampiran 1<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Kami telah melakukan observasi kami ke PT PLN persero. Berikut kami lampirkan hasil dari observasi kami di PT PLN persero:<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Strength (Kekuatan):<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">v PT PLN pesero baru mengeluarkan obligasi syari’ahnya di tahun 2006 dengan total Rp 24 triliun, dan porsi yang mereka keluarkan untuk obligasi syari’ahnya sebesar Rp 200 milyar. Walaupun PT PLN persero ini masih baru dalam mengeluarkan obligasi syari’ahnya, tetapi ia tetap optimis karena pemerintah terus melakukan pengembangan pasar modal syari’ah. Mengingat obligasi syari’ah semakin berkembang dan mulai memasyarakat, maka sampai tahun 2008 ini PT PLN persero terus menambah jumlah obligasi syari’ahnya.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">v Mengingat keberhasilan dari obligasi yang di keluarkan pada tahun lalu, untuk itu di tahun 2008 ini. PT PLN persero akan menambah jumlah obligasi syari’ahnya sebesar 35 %.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">v Karena keoptimisannya, dan di dukung dengan telah dikeluarkannya UU tentang obligasi, untuk itu PT PLN persero akan <i>Go Internasional</i> dalam obligasi syari’ahnya. Mereka berencana akan mengeluarkan <i>global sukuk</i> di tahun-tahun berikutnya.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Weskness (Kelemahan):<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">v Karena obligasi syari’ah yang diterapkan oleh PT PLN persero ini bentuk akadnya adalah <i>obligasi syari’ah ijarah</i>, maka kesulitan atau kelemahan utama dalam penerbitan sukuk ini adalah mencari adanya suatu trasnsaksi pendukung <i>(underlying)</i>, berupa sejumlah aset tertentu yang menjadi dasar penerbitan obligasi syari’ah.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">v Kurangnya penjamin dari emiten yang berani menjamin penerbitan dan penjualan obligasi syari’ah.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Opprtunity (Peluang):<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">v PT PLN persero merasa memiliki peluang untuk terus meningkatkan jumlah obligasi syari’ahnya. Dan merasa ingin ikut mendukung perkembangan pasar modal syari’ah yang kini semakin marak di Indonesia.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">v Dari obligasi syari’ah yang di keluarkan oleh PT PLN persero, ternyata di sambut baik oleh para investor. Mengingat hasil penjualan obligasi syari’ah pada tahun sebelumnya menuai keberhasilan, maka pengeluaran obligasi yang tadinya hanya Rp 200 milyar, maka pada tahun-tahun berukutnya akan di tambah sebesar 35 %. Di dukung dengan di perolehnya kepercayaan dari DSN dalam penerbitan obligasi syari’ah.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">v Bagi PT PLN persero, pembuatan struktur obligasi syari’ah ijarah tidak jauh berdeda dengan struktur obligasi konvensional. Disamping itu, obligasi syari’ah ijarah lebih sederhana dan banyakdiminati masyarakat. Oleh karena itu, dalam hal ini, ia ingin terus menerbitkan obligasi syari’ah ijarah.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Thereatment (Tantangan):<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">v Kedepan, PT PLN persero harus lebih cepat, cermat dalam memilih <i>underlying</i> yang akan digunkan untuk transaksi pendukung yang menjadi dasar penerbitan obligasi syari’ah.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">v PT PLN persero harus mampu meyakinkan para investor dan juga DSN bahwa obligasi yang akan diterbitkan ini jelas underlying-nya, dan terbebas dari penyimpangan syari’ah.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">v Emiten yang di minta untuk menjamin penerbitan sukuk harus benar-benar bertanggung jawab atas penerbitan sampai dengan penjualan obligasi syari’ah.</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><br />
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</div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">BAB III<o:p></o:p></span></b></div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">PENUTUP</span></b><b><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></b></div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><br />
</div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify; text-indent: 36.0pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Maraknya pasar modal syari’ah pada saat ini sangat mendukung adanya transaksi bisnis yang tidak lagi dikhawatirkan mengandung unsur-unsur yang dilarang obleh syari’at islam. Obligasi syari’ah yang merupaka salah satu instrumen yang sedang berkembang, nampaknya disambut baik oleh para investor. Terlebih lagi, bukan hanya investor muslim saja yang tertarik untuk berinvestasi pada obligasi syari’ah ini, tetapi juga investor non muslim yang ikut andil dalam pengembangan pasar modal syari’ah.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Maka dari itu, sebagai penerus ekonom muslim, kita harus membekali ilmu sejak dini untuk perkembangan syari’at islam yang akan datang, terutama dibidang transaksi mua’amalat. Mengingat semakin berkembangnya instrumen-instrumen dan lembaga keuangan syari’ah di Indonesia.</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><br />
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</div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><u><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">DAFTAR PUSTAKA</span></u><u><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></u></div><div align="center" class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><br />
</div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><br />
</div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><b><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";">Contoh Perhitungan Sukuk<o:p></o:p></span></b></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span lang="EN-GB" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-GB; mso-fareast-font-family: "Times New Roman";">Surat Berharga Syariah Negara Ritel (Sukuk Ritel) merupakan surat berharga negara yang diterbitkan berdasarkan prisnsip syariah sebagai bukti atas bagian penyertaan terhadap Aset Surat Berharga Syariah Negara, yang dijual kepada individu (ritel) atau perseorangan Warga Negara Indonesia melalui Agen Penjual, dengan volume minimum yang ditentukan.</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">1. Skenario 1 (Harga <i>Par</i>)<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Investor A membeli Sukuk Ritel di Pasar Perdana sebesar Rp 10,000,000.00 dengan kupon 12% dan tidak dijual sampai jatuh tempo, maka hasil yang diperoleh adalah :<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2. Skenario 2 (Harga <i>Premium</i> atau harga sedang naik)<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Investor B membeli Sukuk Ritel di Pasar Perdana sebesar Rp 10,000,000.00 dengan kupon 12% dan dijual ke Pasar Sekunder dengan harga 105%, maka hasil yang diperoleh adalah :<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">3. Skenario 3 (Harga Discount atau harga sedang turun)<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Investor C membeli Sukuk Ritel di Pasar Perdana sebesar Rp 10,000,000.00 dengan kupon 12% dan dijual ke Pasar Sekunder dengan harga 95%, maka hasil yang diperoleh adalah :<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">Catatan :<o:p></o:p></span></div><div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">(sumber Departemen Keuangan)</span><span lang="IN" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-ansi-language: IN; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>obay.bhochepthttp://www.blogger.com/profile/15134122313754690568noreply@blogger.com0