If there is no obstruction, the government again issued a new financial investment instruments for retail investors, ie, securities based on sharia, or Sukuk retail. Investment instruments are given this name SR-001 and scheduled to rise on the 25 February 2009. However, since January 30 potential buyers can order the agencies that have been designated seller.
Ministry of Finance is calling this a financial instrument is very safe. There are two laws that ensure that every dollar fund investors will return at maturity, or at any investors want to withdraw it. Second law is the Law Number 19 Year 2008 on Securities Syariah Negara (SBSN) and the Law on State Budget in the period throughout the life of retail Sukuk instruments. For example in 2009, protected Sukuk retail Law 41/2008 on the State Budget in 2009.
"Fund investors protected two laws so that the guaranteed money is not lost, especially those drawn to the period of maturity," said Director General of debt management, Finance Ministry, Rahmat Waluyanto.
But as the Sukuk is a retail investment instruments based on sharia, the government added four basis law, which is used only for sharia investment products. The four foundations of law is referred to the National Fatwa Council of Sharia (DSN) Majelis Ulama Indonesia (MUI) Tax 69/DSN-MUI/VI/2008 about SBSN, Fatwa DSN number 70/DSN-MUI/VI/2008 Method of Issuance SBSN, Fatwa DSN Tax 71/DSN-MUI / VI/2008 about the sale and lease back mechanism or asset sale and rent guarantee insurance which the Sukuk, and the Fatwa DSN number 72/DSN-MUI/VI / 2008 on SBSN Ijarah. All these ensure that the fatwa issuing Sukuk mechanism made in accordance with the principles of sharia.
Retail is the first Sukuk issued with maturity period of three years, ie until 25 February 2012. Estimated 10,5-11,2 percent coupon and no purchase restrictions.
Estimated value of coupons and a purchase without limit makes Sukuk retail is not only suitable for investors from the Muslims, but also non-Muslim. This is because mathematically this profitable investment instruments.
Sell cattle
According to the Director of Sharia financing, the Ministry of Finance, Dahlan Siamat, retail coupon Sukuk akan higher than deposit interest rates on average in the state-owned banks, such as Bank Mandiri, BTN, BNI and BRI.
Purchase an unlimited Sukuk make retail more interesting than the deposit. On deposits, the government only funds bear the maximum Rp 2 billion per customer. Sukuk in retail, are also funds community investment, protect the government.
"Saving money on retail Sukuk maintain more profitable than cattle. So sapinya sale, save money at the retail Sukuk, "Dahlan said in front of potential investors in the Sukuk retail socialization in Makassar, South Sulawesi, last week.
Chairman of the National Arbitration Sharia Alfin Hamid confess difficult business associate theory with sharia Sukuk retail that will be published by the government.
Ministry of Finance is calling this a financial instrument is very safe. There are two laws that ensure that every dollar fund investors will return at maturity, or at any investors want to withdraw it. Second law is the Law Number 19 Year 2008 on Securities Syariah Negara (SBSN) and the Law on State Budget in the period throughout the life of retail Sukuk instruments. For example in 2009, protected Sukuk retail Law 41/2008 on the State Budget in 2009.
"Fund investors protected two laws so that the guaranteed money is not lost, especially those drawn to the period of maturity," said Director General of debt management, Finance Ministry, Rahmat Waluyanto.
But as the Sukuk is a retail investment instruments based on sharia, the government added four basis law, which is used only for sharia investment products. The four foundations of law is referred to the National Fatwa Council of Sharia (DSN) Majelis Ulama Indonesia (MUI) Tax 69/DSN-MUI/VI/2008 about SBSN, Fatwa DSN number 70/DSN-MUI/VI/2008 Method of Issuance SBSN, Fatwa DSN Tax 71/DSN-MUI / VI/2008 about the sale and lease back mechanism or asset sale and rent guarantee insurance which the Sukuk, and the Fatwa DSN number 72/DSN-MUI/VI / 2008 on SBSN Ijarah. All these ensure that the fatwa issuing Sukuk mechanism made in accordance with the principles of sharia.
Retail is the first Sukuk issued with maturity period of three years, ie until 25 February 2012. Estimated 10,5-11,2 percent coupon and no purchase restrictions.
Estimated value of coupons and a purchase without limit makes Sukuk retail is not only suitable for investors from the Muslims, but also non-Muslim. This is because mathematically this profitable investment instruments.
Sell cattle
According to the Director of Sharia financing, the Ministry of Finance, Dahlan Siamat, retail coupon Sukuk akan higher than deposit interest rates on average in the state-owned banks, such as Bank Mandiri, BTN, BNI and BRI.
Purchase an unlimited Sukuk make retail more interesting than the deposit. On deposits, the government only funds bear the maximum Rp 2 billion per customer. Sukuk in retail, are also funds community investment, protect the government.
"Saving money on retail Sukuk maintain more profitable than cattle. So sapinya sale, save money at the retail Sukuk, "Dahlan said in front of potential investors in the Sukuk retail socialization in Makassar, South Sulawesi, last week.
Chairman of the National Arbitration Sharia Alfin Hamid confess difficult business associate theory with sharia Sukuk retail that will be published by the government.
"No investment is completely safe, there are certain risks. Without the investment risk is incompatible with the theory of sharia business, consider the fate of fixed compensation. Moreover, the Ministry of Finance determine to 8 percent coupon. But the reward can not dipatok, "he said.
Alfin statement is true. Sukuk retail is not 100 percent risk free. Sukuk is safe for retail investors who save up to maturity investment and not a letter menjualbelikan value in the secondary market.
However, if investors menjualbelikan Sukuk ritelnya in the secondary market, there is the risk of market risk and price movements that have faces.
Market risk appears when the macro-economic assumption changes, such as changes in the rate of inflation and interest rates. If the rate of inflation rises, interest rates usually increase the banking. At the time the interest rate on bank savings increase, bond prices depressed.
When the price of bonds, including debt of state and down Sukuk, investors will accept the risk of price movement. For example, retail investors, Sukuk buy this product at the price 100 percent in the level of Rp 1 million per unit, while bond prices decrease, the price of retail Sukuk can be down to 85 percent. So, the price per unit Sukuk retail only Rp 850,000. If retail investors to sell Sukuk in the secondary market at a price 85 percent, 15 percent of her loss.
PT Danareksa Sekuritas data show, the four series of retail bonds (ORI), which is ORI002, ORI003, ORI004, and ORI005, can reflect the risk of price movement.
Series ORI002 be 100 percent on the price (price at par) on 28 March 2007, but the end of 2008 the price to be 97.79 percent. Similarly ORI003 that 12 September 2007, the price to be 95.66 percent in 2008. However, this series was the second race on the par price, ie, to 102.08 percent and 101.89 percent ORI002 for ORI003 in 2007, before going down under par.
Only ORI001 that remained above the price of par. This is because the government gives the high coupon on the ORI001, that is above 12 percent.
However, overall, all the published series ORI still profitable for investors who keep holding. For example, the return ORI004 record 1.72 percent since published 12 March 2008 until the end of 2008, derived from the monthly payment coupon. Similarly ORI005 series record 3.09 percent return.
The Sukuk products nonritel published 26 August 2008 to provide benefits on pemegangnya 1.04 percent, at position 20 in January 2009. The advantage of the coupon each semester.
"Investors who purchase shares at the position August 26 2008 can not record a profit at this time, but for Sukuk holders, investment has started again," said analyst Danareksa Sekuritas, Edwin Syahruzad.
Now, with the predicted rate of inflation will come down and interest rates followed by decline began early banking quarter II/2009. Danareksa estimate, the rate of inflation reached 6.52 percent at the end of 2009. This is far below the inflation rate per year in December 2008, which is 11 percent more.
This is pushing interest rates down to the reference level BI 8 percent at the end of 2009, from 9.5 percent throughout 2008. Two factors that presage a glance investment to begin forming bonds, including Sukuk retail.
"That's good news, at the inflation and interest rates go down, bond prices will rise. Now, the deposit interest rates can reach 10 percent, but at the time inflation and interest rates down, deposit interest rates can go down. Time to increase the allocation of investment bonds, "said Edwin. (Orin Basuki)
Compass, 28/1/2009
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