A trust in practice

Webb, Charlie; Akkouh, Tim

doi:10.1057/978-1-137-60693-8_16

Cited by 1 publication

(1 citation statement)

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“…Restriction is legally defined as any limitation on activity by statute, regulation or contract provision. Restriction is something that restricts such as (i) a regulation that restricts or restrains; (ii) a limitation on the use or enjoyment of property or a facility (Merriam-Webster, 2021, Webb and Akkouh, 2011). The restrictions are part of the “covenants, conditions and restrictions,” intended to enhance the use of common facilities and property, recorded and incorporated into the title of each owner.…”

Section: Literature Review: Restrictions Trigger the Enabling Of Bene...mentioning

confidence: 99%

Enabling beneficial right for sovereign ṣukūk issuance in Indonesia: challenges and analysis

Armen

Ali

Dewi

2023

IJLMA

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Purpose This study aims to investigate beneficial right as a new legal concept and term accepted by the Indonesian legal system. The new concept was ratified to endorse government decision to use ṣukūk (as an Islamic financial instrument) in the financing of state budget deficit. Some legal issues emerged after the ratification such as the necessity to synchronize the beneficial right with other property rights in Indonesia and the disharmony between laws related to sovereign ṣukūk issuance. Design/methodology/approach The study uses a qualitative method with library study and interviews with relevant legal experts in Indonesia as the data collection techniques. Findings The findings show that the passage of Sovereign Ṣukūk Law 2008 that ratified beneficial right deemed as a concession point by the government to solve conflicts between legal restriction and employment of state-owned assets as the underlying asset of sovereign ṣukūk. The study deemed the necessity to improve the use of beneficial right in the Indonesian legal system which by the concept is not exercised for the issuance of sovereign ṣukūk only. There is the need to harmonize the administration of this right with other property rights in Indonesia. Research limitations/implications The scope of study will be limited to the Indonesian regulation related to the use of beneficial right concept in the issuance of sovereign ṣukūk in Indonesia. The regulation as mentioned will be in the form of statutes, presidential or ministerial regulations, and also opinions of Indonesian legal and sharīʿah scholars regarding the matter. Originality/value This study may explore significantly the use of beneficial right for the issuance of sovereign ṣukūk by the Government of Indonesia. Specifically, the study reveals and addresses the issues that are following the ratification of beneficial rights originated from the common law system into the Indonesian civil law system.

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Section: Literature Review: Restrictions Trigger the Enabling Of Bene...mentioning

confidence: 99%