Praktik Income Smoothing dan Potensi Displaced Commercial Risk Pada Sukuk Mudharabah

Abstract

This paper aims to discuss the implementation of one of the mudharabah sukuk issued by corporations. Furthermore, the paper specifically discusses indications of Income Smoothing practices and the potential for Displaced Commercial Risk (DCR) in the implementation of sukuk with mudharabah contracts. The type of research uses qualitative methods in the form of library research with a descriptive approach. This paper reveals the fact that there is a practice of Income Smoothing in the distribution of profit sharing to investors in Sukuk Mudharabah PT SMI. On the other hand, mudharabah sukuk also has DCR potential that will be experienced by investors because the nature of the investment is not classified as sufficiently liquid compared to other investment models and has a relatively high risk. Therefore, a special scheme and regulations are needed for sukuk mudaraba in terms of overcoming the problem of income smoothing and preventing the occurrence of DCR. ABSTRAKPaper ini bertujuan membahas implementasi salah satu sukuk mudharabah yang dikeluarkan oleh korporasi. Selanjutnya, paper secara khusus membahas indikasi adanya praktik Income Smoothing dan potensi terjadinya Displaced Commercial Risk (DCR) dalam implementasi sukuk dengan akad mudharabah. Jenis penelitian menggunakan metode kualitatif dalam bentuk riset kepustakaan dengan pendekatan deskriptif. Paper ini mengungkapkan fakta bahwa terdapat praktik Income Smoothing dalam distribusi bagi hasil kepada investor pada Sukuk Mudharabah PT SMI. Disisi lain sukuk mudharabah juga memiliki potensi DCR yang akan dialami oleh investor karena sifat investasi yang tidak tergolong cukup liquid dibandingkan model investasi lainnya serta memiliki risiko yang tergolong tinggi. Oleh karena itu diperlukannya skema dan juga regulasi khusus untuk sukuk mudharabah dalam hal mengeliminasi adanya praktik income smoothing dan mencegah terjadinya DCR.

Cash Waqf Linked Sukuk: Issues, Challenges and Future Direction in Indonesia

“…Whereas it still allows the government as ulil amri to give an example to the public regarding other contracts that can be applied in the sukuk instrument, for example the sukuk base project using the istishna contract construction of the national development program. CWLS can also be made in the sukuk mudharabah instrument which reflects a fairness sharing of risks and returns (Brahim & Muhammad, 2020).…”