PERBANDINGAN KINERJA OBLIGASI DAN SUKUK DI INDONESIA

ROFI MUFIDATI, SE, NIM. 1320310001 (2016) PERBANDINGAN KINERJA OBLIGASI DAN SUKUK DI INDONESIA. Masters thesis, UIN SUNAN KALIJAGA YOGYAKARTA.

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Abstract

The academic problem of research is the development of Indonesian bond, it is increasing for years and interesting many international and domestic investors, because it gives many advantages for future invesment. In the other hand, as the biggest moslem country, many Indonesian people need a invesment that rightfull for Islamic legal that free from riba, gharar, and maysir. So, Islamic bond is alternative invesment for anyone who requests halal in the process of their business. The deferences between conventional bonds and islamic bonds are profit sharing as replacement of interest bank and unerlying transaction such as agreement that rightfull islamic legal. This tesis compares the perform of conventional bond and Islamic bond, whether the presence and absence of screening lead to differences in performance between conventional bonds and Islamic bonds. The methodology of this research is cuantitative analysis that analysing the standart performance of conventional bonds and Islamic bonds. For maximun critical analysis, the methode of research are Sharpe, Treynor and Jansen. The results of the analysis compare whether there is a difference between the performance of conventional bonds and Islamic bonds by using a different test. The result of this research, Islamic bonds has bigger index value than conventional bond but it is little deferences. So, it can not be said that the sukuk has a better performance than bonds. Nevertheless, we can conclude that the sukuk and bonds have a balanced performance. While the different test results showed that there was no significant difference between the performance of a portfolio of bonds and sukuk using sharpe size, jensen, Treynor and M2.

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