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TINJAUAN FIKIH MUA'MALAH TERHADAP SBSN (SURAT BERHARGA SYARIAH NEGARA) FIXED RATE PERSPEKTIF FATWA DSN-MUI TENTANG OBLIGASI SYARIAH
As public awareness of financial freedom grows in Indonesia, State Sharia Securities (Surat Berharga Syariah Negara or SBSN), commonly known as Sukuk with a Fixed Rate scheme, have become a highly soughtafter investment instrument. However, the implementation of a fixed-rate return on sharia instruments has sparked academic and practical debates from the perspective of Fikih Mua>malah. Fundamentally, sharia economics emphasizes the principle of risk and return sharing, whereas fixed-rate schemes structurally resemble coupons in conventional bonds, providing guaranteed income regardless of the Underlying Asset's performance This study aims to analyze the suitability of the substance of Fixed Rate SBSN in Indonesia with the principles of Fiqh Mua>malah and examine the Fatwa DSN-MUI No. 69/DSN-MUI/VI/2008 which is the basis of its legality and Fatwa DSN-MUI No. 32/DSN-MUI/IX/2002 which is the umbrella of sharia instruments. The research method used is a qualitative approach with descriptive-analytical analysis of the legal istinbat method used by DSN-MUI, especially regarding the distinction between the rental price (ujrah) in the Ij>arah contract which is allowed to be fixed with the profit sharing concept (nisbah) which must be variable. Fixed Rate State Sharia Securities (SBSN) have substantively complied with the provisions of Islamic jurisprudence (fiqh) and the DSNMUI Fatwa on Sharia Bonds. The use of Ij>arah (lease), mud}a>rabah, or musya>rakah contracts in this instrument is proven valid because it is based on a real and economically valuable Underlying Asset. Therefore, the fixed rate received by investors is not riba (usury), but rather ujrah (rent) or a legally predictable profit sharing. From the DSN-MUI perspective, Fixed Rate SBSN has complied with sharia principles because it is free from gharar, maysir, and riba elements, and has a transparent investment fund management mechanism for financing the state budget. From a juridicaleconomic perspective, this instrument successfully integrates certainty of return for investors with strict sharia compliance, making it a valid state investment product in accordance with Islamic law.
FAKULTAS SYARIAH DAN HUKUM, UIN SUNAN KALIJAGA YOGYAKARTA
TINJAUAN FIKIH MUA'MALAH TERHADAP SBSN (SURAT BERHARGA SYARIAH NEGARA) FIXED RATE PERSPEKTIF FATWA DSN-MUI TENTANG OBLIGASI SYARIAH (Text)
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