eprintid: 76978
rev_number: 11
eprint_status: archive
userid: 12460
dir: disk0/00/07/69/78
datestamp: 2026-06-23 05:00:38
lastmod: 2026-06-23 05:00:38
status_changed: 2026-06-23 05:00:38
type: thesis
metadata_visibility: show
contact_email: muh.khabib@uin-suka.ac.id
creators_name: Alfian Reza Syahrani, NIM.: 22103080022
title: TINJAUAN FIKIH MUA'MALAH TERHADAP SBSN (SURAT BERHARGA SYARIAH NEGARA) FIXED RATE PERSPEKTIF FATWA DSN-MUI TENTANG OBLIGASI SYARIAH
ispublished: pub
subjects: 297.488
divisions: ek_syariah
full_text_status: restricted
keywords: SBSN (Surat Berharga Syariah Negara) Fixed Rate, Sukuk,
Fikih Mua'malah, Fatwa DSN-MUI
note: Dr. Diky Faqih Maulana S.H, M.H.
abstract: 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.
date: 2026-06-08
date_type: published
pages: 118
institution: UIN SUNAN KALIJAGA YOGYAKARTA
department: FAKULTAS SYARIAH DAN HUKUM
thesis_type: skripsi
thesis_name: other
citation:   Alfian Reza Syahrani, NIM.: 22103080022  (2026) TINJAUAN FIKIH MUA'MALAH TERHADAP SBSN (SURAT BERHARGA SYARIAH NEGARA) FIXED RATE PERSPEKTIF FATWA DSN-MUI TENTANG OBLIGASI SYARIAH.  Skripsi thesis, UIN SUNAN KALIJAGA YOGYAKARTA.   
document_url: https://digilib.uin-suka.ac.id/id/eprint/76978/1/22103080022_BAB-I_IV-atau-V_DAFTAR-PUSTAKA.pdf
document_url: https://digilib.uin-suka.ac.id/id/eprint/76978/2/22103080022_BAB-II_sampai_SEBELUM-BAB-TERAKHIR.pdf