Legal consequences of implementing Ijarah contracts in sukuk issuance

Setiawan, Iwan (2023) Legal consequences of implementing Ijarah contracts in sukuk issuance. Qawanin: Journal of Economic Syaria Law, 7 (1). pp. 14-33. ISSN 2622-8661

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Abstract

Today the development of the Islamic capital market is showing rapid progress, this is evidenced by the increase in the index on the JII (Jakarta Islamic Index) list. One of the sharia financial products currently being developed is sukuk. According to OJK, Sukuk consists of ijarah, mudharabah and wakalah bonds. These three types are adjusted to the use of the contract at the time of its issuance mechanism which will lead to legal consequences. The purpose of this study is to provide an overview of the legal consequences of implementing ijarah contracts on the issuance of sukuk. The research method used in this study is a qualitative method with a descriptive approach, which collects data related to sukuk in ijarah contracts taken from sources such as books, journals, theses, and other related sources. The results of the study show that sukuk ijarah promises good profits for issuers or investors. This is due to the nature of ijarah contracts which are part of natural certainty contracts, namely contracts that provide certainty of profit payments, both the time period and the amount of payment. The stability of these risks will encourage people to participate, because people will tend to participate in sukuk that provide greater profits, are stable, and are resistant to the risk of loss.

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