DIFFERENCE

BETWEEN ISLAMIC
BOND AND CONVENTIONAL BOND
ALSO HOW TO VALUE ISLAMIC
BOND
By:
Samudra Gunadharma

Conven&onal Bond

Islamic Bond

Bonds do not give the holder a share of

ownership of assets, project, business or
joint ventures they support



The proceed funds can be used to nance
any assets, project, business, or joint
ventures that complies with country or local
legislaNon


Each bond represents a share of debt



The face value of a bond price is based on
the issuers credit worthiness (including its
raNng)


Bondholder do not bear any assets, project,
business, or joint ventures risk with company

Islamic Bond (known as Sukuk) give the

investor parNal ownership in the assets,

project, business OR joint ventures which the
Sukuk are based


The proceed funds can be used to nance
assets, project, business or joint venture that
ONLY complies with Islamic Law



Each Sukuk represents a share of the
underlying assets, project, business, or Joint
Ventures

The face value of Sukuk is based on the
market value of the underlying assets,
project, business or joint ventures


The holder do share any assets, project,
business, or joint ventures risk with company

TYPE OF ISLAMIC BOND (KNOWN AS SUKUK)

IJARAH-BASED

BOND

MUDHARABAH-
BASED

BOND

IJARAH-BASED BOND
BOND CERTIFICATE

INVESTORS
(SHAHIBUL
MAAL)

FUND (RP/$)

FIXED
PAYMENT
PORTION
OF
RENTAL
OR LEASE
PAYMENT
(RP/$)

BOND CERTIFICATE
(AT THE END TERMS)

FUND (RP/$)
(AT THE END TERMS)

COMPANY
(MUDHARIB)

PURCHASE
(RP/$)

ASSETS

ACT AS
OPERATOR

RENT OR
LEASE

RENTAL OR
LEASE
PAYMENT
(RP/$)

USER

IJARAH-BASED BOND
Investors hold the N[le of assets. Company act as an operator.
By the end of the terms, assets will liquidated at agreed market value. The proceed are
transferred to Investors
LiquidaNon of assets could be either repurchase by company or sell to another party

Value of t t

Ijarah-Based = Inow + Price + Cost of OperaNon + Management Fee (if any)

Bond t=1 (1+r)t (1+r)t t=1 (1+r)t

Inow(PVIFA) + Price(PV) + Cost of OperaNon(PVIFA) + Management Fee (If any)

Where:
Inow = Fixed Payment PorNon received by Investor
t = Time Horizon
Price = Agreed Market Value of Assets at the end of terms
Cost of OperaNon = EsNmated Cost for OperaNon of Assets during the terms
r = InaNon Rate plus Investor Risk Premium

Like ConvenNonal Bond, there is a TRUSTEE that act on behalf of Investors

MUDHARABAH-BASED BOND
BOND CERTIFICATE

INVESTORS
(SHAHIBUL
MAAL)

COMPANY
(MUDHARIB)

FUND (RP/$)
PAYMENT OF
RETURN
EITHER BY
PROFIT
SHARING OR
REVENUE
SHARING
(RP/$)

ACT AS INVESTOR

FUND (RP/$)

RETURN
(RP/$)

BOND CERTIFICATE
(AT THE END TERM)

FUND (RP/$)

PROJECT,
ACQUIRE
BUSINESS OR
JOINT VENTURES
RETURN
(RP/$)

MANAGING FUND

GENERATING
INCOME
ACTIVITY

MUDHARABAH-BASED BOND
Investor simply giving fund to The Company. The Company act as investor to the project,
acquire business or joint ventures.
Project, business or joint ventures receive fund from The Company, and managing the fund for
generaNng income.
If there is a purchase of assets, in generaNng income, those assets sNll owned by the project,
business, or joint ventures.
Return may be volaNle. Investors could receive NOT xed payment
Payment to Investors, by The Company, is depend on Contract Agreement. Either by Prot
Sharing, which is pay some porNon of Net Income, OR Revenue Sharing, which is pay some
porNon of Gross Prot.
At the end of terms, company will return all of Investors fund with agreed upon value.
Must have Projected Income Statement in terms of ValuaNon

Value of t

Mudharabah-Based = Inow + Value

Bond t=1 (1+r)t (1+r)t

Where:
Inow = Payment of Return (may NOT equal payment over period!)
Value = Agreed Upon Value of Project, Business, or Joint Ventures
t = Time Horizon
r = InaNon Rate plus Investor Risk Premium
Like ConvenNonal Bond, there is a TRUSTEE that act on behalf of Investors

COMMON BUSINESS PRACTICE

In Mudharabah-Based Bond, there are two type of agreement. Mudharabah
Mutlaqah, where Investors give The Company free opNon to Invest in any kind of
Project, Business or Joint Ventures as long as comply with Islamic Law. And
Mudharabah Muqayyadah, where Investors already instruct The Company to
Invest in CERTAIN Project, Business or Joint Ventures which also must comply
with Islamic Law too
Mostly, in Indonesia nancial market, in terms of Mudharabah Bond the
agreement used Mudharabah Muqayyadah and payment scheme to Investors is
Revenue Sharing
Any fees that arise from Issuing these Bonds (Both Ijarah-Based or Mudharabah-
Based) are deducNng the fund proceed
In Ijarah-Based Bond:
SomeNmes, the agreed Market Value of Assets is add by margin;
The Company can act as user too regarding the type of assets;
Mostly, in world nancial market, the liquidaNon of assets se[led by
repurchase of asset by The Company
Investor Risk Premium calculated based by Islamic Cost of Capital Say Whizz
Khalifa See You Again

CONTOH SOAL 1
PT Angin-anginan menerbitkan Sukuk Mudharabah untuk membiayai Proyek senilai
Rp 300 Milyar. Kupon bagi hasil ditetapkan sebesar 30% yang bersifat Revenue
Sharing. Sukuk ini jatuh tempo dalam 5 tahun dan pembayaran kupon ke Investor
akan dilakukan secara periodik seNap tahun. Berikut proyeksi Pendapatan dan Harga
Pokok Pendapatan serta Beban selama 5 tahun ke depan

Tahun 1 Tahun 2 Tahun 3 Tahun 4 Tahun 5

Sales 100 125 140 180 205
COGS (80) (95) (110) (125) (135)
Expense (10) (15) (20) (30) (35)
(inc. Tax)

Apabila Nngkat Inasi 8% per tahun dan Investor Risk Premium sebesar 4%.
Berapakah Nilai Sukuk Mudharabah Perseroan?

CONTOH SOAL 2 & 3

PT Jadwal Telat Airlines berencana menerbitkan Sukuk Ijarah untuk pembelian Pesawat senilai
Rp 100 Milyar dengan spesikasi seluruhnya kelas ekonomi sebanyak 200 tempat duduk dengan
rata-rata penjualan Nket per tahun per penumpang adalah Rp 75 juta. Sukuk ini akan
membayarkan kupon sebesar 30% dari pendapatan pengoperasian secara periodik tahunan dan
jatuh tempo 10 tahun kemudian. Nilai Pesawat pada akhir tahun kesepuluh disepakaN sebesar
70% dari Nilai sekarang dimana nilai tersebut sudah termasuk margin sebesar 20%. PT Jadwal
Telat Airlines berencana akan menggunakan pesawat tersebut sebagai bagian armadanya untuk
seterusnya. Adapun biaya yang terkait dengan pengoperasian pesawat diperkirakan sebesar Rp
3 Milyar per tahun dan ada Management Fee sebesar Rp 5 Milyar. Jika Inasi diperkirakan
sebesar 7% dan Investor Risk Premium sebesar 5% berapakah Nilai Sukuk Ijarah tersebut?

Robert Paijo Al-Akhtar Simatupang memiliki masing-masing SerNkat Sukuk Mudharabah PT

Angin-anginan sebanyak 20% kupon yang beredar dan SerNkat Sukuk Ijarah PT Jadwal
Telat Airlines sebanyak 35% kupon yang beredar dan akan menggunakan kedua instrumen
investasi tersebut sebagai mahar pernikahannya trimester depan. Merry MegitawaN Rossi
binN ValenNno Rossi sudah membuat perjanjian, dengan seizin Ayahnya, bersedia dinikahi
oleh Robert Paijo Al-Akhtar Simatupang apabila diberikan mahar senilai Rp 75 Milyar.
Apakah pernikahan Robert Paijo Al-Akhtar Simatupang dengan Merry MegitawaN Rossi
binN ValenNno Rossi dapat terlaksana trimester depan?

REFERENCE:

Dinna Rohmatunnisaa,

Design of Ijarah Sukuk, Thesis on MA Finance & Investment, University of
Notngham 2008


Irni Yunita,

The Development, Scheme, Risk & Fair Market Value of Sukuk Ijarah &
Mudharabah in Indonesia, American Journal of Economics Vol. 5 No. 2 Year
2015


Djamaludeen, Faleel

Islamic Finance for Dummies, Eot University, September 2012