APPLICATION OF STATE SHARIA SECURITIES IN THE BAI AD-DAYN AGREEMENT AND GOVERNMENT PROJECT FINANCING

Abstract

In this article, the author tries to provide an in-depth overview of the implementation of the bay ad-dayn agreement on Sharia Bonds and State Sukuk or State Sharia Securities as well as government project financing by State Sharia Securities. State Sharia Securities abbreviated as SBSN or State Sukuk are State securities issued based on sharia principles, as evidence of the share of participation in SBSN assets, both in rupiah and foreign currencies. In its issuance, SBSN requires an underlying asset that reflects the share of ownership of the asset / benefit / service that is the basis for the issuance of SBSN. The existence of underlying assets serves as a real transaction that is the basis for issuing SBSN, and is one of the main aspects that distinguishes the issuance of debt securities and sukuk.

Keywords: Bai Ad-Dayn Agreement, Sharia Bonds, Application of Bai Ad-dayn Agreement on Sharia Bonds, State Sukuk/SBSN, Underlying Assets, Government Project Financing Through SBSN.