Penulis: Eva Erdalina Mahasiswi Institut Agama Islam Negeri Langsa
The journey of economic development has led to various changes, especially in the structure of the economy. Changes in economic structure are one of the characteristics that occur in economic growth in developed countries
throughout the world.
Meanwhile, if you look at economic development in developing countries, it is more identical to high economic growth which is one of the main targets in increasing productivity in the economic development sector in a country.
Economic growth that occurs in an area is able to indicate how the achievement
and development of the economy in that area is. Economic growth in an area can be negative or positive. If in a period the economy experiences positive growth, it proves that the activities of the economy in the region have increased or increased.
Meanwhile, if in a period the economy experiences negative development, it proves that the economic activity running in the area is experiencing a decline. According to President Susilo Bambang Yudoyono, Indonesia’s vision for the future to be realized in 2030 is
to become a developed country that excels in the management of natural resources in a prolonged manner or an
equitable modern quality of life, self growth.
One of the main steps in realizing these ideals is not only based on economics alone, but growth with equity (growth with equity). Therefore, in order to realize this vision from the perspective of President Susilo Bambang Yudoyono, it is necessary to visually describe it as “growth must be inclusive, growth must be broad based, growth must be just”. As stated in the 1945 Constitution, it is stated that the goals of the Indonesian people are to promote the general welfare and be able to educate the life of the nation.
It is clear that the main vision and mission of the Indonesian nation is the welfare of its people, one of the ways is
by equalizing economic growth in each region so that there is no sustainable economic inequality so that the economic growth of the Indonesian nation can also be assessed as good.
High economic growth is one of the main targets that is an indicator of improving economic conditions. The main problem is that the target of high economic growth alone is not enough to guarantee that the welfare of the people will increase evenly. Therefore, the rate of economic growth should be accompanied by an even distribution of income as two equally important targets that must be achieved so that the results of this growth are enjoyed by all levels of society.
The decline in economic growth in Indonesia has a significant impact on financial institutions in Indonesia such as sharia stocks, sukuk and sharia mutual funds. Based on information from the OJK or theFinancial Services Authority, sharia-based shares are securities in the form of shares with clear rules based on sharia principles that apply in the capital market.
In the capital market sector, sharia shares are divided into 2 types, first, shares that are declared to have met the criteria for selecting sharia shares in accordance with OJK regulations
Number 35/POJK.04/2017 regarding the criteria and issuance of a list of sharia securities, secondly, shares that have been registered as sharia shares by issuers or sharia public companies in accordance with OJK regulations No.17/POJK.04/2015.
The first Islamic stock index launched on the Indonesian capital market was the Jakarta Islamic Index (JII) which coincided on July 3, 2000. JII’s constituents only consist of the 30 most liquid Islamic stocks that have been listed on the IDX. Furthermore, on 17 May 2018, IDX launched the Jakarta Islamic Index 70 (JII 70 Index). The JII70 constituents increased compared to the previously issued JII with 70 of the most liquid sharia shares listed on the IDX. This is in line with ISSI, the review of sharia shares which are JII’s constituents is carried out twice a year, which coincides in May and November, following the DES and OJK review schedules.
IDX determines and selects sharia shares that are part of the JII70 Constituents.
Sharia shares are one of the forming investment instruments in the capital category, this is because sharia shares play a large and very important role in an economic development that is able to increase production capacity, increase national income and create new jobs and increase tax revenue for the government of the Republic of Indonesia.
If economic growth in Indonesia experiences an increase or growth, it will have a positive impact on Islamic stocks in Indonesia. In addition to sharia shares, many investors look to other sharia capital markets to invest, such as investing in sukuk. Sukuk is a type of investment or instrument in the Islamic capital market. Basically, a sukuk is a certificate of ownership of an asset that can be used on a wide scale to finance
development. Another definition of sukuk is securities that have a long term in accordance with sharia provisions
and principles issued by issuers to sharia bond holders which require the issuer to pay income to sharia bond holders in the form of profit sharing or fees, as well as repay bond funds at the agreed time set.
Sukuk in Indonesia have developed very rapidly since they were first issued in 2002. As an alternative to financing instruments, sukuk has prospects in meeting infrastructure financing needs, such as transportation, energy, telecommunications, and other things. In 2015, the government has designated as the year of the Sharia Capital Market in line with the issuance of regulations regarding sukuk by the OJK.
Sukuk still have a lot of room
to grow. Sukuk have a significant influence on economic growth in Indonesia, the higher the value of sukuk that develops in Indonesia, it will automatically describe the success that has occurred in Indonesia’s economic growth, this is due to its success in financing infrastructure projects based on the principles and applicable regulation.
In the midst of global economic uncertainty, even with the emergence of several problems that occurred in sukuk, in 2018 global sukuk growth showed positive growth and development. The International Islamic Financial Report or IFM reports that during 2018, there were total sukuk issuances totaling USD 123.15 billion .
This figure experienced a positive growth of 5% when compared to 2017 which was only able to record USD 116.7 billion. The stable volume of sukuk issuance was driven by the issuance of sukuk originating from Asia, the Gulf Cooperation Council (GCG), Africa, and several other jurisdictions. This is coupled with the large progress of sukuk so that currently it continues to be pushed by other countries such as Malaysia, Indonesia, UAE, Saudi Arabia, and also Turkey.
As one of the countries that has a role in the sukuk industry, Indonesia has its own definition of sukuk. Based on the Indonesian perspective, Sukuk are defined as Government Securities issued based on sharia principles, as evidence of the share of participation in SBSN assets, both in rupiah and foreign currencies. foreign.
The validity of government sukuk is based on Law No. 19 of 2008 which states that government sukuk are issued
by the central government. Meanwhile, other regulations that support the practice of government sukuk are
regulated in government regulations (PP) and regulations set by the Ministry of Finance (PMK).
Another government regulation that regulates the investment world is the Financial Services Authority
regulation Number 33/POJK.04/2019 concerning the issuance and requirements of sharia mutual funds, which are a forum used to collect funds from the investor community to be further invested in securities portfolios by Investment Managers. the influence on the development of sharia mutual funds in Indonesia, if Indonesia’s
economic growth increases it will have a positive influence on sharia mutual funds with phenomena that occur
from year to year, it is important to know that the national economy has an important role in supporting the lives of
the Indonesian people, high economic growth able to prosper the society equally, but the sad phenomenon that
befell the Indonesian people’s economy is that despite the high economy, the fact is that the unemployment rate is increasingly rampant, poverty is increasing, which has a Wealth is increasingly enriching itself while the poor are getting poorer, then where is the welfare created by the government for the community, the high and low of the economy still has no significant influence on its people.
Sharia shares are an important instrument in the formation of investment capital which will later play an important role in the development and growth of the national economy, through sharia shares will be able to
increase production capacity, increase national income as well as create new jobs and increase tax revenue for the
government, through this Therefore, the Indonesian economy will grow many times over compared to a certain
period.
If economic growth in Indonesia increases, it will have a positive impact on outstanding sharia shares because with the increase in the economy, sharia shares will also increase. Not only sharia shares which have an important role, sukuk also has a considerable added value in the progress of the Indonesian economy.
Sukuk is a type of investment in the form of a certificate of ownership of an asset that is owned, and is used on a wide scale for the process of financing a project. As one of the basic keys or alternatives in financing instruments, sukuk has great prospects and opportunities in meeting infrastructure financing needs such as transportation, telecommunications and so on. Sukuk have a significant influence in increasing Indonesia’s economic growth, the higher the value of sukuk, it proves the improving economic growth
that is developing in Indonesia, this is because the Indonesian economy is good in financing the development of
infrastructure projects.
Another investment instrument engaged in the Islamic capital market is Sharia Mutual Funds, this investment instrument is a forum used to raise funds from people who have capital and are interested in investing in the form
of a securities portfolio by investment managers. Indonesia’s economic growth has a great influence on the development of Islamic mutual funds in Indonesia, the article is that if Indonesia’s economic growth increases, it will bring sharia mutual funds in a positive direction. The role of sharia mutual funds in the Indonesian economy is to be able to increase sharia-based investment.
