a local wisdom of islam nusantara, sukuk for microfinance

8/17/2019 A Local Wisdom of Islam Nusantara, Sukuk for Microfinance

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CENTER FOR ISLAMIC STUDIES, CULTURE, SOCIETY

State Institute of Islamic Studies (IAIN) Jember

Jember, 19 April 2016

1

A LOCAL WISDOM OF ISLAM NUSANTARA:

SUKUK FOR MICROFINANCE1

Khairunnisa Musari2

One of the thriving institutional concept in Islamic finance and economics is sukuk. In regard

to financing activities, sukuk is claimed to be a better financing alternative than debt financing

because of its elements of investment cooperation, sharing of risk, and engangement of assets

or the real project as its underlying issuance. In Indonesia, sukuk has implemented as a

microfinancing instrument by an Association of Farmer Groups. This paper argues that sukuk

for microfinance is a part of local wisdom of Islam Nusantara which has an ability to be a tool

for managing the lack and excess of liquidity and bridging the financial sector and real sector.

So, this paper attemps to: (1) Introduce the sukuk of Association of Farmer Groups inIndonesia to finance their working capital; (2) Propose an institutional arrangements for

authority and policy makers to assist a regulatory framework for the development of Islamic

microfinance. Overall, this paper has mission to encourage the findings of local wisdom of

Islam Nusantara to be empirical studies which enrich the knowledge of Islamic economics.

Keywords: Islamic bank, Islamic microfinance, microfinance institution, linkage program.

JEL Classification: G21, G23, 017

1 A paper is presented at Weekly Discussion of Centre for Islamic Studies, Culture, Society (PPIKM)

IAIN Jember, 19 April 2016. For details of this topic, see Musari, Khairunnisa, 2015. Sukuk for Microfinance

through Linkage Program: Case Study in Indonesia. A paper was presented at The 10th International Conference

on Islamic Economics and Finance (ICIEF) held by Islamic Research and Training Institute Islamic

Development Bank (IRTI-IDB) and Qatar Foundation at Hamad bin Khalifa University, Doha, Qatar. 23-23

March.2 Lecturer, Faculty of Islamic Economics and Business (FEBI), IAIN Jember, Indonesia. Email:

[email protected].


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1. INTRODUCTION

One of the thriving institutional concepts in Islamic finance and economics is sukuk.

Currently, sukuk becomes a global economic phenomenon across religions, cultures, and

nations including an integral part of the global financial system. A number of non-Muslim

countries also participate in issuing sukuk as their national economic policy and this shows

that. Sukuk has proven to be a universal and acceptable Islamic finance instrument by non-Muslim.

In regard to financing activities, sukuk is claimed to be a better financing alternative

than debt financing because of its elements of investment cooperation, sharing of risk, and

engangement of assets or the real project as its underlying issuance (Ismal & Musari, 2009a;

Musari, 2010, 2013a, 2013b, 2015). Sukuk can can be used to finance the economy and

reduce the government's dependence on foreign debt through the utilization of idle funds in

the domestic. For Islamic bank and finance industry, sukuk can serve as an instrument to

manage liquidity and portfolio (Ismal & Musari, 2009c). In relation to finance the micro-

enterprises, funds generated through issuances of sukuk shall be used to provide financing on

the basis of profit sharing modes by the special purpose entity (Ali, 2011).

In fact, sukuk is a certificate of ownership of an asset or real project. According to the

principle in Islamic economics, sukuk should be the instrument of wealth distribution and

equalization. However, the biggest challenge of sukuk today is how sukuk can link financial

sector with the real sector especially to utilize excess in the economy. Specifically, as a

potential tool to manage excess and lack of liquidity, sukuk may connect Islamic banks with

Islamic microfinance institutions (IMFIs). Ali (2007), Ayub (2005), Sukmana (2014) mention

sukuk provide an opportunity for IMFIs. In this case, IMFIs may receive funding from

Islamic banking to be extended and utilizied to finance micro projects or business sectors.

A survey of micro industry by the Central Statistics Agency of Indonesia (BPS) in

2010 implied that the sources of micro business capital were dominated by their own capital

(up to 80.90%), informal sources of funds (13.86%), and formal sources of funds (5.24%).

Such information indicates that micro businesses in connection with financial institutions,

including banks and MFIs, are still less developed and insignificantly contribute to the

economy. It also shows that bank financing to micro business sector is still very limited and to

increase and improve the contribution of micro-enterprises to the economy especially to

absorb labor in Indonesia.

Based on data from the Ministry of Cooperatives and Small Medium Enterprises

(SMEs) (2016), micro-enterprises during 2011-2013 had a 98% share of the total 55.2-57.9

million business units and absorbed up to 88-90% of the total 104-117 million labor forces.

Whilst, the large enterprises had only a share 0.01% of all business units and absorbed 2.76-

3% of the labor force. These data indicate that the MFI and IMFIs have a large marketopportunity and microfinance market in Indonesia needs more involvement of financial

institutions to serve friendly the micro businesses.

In view of the above, one option for IMFIs to finance micro business sector is by

issuing sukuk. Particularly, sukuk can be issued based on partnerships in the form of a linkage

program where IMFIs can position Islamic banks as the owner of the funds (rabbul maal) and

IMFIs is the manager of the funds (mudharib). In this context, sukuk stands for a rational

instrument to manage excess liquidity in the Islamic banks to be productively occupied by the

real sectors in the micro business.

In Indonesia, sukuk has been practiced by Association of Farmer Groups as a local

wisdom by becoming an alternative financing for working capital of the farmers. In thiscontext, sukuk has been a microfinancing instrument for their community. To overcome the

difficulties in banking financing, primarily to avoid the high interest-based loan, the


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cooperative of Association of Farmer Groups issues an investment certificate. This sertificate

is an ownership paper to finance the commodity businesses and such certificate is based profit

sharing contract. According to the terms of Islamic economics and finance, the investment

certificate issued by the cooperative is known as sukuk (Musari, 2012, 2013, 2015a, 2015b;

Simanjuntak & Musari, 2014).

So, this paper asserts sukuk for microfinance is a part of local wisdom of Islam Nusantara3 which has an ability to be a tool for managing the lack and excess of liquidity and

bridging the financial sector and real sector. So, this paper attemps to: (1) Introduce the sukuk

of Association of Farmer Groups in Indonesia to finance their working capital; (2) Propose an

institutional arrangements for authority and policy makers to assist a regulatory framework

for the development of Islamic microfinance. Overall, this paper has mission to encourage the

findings of local wisdom of Islam Nusantara to be empirical studies which enrich the

knowledge of Islamic economics.

2. OVERVIEW ON SUKUK IN THE WORLD

Referring to The Accounting and Auditing Organisation Of Islamic Financial

Institutions (AAOIFI, 2003), sukuk is defined as ‘certificates of equal value representingundivided shares in ownership of tangible assets, usufructs and services or (in the ownership

of) the assets of particular projects or special investment activity’. While Iqbal & Mirakhor

(2008) states that the sukuk is ‘representing ownership of an asset proportionally in a certain

time with the risks and returns associated with the cash flow generated by the underlying

assets in a capital fund given to the sukuk holders (investors). Sukuk is similar to

conventional bonds because it is a securities that provide the level of return that can be

predicted. The fundamental difference between the two is bond represents pure debt from the

issuer, while the sukuk represents an ownership of the asset or of an existing/determined

project. In addition, bond creates a relationship among the borrower and the creditur. While

sukuk depends on the characteristics of the underlying contract.’

In many cases, payment of sukuk resembles the fixed-income debt securities. At this

point, sukuk actually has function as an integration tool between financial markets

conventional and Islamic financial markets. Investors choose sukuk because it can enlarge the

opportunities of maturity options and portfolio selection.

According to Musari (2013a, 2013b, 2013c), sukuk which is known at this time has a

long history as innovative Islamic financial instruments. In the past, the sukuk was a check or

document or letter containing the acknowledgment of debt from the issuer to pay money or

deliver a certain amount of goods at an agreed time to the holder of a check or document or

letter. In this context, sukuk served as an acknowledgment of debt from someone who asked

for deferred obligations to certain parties. At the present time, sukuk has transformed into

securities that serve as investment vehicles for the holder to obtain benefits from the issuer for

the performance of the assets are owned by the sukuk holders representative. Today, the

3 Islam Nusantara currently is claimed as Islam with Indonesian characteristics that promote the values

of tolerance. There is no standard definition of this term. The appearance of the term Islam Nusantara refer to

historical facts of spread the Islam in archipelago which use cultural approach, not the rigid and hard doctrine.

Islam Nusantara is claimed as Islam with manners, character i.e tawasut (moderate), middle road (not the right or

left extreme), balance, inclusive and peaceful coexistence with other religions, and can accept democracy well.

Azra (2015a, 2015b) mentions the term of Islam Nusantara basically not something new. This term refers to

Islam in the archipelago or maritime continent which covering not only the region that is now the state of

Indonesia, but also the Muslim region of Malaysia, Southern Thailand (Patani), Singapore, Southern Philippines

(Moro), and also Champa (Cambodia). The coverage of Islam Nusantara is equal synonymous with 'Islam ofSoutheast Asian'. Academically, the last term is often used interchangeably with 'Islam of Malay-Indonesian'.Cultural sphere of Islam Nusantara contains some unifying factora, which made Indonesian Moslems from

various tribes, traditions, and customs are in unity.


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process that occurs in modern sukuk is a converting a pool of assets into securities to be

traded or not traded to be an investment for the buyer and the funds managed by the issuer to

finance the development of the contract as agreed. Overall, the performance of sukuk in

global can be seen on Figure 1. Figure 1 shows the global sukuk issued in 2013 and

breakdown by sector and market type.

Based on this, it can be stated that the Islamization of government securities is the

most likely option to find Islamic financial instruments in line with the present context

through reconstruction of theory and practice of conventional finance. As one of the new

breakthrough in the field of Islamic finance, sukuk is a form of financing as well as

investment. Nevertheless, although sukuk is not a pure debt, sukuk can still be positioned as a

debt if the reason to issue sukuk is driven by the need to finance the deficit of state in order to pay the debt and sukuk issuer must return the funds at the agreed time. It is actually allowed

in Islam because of orders mutual assistance in doing righteousness and piety. Ibn Majah

narrated, Rasulullah SAW said: “ A Muslim who lends to another Muslim twice, as if it had

been alms to him one time”. Nevertheless, the Prophet Muhammad also taught to seek refuge

away from debt because can make a person lies and does not keep his promise. Bukhari

narrated, the Prophet prayed: “ Allahumma bika minal innii a'uudzu ma'tsami wal maghram”

(O Allah I seek refuge in you from sin and debt). Then there was someone who asked: “Why

would you ask to avoid debt, O Messenger of Allah?”. He said: “Someone who has debt when

he speaks normally lie and when promises are often deny”.

3.

LESSON LEARNED FROM SUKUK OF ASSOCIATON OF FARMER GROUPS

Guyub Santoso is an Association of Farmer Groups for cocoa farmers by address Jl.

Banteng Blorok No. 18, Plosorejo Village, Kademangan Sub-District, Blitar Regency, East

Java Province, Indonesia. In fact, Guyub Santoso is an association which was awarded as the

Runner Up of Pro Poor Award 2011 from the Governor of East Java, Indonesia. Currently, the

members of Guyub Santoso are 26 farmer groups in Blitar and 78 farmer groups outside

Blitar. Total number of farmers in Blitar 4,240 people and outside Blitar 17,774 people.

Association of Farmer Groups Guyub Santoso concerns on the management of cocoa,

starting from breeding, maintaining, marketing and improving the quality of the sale proceeds

to harvesting cocoa beans for local markets and export. The interesting one with regard to the

local wisdom of Guyub Santoso is its ability to cope the capital constraints through securities

(Musari, 2012, 2013, 2015 and Simanjuntak & Musari, 2014). To overcome the difficulties in

Figure 1.GLOBAL SUKUK ISSUED IN 2013 AND BREAKDOWN

BY SECTOR AND MARKET TYPESource: Thompson Reuters (2014)


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banking financing, primarily to avoid the high interest-based loan, Guyub Santoso issues an

investment certificate. This sertificate is an ownership paper to finance the cocoa faring

businesses and such certificate is based mudharabah contract.

According to the terms of Islamic economics and finance, investment certificate issued

by Guyub Santoso above is known as sukuk. There are three reasons why the sukuk of Guyub

Santoso important to be discussed. First, there is no literatur that shows the existence ofsukuk issuance by IMFIs in Indonesia. Musari and Zainuri (2014) mentioned that discourse

on sukuk of IMFIs actually has been initiated by Indonesian Islamic Microfinance

Association (Asosiasi BMT se-Indonesia/ABSINDO) since 2009. ABSINDO in 2011 has

compiled the study of BMT’s sukuk issuance. According to the plan, the sukuk of BMT will

have a tenor up to 10 years and will be used to finance micro enterprises and development of

BMT in Indonesia. However, so far the plan has not been realized. Second, the legal entity of

Association of Farmer Groups as the issuer of sukuk is conventional MFIs, namely

multipurpose cooperative. This case is unique because conventional MFIs issuing Islamic

financial instrument. Third, this sukuk using mudharabah contract when most of existing

sukuk in Indonesia and the world using ijarah contract. In mudharabah, the investor

contributes funds, and the Association of Farmer Groups Guyub Santoso contributes expertiseand works to execute a potentially successful project. Profits are distributed in percentage

agreed beforehand. But, in this case, the investor shall not bear any loss although the

Association of Farmer Groups is not negligent or in violation of the terms. According to the

original concept, mudharabah can cover one deal, several deals, or a specified period of time

up to a specified ceiling. Figure 2 shows the scheme of mudharabah contract for investment

certificate in multipurpose cooperative Guyub Santoso.

In relation to mudharabah contract, the study of Daneshfar, Simyar, Rolleri & Wnek

(2010), Soeleman & Lestari (2014) suggest that one of financing arrangement that give a fair

treatment was profit sharing among the stakeholders involved in the agricultural activities.

There were several motives for the adoption of profit sharing such as labor productivity, cost

monitoring, and wage flexibility. In addition, profit sharing could create a self-motivated

stakeholders to achieve the challenging goals of the company. Several studies also have found

profit sharing as an effective compensation scheme. Further, Simanjuntak and Musari (2014)

mention at least there are five local wisdoms of sukuk issued by Association of Farmer

Figure 2.THE SCHEME OF MUDHARABAH CONTRACT FOR INVESTMENT

CERTIFICATE IN MULTIPURPOSE COOPERATIVE GUYUB SANTOSOSource: Musari (2015)


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Groups Guyub Santoso. First, its ability to provide a non bank financing to the cocoa farmers.

Second, the farmers can easily have financial access to the latest sales price of cocoa products

based on its quality. Third, the transparency of price and profit sharing calculation and

distribution. Fourth, its ability to provide a networking opportunity for farmers. Fifth, its

ability to motivate the farmers including raising their productivity.

4.

THE PROPOSED MODELS

Islamic microfinance needs support from authority and policy makers to ensure an

enabling policy framework conducive to the development of Islamic microfinance and to

build an effective alliance of Islamic microfinance providers and other stakeholders.

According to Rahman (2007), since Islamic banks have not addressed the needs of financing

among the poor and micro entrepreneurs, Islamic microfinance was argued as a missing

component in Islamic banking. Abdelkader & Salem (2013), Mufti (2011a, 2011b)

Obaidullah (2008), Obaidullah & Khan (2008) mention Islamic microfinance has growing

progressively in the world, particularly in poor countries, as credible alternative which allows

poor populations to have access to basic financial services at low cost. The integration of

Islamic finance concepts to microfinance is one of the valuable reasons in attracting poor toget advantage of these services.

Finally, all of the figures are figured in one macro scheme, can be seen in Figure 3.

The Financial Services Authority (OJK) as the superbody whose main function to promote

and organize a system of regulations and supervisions that is integrated into the overall

activities in the financial services sector, has to exist in developing the Islamic microfinance

and IMFIs. The big challenge of OJK is how to bring the micro takaful, Indonesia Deposit

Insurance Corporation (LPS) and APEX BMT/Induk Koperasi Syariah (INKOPSYAH) as

Self Regulatory Organization (SRO) to all BMT in Indonesia together to support IMFIs.

Further, micro takaful should be hand to hand with micro consultant to do mentoring.

According to Mokhtar, Nartea and Gan (2012), microinsurance was also microfinance

products that are offered by the Grameen Bank (Bangladesh) and People’s Bank (BPR,

Indonesia). This service provided important benefits to the institutions’s clients, especially to

protect the borrower’s business in agricultural which is exposed to climatic factor.

Figure 3.

PROPOSED MODEL FOR INSTITUTIONAL ARRANGEMENT OF IMFIsSource: Musari (2015)


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5. CONCLUSION

Two important things can be concluded from this paper. First, sukuk has been

practiced by Association of Farmer Groups in Indonesia as a local wisdom of Islam Nusantara

to find an alternative financing for working capital of the farmers. In this context, sukuk has

been a microfinancing instrument for their community. Sukuk has an ability to be a bridge

linking financial sector and the real sector and encourages Islamic banking to be moregrounded and can substantially assist the needs of the community. This proves that sukuk can

position as tool for managing the lack and excess of liquidity. Second, IMFIs need support

from government, especially OJK, to assist a regulatory framework for Islamic microfinance,

to support policy makers to ensure an enabling policy framework conducive to the

development of Islamic microfinance, to build an effective alliance and forum of Islamic

microfinance providers and other stakeholders. Reconciling Islamic banks to IMFIs is one

answer to overcome the problem of liquidity in the respective institutions. This is also the

answer to the challenge of how to convert the debt into equity financing orientation and

encourage Islamic banking can meaningful assist the micro sector. As the mission of this

paper, the results of this study are expected to encourage the findings of more local wisdom of

Islam Nusantara to contribute to the development of scientific and civilization of Islamiceconomics.

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a local wisdom of islam nusantara, sukuk for microfinance

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