THE CONSTRAINTS IN SHARIAH-COMPLIANT ASSET-BACKED SECURITIES ISSUANCE AT ISLAMIC BANKING INDUSTRIES IN INDONESIA

Asep Supyadillah, Muhammad Al-Fayyadh Maulana, Nur Ilhamillaili Fisabilillah Miswin

Abstract

Abstract: The primary objectives of this article are: (1) to elaborate the responses of Islamic bank executives in Indonesia on the issue of the constraints that preclude the Shariah-compliant Asset-backed Securities (SABS) issuance especially from shariah and legal perspectives, and (2) to formulate solutions to the constraints under the discussion. This research used a qualitative descriptive model with socio-juridical and inductive approaches. The research data were acquired from nine delegations of different Islamic banks through interviews and questionnaires, as well as literature reviews regarding fiqh al-muamalat, fatwah, and legislation. The data were analyzed using content analysis method by examining the constraints encountered by the Islamic banks involved in this research prior to SABS issuance. The research findings suggest that: first, despite offering benefits and being a necessity in balancing the liquidity mismatch of source of funding for Islamic banks, the SABS concept brings about risks and constraints in its implementation; second, the constraints to SABS issuance include the difficulties in procuring assets on which the SABS issuance is based; third, the constraints in the legal aspect include the basis of bank authority to sell assets to SABS issuers, the types of assets on which SABS issuance are based, the process of asset transfer to special purpose vehicles (SPV), the dubiety in the clauses that manage bankruptcy remoteness and perfection of security interest, as well as the problems concerning the accounting, asset bookkeeping, and taxation issues.

Keywords


Securities, asset-backed security, Islamic bank, source of funding, shariah aspects, legal aspects

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DOI: 10.15408/aiq.v1i1.32287

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