TINJAUAN HUKUM EKONOMI SYARIAH TERHADAP PEMINDAHAN MANFAAT ASET DALAM SUKUK NEGARA BERDASARKAN UNDANG-UNDANG NOMOR 19 TAHUN 2008

Abstract

State Sukuk is one of the ways the government obtains state financing based on sharia principles. In the State Sukuk mechanism, the transfer of asset usufruct takes place without the physical transfer of State-Owned Assets (BMN). This study aims to examine the practice of asset usufruct transfer in State Sukuk based on Law Number 19 of 2008 concerning State Sharia Securities (SBSN) and to review it from the perspective of Sharia Economic Law. This study uses a qualitative library research approach with a normative library research method. The study applies normative fiqh and conceptual approaches. The results show that the practice of asset usufruct transfer in State Sukuk includes the designation of BMN as SBSN assets, the transfer of usufruct rights, the issuance of SBSN to investors, the leaseback of assets to the government, and the settlement of transactions at maturity. From the perspective of Sharia Economic Law, the transfer of asset usufruct without the physical transfer of BMN is generally permissible based on the concepts of ijarah and milk al-manfa’ah. Meanwhile, the concept of qabd hukmi explains that legal delivery can take place without the physical transfer of an asset, provided that the usufruct rights have been transferred to investors in accordance with the terms of the contract.