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Authors: Septi Adi Jaelani Bachtiar ; Handi Risza and Prima Naomi

Affiliation: Magister Manajemen Faculty Economics and Business, Universitas Paramadina and Indonesia, Indonesia

Keyword(s): Sukuk, Mudharabah, Ijarah, Risk, Return.

Abstract: Sukuk’s value and the amount of Sukuk’s emissions in Indonesia continue to increase, although the options are still limited to Mudharabah and Ijarah contracts only. Sukuk’s issuers also prefer to issue Sukuk with an Ijarah agreement. There are several opinions as to why Sukuk Ijarah is more popular in Indonesia, one of which is its risk consideration of the agreement. In addition, a few previous studies have also mentioned that Mudharabah Sukuk has a better yield than that of Ijarah Sukuk, while other research has highlighted the relationship between the performance of Sukuk and its risk for both Ijarah and Mudharabah. This study aims to examine the difference between Ijarah and Mudharabah Sukuk in terms of their performance and risk using reasonable price data and a maturity period. The Sukuk’s return and risk is obtained by calculating the amount of Holding Period Yield (HPY), Yield to Maturity (YTM), Risk Adjusted Return (RAR), and the HPY deviation standar. We found that in ter ms of return and risk, the Ijarah-based Sukuk differs significantly from the Mudharabah-based Sukuk. The Ijarah-based Sukuk shows higher return performance than Mudharabah-based Sukuk. In terms of risk, the Ijarah-based Sukuk also shows higher risk than the Mudharabah-based Sukuk. (More)

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Paper citation in several formats:
Bachtiar, S.; Risza, H. and Naomi, P. (2018). Sukuk Return and Risk: A Comparison between Ijarah and Mudharabah-based Contracts. In 1st International Conference on Islamic Economics, Business, and Philanthropy - ICIEBP, ISBN 978-989-758-315-5; ISSN 2184-2736, pages 163-168. DOI: 10.5220/0007078701630168

@conference{iciebp18,
author={Septi Adi Jaelani Bachtiar. and Handi Risza. and Prima Naomi.},
title={Sukuk Return and Risk: A Comparison between Ijarah and Mudharabah-based Contracts},
booktitle={1st International Conference on Islamic Economics, Business, and Philanthropy - ICIEBP,},
year={2018},
pages={163-168},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0007078701630168},
isbn={978-989-758-315-5},
issn={2184-2736},
}

TY - CONF

JO - 1st International Conference on Islamic Economics, Business, and Philanthropy - ICIEBP,
TI - Sukuk Return and Risk: A Comparison between Ijarah and Mudharabah-based Contracts
SN - 978-989-758-315-5
IS - 2184-2736
AU - Bachtiar, S.
AU - Risza, H.
AU - Naomi, P.
PY - 2018
SP - 163
EP - 168
DO - 10.5220/0007078701630168