Enabling beneficial right for sovereign
sukūk issuance in Indonesia: challenges and analysis Rio Erismen Armen Primary Author Engku Rabiah Adawiah Engku Ali Additional Author Gemala Dewi Additional Author mixed material bibliography ENGLAND EMERALD INSIGHT 2023 monographic en ENGLISH

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BAIK Abstract Purpose – This study aims to investigate beneficial right as a new legal concept and term accepted by the Indonesian legal system. The new concept was ratified to endorse government decision to use
sukūk (as an Islamic financial instrument) in the financing of state budget deficit. Some legal issues emerged after the ratification such as the necessity to synchronize the beneficial right with other property rights in Indonesia and the disharmony between laws related to sovereign
sukūk issuance. Design/methodology/approach – The study uses a qualitative method with library study and interviews with relevant legal experts in Indonesia as the data collection techniques. Findings – The findings show that the passage of Sovereign
Sukūk Law 2008 that ratified beneficial right deemed as a concession point by the government to solve conflicts between legal restriction and employment of state-owned assets as the underlying asset of sovereign
sukūk. The study deemed the necessity to improve the use of beneficial right in the Indonesian legal system which by the concept is not exercised for the issuance of sovereign
sukūk only. There is the need to harmonize the administration of this right with other property rights in Indonesia. Research limitations/implications – The scope of study will be limited to the Indonesian regulation related to the use of beneficial right concept in the issuance of sovereign
sukūk in Indonesia. The regulation as mentioned will be in the form of statutes, presidential or ministerial regulations, and also opinions of Indonesian legal and sharīʿah scholars regarding the matter. Originality/value – This study may explore significantly the use of beneficial right for the issuance of sovereign
sukūk by the Government of Indonesia. Specifically, the study reveals and addresses the issues that are following the ratification of beneficial rights originated from the common law system into the Indonesian civil law system. Beneficial right, Conflict of laws, Sovereign
su NONE Repository Universitas Langlangbuana Sistem Repository Elektronik Skripsi, Tesis, Desertasi dan Penelitian Dosen Universitas Langlangbuana JA101.IJLM23V65.6.12 My Library Enabling beneficial right for sovereign
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