Analysis of Mudharabah Practices in The Calculation of Corporate Sukuk Profit Sharing in Indonesia for the 2019-2024 Period

Abstract

This study focuses on knowing how the practice of calculating corporate sukuk profit sharing with mudharabah contracts in several emitted from the 2019-2023 period. There are 3 emitten that are used as examples of cases in the issuance of sukuk mudharabah, namely PT Sarana Multigriya Financially (SMF), PT Indah Kiat Pulp & Paper Tbk, PT Wijaya Kerja (Persero) Tbk. Corporate sukuk is one of the means of obtaining capital for corporations, in the mudharabah contract, the corporation acts as mudarib, namely the fund manager from the capital deposited by investors who act as Shahibul maal. The fund will be managed to get profits that will be distributed to investors. This research is literature research with a qualitative descriptive approach, where researchers use primary data in the form of financial statements from the OJK, BI, and emitted websites. While secondary data is taken from books, journals scientific papers, final projects, and others. The result of this study is that there are 8 mudharabah schemes applied to sukuk issuance according to the business field and underlying assets owned. The practice of mudharabah and profit sharing ratio in these 3 emitted follows the mudharabah contract scheme from DSN and OJK.  The 3 emitted samples use a single ratio, that is, a fixed profit-sharing ratio from the beginning of the contract to maturity.