Securities Crowdfunding Syariah

Summary

This video script discusses the key differences between traditional online loans (pinjol) and Islamic finance models, particularly in the context of securities in the capital market. It highlights the role of custodians like KSI, ensuring investor protection and compliance with general regulations. It touches upon the challenges faced by small businesses in the capital market and the introduction of regulations by OJK in 2018. Additionally, it explains the concept of Nazir, who acts as an investor in Islamic finance, facilitating investments through platforms like SF, and incorporating elements of charity through wakaf (donation).

Takeaways

• 😀 The key difference between this system and pinjol (peer-to-peer lending) is that the system involves a central custodian, while pinjol lacks such central oversight.
• 😀 The role of the custodian, such as KSI (Indonesian Securities Clearing and Guarantee Corporation), is crucial in ensuring market stability and compliance with regulations.
• 😀 Market regulations should align with general public rules, and additional specific regulations, such as those for Syariah-compliant investments, must adhere to these broader rules.
• 😀 The cost of issuance for financial instruments, especially for small companies, is relatively high due to the need to pay supporting professions like underwriters and the costs associated with public offerings.
• 😀 Since 2018, OJK (Financial Services Authority of Indonesia) has required companies to have agreements with custodians before conducting public offerings to ensure that securities are properly recorded.
• 😀 This system offers investor protection through the involvement of custodians, unlike pinjol, which does not use such a structure.
• 😀 Investors must have an account with KSI to subscribe to securities, ensuring proper transaction and investment handling.
• 😀 Securities that can be issued include equity securities (stocks) or debt securities (bonds), which can also include Syariah-compliant instruments.
• 😀 Nazir (the trustee) acts as the investor in specific investments, including managing funds and overseeing the allocation of profits based on the terms agreed upon with the issuer.
• 😀 Nazir can also invest in land or property projects through this platform, such as developing land near universities into housing or dormitories, combining investment with social or community-oriented projects.

Q & A

What is the main difference between the concept discussed in the script and a loan shark (pinjol)?

The main difference is that loan sharks (pinjol) do not have a central custodian or regulatory framework in place. In contrast, the system described in the script involves a custodian function, specifically the KSI (Kustodian Sentral Efek Indonesia), which ensures the proper handling of investments and securities.

What role does the custodian, particularly KSI, play in this system?

The custodian, including KSI, plays a key role in the management and safeguarding of securities. They ensure that the securities are properly recorded and that investor funds are protected through centralized management.

Why are there additional regulations for issuers in the script's framework?

Issuers must comply with both general regulations and specific Sharia-compliant regulations. These additional rules are designed to ensure that the issuance process is transparent and fair for the public while adhering to Islamic financial principles.

What challenge do small companies face in the market described in the script?

Small companies face challenges due to the high cost of issuance and the complexity of regulatory requirements, which make it difficult for them to participate in the capital markets.

What regulations were introduced by OJK in 2018 regarding market offerings?

In 2018, the OJK (Financial Services Authority) introduced regulations requiring issuers to have agreements with securities settlement and depository institutions, such as KSI, before offering securities to the public. This is part of the protection for investors.

What does it mean for an investor to have an account at KSI, according to the script?

Having an account at KSI is necessary for investors to subscribe to securities issued under this system. The account ensures that their investments are properly managed and recorded in the central depository.

What types of securities can be issued under the system described in the script?

The system allows for the issuance of various types of securities, including equity securities (shares), debt securities (bonds), and Sharia-compliant securities.

How does the Wakaf (charitable endowment) work in the context of this investment platform?

In the platform described, investors can choose to allocate a portion of their investment returns to be used for Wakaf. This allows them to make a charitable contribution while still benefiting from their investments.

What role does the Nazir play in this system?

The Nazir, a religious trustee, plays a role in managing and overseeing the Wakaf funds. The Nazir collaborates with the platform to ensure that the endowment is used properly according to Islamic principles.

How can Nazir also act as an issuer in the system described?

Nazir can also act as an issuer by managing properties, such as land, and using the platform to raise funds for development projects, such as building dormitories near campuses. This process involves managing funds from investors and ensuring proper use of the capital.