Investment Dar, an investment company based in Kuwait, half owner of Aston Martin Lagonda shares, is the first company failed to meet its obligations for 100 million dollars for the issuance of sukuk. It is the duty value of the periodic sukuknya which will mature in 2010. Nakheel, the owner megaproyek man-made islands shaped palm tree, is also expected sukuknya forced to restructure 3.5 billion worth of U.S. dollars which will be due in December.

On the other hand, the sukuk market is still in demand. Indonesia began to enter the international market by offering a sukuk worth 650 million U.S. dollars. Bahrain also offers a sukuk worth 500 million U.S. dollars. Although sukuk market overall declined by 56 percent in 2008, after reaching a record high 30.8 billion worth of U.S. dollars in 2007.

Islamic finance has been believed that strong and have high resistance to the economic crisis, began to question its validity. At least for three indications that this is now beginning to look abroad. First, the emergence of sukuk issuer defaulted. Second, decreasing the value of corporate assets because the decline in the Islamic financial market value of securities owned. Third, begin to increase financing problems.

Let us discuss one by one. Sukuk defaulted certainly influenced by many things, one of which is sukuk structure itself. In general, the existing sukuk can be grouped into two. First, asset-based sukuk real (asset-based sukuk). Second, sukuk are attached to the real assets (asset-backed sukuk). For asset-based sukuk, real assets are used only to make the transaction structure to comply with sharia principles. As for asset-backed sukuk, real assets to the SPV separated ownership.

This difference theoretically provide a different level of risk.
Viewed from the side of risk, investors in asset-based sukuk have actually the same level of risk by providing unsecured debt (unsecured). Meanwhile, investors in asset-backed sukuk has a right to collect the real assets of ownership have been separated, although in some countries the right to collect real asset that does not mean the right to own real assets.

More specifically, the sukuk structure with bi mausufah ijara akad dhimma, the covenant in the lease which will be leased goods not being necessarily contain a greater risk than the covenant ijara sukuk, the rent covenant which has the form of goods.

In both types of sukuk syariah this ijara both meet Islamic principles, but the risk is different. In ijara sukuk, which are goods still be realized there must be additional risks, which failed, or fails to hand over-use goods which become the object of sukuk. If the contract is not anticipated risks and protected, then the risk of actual investors with unsecured debt (unsecured).

While the sukuk, which has the form of goods, this risk does not exist. This is where the important role of regulators and institutions in issuing fatwas rules. Compliance is required not only the formal aspects of sharia-procedural, but far more importantly in developing required kearifbijaksanaan regulations and legal opinions for the Islamic financial industry.

Islamic financial products are sophisticated feasible only sold to sophisticated investors as well. Only Islamic financial products that can simply be sold to investors who also simple. Thus, it is necessary to define rules that investors who are sophisticated investors and who are simple, well what the product is sophisticated and simple products.

Logically, this definition will vary from one country to another because of differences in levels of understanding and the development industry. That is why also the idea of mutual recognition (mutual recognition) regulations and legal opinions without adjustment of conditions in each country, does not meet the criteria kearifbijaksanaan.

In the science of jurisprudence, for example, when the sale of peanuts that have not been harvested also distinguish between transactions between people who have expertise in transactions among the laity. In general, if the transaction between the laity, jurisprudence prohibits buying and selling peanuts because of the quantity and quality is not known. Thus, such trading is feared this will lead to gharar (uncertainty), therefore this transaction is prohibited. They were what is called a simple merchant.

However, if the transactions carried out among people who have expertise in assessing the quality and quantity of peanuts, this transaction is allowed. Usually the buyer given a chance to sample the peanuts in several places in the land to be harvested, then they began to haggle. Beans stay fresh in the ground, the transaction can be done. These are the so-called sophisticated traders.

Jurisprudence developed hundreds of years by many scholars who attempt to provide local kearifbijaksanaan in interpreting the provisions of sharia, is an invaluable legacy for us who live in this era. Always felt the spirit in their fatwas. Kearifbijaksanaan spirit, the spirit of Islamic maqasid, the spirit of ultimate truth.

Without this spirit, Islamic finance would like dish was bland without salt. Formal-procedural indeed meet Islamic principles, but not kesyariahannya perceived by the public. Indonesia is the world's biggest hope to display the Islamic finance really felt beak.

During this time, Indonesia would prefer schools to be careful than the schools growth. Minimize the role of the clergy, let alone dwarf the role of scholars in developing finance and banking industry will only result in Islamic finance and banking industry without the spirit of sharia.

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