PENERAPAN AKAD BAI AD-DAYN PADA OBLIGASI SYARIAH DAN SUKUK NEGARA (SURAT BERHARGA SYARIAH NEGARA / SBSN)

In this article, the author tries to provide an in-depth description of the implementation of the Bay Ad-dayn contract on Islamic Bonds and State Sukuk. State Sharia Securities, abbreviated as SBSN or State Sukuk, are State securities issued based on sharia principles, as evidence of the share of participation in SBSN assets, both in rupiah and foreign currencies. In its issuance, SBSN requires the existence of an underlying asset that reflects the ownership share of the assets/benefits/services that forms the basis for the issuance of SBSN. The existence of the underlying asset serves as a real transaction that forms the basis for the issuance of SBSN, and is one of the main aspects that distinguishes the issuance of bonds and sukuk.

Kara śmierci za przestępstwa dewizowe w totalitarnym systemie komunistycznej Polski Ludowej

The subject of the article is the penalisation of foreign exchange crimes in the Act of October 28, 1950 on the prohibition of possessing foreign currencies, gold coins, gold, and platinum, as well as the tightening of penalties for certain foreign exchange offenses. In this act, illegal foreign exchange trading was threatened with the most severe penalties, including the death penalty. The article contains a historical outline of liability for foreign exchange crime, from the legal regulations in the Second Polish Republic to the Fiscal Penal Code in force. The author pays special attention to the Act of 1950, which is a symbol of criminal law during the period of Stalinist repressions in Polish People’s Republic. The author introduces the atmosphere of those years, related to the currency reform and radical tightening of criminal liability for foreign exchange offenses, in particular for the illegal trade in foreign currencies. The article indicates the axiological foundations of applying penal repression in the economic area of the state, typical for the totalitarian system of the communist Polish People’s Republic.

PENERAPAN AKAD BAI AD-DAYN PADA OBLIGASI SYARIAH DAN SUKUK NEGARA (SURAT BERHARGA NEGARA)

In this article, the author tries to provide an in-depth description of the implementation of the Bay Ad-dayn contract on Islamic Bonds and State Sukuk. State Sharia Securities, abbreviated as SBSN or State Sukuk, are State securities issued based on sharia principles, as evidence of the share of participation in SBSN assets, both in rupiah and foreign currencies. In its issuance, SBSN requires the existence of an underlying asset that reflects the ownership share of the assets/benefits/services that forms the basis for the issuance of SBSN.

Can Financial Literacy Explain Lack of Investment in Risky Assets in Japan?

Although household savings in Japan are among the highest in the world, investment in risky assets is still very low. This study examines whether financial literacy explains the lack of investment in risky assets in Japan. We use data from the Preference Parameter Study, a nationwide survey in Japan that has been conducted by Osaka University. We use investment in stocks, investment trusts, futures/options, Japanese government bonds, government bonds of foreign countries, and foreign currency deposits as a proxy for investment in risky assets. Our results show that investment in risky assets is higher among financially literate people. Moreover, financial literacy has a significantly positive association with investment in risky assets even after controlling the demographic, socio-economic, and psychological factors. We check the robustness of the association between financial literacy and investment in risky assets by segregating investment in risky assets into investment in equity securities and investment in bonds and foreign currencies. Financial literacy is found to be associated with both investment in equity securities and investment in bonds and foreign currencies. Our results are also robust in terms of the endogeneity issue. The results imply that investment in risky assets in financial markets could be increased by introducing financial literacy programs at a mass level.

Hyperinflation - Wikipedia

In economics, hyperinflation is very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as they usually switch to more stable foreign currencies, in recent history often the US dollar.[1] Prices typically remain stable in terms of other relatively stable currencies. ***** For archiving purpose only *****

Analysis of the Return and Risk of Investment in Insurance Companies Listed on the Indonesia Stock Exchange

The return and risk of stock investment have a high level of volatility because it depends on fundamental and technical conditions and the influence of micro and macro variables. This study aims to determine the risk and return on investment in insurance companies and analyze the effect of macroeconomic variables on the level of risk and return on investment in insurance companies. The sampling technique used was purposive sampling. Data analysis shows that for three years, Asuransi Jasa Tania Tbk has the highest level of conclusion, which is 22.3%, and Asuransi Harta Aman Pratama Tbk. has the lowest rate of -3.3%. For three years, the value of Gross Domestic Product has increased successively so that this will cause a stock return that is proportional to the level of risk that will be faced. Changes in the inflation rate up and down for three consecutive years have a different effect every year where when the inflation rate decreases, the rate of return on investment will be high. In addition, the interest rate decreased from 4.75% in 2016 to 4.25% in 2017. Then it increased to 6.00% in 2018. The Rupiah exchange rate against the dollar is getting weaker, indicating an increase in the exchange rate. Every year from 2016 to 2018. When the rupiah exchange rate weakens, people will choose to invest in foreign currencies because the value of these foreign currencies can determine the size of the risk of a business.

A General and Theoretical FX Model for the Multi-Currency Basket: Economic, Financial and Mathematical Approach

The multi-currency basket is an exchange rate regime in which the currency is pegged to several foreign currencies. The basket is defined by its composing foreign currencies, and by the weighting of each currency in the basket. The exchange rate in such a regime is pegged to a weighted basket of currencies.We propose to present the benefits and the drawbacks of such an exchange rate regime from a macroeconomic and financial point of view. We also formulate mathematically a general theory of Foreign Exchange in the case of a currency under the regime of a multi-currency basket. The creation ex nihilo of a general model for a multi-currency basket results in equations applicable in all cases. The article covers theoretical and practical aspects of this exchange rate regime, responding to the most concrete issues faced by financial markets’ professionals, and should also interest academics, teachers and students.

Euro, dollar or Swiss franc: which currency had the greatest impact on the Hungarian, Polish and Czech economies during the global financial crisis?

The article presents an analysis of the impact of foreign currency dynamics on the fundamentals (basic indices of the economic performance) of the Czech Republic, Hungary and Poland during the financial crisis of 2007/2008 and its aftermath until 2017. The subject of the analysis are three currencies: the US dollar, the euro and the Swiss franc. The assessment of their impact on the fundamentals of the three above-mentioned economies is based on the joint volatilities of bond spreads and currencies. A series of copula-GARCH models was estimated. The research demonstrates that the impact of foreign currencies was the strongest in the case of Poland and Hungary, as these two countries were more dependent on loans in foreign currencies than the Czech Republic. Another finding shows that the impact decreased significantly in Hungary after its government introduced loan conversion.

Opinions of Shaikh Ali Al- Qaradaghi in the Issues of Debt Arrears in IFIs A Comparative Study with Institutional Ijtihād

Almost all the transactions done by Islamic financial institutions comprise of debts which are measured in local or foreign currencies. This study aims at presenting and discussing opinions of Sh. Shaikh Ali Al- Qaradaghi in issues related to debt arrears settlement as faced by IFIs and prioritizing its usage. The study will discuss the overall principles of debts in general, and about the bad debts in particular. Also, the study discussed standards and Shari’ah pronouncements about debts and arrears settlement issued by organizations and Shari’a boards which focus on issuing pronouncements and standards in the Islamic financial industry. Also, the study discussed opinion of Sh. Ali AlQaradaghi about debts arrears and comparing it with opinions of ijtihād organizations as per the sequence arranged by the researcher. The study found that difference in opinions is existing while dealing with a procrastinating debtor, but for insolvent debtor, so there is no difference of opinion between Shaikh Ali and other except Shariah Standards of Bank Negara Malaysia with no different treatment between a procrastinating and insolvent debtor. The study further arrived at that acceleration of installments and alternatives to bad debts are based on four aspects: acceleration of remaining installments, compensation due to harm of inflation during the arrears, imposing financial penalty, and liquidated damages. This is concerning all the ijtihād bodies. However, Shaikh Ali’s view goes around two aspects: acceleration of remaining installments and compensation due to harm caused by hyperinflation. The study found that there is 71% homogeneity in all the solutions between the opinions of Shaikh Ali and other bodies, and 50% homogeneity for the solution of compensation for harm of inflation. The researcher presented some recommendations, and some of the important ones are working towards unifying the alternatives at least in one country, subsequential treatment of treating bad debt starting from partial acceleration of installments in tandem with the harm of inflation, and finally going for harm of inflation which can be adopted by those who take the view of Shaikh Ali.