IDENTIFIKASI KENDALA PEMBIAYAAN KOMODITAS PERTANIAN SISTEM RESI GUDANG DI INDONESIA

Abstrak Pembiayaan komoditas pertanian sistem resi gudang belum berlangsung sesuai harapan di Indonesia. Hal tersebut menurut beberapa studi karena masih banyak permasalahan penghambat. Studi ini mengidentifikasi kendala pembiayaan komoditas pertanian sistem resi gudang di Indonesia. Penelitian dilakukan melalui wawancara mendalam terhadap responden tertentu yang memiliki pengetahuan atau pengalaman pada pembiayaan komoditas pertanian berbasis sistem resi gudang yang diimplentasikan terhadap komoditas pertanian seperti kopi, lada, beras dan jagung. Data yang dikumpulkan diidentifikasi, dikelompokkan dan diklasifikasikan secara terstruktur di dalam pola berfikir strategis dan dianalisa secara analisa deskriptif. Penelitian ini berhasil menemukan faktor penghambat pembiayaan komoditas pertanian sistem resi gudang di Indonesia antara lain: ketidaksesuaian nilai manfaat yang dibangun dengan karakteristik petani di Indonesia khususnya petani kecil; keterbatasan sumber layanan, ketidakcocokan skema dan fitur pembiayaan, harga pembiayaan dan skala ekonomi petani, suplai informasi yang memengaruhi kesadaran pada pembiayaannya. Permasalahan tersebut harus dapat diminimalisasi sehingga meningkatkan aksesibilitas dan kelangsungan pembiayaan sistem SRG pada petani di Indonesia. Kata kunci: Pembiayaan Komoditas Pertanian, Kendala, Sistem Resi Gudang Abstract Agricultural commodity financing in the warehouse receipt system has not performed as expected in Indonesia. According to several studies, it is due to many obstacles hindering the system to grow. This study identifies the constraints on agricultural commodities financing on the warehouse receipt system. The research was conducted through in-depth interviews with certain respondents who have knowledge or experience in agricultural commodities financing based on a warehouse receipt system implemented on agricultural commodities such as coffee, pepper, rice, and maize. The collected data are identified, grouped, and classified in a structured manner in the pattern of strategic thinking and analyzed by descriptive analysis. The study succeeded to identify the barriers that hindering agricultural commodities financing in warehouse receipt system to grow in Indonesia: the incompatibility of the value built with the characteristics of agriculture business, especially for small farmers; limited financing sources, incompatibility of financing schemes and features, financing prices and farmer economies of scale and supply of information that affects awareness of financing. These problems must be minimized to encourage the accessibility and continuity of financing on WRS for farmers in Indonesia. Keywords: Agricultural Commodity Financing, Contraints, Warehouse Receipt System JEL Classification: D46, F6, F61, F65, Q14

Evolutionary Game Analysis of Capital-Constrained Supplier’s and Manufacturer’s Financing Schemes

Purchase order financing (POF) and buyer direct financing (BDF) are both innovative financing schemes aiming to help financial constrained suppliers secure financing for production. In this paper, we investigate the interaction mechanism between suppliers’ financing strategy selection and manufacturers’ loans offering strategy adoption under two innovative financing schemes. We developed an evolutionary game model to effectively investigate the interaction mechanism between suppliers and manufacturers and analyzed the evolutionary stable strategies of the game model. Then we used system dynamics to present the performance of the evolutionary game model and took a sensitivity analysis to verify the theoretical results. The main conclusions are as follows: in the supply chain, to deal with the noncooperation among suppliers and manufacturers on innovative financing schemes, the revenue of manufacturers, the rate of manufacturer loan, and the proper financial risk factor should be relatively high.

The Effect of Islamic Financing Schemes on Risk and Financing Performance in Islamic Banks in Indonesia

The purpose of this study is to prove the effect of the financing scheme on financing risk and financing performance in Islamic banks in Indonesia. This research applies a form of quantitative research with the type of explanatory research that aims to accept or reject hypotheses. The population in this study are Islamic banks in Indonesia. The data used in the study are secondary data in the form of financial ratios sourced from Islamic bank financial reports for 2015 to 2019. Data analysis techniques use partial least squares which are used to test the inner model and outer model. The results of the study found that the sharia financing scheme that uses the buying and selling system and the profit sharing system has a significant effect on the risk of financing. However, the sharia financing scheme that uses the lease system has no significant effect on financing risk. The results also found that financing risk has a significant effect on the performance of Islamic bank financing in Indonesia. The results showed that the management of Islamic banks must be able to manage buying and selling financing and profit-sharing and profit-sharing financing schemes carefully and minimizing the risk of financing.

Historical development of domestic experience of shared construction of apartment buildings

Currently, the most common way to finance the acquisition of residential real estate is shared construction, which has its drawbacks. This article discusses the domestic and Russian experience of shared construction, and compares the activities and organizations. The object of research is the financing schemes for residential real estate. The subject of the study is the comparative characteristics of financing schemes for multi-apartment residential buildings. The aim of the study is to analyze the experience of shared construction of multi-apartment residential buildings in the USSR and modern Russia. Summarizing the comparative analysis of the features of the organization and activities of domestic and modern experience in shared construction, we can say that these schemes have similarities in attracting public funds for the construction of multi-apartment buildings and that these mechanisms for acquiring housing in the primary market are not safe for their members. Therefore, there is still a need to develop the most effective organization of financing investment and construction projects in the residential real estate market, providing for the interests of the developer, participant in shared construction, the state and the bank.

SUKUK NEGARA SEBAGAI ALTERNATIF PEMBIAYAAN PROYEK INFRASTRUKTUR DI INDONESIA: SYSTEMATIC LITERATURE REVIEW

ABSTRAKDalam mendorong pembangunan dan pertumbuhan ekonomi, dibutuhkan infrastruktur dasar baik infrastruktur ekonomi maupun infrastruktur sosial. Dalam pemenuhan kebutuhan infrastruktur dibutuhkan berbagai alternatif skema pembiayaan yang termasuk salah satunya adalah Sukuk. Penelitian ini bertujuan untuk mengetahui perkembangan trend penelitian dan potensi isu penelitian masa depan terkait Sukuk sebagai alternatif pembiayaan infrastruktur di Indonesia selama kurun waktu 2005-2020. Penelitian ini, menggunakan metode Studi kepustakaan atau Systematic Literature Review. Terdapat 27 artikel yang dirasa relevan dengan kata kunci pembahasan yang dimasukkan ke dalam tiga sitasi pencarian yaitu SINTA, Portal Garuda dan Google Scholar. Analisis menunjukkan bahwa investigasi terkait konsep pembiayaan proyek islami dan skema pembiayaan yang digunakan di Indonesia menjadi topik yang dominan untuk dibahas. Sementara topik tentang aset yang menjadi dasar penerbitan Sukuk dan bagaimana jika sukuk diaplikasikan untuk pembiayaan bersama masih langka untuk dibahas. Penelitian ini diharapkan dapat memperkaya literature review tentang Sukuk sebagai alternatif pembiayaan infrastruktur serta dapat memberikan gambaran singkat tentang isu-isu yang sedang berkembang sehingga dapat digunakan sebagai rekomendasi untuk mengembangkan penelitian ke depan.Kata Kunci: Infrastruktur, Pembiayaan, Pembiayaan Proyek Islami, Sukuk. ABSTRACTBasic infrastructure, both economic and social infrastructure is needed to encourage development and economic growth. In fulfilling infrastructure needs, various alternative financing schemes are needed, one of those schemes is Sukuk. This study aims to determine the development of research trends and potential future research issues related to Sukuk as an alternative to infrastructure financing over the period 2005-2020. The method used in this research is a qualitative study with a research approach to study literature or a Systematic Literature Review. There were 27 articles that were considered relevant to the discussion keywords that were included in the three search citations, namely SINTA, Portal Garuda and Google Scholar. The analysis shows that investigations related to the concept of Islamic Project financing and the financing schemes used in Indonesia are the dominant topics to be discussed. Meanwhile, the topic of assets which used to underlying assets and how if sukuk is applied for co-financing is still rare to discuss. This research is expected to enrich the literature review about Sukuk as an alternative to infrastructure financing and can provide a brief overview of emerging issues so that it can be used as a recommendation to develop future research.Keywords: Infrastructure, Financing, Islamic Project Financing, Sukuk

MEDIATION of PROFIT SHARING TO DEVELOP MSMEs WITH MUDHARABAH CAPITALIZATION SCHEMES

This study aims to show the development model of MSMEs with mudharabah capital schemes through the principle of profit sharing distribution from the perception of MSME actors. The object of research is in East Java by using a sample of three regions using random with total of 75 respondents who were obtained incidentally considering the number of MSMEs is very much. The analysis technique used is multivariate analysis using Warp PLS. The results showed that mudharabah financing with mudharabah mutlaqah, mudharabah muqayyadah and mudharabah mustyarakah financing schemes significantly influence the principle of profit sharing distribution. Furthermore, the mudharabah mutlaqah, mudharabah muqayyadah, mudharabah mustyarakah, and profit sharing distribution principles have a significant effect on the development of MSMEs. The profit sharing distribution principles can be mediated in the development of MSMEs with a capital scheme mudharabah mutlaqah, mudharabah muqayyadah, mudharabah mustyarakah. The recommended MSMEs Development Model is the Mudharabah capital scheme through the mediation of fairly in principles of profit sharing distribution.