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RISIKO & PENGATURAN Sharia Capital Market Portfolio
M G Yasni
RESUME Muhammad Gunawan Yasni, SE.Ak., MM, CIFA, FIIS, CRP
Born on September 17, 1969, Gunawan Yasni is member of National Sharia Board – Indonesian Council of Ulemas (MUI) and member of sharia supervisory / advisory board in several financial institutions. He has actively promoted sharia venture capital and sharia commercial papers in relations to reksa dana, in his previous post at Bahana Group. Iwan is active as consultant and senior lecturer in economics and sharia finance for several financial institutions, as well as educational institutions (Post Graduate). He has Investment Manager, Underwriter & Broker-Dealer Licences.
He is also a frequently quoted source in national media, both print and broadcast, as well as a published writer of topics related to economics and sharia finance. Several print and broadcast medias which have published, interviewed and / or made him regular contributor include Harian Republika, Harian Bisnis Indonesia, Harian Investor, Majalah Modal, Majalah Swa, Majalah Az Zikra, Metro TV, SCTV, TVRI and others. He has been co host of Sharia Economics Dialogue TVRI as well as host of Spiritual CEO TV One and Spiritual Executive 1 Metro TV. He has also been in many local as well as international conferences and trainings as speakers as well as trainers.
Gunawan graduated in Accounting from University of Indonesia, and obtained his Master Degree (Magister Management) in Finance from Prasetiya Mulya. He also obtained certification as Certified Islamic Financial Analyst from the Graduate Program in Middle East and Islamic Studies, University of Indonesia. At present, he is member of senior lecture staff at the same institution, where he teaches sharia economics and finance. His sharia bilingual pocket book titled Sharia Economics & Finance: A Short Treatise & Its Application has been published. His 2nd book is Ekonomi Sufistik. Sharia Investment is his 3rd book. His 4th book Brief Thought on Islamic Finance is a trilingual book (English-Indonesian-Arabic).He is a Fellow of Islamic Insurance Society (FIIS) and holder of Advanced Level (Level IV) Banking Risk Management Certification.
Muhammad Gunawan Yasni, SE.Ak., MM, CIFA, FIIS, CRP
Lahir pada 17 September 1969, Gunawan Yasni adalah anggota Dewan Syariah Nasional – Majelis Ulama Indonesia (MUI) dan anggota Dewan Pengawas / Penasehat Syariah di beberapa lembaga keuangan. Aktif mempromosikan modal ventura syariah dan instrumen keuangan komersial syariah dalam kaitannya dengan reksa dana, pada saat bekerja di Bahana Group. Iwan aktif sebagai konsultan dan pengajar senior dalam ekonomi dan keuangan syariah untuk beberapa institusi keuangan, sebagaimana untuk institusi pendidikan (Pasca Sarjana). Memiliki izin Bapepam sebagai Investment Manager, Underwriter & Broker-Dealer.
Sering menjadi narasumber dalam media nasional, cetak maupun elektronik sebagaimana penulis yang cukup dikenal untuk topik-topik berkaitan dengan ekonomi dan keuangan syariah. Beberapa media cetak dan elektronik yang telah mempublikasikan, menginterview dan / atau menjadikannya kontributor tetap antara lain Harian Republika, Harian Bisnis Indonesia, Harian Investor, Majalah Modal, Majalah Swa, Majalah Az Zikra, Metro TV, SCTV, TVRI dan lainnya. Dia adalah co host untuk Dialog Ekonomi Syariah TVRI dan host untuk Spiritual CEO TV One maupun Spiritual Executive 1 Metro TV. Dia adalah juga pembicara dan instruktur dalam banyak seminar dan pelatihan lokal maupun internasional.
Gunawan lulus dari Fakultas Ekonomi dan menyandang predikat Akuntan dari Universitas Indonesia, dan memperoleh gelar Magister Management Keuangan dari Prasetiya Mulya. Dia juga memiliki sertifikasi sebagai Certified Islamic Financial Analyst dari Pasca Sarjana Kajian Timur Tengah & Islam Universitas Indonesia. Dia adalah dosen senior di institusi yang sama, mengajar ekonomi dan keuangan syariah. Buku dua bahasanya (Indonesia & Inggris) berjudul Ekonomi dan Keuangan Syariah: Pemahaman Singkat dan Penerapan Ringkas sudah diterbitkan. Buku keduanya adalah Ekonomi Sufistik. Investasi Syariah adalah buku ketiganya. Buku keempatnya Pemikiran Ringkas Keuangan Islam adalah buku tiga bahasa (Inggris-Indonesia-Arab). Dia adalah seorang Fellow di Islamic Insurance Society (FIIS) dan pemegang Sertifikasi Level Lanjutan (Level IV) Manajemen Risiko Perbankan.
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Principles of Sharia Transaction (1) All in economic transactions (muamalah) are allowed except forbidden by the fundamental concept derived from Al Qur’an (the saying of God) & Hadits (the Examples of Prophet Muhammad PBUH). Free to make contracts based on free will as long as not making what is forbidden to be allowed and not making what is allowed to be forbidden (tijaratan`an taradhin minkum)
Notes: Riba (usury & interest) → Forbidden Maysir (unbearable speculation leads to gambling) → Forbidden Gharar (unbearable speculation) → Should be minimized Ethics (akhlaq) in transactions Documented (legal drafting) for non cash transactions between parties
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Principles of Sharia Transaction (2) Misperception on forbidding Riba, Maysir & Gharar: No “Fixed Rate of Return” (There can be Fixed Rate of Return) Murabahah/ salam, leasing (ijarah) “Return without Risk” (There is always risk of default) Profit target can be determined even with risk
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Principles of Sharia Transaction (3) Natural Certainty Contract: Return
: Fixed pre-determined / Certain based on Cost-plus (Margin) or Fee
Form
: Exchange / Bai / Buy-Sell Murabahah (Deffered Payment), Salam (Advance Payment), Istisna (Purchase by Order/Manufacture), Ijarah (Lease), Rahn (Mortgage)
Natural Uncertainty Contract: Return : Expected / Indicative / Uncertain / Floating based Revenue or Profit Sharing Form : Partnership / Syarikah / Join Venture Mudharabah / Muqaradah, Musyarakah, Muzara’ah, Musaqah
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Why Sharia Transaction / Investment? From market side / demand pull Needs of alternative investment instruments (sharia) in accordance to the development of Islamic Financial Institutions around the world Form of innovative & competitive funding
Development of sharia financial instruments to cater primary or secondary market Development of more comprehensive Islamic Financial Instruments Awareness of creating more than just conventional financial instruments without linkage to the real sector
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Risiko Dalam Perspektif Syariah / Risk In Sharia Perspective Ibnu Taymiyyah (1328): “Risk falls into two categories, commercial risk where one would buy a commodity in order to sell it for profit, and rely on Allah for that. This risk is necessary for merchants and although one might occasionally lose but this is the nature of commerce. The other type of risk is that of gambling, which is implies eating wealth for nothing ()أكل المال بالباطل. This is what Allah and His Messanger (saw) have prohibited.” Ada tiga syarat risiko agar dapat dikategorikan sebagai tolerable risks: 1. Dapat diabaikan (negligible/)الغرر يسير 2. Tidak dapat dihindarkan (inevitable/)ال يمكن التحرزمنه 3. Tidak diinginkan dengan sengaja (unintentional/)غير مقصود
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Risiko Dalam Perspektif Syariah / Risk In Sharia Perspective Syarat pertama (Dapat diabaikan (negligible/(الغرر يسير Untuk suatu tolerable risk maka kemungkinan dari kegagalan haruslah lebih kecil daripada kemungkinan tingkat keberhasilannya. / Possibility of failure is less than possibility to succeed.
Syarat kedua (Tidak dapat dihindarkan (inevitable/(ال يمكن التحرزمنه Mengindikasi bahwa tingkat penambahan nilai dari suatu aktivitas transaksi tidak dapat diwujudkan tanpa adanya kesiapan untuk menanggung risiko. / Added value from transaction cannot be achieved without baring the risk. Syarat yang ketiga (Tidak diinginkan dengan sengaja (unintentional/(غيرمقصود Mengisyaratkan bahwa tujuan dari suatu transaksi ekonomi yang normal adalah untuk menciptakan nilai tambah, bukan untuk menanggung risiko. Sehingga risiko bukan merupakan sesuatu yang menjadi keinginan dari suatu transaksi keuangan dan investasi. / Normal economic transaction is to create added value rather than just to bare risk.
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REGULATION (PRODUCTS)/ PERATURAN (PRODUK) II.K.1 & 2: Regulation on Criteria and Sharia Securities List / Peraturan tentang Kriteria dan Penerbitan Daftar Efek Syariah yang saat ini mengatur: Criteria used on determining public companies shares included in sharia securities list: core business & image should be in line with sharia, and financial ratios (Non Halal Income < 10%, Non Halal Debt / Total Asset Ratio < 45%), for sukuk: self declare / Kriteria yang digunakan dalam penelaahan Emiten dan Perusahaan Publik untuk menetapkan Daftar Efek Syariah (DES) => untuk saham: core business & image, serta besaran finansial (Non Halal Income < 10%, Non Halal Debt / Total Asset Ratio < 45%), untuk obligasi: self declare Rules for other parties enabled to make their own sharia securities list other than sharia securities list issued by the regulator / Ketentuan mengenai Pihak yang dapat mengajukan permohonan untuk menerbitkan Daftar Efek Syariah yang tidak dimuat dalam DES yang ditetapkan Bapepam-LK (sekarang OJK)
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REGULATION (PRODUCTS)/ PERATURAN (PRODUK) II.K.1 & 2: EFEKTIF Bapepam / OJK SEC / FSA
YES
SIMPLE
SHARIA SECURITIES ISSUANCE
Accordance IX.A.13 & IX.A.14 (automatic approval) DSN-MUI
NO
COMPLEX
Accordance IX.A.13 & IX.A.14 + Coordination DSN-MUI & Bapepam-LK
YES
SHARIA OPINION (optional) YES
REVISED STATEMENT REGISTRATION
NO
STOP
ISSUANCE PROCESS
YES
SHARIA OPINION (optional) EFEKTIF Bapepam / OJK SEC / FSA
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SUKUK : ASSET BASED & ASSET BACKED
ASSET BASED SUKUK real asset based of issuance unsecured
SUKUK ASSET BACKED SUKUK real asset based of issuance asset and seource of payment backed up secured
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DEFINITION : ASSET BASED & ASSET BACKED SUKUK
ASSET BASED SUKUK An investment sukuk is a certificate of equal value representing shares in ownership of tangible assets, usufruct and services or (in the ownership of) the asset of particular project or special investment activity. (Sharia Standards, AAOIFI)
ASSET BACKED SUKUK An asset-backed security is a security whose value and income payments are derived from and collateralized (or "backed") by a specified pool of underlying assets. (Wikipedia)
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Fatwas on Sharia Capital Market 1.
20/DSN-MUI/IV/2001 (Sharia Mutual Fund)
2.
32/DSN-MUI/IX/2002 (Sharia Bond / Sukuk)
3.
33/DSN-MUI/IX/2002 (Mudharabah Sukuk)
4.
40/DSN-MUI/X/2003 (Sharia Capital Market)
5.
41/DSN-MUI/III/2004 (Ijarah Sukuk)
6.
59/DSN-MUI/IV/2007 (Convertible Mudharabah Sukuk)
7.
65/DSN-MUI/III/2008 (Sharia Rights)
8.
66/DSN-MUI/III/2008 (Sharia Warrant)
9.
69/DSN-MUI/VI/2008 (Gov’t Sukuk)
10. 70/DSN-MUI/VI/2008 (Gov’t Sukuk Issuance Method) 11. 71/DSN-MUI/VI/2008 (Sale and Lease Back) 12. 72/DSN-MUI/VI/2008 (Ijarah Sale and Lease Back Gov’t Sukuk)
13. 76/DSN-MUI/VI/2010 (Ijarah Asset To Be Leased Gov’t Sukuk) 14. 80/DSN-MUI/III/2011 (Sharia Stock Trading Mechanism in Stock Exchange Regular Market)
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Latest Progress on Sharia Capital Market Fatwa 80/DSN-MUI/III/2011 Sharia Stock Trading Mechanism in Stock Exchange Regular Market) :
IDX established JII in 2000 (30’s stocks) and ISSI – Indonesia Sharia Stock Index (250’s stocks) in 2011 as universe of JII based on Sharia List rules and regulation by SEC Note:
Sharia Stocks in JII / ISSI traded by self declare sharia investors will be traded in sharia online trading system provided by securities houses via sharia account where no short selling nor interest based margin trading allowed. If a stock is somehow outcasted from sharia list due to 6 monthly review by SEC, it is given a ten day period to be sold immediately or after that period should be traded in non sharia account.
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Institutions Related to Sharia Bonds (Sukuk) Issuance Trustee Investor representative, engaged in the preparation of trusty agreement
Indonesia Stock Exchange Listing and Transaction on the secondary market
KSEI & KPEI (Custodian & Clearing House) Administration of holder & payment agent for profit sharing/margin/fee and bond principal
Rating Agencies Assess and review issuer financial performance and traded sharia bonds / sukuk
National Sharia Board – Indonesian Council of Ulemas Gives Sharia Recommendation and Opinion
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Indonesian Gov’t Sukuk Structure for State Budget / Struktur SBSN Untuk Penyelenggaraan Negara (Unspecified / Tidak Spesifik)
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Struktur Sukuk Negara (SBSN) Ijarah Sale & Leaseback Melalui SPV Declaration of Trust/Wakalah
Proceeds Lease of Asset
Sukuk issuance
SPV (PP SBSN) (Issuer/ Trustee)
Proceeds
Investors
SECONDARY MARKET
Penerbitan SBSN
Sales of Asset
MoF-GoI (Obligor/Originator)
Lease Payment/coupon
Paying Agent
Lease Payment/coupon
Jatuh Tempo
Sales of Asset
SPV (Issuer/ Trustee)
Sukuk Redemption
Investors
MoF-GoI (Obligor/Originator) 17
GOV’T SUKUK / SURAT BERHARGA SYARIAH NEGARA (SBSN) / SUKUK NEGARA – IJARAH SALE & LEASEBACK: Interesting problem to be anticipated is the concept of sale & leaseback in accordance with sequential
process sale (Al Bay’) – leaseback (Al Ijarah) – saleback (Al Bay’) is not really just transfer of beneficial ownership but also transfer of title of ownership or just transfer of domain of ownership. / Masalah yang lebih menarik ditelaah mendalam adalah konsep sale & leaseback adalah proses urutan sale (Al Bay’) – leaseback (Al Ijarah) – saleback (Al Bay’) yang sesungguhnya bukan sekedar transfer of beneficial ownership tapi juga mencakup transfer of title of ownership atau sekedar transfer of domain of ownership.
If the issuer of sukuk is not careful with concept of this sale and leaseback, Bay’ Al Inah which forbidden by majority of ulama can be formed, this can be happening when in sequential process sale in the beginning and saleback in the end only consits of two parties and conditioned in the aqd that one party at first sell to other party with other party in the end has to sell back to the original seller. / Jika penerbit Sukuk tidak berhati-hati dalam konsep sale and leaseback ini, bisa jadi terjadi Bay’ Al Inah yang mayoritas ulama melarang dalam urutan sale di awal dan saleback di akhir yang hanya melibatkan dua pihak dan dipersyaratkan dalam akadnya bahwa satu pihak menjual ke pihak lain di awal dengan syarat pihak pembeli harus menjual lagi kepada penjual awal.
The bases of Gov’t Sukuk are National Sharia Board – Indonesian Council of Ulama No. 69 – 72 tahun 2008. / Landasan Syariah Surat Berharga Syariah Negara (SBSN) adalah Fatwa Dewan Syariah Nasional MUI No. 69 – 72 tahun 2008.
The positive base law of Gov’t Sukuk is Law No. 19 year 2008 which also related with the fatwas. / Landasan Hukum Positif SBSN adalah UU No. 19 tahun 2008 yang juga mengacu kepada Fatwa Dewan Syariah Nasional.
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LEGAL FORMAL GOV’T SUKUK / SUKUK NEGARA – IJARAH SALE AND LEASEBACK Sharia compliant legal formal documents for Sukuk Ijarah Sale & Leaseback consists of: / Adapun urut-urutan legal formal documents untuk Sukuk Ijarah Sale & Leaseback yang mengikuti prinsip syariah dapat mengacu kepada beberapa hal:
Aqd Sale Document (Al Bay’) between issuer (Special Purpose Vehicle Company – SPVC can be used) and investors (Trustee Company as representative of investors can be used) / Dokumen Aqd Sale (Al Bay’) antara penerbit (bisa menggunakan Special Purpose Vehicle Company - SPVC) dengan investor (bisa menggunakan wali amanat sebagai wakilnya);
Aqd Leaseback Document (Al Ijarah) between investors (Trustee Company as representative of investors can be used) and the user of Ijarah Objects in this case End Users or SPVC or any parties represented by SPVC / (Dokumen Aqd Leaseback (Al Ijarah) antara investor (bisa menggunakan wali amanat sebagai wakilnya) dengan pengguna obyek Ijarah dalam hal ini end user yang bisa juga SPVC atau pihak yang diwakilinya;
Wa’d Documents (one side agreement) of Saleback from investors (not to be stated in first Aqd Sale) to resell the Ijarah Objects to issuer or SPVC / Dokumen Wa’d (janji sepihak) Saleback dari investor (bukan dipersyaratkan dalam aqd sale di awal) untuk menjual kembali obyek Ijarah kepada penerbit atau SPVC;
Issuer or SPVC can reanticipate this first Wa’d with another Wa’d in making sure to buy (optional) / Pihak penerbit atau SPVC dapat saja menyambut janji sepihak ini dengan menerbitkan kesediaan dokumen wa’d lain untuk meyakinkan akan membelinya (optional).
The Essence of Sequential signing of documents has different spirit with Bay’ Al Inah which has prerequisite from the beginning of Aqd Sale (Al Bay’) that the ijarah objects have to be resold to issuer or SPVC at Sukuk’s maturity date / Esensi urutan hal-hal di atas semangatnya tentu saja berbeda dengan Bay’ Al Inah yang sudah mempersyaratkan dari awal dalam Aqd Sale (Al Bay’) bahwa obyek Ijarah tersebut harus dijual kembali ke penerbit atau SPVC pada akhir periode Sukuk. 19
Indonesian Gov’t Sukuk Structure for Project Development / Struktur SBSN Untuk Pembangunan Proyek (Specified / Spesifik)
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Desain Struktur SBSN Ijarah Asset To Be Leased (Sukuk Milkiyah al-Maujudat al-Mu’jarah) INVESTOR
- Penyewa - Pembeli
6. Periodic Lease Payment (ujrah) 9. Purchase agreement (bay’)
7. Periodic Lease Payment
GoI
1a. Pengalihan sebagian aset yang akan dijadikan obyek ijarah asset to be leased 1b. Ijarah asset to be leased
3. Proceeds
2. Sukuk
SPV A.Penerbit-Issuer B.Wali amanat-Trustee C.Muwakkil D.Lessor/ Mu’jir
10. Pelunasan Sukuk
4. Wakalah
GoI (Wakil)
5. Proceeds 8. BAST Proyek / Projects’ List
Pembangunan Proyek/ Development
Akad/perjanjian Cash flow
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STRUCTURE DESCRIPTION / DESKRIPSI STRUKTUR I. Gov’t Sukuk Issuance / Penerbitan SBSN: 1a. Government of Indonesia (GoI) transfers limited ownership of part of assets to be based as objects of ijarah asset to be leased to Special Purpose Vehicle Company (SPVC) / GoI mengalihkan sebagian aset yang akan dijadikan obyek ijarah asset to be leased kepada Special Purpose Vehicle (SPV). 1b. GoI does aqd Ijarah asset to be leased / GoI melakukan aqd Ijarah asset to be leased 2. Sukuk Issuance by SPVC / Penerbitan Sukuk oleh SPVC 3. Proceeds from investors to SPVC / Proceeds dari investor kepada SPVC 4. SPVC gives mandate for project development to GoI (wakalah agreement) / SPVC memberikan kuasa pembangunan proyek kepada GoI (wakalah agreement) 5. Proceeds from SPVC to GoI to develop projects / Proceeds dari SPVC kepada GoI untuk membangun proyek II. Return Payment of Gov’t Sukuk / Pembayaran Imbalan SBSN 6. GoI pays rent to SPVC periodically / GoI membayar uang sewa kepada SPVC secara periodik 7. Periodic payment to investors / Pembayaran periodic payment kepada investor 8. GoI as representative gives list of done projects / GoI (Wakil) menyerahkan Berita Acara Serah Terima (BAST) proyek, yang dilampiri laporan akhir penyelesaian pembangunan proyek III. Maturity of Gov’t Sukuk / Jatuh Tempo SBSN: 9. GoI does purchase agreement (aqd bay’) with SPVC - Sukuk’s maturity / GoI melakukan purchase agreement (aqd bay’) dengan SPV - pelunasan sukuk 10. Sukuk’s maturity / Pelunasan sukuk 22
INVESTMENT & FINANCIAL ASSET IN SHARIA CAPITAL MARKET
Issuing process and regulation on sharia products equal with conventional products
END OBJECTIVE Creating the same level of playing field for sharia Increasing demand of companies to issue sharia securities Increasing capital market industry with sharia
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Flow Kerja Yang Terkait dengan Reksa Dana / Mutual Fund’s Flow of Work
Bank Kustodian / Custodian Bank (CB)
Manajer Investasi / Investment Manager (IM)
KIK / Collective Investment Contract
Aqad Wakalah bil ujrah
Akte Notaris / Notary
Biaya Kustodian/ Custodian Fee
Investor Biaya Manajemen/ Management Fee
Tugas Manajer Investasi / Duties of Investment Manager :
Mengelola portfolio investasi sesuai dengan kebijakan investasi yang tercantum dalam KIK & Prospektus / Managing portfolios in accordance with investment objectives stated in CIC & Info Memo. Note: “CB has to make sure that IM follows FSA / SEC rules & regulation on Sharia Criteria reviewed every 6 months. Every correction needed has to be made within 10 days.”
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Bagaimana Mengatur / How To Set On & Off Benchmark Portfolio Off Benchmark Indonesian Portfolio (Uninvestable) Batasan Indonesia / Indonesian Benchmark bisa diikuti MI & diatur OJK / followable by IM & regulatable by FSA a. Bisnis tidak bertentangan dengan syariah / Core Business in accordance with sharia (keluarkan/exclude: conventional finance business, cigarette producers, non halal primary & secondary producers) b. Hutang Non Halal terhadap Total Asset / Non Halal Debt to Total Asset Ratio < 45% c. Pendapatan Non Halal terhadap Total Pendapatan / Non Halal Income to Total Revenue < 10% Off Benchmark Malaysian / On Benchmark Indonesian Portfolio bisa dibuat MI & disetujui OJK / creatable by IM & approvable by FSA Batasan Malaysia / Malaysian Benchmark bisa diajukan MI & disetujui OJK / proposable by IM & approvable by FSA a. Sama dengan di atas / The same as above b. < 33% c. <5% On Benchmark Malaysian & Indonesian Portfolio bisa diajukan MI & disetujui OJK / proposable by IM & approvable by FSA
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