Improved structural pricing model for the fair market price of Sukuk Ijarah in Indonesia
Penulis/Author
Prof. Dr.rer.nat. Dedi Rosadi, S.Si.,, M.Sc. (1); MUSLIM (2)
Tanggal/Date
2018
Kata Kunci/Keyword
Abstrak/Abstract
Shariah financial products are currently developing in Indonesia financial market.
One of the most important products is called as Sukuk which is commonly referred to as
"sharia compliant" bonds. The type of Sukuk that have been widely traded in Indonesia until
now are Sukuk Ijarah and Sukuk Mudharabah. In [1], we discuss various models for the price
of the fixed-non-callable Sukuk Ijarah and provide the empirical studies using data from
Indonesia Bonds market. We found that the structural model considered in [1] cannot model
the market price empirically well. In this paper, we consider the improved model and show that
it performs well for modelling the fair market price of Sukuk Ijarah.
