文章基本信息

标题：THE ROLE OF ISLAMIC CAPITAL MARKET FOR MICRO,SMALL,AND MEDIUM ENTERPRISES (MSMES) THROUGHSYNERGY OF MUTUAL FUND AND VENTURE CAPITAL INSTITUTION
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作者：Yulizar D. Sanrego
期刊名称：Journal of Islamic Monetary Economics and Finance
印刷版ISSN：2460-6146
电子版ISSN：2460-6618
出版年度：2017
卷号：3
期号：1
页码：81-112
语种：English
出版社：Bank Indonesia
摘要：It is worldly known that one of the main obstacles which is often faced by the micro,small,and medium enterprises (MSMEs) practitioners is the ability toaccess sources of funding. At the time where the absorption of banking credit toMSMEs is still very limited,the role of sharia capital market is considered as analternativeto support this limitation. Expanding the role of sharia capital marketfinds it moment when Indonesia Finance Service Authority (FSA) issuedregulations that provide space for the capital market to also active in real sectorbusinesses. In accordance with the FSA Rules N0.37/2014,mutual fund (unit trust)in the form of Collective Investment Contract (CIC) - Limited Investment/Participation Fund (LPF) has the objective to pave the way for mutual fundinvestors to make direct investments in real investments. The proposed modelthat might be realized to smoothen the intermediary role of sharia capitalmarket to the development of MSMEs is through the hybrid model that mightlinking mutual fund/investment manager and corporate,particularly venturecapital. Using Analytical Network Process (ANP) approach this paper indicatesthat with the value of rater agreement 1.0,the research found that there arefour main dluster problems which become an obstacle the proposed model,namely: (a) the reputation of mutual fund/investment manager; (b) investmentgrade rating of corporate (venture capital); (c) risk appetiate of investor as shahibal-mal; and (d) government regulation. Policy recommendation that mightbecome solution,according to the value of rater agreement 1.0 is sequentiallyas follow,namely: (a) fully support from government,especially for a relativelynew mutual fund with no experience in the capital markets industry; (b) Corpo-rate (venture capital) should be able to offer Islamic Microfinance FinancInstitutions (IMFls) and MSMEs that have good business feasibility to the mutualfund/investment manager as well as investor; (c) The government should be ableto guarantee legal certainty in the context of protection,including advocacy forinvestors; and last but not least (d) There is an extremely hope that investorscould change their investment behavior paradigm,from risk averse to risk taker.