Abstract

Sukuk is a long-term securities issued sharia. Sukuk issuers to holders in the form of profit sharing / margin / fee, as well as repay the bonds at maturity.Sukuk is not a fixed-interest debt, but rather a comorbid funds based on the principle of sharing. Sukuk issued by a company or issuer as a manager or mudharib and purchased by investors or shahibmaal. Funds collected are channeled to develop long effort or development of a new unit that is completely different from the old business. Special form of allocation of funds in Shariah known as mudarabamuqayyadah. Above its shares, investors are entitled to a certain benefit ratio is calculated pro rata and paid periodically. This is a huntersukuk investors who are only wanting investment instruments based Islamic products. Besides loyalists, floating sukuk market was hunting. This is because deposits highest offer 10% return, 12% of sukuk can offer. The phenomenon is also a flood of interest in sukuk as one of the positive impact of the global crisis. This study took the objects listed companies in the Jakarta Islamic Index (JII) are only issued sukuk in 2011 through 2013, samples were taken by purposive sampling method which further data processed using quality test data and simple linear regression. The results showed that the sukuk significant positive effect on investor reaction either simultaneously or partially. That is, the sukuk is a positive impact on investors and companies are issuing sukuk. Sukuk issued more than conventional bonds. Because, conventional instruments currently stuck issue derivative transactions that make investors realize that there are other instruments that can be used with a base of sharia and the level of return that investors want a large but still in the category of sharia. In addition to the sukuk investors need not worry, the article, selling agents both banks and securities will be back to buy this product. So this is guaranteed by the government.

Keywords: Sukuk, floating market, investor reaction, returns, and the Jakarta Islamic Index