ANALYSIS OF LEGAL PROTECTION OF SUKUK HOLDERS AGAINST THE RISK OF ISSUERS THAT EXPERIENCE DEFAULT POSITIVE LEGAL PERSPECTIVE

Sukuk provide opportunities for the public to make long-term investments, issuance of sukuk can benefit in proportion to the profit sharing. Thus, there is a need for risk management and legal protection for sukuk holders. This study aims to find out clearly related to the regulations that cover sukuk holders against PT Berlian Laju Tanker (issuer) which has failed to pay its principal funds or margin/fees. The method in this study is normative juridical which is carried out by examining library materials or secondary materials. This study uses a qualitative data analysis method which is presented descriptively, namely by describing a policy related to the analysis of legal protection for sukuk holders against the risk of issuers failing to pay. Based on the findings of this study, investors holding sukuk can learn more about companies that issue sukuk so that it is possible to better evaluate the value of returns and control the risks associated with their ownership. Availability of information aimed at reducing default by issuers and increasing capital market efficiency. This research concludes that PT Berlian Laju Tanker sukuk holders are given two different types of legal protection, namely preventive legal protection and repressive legal protection.


INTRODUCTION
The Islamic capital market is a capital market whose entire mechanism of activity concerns issuers, types of electronic currency exchanged and trading procedures. To clarify when discussing sharia securities, it must refer to securities that are included in the rules and regulations of the capital market, namely regarding contracts, business management, and issuance of securities that are in line with sharia principles. 4 Meanwhile, what is meant by "sharia principles" is a legal entity originating from Islamic teachings and the details of its implementation are finalized by a fatwa issued by the DSN-MUI.
It is known that a public business that has defaulted has violated its contractual obligations to sukuk (sharia bond) holders by not making timely payments of principal and/or margin/fees. Business actors who experience default due to lack of funds to pay for primary bonds and/or margin/fees may have two main problems. First, the company has experienced default and is unable to make payments on the principal of the company's sukuk and/or margin/fees and secondly, the company is no longer able to pay the principal of the company's sukuk. This default was experienced by PT Berlian Laju Tanker, Tbk which experienced several problems related to the company's sukuk funds. It was announced in 2007 that the proceeds from the sukuk would be used to pay off the company's debt. As a result, sukuk ijarah is unproductive provided that the profit margin/fee is quite large. This prevents the company from fulfilling its finance contract (default). In 2012, PT Berlian Laju Tanker defaulted on the ijarah fee installments of Rp. 20,600,000,000.-(twenty billion six hundred million rupiah) annually from the sukuk ijarah fund of Rp. 200 billion. Therefore, the company must pay installments of Rp 20,600,000,000 per year (twenty billion six hundred million rupiah) every three months. 5 This requires legal protection for sukuk holders in order to protect their interests from default by corporate bond issuers. Given the expansion of the Islamic capital market, the influence of economic globalization, and the increasing interest of the public to invest in corporate sukuk instruments, the legal protection for sukuk holders must be clearly demonstrated. Therefore, "Analysis of Legal Protection of Sukuk Holders Against Issuers' Risk of Defaulting from a Positive Legal Perspective" is set as the title of this paper. The purpose and benefits of this research are to find out in more detail about the legal protection for sukuk holders which is expected to create legal certainty. This research can provide a more specific understanding related to sukuk so that sukuk holders can anticipate the risk of issuers defaulting.

METHOD
The research method used in this work is normative juridical, namely a type of legal research involving literary sources and secondary materials. 6 This research examines the legal protection given to sukuk holders when issuers face default. This study uses an analytical descriptive method to analyze the legal material that has been collected, so that it can describe or provide an overview of the object under study through data or samples that have been collected from laws, literature, articles, journals, and related research. website on the internet.
This information will then be linked to current issues. As a result, this study can provide procedures for analyzing legal protection for sukuk holders.
In normative legal research, the authors do not use primary data but only secondary data sources. Secondary data sources include various literary works that are transformed into formal objects. The target or subject of this research is PT Berlian Laju Tanker which has experienced default by not fulfilling its obligations to sukuk holders. In conducting research or studying the results of data processing with the help of ideas that are already available in the theoretical framework or formal object literature, or formal object literature. In addition, researchers organize universal data before looking to more specific ones.

LITERATURE REVIEW A. The basic concept of sukuk
In Rodoni view, the term and characteristics of the previous sukuk were a substitute for using the term loan (bond), it is known that the term bond has a meaning (debt), with the addition of an Islamic element, it is very contrary to its meaning because the loan mechanism is usually based on interest, whereas In Islam, interest is a violation of riba. 7 Thus, BAPEPAM Lembaga Keuangan regulations that have been in force since 2007 stipulate that the term "debt" must replace "sukuk". Issuance of securities such as sukuk based on long-term sharia principles known as sukuk is expected to return the sukuk funds at maturity and provide income to the holder in the form of profit sharing or margin/fees. 8 Sapto Rahardjo defines a sukuk as a sharia bond with provisions that oblige the issuer to pay a certain amount of profit-sharing income to the holders of the sukuk and return the funds on the day the funds are paid off; Revenue sharing is paid on the day of payment. The proportional income share is calculated for each time period (3 months, 6 months, or annually). 9 In 2007, the word debt (bond) was replaced with the term sukuk as stated in the rules in BAPEPAM LK. This is because interest is the core of the bond/loan/debt mechanism, and interest involves riba which is prohibited. 10 It can be seen that there are several types of sukuk, such as mudarabah, ijarah, salam, istisna, and musyarakah. In this discussion, specifically related to sukuk ijarah, sukuk ijarah is a party that owns goods or services promises to the lessee or service user to transfer the right to use or utilize an item and or provide services owned by the lessor or service provider in a group. period of time in exchange for payment of rent and/or wages, without being followed by a transfer of rights over the ownership of the object. 12 In order to facilitate regulations on the issuance of sharia securities Law Number  Hukum Islam Vol. 23, No. 1 Juni 2023, pp. 75-89 and can be in the form of real property (tangible assets) or intangible property (intangible assets). The following is a data representation regarding the differences between sukuk and conventional bonds:

A. Sukuk ijarah on PT Berlian Laju Tanker
It should be noted that the author examines the sukuk ijarah at PT Berlian Laju Tanker to determine how the sukuk holder can determine positive legal protection. In sukuk ijarah, the owner of goods or services (lessee or service provider) promises to the lessee or service user to transfer the right to use or utilize an item and/or provide services owned by the lessee or service provider within a certain time during the lease

B. Factor Occurrence of default on PT Berlian Laju Tanker
In this study, the default ijarah fee of the sukuk is used as the dependent variable. Sukuk default can be defined as a situation where the issuer acting as a debtor has failed to fulfill its obligations to repay investors with the principle of a loan and/or discount rate (ijara fee) at maturity. Investors in this case have two legal options, litigation or non-litigation. PT Berlian Laju Tanker was declared in default after being unable to pay the discount rate (ijarah fee) and the principal of the investor's loan. 27 In this case it was proven that PT Berlian Laju Tanker had failed to pay, namely not fulfilling its obligation to pay profit sharing in sukuk ijarah (hereinafter referred to as installments of ijarah rewards) of Rp. 20,600,000,000 (twenty billion six hundred million rupiah) per year from the 200 billion rupiah ijarah bond received by the corporation. Therefore corporations are required to pay Rp. 20,600,000,000.-(twenty billion six hundred million rupiah) profit sharing (referred to as ijarah fee installments) every three months. The specified annual value of ijarah installments is 10% per year. This 10% amount displays "fixed interest," as opposed to the concept of profit-sharing stated in the sukuk. 28 It is known that the company went into default for various reasons, including fraudulent issuance of sukuk used to settle debts, reduced cash reserves, and legal disputes involving company affiliates. The occurrence of this violation caused the company to default because the company could not anticipate the company's income. 29 Efforts to avoid default include analyzing the concept of openness for issuers of sukuk. To evaluate the value of return and control investment risk, sukuk holders need information from the company that issued the sukuk. Consequently, the availability of such data determines the efficacy of such capital immersion. Therefore, it is important for sukuk holders to publish information about the company issuing the sukuk. Investors should read the Prospectus produced by the entity issuing the sukuk very carefully before making any investment decisions. One of the most important parts of any public offering is observing the Prospectus issued by the company. According to chapter 1 of the Pasal Modal Constitution Number 26, prospectus is any written material related to a public offering that aims to persuade other parties to buy securities. In connection with the above, a prospectus is any printed statement or information used in a bond offering with the intention of persuading other parties to buy or trade bonds, except for statements or information based on OJK regulations, and this prospectus is a request from the principle of disclosure. 30

C. Effort to provide legal coverage for sukuk apprentices
Preventive protection and repressive protection are two legal safeguards that can be implemented to protect sukuk holders from potential default. The act of negotiating the trustee in determining the contents of the trusteeship agreement which outlines the rights and obligations of the parties is included in preventive legal remedies. The trustee as stated by Peggy J. Naile is responsible for the following matters in case of default or default of the publisher: a. Arrange the disbursement of reserve funds or sinking funds (if any) to pay bondholders.
b. Mapping matters that have the potential to cause a conflict of interest.
c. Notification to sukuk holders or investors. d. Reconcile and maintain warranties. 31 Implementation of guarantee execution and disbursement of sinking funds, civil lawsuits for default, class action, PKPU requests against issuers, bankruptcy against issuers are some of the legal actions that can be taken by sukuk holders represented by trustees if negotiation efforts fail to find a solution, these actions are included in the scope of law repressive. Trustee activities during negotiations will decide the scope of the trustee agreement, including any provisions for anticipatory assistance. Avoiding corporate sukuk default by issuers can be helped by specifying explicit conditions in the agreement and protecting investors who hold the sukuk in their capacity as creditors. 32 Every issuance of sukuk has an agreement that gives rights and obligations to interested parties. The agreement is made between the government and the entity that issues the sukuk, with the sukuk holder acting as the investor.
It is possible to compare agreements between issuers and investors with what happens between a debtor and one or more creditors. 33 PT Berlian Laju Tanker has several assets such as a subsidiary ship which serves as collateral for this Sukuk Ijarah