The Use of Ijarah Structure Asset to be Leased by Using Underlying Assets in SBSN Project Based Sukuk (PBS) Funding the Infrastructure Development of UIN Sayyid Ali Rahmatullah Tulungagung, Indonesia

The purpose of this study is to analyze the use of the PBS (Project Based Sukuk) series of State Sukuk by using the Ijarah Asset to be Leased contract, this contract is created in a structure that allows the government to lease assets that will be realized in the future, but the government can pay the project lease. since the start of the construction period. Sukuk investors will receive compensation from the agreed rental value. In an ijarah contract, the returns received by investors are fixed. Rental fees are also known as ujrah. But because the projects built do not generate revenue streams and are a service to the community, the compensation given to State Sukuk investors does not come from the performance of the infrastructure, but the government pays ujrah from other revenue sources. The focus of this research is how the use of the Ijarah Asset Structure to Be Leased by Using Underlying Assets in SBSN Project Based Sukuk (PBS) Funds the Infrastructure Development of UIN Sayyid Ali Rahmatullah Tulungagung.

This study is qualitative research with a descriptive method, namely by making systematic, factual, and accurate descriptions, drawings, or drawings regarding the facts, characteristics, and relationships between the phenomena studied. Data collection techniques were carried out by in-depth interviews, observation, and data documentation on the research object. Data analysis was carried out according to Miles and Huberman’s instructions, namely data reduction, data presentation, and drawing conclusions based on the analysis carried out. Testing the validity and validity of the data was carried out using a triangulation technique, namely by examining data from different sources for measurement and comparison purposes. The research concluded that the use of the asset to be leased ijarah structure is carried out by using the underlying asset, namely the built infrastructure.