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All Journal CSID Journal of Infrastructure Development (CSID-JID) Makara Journal of Technology
Lamari, Fiona
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Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Electrical & Electronics Engineering Engineering Materials Science & Nanotechnology Mechanical Engineering Social Sciences

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Sharia – Compliant Instruments as Innovative Financing for Transportation Infrastructure Development in Indonesia Dikun, Suyono; Lamari, Fiona; Rarasati, Ayomi D.; Rahman, Herawati Z.; Anggraeni, Devy
CSID Journal of Infrastructure Development Vol 1, No 1 (2015)
Publisher : Universitas Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32783/csid-jid.v1i1.8

Abstract

Indonesia’s transportation development in the next 5 years is projected to be accelerated to cope with the deficit and gap that had been built up over the last two decades. A study conducted by Bappenas and JICA for the National Mid-Term Development Plan (RPJMN) 2015-2019 projected the magnitude of investment needed for the transport sector in sums up to IDR 2,500 trillion or around IDR 500 trillion per year. The state budget (APBN) had been and will always be insufficient to finance the total needs for transport investment. The innovative financing in transport development becomes very urgent given the tight fiscal allocation of Indonesia’s state budget, which is not adequate in financing infrastructure development. Indonesia needs to be innovative to find other sources of funds to finance transportation development. There are two streams: (1) to create a financing scheme based on the state budget, such as a Performance-Based Annuity Scheme (PBAS), infrastructure bonds, and shariah-based bonds (Sukuk) and (2) to create a non-state budget financing scheme to utiize domestic funds that are available domestically. The aim of this paper is to explore the possibility of Shariah-Compliant financing as a financing option for Indonesia’s infrastructure development. The methodology consists of estimating the infrastructure funding requirement in Indonesia, an understanding of Shariah-Compliant instruments in the global context, and lessons learned from other countries who who have applied Shariah-Compliant instruments for their infrastructure projects.
An Exploratory Study of Sukuk Utilisation for Transportation Infrastructure Development in Indonesia Lamari, Fiona; Rarasati, Ayomi Dita; Evita, Meilia
Makara Journal of Technology Vol. 22, No. 1
Publisher : UI Scholars Hub

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Abstract

Investment in infrastructure is one of the principal drivers of the growth of the economy. For that reason, the Indonesian government has proposed an investment budget in the railway and sea and air transport sectors over the next 10 years. In order to overcome the burden of direct outflows and for the future, a study was conducted to lay down the framework of Shariah-compliant payments for the development of infrastructure in Indonesia in the transport sector. This paper aims to explore the opportunity and implementation of sukuk utilisation to develop transportation infrastructure. Secondary data study and interviews were selected for the basic research method. This study presents the practice of sukuk implementation in transportation projects. Six transportation projects are also described to gain insight of the utilisation shariah-compliant financing scheme.
Co-Authors Anggraeni, Devy Ayomi D. Rarasati, Ayomi D. Ayomi Dita Rarasati, Ayomi Dita Evita, Meilia Rahman, Herawati Z. Suyono Dikun