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March 9, 2012

Pembiayaan Industri Pada Bank Syariah

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Melanjuti artikel tentang bank syariah, sekarang kita akan melihat pembiayaan bank syariah, salahsatunya sebagai alternatif pembiayaan Industri Kreatif. Industri kreatif Indonesia dihadapkan padaenam permasalahan utama, yaitu kuantitas dan kualitas sumber daya insani, ketersediaan bahanbaku, iklim usaha, apresiasi, teknologi informasi dan komunikasi, dan pembiayaan. Sulitnyamemperoleh pembiayaan masih merupakan salah satu yang sering muncul ke permukaan, dimanaketiadaan agunan dan kurangnya pengetahuan tentang industri kreatif masih merupakan penyebabutama.Berbagai upaya telah dilakukan pemerintah untuk mencari solusi permasalahan pembiayaanindustri kreatif melalui berbagai program seperti KUR dan PKBL, sampai kepada upayamemasukkan terminologi industri kreatif dalam nomenklatur (tata nama keilmuan tertentu)kebijakan Bank Indonesia. Bahkan, telah tercipta Nota Kesepahaman antara Pemerintah denganBNI 46 untuk kemudahan akses pembiayaan pelaku kreatif. Salah satu potensi sumber pembiayaanyang tampaknya luput dari perhatian adalah bank syariah, yang dipelopori Bank MuamalatIndonesia sejak 1991.Melihat pola operasi bank syariah, pembiayaan jenis ini dapat menjadi alternatif bagi pelaku industrikreatif. Seperti halnya bank konvensional, bank syariah juga berfungsi sebagai lembaga intermediasiyang operasinya berdasarkan syariah, menghubungkan nasabah pemilik dana (Shahibul Maal)dengan nasabah yang membutuhkan dana (Mudharib).

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Penghimpunan dana dari shahibul maal diperoleh dalam dua bentuk, yaitu Wadiah danMudharabah. Wadiah berbentuk produk giro dan tabungan, dan Mudharabah berbentuk danainvestasi untuk dikelola bank seperti halnya deposito. Sementara itu penyaluran dana kepadamudharib dilakukan melalui dua prinsip yaitu prinsip bagi hasil dan prinsip jual beli.Prinsip bagi hasil dilakukan secara mudharabah dan musyarakah yang tidak mengisyaratkan agunandan bunga. Mudharabah yaitu bank memberi modal niaga kepada nasabah untuk diniagakandengan perjanjian, dimana keuntungannya dibagi antara dua belah pihak sesuai perjanjian, sedangkerugian ditanggung oleh pemilik modal. Sementara musyarakah adalah kerjasama antara bank dannasabah, dimana bank setuju untuk membiayai usaha secara bersama-sama dengan nasabah sebagaiinisiator proyek dengan suatu jumlah berdasarkan persentase tertentu dari jumlah total biaya usahadengan dasar pembagian keuntungan dari hasil yang diperoleh dari usaha berdasarkan persentasebagi-hasil yang telah ditetapkan terlebih dahulu.Prinsip jual beli dilakukan secara murabahah, salam dan istishna dengan memberikan barang danbukan uang pada produk jual beli, sehingga komitmen pengusaha tetap terjaga. Murabahah adalahpembiayaan berdasarkan akad jual beli antara bank dan nasabah, dimana bank membeli barangyang dibutuhkan dan menjualnya kepada nasabah sebesar harga pokok ditambah dengankeuntungan margin yang disepakati. Sedangkan salam adalah transaksi jual beli, dimana barangyang diperjualbelikan belum ada sehingga barang tersebut diserahkan secara tangguh oleh penjual(nasabah), sedangkan pembayaran secara tunai oleh pembeli (bank). Istishna menyerupai salam,namun pembayaran dapat dilakukan oleh bank dalam beberapa termin pembayaran. Istishnadilakukan untuk pembiayaan manufaktur dan konstruksi dengan spesifikasi barang pesanan harusjelas, seperti: jenis, ukuran, mutu dan jumlah dan harga jual dicantumkan dalam akad istishna sertatak boleh berubah selama berlakunya akad.Jelas terlihat bahwa pola operasi bank syariah berbeda dengan pola bank konvensional. Pola operasibank syariah didasari oleh semangat menolong. Semangat ini ditunjukkan oleh ketiadaan agunan,ketiadaan bunga, prinsip bagi hasil dan prinsip jual belinya. Ketiadaan agunan, ketiadaan bunga,prinsip bagi hasil, dan prinsip jual beli ini pulalah yang menjadi penyebab mengapa pembiayaansyariah dapat menjadi alternatif bagi pelaku kreatif yang sulit memperoleh pembiayaan daribank-bank konvensional karena faktor agunan dan faktor kepercayaan terhadap industri kreatif.

(h p://maxidayasyariah.files.wordpress.com/2012/03/tabel-operasi-pola-syariah-1.png)Hingga saat ini, model pembiayaan syariah terus berkembang di Indonesia yang ditandai dengansemakin banyaknya bank-bank syariah baru di tanah air. Tidak kurang dari 16 bank syariah telahhadir di berbagai daerah di Indonesia.

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Program-program pembiayaan syariah pun semakin berkembang, diantaranya adalah PembiayaanDana Berputar Bank Mandiri Syariah dan Pembiayaan Bisnis Modal Kerja iB dari Bank MegaSyariah. Pembiayaan Dana Berputar adalah fasilitas pembiayaan modal kerja dengan prinsipmusyarakah yang penarikan dananya dapat dilakukan sewaktu-waktu berdasarkan kebutuhan riilnasabah. Pembiayaan jenis ini memiliki persyaratan seperti nasabah komersial kecil, menengah,besar dan korporasi; nasabah harus membuat laporan penggunaan dana selama 1 (satu) bulan;fasilitas diberikan untuk memenuhi kebutuhan modal kerja sementara; setiap periode penggunaanfasilitas Pembiayaan Dana Berputar harus digunakan untuk pencapaian realisasi sales sehinggadapat bagi hasil; dan memiliki aktifitas rekening koran yang aktif berkaitan dengan kegiatanbisnisnya.Sementara itu Pembiayaan Bisnis Modal Kerja iB Bank Mega Syariah merupakan fasilitaspembiayaan modal kerja usaha produktif dengan menggunakan konsep syariah mudharabah danmusyarakah dengan nisbah bagi hasil yang telah disepakati antara bank dan nasabah. Modal kerjausaha produktif meliputi seperti pengadaan bahan baku, barang dagangan/persediaan, kebutuhanmenutupi hutang/piutang usaha dan kebutuhan operasional dan ekspansi usaha lainnya.Persyaratan umum yang harus dipenuhi nasabah adalah Warga Negara Indonesia; perorangan, usiaminimal 21 tahun dan pada saat pembiayaan lunas berusia maksimum 55 tahun; Badan Hukum (PT,Yayasan, Koperasi) dengan masa usaha minimal 2 (dua) tahun memiliki kinerja baik; tidak terdaftardalam pembiayaan bermasalah Bank Indonesia dan Bank Mega Syariah; dan memenuhi persyaratanberdasarkan penilaian bank.Industri-industri kreatif startup yang belum bankable dapat memanfaatkan pola penyaluran danamelalui bagi hasil, demikian juga dengan industri-industri kreatif yang akan mengembangkanusahanya. Sementara industri-industri kreatif yang membutuhkan peralatan dan mesin, sepertikerajinan dan fesyen, dapat memanfaatkan pola penyaluran dana melalui prinsip jual beli syariahuntuk memperoleh kebutuhan peralatan dan mesinnya. Perkembangan menggembirakan dari banksyariah di Indonesia ini, kiranya dapat menjadi salah satu alternatif solusi permasalahanpembiayaan industri kreatif.Ref: Erika Asdi (Peneliti Ekonomi Kreatif)

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March 8, 2012

ISLAMIC LENDING AND BORROWINGINSTRUMENTS IN INDONESIA


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These definitions for the borrowing and lending instruments used by Bank Muamalat,Indonesia’s first shariah commercial bank, come from its 1998 annual report.

LENDING FORM

Advance Purchase Forms

Cost Plus Financing—MurabahaA sales contract between the bank and the customer for the sale of goods at a price that includes aprofit margin agreed to by both parties. As a financing technique it involves the purchase of goodsby the bank as requested by the customer. Repayment is conducted by installments within aspecified period.

Purchase with Specification—IstishnaA sales contract between the bank and the customer wherein the customer specifies goods to bemade. After the goods are made or shipped the bank sells them to the customer according to apre-agreed arrangement.

Purchase with Deferred Delivery—Bai al SalamA sales contract whereby the price is paid in advance by the bank and the goods delivered later bythe customer to a designee.

Lease and Hire Purchase—Ijarah Mutahia Bi amlikA contract under which the bank leases equipment to a customer for a rental fee. At theend of the lease period the customer buys the equipment at an agreed price from the bank,with the rental fees already paid being part of the price.Profit-Sharing Forms

Trust Financing/Trustee Profit-sharing—Mudharabah/Mudharabah Muqayyadah

The bank provides the capital (shahibul maal) and the customer manages the project (mudharib).The gross revenues from the project are split according to a pre-agreed ratio.

Partnership/Participation Financing—MusyarakahA partnership between the bank customer in which profits are shared on a pre-agreed basis butlosses are shared on the basis of equity contribution. This partnership may be managed by the bankor the customer, jointly, or by a third party.

Benevolent Loan—Qardh ul HasanAn interest-free loan, generally with a charitable motivation.

Collateral Agreement—RahnAn agreement to provide collateral to the bank, either in the bank’s or the customer’s custody asappropriate. This is connected with some other form of lending.

Agency/Trust—WakalahAn agreement to authorize another to be an agent to conduct some business. In this case, anauthorization to the bank to conduct some business on the customer’s behalf.

Agency—HavalahAn agreement by the bank to undertake some of the liabilities of the customer. When the liabilitiesmature the customer pays back the bank. The bank is paid a fee for undertaking the liabilitiesconcerned.


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BORROWING FORMS

Ummat Savings—Tabungan UmmatA savings account from which money can be withdrawn any time at any Muamalat office or ATM.Customers share in the bank’s revenue. The Ummat Savings customers also receive life insuranceand the opportunity to win a free Umrah pilgrimage to Mecca.

Trendi Savings—Tabungan TrendiA savings account for teenagers and students. Besides accident insurance coverage, it offers specialprizes for highly ranked students and one-year scholarships for 50 students.

Ukhuwah Savings—Tabungan UkhuwahA savings account conducted in cooperation with Dompet Dhuafa Republika for convenience inmaking regular and automatic payment of zakat, infaq, and shadaqat in three packages: Rp 25,000,Rp 50,000, and Rp 100,000. This savings account also gives the depositor an ATM card, shoppingdiscounts at certain shops, and accident insurance coverage.

Arafah Savings—Tabungan ArafahA savings account designed specifically for the hajj pilgrimage. The saving scheme will helpcustomers in planning their hajj in accordance with their financial capability and intended hajj date.Life insurance is also provided. The depositors are also eligible for prizes.

Fulinves Deposits—Deposito FulinvesA time deposit with a revenue sharing package available for various terms and with a chance to winprizes. Life insurance is provided to those with longer-term deposits.

Wadi’ah Current Account—Giro Wadi’ahA current account providing checking and allowing some profit sharing.

Muamalat Financial Institution Pension Fund—Dana Pensiun Lembaga KeuanganA pension fund for those who make regular deposits. The bank intends to add a variant thatprovides life insurance.


March 8, 2012

Analysis: Indonesia: Islamic finance looks to build

Josh Franken, Oxford Business Group |The Islamic financial sector in Indonesia is hoping a mix of state-backed infrastructure projects andregulatory reforms will help the country’s sharia-compliant lenders to continue their rapidexpansion, allowing the industry to realize its full potential and to come out of the shadows of other


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regional banking powers.

Indonesia was a relative late-comer to the Islamic finance sector, only ratifying legislation to clearthe way for sharia-compliant services a quarter of a century after Malaysia had opened the door toIslamic banking and associated activities.

Some four years down the road and Indonesia has 11 banks operating solely in compliance withIslamic finance requirements and a further 23 commercial lenders offering sharia-compliantservices.

Between them, Indonesia’s Islamic banking institutions held more than $11 billion in assets as of theend of 2010, a steep increase on the $7.7 billion of the previous year. While this rate of growthrepresented an almost 50 percent increase, the total still only amounted to some 3 percent of thecombined assets of the nation’s banking sector. This is a far cry from the 20 percent of Malaysia’stotal banking assets held by that country’s Islamic lenders, with Indonesia’s Islamic banking assetsequivalent to just 9 percent of Malaysia’s in 2010, according to data released by the Indonesiancentral bank.

Following its somewhat slow start, an understanding of the sector is developing, with BankIndonesia forecasting that Islamic lenders can expect to see asset growth of more than 50 percentthis year, in part due to an increase in acceptance by clients.

Islamic banking has emerged as one of the most rapidly expanding sectors in the nation’s economyand is expected to play a significant role in the coming years, according to the report, with assetlevels topping $17.9 billion by the end of the year.

In a statement issued on Feb. 13, Mulya Siregar, the director of sharia finance at the reserve bank,said that the prospects for the sector were bright.

“If Indonesia’s economy grows at a decent pace, the assets of Islamic banks will increase by 55percent,” said Mulya. “With total assets exceeding $11.2 billion last year, that should become a solidbase for Indonesia’s Islamic banks, which now have more than 6 million customers and employmore than 20,000 workers.”

One of the factors expected to drive forward the economy, and to present significant growthopportunities for the Islamic financial sector in the coming years will be the government’s plans tostrengthen the country’s infrastructure with investment of up to $140 billion over the next fiveyears. The main focus will be on thetransport sector, with road and rail projects to the fore, along with utilities such as power stationsand distribution grids, all of which are essential for economic development.

Having said it can directly fund only around one-third of the total outlays, the state is looking to theprivate sector to enter into partnerships on many of the projects. It is also counting on the Islamicbanking sector to make a major contribution to the capital investments.

According to Baharudin Abd Majid, the president director of PT Bank Maybank Syariah Indonesia,a subsidiary of Malayan Banking, the government’s investment projects offer big opportunities forIslamic lenders. He suggests, however, that players in the sector may need to join forces to developthe levels of capital needed by the state.

“There are a lot of roads to be built, as well as power, oil and gas plants,” Baharudin told theBloomberg news agency on March 23. “These are big projects and Islamic banks do not have thecapacity to fund them alone, so we need to come together.”


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While hoping to tap into the Islamic finance market to fund its own development program, thegovernment is also looking at ways to deepen the sharia-compliant capital pool, mulling a series ofmeasures aimed at a racting more investors and increasing the appeal of launching sukuk offerings.

Among the reforms put forward by Bank Indonesia is to cut taxes payable by banks and clients onincome from Islamic finance accounts. Bank Indonesia is also working to smooth the way for moreIslamic banking products to be floated on the market, se ing up a commi ee of experts to develop astreamlined approval process for new products.

By making Islamic financial products more appealing and more readily accessible, Indonesia will beable to be er utilize the high levels of local liquidity and potentially a ract investments fromoverseas, though it will take some time for all of the proposed reforms to be put in place and havean impact.

The writer is the editorial manager of Oxford Business Group.


March 8, 2012

Shariah Banks Doing Booming Business

Jakarta Globe

The rapid expansion of Shariah banks in Indonesia paved the way for Shariah loans to increase byalmost half in the first six months of the year, Investor Daily reported on Saturday, quoting a centralbank director.

Mulya Siregar, director of Shariah banking at Bank Indonesia, said on Friday that Shariah loans rose49 percent to Rp 83 trillion ($9.8 billion) through June, from the same period last year. He also saidthe Shariah financing-to-deposit ratio was at 95 percent.

Investor Daily is a sister publication of the Jakarta Globe.

“The growth is supported by the new Shariah banks that were spun off from their parent companieslast year. These units have started to contribute significantly to Shariah growth,” the paper quotedMulya as saying.

These five new Shariah banks are Bank BNI Syariah, Bank BCA Syariah, Bank Victoria Syariah, BankJabar Banten Syariah and Bank Panin Syariah.

Mulya said the Shariah units of big banks such as Bank Tabungan Negara, Bank Permata and BankCIMB Niaga were also continuing to contribute significantly to growth.

He said that office channeling — a practice in which units use the parent company’s bank branchesas representative offices to boost loans — had benefited Shariah units. For example, if Bank NegaraIndonesia were to add more branches, then its Shariah subsidiary, Bank BNI Syariah, could offer itsservices to customers of those branches.


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“However, we don’t know how big the impact is of this office channeling. But in terms of efficiency,these Shariah units surely have benefited because they don’t have to invest in new branches,”Mulya told Investor Daily.

Despite Shariah banking having seen significant growth in the country, it remains a tiny portion ofthe national banking sector.

According to data from the central bank, Shariah banks’ assets have increased by 38 percent in thepast five years.

Last year, their assets increased by 48 percent, easily outpacing the 10 percent to 20 percent annualgrowth for Shariah banks globally.

As of June, the total assets of Indonesia’s Shariah banks reached Rp 109.75 trillion, accounting for3.3 percent of total assets of the banking sector.

Shariah banks’ profits rose 22 percent to Rp 400 billion in the first quarter from a year before.

There are currently more than 2,900 Shariah bank offices in Indonesia, which serve approximatelyeight million customers.


March 8, 2012

Savings drive growth of Islamic bankingin Indonesia

By MUSHTAK PARKER | ARAB NEWS

Indonesia, the world’s most populous Muslim country with a population of over 210 million,ought to have a natural fit with Islamic banking, finance and insurance. Indeed, the mobilizationof domestic savings through Islamic banking is expected to help drive the growth of theIndonesian banking industry, according to Indonesian Vice President Boediono.

However, the latest statistics on the sector shows that Indonesia has a long way to go in emulatingthe success of its neighbor, Malaysia. While Islamic banking assets have grown by 38 percent peryear in 2005-2009, and 47 percent last year, it has started with a very low base. During this periodthe number of Islamic banking account holders however did increase from 300,000 in 2001 to 8.5million at the end of June 2011.

For Indonesia, the global sukuk market in particular has become an alternative source of funding forinfrastructure and other investments. Indonesia has already issued a debut international sovereignsukuk and a number of rupiah-denominated sukuk for the domestic retail market. The latest foray of


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the Indonesian Ministry of Finance into the Islamic capital market is set for August 2011 when thegovernment is due to issue 1 trillion rupiah of debut Islamic treasury bills with a six-month tenor.

Gov. Darmin Nasution of the Bank of Indonesia at a recent bilateral conference in Jakarta whichwas organized by Bank of Indonesia and Bank Negara Malaysia suggested that Indonesia has muchto learn from Malaysia’s experience in Islamic finance policy, regulation, legal framework, productinnovation and market practice. While Islamic finance in Malaysia had reached 22 percent marketshare of the total banking sector, in Indonesia this market share is a mere 3 percent. The countrytoday has 11 Islamic banks; 23 Islamic banking windows; and 151 Islamic cooperative andmicrofinance banks, confirmed the Governor.

Nasution projected Islamic banking deposits in Indonesia to grow steadily over the next few years.The Financing to Deposit Ratio (FDR) of the Indonesian Islamic banking industry was 101.2 per centfor the last decade, but in April 2011 it stood at an impressive 95.2 percent, reflecting the increasingrole of Islamic banks as financial intermediaries in Indonesia.

The conference was organized to strengthen the Islamic financial linkages and collaborationbetween the two countries, including enhancing cross border business volume, liquiditymanagement, product and talent development, as well as Shariah convergence.Boediono stressed the importance of se ing policies, regulations, the quality development ofinstitutions and human resources to boost Islamic financial system linkages between the markets,especially Indonesia and Malaysia. He highlighted the advantages of Islamic finance especially itsethos of financing real economic activities; and the decoupling between risk and reward, especiallyin the aftermath of the global financial crisis.

Indonesia and Malaysia are already engaging on several fronts, whether between the policy makersand regulators, and the private sector investing in Indonesian Islamic financial institutions. Therehas been a greater sharing of technical expertise and experiences on Islamic financial markets andinfrastructure development including the harmonization of regulatory arrangements.

This development of robust financial markets and enabling environment for enhanced linkagesbetween the two markets, experts stress are essential platforms to supporting the two countries’financial institutions and intermediaries for more effective business connections.

A manifestation of these linkages are the to potentially important memoranda of understandings(MoUs) signed by Malaysian entities with Indonesian counterparts in July 2011.

The first MoU was signed between the Association of Islamic Banking Institutions Malaysia(AIBIM) and the Indonesian Shariah Banking Association (Asbisindo), whereby the two entities willestablish an industry taskforce which would jointly develop cross border Islamic liquiditymanagement products acceptable in both markets, and to organize focused workshops on Islamicfinance to enhance the connectivity between the Islamic finance industries in Malaysia andIndonesia.

The second MoU was signed between Malaysia’s Maybank Islamic Bhd and PT Bank SyariahMandiri of Indonesia whereby the two banks would start a cross border collaboration in Islamictreasury and trade finance products, services and facilitation. Maybank Islamic sees this MoU as acomplement to its existing subsidiaries in Indonesia, Bank International Indonesia and MaybankSyariah Indonesia.

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March 8, 2012

Indonesia Lures Mideast Shariah Lenders

Bloomberg/Singapore

Women walk in front of the buildings of Bank Indonesia in Jakarta. The central bank isproposing tax breaks to boost the Islamic finance industry, which has grown an average 38%annually over the past five years

Indonesia’s Islamic finance industry is luring investment from Middle Eastern and Europeanbanks as regulator seeks to double Shariah-compliant assets to 10% of the total this decade.Al Rajhi Bank, Saudi Arabia’s largest, is chasing investment banking business in Indonesia andmay open branches “at the right time,” Mudassir Amray, the head of wholesale banking in KualaLumpur, said in a February 2 interview. Standard Chartered Saadiq will add more outlets, saidWasim Saifi, the Singapore-based global head of Islamic and consumer banking.“We are on the lookout for any good Indonesian acquisition, if the price is right,” MohamedAzahari Kamil, the Kuala Lumpur-based chief executive of Asian Finance Bank Bhd, theMalaysian unit of Qatar Islamic Bank, said in an interview on Monday. “We have to be quick asthe Indonesian market is becoming more competitive.”While home to the world’s largest Muslim population, Indonesian Islamic financial assets accountfor less than 4% of total banking holdings in the country, compared with 21% in Malaysia. BankIndonesia is proposing tax breaks to boost the industry, which has grown an average 38%annually over the past five years.Record-low benchmark yields are spurring PT Bank Muamalat Indonesia, the nation’s second-largest Islamic lender, and PT Bank Syariah Mandiri to sell Islamic bonds this year.Globally, Islamic finance assets may rise about 16% to $1.6tn this year, Raj Mohamad, managingdirector at Singapore-based consulting firm Five Pillars, told Bloomberg TV on January 18. Globalsales of sukuk have reached $6.6bn in 2012, from $2bn a year earlier, according to data compiledby Bloomberg. Offerings totaled a record $36.3bn in 2011, more than the $31bn in 2007.Southeast Asia’s biggest economy, Indonesia is trying to catch up with Malaysia, a global hub forShariah-compliant finance where Al Rajhi Bank has offered services for the last five years.Indonesia had 130tn rupiah ($14.5bn) of Islamic assets as of October. 31, around 11% of the389.3bn ringgit ($129bn) of its neighbour as of July, according to data from the two countries’central banks.Around 86% of Indonesia’s 246mn population is Muslim, according to US government data.Malaysia has relaxed foreign-ownership rules for Islamic institutions and provided tax incentives,helping the nation become the world’s biggest market for sukuk.Qatar Islamic Bank, Kuwait Finance House and Standard Chartered Saadiq all have operations inthe country.“We expect a Middle East bank to buy a big Islamic bank in Indonesia,” Riawan Amin, chairmanof the Indonesia Shariah Bank Association in Jakarta, said in an interview on Monday. “This willchange the face of Shariah-compliant banking in Indonesia.”Dubai-based Standard Chartered Saadiq, an Islamic bank set up by the London-based lender in2008, plans to add to the 11 branches offering Islamic services at PT Bank Permata, the


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Indonesian lender in which it owns a 44.5% stake, Saifi said in an interview on Monday.Jakarta-based automotive retailer PT Astra International owns 44.5% of the bank and 11% ispublicly traded.“We have seen growth momentum in the Indonesia Islamic industry over the last two to threeyears,” Saifi said. “Along with capital, foreign banks can bring in expertise as Indonesia provides avery good opportunity looking at its population and growth.”The yield premium on Indonesia’s 8.8% Shariah- compliant global bonds due in April 2014 overMalaysia’s 3.928% dollar sukuk due 2015 was li le changed at 41 basis points on Tuesday, pricesfrom Royal Bank of Scotland Group show. The average yield on sovereign rupiah debt droppedfour basis points, or 0.04 percentage point, to 5.78% on Monday, according to a JPMorgan Chase& Co index. That’s the lowest level since Bloomberg began collating the data in 2002.Securities that comply with Islam’s ban on interest rose 0.9% this year, according to theHSBC/Nasdaq Dubai US Dollar Sukuk Index, while debt in developing markets gained 2.6%,JPMorgan Chase & Co’s EMBI Global Composite Index shows.The difference between the average yield for sukuk and the London interbank offered ratewidened one basis point to 289 on Monday, according to the HSBC/Nasdaq Dubai US DollarSukuk Index.Moody’s Investor’s Service awarded Indonesia an investment- grade credit rating last month,following Fitch Ratings in December. Standard & Poor’s upgraded the country to BB+ in April, itstop junk level. Gross domestic product increased 6.49% in the fourth quarter, bringing 2011 GDPto 6.46%, data released on Monday showed.“The Indonesian market is certainly on our radar,” Al Rajhi’s Amray said. “The size of theMuslim population, the country’s economic growth and investment-grade rating will help ina racting more diversified investors, particularly from the Middle East.”

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March 8, 2012

Indonesian government to offer retail sukukbonds next March


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Posted by Dr. Jamaldeen Mohamed Faleel

JAKARTA: The Indonesian government will beginoffering retail Islamic debt papers (sukuk) toindividual investors in March, after previousissuances drew strong interest, despite the shakyglobal financial market.

The Finance Ministry’s Debt Management Office (DMO) began accepting applications from banksand brokerages to be sales agents for the government’s fourth issue of syariah-compliant bonds,English daily The Jakarta Post quoted DMO chief Rahmat Waluyanto as saying.Sales agents would be appointed on January 4 and the offering would be in March. Governmentdebt papers were a ractive to individual investors because the return rates were higher than bankdeposits. It was also viewed as safe because of government guarantees.In its last retail sukuk issuance in February, the Indonesian government raised 7.34 trillion rupiahs(US$800.06 million) with an annual coupon rate of 8.15 per cent to be paid monthly, compared witha 6.75 per cent bank deposit rate guaranteed by the Indonesia Deposit Insurance Corporation(LPS).The government’s retail bond offerings had received strong demand from individual domesticinvestors, with the last sukuk issuance, exceeding its six trillion rupiah target.Meanwhile the latest regular retail bond offering saw 20.35 trillion rupiah in bids, although thegovernment ended up selling 11 trillion rupiah in debt papers.The issuance of government debt papers, in the form of regular and sukuk institutional and retailbonds in rupiah and US dollar dominations, was a move to finance development projects and plugan estimated state budget deficit equal to 1.5 per cent of the country’s gross domestic product(GDP).


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The global financial market had been hit by high-level volatility in the stocks, bonds and currencymarkets on international fund sell-offs over fears of a global economic slowdown on the eurozonedebt crisis and the stalling US economic recovery.Rahmat had dismissed concerns on the retail sukuk issuance due to the shaky markets, saying thatthe retail market was relatively resilient to crisis, as the investors were individuals.

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