www.bisnis.com - JAKARTA: The government claims underlying assets of Islamic retail bonds or Sukuk Ritel 004 was IDR40 trillion, though the warranty has not yet been published.
The high value of the warranty possibly makes the government to increase the issuance value of Sukri 004, eventhough there is no further decision.
Head of Public Services and Investor relation of Sharia Development Directorate at Ministry of Finance Erri Haryanto said underlying assets which can be used to issue Ijarah retail bond is IDR40 trillion. (source)
Sukuk Al-ijarah refers to an Islamic bond for the purchasing and leasing of assets by the investors to the issuer and such Sukuk shall represent the undivided beneficial rights or ownership in the asset held by the trustee on behalf of the investors.
Sukuk Retail 004 (SR004) is the fourth government Islamic retail bond. The three previous Islamic retail bonds used building and land owned by the government as the underlying assets, while SR004 uses development projects.
Several selling agents have proposed an upzise on the allocation of Sukri 004. Currently, there are 24 selling agents of SR004
However, the upsize on the allocation can not be given as the government has no plan to revise the target from the Islamic sukuk retail.
However, he said there are some factors which should be considered by the government for upsizing SR004.
“The financing strategy of the government has been set since the beginning, thus the allocation from SR004 has also been determined,” he said.
Eventhough there are a lot of the foreign investors who interest in SR004, the demand for the Islamic retail bonds from domestic investors is still big. (05/T03/NOM)
Source : http://www.bisnis.com/articles/underlying-assets-of-islamic-retail-bonds-at-idr40-trillion - March 13, 2012
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