www.bisnis.com - JAKARTA: The government announced plan to postpone issuance of Islamic bond (sukuk) for financing project from second semester 2012 to 2013.
Dahlan Siamat, Director of Sharia Financing at Directorate General of Debt Management of Ministry of Finance, said the plan to issue sukuk, or project financing sukuk, has not been included in the revised State Budget (APBNP) in 2012 which was passed last March.
"I think project financing is rather difficult. It is impossible to be issued this year, maybe next year, because it must be approved by the House first," Dahlan said here on Tuesday (17/04/2012). (source)
He said that the House approval is not designed for project permit, but it is for project financing by sukuk and projects from ministries / agencies (K/L) as a whole that influence the accumulation of budget.
"If financing was okay, then the fiscal would be okay. Then it can be prepared in the annual budget draft and submitted to the House," he said.
He said the government through the National Development Planning Agency (Bappenas) is now identifying projects from ministries and agencies which can be supported by Islamic bond. Meanwhile, the identification for the project is based on certain criteria, such as following the Islamic principles and legal activities.
"It is not that easy to identify, the readiness of the project must be considered, such as land acquisition, good access. So far no one has been approved, "he said.
Sukuk project finance issuance is aimed at improving the financing facilities from the country, compared to foreign financing.
Earlier, Director General of Debt Management Rahmat Waluyanto said the government planned sukuk project financing issuance in IIH/2012. It will complement the existence of project-based sukuk (PBS) which has been issued twice.
The government plans to develop two patterns of infrastructure sukuk. Firstly, Sukuk project financing, the project-based sukuk issued specifically to fund new projects in from ministries or agencies in Indonesia.
Secondly, PBS, or it can be said as an underlying project, project-based sukuk from government projects which are put in the ongoing state budget. This type of Sukuk has been published twice, in October 2011 and early 2012. (T03/aph)
Source : http://www.bisnis.com/articles/islamic-bond-government-postpones-bond-issuance-to-2013 - April 17, 2012
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