ISLAMIC BOND AS AN ALTERNATIVE OF

Jurnal
Ekonomi Maritim
Indonesia
Vol.4, No.2, Desember 2013
ISSN 2087-8222
FAKULTAS EKONOMI
UNIVERSITAS MARITIM RAJA ALI HAJI
PENGARUH PENDAPATAN ASLI DAERAH DAN DANA PERIMBANGAN TERHADAP
PERTUMBUHAN EKONOMI DALAM PENGEMBANGAN WILAYAH KABUPATEN BINTAN
PROVINSI KEPULAUAN RIAU
Asmaul Husna, SE., Ak., MM dan Myrna Sofia, SE., M.Si
Hal. 1-11
ANALISIS PENGARUH PELAKSANAAN MANAJEMEN PUBLIK MELALUI PENGUKURAN VALUE
FOR MONEY DAN KARAKTERISTIK PEMERINTAH DAERAH TERHADAP PENGGUNAAN
BELANJA MODAL (Studi Empiris di Provinsi Kepulauan Riau 2008 - 2012)
Tumpal Manik, M.Si dan Lia Suprihartini, SE., MM
Hal. 12-25
ANALISIS PENGARUH KINERJA KEUANGAN TERHADAP
CORPORATE SOCIAL
RESPONSIBILITY PADA PERBANKAN YANG TERDAFTAR DI BURSA EFEK INDONESIA
Prima Aprilyani Rambe,M.Sc dan Winata Wira,M.Ec
Hal. 26-34
PENGARUH GAYA KEPEMIMPINAN TERHADAP PENCAPAIAN VISI, MISI DAN TUJUAN
ORGANISASI (Studi Kasus Pada Pegawai Bidang Penganggaran)
Jack Febriand Adel, SE., Mai., Akt
Hal. 35-42
PENGARUH FIRM SIZE TERHADAP KEBIJAKAN HUTANG DAN NILAI PERUSAHAAN PADA
BANK UMUM YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2008-2011
Myrna Sofia, SE., M.Si
Hal. 43-53
ANALISIS KEPUASAN PASIEN TERHADAP PELAYANAN JASA MEDIK DENGAN
MENGGUNAKAN JAMKESMAS DI RSUD PROVINSI KEPULAUAN RIAU
Hj. Iranita.SE.,MSi dan Zr. Firmansyah Kusasi.,MM
Hal. 54-64
ANALISIS ASPEK SISTEM INFORMASI AKUNTANSI PENGENAAN PAJAK AKTIVITAS
TRANSAKSI E-COMMERCE DAN BISINIS ON-LINE DALAM MENGENDALIKAN KEWAJIBAN
WAJIB PAJAK SEBAGAI SELF ASSESSMENT SYSTEM MELALUI JARINGAN INTERNET
Tumpal Manik, M.Si
Hal. 65-75
ISLAMIC BOND AS AN ALTERNATIVE OF SHIPPING FINANCING CASE OF MALAYSIA
Ir. Firmansyah Kusasi.,MM
Hal. 76-84
TEMA Vol. 4, No.2 , Desember 2013
RANAH EKONOMI MARITIM VII
Jurnal
Ekonomi Maritim
Indonesia
Vol.4, No.2, Desember 2013
ISSN 2087-8222
FAKULTAS EKONOMI
UNIVERSITAS MARITIM RAJA ALI HAJI
PENGARUH PENDAPATAN ASLI DAERAH DAN DANA PERIMBANGAN TERHADAP
PERTUMBUHAN EKONOMI DALAM PENGEMBANGAN WILAYAH KABUPATEN BINTAN
PROVINSI KEPULAUAN RIAU
Asmaul Husna, SE., Ak., MM dan Myrna Sofia, SE., M.Si
Hal. 1-14
ANALISIS PENGARUH PELAKSANAAN MANAJEMEN PUBLIK MELALUI PENGUKURAN VALUE
FOR MONEY DAN KARAKTERISTIK PEMERINTAH DAERAH TERHADAP PENGGUNAAN
BELANJA MODAL (Studi Empiris di Provinsi Kepulauan Riau 2008 - 2012)
Tumpal Manik, M.Si dan Lia Suprihartini, SE., MM
Hal. 15-30
ANALISIS
PENGARUH
KINERJA
KEUANGAN
TERHADAP
CORPORATE
SOCIAL
RESPONSIBILITY PADA PERBANKAN YANG TERDAFTAR DI BURSA EFEK INDONESIA
Prima Aprilyani Rambe,M.Sc dan Winata Wira,M.Ec
Hal. 31-40
PENGARUH GAYA KEPEMIMPINAN TERHADAP PENCAPAIAN VISI, MISI DAN TUJUAN
ORGANISASI (Studi Kasus Pada Pegawai Bidang Penganggaran)
Jack Febriand Adel, SE., MSi., Akt
Hal. 41-50
PENGARUH FIRM SIZE TERHADAP KEBIJAKAN HUTANG DAN NILAI PERUSAHAAN PADA
BANK UMUM YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2008-2011
Myrna Sofia, SE., M.Si
Hal. 51-62
ANALISIS KEPUASAN
PASIEN TERHADAP PELAYANAN JASA
MENGGUNAKAN JAMKESMAS DI RSUD PROVINSI KEPULAUAN RIAU
Hj. Iranita.SE.,MSi dan Ir. Firmansyah Kusasi.,MM
MEDIK
DENGAN
Hal. 63-74
ANALISIS ASPEK SISTEM INFORMASI AKUNTANSI PENGENAAN PAJAK AKTIVITAS
TRANSAKSI E-COMMERCE DAN BISINIS ON-LINE DALAM MENGENDALIKAN KEWAJIBAN
WAJIB PAJAK SEBAGAI SELF ASSESSMENT SYSTEM MELALUI JARINGAN INTERNET
Tumpal Manik, M.Si
Hal. 75-86
ISLAMIC BOND AS AN ALTERNATIVE OF SHIPPING FINANCING CASE OF MALAYSIA
Ir. Firmansyah Kusasi.,MM
Hal. 87-96
TEMA Vol. 4, No.2, Desember 2013
RANAH EKONOMI MARITIM VII
SUSUNAN DEWAN REDAKSI
JURNAL EKONOMI MARITIM INDONESIA
FAKULTAS EKONOMI
UNIVERSITAS MARITIM RAJA ALI HAJI
Penasihat: Prof. Dr. H. Maswardi M. Amin, M.Pd
(Rektor Universitas Maritim Raja Ali Haji)
Penanggung Jawab: Dr. Mugi Harsono, SE., M.Si
(Dekan Fakultas Ekonomi Universitas Maritim Raja Ali Haji)
Editor in Chief:
Jack Febriand Adel, SE., MSi., Akt
Editors:
Mirna Sofia, SE., MSi
Lia Suprihartini, SE., MM
Achmad Uzaimi, SE., Ak., MSi
Asmaul Huzna, SE., Ak., MM
Desi Rahmatina, SPd., MSc
Inge Lengga S.M., SE., MSi., Ak
Dra. Marlia Saridewi, MM
Prima Aprilyani Rambe, SE., MSc
Tumpal Manik, MSi
Winata Wira, SE., M.Ec
Ir. Firmansyah Kusasi, MM
Fatahurrazak, SE., M.Ak
Rafki RS, SE., MM
Suryadi, SP., MH
Hj. Iranita, SE., MSi
Akhirman, S.Sos., MM
Mitra Bestari:
Prof. Iwan Trijuwono, SE, M.Ec, PhD (Univ.
Prof. Dr. Ir. R. Chairul Saleh, MSc (Univ.
Dr. Syaiful
(Univ.
Dr. Zulkifli Oesman, MSc
(Univ.
Brawijaya)
Islam Indonesia)
Bengkulu)
Teknologi Malaysia)
Layouts: Eko Muhardiansyah dan Gatot Muhidin
Administrasi dan Sirkulasi: Turina dan Trisna Oktavia Sari
Alamat Redaksi:
Bagian Sirkulasi Jurnal Ekonomi Maritim Indonesia
Fakultas Ekonomi Universitas Maritim Raja Ali Haji
Jl. Politeknik Senggarang Telp (0771) 7004643
email: [email protected]
KATA PENGANTAR
Editor In Chief
Assalamu'alaikum wr., wb.
Puji syukur kita panjatkan kehadirat Allah SWT, karena atas
limpahan karunia dan hidayah-Nya maka kita semua masih dapat
mendharma bhaktikan kepada Universitas Maritim Raja Ali Haji
tercinta
melalui
penelitian
sivitas
akademika,
yang
dipublikasikan dalam Jurnal Ekonomi Maritim Indonesia (JEMI).
Editor In Chief JEMI menyampaikan terima kasih atas doa dan
kesabaran seluruh sivitas akademika Fakultas Ekonomi UMRAH
dalam menanti terbitnya JEMI volume keempat nomor dua ini.
Penantian dan keraguan ini menjadi tantangan dan semangat
yang
berarti
bagi
Kami
untuk
bekerja
ekstra
dengan
keterbatasan yang ada, tetap penuh semangat dan pengabdian
dengan bangga menyajikan JEMI volume keempat nomor dua,
dengan tema: “RANAH EKONOMI MARITIM VII”.
JEMI merupakan jurnal tematik semesteran, yang akan terbit
pada bulan Desember dan Juni tiap tahunnya.
Dengan terbit secara teratur, JEMI nantinya akan dapat
memperluas wawasan, dan menambah pengetahuan para pembaca
yang budiman. Akhir kata, kami ucapkan selamat membaca.
Wassalamualaikum wr., wb.
Tanjungpinang, Desember 2013
Editor In Chief
Jack Febriand Adel, SE., MSi., Akt
JEMI, Vol.4, No.2, Desember 2013
ISLAMIC BOND AS AN ALTERNATIVE OF SHIPPING FINANCING
CASE OF MALAYSIA
Ir. Firmansyah Kusasi.,MM
(Universitas Maritim Raja Ali Haji)
ABSTRACT
Shipping is one of the world’s most internationalized industries.
However, shipping companies are facing difficulties to get bank
financing. Nowadays, Islamic bond (sukuk) is recognized as an
alternative instrument that substitute for conventional debt
financing, where Malaysia is considered as the biggest Islamic
bond market in the world. This issue is obviously significant for
Indonesia as the largest maritime country as long as the largest
muslim country in the world. To get the lessons from Malaysia in
shipping financing, the objectives of this research therefore
attempt to: Identify the various types of sukuk applicable in
corporate financing, and examine the sukuk financing for Malaysian
Ship Company.
We can see that sukuk actually gives the company
and investor some advantages.
For the issuer, the company could
have access to a relatively cheaper financing cost.
For the
investors, they can hold an instrument with a lower risk.
Thus,
Islamic bond seems to be suitable with the shipping financing,
since the ship itself is used as the underlying asset in the
Islamic contract.
Keywords: Shipping financing, Islamic bond, Malaysia.
Introduction
Shipping is one of the world’s most internationalized industries.
Shipping should not be viewed only from a narrow national
perspective. Rather, it should be looked at from a broad view of
world development, particularly in the international trade sector.1
In studying the shipping business, we need to understand the world
economy as well.
Shipping is fundamental to international trade
as it provides a cost-effective means to transport large volumes
of cargo around the world. Shipping and seaborne trade have made
possible the progression from a world of isolated areas to an
integrated global community.
For example, China and India have
been rapidly expanding their export of industrial parts and
1
Farthing (1993) in Lun, et al. (2010), Shipping and Logistics Management, London: Springer, p.2.
87
ISLAMIC BOND AS AN ALTERNATIVE OF SHIPPING FINANCING
CASE OF MALAYSIA
products, and this resulted in a global shortage of cargo vessels
in 2004.2
Shipping remains as the most economical and effective means
to carry much of the world’s goods. Shipping service demand will
always be significantly high and the demand for financing to
facilitate the construction and purchase of vessels ensures
shipping financing to be prominent.3
Akca (2007) reports that,
with its 32,000 world- wide companies, shipping is one of the
three most finance intensive industries in the world.
About 80
billion dollar per year for financing new buildings alone.
The
financing of large oceangoing ships are undertaken by banks all
over the world, by no means just for owners in their own country.4
However, shipping companies are facing difficulties to get
bank financing as the credit crisis has drastically reduced the
appetite of conventional banks. The world’s economy could suffer
of this lack of financing because it relies on the shipping
industry to transport the world’s trade. This is so as banks are
willing to finance, during boom periods, shipping loans for new
buildings but by this way ‘create’ oversupply and thus depress the
freight market by their own actions. Imagine that, ship values can
change by up to 65 percent in a few months.
Akca (2007) notes
that a five year old Panamax bulk carrier, for example, could be
purchased for US$ 13.5m and achieve freight rates of US$ 5,500 per
day in 1999 while a similar profile vessel was worth US$ 46m and
achieved freight rates in excess of US$ 46.000 per day in 2005.
For this reason, the ship-owner can make, or lose millions of
dollars and so can his bankers if things go badly wrong.5
Today, along with its tremendous growth, Islamic finance
seems to be a promising mode of financing for the ship industries.
This issue is obviously significant for Indonesia as the largest
maritime country as long as the largest muslim country in the
world.
However Indonesian’s freight or shipping industries and
financing was considered left behind by other countries, not to
say its neighbor country Malaysia.
Recently, Chairman of
Indonesian National ship owners Association (INSA) Phyllis A.
Djohan said that the government should provide incentives so that
players want to invest in freight shipping, so will a lot of ships
2
Y.H.V. Lun, · K.-H. Lai ·and T.C.E. Cheng (2010), Shipping and Logistics Management, London: Springer, p.2.
Cedric Raths, (2010), “And if two worlds would meet in Luxembourg: Islamic finance and shipping,” AGEFI
Luxembourg, September, p.35.
4
E. Cihan Akca (2007), “Latest major developments in shipping finance,” Journal of Black Sea/Mediterranean
Environment, Vol. 13 No.2, 2007, p.181.
5
E. Cihan Akca (2007), op. cit.
3
88
JEMI, Vol.4, No.2, Desember 2013
that can be purchased and in turn will reduce logistics costs.6
However, in Malaysia, the shipping industry is not supported by
government incentives.
The industry finds Islamic financing as
alternative
to
the
conventional
one,
that
could
provide
competitive offers.
Professor N. Khalid of MIMA (Maritime
Institute of Malaysia) commenting on the use of shariah financing
for shipping as follow:
“In the last two decades or so, shariah financing has grown in
prominence in facilitating the growth in the shipping sector.
Over the years, several high profile ship financing deals
have
been
transacted
using
shariah
principles.
….The
increasing popularity of shariah financing in ship financing
stands testimony to its viability as a worthy, if not more
attractive, alternative to its conventional counterpart.
….The emergence of innovative and attractive financing
structures based on shariah principles in shipping in recent
years augurs well for its continued contribution to the
growth of global shipping and hence global trade and the
world economy. When applied and structured judiciously and
creatively, shariah financing can no doubt stand shoulder to
shoulder, if not taller, than conventional financing in
raising adequate and competitive financing in shipping.” 7
It is interesting then to study the shipping financing by Islamic
bond for Malaysian companies, that we can have a better
understanding on the structures of Islamic bond generally and
Malaysian sukuk specifically.
Unfortunately some of the characteristics of the shipping
business do not fit easily with the financial community’s
requirements.
Revenues are volatile, the assets are mobile,
financial structures often lack transparency and audited financial
information is not always available.
Despite recent efforts by
shipping
companies
to
adopt
more
conventional
financial
structures, shipping remains an idiosyncratic business to finance.8
Nowadays, Islamic bond
instrument that substitute for
Malaysia is considered as the
world.
For example, in 2011
is recognized as an alternative
conventional debt financing, where
biggest Islamic bond market in the
Malaysia continues to maintain its
6
Bisnis Indonesia perwakilan BATAM, http://www.bisnis-kepri.com/index.php/2011 /04/ pembebasan-bmth
untuk-bantu-industri-kapal-nasional/, 28 April 2011.
7
Cédric Raths, and Pandomus (2011), Shipping meets Islamic finance in Luxembourg, New Horizon: Global
perspective on Islamic banking & Insurance, http://www.newhorizonst
islamicbanking.com/index.cfm?section=features&action=view&id=10987, 1 January 2011.
8
nd
Martin Stopford (2003), Maritime Economics, 2 edition, London: Routlegde, Routledge, Taylor & Francis
Group, p.194.
89
ISLAMIC BOND AS AN ALTERNATIVE OF SHIPPING FINANCING
CASE OF MALAYSIA
stronghold in the global Sukuk market with a market share of 73%.
The amount of Sukuk issued out of Malaysia in 2011 reached a total
of US$26.5 billion, an increase of more than 100% from 2010.
Malaysia continues to dominate as the choice destination for Sukuk
issuance and is well recognized as the international hub for
Islamic finance.9
As the largest muslim and also maritime country, Indonesia
should have strong marine based industry, supported by financial
system that in line with the Islamic principles. On the contrary,
unlike her neighboring country Malaysia, Indonesian sukuk market
is considered small, and the shipping financing by Islamic bond or
sukuk is not appeared as a preference yet. This paradox brings us
to the query on how Malaysian shipping companies take the
advantage of Islamic bond for their financing, how they are
applicable in the shipping industries, and what are the potential
uses? What can we learn from their experience?
In the light of growing use of sukuk as corporate financing,
this research will therefore attempt to: (a)Identify the various
types of sukuk applicable in corporate financing, and how its
issuance is structured. (b) Examine the sukuk financing for
Malaysian Ship Company, and (c) Discuss the opportunities of sukuk
financing for maritime industry in Indonesia.
For this study we
focus on cases of Malaysian company as Malaysia has the biggest
sukuk market in the world,10 that representing the active and the
efficient market.
The research will be primarily of a qualitative nature. A
discourse analysis of the existing literature on corporate sukuk
in general will be undertaken with focus on Malaysian sukuk. The
methodology adopted will also include examination of specific case
studies – on the Malaysian shipping companies that have sukuk on
their capital structure—to provide detailed information on the
practice of sukuk financing in the maritime industry.
For this
purpose, secondary data will be collected. Secondary data will
comprise
mainly
materials
and
documents
published
by
the
respective Islamic financial services providers and corporate
Annual Report.
Sukuk as Financing Instrument
Sukuk in general may be understood as a shariah compliant ‘Bond’.
In its simplest form sukuk represents ownership of an asset or its
usufruct. The claim embodied in sukuk is not simply a claim to
9
Islamic Finance News Guide (2012), Kuala Lumpur: Security Commission Malaysia, February 2012, p.8.
The Daily Star, http://www.dailystar.com.lb/Business/International/2011/Aug-20/Ringgit-sukuk-salesth
head-for-record-as-Gulf-taps-market.ashx#ixzz1lznl6kwJ, 20 August 2011.
10
90
JEMI, Vol.4, No.2, Desember 2013
cash flow but an ownership claim. This also differentiates sukuk
from conventional bonds as the latter proceed over interest
bearing securities, whereas sukuk are basically investment
certificates consisting of ownership claims in a pool of assets.
The AAOIFI Standards No.17 defines investment Sukuk as:
“certificates of equal value representing undivided shares in
ownership of tangible assets, usufruct and services or in the
ownership of the assets of particular projects or special
investment activity however, this is true after the receipt
of the value of the Sukuk, the closing of the subscription
and employment of funds received for the purpose for which
the Sukuk were issue.”11
While, IFSB define Sukuk as
“certificates with each sakk representing a proportional
undivided ownership right in tangible assets, or a pool of
predominantly tangible assets, or a business venture (such as
a mudaraba).”12
Sukuk differ from conventional interest based securities or
bonds in a number of ways, including: 13 (a) The funds raised
through the issuance of Sukuk should be applied to investment in
specified assets rather than for general unspecified purposes.
This implies that identifiable assets should provide the basis for
Islamic bonds.14 (b) Since the Sukuk are based on the real
underlying assets, income from the Sukuk must be related to the
purpose for which the funding is used, and (c) The Sukuk
certificate represents a proportionate ownership right over the
assets in which the funds are being invested. The ownership rights
are transferred, for a fixed period ending with the maturity date
of the Sukuk, from the original owner (the originator) to the
Sukuk holders.
In case of ship financing, the application of sukuk could be
in many forms according to its circumstance.
Luxembourg Tax
Authorities for instance, defines the four instruments mainly used
to finance shipping activities as follow: 15
a)Murabaha: a sale based transaction whereby an investor
acquires an asset (e.g. a vessel) for further resale to a
client at a cost-plus profit. This is a financing arrangement
11
See Shari’a Standard 17(2) of the Accounting and Auditing Organization for Islamic Financial Institutions
(AAOIFI), 2008.
12
See Section 1.1 of the Capital Adequacy Requirements for Sukuk, Securitisations and Real Estate
Investment, Islamic Financial Services Board (IFSB), January 2009.
13
IFSB (2009), Capital Adequacy Requirements for Sukuk, Securitisations and Real Estate Investment, Islamic
Financial Services Board (IFSB), January 2009, p.3.
14
See paragraphs 23 to 25, of the Capital Adequacy Requirements for Sukuk, Securitisations and Real
Estate Investment, Islamic Financial Services Board (IFSB), January 2009.
15
Cédric Raths, and Pandomus (2011), op. cit.
91
ISLAMIC BOND AS AN ALTERNATIVE OF SHIPPING FINANCING
CASE OF MALAYSIA
where the cost-plus profit margin of the investor is
determined in advance and may apply to all types of assets.
b)Ijara: a leasing agreement by which the party contributing the
capital (generally a bank) acquires an asset (e.g. a vessel)
for its client and places it as his disposal in return for a
rental payment for a fixed period. The bank owns the asset and
transfers the usufruct to its client.
c)Ijara-wa-Iqtina: a similar mechanism, where the client has the
opportunity to buy the asset at the end of the contract.
d)Istisna: a method of financing the production of a good (e.g.
building of a vessel) that allows advance payment for a future
delivery or deferred payment for a future delivery.
For Malaysian case,16 it recognizes Bai Dayn or debt trading
as one of the acceptable principles for Sukuk issuances whereby
shariah compliant cash receivables arising from contracts such as
Murabaha, Bai’ Bithaman Ajil (BBA), Ijarah or Istisna’a are
converted into tradable debt instruments.
Cases of Malaysian Shipping Company
Hubline Berhad
Hubline berhad is a company group that owns and operates around 40
vessels comprising container ships, handy-sized bulk carriers, and
tugs and barges. Both the container shipping and dry bulk vessels
operate in the intra-Asian region and Indian sub-continent and
carry a diverse product range. During 2009, the company also
extended shipping services to new routes to Guam, Saipan and the
Mariana Islands.
Tanjung Off Shore Berhad
As of to date, the Tanjung Group is a reputable integrated oil and
gas service provider within the Malaysian oil and gas industry and
has been expanding its services within the domestic and
international markets. Tanjung Group is actively involved in both
the upstream and downstream markets within the oil and gas
industry and participates in all stages of the life cycle of the
Production Sharing Contracts.
Alam Maritim Resources Berhad
AMRB
is a public limited liability company, incorporated and
domiciled in Malaysia, and is listed on the Main Market of Bursa
Malaysia Securities Berhad. The registered office is located at
16
The Shariah Advisory Council of the Securities Commission of Malaysia governs the principles on which
Sukuk should be issued.
92
JEMI, Vol.4, No.2, Desember 2013
38F, Level 3, Jalan Radin Anum, Bandar Baru Sri Petaling, 57000
Kuala Lumpur. The immediate and ultimate holding company of the
Company is SAR Venture Holdings (M) Sdn. Bhd., a private limited
liability company, incorporated and domiciled in Malaysia.
The
company involved in investment on Ships ownership through many of
her subsidiaries. The following are some of the Islamic financial
instruments used for her shipping financing:
MCP/MMTN and Sukuk Ijarah MTN Facility
The MCP/MMTN and Sukuk Ijarah MTN are secured by:
(i) a first legal charge over the designated accounts as defined
in the Trust Deed;
(ii) third party second fixed legal charge over each of the Ijarah
Assets/MCP/MMTN and Sukuk Ijarah MTN assets and assignment of
all insurance thereon and charter contracts.
Malaysian Merchant Marine Berhad
MMM is a public limited liability company, incorporated and
domiciled in Malaysia, and is listed on the Main Board of Bursa
Malaysia Securities Berhad.
The registered office is located at
Level 18, The Gardens North Tower, Mid Valley City, Lingkaran Syed
Putra, 59200 Kuala Lumpur. The principal activities of the Company
are those of investment holding, transportation of goods by sea
and
provision
of
ship
management
services.
The
principal
activities of the subsidiaries are those of transportation of
goods by sea and provision of logistics services.
During the year of 2001, the Group saw new acquisition of
three car carrier vessels. The enhanced fleet of now nine vessels
comprises chemical and oil tankers, dry cargo and car carriers. We
believe, with this larger fleet size, we are able to achieve
better economies of scale from our crew manning agents, suppliers
and vendors alike. This puts the Group in a healthy financial
position to face the future.
The following is some
operation of the business:
Islamic
instruments
to
finance
the
BAIDS ISLAMIC FINANCING FACILITY
The "BaIDS Islamic Financing Facility" represents an Al-Bai
Bithaman Ajil Serial Bonds Facility of RM120,000,000, with nondetachable Secondary Bonds of RM39,435,000.
The implicit profit
rates for this financing facility, which is represented by the
Secondary Bonds repayable semiannually
commencing on 28 May 2004.
93
ISLAMIC BOND AS AN ALTERNATIVE OF SHIPPING FINANCING
CASE OF MALAYSIA
The BaIDS Islamic Financing Facility are secured by the following:
(i) A first rank charge over the ships owned by certain
subsidiaries in respect of which borrowings for the
acquisition of such ships are to be refinanced by the
proceeds from the BaIDS ("the First Vessels"); and a first
rank charge over all other ships of the subsidiaries but
only where all encumbrances over such ships have been
fully discharged ("the Other Vessels"). The First Vessels
and Other Vessels shall be collectively referred to as
"the Vessels".
(ii) A debenture on the Vessels.
(iii) An assignment of the benefit of all the contract rights
including without limitation all rights of the Group over
any maintenance or performance bonds and other security
deposits issued or provided in favour of the Group (if
any) in relation to any long-term shipping or other
contract in respect of the Vessels, and the benefit of
hedging agreement in respect of the Vessels.
(iv) An assignment of all insurance of the Group procured in
respect of the Vessels including; among others, insurance
in relation to the long term shipping or other contracts
and any other applicable insurance in respect of the
Vessels.
(v) A first rank charge over all Designated Accounts (Revenue
Accounts and Finance Service Reserve Account).
Summary and Conclusion
From previous discussion we can see that the Islamic corporate
financing is specific types of financial instruments that based on
asset securitization.
This special feature actually gives the
company and investor some advantages.
For the issuer, the
company could have access to a relatively cheaper financing cost.
For the investors, they can hold an instrument with a lower risk.
Thus, Islamic bond seems to be suitable with the shipping
financing, since it can use the ship as the underlying asset.
It is our consideration as the Indonesian people to boost the
Maritime Industry before other countries exploit the abundance of
resource lies under the deep of the sea. Indonesian people known
as the majority are muslim, should have interest in using the
Islamic financing to support the Maritime Industry to drive the
economy and brings prosperity to the people under the light of
Islamic principle.
94
JEMI, Vol.4, No.2, Desember 2013
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