Jurnal Ekonomi Maritim Indonesia

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

JurnalEkonomi MaritimIndonesiaVol.4, No.2, Desember 2013 ISSN 2087-8222

FAKULTAS EKONOMIUNIVERSITAS MARITIM RAJA ALI HAJI

PENGARUH PENDAPATAN ASLI DAERAH DAN DANA PERIMBANGAN TERHADAPPERTUMBUHAN EKONOMI DALAM PENGEMBANGAN WILAYAH KABUPATEN BINTANPROVINSI KEPULAUAN RIAUAsmaul Husna, SE., Ak., MM dan Myrna Sofia, SE., M.Si Hal. 1-14

ANALISIS PENGARUH PELAKSANAAN MANAJEMEN PUBLIK MELALUI PENGUKURAN VALUEFOR MONEY DAN KARAKTERISTIK PEMERINTAH DAERAH TERHADAP PENGGUNAANBELANJA 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 SOCIALRESPONSIBILITY PADA PERBANKAN YANG TERDAFTAR DI BURSA EFEK INDONESIAPrima Aprilyani Rambe,M.Sc dan Winata Wira,M.Ec Hal. 31-40

PENGARUH GAYA KEPEMIMPINAN TERHADAP PENCAPAIAN VISI, MISI DAN TUJUANORGANISASI (Studi Kasus Pada Pegawai Bidang Penganggaran)Jack Febriand Adel, SE., MSi., Akt Hal. 41-50

PENGARUH FIRM SIZE TERHADAP KEBIJAKAN HUTANG DAN NILAI PERUSAHAAN PADABANK UMUM YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2008-2011Myrna Sofia, SE., M.Si Hal. 51-62

ANALISIS KEPUASAN PASIEN TERHADAP PELAYANAN JASA MEDIK DENGANMENGGUNAKAN JAMKESMAS DI RSUD PROVINSI KEPULAUAN RIAUHj. Iranita.SE.,MSi dan Ir. Firmansyah Kusasi.,MM Hal. 63-74

ANALISIS ASPEK SISTEM INFORMASI AKUNTANSI PENGENAAN PAJAK AKTIVITASTRANSAKSI E-COMMERCE DAN BISINIS ON-LINE DALAM MENGENDALIKAN KEWAJIBANWAJIB PAJAK SEBAGAI SELF ASSESSMENT SYSTEM MELALUI JARINGAN INTERNETTumpal Manik, M.Si Hal. 75-86

ISLAMIC BOND AS AN ALTERNATIVE OF SHIPPING FINANCING CASE OF MALAYSIAIr. Firmansyah Kusasi.,MM Hal. 87-96

TEMA Vol. 4, No.2, Desember 2013

RANAH EKONOMI MARITIM VII

SUSUNAN DEWAN REDAKSI

JURNAL EKONOMI MARITIM INDONESIAFAKULTAS 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 Tumpal Manik, MSiLia Suprihartini, SE., MM Winata Wira, SE., M.EcAchmad Uzaimi, SE., Ak., MSi Ir. Firmansyah Kusasi, MMAsmaul Huzna, SE., Ak., MM Fatahurrazak, SE., M.AkDesi Rahmatina, SPd., MSc Rafki RS, SE., MMInge Lengga S.M., SE., MSi., Ak Suryadi, SP., MHDra. Marlia Saridewi, MM Hj. Iranita, SE., MSiPrima Aprilyani Rambe, SE., MSc Akhirman, S.Sos., MM

Mitra Bestari:Prof. Iwan Trijuwono, SE, M.Ec, PhD (Univ. Brawijaya)Prof. Dr. Ir. R. Chairul Saleh, MSc (Univ. Islam Indonesia)Dr. Syaiful (Univ. Bengkulu)Dr. Zulkifli Oesman, MSc (Univ. Teknologi Malaysia)

Layouts: Eko Muhardiansyah dan Gatot Muhidin

Administrasi dan Sirkulasi: Turina dan Trisna Oktavia Sari

Alamat Redaksi:Bagian Sirkulasi Jurnal Ekonomi Maritim IndonesiaFakultas Ekonomi Universitas Maritim Raja Ali Haji

Jl. Politeknik Senggarang Telp (0771) 7004643email: [email protected]

KATA PENGANTAREditor In Chief

Assalamu'alaikum wr., wb.

Puji syukur kita panjatkan kehadirat Allah SWT, karena ataslimpahan karunia dan hidayah-Nya maka kita semua masih dapatmendharma bhaktikan kepada Universitas Maritim Raja Ali Hajitercinta melalui penelitian sivitas akademika, yangdipublikasikan dalam Jurnal Ekonomi Maritim Indonesia (JEMI).

Editor In Chief JEMI menyampaikan terima kasih atas doa dankesabaran seluruh sivitas akademika Fakultas Ekonomi UMRAHdalam menanti terbitnya JEMI volume keempat nomor dua ini.Penantian dan keraguan ini menjadi tantangan dan semangatyang berarti bagi Kami untuk bekerja ekstra denganketerbatasan yang ada, tetap penuh semangat dan pengabdiandengan bangga menyajikan JEMI volume keempat nomor dua,dengan tema: “RANAH EKONOMI MARITIM VII”.

JEMI merupakan jurnal tematik semesteran, yang akan terbitpada bulan Desember dan Juni tiap tahunnya.

Dengan terbit secara teratur, JEMI nantinya akan dapatmemperluas wawasan, dan menambah pengetahuan para pembacayang 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

87

ISLAMIC BOND AS AN ALTERNATIVE OF SHIPPING FINANCINGCASE 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 bankfinancing. Nowadays, Islamic bond (sukuk) is recognized as analternative instrument that substitute for conventional debtfinancing, where Malaysia is considered as the biggest Islamicbond market in the world. This issue is obviously significant forIndonesia as the largest maritime country as long as the largestmuslim country in the world. To get the lessons from Malaysia inshipping financing, the objectives of this research thereforeattempt to: Identify the various types of sukuk applicable incorporate financing, and examine the sukuk financing for MalaysianShip Company. We can see that sukuk actually gives the companyand investor some advantages. For the issuer, the company couldhave access to a relatively cheaper financing cost. For theinvestors, 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 theIslamic 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 nationalperspective. Rather, it should be looked at from a broad view ofworld development, particularly in the international trade sector.1

In studying the shipping business, we need to understand the worldeconomy as well. Shipping is fundamental to international tradeas it provides a cost-effective means to transport large volumesof cargo around the world. Shipping and seaborne trade have madepossible the progression from a world of isolated areas to anintegrated global community. For example, China and India havebeen rapidly expanding their export of industrial parts and

1Farthing (1993) in Lun, et al. (2010), Shipping and Logistics Management, London: Springer, p.2.


88

products, and this resulted in a global shortage of cargo vesselsin 2004.2

Shipping remains as the most economical and effective meansto carry much of the world’s goods. Shipping service demand willalways be significantly high and the demand for financing tofacilitate the construction and purchase of vessels ensuresshipping financing to be prominent.3 Akca (2007) reports that,with its 32,000 world- wide companies, shipping is one of thethree most finance intensive industries in the world. About 80billion dollar per year for financing new buildings alone. Thefinancing of large oceangoing ships are undertaken by banks allover the world, by no means just for owners in their own country.4

However, shipping companies are facing difficulties to getbank financing as the credit crisis has drastically reduced theappetite of conventional banks. The world’s economy could sufferof this lack of financing because it relies on the shippingindustry to transport the world’s trade. This is so as banks arewilling to finance, during boom periods, shipping loans for newbuildings but by this way ‘create’ oversupply and thus depress thefreight market by their own actions. Imagine that, ship values canchange by up to 65 percent in a few months. Akca (2007) notesthat a five year old Panamax bulk carrier, for example, could bepurchased for US$ 13.5m and achieve freight rates of US$ 5,500 perday in 1999 while a similar profile vessel was worth US$ 46m andachieved freight rates in excess of US$ 46.000 per day in 2005.For this reason, the ship-owner can make, or lose millions ofdollars and so can his bankers if things go badly wrong.5

Today, along with its tremendous growth, Islamic financeseems to be a promising mode of financing for the ship industries.This issue is obviously significant for Indonesia as the largestmaritime country as long as the largest muslim country in theworld. However Indonesian’s freight or shipping industries andfinancing was considered left behind by other countries, not tosay its neighbor country Malaysia. Recently, Chairman ofIndonesian National ship owners Association (INSA) Phyllis A.Djohan said that the government should provide incentives so thatplayers want to invest in freight shipping, so will a lot of ships

2Y.H.V. Lun, · K.-H. Lai ·and T.C.E. Cheng (2010), Shipping and Logistics Management, London: Springer, p.2.

3 Cedric Raths, (2010), “And if two worlds would meet in Luxembourg: Islamic finance and shipping,” AGEFILuxembourg, September, p.35.

4E. Cihan Akca (2007), “Latest major developments in shipping finance,” Journal of Black Sea/MediterraneanEnvironment, Vol. 13 No.2, 2007, p.181.

5E. Cihan Akca (2007), op. cit.


89

that can be purchased and in turn will reduce logistics costs.6

However, in Malaysia, the shipping industry is not supported bygovernment incentives. The industry finds Islamic financing asalternative to the conventional one, that could providecompetitive offers. Professor N. Khalid of MIMA (MaritimeInstitute of Malaysia) commenting on the use of shariah financingfor shipping as follow:

“In the last two decades or so, shariah financing has grown inprominence in facilitating the growth in the shipping sector.Over the years, several high profile ship financing dealshave been transacted using shariah principles. ….Theincreasing popularity of shariah financing in ship financingstands testimony to its viability as a worthy, if not moreattractive, alternative to its conventional counterpart.….The emergence of innovative and attractive financingstructures based on shariah principles in shipping in recentyears augurs well for its continued contribution to thegrowth of global shipping and hence global trade and theworld economy. When applied and structured judiciously andcreatively, shariah financing can no doubt stand shoulder toshoulder, if not taller, than conventional financing inraising adequate and competitive financing in shipping.” 7

It is interesting then to study the shipping financing by Islamicbond for Malaysian companies, that we can have a betterunderstanding on the structures of Islamic bond generally andMalaysian sukuk specifically.

Unfortunately some of the characteristics of the shippingbusiness do not fit easily with the financial community’srequirements. Revenues are volatile, the assets are mobile,financial structures often lack transparency and audited financialinformation is not always available. Despite recent efforts byshipping companies to adopt more conventional financialstructures, shipping remains an idiosyncratic business to finance.8

Nowadays, Islamic bond is recognized as an alternativeinstrument that substitute for conventional debt financing, whereMalaysia is considered as the biggest Islamic bond market in theworld. For example, in 2011 Malaysia continues to maintain its

6Bisnis Indonesia perwakilan BATAM, http://www.bisnis-kepri.com/index.php/2011 /04/ pembebasan-bm-untuk-bantu-industri-kapal-nasional/, 28

thApril 2011.

7 Cédric Raths, and Pandomus (2011), Shipping meets Islamic finance in Luxembourg, New Horizon: Globalperspective on Islamic banking & Insurance, http://www.newhorizon-islamicbanking.com/index.cfm?section=features&action=view&id=10987, 1

stJanuary 2011.

8Martin Stopford (2003), Maritime Economics, 2

ndedition, London: Routlegde, Routledge, Taylor & Francis

Group, p.194.


90

stronghold in the global Sukuk market with a market share of 73%.The amount of Sukuk issued out of Malaysia in 2011 reached a totalof US$26.5 billion, an increase of more than 100% from 2010.Malaysia continues to dominate as the choice destination for Sukukissuance and is well recognized as the international hub forIslamic finance.9

As the largest muslim and also maritime country, Indonesiashould have strong marine based industry, supported by financialsystem that in line with the Islamic principles. On the contrary,unlike her neighboring country Malaysia, Indonesian sukuk marketis considered small, and the shipping financing by Islamic bond orsukuk is not appeared as a preference yet. This paradox brings usto the query on how Malaysian shipping companies take theadvantage of Islamic bond for their financing, how they areapplicable in the shipping industries, and what are the potentialuses? 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 varioustypes of sukuk applicable in corporate financing, and how itsissuance is structured. (b) Examine the sukuk financing forMalaysian Ship Company, and (c) Discuss the opportunities of sukukfinancing for maritime industry in Indonesia. For this study wefocus on cases of Malaysian company as Malaysia has the biggestsukuk market in the world,10 that representing the active and theefficient market.

The research will be primarily of a qualitative nature. Adiscourse analysis of the existing literature on corporate sukukin general will be undertaken with focus on Malaysian sukuk. Themethodology adopted will also include examination of specific casestudies – on the Malaysian shipping companies that have sukuk ontheir capital structure—to provide detailed information on thepractice of sukuk financing in the maritime industry. For thispurpose, secondary data will be collected. Secondary data willcomprise mainly materials and documents published by therespective Islamic financial services providers and corporateAnnual 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 itsusufruct. The claim embodied in sukuk is not simply a claim to

9Islamic Finance News Guide (2012), Kuala Lumpur: Security Commission Malaysia, February 2012, p.8.

10The Daily Star, http://www.dailystar.com.lb/Business/International/2011/Aug-20/Ringgit-sukuk-sales-head-for-record-as-Gulf-taps-market.ashx#ixzz1lznl6kwJ, 20

thAugust 2011.


91

cash flow but an ownership claim. This also differentiates sukukfrom conventional bonds as the latter proceed over interestbearing securities, whereas sukuk are basically investmentcertificates 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 inownership of tangible assets, usufruct and services or in theownership of the assets of particular projects or specialinvestment activity however, this is true after the receiptof the value of the Sukuk, the closing of the subscriptionand employment of funds received for the purpose for whichthe Sukuk were issue.”11 While, IFSB define Sukuk as“certificates with each sakk representing a proportionalundivided ownership right in tangible assets, or a pool ofpredominantly tangible assets, or a business venture (such asa mudaraba).”12

Sukuk differ from conventional interest based securities orbonds in a number of ways, including: 13 (a) The funds raisedthrough the issuance of Sukuk should be applied to investment inspecified assets rather than for general unspecified purposes.This implies that identifiable assets should provide the basis forIslamic bonds.14 (b) Since the Sukuk are based on the realunderlying assets, income from the Sukuk must be related to thepurpose for which the funding is used, and (c) The Sukukcertificate represents a proportionate ownership right over theassets in which the funds are being invested. The ownership rightsare transferred, for a fixed period ending with the maturity dateof the Sukuk, from the original owner (the originator) to theSukuk holders.

In case of ship financing, the application of sukuk could bein many forms according to its circumstance. Luxembourg TaxAuthorities for instance, defines the four instruments mainly usedto finance shipping activities as follow: 15

a)Murabaha: a sale based transaction whereby an investoracquires an asset (e.g. a vessel) for further resale to aclient at a cost-plus profit. This is a financing arrangement

11See Shari’a Standard 17(2) of the Accounting and Auditing Organization for Islamic Financial Institutions(AAOIFI), 2008.

12See Section 1.1 of the Capital Adequacy Requirements for Sukuk, Securitisations and Real EstateInvestment, Islamic Financial Services Board (IFSB), January 2009.

13IFSB (2009), Capital Adequacy Requirements for Sukuk, Securitisations and Real Estate Investment, IslamicFinancial Services Board (IFSB), January 2009, p.3.

14 See paragraphs 23 to 25, of the Capital Adequacy Requirements for Sukuk, Securitisations and RealEstate Investment, Islamic Financial Services Board (IFSB), January 2009.

15Cédric Raths, and Pandomus (2011), op. cit.


92

where the cost-plus profit margin of the investor isdetermined in advance and may apply to all types of assets.

b)Ijara: a leasing agreement by which the party contributing thecapital (generally a bank) acquires an asset (e.g. a vessel)for its client and places it as his disposal in return for arental payment for a fixed period. The bank owns the asset andtransfers the usufruct to its client.

c)Ijara-wa-Iqtina: a similar mechanism, where the client has theopportunity 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 futuredelivery or deferred payment for a future delivery.

For Malaysian case,16 it recognizes Bai Dayn or debt tradingas one of the acceptable principles for Sukuk issuances wherebyshariah compliant cash receivables arising from contracts such asMurabaha, Bai’ Bithaman Ajil (BBA), Ijarah or Istisna’a areconverted into tradable debt instruments.

Cases of Malaysian Shipping Company

Hubline Berhad

Hubline berhad is a company group that owns and operates around 40vessels comprising container ships, handy-sized bulk carriers, andtugs and barges. Both the container shipping and dry bulk vesselsoperate in the intra-Asian region and Indian sub-continent andcarry a diverse product range. During 2009, the company alsoextended shipping services to new routes to Guam, Saipan and theMariana Islands.

Tanjung Off Shore Berhad

As of to date, the Tanjung Group is a reputable integrated oil andgas service provider within the Malaysian oil and gas industry andhas been expanding its services within the domestic andinternational markets. Tanjung Group is actively involved in boththe upstream and downstream markets within the oil and gasindustry and participates in all stages of the life cycle of theProduction Sharing Contracts.

Alam Maritim Resources Berhad

AMRB is a public limited liability company, incorporated anddomiciled in Malaysia, and is listed on the Main Market of BursaMalaysia Securities Berhad. The registered office is located at

16The Shariah Advisory Council of the Securities Commission of Malaysia governs the principles on whichSukuk should be issued.


93

38F, Level 3, Jalan Radin Anum, Bandar Baru Sri Petaling, 57000Kuala Lumpur. The immediate and ultimate holding company of theCompany is SAR Venture Holdings (M) Sdn. Bhd., a private limitedliability company, incorporated and domiciled in Malaysia. Thecompany involved in investment on Ships ownership through many ofher subsidiaries. The following are some of the Islamic financialinstruments 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 ofall insurance thereon and charter contracts.

Malaysian Merchant Marine Berhad

MMM is a public limited liability company, incorporated anddomiciled in Malaysia, and is listed on the Main Board of BursaMalaysia Securities Berhad. The registered office is located atLevel 18, The Gardens North Tower, Mid Valley City, Lingkaran SyedPutra, 59200 Kuala Lumpur. The principal activities of the Companyare those of investment holding, transportation of goods by seaand provision of ship management services. The principalactivities of the subsidiaries are those of transportation ofgoods by sea and provision of logistics services.

During the year of 2001, the Group saw new acquisition ofthree car carrier vessels. The enhanced fleet of now nine vesselscomprises chemical and oil tankers, dry cargo and car carriers. Webelieve, with this larger fleet size, we are able to achievebetter economies of scale from our crew manning agents, suppliersand vendors alike. This puts the Group in a healthy financialposition to face the future.

The following is some Islamic instruments to finance theoperation of the business:

BAIDS ISLAMIC FINANCING FACILITY

The "BaIDS Islamic Financing Facility" represents an Al-BaiBithaman Ajil Serial Bonds Facility of RM120,000,000, with non-detachable Secondary Bonds of RM39,435,000. The implicit profitrates for this financing facility, which is represented by theSecondary Bonds repayable semiannuallycommencing on 28 May 2004.


94

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 theacquisition of such ships are to be refinanced by theproceeds from the BaIDS ("the First Vessels"); and a firstrank charge over all other ships of the subsidiaries butonly where all encumbrances over such ships have beenfully discharged ("the Other Vessels"). The First Vesselsand 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 overany maintenance or performance bonds and other securitydeposits issued or provided in favour of the Group (ifany) in relation to any long-term shipping or othercontract in respect of the Vessels, and the benefit ofhedging agreement in respect of the Vessels.

(iv) An assignment of all insurance of the Group procured inrespect of the Vessels including; among others, insurancein relation to the long term shipping or other contractsand any other applicable insurance in respect of theVessels.

(v) A first rank charge over all Designated Accounts (RevenueAccounts and Finance Service Reserve Account).

Summary and Conclusion

From previous discussion we can see that the Islamic corporatefinancing is specific types of financial instruments that based onasset securitization. This special feature actually gives thecompany and investor some advantages. For the issuer, thecompany 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 shippingfinancing, since it can use the ship as the underlying asset.

It is our consideration as the Indonesian people to boost theMaritime Industry before other countries exploit the abundance ofresource lies under the deep of the sea. Indonesian people knownas the majority are muslim, should have interest in using theIslamic financing to support the Maritime Industry to drive theeconomy and brings prosperity to the people under the light ofIslamic principle.


95

REFERENCEAAOIFI, (2008), Section 17(2) of the Shari’a Standard 17(2) of the

Accounting and Auditing Organization for Islamic FinancialInstitutions (AAOIFI), 2008.

Akca, E. Cihan (2007), “Latest major developments in shipping finance,”Journal of Black Sea/Mediterranean Environment, Vol. 13 No.2, 2007.

Apostolou, Nicholas G. (1990), Key to Investing in Corporate Bonds, NewYork: Barron’s, 1990, The New York Institute of Finance, How theBond Market Works, New York, 1988.

Brugnoni, Alberto (2008a), “Shariah governance at work: from asset-basedto asset-back Sukuk,”Shirkah Finance Magazine, Year II Issue 7 –Quarterly.

Brugnoni, Alberto (2008b), “Sukuk emissions ,” Shirkah Finance Magazine,Year II Issue 7 – Quarterly.

Husam El-Khatib (2011), “Sukuk ownership rights,”Sukuk report, 2ndedition, A comprehensive study of the global sukuk market,International Islamic Financial Market (IIFM).

IFSB, (2000), Section 1.1 of the Capital Adequacy Requirements for Sukuk,Securitisations and Real Estate Investment, Islamic FinancialServices Board (IFSB). January 2009,http://www.ifsb.org/standard/ifsb7.pdf; accessed on 12th November2011.

IIFM (2010), Sukuk Report: A comprehensive study of the InternationalSukuk market, 1st Edition, International Islamic Financial Market,2010.

Page: 95Ismail, Mohd Izazee (2002), “Islamic Private Debt Securities:

Issues & Challenges,” RAM Focus, March, 2002, Rating AgencyMalaysia Berhad

Jalil, Abdullaah (2005), “Islamic Bonds Issues: The MalaysianExperience,” SSRN journal, December 9, 2005.http://papers.ssrn.com/sol3/papers.cfm?abstract_id =1785098,October 2011.

Lun, Y.H.V., · K.-H. Lai ·and T.C.E. Cheng (2010), Shipping andLogistics Management, Springer, London.

Mashitah Hj Osman (2012), “Islamic Private Debt Securities and SyndicatedFinancing,” presentation material, Bank Islam,http://www.bankislam.com.my/en/ Documents/shariah/IslamicPrivateDebtSecuritiesSyndicatedFinancing.pdf, 24th March2012.

Nicholas G. Apostolou, Key to Investing in Corporate Bonds, Barron’s, NewYork, 1990.


96

Raths, Cedric, (2010), “And if two worlds would meet in Luxembourg:Islamic finance and shipping,” AGEFI Luxembourg, Issue: September,http: www.pandomus.lu /flyers/ArticleAGEFI-IslamicFinshipping-092010.pdf; 12th December 2011.

Rosly, Saiful Azhar (1997), “Bon Islam,” in Dataniaga, February 1997,Kuala Lumpur: Dewan Bahasa dan Pustaka, p. 45.

Rosly, Saiful Azhar (2005), Critical Issues on Islamic Banking andFinancial Markets: Islamic Economics, Banking & Finance,Investments, Takaful and Financial Planning, Kuala Lumpur: DinamasPublishing, p.433.

Rosly, Saiful Azhar and Mahmood M. Sanusi (1999), “The Application ofBay’ al-‘Inah and Bay’ al-Dayn in Malaysian Islamic Bonds: AnIslamic Analysis,” International Journal of Islamic FinancialServices, Vol.1 No.2, p.3.

Stopford, Martin (2003), Maritime Economics, 2nd edition, London:Routlegde. Routledge, Taylor & Francis Group

Jurnal Ekonomi Maritim Indonesia

Documents

Transcript of Jurnal Ekonomi Maritim Indonesia