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

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


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


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


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


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


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


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


REFERENCE AAOIFI, (2008), Section 17(2) of the Shari’a Standard 17(2) of the Accounting and Auditing Organization for Islamic Financial Institutions (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, New York: Barron’s, 1990, The New York Institute of Finance, How the Bond Market Works, New York, 1988. Brugnoni, Alberto (2008a), “Shariah governance at work: from asset-based to 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, 2nd edition, 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 Financial Services Board (IFSB). January 2009, http://www.ifsb.org/standard/ifsb7.pdf; accessed on 12th November 2011. IIFM (2010), Sukuk Report: A comprehensive study of the International Sukuk market, 1st Edition, International Islamic Financial Market, 2010. Page:

95 Ismail, Mohd Izazee (2002), “Islamic Private Debt Securities: Issues & Challenges,” RAM Focus, March, 2002, Rating Agency Malaysia Berhad

Jalil, Abdullaah (2005), “Islamic Bonds Issues: Experience,” SSRN journal, December http://papers.ssrn.com/sol3/papers.cfm?abstract_id October 2011. Lun,

Y.H.V., · K.-H. Lai ·and T.C.E. Cheng Logistics Management, Springer, London.

The 9,

(2010),

Malaysian 2005. =1785098,

Shipping

and

Mashitah Hj Osman (2012), “Islamic Private Debt Securities and Syndicated Financing,” presentation material, Bank Islam, http://www.bankislam.com.my/en/ Documents/shariah/ IslamicPrivateDebtSecuritiesSyndicatedFinancing.pdf, 24th March 2012. Nicholas G. Apostolou, Key to Investing in Corporate Bonds, Barron’s, New York, 1990.

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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-IslamicFinshipping092010.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 and Financial Markets: Islamic Economics, Banking & Finance, Investments, Takaful and Financial Planning, Kuala Lumpur: Dinamas Publishing, p.433. Rosly, Saiful Azhar and Mahmood M. Sanusi (1999), “The Application of Bay’ al-‘Inah and Bay’ al-Dayn in Malaysian Islamic Bonds: An Islamic Analysis,” International Journal of Islamic Financial Services, Vol.1 No.2, p.3. Stopford, Martin (2003), Maritime Economics, 2nd Routlegde. Routledge, Taylor & Francis Group

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London:

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