JAKARTA: Ministry of SOEs suggests state-controlled enterprises to utilize sharia bonds as an alternative funding source.Deputy of Restructuring and Strategic Planning Pandu Djajanto said state-controlled enterprises that have the potential to release sharia bonds among which are PT Jasa Marga Tbk, PT Perkebunan Nusantara (PTPN) IV, V and VII and Perum Pegadaian.Jasa Marga has the potential to issue sharia bond as it has islamic transactions such as leasing toll roads. Pegadaian is also prospective as it has sharia mortgage business.PTPN, he continued, also has the opportunity as it could occupy it transportation sector as the underlying asset.Sharia bond also could be used as an alternative instrument for State-controlled insurance company like PT Jamsostek, PT Taspen, PT Jasa Raharja, PT Askes and pension fund.Problems that are frequently encountered in issuing sharia bond are less varied products and tenor, tax, market liquidity and lack of public and player understanding on the matter.Based on market watchdog data, sharia bond total emission value in April was at IDR7.82 trillion with 47 sharia bonds while the outstanding value reached IDR6.22 trillion from 32 sharia bonds. The position was unchanged from last year except for outstanding which was at IDR6.12 trillion in the end of 2010.33% or IDR2.58 trillion issued bonds were by SOE while the rest 67% or IDR5.24 trillion by private companies.Head of Accounting Standards and DisclosureBureau Etty Retno Wulandari explained that only 5 state-controlled enterprises that have occupied the sharia bond namely PT Adhi Karya Tbk, PT Bank Syariah Mandiri, PT Perusahaan Listrik Negara, PT Perusahaan Nusantara VII and PT Pupuk Kaltim.PLN is the shariah bond issuer with the biggest outstanding share, around IDR2 trillion.
To Wulandari, corporate sharia bond issuance is relatively low as it is only 10% from the total bonds issued and 4% from the total bond value.In fact, she continues, sharia bond issuance has several advantages such as wider investor based as it could interests both conventional bond and sharia bond buyers.Moreover, the issuance of sharia bond will also be supported by the publication of the Minister of Finance Regulation on sharia bond tax that currently still use the rules of conventional bonds.Head of Financial Appraisal of Real Sector Company of Bapepam-LK Anis Baridwan stated double taxation for sharia bond is no longer applied yet incentives and specific regulations are necessary so, legally, it can align with the application of conventional bond tax.Taspens Investment Director Taufik Hidayat said the company supports the sharia bond's incentive to attract investors interest and to widen the issuance. Head of PT Mandiri Sekuritas Syariah Finance Safei declared that the company is ready to purchase upto IDR5 trillion sharia bond. (T05/NOM)
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