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The Opportunity for Implementing Islamic Project Financing to the

Indonesian Infrastructure Development

Chapter · August 2014

DOI: 10.1108/S1569-3759(2014)0000095015

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 The opportunity for implementing Islamic
project financing to the Indonesian
infrastructure development
Ayomi Dita Rarasati, Bambang Trigunarsyah and Eric Too
Abstract
Purpose – This paper discusses the opportunity of Islamic project financing implementation for public infrastructure development
in Indonesia.
Design/methodology/approach – This paper, firstly, reviewed existing literature on Islamic finance to explore the applicability of
Islamic financing in infrastructure development. Interviews were conducted as the first stage of Delphi method approach. This was
then followed by reviewing Indonesia’s government policies and regulations in infrastructure industry and Islamic financing.
Findings – Government policies and regulations support the implementation of Islamic project financing in infrastructure.
However, the current regulations do not cover Islamic project financing scheme and instruments for infrastructure project.
Therefore, there is a need to improve those policies and regulations to bridge the gap of infrastructure business and Islamic
financing.
Research limitations/implications – The result reported comprises the preliminary study of Islamic project financing framework
development for Indonesia infrastructure projects.
Practical implication – Islamic financing in Indonesia infrastructure projects development has not been optimally implemented.
Therefore this paper serves as a catalyst to explore alternative financial scheme such as Islamic financing for infrastructure
development.
Originality/value – This paper highlights possibilities and obstacles in applying Islamic scheme to infrastructure project financing.
This provides a framework to analyse the steps to implement Islamic financing successfully in infrastructure development.
Keywords Islamic project financing, Indonesia, public infrastructure, investment
Paper type Research paper

1. Introduction
Accelerating infrastructure provision is one of the main priorities in Indonesia’s national development. In 2011,
the government announced the needs to accelerate and to expand Indonesia economic development, by
establishing of six economic corridors with different development themes which are Sumatra, Java, Kalimantan,
Sulawesi, Bali-Nusa Tenggara and Papua-Maluku Islands. To support those economic corridors, an additional
need 90,000 MW of power supply has been projected. It has been identified that the total investment will cost at
about USD 401.2 billion (CMEA, 2011). For infrastructures development, the investment is estimated for USD
178.6 billion that will be distributed to road, port, power and energy, airport, railway, water utility, and
information communication technology infrastructures. The Government of Indonesia (GOI) will contribute
approximately 10% of the total investment. The outstanding investment will be offered to state owned
enterprises, private sector and public private partnership (PPP).
Although the use of project financing in public infrastructure has been implemented in many countries,
however in Indonesia it is still developing and now it gains its momentum. Private sector involvement could
open the floodgate for the use of Islamic project financing for infrastructure development. Therefore it is
expected that Islamic project financing can take part in Indonesia infrastructure development.
This paper explores factors that influence the implementation of Islamic project financing for
infrastructures development in Indonesia. The paper begins with the discussion on the use of project financing in
infrastructure development. It then examines how Islamic financing can be incorporated into project financing.
Finally, it illustrates the barrier of Islamic project financing implementation in Indonesia infrastructure projects.

2. Project financing in Indonesia infrastructure development

In order to support economic growth and to bridge infrastructure investment gap, the GOI has been increasing
the private sector participation in infrastructure projects in the form of PPP. The PPP program includes a wide
range of infrastructure sector such as transportation (airports, ports, railways, roads and bridges), water supply,
solid waste and sanitation, and power.
The PPP scheme is developed based on project financing concept. For that purpose, the GOI has
established government contracting agencies (GCA) for specific infrastructure sectors, for example the Toll
Road Authority (BPJT) for road infrastructure sector. The contracting agencies then invite investors, in the form
of an SPV, through bidding process. Once granted, an SPV will develop the particular infrastructure asset and
generate its revenue from the asset operation for certain period as stated in the contract. By the end of the
contract the SPV will return the asset to the GOI.
In 2005, the GOI embarked on a comprehensive program of infrastructure reforms and issued an
Infrastructure Policy Packages. In the same year, the Indonesian Government also established the Policy
Committee for Accelerating the Provision of Infrastructure (KKPPI) through Presidential Regulation No. 42 of
2005. It is an inter-ministerial committee chaired by the Coordinating Minister of Economic Affairs (CMEA),
who is responsible to endorse requests for government guarantee as a basis for the Ministry of Finance (MOF)
consideration and approval.
In attracting the development of private sector participations in infrastructure provision, the GOI issued
Presidential Regulation No. 67 of 2005, which was later amended by Presidential Regulation No. 13 of 2010, on
cooperation between the government and business entities in infrastructure provision. Institutional issues also
form important aspect in developing an effective PPP framework. Therefore the public private partnership
central unit (P3CU) was established, which is currently managed by the Directorate for PPP Development
within the National Planning Agency (BAPPENAS). P3CU has several functions including supporting KKPPI
for policy formulation and government guarantee assessment, preparing the Government’s PPP book,
supporting GCA for project preparation, and developing capacity for PPP implementation within government
agencies. The key stakeholders that participate in a PPP infrastructure project in Indonesia and the relationship
amongst them are shown in Table 1.

Table 1. Indonesia PPP stakeholders

Institution category Stakeholders
Providers of capital and guarantees State infrastructure guarantee company
Multilateral development banks
Foreign and domestic commercial banks
State infrastructure fund
Project sponsors
Government policy makers, regulators and Ministry of Finance (Risk Management Unit)
counterparties KKPPI
PPP Central Unit
Advisors
Government contracting agency
Licensing and permitting agencies
Third party service providers EPC Contractors
Operational and maintenance operators
Service off taker Users
Source: CMEA, 2010

In Indonesia infrastructure projects, the principle risks that typically occur include land acquisition, tariffs,
demand, country and political risks, and off-taker creditworthiness. It is the P3CU and GCAs responsibility to
ensure that project risks are clearly identified and allocated among the stakeholders. Therefore the GOI
established support mechanisms for PPP infrastructure project risks through several regulations such as MOF
Regulation No. 38 of 2006 on guidance for controlling and management of risks in infrastructure provision,
CMEA Regulation No. 4 of 2006 on evaluation methodology for PPP infrastructure projects that require
government support, and Government Regulation No. 35 of 2009 on state participation for a limited liability
company establishment for infrastructure guarantees.
The forms of support in PPP projects consist of: (1) Direct support, for project which is economically
justified but not financially feasible; (2) Land acquisition, by reimbursing the land acquisition cost to
government contracting agency (GCA) through project revenues; (3) Contingent support, for guarantees
covering political risk, project performance risk, and demand risk; (4) Tax incentives; and (5) Special economic
zones (CMEA, 2010). The government support will be analysed based on the minimum support required for
financial viability and bankability under the selected form of cooperation.

3. Islamic financing in infrastructure project

Infrastructure investment is suitable to be financed with Islamic financing scheme, because infrastructure is
considered an asset and it does not contain any activities that are prohibited in shariah law. Although there are
various types of Islamic finance, only several types of Islamic financial instrument might be suitable in
infrastructure investment, such mudaraba (trusty financing or investment), musharaka (partnership or joint
venture), ijara (leasing), istisna (production or manufacture sale), sukuk (Islamic bond), murabaha (mark-up
sale) and kafalah (guarantee) .
Islamic finance has several advantages compared to conventional finance. First, Islamic finance is now
considered as one of the fastest growing financial segments in the world. Second, Islamic finance business area
has been broadening in many aspects such as private equity, project financing or sukuk. Currently, Islamic
finance is internationally recognised and contributes to global financial assimilation. It is then close to real
economic sector. Within the foundation of profit and loss sharing, Islamic finance is capable to minimise the
severity and frequency of financial crises (Ahmed, 2010, Chazi and Syed, 2010, Hasan and Dridi, 2010).
Several previous works describing Islamic project financing were started in the late 1990s. Khan (1997)
proposed an alternative Islamic structure for project finance deals in power plant project. The structure
combined Islamic and Western financiers to participate in infrastructure projects without dealing with the
religious principle and financial interest. Wilson (1998) agreed that istisna has the same character with build
own operate transfer (BOOT) scheme, although different in term of ownership and control of the project.
Ebrahim (1999) proposed an integrated model of Islamic and western project finance, which more focuses in
synthesizing mudarabah security as a combination of murabaha facility and call option to derive profit sharing
ratio endogenously.
In the Equate Petrochemical project located in Kuwait, co-financed structures, combination of Islamic and
Western sponsors financing, was successfully implemented (Esty, 2000). This project used ijara, istisna and
murabaha structures. Afterwards, there had been several more co-financed deals in infrastructure projects, such
as the Kuala Lumpur Light Rail Transit 2 project, Thuraya Space Telecommunications project, Shuaiba power
plant project, the TAG and Mersin Motorways project, and the Kuala Lumpur International Airport. However,
the number of projects which used co-financed structures is not plentiful.
Based on several infrastructure projects that incorporate Islamic project finance innovation, Camacho
(2005) concluded that some innovative way to earn capital in infrastructure projects are combining Islamic and
Western financing, creating new structures of financing or finding other methods to mitigate risks. Camacho
also stated that there were institutional problems which can increase financial cost. Therefore the scheme of
using adl (trustee), a uniform Islamic finance body and accounting practices should be well established.
Principally, government guarantee is less needed when profit sharing is high. However, it can increase
creditworthiness and raise debt capacity of the project (Hassan and Soumaré, 2006). Therefore government
guarantee is still needed in infrastructure projects.
Alexander (2011) explicates potential sources of problem when projects with Islamic scheme attempt to
suit Western financing. First, the lack of cohesive regulatory body, in this context is the shariah boards. There is
uncertainty regarding shariah boards’ decision which somehow unpredictable and subjective. Although the
board will consider similar transactions, but there is no guarantee the decision will be the same. This happens
because a fatwa is only valid for one specific case. Therefore shariah boards also hold the most significant
decision in project endorsement. Second, the requirement in shariah compliant that lender should bear the
project risk which may cause risk enhancement from Western lenders perspective.
Shariah board examines investment structure and documentation to ensure that every transaction
acknowledge the cultural, moral, ethical and religious principles (McMillen, 2001). Shariah board will make
decision whether the project can be implemented based on the fiqh, shariah principle and the duration of
financing. The shariah principle is also determined based on fiqh. Usually, Islamic financing is utilised in short
term or medium term of finance. Therefore shariah board should also understand and analyse infrastructure
project condition in term of financial duration.
 In principle, Islamic financing can be implemented for infrastructure projects. However the implementation
can encounter some obstacles. In the Indonesian context, there should be a framework to implement Islamic
project financing in infrastructure.

4. Research methodology
To achieve the implementation of Islamic project financing in Indonesia infrastructure projects, this research
uses qualitative approach that explores, emphasises meanings and experiences, and describes social and human
problem (Naoum, 2007, Creswell, 2009). It is also considered as descriptive research because reasonable
knowledge has been achieved, however more detail information is still needed to be addressed (Cavana, et al.,
2001). Therefore, structured interviews, focus groups and questionnaires are more likely to be used in this
research.
However, in this research, focus group is replaced with Delphi method as a whole structure research
method. Delphi is chosen because participant can make contribution from anywhere and anytime even via
electronic communication (Steurer, 2011). In addition to that, Delphi was used to maintain anonymity and
limited contact amongst research participants. Therefore they can freely response their opinions, beliefs and
judgements without other participant influences (Rowe and Wright, 1999, Skulmoski, et al., 2007, Steurer,
2011), and avoid direct confrontation (Okoli and Pawlowski, 2004). Anonymity can protect participants from
disgrace if they have opposite opinions (Steurer, 2011).
Delphi is used to combine expert knowledge and opinion (Singh and Schmidgall, 2000) to achieve
consensus when dealing with uncertainty in an area of inadequate knowledge (Paliwoda, 1983). Delphi method
in this research aims to develop framework implementation of Islamic project financing in infrastructure
projects. This research chose Delphi as the methodology because firstly, the problem is complex and has no
adequate communication history. Secondly, the panels are from various stakeholders to keep validity assurance
in the results. Thirdly, focus group meetings are not feasible to conduct due to time and cost limitation (Linstone
and Turoff, 1975, Singh, et al., 2000). It is also suitable because the problem is multiple dimensions (Paliwoda,
1983). The research problems arise from infrastructure investment framework, project financing issue and
Islamic financing concept.
Delphi method is an iterative process that consists of several iterative rounds (usually two or three). Data
from each round are analysed and used to generate questions for the following round. The iterative round stops
when consensus is reached on factors related to the topic (Azadeh, et al., 2009). However, instead of reaching a
convergence of opinion, Delphi usually stops at the third round because the panels have begun to exhaust their
interest and not willing to do so (Baldwin-Morgan, 1993, Azadeh, et al., 2009). Additional rounds also tend to
yield redundancy and cause a significant withdrawing of returns for substantial additional effort (Azadeh, et al.,
2009). At the final round, the opinion may reflect agreement, disagreement or some of each (Pivo, 2008).
There are three rounds of Delphi method in this research. The first round started with in-depth interview
and then continued with questionnaires for the second and the third round. In-depth interview was conducted in
order to gather and to explore panel members’ knowledge and experience. It then assembled the complexity
information gathered from literature review. It drew an interpretative theoretical framework of infrastructure
projects’ key stakeholder point of view. The results of in-depth interview were used to develop Delphi
questionnaire rounds. This paper, however, only focuses on Delphi first round, which involved in-depth
interview process.
Potential members of the panel were selected from infrastructure stakeholders and Islamic financing
practitioners. They have the knowledge of infrastructure project financing and/or Islamic financing that would
classify them as experts. Both academics and practitioners are included to ensure that a wide spectrum of
viewpoints is included in the panel (Baldwin and Trinkle, 2011). It is also heterogeneous in order to identify and
explore uncertainty areas (Murphy, et al., 1998, Skulmoski, et al., 2007). The number of participants will
influence research reliability. Reliability is low when the participant less than six, while more than twelve
participants will increase the reliability (Murphy, et al., 1998).
There are three types of panellists to create a success mix (Linstone, et al., 1975). The first type is
stakeholders who are or will be directly affected. The second type is experts who have an applicable specialty or
relevant experience. The third type is the facilitators who have skills in clarifying, organizing, synthesizing or
stimulating of the concept. During the Delphi first round, the panels were gathered from infrastructure project
stakeholders, the shariah national board members, and academics. The infrastructure project stakeholders
consist of people who work for guarantee fund company, risk management unit at the Ministry of Finance
(MOF), shariah debt management office at MOF, Coordinating Ministry of Economic Affair (CMEA) as part of
KKPPI institution, Islamic bank, government contracting agency, infrastructure special purpose company, and
public private partnership consultant. The panels were recruited by invitation and snowball technique.

5. Islamic project financing in Indonesia infrastructure project

The implementation of Islamic project financing might hamper by some barriers. Some barriers which mentions
by the Delphi panels relate to: cost of fund; Islamic finance institution capability; government policy and
regulation; government support and commitment; infrastructure and Islamic finance business conflicts; profit
oriented mindset; understanding of Islamic project financing knowledge in infrastructure; and project readiness
(Rarasati, et al., 2012). However, this paper focuses more on government policy and regulation discussion. The
result from interview then is compared with the current regulation and government policies in Islamic financing
and infrastructure investment.
There are seven panel members mentioned about government policy and regulation. All contexts are
referring to Islamic financing, sukuk, Islamic banking and infrastructure financing. Three panel members
referred to the existence and regulatory readiness. Two members stated that regulations in Islamic financing are
limited or not solid enough. Two members mentioned that all regulations regarding Islamic financing have to be
harmonised with fatwa. One member suggested that mismatch fund maturity between Islamic finance and
infrastructure need should be protected by regulation. Details on panels’ expressions of regulation are presented
in Table 2.

Table 2. Summary of interview result on government policy and regulation

Phrase Context Panel members Category
Regulatory readiness Islamic financing Guarantee company
Regulations are not solid enough Project based sukuk for PPP project Debt Management Office1
Harmonisation in regulation Project based sukuk Debt Management Office2
Minimum/limited regulation Islamic financing CMEA1
Regulation in Islamic finance only State sukuk CMEA2
State sukuk
Harmonisation in fatwa and Islamic financing Shariah National Board
government regulation
Existence and readiness of Islamic financing in infrastructure Government Contracting Agency
regulation in shariah financing for
infrastructure
Existence of legal and regulations Islamic banking Special Purpose Company
Regulation should protect Infrastructure financing Academic
mismatch fund maturity

Government is responsible for public infrastructures provision, on the other hand infrastructure project
development can be initially triggered by private sector. Recently, Indonesia government has broadened public
infrastructure delivery by the provision of supporting policies and regulations. In the case of Islamic project
financing, several laws, government regulations, and ministry regulations have been issued to support Islamic
financing and infrastructure investment as summarised on Table 3.
Although infrastructure regulations do not specifically mention shariah investment, Indonesian law through
sukuk and Islamic banking can reinforce investment with shariah principle. Additionally, Government
Regulation No. 56, 2011 allows infrastructure projects to be funded with sukuk, which complements the
possibility of Islamic finance to penetrate the market. However the government regulation is not yet applicable
for infrastructure investment with project financing scheme, it is applicable to infrastructure projects within
government budget only.
Table 3. Law, regulation and policy on Islamic financing and infrastructure investment
Islamic Financing Infrastructure Investment
Law  Law No. 19/2008 on Islamic  Law No. 7/2004 on Water
state securities/state sukuk resources
 Law No. 21/2008 on Islamic  Law No. 38/2004 on Road
banking  Law No. 23/2007 on Railway
 Law No. 17/2008 on Sea
transportation
 Law No. 1/2009 on Air
transportation
 Law No. 30/2009 on Electricity
Government regulation (GR)  GR No. 56/2011 on Project  GR No. 8/2007 on Government
budgeting with state sukuk investment
 Presidential Regulation (PR) No.
13/2010 on Amendments of PR
no. 67/2005 on Public private
partnership for infrastructure
provision
Ministry regulation Ministry of Finance (MOF) MOF Regulation:
Regulation:  No. 38/PMK.01/2006 on Risk
 No. 129/PMK.08/2011 on control and management
Project utilisation for state sukuk guideline for infrastructure
 No. 100/PMK.010/2009 on
Infrastructure finance enterprise
Other supportive regulation or Head of Regulatory body of capital
policy market and financial institution
(Bapepam LK) Regulation:
 No. PER-03/BL/2007 on
Financial enterprise activities
based on Islamic principles
 No. PER-04/BL/2007 on
Financial enterprise aqd
transactions based on Islamic
principles

The Head of Regulatory Body of Capital Market and Financial Institution (Bapepam LK) regulations
support infrastructure investment in shariah scheme within permissible activities. Through those regulations,
infrastructure financial enterprise can legally has shariah investment transactions, such as mudarabah mutlaqah
(unrestricted investment), mudarabah muqayyada (restricted investment), mudarabah musytaraka, musyaraka
or any other financing investment. Those regulations also mention the objects of each type of shariah
transactions, the right and obligations of each stakeholder.
In the water infrastructure sector, although private involvement is considered new, the investment
opportunity is huge. The government opens the water sector financial source of fund as mention in the Law No
17 Year 2004 about Water Resources. The infrastructure investment can be sourced from private sectors, non-
bank institution, even from community participation. Therefore Islamic financing is applicable in water
infrastructure development projects. The water sector contracting agency does not have an obligation to buy the
clean water. However, there is an assurance that the communities or industries surrounded by the water services
will obtain their water supply from the water supply company. Regarding the capital expenditures, water supply
infrastructure does not require a very massive amount of fund, contrasting with other sectors such as power
plant or toll road. Hence, it is at ease for shariah financing mode to step in to the water supply sector.
Other aspect that can support Islamic finance scheme in infrastructure is the settlement of regulations in
Islamic banking or Islamic finance instruments. It was started by enacting Law No. 19 Year 2008 in Islamic
state securities (Sukuk) and Law No. 21 Year 2008 in Islamic banking, followed with other supportive
regulations such as government regulation, ministry decree and regulation, and general director decree. The
establishment of regulations in Islamic finance shows government support and seriousness in Islamic investment
opportunity. The Indonesian Government also open investment in infrastructure projects through project-based
sukuk, although the project is based on government budget funding (APBN). Therefore it provides another
opportunity for Islamic scheme in financing infrastructure within private investment.

6. Summary
Several public infrastructure sectors, such as water, energy and road, concern to assort Islamic financing
scheme. This paper shows the possibilities of Islamic project financing implementation for infrastructure
development projects through the issuance of government policies and regulations. Although there are already
some regulations relate to the shariah finance, none of them relate to infrastructure project financing. The
regulations in infrastructure provision itself also not correlated to Islamic financing. For example, Law No. 19
Year 2008 only covers Islamic financing within obligation instrument, while other Islamic financial instruments
such as murabaha, mudarabah, musyaraka or ijarah are not concealed with the law. Meanwhile Law No. 21
Year 2008 only regulates banking sector activities, while in Islamic project financing, banking is not the only
institution of financing. There are other financial institutions in infrastructure project financing such as
multilateral agencies and guarantee agency. The same circumstance also happens in infrastructure regulation. It
never converges with project financing nor Islamic financing. Most of infrastructure regulations focus in sectors
development or institutional role. Therefore it is needed to improve law and regulation regarding infrastructure
project financing. These laws and regulations will bridge the gap and overarching infrastructure business and
Islamic finance investment.

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