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State Sukuk Issuance to Be a Routine

This is the first time that the system is applied.

Selasa, 6 Oktober 2009, 11:48 Heri Susanto, Agus Dwi Darmawan
 
  (Andika Wahyu)

VIVAnews - The Department of Finance will routinely issue state sukuk for financing the 2009 State Budget starting this month. The issuance will utilize underlying assets belonging to the government as collateral.

Director General of State Treasury Herry Purnomo said although state assets will be put as collateral, the public should not be anxious about it.

"It is not a security," he said on Tuesday, October 6.

In addition, the utilization of the underlying assets has gained the approval from the House of Representatives and the National Sharia Council of Indonesian Clerics Association.

He cited the main weaponry system, disputed state assets, historical assets as well as those containing state symbols cannot be put as underlying assets.

This is the first time that the system is applied.

"As of 2008 the issuance of Ijarah fixed rate (IFR) sukuk, retail sukuk, global sukuk, and Indonesia hajj pilgrimage sukuk are deemed successful. They total to Rp 20 trillion," he said.

"The issuance, which will be carried out through auction, will be a routine in order to liquefy State Budget financing through sukuk market," he claimed.

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Translated by: Bonardo Maulana Wahono


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