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Islamic Project Financing in Indonesian Infrastructure Development

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Islamic Project Financing in Indonesian Infrastructure Development ISLAMIC PROJECT FINANCING IN INDONESIAN INFRASTRUCTURE DEVELOPMENT Ayomi Dita Rarasati ST (Civil Engineering), MT (Project Management) Submitted in fulfilment of the requirements for the degree of Doctor of Philosophy Science and Engineering Faculty Queensland University of Technology September 2014 Keywords Case study, Indonesia, infrastructure project, Islamic financing, Islamic project financing, project financing, Delphi method. ISLAMIC PROJECT FINANCING IN INDONESIAN INFRASTRUCTURE DEVELOPMENT i Abstract Project financing has been implemented globally in infrastructure financing for at least half a century. However in Indonesia, the concept of project financing in infrastructure projects is still developing. As the adoption of project financing in Indonesia is gaining momentum, there is a concurrent need for innovation in project financing schemes in order to accelerate infrastructure development. One area of recent innovation is the use of Islamic finance or shariah-compliant financing. Research to date on Islamic project financing in infrastructure has been conducted predominantly in Islamic countries and developed countries and the research shows that it has many benefits. This research focuses on Indonesia which is a non-Islamic developing country. It is reasonable to expect that Islamic project financing may also be a suitable option of the financing alternatives in Indonesian infrastructure development. This research aims to identify the conditions necessary for the implementation of Islamic project financing in Indonesian infrastructure projects. In order to achieve this aim, the following research questions are raised: • First, what are the current practices of Islamic financing implementation in Indonesian infrastructure projects? • Second, what understanding do Indonesian infrastructure project stakeholders have of Islamic project financing? • Third, what are the possible barriers that can hinder the implementation of Islamic project financing in Indonesian infrastructure projects? A case study of four infrastructure projects in Indonesia that have utilised an Islamic financing mechanism is conducted in order to answer the first research question. Personnel involved with the projects are interviewed and evidential data from archival records and official documents are collected. A Delphi study is conducted in order to answer the second and third research questions. In this method, interviews and questionnaires are used to gather the views and opinions of an expert panel. ISLAMIC PROJECT FINANCING IN INDONESIAN INFRASTRUCTURE DEVELOPMENT iii The results of the case study and Delphi study reveal insights into the areas under investigation, namely, the current practices in Islamic financing implementation in Indonesian infrastructure projects, the level of understanding of Islamic project financing among infrastructure project stakeholders, and barriers that could influence the implementation of Islamic project financing in Indonesian infrastructure projects. This research helps to reduce the gap in knowledge on Islamic project financing in the context of a developing country’s infrastructure. It offers a practical contribution to infrastructure business stakeholders who may consider the option of Islamic project financing. Reforms through which the Government of Indonesia could more directly support the implementation of Islamic financing in infrastructure projects are also identified. Future research directions that could further supplement the knowledge in this field are recommended. By addressing the gap in knowledge and proposing a conceptual model, it is expected that the results of the study will facilitate greater access to Islamic finance resources for infrastructure project financing in Indonesia. iv Table of Contents Keywords ...................................................................................................................... i Abstract ....................................................................................................................... iii Table of Contents ......................................................................................................... v List of Figures ............................................................................................................. ix List of Tables .............................................................................................................. xi List of Abbreviations ................................................................................................ xiii Definition of Terms .................................................................................................... xv Statement of Original Authorship ............................................................................ xvii Acknowledgements ................................................................................................... xix CHAPTER 1: INTRODUCTION ............................................................................. 1 1.1. Research Background ........................................................................................... 1 1.2. Research Rationale ................................................................................................ 4 1.3. Research Aim and Objectives ............................................................................... 5 1.4. Research Scope ..................................................................................................... 5 1.5. Thesis Outline ....................................................................................................... 5 CHAPTER 2: AN OVERVIEW OF ISLAMIC PROJECT FINANCING IN INFRASTRUCTURE PROJECTS .......................................................................... 7 2.1. Introduction ........................................................................................................... 7 2.2. Infrastructure Financing ........................................................................................ 7 2.3. Shariah-Compliant Financing ............................................................................. 17 2.4. Islamic Project Financing in Infrastructure ......................................................... 22 2.5. Summary ............................................................................................................. 25 CHAPTER 3: RESEARCH DESIGN .................................................................... 29 3.1. Introduction ......................................................................................................... 29 3.2. Research Problem ............................................................................................... 29 3.3. Overview of Selected Research Methods ........................................................... 30 3.4. Details of Chosen Research Methods ................................................................. 32 3.4.1 Case study .................................................................................................... 32 3.4.2 Delphi method .............................................................................................. 33 3.5. Summary ............................................................................................................. 34 ISLAMIC PROJECT FINANCING IN INDONESIAN INFRASTRUCTURE DEVELOPMENT v CHAPTER 4: CASE STUDY RESULTS .............................................................. 37 4.1. Introduction ......................................................................................................... 37 4.2. Case Study Procedure ......................................................................................... 37 4.3. Case Study 1 – Mini Hydro A Project ................................................................ 39 4.4. Case Study 2 – Mini Hydro B Project ................................................................. 43 4.5. Case Study 3 – Mini Hydro C Project ................................................................. 46 4.6. Case Study 4 – Belawan Port Project .................................................................. 49 4.7. Summary ............................................................................................................. 54 CHAPTER 5: DELPHI METHOD RESULTS ..................................................... 57 5.1. Introduction ......................................................................................................... 57 5.2. Delphi Method Procedure ................................................................................... 57 5.2.1 Delphi Round 1 (interview) procedure ........................................................ 57 5.2.2 Delphi Round 2 and Delphi Round 3 (questionnaire) procedure ................. 58 5.3. Panel Member Selection ..................................................................................... 59 5.4. Results of Delphi Round 1 - Interviews .............................................................. 62 5.4.1 Stakeholders’ understanding of Islamic project financing in Indonesian infrastructure ................................................................................................ 64 5.4.2 Enablers of Islamic project financing implementation in Indonesian infrastructure development .......................................................................... 65 5.4.3 Barriers to Islamic project financing implementation in Indonesian infrastructure ...............................................................................................
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