Dr. Luky Alfirman, Director of Islamic Financing, Directorate General of Budget Financing & Risk Management, Indonesian Ministry of Finance, will deliver one of summits seminal keynote addresses at the 11th sukuk summit scheduled for the 2nd-3rd of July 2019 – www.sukuksummit.com
Indonesia, the most populous Muslim country in the world, last month launched an ambitious 5-Year Islamic Economy Master Plan (2019-24), which aims to transform the country into a major producer in the global Halal industry by 2024.
One of the four key thrusts of the Master Plan is strengthening and promoting the country’s Islamic finance architecture, primarily through a separate Islamic Finance Master Plan also to improve connectivity and project bankability with the wider Halal economy.
Indonesia is also a prolific regular issuer of sovereign domestic Sukuk – Sovereign Shariah Securities, Sukuk Negara and other such issuances – to fund government budget requirements, infrastructure and to promote financial inclusion through the issuance of ultra retail Sukuk.
Jakarta is also leading the world in the issuance of sovereign Green Sukuk. In February 2019, Indonesia returned to the global Sukuk market when it raised US$2 billion through a dual tranche Global Green Sukuk and a Regular Global Sukuk.
The two Sukuk issuances comprised a US$750 million Global Green Sukuk with a tenor of 5.5 years maturing on 20 August 2024, and a US$1.25 billion Regular Global Sukuk with a tenor of 10 years maturing on 20 February 2029 respectively.
In February 2018 Indonesia issued then the world’s first sovereign Green Sukuk – a 5-year US$1.25 billion Wakalah Sukuk priced at a profit rate of 3.75 per cent per annum. “Indonesia,” stressed the Directorate General, “as the first Sovereign Global Issuer of Green Sukuk proves that it is committed to the 2016 Paris Climate Agreement and has shown promising development in its diverse environmental conservation projects and attracting foreign investors who are shifting towards sustainable corporate practices specifically towards Sharia’a-based sustainable financing.”
This would be a rare foray for a Senior Indonesian Ministry of Finance Official to address a dedicated international Islamic finance and Sukuk Summit outside South East Asia.
With the recent re-election of President Joko Widodo for a second term in office and the introduction of the Islamic Economy and Islamic Finance Master Plans, Jakarta’s Islamic finance policy, proposition and Master Plans implementation are expected to gain a new-found momentum and consolidation.
This would be a unique opportunity to meet, listen to and engage with a senior Indonesian Ministry of Finance official on the country’s ambitious Islamic economy and finance ambitions and the opportunities for both domestic and foreign players.
With all the recent developments and opportunities in the areas of London Sukuk and Fintech summit, already the foremost international Islamic finance gathering is set to be the largest to date.
If you are already active in this area and wish to rekindle old relationships or want to learn, take advantage of the opportunities and establish new business relationships in this, one of the world most lucrative and fastest growing sectors! Register today to secure your place and take advantage of the early bird discount.
Source Zawya