JAKARTA: Government will issue its project-based sharia bond (sukuk) worth IDR20.9 trillion after the House of Representatives approves the 2011 State Budget Revision.Such sukuk issuance will use 1,606 ministry/institution projects (K/L) as underlying asset, Sharia Financing Director Dahlan Siamat said.Currently, the continuation of bond issuance is still waiting for approval from the House of Representatives."The project-based sukuk will be issued after the State Budget Revision is approved, he told Bisnis, Tuesday night.However, the government has prepared a list of K/L projects which are already inserted into the State Budget Revision worth IDR20.9 trillion as underlying asset.Earlier, Director General of Debt Management Rahmat Waluyanto said that there are 1,606 projects of Transport Ministry and Public Work Ministry worth IDR20.9 trillion, which will be used as underlying asset for government bond issuance.Such projects are road construction as much as 40%, leased housing or flats 15%, crossing or port facilities 16%, and expansion of airport capacity 5.6%.According to Dahlan, the government will use new structure of asset to be leased Ijara in such issuance, which is already obtained sharia opinions (fatwa) from the National Sharia Board of Indonesian Council of Ulama.There is no problem from the aspect of sharia suitability and its ready to be executed, yet, the government is still considering the market absorption for such issuance.It doesnt mean that the whole IDR20.9 trillion will be used for this years sukuk issuance."Assets to be leased Ijara is a lease agreement with the object of predetermined Ijara specifications and part of the objects are already exist when the agreement is conducted.Yet, the overall delivery period of Ijara object will be conducted according to agreement.The investors seemed to lease the projects that are already underway in both ministries to the government with such agreement and the government pays the coupon paid to investor or purchaser of project bond in accordance with the agreed period as leased money. (msw/t06)

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