Himpunan Skema Sukuk 2002-2019 (1) en - Unlocked

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2019
SET OF
CORPORATE
SUKUK SCHEMES
In Indonesia
2019
1
DIRECTORATE OF ISLAMIC CAPITAL MARKET
TABLE OF CONTENTS
Table of contents 1
..................................................................................................................
Introduction .......................................................................................................... 2
Part I
Mudharabah Sukuk Scheme .................................................................................. 7
Part II
Sukuk Ijarah Scheme ............................................................................................... 39
Part III
Sukuk Wakalah Scheme .......................................................................................... 87
THE NAMING OF SUKUK SCHEMES IN THE FOLLOWING DESCRIPTION

IS NOT AN OFFICIAL NAMING BUT IS ONLY INTENDED TO FACILITATE
THE IDENTIFICATION OF SUKUK STRUCTURES.
1
INTRODUCTION
From the beginning of sukuk issuance in 2002 until December 2019, there were
232 sukuk issuances (including sukuk issuance series and Sustainable Sukuk Public
Offering) from 46 Issuers. Furthermore, of the 232 sukuk issuances, there are 77 Public
Offering Prospectuses consisting of 28 prospectuses using mudharabah contracts, 47
prospectuses using ijarah contracts, and 2 prospectuses using wakalah contracts.
This set of Sukuk Schemes for Corporations in Indonesia is a refinement of the Set
of Sukuk Schemes that was published in 2011. Based on the analysis of sukuk schemes
that have been used by the Issuer, there are 23 types of sukuk schemes consisting of 8
schemes with mudharabah contracts, 14 schemes with ijarah contracts, and 1 scheme
with wakalah contracts. The naming of these types of sukuk schemes follows the naming
used in the 2011 Sukuk Scheme Set. However, to simplify the mention of the type of
sukuk scheme, the naming of the scheme with an "asterisk (*)" is replaced with "type".
The naming of this sukuk scheme is not an official naming, it is only intended to facilitate
the identification of the type of sukuk scheme/structure used. The types of schemes that
have been used by the Issuer based on the type of contract are as follows:
I. Mudharabah agreement
a. Sukuk mudharabah scheme A: Sukuk mudharabah used for sharia financing (can be
in the form of mudharabah, musyarakah, murabahah, salam, ijarah, istishna
financing).
Issuers that have used this scheme:
1. PT Bank Syariah Mandiri (2003)
2. PT Bank Syariah Muamalat Indonesia Tbk (2008)
3. PT Bank Syariah Muamalat Indonesia Tbk (2012)
4. PT Bank BNI Syariah (2015)
5. PT Bank BRI Syariah (2016)
b. Type 1 sukuk mudharabah B scheme: sukuk mudharabah used for sharia financing
conducted by the Issuer's Sharia Business Unit (UUS).
1. PT Bank Bukopin (2003)
2. PT Bank Pembangunan Daerah Sumatera Barat (2010)
3. PT Adira Dinamika Multi Finance Tbk (2013)
4. PT Bank Internasional Indonesia Tbk (2014)
6. PT Bank Pembangunan Daerah Sumatera Barat (2015)
7. PT Bank Pembangunan Daerah Sulawesi Selatan and Sulawesi Barat (2016)
2
8. PT Bank Maybank Indonesia Tbk (2017)
10. PT Astra Sedaya Finance (2018)
11. PT Sarana Multi Infrastruktur (Persero) (2018)
12. PT Sarana Multigriya Finansial (Persero) (2019)
c. Type 2 sukuk mudharabah B scheme: sukuk mudharabah used for financing
productive assets owned by the Issuer's Sharia Business Unit in the form of
musyarakah mutanaqishah (MMQ) financing.
1. Indonesia Export Financing Agency (2018)
2. PT Bank CIMB Niaga Tbk (2018)
d. Sukuk mudharabah scheme C: Sukuk mudharabah is used to finance business
activities in the form of additional production capacity and working capital. The
distribution of profit sharing income is derived from gross profit on the Issuer's sales
contract.
1. PT Mayora Indah Tbk (2008)
2. PT Mayora Indah Tbk (2012)
3. PT Lontar Papyrus Pulp & Paper Industry (2018)
e. Sukuk mudharabah scheme D: Sukuk mudharabah used to finance business
activities in the form of construction of a subsidiary factory. The distribution of
profit sharing income comes from the subsidiary's sales contract.
1. PT Ciliandra Perkasa Tbk (2003)
f. Sukuk mudharabah scheme E: Sukuk mudharabah used to finance business activities
in the form of projects in order to increase production capacity and supporting
facilities. Profit sharing income distribution is derived from gross profit on project
revenue.
1. PT Perkebunan Nusantara VII (Persero) (2004)
g. Sukuk mudharabah scheme F: Sukuk mudharabah is used to finance business
activities in the form of ongoing and future projects. The distribution of profit
sharing income comes from the gross profit on the cooperation project in the form
of sales of construction services business.
1. PT Adhi Karya (Persero) Tbk (2007)
2. PT Adhi Karya (Persero) Tbk (2012)
h. Sukuk mudharabah scheme G: Sukuk mudharabah used to finance business
activities in the form of business development of the Issuer's business. Profit sharing
income distribution is derived from the Issuer's business activity income.
3
1. PT Indosat Tbk (2002)
2. PT Berlian Laju Tanker Tbk (2003)
II. Ijarah agreement

a. Type 1 sukuk ijarah scheme A: sukuk ijarah whose ijarah object is an existing fixed
asset owned by the Issuer with clear asset types and specifications.
1. PT Humpuss Intermoda Transportasi Tbk (2004)
2. PT Apexindo Pratama Duta Tbk (2005)
4. PT Perusahaan Listrik Negara (Persero) Tbk (2006)
8. PT Summarecon Agung Tbk (2008)
9. PT Metrodata Electronics (2008)
16. PT Sumberdaya Sewatama (2012)
17. PT Perusahaan Listrik Negara (Persero) (2013)
18. PT Summarecon Agung Tbk (2013)
22. PT Timah (Persero) Tbk (2017)
25. PT Mora Telematics Indonesia (2019)
b. Type 2 sukuk ijarah scheme A: sukuk ijarah whose ijarah object is fixed assets owned
by the Issuer, either existing or future.
1. PT CSM Corporatama (2004)
4
c. Type 3 sukuk ijarah scheme A: sukuk ijarah whose ijarah object is an existing fixed
asset owned by the Issuer or a fixed asset owned by a third party that has been
leased with clear asset types and specifications.
1. PT Mitra Adiperkasa Tbk (2009)
d. Type 4 sukuk ijarah A scheme: sukuk ijarah whose object of ijarah is a sale and
purchase agreement on the utilization of the object of ijarah.
1. PT Aneka Gas Industri (2008)
3. PT Angkasa Pura I (2016)
e. Type 1 sukuk ijarah B scheme: sukuk ijarah whose ijarah object is an existing fixed
asset owned by a third party with clear types and specifications.
1. PT Matahari Putra Prima Tbk (2004)
3. PT Matahari Putra Prima Tbk (2009)
f. Type 2 sukuk ijarah scheme B: sukuk ijarah where the object of ijarah is a service
owned by a third party.
1. PT Salim Ivomas Pratama (2009)
2. PT Pupuk Kalimantan Timur (2009)
g. Type 3 sukuk ijarah scheme B: sukuk ijarah whose object of ijarah is fixed assets
owned by an existing subsidiary with clear types and specifications.
1. PT Global Mediacom Tbk (2017)
h. Sukuk ijarah scheme C: Sukuk ijarah in which the object of ijarah is an existing fixed
asset owned by the Issuer, which is then leased to a subsidiary.
1. PT Titan Petrokimia Nusantara (2010)
i. Type 1 sukuk ijarah D scheme: sukuk ijarah whose ijarah object is an existing fixed
asset owned by the Issuer, which is then leased to a subsidiary.
1. PT Berlina Tbk (2004)
5
j. Type 2 sukuk ijarah scheme D: sukuk ijarah in which the object of ijarah is a fixed
asset to be purchased by the Issuer using the proceeds from the sukuk public
offering. Issuers that have used this scheme:
1. PT Ricky Putra Globalindo Tbk (2005)
k. Sukuk Ijarah scheme E: Sukuk Ijarah in which the object of ijarah i s the Issuer's
existing fixed assets.
1. PT Citra Sari Makmur (2004)
l. Sukuk ijarah scheme F: Sukuk ijarah whose ijarah object is fixed assets owned by an
existing subsidiary with clear types and specifications.
1. PT Sona Topas Tourism Industry Tbk (2004)
2. PT Tiga Pilar Sejahtera Food Tbk (2013)
3. PT Tiga Pilar Sejahtera Food Tbk (2016)
m. Sukuk Ijarah scheme G: Sukuk Ijarah in which the object of ijarah is fixed assets
owned by an existing subsidiary with clear types and specifications.
1. PT Bakrieland Development Tbk (2009)
n. Sukuk Ijarah Scheme H: Sukuk Ijarah where the object of ijarah i s the Issuer's
existing fixed assets with clear types and specifications.
1. PT XL Axiata Tbk (2015)
2. PT XL Axiata Tbk (2018)
III. Akad wakalah

Sukuk wakalah scheme: Sukuk wakalah scheme where the Issuer as the representative of the
investor acts to carry out investment activities through a subsidiary.
1. PT Medco Power Indonesia (2018)
2. PT Medco Power Indonesia (2019)
6
PART I
MUDHARABAH SUKUK SCHEME
7
SUKUK MUDHARABAH SCHEME A
The sukuk issuance has the following scheme:

1. The investor submits a sum of funds equal to the value of sukuk to the Issuer and the
Issuer issues sukuk mudharabah with a certain value;
2. Proceeds from sukuk issuance are used to increase earning assets that will be
channeled to Islamic financing (can be in the form of mudharabah, musyarakah,
murabahah, salam, ijarah, or istishna financing);
3. From business activities in the form of Islamic financing to customers, margin income
is obtained which is then separated and distributed in accordance with the
proportion of the source of Islamic financing funds originating from sukuk funds,
Issuer funds and third party funds;
4. Margin income derived from sukuk funds is distributed as profit sharing income to
investors and the Issuer within a predetermined period in accordance with the
agreed ratio;
5. At maturity, the Issuer repays capital to investors at the value of the sukuk at the time
of issuance.
8
Issuers that use mudharabah A scheme in sukuk issuance are:
1. Issuer Name : PT Bank Syariah Mandiri
Sukuk name : Bank Syariah Mandiri Mudharabah Syariah Bond
2003
Effective date : October 22, 2003
Exchange listing date : November 3, 2003
Information about the ratio : • The calculation period for the shared income
is that earned during a quarterly period.
• The portion (nisbah) of profit sharing for
investors is a single nisbah, which is 77.50% of
the murabaha financing margin income with a
financing portfolio equal to the sukuk funds.
Underwriter : o PT Andalan Artha Advisindo

Sekuritas
o PT Mandiri Sekuritas (affiliated)
Trustee : PT Bank Rakyat Indonesia
Legal Consultant : Warens & Achyar
Notary : Agustina Junaedi
Sukuk rating : BBB (Pefindo)
2. Issuer Name : PT Bank Syariah Muamalat Indonesia Tbk

Sukuk name : Bank Muamalat Mudharabah Subordinated
Sukuk in 2008
Effective date : June 30, 2008
Exchange listing date : July 11, 2008
Information about the ratio : • The calculation period for the shared
income is that earned during a quarterly
period.
• The portion (ratio) of profit sharing for
investors is multi ratio, which is 17.17% year
1
5th year and 28.73% 6th to 10th year from
murabaha financing margin income worth 10
(ten) times sukuk funds
9
Underwriter : o PT Andalan Artha Advisindo
Sekuritas
o PT Bahana Securities
o PT CIMB-GK Securities Indonesia
o PT Danareksa Sekuritas
Trustee : PT Bank Nasional Indonesia Tbk
Legal Consultant : Soemadipradja &Taher
Notary : Arry Soepratno
Sukuk rating : A- (Fitch Rating Indonesia)
3. Issuer Name : PT Bank Syariah Muamalat Indonesia Tbk

Sukuk name : Sustainable Mudharabah Subordinated Sukuk I
Phase I Bank Muamalat Year 2012
Information about the ratio : • The calculation period for the Accrued
Income is the Rupiah financing
portfolio income earned on a quarterly
basis.
investors is multi ratio, which is 17.12% year
1
year 5 and 34.24% year 6 to 10 of the Issuer's
Rupiah financing portfolio income which is
the Issuer's right/proportion after distribution
to third party fund holders.
Underwriter : o PT Bahana Securities
o PT Indo Premier Securities
Trustee : PT Bank Nasional Indonesia Tbk
Legal Consultant : Soemadipradja &Taher
Notary : Arry Soepratno
Sukuk rating : A sy (Pefindo)
10
4. Issuer Name : PT Bank BNI Syariah
Sukuk name : Sukuk Mudharabah Bank BNI Syariah I Year 2015
Effective date : May 15, 2015

Exchange listing date : May 27, 2015
Information about the ratio : • The period for calculating Shared Income is
that earned during a quarterly period.
investors is a single ratio, which is 15.35%
of Rupiah financing income with an
average effective yield rate of 12.05%.
Underwriter : o PT BNI Securities (affiliated)

o PT Danareksa Sekuritas (affiliated)
Trustee : PT Bank Rakyat Indonesia (Persero) Tbk
(affiliated)
Legal Consultant : Marsinih Martoatmodjo Iskandar Kusdihardjo
Notary : Nanette Cahyanie Handari Adi Warsito, SH
Sukuk rating : id AA+ sy (Pefindo)
5. Issuer Name : PT Bank BRI Syariah

Sukuk name : Sukuk Mudharabah Subordinated I Bank BRI
Syariah 2016
Effective date : November 8, 2016
Information about the ratio : • The calculation period for the shared
income is that earned during a quarterly
period.
investors is a single ratio, which is 80.2013% of
the gross revenue of the Company's portion
with an indication that
11.8452% per year.
11
Underwriter : o PT Bahana Securities (affiliated)
Trustee : PT Bank Negara Indonesia (Persero) Tbk
(affiliated)
Legal Consultant : Warens&Partners
Notary : Fathiah Helmi, S.H.
Sukuk rating : A+ idn (Fitch)
12
SUKUK MUDHARABAH B TYPE 1 SCHEME

2. Proceeds from sukuk issuance are used for business development in the form of
sharia financing conducted by the Issuer's Sharia Business Unit (UUS);
3. From business activities in the form of murabaha financing to customers, margin
income is obtained which is then separated and distributed in accordance with the
proportion of the source of murabaha financing funds originating from sukuk funds,
Issuer funds and third party funds;
4. Margin income derived from sukuk funds is distributed as profit sharing income to
investors and the Issuer within a predetermined period in accordance with the
agreed ratio;
of issuance.
13
Issuers that use mudharabah B type 1 scheme in sukuk issuance are:
1. Issuer Name : PT Bank Bukopin
Sukuk name : Bank Bukopin Mudharabah Syariah Bonds 2003

investors is multi ratio, which is 38.58% of the
income margin portfolio murabaha
financing and 52.88% of the Company's
paymet point activity fees (specifically for the
first year).
Underwriter : PT Andalan Artha Advisindo Sekuritas

Trustee : PT Bank Mandiri Tbk
Legal Consultant : Jusuf Indradewa & Partners
Notary : Mrs. Poerbaningsih Adi Warsito
Sukuk rating : BBB+ (Pefindo)
2. Issuer Name : PT Bank Pembangunan Daerah Sumatera Barat

Sukuk name : Sukuk Mudharabah I Bank Nagari Year 2010
Effective date : December 31, 2010
Exchange listing date : January 14, 2011
Information about the ratio : • The calculation period for the income earned
is one quarterly with an average effective
margin rate at the time of the initial offering
of 15% per annum.
murabaha financing margin income with a
financing portfolio of 2 (two) times
sukuk funds.
14
Underwriter : o PT Trimegah Securities Tbk
o PT Andalan Artha Advisindo
Sekuritas
Legal Consultant : Hendra, Darwin and Partners
Sukuk rating : A (Pefindo)
3. Issuer Name : PT Adira Dinamika Multi Finance Tbk

Sukuk name : PUB Sukuk Mudharabah Berkelanjutan I Adira
Finance Phase I Year 2013
Effective date : February 21, 2013
Exchange listing date : March 4, 2013
Information about the ratio : • The calculation period for the income
generated is obtained during one quarterly
period with a margin rate on murabaha
financing of not less than 12% for each profit
sharing calculation period.
investors, viz:
- Series A: 57.083% with an indicated profit
sharing of 6.85% equivalent.
- Series B: 60.833% with an indicated profit
sharing equivalent to 7.30%
- Series C: 65.417% with an indicated profit
sharing of 7.85% equivalent.
Underwriter : o PT Danareksa Sekuritas
o PT HSBC Securities Indonesia
o PT Standard Chartered Securities Indonesia
Trustee : PT Bank Negara lndonesia Tbk
Legal Consultant : Thamrin & Rachman
Notary : Fathiah Helmi
15
Sukuk rating : AA+ sy (Pefindo)
4. Issuer Name : PT Bank Internasional Indonesia Tbk
Sukuk name : PUB Sukuk Mudharabah Berkelanjutan I Bank
BII Phase I Year 2014
Information about the ratio : • The period of calculation of the Revenue
Generated is obtained during one quarterly
period with an average effective yield rate of
Rupiah financing of 8.24% per annum.
the Revenue Generated.
Underwriter : o PT HSBC Securities Indonesia

o PT Maybank Kim Eng Securities
o PT Mandiri Sekuritas
Legal Consultant : Meli Darsa
Sukuk rating : id AAA sy (Pefindo)
AAA (idn) sy (Fitch Ratings)

Sukuk name : PUB Sukuk Mudharabah Berkelanjutan II Adira
16
Information about the ratio : • The calculation period for the income
generated is obtained during one quarterly
period with a margin rate on murabaha
financing of not less than 12% for each profit
sharing calculation period.

investors, viz:
- Series A: 72.917% of Shared Income with an
indicative profit sharing of 8.75% equivalent
per annum.
indicated profit sharing of 9.5% equivalent
per annum.
o PT DBS Vickers Sekuritas (affiliated)
Trustee : PT Bank Negara Indonesia Tbk
6. Issuer Name : PT Bank Pembangunan Daerah Sumatera Barat

Sukuk name : Sukuk Mudharabah II Bank Nagari Year 2015
Information about the ratio : • The calculation period for the revenue shared is
that earned during a quarterly period with an
indication of profit sharing equivalent to 10.99%
per annum.
the murabaha financing margin income with a
financing portfolio of 2 (two) times the sukuk
funds.
17
Underwriter : o PT Mandiri Sekuritas
Trustee : PT Bank Rakyat Indonesia Tbk
Legal Consultant : Marsinih, Martoadmodjo, Iskandar & Kusdiharjo
Notary : Nanette Cahyanie Handari Adi Warsito
Sukuk rating : id A sy (Pefindo)
7. Issuer Name : PT Bank Pembangunan Daerah Sulawesi Selatan

and Sulawesi Barat
Sukuk name : Sukuk Mudharabah II Bank Sulselbar Year 2016

Information about the ratio : • The calculation period for the income shared
is that earned during one quarterly period
with an indicative profit sharing of 9.35%
equivalent per annum.
investors is a single ratio, which is
Rp93,500,000 for every Rp1,000,000,000.
Legal Consultant : Wecolaw Office
Sukuk rating : id A+ sy (Pefindo)
8. Issuer Name : PT Bank Maybank Indonesia Tbk

Sukuk name : Sukuk Mudharabah Berkelanjutan II Bank
Maybank Indonesia Phase I Year 2017
18
Information about the ratio : • The calculation period of the shared income is
that earned during one quarterly period with
an indicative profit sharing of 9.09%

receivables-based Islamic financing income.
Underwriter : o PT Bahana Sekuritas
Legal Consultant : Meli Darsa & Co.
Notary : Aryanti Artisari S.H, M.Kn

Sukuk name : PUB Sukuk Mudharabah Berkelanjutan III Adira
Exchange listing date : December 13, 2017
Information about the ratio : • The period of calculation of Shared Income is
that earned during a quarterly period.
investors, viz:
- Series A: 51.25% of the Aggregated Revenue
with an indicated profit sharing of 6.15%
equivalent.
indicated profit sharing of 7.45%
equivalent.
indicated profit sharing of 7.55%
equivalent.
19
Underwriter : o PT DBS Vickers Sekuritas Indonesia (affiliated)
o PT Indo Premier Sekuritas
o PT RHB Sekuritas Indonesia
o PT Trimegah Sekuritas Indonesia Tbk

Legal Consultant : Thamrin & Rachman Law Firm
10. Issuer Name : PT Astra Sedaya Finance

Sukuk name : PUB Sukuk Mudharabah Berkelanjutan I Astra
Sedaya Finance Phase I Year 2018
20
Information about the ratio : • The calculation period of the income shared is
the profit sharing income based on 3 (three)
periods of monthly financial position
(unaudited).
investors, viz:
- Series A: 53.25% of the Aggregated Revenue
with an indicated profit sharing of 6.10% per
annum equivalent.
- Series B: 65.68% of the Aggregated Revenue
with an indicated profit sharing of 7.50%
• A change in the investor's ratio can be made
if:
- The profit sharing income received by
investors of each series A and B has
decreased by equal to or more than 11.3%
compared to the equivalent rate of the
Offered Profit Sharing Income; or
- The profit sharing income received by
investors in series A and B has increased by
equal to or more than 11.6% compared to
the equivalent rate of the Offered Profit
Sharing Income.
Underwriter : o PT BCA Sekuritas
o PT BNI Sekuritas
o PT CGS-CIMB Sekuritas Indonesia
o PT DBS Vickers Sekuritas Indonesia


Legal Consultant : HKGM & Partners
Notary : Mina Ng, S.H., M.Kn.
11. Issuer Name : PT Sarana Multi Infrastruktur (Persero)
21
Sukuk name : Sukuk Mudharabah Berkelanjutan I Sarana
Multi Infrastruktur Phase I Year 2018
Information about the ratio : • The calculation period for the income shared
is the profit sharing income based on the
quarterly financial statements (unaudited).
• Revenue Generated represents the
Company's revenue derived from sharia
financing through the Company's Sharia
Business Unit, sharia investment and
consulting and project preparation services
activities, the amount of which is included in
each financial position of the Company.
investors, viz:
indicated profit sharing of 7.55% equivalent
per annum.
- Series B: 6.96% of Shared Income with an
indicated profit sharing of 7.80% per annum
equivalent.
Underwriter : o PT CGS-CIMB Sekuritas Indonesia

o PT Maybank Kim Eng Sekuritas
Trustee : PT Bank Mandiri (Persero) Tbk (affiliated)

Legal Consultant : Soemarjono, Herman & Partners
(Partner: Soemarjono Soemarsono, S.H)
Notary : Nanette Cahyanie Handari Adi Warsito, S.H.
12. Issuer Name : PT Sarana Multigriya Finansial (Persero)

Sukuk name : Sukuk Mudharabah Berkelanjutan I Sarana
Multigriya Finansial Phase I Year 2019
22
Information about the ratio : • The calculation period for the income that is
shared is the income earned during one
quarter.
• Collected Income represents the Company's
income from sharia financing through the
Company's Sharia Business Unit.
• The ratio is 90.2% of the Revenue Generated
with an indication of profit sharing equivalent
to 7.5% per annum.
Underwriter : o PT Bahana Sekuritas (affiliated)

Trustee : PT Bank Mandiri (Persero) Tbk (affiliated)

Legal Consultant : HKGM and Partners
Notary : Emi Susilowati, S.H.
23
SUKUK MUDHARABAH B TYPE 2 SCHEME

2. Proceeds from sukuk issuance are used to finance productive assets owned by the
Issuer's Sharia Business Unit in the form of musyarakah mutanaqishah (MMQ)
financing;
3. Based on the financing, MMQ financing income is earned. The distribution of
financing income is shared in accordance with the respective profit sharing ratio
between the Issuer and the investor;
4. At the maturity date of the sukuk, the Issuer repays the capital to investors at the
value of the sukuk.
24
Issuers that use mudharabah B type 2 scheme in sukuk issuance are:
1. Issuer Name : Indonesia Export Financing Agency
Sukuk name : Indonesia Eximbank Sustainable Mudharabah
Sukuk I Year 2018
Exchange listing date : June 7, 2018
Information about the ratio : • The calculation period for the income that is
shared is the income earned during a
quarterly period from business activities.
investors, viz:
- Series A: 16.18% of the Company's revenue
earned during 1 quarter of its business
activities, with an indicative profit sharing of
6.15% per annum equivalent.
- Series B: 19.74% of the Company's revenue
earned during 1 quarter from its business
activities, with an indicated profit sharing of
7.50% equivalent per annum.

Trustee : PT Bank Mandiri (Persero) Tbk

Legal Consultant : Warens & Partners
2. Issuer Name : PT Bank CIMB Niaga Tbk

Sukuk name : Sukuk Mudharabah Berkelanjutan I Bank CIMB
Niaga Phase I Year 2018
25
Information about the ratio : • The calculation period of the income shared is
the profit sharing income based on the
quarterly financial statements (unaudited).
• Shareable Income represents the Company's
income derived from profit sharing of
financing, the amount of which is included in
each financial position of the Company which
is paid every 1 (one) quarter.
investors, viz:
indicative profit sharing of 8.35% per annum
equivalent.
- Series B: 23.13% of Shared Income with an
indicative profit sharing of 9.25% per annum
equivalent.
Underwriter : o PT CGS-CIMB Sekuritas Indonesia (affiliated)

o PT Sucor Sekuritas
Trustee : PT Bank Permata Tbk
Legal Consultant : Widyawan & Partners
Notary : Ashoya Ratam, SH, MKn
26
SUKUK MUDHARABAH C SCHEME

2. The proceeds from the sukuk issuance are used by the Issuer to increase production
capacity and working capital;
3. From the Issuer's business activities (production), income is obtained which is then
distributed as profit sharing income;
4. The distribution of revenue shared between investors and the Issuer is derived from
the gross profit on the value of sales contracts in a calculation period minus the cost
of goods sold obtained in that period, in accordance with the agreed ratio;
of issuance.
27
Issuers that use mudharabah C scheme in sukuk issuance are:
1. Issuer Name : PT Mayora Indah Tbk
Sukuk name : Mayora Indah Sukuk Mudharabah I Year 2008
Information about the ratio : • The portion (ratio) of profit sharing for
gross profit (contract sales value in one
calculation period minus the cost of goods
sold in that period);
• The Company shall maintain a gross profit of
not less than 20% of the value of the sales
contract. If the gross profit exceeds this
percentage, the Company will be entitled to
the excess percentage of gross profit.
Underwriter : PT Danareksa Sekuritas

Legal Consultant : LOU & Partners
Sukuk rating : A+ (Pefindo)
2. Issuer Name : PT Mayora Indah Tbk

Sukuk name : Mayora Indah Sukuk Mudharabah II Year 2012
Information about the ratio : • Basis of Billed Income is the amount of gross
profit generated by the Company from the
contract with PT Inbisco Niagatama Semesta
in each calculation period (unaudited
quarterly financial statements).
the Revenue Generated.
28
• The Company is obliged to maintain the
amount of gross profit not less than 15% of
the value of the sales contract. However, if
the gross profit exceeds 15%, then the excess
value will become the Company's right.
Trustee : PT Bank CIMB Niaga Tbk
Legal Consultant : LOU & Partners
Sukuk rating : AA- sy (Pefindo)
3. Issuer Name : PT Lontar Papyrus Pulp & Paper Industry

Sukuk name : Sukuk Mudharabah Lontar Papyrus Pulp &
Paper Industry I Year 2018
Effective date : September 28, 2018
Exchange listing date : October 11, 2018
Information about the ratio : • The Basis of Billed Income is the amount of
gross profit generated from the sale of pulp to
PT Cakrawala Mega Indah in accordance with
the sales contract.
investors, viz:
- Series A: 15.0% of Shared Income, with an
indicative equalized profit sharing of 10%
per annum.
- Series B: 16.5% of the Revenue Generated,
with an indicated profit sharing equivalent of
11% per annum.
Underwriter : PT Sinarmas Sekuritas

Trustee : PT Bank Bukopin Tbk
Legal Consultant : LasutLay & Pane
Notary : Aulia Taufani, SH.
29
SUKUK MUDHARABAH D SCHEME

2. The proceeds from the sukuk issuance are used by the Issuer for the construction of
the subsidiary's factory;
3. The business activities of the subsidiary will increase the company's income, which is
then distributed as profit sharing income;
4. The distribution of income generated for investors and the Issuer is derived from the
contract sales value of the subsidiary's business in a predetermined period in
accordance with the agreed ratio which is based / refers to the contract sales value
of the assets used as underlying in the sukuk issuance;
of issuance.
30
Issuers that use mudharabah D scheme in sukuk issuance are:
1. Issuer Name : PT Ciliandra Perkasa Tbk
Sukuk name : Ciliandra Perkasa Mudharabah Syariah Bond
2003
the contract sales value in one calculation
period (quarter) of business activities by
subsidiaries.
• Shared Income is not direct income of the
company, but income from subsidiaries
Underwriter : PT Indo Premier Securities

Trustee : PT Bank Niaga Tbk
Legal Consultant : SGS Consulting
Notary : Pahala Sutrisno Amijoyo Tampubolon
Sukuk rating : BBB (Pefindo)
31
SUKUK MUDHARABAH E SCHEME

1. The investor submits a sum of funds equal to the value of sukuk to the Issuer and
the Issuer issues sukuk mudharabah with a certain value;
2. The proceeds from the sukuk issuance are used by the Issuer to increase production
capacity and supporting facilities;
3. From the Issuer's business activities (production), income is earned which is then
distributed as profit sharing income;
4. The distribution of income shared between investors and the Issuer is derived from
the gross profit of the Issuer's revenue in a calculation period minus the cost of
goods sold in that period in accordance with the agreed ratio;
5. At maturity, the Issuer repays capital to investors at the value of the sukuk at the
time of issuance.
32
Issuers that use the mudharabah E scheme in sukuk issuance are:
1. Issuer Name : PT Perkebunan Nusantara VII (Persero)
Sukuk name : PTPN VII Mudharabah Syariah Bonds Year 2004
Effective date : March 18, 2004

Information about the ratio : • The portion (nisbah) of profit sharing for
investors is multi nisbah (decreasing), namely
2.64% and 3.61% in the first year to 2.01% and
2.97% in the fifth year of commodity sales
revenue minus costs;
• The calculation and percentage of profit
sharing ratio is based on the sales revenue of
commodities used as underlying in the sukuk
issuance.
o PT Andalan Artha Advisindo
Sekuritas
Legal Consultant : Hanafiah Ponggawa Bangun
Notary : Imas Fatimah
33
SUKUK MUDHARABAH F SCHEME

2. The proceeds from the sukuk issuance are used by the Issuer for working capital,
namely for the completion of ongoing and future projects;
3. From the Issuer's business activities, income is earned which is then distributed as
profit sharing income;
4. The distribution of income to investors and the Issuer is derived from the gross profit
from the cooperation project on the sale of construction services business from one
or more projects (ongoing and future projects) in one calculation period minus the
costs in that period in accordance with the agreed ratio;
of issuance.
34
Issuers that use the mudharabah F scheme in sukuk issuance are:
1. Issuer Name : PT Adhi Karya (Persero) Tbk
Sukuk name : Sukuk Mudharabah I Adhi Year 2007
the gross profit of the project revenue of the
construction service business sales
cooperation on one or more projects (projects
that are being and will be worked on) which
are used as the basis for calculating profit
sharing;
• The calculation and percentage of the profit
sharing ratio is based on the income of the
project that is used as the underlying asset in
the sukuk issuance.
Underwriter : PT Mandiri Sekuritas (affiliated)
Trustee : PT Bank Mega Tbk
Legal Consultant : Priyadi & Co.
Sukuk rating : A- (Pefindo)
2. Issuer Name : PT Adhi Karya (Persero) Tbk

Sukuk name : Sukuk Subordinated Mudharabah Berkelanjutan I
Adhi Phase I Year 2012
the gross profit after the cooperation project
on the sale of construction services business
which is used as the basis for calculating profit
sharing;
35
• If the projects provide gross profit after
cooperation projects more than
Rp4,000,000,000, then the investor gives the
excess to the Company.
o PT OSK Nusadana Securities Indonesia
Sukuk rating : A sy (Pefindo)
36
SUKUK MUDHARABAH G SCHEME

2. The proceeds from the sukuk issuance are used by the Issuer for the development of
the Issuer's business;
3. From the Issuer's business activities, income is earned which is then distributed as
profit sharing income;
4. The distribution of revenue shared between investors and the Issuer is derived from
the income of the Issuer's business activities obtained in a predetermined period in
accordance with the agreed ratio. The calculation and percentage of the profit
sharing ratio is based on the income of the object used as the underlying in the sukuk
issuance (but not the direct income of the underlying asset);
of issuance.
37
Issuers that use the mudharabah G scheme in sukuk issuance are:
1. Issuer Name : PT Indosat Tbk
Sukuk name : Indosat Mudharabah Syariah Bond 2002

is that earned during a quarterly period;
investors is multi nisbah (decreasing), namely
6.91% and 9.02% in the first year to 6.91% and
5.50% in the fifth year from the income
obtained from the operation of the object
(satellite) which is used as the underlying
sukuk issuance.
Trustee : PT Bank Rakyat Indonesia
Legal Consultant : Assegaf, Hamzah & Partners
Sukuk rating : AA+ (Pefindo)
2. Issuer Name : PT Berlian Laju Tanker Tbk

Sukuk name : Syariah Mudharabah Berlian Laju Tanker Bond
2003
Information about the ratio : • The calculation period for the shared income is
that earned during a quarterly period;
• The portion (ratio) of profit sharing for investors
is a single ratio, which is 25.00% of the income
obtained from the operation of the object
(when the tanker) which is used as the
underlying issuance.
sukuk
38
Underwriter : o PT Danatama Makmur
o PT Andalan Artha Advisindo Sekuritas
Trustee : PT Bank Mandiri
Legal Consultant : William Effendi & Co.
Notary : Amrul Partomuan Pohan
39
PART II
SUKUK IJARAH SCHEME
40
SCHEME OF SUKUK IJARAH A TYPE 1

Issuer issues sukuk ijarah with a certain value based on a certain ijarah object;
2. Upon the issuance of sukuk ijarah, the Issuer transfers the beneficial rights of the
ijarah object to the investor, and the investor represented by the sukuk trustee
receives the beneficial rights of the ijarah object (in the form of an existing fixed asset
with clear asset types and specifications) from the Issuer;
3. Investors represented by the sukuk trustee authorize (wakalah contract) to the Issuer
to lease the ijarah object to a third party;
4. The Issuer as the proxy of the investor acting as mu'jir (lessor) leases the ijarah object
to the third party as musta'jir (lessee). For the leased ijarah object, the third party
provides rental payments to the Issuer;
5. The issuer forwards the lease payments received from third parties to investors in
the form of periodic ijarah fee installments in accordance with the agreed time and
the remaining ijarah fee at the maturity of the sukuk.
After the sukuk matures and after the repayment of the remaining ijarah fee, the
investor, represented by the trustee, transfers the benefit rights along with the ijarah
object (mahalul manfaat) back to the Issuer.
41
Issuers that use type 1 ijarah A scheme in sukuk issuance are:
1. Issuer Name : PT Humpuss Intermoda Transportasi Tbk
Sukuk name : Ijarah I HITS Sharia Bonds 2004
Remarks on rewards : • Installments of ijarah fees are paid every 3
(three) months starting from the issuance
date.
• Installments rewardssukuk
equivalent 14.00% per annum
Underwriter : o PT Investindo Nusantara Sekuritas
o PT Namalatu Cakrawala Securities

Legal Consultant : Adnan Kelana Haryanto & Hermanto
Sukuk rating : A+ (Kasnic Credit Rating Indonesia)
2. Issuer Name : PT Apexindo Pratama Duta Tbk

Sukuk name : Apexindo Pratama Duta Ijarah Syariah Bonds I
Year 2005
Exchange listing date : April 11, 2005
date.

Notary : Catherina Situmorang
42
Sukuk name : Indosat Sharia Bonds 2005
date.
4. Issuer Name : PT Perusahaan Listrik Negara (Persero) Tbk

Sukuk name : PLN Ijarah Sharia Bonds I Year 2006
date.
o PT Trimegah Securities Tbk
43
Sukuk name : Indosat II Year 2007 Sukuk Ijarah
date.
equivalent 10.20% per year

Sukuk name : Sukuk Ijarah Berlian Laju Tanker Year 2007
date.
• Installments rewards sukuk
IDR20,600,000,000 or equivalent
to 10.3% per annum
44
Notary : Robert Purba
Sukuk rating : AA- (Pefindo)
Sukuk name : Indosat III Year 2008 Sukuk Ijarah
date.
Rp58,425,000,000 or equivalent
to 10.25% per annum
8. Issuer Name : PT Summarecon Agung Tbk

Sukuk name : Sukuk Ijarah I Summarecon Agung Year 2008
date.
to 14.10% per annum
45
Underwriter : o PT Kresna Graha Sekurindo Tbk

Legal Consultant : SSU & Partners
9. Issuer Name : PT Metrodata Electronics
Sukuk name : Sukuk Ijarah Metrodata Electronics I Year 2008
date.
• Sukuk fee installments of Rp141,250,000 per
Rp1,000,000,000 or equivalent to 14.125% per
annum
Legal Consultant : Makes & Partners
Notary : Irawan Soerodjo
Sukuk rating : A3 (Moody's Indonesia)

Sukuk name : Sukuk Ijarah PLN III Year 2009
46
date.
• Installments of ijarah fee amounting to:
- Series A: Rp147,500,000 per Rp1,000,000,000
or equivalent to 14.75% per annum
- Series B: Rp150,000,000 per Rp1,000,000,000
or the equivalent of 15% per annum

Sukuk name : Sukuk Ijarah Berlian Laju Tanker II Year 2009
date.
- Series A: IDR155,000,000 per
IDR1,000,000,000
- Series B: Rp162,500,000 per Rp1,000,000,000

Notary : Robert Purba
47
Sukuk name : Indosat IV Year 2009 Sukuk Ijarah
date.
o PT DBS Vickers Securities Indonesia

Sukuk name : Sukuk Ijarah PLN IV Year 2010
date.
- Series A: Rp119,500,000 per Rp1,000,000,000
- Series B: Rp125,500,000 per Rp1,000,000,000

48

Sukuk name : Sukuk Ijarah PLN V Year 2010
date.
• Installments of sukuk equivalent fee of 9.70%
per annum


Sukuk name : Indosat V Year 2012 Sukuk Ijarah
date.
to 8.63% per annum
49

Sukuk rating : AA+ sy (Pefindo)
16. Issuer Name : PT Sumberdaya Sewatama

Sukuk name : Sukuk Ijarah Sumberdaya Sewatama I Year
2012
date.
to 9.60% per annum
Underwriter : o Mandiri Sekuritas
Trustee : PT CIMB Niaga Tbk
Legal Consultant : Meli Darsa
Notary : Aryanti Artisari
17. Issuer Name : PT Perusahaan Listrik Negara (Persero)

Sukuk name : Sukuk Ijarah I Phase I PLN
50
date.
• Installments of sukuk reward of Rp80,000,000
per Rp1,000,000,000 or equivalent to 8% per
annum

Law Office
Notary : Aryanti Artisari, SH, MKn.
18. Issuer Name : PT Summarecon Agung Tbk

Sukuk name : Sukuk Ijarah I Phase I PT Summarecon Agung
Tbk

date.
to 10.85% per annum
Underwriter : o PT Indo Premier Securities
o PT Makinta Securities
Legal Consultant : Irma & Solomon
51
Sukuk name : Sustainable Sukuk Ijarah I Phase I PT Indosat Tbk

date.
- Series A: Rp6,400,000,000 or equivalent at
10.0% per annum
- Series B: IDR 1,648,000,000 or equivalent to
10.3% per annum
- Series C: Rp11,550,000,000 or equivalent to
10.5% per annum
o PT DBS Vickers Securities
o PT HSBC Securities
o PT BCA Sekuritas

Legal Consultant : Hadiputranto, Hadinoto & Partners
Sukuk rating : AAA idn (Fitch Ratings)
id AAA sy (Pefindo)

Sukuk name : Sukuk Ijarah Berkelanjutan II Indosat Phase I Year
2017
52
date.
7.00% per annum
- Series B: IDR13,680,000,000 or equivalent to
8.55% per annum
8.90% per annum
- Series D: Rp5,827,500,000 or equivalent to
9.25% per annum
o PT CIMB Sekuritas Indonesia

Sukuk rating : AAA idn (Fitch Ratings)
id AAA sy (Pefindo)

Sukuk name : Sukuk Ijarah Berkelanjutan II Phase I PLN
53
date.
- Series A: Rp14,322,000,000 or equivalent to
7.7% per annum
- Series B: Rp18,190,000,000 or equivalent to
8.5% per annum
Trustee : PT Bank Tabungan Negara Tbk
22. Issuer Name : PT Timah (Persero) Tbk

Sukuk name : Sukuk Ijarah Berkelanjutan I Timah Phase I Year
2017
Exchange listing date : September 29, 2017
date.
8.5% per annum
- Series B: IDR15,750,000,000 or equivalent to
8.75% per annum
o PT BNI Sekuritas
54
Legal Consultant : Marsinih, Martoatmodjo, Iskandar Law Office
(MMI Law Office)

Sukuk name : Sukuk Ijarah Sustainable III PLN Phase I Year 2018

date.
7.80% per annum
8.35% per annum
8.90% per annum
- Series D: Rp9,900,000,000 or equivalent at
9.00% per annum
o PT BNI Sekuritas
Trustee : PT Bank Tabungan Negara Tbk (affiliated)

Legal Consultant : Umbra Partnership
Notary : Aulia Taufani, S.H., M.Kn.
55
Sukuk name : Indosat Sustainable Sukuk Ijarah III Phase I Year
2019
Effective date : February 20, 2019
date.
8.25% per annum
9.25% per annum
9.75% per annum
10.1% per annum
- Series E: Rp2,173,500,000 or equivalent to
10.35% per annum

25. Issuer Name : PT Mora Telematics Indonesia Tbk
Sukuk name : Sukuk Ijarah Berkelanjutan I Moratelindo Phase
I Year 2019
56
date.
9.90% per annum
10.50% per annum
Underwriter : o PT Sinarmas Sekuritas
Trustee : PT Bank Bukopin Tbk

Legal Consultant : Makes and Partners
57
SUKUK IJARAH SCHEME A TYPE 2

ijarah object (in the form of a collection of existing and future fixed assets) to the
investor, and the investor, represented by the sukuk trustee, receives the beneficial
rights of the ijarah object from the Issuer;
58
Issuers that use type 2 ijarah A scheme in sukuk issuance are:
1. Issuer Name : PT CSM Corporatama

Sukuk name : Indorent Ijarah Syariah Bonds I Year 2004
date.
Sukuk rating : A (Kasnic Credit Rating Indonesia)
59
SCHEME OF SUKUK IJARAH A TYPE 3

ijarah object (in the form of existing fixed assets owned by the Issuer or fixed assets
owned by third parties that have been leased with clear asset types and
specifications) to investors, and investors represented by the sukuk trustee receive
the beneficial rights of the ijarah object from the Issuer;
60
Issuers that use ijarah A type 3 scheme in sukuk issuance are:
1. Issuer Name : PT Mitra Adiperkasa Tbk
Sukuk name : Sukuk Ijarah Mitra Adiperkasa I Year 2009
date.
- Series A: Rp122,500,000 per Rp1,000,000,000
- Series B: Rp130,000,000 per Rp1,000,000,000

Notary : Fathiah Helmi, S.H
61
SUKUK IJARAH SCHEME A TYPE 4

1. The Issuer issues sukuk ijarah with a certain value based on a certain ijarah object
and the investor submits a sum of funds equal to the value of the sukuk to the Issuer;
ijarah object (in the form of a contract/sale and purchase agreement on the
utilization of the ijarah object) to the investor, and the investor represented by the
sukuk trustee receives the beneficial rights of the ijarah object from the Issuer;
62
Issuers that use ijarah A type 4 scheme in sukuk issuance are:
1. Issuer Name : PT Aneka Gas Industri

Sukuk name : Sukuk Ijarah Aneka Gas Industri I Year 2008
date.
Notary : Ira Sudjono

Sukuk name : Sukuk Ijarah Aneka Gas Industri II Year 2012
date.
• Installments of sukuk reward of Rp99,000,000
per year per Rp1,000,000,000 or equivalent to
9.90% per year
63
Sukuk rating : A- sy (Pefindo)
3. Issuer Name : PT Angkasa Pura I
Sukuk name : Sukuk Ijarah I Angkasa Putri I Year 2016
date.
8.10% per annum
8.40% per annum
- Series C: IDR15,133,500,000 or equivalent to
8.55% per annum
o PT BCA Sekuritas


Sukuk name : Sukuk Ijarah Berkelanjutan I Aneka Gas Industri
Phase I Year 2017 Aneka Gas Industri
64
date.
9.90% per annum
- Series B: Rp10,246,500,000 or equivalent
10.35% per year
Underwriter : o PT DBS Vickers Sekuritas Indonesia
o PT Sucor Sekuritas

Legal Consultant : Makes & Partners Law Firm
Sukuk rating : A-idn (Fitch Ratings)
65
SUKUK IJARAH B TYPE 1 SCHEME

Issuer issues sukuk ijarah with a certain value based on a certain ijarah object and;
to rent the ijarah object to a third party;
3. The issuer as the proxy of the investor leases the ijarah object from a third party as
the owner of the ijarah object in the form of an existing fixed asset with clear asset
types and specifications;
4. For the rental of the ijarah object, the third party transfers the beneficial rights of the
receives the beneficial rights of the ijarah object from the third party;
5. The investor represented by the sukuk trustee acts as mu'jir (renter) leasing the
ijarah object to the Issuer as musta'jir (renter). For the leased ijarah object, the Issuer
provides rental payments to investors in the form of periodic ijarah fee installments
in accordance with the agreed time and the remaining ijarah fee at the maturity of
the sukuk.
66
Issuers that use type 1 ijarah B scheme in sukuk issuance are:
1. Issuer Name : PT Matahari Putra Prima Tbk

Sukuk name : Ijarah I Matahari Putra Prima Syariah Bonds 2004
Effective date : April 28, 2004

date.
o PT Deutsche Securities Indonesia
Trustee : PT Bank Negara indonesia Tbk
Legal Consultant : E.Y Ruru & Partners
Notary : Unita Christina Winata

Sukuk name : Sukuk Ijarah PLN II Year 2007
Remarks on : • Installments of ijarah fees are paid every 3
rewards (three) months starting from the issuance date.
• Installments of sukuk fees amounting to
Rp31,200,000,000 or equivalent to 10.40% per
annum
67
3. Issuer Name : PT Matahari Putra Prima Tbk

Sukuk name : Sukuk Ijarah Matahari Putra Prima II Year 2009

date.
- Series A: Rp160,000,000 per Rp1,000,000,000
- Series B: Rp170,000,000 per Rp1,000,000,000
Underwriter : o PT HSBC Securities Indonesia
o PT Ciptadana Securities

Legal Consultant : Bahar & Partners
Notary : Unita Christina Winata
68

to rent the ijarah object to a third party;
3. The issuer as the proxy of the investor leases the ijarah object from the third party as
the owner of the ijarah object in the form of services;
4. For the rental of the ijarah object, the third party transfers the beneficial rights of the
receives the beneficial rights of the ijarah object from the third party;
the sukuk.
69
1. Issuer Name : PT Salim Ivomas Pratama

Sukuk name : Sukuk Ijarah Salim Ivomas Pratama I Year 2009
date.
to 11.65% per annum
Underwriter : o PT Danatama Securities
o PT Makinta Sekuritas

Legal Consultant : Ali Budiharjo Nugroho Reksodiputro
Notary : Benny Kristianto
2. Issuer Name : PT Pupuk Kalimantan Timur

Sukuk name : Sukuk Ijarah Pupuk Kaltim I Year 2009
date.
• Installments of sukuk reward of
Rp107,500,000 per Rp1,000,000,000 or
equivalent to 10.75% per annum
Underwriter : PT Danareksa Sekuritas
70

to rent the ijarah object;
3. The issuer as the proxy of the investor leases the ijarah object from the subsidiary as
the owner of the ijarah object in the form of an office building.
4. For the rental of the ijarah object, the Issuer transfers the beneficial rights of the
receives the beneficial rights of the ijarah object from the subsidiary;
the sukuk.
71
1. Issuer Name : PT Global Mediacom Tbk

Sukuk name : Sukuk Ijarah Berkelanjutan I Global Mediacom
Year 2017
date.
11.50% per annum
11.75% per annum
12.00% per annum
Underwriter : o PT Danareksa Securities
o PT MNC Sekuritas (affiliated)

Legal Consultant : Jusuf Indradewa & Partners Legal Consultant
72
SUKUK IJARAH SCHEME C

1. The Issuer as the owner of the ijarah object (in the form of an existing fixed asset)
leases the ijarah object to the subsidiary. Thus, the beneficial rights to the ijarah
object are transferred from the Issuer to the subsidiary;
2. The subsidiary as the beneficiary of the ijarah object authorizes (wakalah contract) to
the Issuer to transfer the ijarah object to the investor;
4. The Issuer transfers the beneficial rights of the ijarah object to the investor, and the
investor represented by the sukuk trustee receives the beneficial rights of the ijarah
object from the Issuer;
the sukuk.
73
Issuers that use ijarah C scheme in sukuk issuance are:
1. Issuer Name : PT Titan Petrokimia Nusantara

Sukuk name : Sukuk Ijarah Titan Petrokimia Nusantara I Year
2010
date.
• Installments of sukuk reward of
Rp123,500,000 per Rp1,000,000,000 or
equivalent to 12.35% per year
Underwriter : o PT Standar Chartered Securities Indonesia

Sukuk rating : A+ (Fitch Ratings)
74
SUKUK IJARAH D TYPE 1 SCHEME

object are transferred from the Issuer to the subsidiary;
4. The issuer as the proxy of the investor, leases the ijarah object from the subsidiary as
the owner of the beneficial rights of the ijarah object;
5. For the rental of the ijarah object, the beneficial rights to the ijarah object are
transferred to the investor, and the investor, represented by the sukuk trustee,
receives the beneficial rights to the ijarah object;
the sukuk.
75
Issuers that use type 1 ijarah D scheme in sukuk issuance are:
1. Issuer Name : PT Berlina Tbk

Sukuk name : Berlina Ijarah Syariah Bonds I Year 2004
date.
Legal Consultant : Fred & Rudhi
Notary : Dyah Ambarwaty Setyoso
Sukuk rating : A (Kasnic Credit Rating Indonesia)
76
SUKUK IJARAH D TYPE 2 SCHEME

1. The Issuer as the owner of the ijarah object (in the form of fixed assets to be
purchased using the proceeds from the sukuk public offering) leases the ijarah object
to the subsidiary. Thus, the beneficial interest in the ijarah object is transferred from
the Issuer to the subsidiary;
4. The issuer as the proxy of the investor, leases the ijarah object from the subsidiary as
the owner of the beneficial rights of the ijarah object;
receives the beneficial rights to the ijarah object.
the sukuk.
77
Issuers that use type 2 ijarah D scheme in sukuk issuance are:
1. Issuer Name : PT Ricky Putra Globalindo Tbk

Sukuk name : Sharia Ijarah Bonds of PT Ricky Putra Globalindo
Year 2005
date.

Sukuk rating : BBB+ (Kasnic Credit Rating Indonesia)
78
SUKUK IJARAH SCHEME E

object are transferred from the Issuer to the parent company;
4. The issuer as the proxy of the investor, rents the ijarah object from the parent
company as the owner of the beneficial rights of the ijarah object;
receives the beneficial rights to the ijarah object;
the sukuk.
79
Issuers that use ijarah E scheme in sukuk issuance are:
1. Issuer Name : PT Citra Sari Makmur

Sukuk name : Citra Sari Makmur Ijarah Sharia Bonds I Year
2004
date.

Sukuk rating : A- (Kasnic Credit Rating Indonesia)
80
SUKUK IJARAH SCHEME F

1. The subsidiary as the owner of the ijarah object (in the form of an existing fixed asset
with clear asset type and specifications) leases the ijarah object to the Issuer. Thus,
the beneficial interest in the ijarah object is transferred from the subsidiary to the
Issuer;
Issuer issues sukuk ijarah with a certain value based on the ijarah object;
3. Upon the issuance of the sukuk, the Issuer transfers the beneficial rights of the ijarah
object to the investor, and the investor represented by the sukuk trustee receives the
beneficial rights of the ijarah object from the Issuer;
to lease the ijarah object to the subsidiary;
to the subsidiary as musta'jir (lessee). For the rental of the ijarah object, the
subsidiary provides rental payments to the Issuer.
6. The issuer forwards the lease payments received from the subsidiary to the investor
in the form of periodic ijarah fee installments in accordance with the agreed time and
81
Issuers that use ijarah F scheme in sukuk issuance are:
1. Issuer Name : PT Sona Topas Tourism Industry Tbk

Sukuk name : Sona Topas Tourism Industry Sharia Ijarah Bonds
2004
date.
• Installment of sukuk fee of Tp7,670,000,000 or
equivalent to 14.75% per annum
Notary : Buntario Tigris Darmawa NG
Sukuk rating : A+ (Kasnic Credit Rating Indonesia)
2. Issuer Name : PT Tiga Pilar Sejahtera Food Tbk

Sukuk name : Sukuk Ijarah TPS Food I year 2013
date.
Rp7,687,500,000 per 3 months or
Rp25,625,000 per Rp1,000,000,000 per 3
months or equivalent to 10.25% per annum
o PT HSBC Securities
82
Legal Consultant : Wecolaw
Notary : Humberg Lie, SH, SE, MKn
Sukuk rating : id A- sy (Pefindo)
3. Issuer Name : PT Tiga Pilar Sejahtera Food Tbk

Sukuk name : Sukuk Ijarah TPS Food II year 2016
date.
• Installments reward ijarah
to 10.55% per year
Underwriter : o PT Maybank Kim Eng Securities
o PT OCBC Sekuritas

Legal Consultant : Tumbuan & Partners
Notary : Humberg Lie
83
SUKUK IJARAH SCHEME G

1. The subsidiary as the owner of the ijarah object (in the form of an existing fixed asset
with clear asset type and specifications) leases the ijarah object to the Issuer. Thus, the
beneficial interest in the ijarah object is transferred from the subsidiary to the Issuer;
object to the investor, and the investor represented by the sukuk trustee receives the
beneficial rights of the ijarah object from the Issuer;
4. The investor, represented by the sukuk trustee, gives power of attorney (wakalah
contract) to the Issuer, and then the Issuer as the recipient of the power of attorney
from the investor gives power of attorney (wakalah contract) to the subsidiary to lease
the ijarah object to a third party;
5. The subsidiary as the receiver of power of attorney from the Issuer acting as mu'jir
(lessor) leases the ijarah object to the third party as musta'jir (lessee). For the leased
ijarah object, the third party provides rental payments to the Issuer represented by the
subsidiary.
6. The issuer forwards the lease payments received from third parties to investors in the
form of periodic ijarah fee installments in accordance with the agreed time and the
remaining ijarah fee at the maturity of the sukuk.
84
Issuers that use the ijarah G scheme in sukuk issuance are:
1. Issuer Name : PT Bakrieland Development Tbk

Sukuk name : Sukuk Ijarah I Bakrieland Development Year 2009

date.
- Series A: Rp154,800,000 per Rp1,000,000,000
- Series B: Rp160,000,000 per Rp1,000,000,000
Underwriter : o PT Madani Securities
Legal Consultant : Aji Wijaya, Sunarto Yudo & Co.
Notary : Sutjipto
85
SUKUK IJARAH SCHEME H

object to the investor, and the investor represented by the sukuk trustee receives
the beneficial rights of the ijarah object from the Issuer;
the sukuk.
86
Issuers that use the ijarah H scheme in sukuk issuance are:
1. Issuer Name : PT XL Axiata Tbk

Sukuk name : Sukuk Ijarah Berkelanjutan I XL Axiata Year 2015

Remarks on rewards : • Installments of wakalah fees are paid every 3
(three) months commencing from the
issuance date.
• Installments of wakalah fees amounting to:
8.75% per annum
10.25% per annum
10.50% per annum
- Series D: Rp46,750,000,000 or equivalent at
11.0% per annum
Underwriter : o PT CIMB Securities Indonesia (affiliated)
Legal Consultant : Assegaf Hamzah & Partners
Sukuk rating : AAA idn (Fitch)
2. Issuer Name : PT XL Axiata Tbk

Sukuk name : Sukuk Ijarah Berkelanjutan II XL Axiata Year
2018
87
issuance date.
8.25% per annum
9.10% per annum
9.60% per annum
10.10% per annum
- Series E: Rp6,180,000,000 or equivalent to
10.30% per annum
Underwriter : o PT CGS-CIMB Sekuritas Indonesia (affiliated)

Sukuk rating : AAA idn (Fitch)
88
PART III
SUKUK WAKALAH SCHEME
89
SUKUK WAKALAH SCHEME

1. The investor submits a certain amount of funds to the Issuer and the Issuer issues
sukuk wakalah with a certain value;
2. Investors represented by the sukuk trustee give power (wakalah contract) to the
Issuer, and then the Issuer as the investor's representative acts to manage the
proceeds of the sukuk issuance in the context of investment activities that generate
profits;
3. Issuers make investments through subsidiaries as owners of investment projects. The
investment project can be in the form of investment with mudharabah, ijarah, and/or
hiwalah contracts;
4. The profit earned from the investment project is received by the Issuer;
5. Based on the profit, the Issuer provides periodic installments of reward in accordance
with the agreed time and the remaining reward at the maturity of the sukuk. The
form of reward given to investors depends on the type of contract used in making
the investment.
• If the investment is made under a mudharabah contract, the reward is profit
sharing and at maturity, a return of capital is given;
• If the investment is made under an ijarah contract, the reward is in the form of
installments of ijarah reward and at maturity the remaining ijarah reward is given;
• If the investment is made under a hiwalah contract, the reward i s in the form of
hiwalah installments and at maturity it is in the form of hiwalah repayment.
90
Issuers that use the wakalah scheme in sukuk issuance are:
1. Issuer Name : PT Medco Power Indonesia

Sukuk name : Sukuk Wakalah Medco Power Indonesia I Year
2018
issuance date.
9.75% per annum
10.25% per annum
- Series C: Rp4,622,500,000 or equivalent at
10.75% per annum
Underwriter : o PT CGS-CIMB Sekuritas Indonesia
2. Issuer Name : PT Medco Power Indonesia

Sukuk name : Sukuk Wakalah Medco Power Indonesia II
Year 2019
Remarks on rewards : • Installments of wakalah yield are paid every 3
date.
91
• The installment of the wakalah return
amounted to:
10.0% per annum
- Series B: Rp7,000,000,000 or equivalent at
10.55% per annum
11.1% per annum
Underwriter : o PT BNI Sekuritas
o PT Samuel Sekuritas Indonesia

92

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THE NAMING OF SUKUK SCHEMES IN THE FOLLOWING DESCRIPTION

II. Ijarah agreement

III. Akad wakalah

MUDHARABAH SUKUK SCHEME

The sukuk issuance has the following scheme:

Underwriter : o PT Andalan Artha Advisindo

2. Issuer Name : PT Bank Syariah Muamalat Indonesia Tbk

3. Issuer Name : PT Bank Syariah Muamalat Indonesia Tbk

Effective date : May 15, 2015

Underwriter : o PT BNI Securities (affiliated)

5. Issuer Name : PT Bank BRI Syariah

The sukuk issuance has the following scheme:

Effective date : June 30, 2003

Underwriter : PT Andalan Artha Advisindo Sekuritas

2. Issuer Name : PT Bank Pembangunan Daerah Sumatera Barat

3. Issuer Name : PT Adira Dinamika Multi Finance Tbk

Underwriter : o PT HSBC Securities Indonesia

5. Issuer Name : PT Adira Dinamika Multi Finance Tbk

• The portion (nisbah) of profit sharing for

6. Issuer Name : PT Bank Pembangunan Daerah Sumatera Barat

7. Issuer Name : PT Bank Pembangunan Daerah Sulawesi Selatan

Effective date : June 29, 2016

8. Issuer Name : PT Bank Maybank Indonesia Tbk

• The portion (nisbah) of profit sharing for

9. Issuer Name : PT Adira Dinamika Multi Finance Tbk

Trustee : PT Bank Negara Indonesia Tbk

10. Issuer Name : PT Astra Sedaya Finance

o PT Indo Premier Sekuritas

Trustee : PT Bank Rakyat Indonesia Tbk

11. Issuer Name : PT Sarana Multi Infrastruktur (Persero)

Underwriter : o PT CGS-CIMB Sekuritas Indonesia

Trustee : PT Bank Mandiri (Persero) Tbk (affiliated)

12. Issuer Name : PT Sarana Multigriya Finansial (Persero)

Underwriter : o PT Bahana Sekuritas (affiliated)

Trustee : PT Bank Mandiri (Persero) Tbk (affiliated)

The sukuk issuance has the following scheme:

Underwriter : o PT BCA Sekuritas

Trustee : PT Bank Mandiri (Persero) Tbk

2. Issuer Name : PT Bank CIMB Niaga Tbk

Underwriter : o PT CGS-CIMB Sekuritas Indonesia (affiliated)

The sukuk issuance has the following scheme:

Underwriter : PT Danareksa Sekuritas

2. Issuer Name : PT Mayora Indah Tbk

3. Issuer Name : PT Lontar Papyrus Pulp & Paper Industry

Underwriter : PT Sinarmas Sekuritas

The sukuk issuance has the following scheme:

Underwriter : PT Indo Premier Securities

The sukuk issuance has the following scheme:

Effective date : March 18, 2004

The sukuk issuance has the following scheme:

2. Issuer Name : PT Adhi Karya (Persero) Tbk

The sukuk issuance has the following scheme:

Effective date : October 30, 2002

2. Issuer Name : PT Berlian Laju Tanker Tbk

SUKUK IJARAH SCHEME

The sukuk issuance has the following scheme:

Trustee : PT Bank Permata Tbk

2. Issuer Name : PT Apexindo Pratama Duta Tbk

Trustee : PT Bank Mega Tbk

4. Issuer Name : PT Perusahaan Listrik Negara (Persero) Tbk