Infrastructure development in Indonesia continues without limits, but the sources and capabilities for financing are limited. This situation demands innovation and alternative financing solutions to complete the projects.
Ijarah Muntahiyan Bittamlik (IMBT) is an innovative sharia financing solution for infrastructure in Indonesia. It is due to the limited financing capacity of Business Entities (BUs) in the development of Government and Business Entity Cooperation projects under the Availability Payment (KPBU AP) scheme. In addition, the scarcity of alternative financing sources for BUs or KPBU AP infrastructure projects, coupled with the high demand for infrastructure project financing, further highlights the need for such innovation.
According to Islamic Finance Theory, there are three groups of sharia financing products. The first is trade financing with contracts such as Murobahah, Salam, or Istishna. The second is partnership financing with contracts like Mudharabah or Musyarakah, and the third is lease financing with contracts like Ijarah or IMBT, which is regulated by the DSB-MI Fatwa No. 27 of 2022 and accounting records based on PSAK 407.
This was conveyed by Ir. Lasarus Bambang S., S.T., M.M IPU, CRGP, General Manager of PT. Adhi Karya, during a Sharing Session with the GM of Business Development at PT. Adhi Karya (Persero) and the Halal Economics and Industry Program (PIIH) at the Graduate School of Gadjah Mada University (SPs UGM) in the A Meeting Room, 5th floor of the SPs UGM Building on Wednesday, February 13, 2025.
Lasarus explained that IMBT is a hybrid contract that combines elements of leasehold with the sale or transfer of assets at the end of the contract period. This model not only complies with sharia principles but also provides a flexible and sustainable financing solution.
The event, which is part of PT. Adhi Karya’s 65th anniversary celebration was attended by a majority of doctoral students from the PIIH program, master students from the FEB Concentration in Sharia Financial Management, and other participants.
During the meeting, Lasarus provided an example of IMBT financing used in the East Sumatra and Riau Highway Project.
This event aligns with the implementation of SDGs, specifically Goal 4: Quality Education and Goal 17: Partnership for the Goals.
Written by: Arni W
Edited by: Ana Anggraini