PT Bank Syariah Indonesia Tbk (BSI) issued sukuk based on sustainability or called Sukuk Mudharabah Sustainability for the first phase with a yield or coupon offered between 6.40 percent and 7.20 percent for a period of up to three years.
"Usually other banks issue green bonds. But we want more than that. Not only the green side, but also the sustainability side," said BSI President Director Hery Gunardi after the event "Public Expose Sukuk Mudharabah Sustainability" in Jakarta, quoted from Antara, Wednesday, May 15.
This sustainability sukuk in rupiah currency is offered in the Total Sustainable Public Offering (PUB) of IDR 10 trillion with a first-stage issue of IDR 3 trillion.
This instrument can be owned starting from IDR 5 million per unit so that it is affordable for young people who have just learned investment. There are three choices of tenors offered, namely 1 year or 370 days, then 2 years and 3 years.
For series A (370 days), the coupons offered are 6.40 percent to 7.10 percent. Then series B (2 years) is offered with a coupon of 6.45 percent to 7.15 percent, while series C (3 years) is 6.50 percent to 7.20 percent. The coupon payments will be made on a quarterly basis.
The initial offering period of the Sustainable Mudharabah Sukuk starts from 15-30 May 2024. The effective recording of the OJK is expected to be given on June 7, 2024, so that the public offering period will be carried out on June 11-12 2024, the allotment and payment of investors on June 13, 2024, payments from JLU to publishers on June 14, 2024, distribution on June 14, 2024, and listing on IDX on June 19, 2024.
Sukuk dari BSI ini sudah mendapatkan izin dari Otoritas Jasa Keuangan (OJK) melalui POJK No. 18 Tahun 2023. Sukuk Mudharabah Keberlanjutan mendapatkan rating idAAA(sy) atau triple A sharia oleh PT Pemeringkat Efek Indonesia (Pefindo) dengan sustainability framework sudah diverifikasi oleh SDG's Hub Universitas Indonesia.
The securities companies that are joint leads underwriters include PT Mandiri Sekuritas, PT BNI Sekuritas, PT BRI Danareksa Sekuritas, PT Maybank Sekuritas, PT Mega Capital Sekuritas, and PT Trimegah Sekuritas Indonesia Tbk.
The funds collected from the issuance of the Sustainable Mudharabah Sukuk will later be used to finance activities categorized as Environmentally Introspective Business Activities (KUBL) and Socially Introspective Business Activities (KUBS).
The company said that BSI is highly committed to continuing to be involved in climate change mitigation and sustainable development through sustainable financing programs and financing. The company is ready to encourage the transition to a green economy through the implementation of Islamic financial instruments that focus on ESG.
Given this, Hery said that the presence of Sukuk Sustainability is an innovation that can enrich Islamic financial instruments in Indonesia. ESG-based sukuk (environmental, social, and governance) is expected to be absorbed by institutional and retail investors including young people and Generation Z.
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Moreover, this innovation is categorized as an instrument that prioritizes economic sustainability as well as BSI's contribution to climate change mitigation efforts and realizing green economy development, and always providing benefits to the people.
BSI sees the global green bond market in recent years growing rapidly and reading opportunities to participate in developing the new instrument to finance sustainability projects through the issuance of Sukuk Sustainability. In it, BSI will also regulate the management and use of funds, evaluation and selection of projects and management of results and reporting mechanisms.
Data from PT Kustodian Sentral Efek Indonesia (KSEI) as of September 2023 shows that currently capital market investors in Indonesia are dominated by millennials and Generation Z aged 30 years and under and 31-40 years with a total of more than 80 percent.
Meanwhile, BSI itself has a sustainable financing portfolio of IDR 59.19 trillion per position in March 2024 which is divided into KUBL categories of IDR 12.57 trillion and KUBS of IDR 46.62 trillion.
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