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"Pembangunan infrastruktur membutuhkan jumlah dana yang besar. Rencana Jangka Menengah Nasional 2020-2024 memberikan mandate untuk mencari mekanisme pembiayaan inovatif untuk memenuhi gap funding pada pembangunan infrastruktur sehingga tidak semua pendanaan dibebankan pada Anggaran Pendapatan dan Belanja Negara (APBN). Salah satu mekanisme pembiayaan innovative yang dapat dipilih adalah Land Value Capture. Mekanisme ini dilakukan dengan memonetisasi tanah yang dikembangkan pemerintah untuk meningkatkan nilai tanah dan properti dari investasi infrastruktur, dan hasilnya digunakan untuk pembiayaan publik lainnya. Penelitian ini menggunakan penelitian normatif untuk mencari urgensi pembentukan Land Value Capture melalui Tax Increment Financing. Penelitian ini juga mencari Peluang penerapan Land Value Capture dalam konteks hukum di Indonesia dengan melihat best practice di Amerika Serikat untuk menemukan pembelajaran sehingga dapat dijadikan acuan untuk menetapkan Land Value Capture di Indonesia. 

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Infrastructure development requires a large amount of money. The 2020-2024 National Medium-Term Development Plan (RPJMN) mandates exploring innovative financing mechanisms to meet funding gaps for infrastructure development so that not all funding is borne by the State Revenue and Expenditure Budget (APBN). An innovative financing option that can be chosen is Land Value Capture. This mechanism is carried out by monetizing land developed by the government to increase land and property values from infrastructure investment, and the proceeds are used for other public financing. This study uses normative Research to look for the urgency of forming Land Value Capture through Tax Increment Financing. This Research also looks for Opportunities for Land Value Capture application in the legal context in Indonesia by looking at best practices in the United States to find lessons learned so that they can be used as a reference for establishing Land Value Capture in Indonesia."

"ABSTRAKSalah satu Capital Domestic yang saat ini belum dimanfaatkan untuk pembiayaan infrastruktur adalah Dana Pensiun. Berdasarkan data dari OJK, untuk tahun 2011 investasi Dana Pensiun pealing besar ditempatkan pada instrumen pendapatan tetap (SBN dan Obligasi) yaitu sekitar 62%, kemudian pasar uang (deposito) sekitar 34%. Sementara itu kondisi dilematis Infrastruktur Indonesia akibat keterbatasan kemampuan keuangan negara. Salah satu upaya Pemerintah adalah pembiayaan proyek infrastuktur melalui Dana Pensiun. Tesis ini bertujuan mengidentifikasi faktor penghambat pembiayaan proyek infrastruktur melalui Dana Pensiun dengan Analytic Network Process dan menganalisis kemampuan Dana Pensiun dalam pembiayaan infrastruktur. Berdasarkan ANP, kendala pembiayaan proyek infrastruktur melalui Dana Pensiun yaitu aspek regulasi (0,32053; W=0,456). Faktor penghambat yang paling dominan pada masing-masing aspek adalah: 1) aspek karakteristik produk, Dana Pensiun investasi ke pasar uang dan modal (0,31556; W=0,616); 2) aspek pelaku pasar, kurangnya pengetahuan dan pemahaman tentang instrumen keuangan dana pensiun (0,3905; W=0,456); 3) aspek regulasi, belum adanya regulasi yang mengatur pembiayaan secara langsung dana pensiun dalam infrastruktur (0,4937; W=0,712); 4) aspek resiko, peluang investasi infrastruktur di pasar dianggap berisiko tinggi (0,530; W=0,76). Berdasarkan hasil perhitungan dengan menggunakan metode Least Square dipeoleh bahwa portofolio invetasi dana pensiun tahun 2014 adalah sebesar Rp. 173,02 triliun, dan rasio terhadap kebutuhan pembiayaan infrastruktur pada tahun 2014 adalah sebesar 36,33%..

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ABSTRACTOne of Domestic Capital is currently not utilized for infrastructure financing are Pension Fund. Based on data from the Financial Services Authority (FSA), for the year 2011 of the Pension Fund pealing placed in fixed income instruments (government securities and bonds) is about 62%, then the money market (deposits) of approximately 34%. While the condition of Indonesian Infrastructure dilemma due to the limited financial capacity of the country. One of the efforts the Government is financing infrastructure projects through the Pension Fund. This thesis aims to identify factors inhibiting financing infrastructure projects through the Pension Fund with the Analytic Network Process and analyze the ability of pension funds to finance infrastructure. Based on ANP, infrastructure project financing constraints through the pension fund regulatory aspects (0.32053; W = 0.456). The most dominant limiting factor on each of these aspects are: 1) aspects of the product characteristics, the Pension Fund to invest the money and capital markets (0.31556; W = 0.616), 2) aspects of market participants, the lack of knowledge and understanding of financial instruments funding retirement (0.3905; W = 0.456); 3) regulatory aspects, the lack of regulations governing the financing of the pension fund directly in infrastructure (0.4937; W = 0.712); 4) aspects of risk, investment opportunities in the infrastructure market is considered risky high (0.530; W = 0,76). Based on calculations using the Least Square method that the portfolio obtained by investing their retirement funds in 2014 was Rp. 173.02 billion, and the ratio of the infrastructure financing needs in 2014 amounted to 36.33%"

"Pembiayaan infrastruktur selama ini berasal dari APBN. Obligasi Negara merupakan salah satu sumber pembiayaan pembangunan infrastruktur. Untuk mengetahui potensi obligasi negara menggunakan metode SWOT dan kendalanya menggunakan metode Analytic Network Process (ANP). Selain itu, analisa kelayakan obligasi negara pada pengembangan Bandara Mutiara - Palu.Hasil penelitian yaitu dari potensi yang ada muncul strategi dengan memanfaatkan jumlah peminat obligasi negara yang sudah ada dan menerbitkan obligasi khusus infrastruktur sedangkan untuk kendala yang paling dominan adalah kendala regulasi (0,302240) dengan rater agrrement sebesar 0,8720. Untuk kelayakan pengembangan Bandara Mutiara - Palu nilai NPV = 142.436.462.579, IRR = 11,11% dan Payback Period selama 15 tahun 6 bulan.

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Infrastructure financing usually comes from the state budget. Government Bonds is one of the sources of financing infrastructure development. To find out the potential for government bonds using SWOT and constraints using the method of Analytic Network Process (ANP). In addition, the feasibility analysis on developing Mutiara - Palu airport with government bonds.

The results is potential that have emerged strategies to use the existing interest of goverment bonds and issuing infrastructure bonds, while for the most dominant constraint is regulatory (0.302240) with rater agrrement of 0.8720. For development feasibility Mutiara - Palu airport value NPV = 142 436 462 579, IRR = 11.11% and Payback Period for 15 years and 6 months."

"Saat ini masih Pemerintah mendanai proyek mereka dengan cara yang konvensional yaitu pembiayaan dengan APBN dan menggunakan pinjaman luar negeri atau hibah. Terdapat beberapa sumber pendanaan yang potensial dalam pembiayaan kegiatan KPS di masa mendatang selain dari perbankan. Alternatif pembiayaan lain adalah dari lembaga keuangan non-perbankan yaitu pasar modal, multifinance, asuransi, dan dana pensiun. Tantangan besar yang dihadapi dalam penggunaan pendanaan dari kelembagaan non-perbankan tersebut, antara lain adalah peraturan yang mengikat yang tidak memungkinkan adanya penggunaan dana lebih dari jumlah tertentu. Penelitian ini mengidentifikasi potensi dan kendala asuransi sebagai pembiayaan yang optimal. Penelitian ini berbasis kualitatif dengan menggunakan metode kuesioner dari populasi dan kuantitatif dengan membandingkan kebutuhan pembiayaan dengan kemampuan dana.

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In the current the Government to fund their projects in a way of conventional financing with the state budget and use of foreign loans or grants. There are several potential sources of funding in the financing of PPP in the future other than banking. Other sources as an financing alternatives is non-banking financial institutions, namely the capital market, multi-finance, insurance, and pension funds. A major challenge in the use of funding from non-banking institutions, among other binding regulations do not allow the use of funds over a certain amount. This study identifies the potential and constraints of insurance as an optimal financing. This study uses a method based on a qualitative and quantitative questionnaire of the population by comparing the financing needs with the ability of the fund."

"[ABSTRAKKebijakan makroprudensial merupakan kebijakan yang dijalankan oleh Bank Indonesia untuk menanggulangi risiko sistemik pada sistem keuangan melalui instumennya antara lain Loan/Financing to value. Instrumen makroprudensial dimaksud sangat penting, khususnya untuk mencegah perilaku spekulasi pada sektor properti yang dapat menimbulkan krisis perekonomian. Undang-Undang Otoritas Jasa Keuangan mengamanatkan koordinasi dan kerjasama antara otoritas makroprudensial (Bank Indonesia) dan otoritas mikroprudensial (Otoritas Jasa Keuangan). Tujuan dari penelitian ini untuk pendalaman pengawasan makroprudensial, khususnya instrumen pengaturan Loan/Financing to Value di sektor properti dan kaitannya dengan pengawasan mikroprudensial perbankan oleh Otoritas Jasa Keuangan serta dampaknya pada bank yang menyalurkan properti. Data dihimpun berdasarkan studi literatur dan peraturan terkait serta wawancara mendalam. Penelitian ini bersifat kualitatif deskriptif interpretatif. Hasil dari penelitian ini menyimpulkan bahwa pengaturan dan pengawasan makropudensial yang merupakan kewenangan Bank Indonesia memiliki hubungan dan keterkaitan yang erat dengan pengaturan dan pengawasan mikroprudensial sesuai dengan amanat Undang-Undang Otoritas Jasa Keuangan serta karena memiliki area pengawasan yang sama yaitu perbankan. Selain itu, pengaturan susunan, kedudukan, kewenangan, tanggung jawab dan independensi Bank Indonesia, termasuk kewenangan pengaturan dan pengawasan makroprudensial haruslah dipandang bahwa pengaturan tersebut diatur sendiri dalam Undang-Undang Bank Indonesia. Ketentuan pembatasan pemberian kredit properti melalui instrumen ketentuan Loan/Financing to Value efektif untuk meredam meningkatnya penyaluran kredit/pembiayaan properti oleh bank, meskipun terdapat hal-hal yang perlu diwaspadai. Penelitian ini memberikan saran agar Forum Stabilitas Sistem Keuangan mampu memperkuat dan menjembatani Forum Koordinasi antara Bank Indonesia dan Otoritas Jasa Keuangan dan mengamandemen Undang-Undang Bank Indonesia untuk memasukan pengaturan dan pengawasan makroporudensial pada Undang-Undang Bank Indonesia.

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ABSTRACTMacroprudential policy is a policy that is implemented by Bank Indonesia to address systemic risk in the financial system through it instruments, for example Loan/Financing to Value instrument. Macroprudential, Loan/Financing to Value, is very important, especially to prevent speculation in the property sector?s behavior that can lead to economic crisis. Undang-Undang Otoritas Jasa Keuangan have mandating coordination and cooperation between macroprudential authority (Bank Indonesia) and microprudential Authority (Otoritas Jasa Keuangan). The result of this research is to deepening macroprudential supervision, in particularly regulation of Loan / Financing to Value in the property sector which is relating to banking microprudential supervision by Otoritas Jasa Keuangan and its impact to banks that are distributing housing/property loan/financing. The data were collected by means of by deep interview as well as by studying the literature and related regulations. The research is a descriptive qualitative interpretative. The result of this research concludes that the macropudential regulation and supervision, under the authority of Bank Indonesia, has a relationship and aligned with the regulation and supervision in accordance with the mandate of microprudential (Otoritas Jasa Keuangan) as well as having the same area, namely banking supervision. In addition, the setting of the structure, status, authority, responsibility and independency of Bank Indonesia, including macroprudential regulation and supervision authority must be seen that are arranged in the Bank Indonesia law. The restriction of property lending facility through the regulation of instruments Loan / Financing to Value is effective to reduce the rise banking property loan/financing, although there are some issues that need to be aware. The research provides suggestions that Financial Stability Forum is able to strengthening and bridging effective coordination forum between Bank Indonesia and Otoritas Jasa Keuangan. In addition, to amend the Bank Indonesia law to include the macroprudential regulation and supervision.;Macroprudential policy is a policy that is implemented by Bank Indonesia to address systemic risk in the financial system through it instruments, for example Loan/Financing to Value instrument. Macroprudential, Loan/Financing to Value, is very important, especially to prevent speculation in the property sector?s behavior that can lead to economic crisis. Undang-Undang Otoritas Jasa Keuangan have mandating coordination and cooperation between macroprudential authority (Bank Indonesia) and microprudential Authority (Otoritas Jasa Keuangan). The result of this research is to deepening macroprudential supervision, in particularly regulation of Loan / Financing to Value in the property sector which is relating to banking microprudential supervision by Otoritas Jasa Keuangan and its impact to banks that are distributing housing/property loan/financing. The data were collected by means of by deep interview as well as by studying the literature and related regulations. The research is a descriptive qualitative interpretative. The result of this research concludes that the macropudential regulation and supervision, under the authority of Bank Indonesia, has a relationship and aligned with the regulation and supervision in accordance with the mandate of microprudential (Otoritas Jasa Keuangan) as well as having the same area, namely banking supervision. In addition, the setting of the structure, status, authority, responsibility and independency of Bank Indonesia, including macroprudential regulation and supervision authority must be seen that are arranged in the Bank Indonesia law. The restriction of property lending facility through the regulation of instruments Loan / Financing to Value is effective to reduce the rise banking property loan/financing, although there are some issues that need to be aware. The research provides suggestions that Financial Stability Forum is able to strengthening and bridging effective coordination forum between Bank Indonesia and Otoritas Jasa Keuangan. In addition, to amend the Bank Indonesia law to include the macroprudential regulation and supervision.;Macroprudential policy is a policy that is implemented by Bank Indonesia to address systemic risk in the financial system through it instruments, for example Loan/Financing to Value instrument. Macroprudential, Loan/Financing to Value, is very important, especially to prevent speculation in the property sector?s behavior that can lead to economic crisis. Undang-Undang Otoritas Jasa Keuangan have mandating coordination and cooperation between macroprudential authority (Bank Indonesia) and microprudential Authority (Otoritas Jasa Keuangan). The result of this research is to deepening macroprudential supervision, in particularly regulation of Loan / Financing to Value in the property sector which is relating to banking microprudential supervision by Otoritas Jasa Keuangan and its impact to banks that are distributing housing/property loan/financing. The data were collected by means of by deep interview as well as by studying the literature and related regulations. The research is a descriptive qualitative interpretative. The result of this research concludes that the macropudential regulation and supervision, under the authority of Bank Indonesia, has a relationship and aligned with the regulation and supervision in accordance with the mandate of microprudential (Otoritas Jasa Keuangan) as well as having the same area, namely banking supervision. In addition, the setting of the structure, status, authority, responsibility and independency of Bank Indonesia, including macroprudential regulation and supervision authority must be seen that are arranged in the Bank Indonesia law. The restriction of property lending facility through the regulation of instruments Loan / Financing to Value is effective to reduce the rise banking property loan/financing, although there are some issues that need to be aware. The research provides suggestions that Financial Stability Forum is able to strengthening and bridging effective coordination forum between Bank Indonesia and Otoritas Jasa Keuangan. In addition, to amend the Bank Indonesia law to include the macroprudential regulation and supervision.;Macroprudential policy is a policy that is implemented by Bank Indonesia to address systemic risk in the financial system through it instruments, for example Loan/Financing to Value instrument. Macroprudential, Loan/Financing to Value, is very important, especially to prevent speculation in the property sector?s behavior that can lead to economic crisis. Undang-Undang Otoritas Jasa Keuangan have mandating coordination and cooperation between macroprudential authority (Bank Indonesia) and microprudential Authority (Otoritas Jasa Keuangan). The result of this research is to deepening macroprudential supervision, in particularly regulation of Loan / Financing to Value in the property sector which is relating to banking microprudential supervision by Otoritas Jasa Keuangan and its impact to banks that are distributing housing/property loan/financing. The data were collected by means of by deep interview as well as by studying the literature and related regulations. The research is a descriptive qualitative interpretative. The result of this research concludes that the macropudential regulation and supervision, under the authority of Bank Indonesia, has a relationship and aligned with the regulation and supervision in accordance with the mandate of microprudential (Otoritas Jasa Keuangan) as well as having the same area, namely banking supervision. In addition, the setting of the structure, status, authority, responsibility and independency of Bank Indonesia, including macroprudential regulation and supervision authority must be seen that are arranged in the Bank Indonesia law. The restriction of property lending facility through the regulation of instruments Loan / Financing to Value is effective to reduce the rise banking property loan/financing, although there are some issues that need to be aware. The research provides suggestions that Financial Stability Forum is able to strengthening and bridging effective coordination forum between Bank Indonesia and Otoritas Jasa Keuangan. In addition, to amend the Bank Indonesia law to include the macroprudential regulation and supervision.;Macroprudential policy is a policy that is implemented by Bank Indonesia to address systemic risk in the financial system through it instruments, for example Loan/Financing to Value instrument. Macroprudential, Loan/Financing to Value, is very important, especially to prevent speculation in the property sector?s behavior that can lead to economic crisis. Undang-Undang Otoritas Jasa Keuangan have mandating coordination and cooperation between macroprudential authority (Bank Indonesia) and microprudential Authority (Otoritas Jasa Keuangan). The result of this research is to deepening macroprudential supervision, in particularly regulation of Loan / Financing to Value in the property sector which is relating to banking microprudential supervision by Otoritas Jasa Keuangan and its impact to banks that are distributing housing/property loan/financing. The data were collected by means of by deep interview as well as by studying the literature and related regulations. The research is a descriptive qualitative interpretative. The result of this research concludes that the macropudential regulation and supervision, under the authority of Bank Indonesia, has a relationship and aligned with the regulation and supervision in accordance with the mandate of microprudential (Otoritas Jasa Keuangan) as well as having the same area, namely banking supervision. In addition, the setting of the structure, status, authority, responsibility and independency of Bank Indonesia, including macroprudential regulation and supervision authority must be seen that are arranged in the Bank Indonesia law. The restriction of property lending facility through the regulation of instruments Loan / Financing to Value is effective to reduce the rise banking property loan/financing, although there are some issues that need to be aware. The research provides suggestions that Financial Stability Forum is able to strengthening and bridging effective coordination forum between Bank Indonesia and Otoritas Jasa Keuangan. In addition, to amend the Bank Indonesia law to include the macroprudential regulation and supervision., Macroprudential policy is a policy that is implemented by Bank Indonesia to address systemic risk in the financial system through it instruments, for example Loan/Financing to Value instrument. Macroprudential, Loan/Financing to Value, is very important, especially to prevent speculation in the property sector’s behavior that can lead to economic crisis. Undang-Undang Otoritas Jasa Keuangan have mandating coordination and cooperation between macroprudential authority (Bank Indonesia) and microprudential Authority (Otoritas Jasa Keuangan). The result of this research is to deepening macroprudential supervision, in particularly regulation of Loan / Financing to Value in the property sector which is relating to banking microprudential supervision by Otoritas Jasa Keuangan and its impact to banks that are distributing housing/property loan/financing. The data were collected by means of by deep interview as well as by studying the literature and related regulations. The research is a descriptive qualitative interpretative. The result of this research concludes that the macropudential regulation and supervision, under the authority of Bank Indonesia, has a relationship and aligned with the regulation and supervision in accordance with the mandate of microprudential (Otoritas Jasa Keuangan) as well as having the same area, namely banking supervision. In addition, the setting of the structure, status, authority, responsibility and independency of Bank Indonesia, including macroprudential regulation and supervision authority must be seen that are arranged in the Bank Indonesia law. The restriction of property lending facility through the regulation of instruments Loan / Financing to Value is effective to reduce the rise banking property loan/financing, although there are some issues that need to be aware. The research provides suggestions that Financial Stability Forum is able to strengthening and bridging effective coordination forum between Bank Indonesia and Otoritas Jasa Keuangan. In addition, to amend the Bank Indonesia law to include the macroprudential regulation and supervision.]"

"ABSTRAKPembangunan infrastruktur jaringan gas kota untuk rumah tangga di Indonesia saat ini dilakukan melalui penunjukan langsung kepada BUMN migas dengan pembiayaan dari anggaran APBN tanpa melalui uji Value for Money VfM dan analisa risiko. Penelitian ini dilakukan untuk mengetahui risiko-risiko beserta dampaknya terhadap kinerja biaya Life Cycle Cost LCC proyek serta untuk mengetahui besaran nilai VfM pada pembiayaan proyek infrastruktur antara skema pembiayaan 100 APBN PSC dengan skema KPBU melalui uji Value for Money kuantitatif pada contoh studi kasus proyek jargas kota di Prabumulih Sumatera Selatan. Hasil penelitian menunjukan bahwa proyek tersebut memiliki 3 tiga faktor risiko dominan terhadap kinerja biaya LCC proyek serta skema KPBU merupakan skema pembiayaan yang dapat menghasilkan nilai penghematan sebesar 21 terhadap LCC proyek apabila dibandingkan dengan PSC 100 APBN.

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ABSTRACTCity gas network infrastructure for households in Indonesia is currently developed through direct appointment to state owned oil and gas company with financing from state budget APBN without going through Value for Money VfM test risk analysis. This research conducted to obtain risks and impact of project life cycle cost LCC performance and to obtain the VfM between 100 state fund PSC financing scheme and Public Private Partnership PPP scheme through quantitative value for money test with a case study of the city gas network project in Prabumulih South Sumatra. The results show that the project has 3 three dominant risk factors againts the project LCC performance and the PPP scheme can generate saving of LCC cost of 21 when compared to PSC 100 state fund .Keywords City gas network for households Project financing scheme Value for Money."

"Pemberdayaan aset wakaf menjadi hal yang perlu untuk dikembangkan ditengah masih banyaknya tanah wakaf yang sampai dengan saat ini masih belum diberdayakan secara produktif. Minimnya pendanaan untuk mengembangkan aset wakaf menjadi salah satu permasalahan yang dihadapi oleh Nazhir, pengelola aset wakaf, selain kurangnya pengalaman dan rendahnya kompetensi Nazhir dalam melakukan kegiatan-kegiatan yang dapat menghasilkan nilai tambah ekonomi terhadap aset wakaf. Penelitian ini dilakukan untuk memperoleh suatu skema pembiayaan aset wakaf yang tepat melalui sukuk bank syariah sehingga dapat menjadi salah satu sumber pendanaan untuk mengatasi kebutuhan pembiayaan dalam rangka memberdayakan aset wakaf yang tidak produktif serta meningkatkan produktifitas aset wakaf potensial untuk berkembang. Pendekatan yang dilakukan dalam penelitian ini adalah gabungan dari metode kualitatif dan kuantitatif. Metode kualitatif dilakukan dengan analisis struktur sukuk ijarah khususnya merancang skema Sukuk Ijarah Bank Syariah berbasis aset wakaf, sedangkan analisis kuantitatif dilakukan dengan merancang formula kuantitatif dan simulasi dari Nazhir, Investor dan Bank Syariah dalam pelaksanaan Sukuk berbasis aset wakaf. Simulasi dari skema Sukuk ijarah bank syariah mencakup simulasi pembiayaan dan pengembalian investasi terhadap rencana pembiayaan aset wakaf produktif Nazhir. Hasil dari penelitian menghasilkan: (i) usulan skema pembiayaan aset wakaf dengan menggunakan sukuk ijarah bank syariah, (ii) formula Sukuk ijarah bank syariah dapat diaplikasikan (menjadi rujukan) pihak-pihak yang terlibat di dalam skema Sukuk ini, (iii), hasil simulasi menunjukkan kelayakan skema pembiayaan dari sisi keuangan bagi para pihak yang terlibat yaitu Nazhir dan Investor Sukuk. Berdasarkan hasil simulasi dan pembahasan tersebut, penelitian ini merekomendasikan sukuk ijarah sebagai salah satu sumber pembiayaan aeset produktif dalam rangka pemberdayaan tanah wakaf.

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Empowerment of waqf assets is a thing that needs to be developed amidst the many waqf lands which until now are still not productively empowered. The lack of funding to develop waqf assets is one of the problems faced by Nazhir, a waqf asset manager, in addition to lack of experience and low Nazhir competence in carrying out activities that can generate economic added value to waqf assets . This research is conducted to obtain an appropriate waqf asset financing scheme through Islamic bank sukuk so that it can become one of the funding sources to overcome financing needs in order to empower unproductive waqf assets and increase asset productivitypotential waqf to develop. The approach taken in this study is a combination of qualitative and quantitative methods. Qualitative methods are carried out by analyzing the structure of the ijarah sukuk in particular designing the waqf asset-based Islamic Bank Sukuk Ijarah scheme, while the quantitative analysis is carried out by designing quantitative formulas and simulations from Nazhir, Investors and Islamic Banks in implementing waqf asset-based Sukuk. The simulation of the Islamic Bank Sukuk Ijarah scheme includes a simulation of financing and return on investment to Nazhir's productive waqf asset. The results of the study resulted in: (i) the proposed scheme of financing waqf assets using Islamic Bank Ijarah Sukuk, (ii) the Islamic Bank Sukuk Ijarah formula can be applied (as a reference) to the parties involved in this Sukuk scheme, (iii), results simulation shows the feasibility of the schemefinancial financing for the parties involved, Nazhir and Sukuk Investors. Based on the results of the simulation and discussion, this study recommends sukuk ijarah as a productive source of financing in order to empower waqf land ."

"Aspek lingkungan, sosial, dan tata kelola (ESG) dalam perusahaan menjadi jauh lebih penting untuk membuat hidup kita sejahtera dan dunia menjadi tempat yang lebih baik. Lembaga keuangan sebagai salah satu pihak utama dalam pembangunan berkelanjutan berperan sebagai perantara bagi dunia usaha untuk dapat menghasilkan barang atau jasa yang mana praktik atau kebijakan usahanya dapat berdampak positif maupun negatif bagi masyarakat dan lingkungan. Investasi bertanggung jawab, terutama dalam aset infrastruktur, adalah salah satu cara untuk mengurangi risiko keuangan dan ESG serta menghasilkan financial returns yang berkelanjutan melalui hasil sosial dan/atau lingkungan penerima investasi. PT DII merupakan lembaga keuangan yang melaksanakan investasi bertanggung jawab khususnya di bidang infrastruktur di Indonesia. Walau berorientasi pada laba, PT DII telah menanamkan aspek keberlanjutan sejak didirikan melalui penerapan strategi ESG investing dan praktik terbaik berdasarkan standar internasional. PT DII menggunakan balanced strategy content yang tercermin dalam produk, praktik, dan kebijakannya. Manajemen internal dan proyek-proyek infrastruktur yang dibiayai oleh PT DII yang tergolong sebagai proyek berkelanjutan telah membantu memberikan kontribusi bagi pembangunan negara melalui strategi ESG investing yang pada akhirnya berkontribusi pada pembangunan berkelanjutan.

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Environmental, social, and governance (ESG) aspects within companies have become significantly more important to make our lives prosperous and the world a better place. Financial institutions, as one of the key players in sustainable development, serve a role as an intermediary for businesses to be able to produce goods or services in which their business practices or policies may have a positive or negative impact to the community and the environment. Responsible investment, especially in infrastructure assets, is one way to reduce financial and ESG risks and generate sustainable financial return through investees’ social and/or environmental outcomes. PT DII is a financial institution that implement responsible investment specifically in the infrastructure sector in Indonesia. Although commercially driven, PT DII has embodied sustainability aspects since its establishment through the implementation of ESG investing strategies and best practices based on international standards. PT DII utilizes the balanced strategy content which is reflected in its products, practices, and policies. Internal management and infrastructure projects financed by PT DII which are classified as sustainable projects have helped in contributing to the country’s development through its ESG investment strategy which eventually contributes to sustainable development.

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"ABSTRAKJaminan Kesehatan Semesta atau Universal Health Coverage (UHC) adalah skema pendanaan kesehatan masyarakat yang dipromosikan oleh Organisasi Kesehatan Dunia (WHO) untuk mencapai kesetaraan dalam layanan kesehatan termasuk dan memberikan perlindungan finansial bagi masyarakat. Pada tahun 2014, Indonesia memulai program UHC melalui program nasional Jaringan Kesehatan Nasional (JKN). Dalam implementasinya, JKN telah menghadapi banyak masalah dan salah satunya adalah defisit dana. Untuk mengatasi masalah ini, Pemerintah Indonesia telah memilih menggunakan cukai rokok sebagai sumber earmarked fund. Dengan metode sistem dinamis, penelitian ini memberikan wawasan struktural bahwa earmarking dari cukai rokok untuk JKN, dalam kasus Indonesia, tidak berkelanjutan dalam jangka panjang. Ketidakberlanjutan ini terutama disebabkan oleh dampak buruk penggunaan rokok terhadap kesehatan yang pada akhirnya meningkatkan beban biaya kesehatan dan oleh dampak sosioekonomi yang juga semakin membebani anggaran pemerintah.

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ABSTRACTUniversal Health Coverage (UHC) is a public health funding scheme promoted by the World Health Organization (WHO) to achieve equity in healthcare service including promotive, preventive, curative, and rehabilitation care at an affordable cost. UHC also aims to provide financial equity and financial protection for the community. In 2014, Indonesia started the UHC program through its national program Jaringan Kesehatan Nasional (JKN). In its implementation, JKN has faced many issues with the most recent topic being the fund deficit. To counter this issue, the Indonesian Government has chosen to use earmarking fund from tobacco excise to support JKN. Using system dynamics, this research provides a structural insight that earmarked fund from tobacco excise, in Indonesia case, is not sustainable in the long run. This unsustainability is mainly caused by the adverse effects of tobacco use to health which in turn increases public health expenditure and by its socioeconomic effects which also further burdens the government budget.

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