Jakarta – PT Pertamina International Shipping (PIS) has reaffirmed its position as a leader in financial innovation by securing a prestigious accolade at the Islamic Finance News (IFN) Awards 2024 in Kuala Lumpur, Malaysia. The company’s strategic breakthrough in Sharia-compliant financing earned it the distinguished Indonesia Deal of the Year award, recognizing its commitment to sustainable business growth and ethical financial practices.
The award celebrates PIS’s successful execution of a USD 47 million (IDR 764 billion) Ijarah Muntahiyah Bi Tamlik (IMBT) financing agreement in collaboration with PT Bank Syariah Indonesia Tbk (BSI). This transaction marks a milestone within Pertamina Group, as it represents the first application of the IMBT scheme in the conglomerate’s financial operations. The funds secured through this Islamic financing structure were strategically allocated for the acquisition of two Medium Range (MR) tanker vessels, further strengthening PIS’s fleet expansion and operational efficiency.
By adopting the IMBT model, PIS not only enhances its ability to diversify capital sources but also contributes to Indonesia’s positioning as a prominent player in the global Islamic finance sector. As demand for Sharia-compliant financial instruments continues to rise, PIS’s innovative approach is expected to serve as a benchmark for the maritime and energy industries, paving the way for broader ethical financial integration within the sector.
Diah Kurniawati, Acting President Director of PIS, underscored the significance of this achievement, stating that the award is a global recognition of PIS’s dedication to pioneering Islamic financial solutions. “This milestone is a reflection of our unwavering commitment to developing Sharia-based financing mechanisms that support sustainable growth in the maritime sector,” she remarked. “With the invaluable support of BSI and the legal expertise of Hadiputranto, Hadinoto & Partners (HHP) for PIS and Soemadipradja & Taher (S&T) for BSI, we are confident that this financing model will unlock further opportunities for the industry to access ethical and sustainable capital.”
The IFN Deals of the Year Awards, established in 2006, are among the most prestigious accolades in the Islamic finance industry. Each year, these awards recognize groundbreaking transactions across major financial hubs, including Indonesia, Malaysia, Singapore, the United Kingdom, the United Arab Emirates, Saudi Arabia, and Africa. A panel of independent financial experts rigorously evaluates nominations to ensure that winning deals reflect exceptional innovation, financial excellence, and strategic impact.
PIS’s accomplishments extend beyond this prestigious recognition. The company has demonstrated remarkable financial and operational growth, achieving a record-breaking revenue of USD 3.3 billion in 2023, alongside its highest-ever net profit of USD 330 million. These milestones align with PIS’s ambitious long-term expansion strategy, which aims to increase revenue to USD 9 billion within the next decade. To achieve this goal, the company is actively exploring innovative financing mechanisms, including Sharia-compliant structures such as IMBT, to optimize capital allocation and sustain long-term business growth.
“With such ambitious targets, strategic capital planning is essential,” Diah Kurniawati added. “The IMBT financing model is one of many financial innovations we are leveraging to ensure a robust capital structure that supports our vision for long-term growth and sustainability.”
As PIS continues to expand its global footprint, this latest accolade solidifies its reputation as a world-class shipping and logistics powerhouse, excelling not only in operational efficiency and service excellence but also in financial innovation. With a firm commitment to exploring new Sharia-compliant financing solutions, PIS aims to maintain its leadership in ethical financial practices, ensuring a strong capital foundation for both the national and international maritime industries.
“The future of maritime financing lies in sustainable and ethical financial models,” Diah concluded. “PIS remains steadfast in its commitment to fostering financial innovation, strengthening its capital base, and propelling the long-term growth of the global shipping industry.”
