Jakarta – PT Pertamina International Shipping (PIS) continues to solidify its reputation as a trailblazer in Islamic finance and maritime investment after securing a prestigious accolade at the Islamic Finance News (IFN) Awards 2024 in Kuala Lumpur, Malaysia. The company’s innovative use of Sharia-compliant financing mechanisms earned it the highly coveted Indonesia Deal of the Year award, an acknowledgment of its strategic foresight and commitment to ethical financial practices.
The award was presented in recognition of PIS’s successful procurement of a USD 47 million (IDR 764 billion) Ijarah Muntahiyah Bi Tamlik (IMBT) financing package from PT Bank Syariah Indonesia Tbk (BSI). This milestone marks the first time the IMBT structure has been applied within Pertamina Group, signifying a transformative shift in the conglomerate’s financial strategy. The funds secured through this agreement have been allocated toward acquiring two Medium Range (MR) tanker vessels, further strengthening PIS’s global shipping fleet and enhancing its operational resilience.
By pioneering the use of IMBT in maritime financing, PIS is not only diversifying its capital sourcing strategies but also reinforcing Indonesia’s position as a key player in the global Islamic finance ecosystem. With an increasing demand for financial instruments that align with Islamic economic principles, PIS’s breakthrough sets a new industry standard, offering a sustainable and Sharia-compliant alternative for maritime investments.
Diah Kurniawati, Acting President Director of PIS, emphasized the significance of this achievement, stating that the award reflects international recognition of PIS’s leadership in Islamic financial innovation. “This accomplishment is a testament to our continuous efforts in integrating Sharia-based financing solutions into the maritime industry. With the steadfast support of BSI and legal advisory from Hadiputranto, Hadinoto & Partners (HHP) for PIS and Soemadipradja & Taher (S&T) for BSI, we are confident that this financing model will create greater access to capital for the industry while upholding Islamic financial principles,” she stated.
Established in 2006, the IFN Deals of the Year Awards have long been regarded as one of the most prestigious honors in Islamic finance. The awards recognize exceptional financial transactions from various regions, including Indonesia, Malaysia, Singapore, the United Kingdom, the United Arab Emirates, Saudi Arabia, and Africa. The selection process is conducted by an independent panel of financial experts, ensuring that winning transactions reflect excellence, financial ingenuity, and strategic significance in the evolving landscape of Islamic finance.
Beyond this remarkable accolade, PIS has been experiencing an impressive period of financial and operational expansion. The company recorded USD 3.3 billion in revenue in 2023, with an unprecedented net profit of USD 330 million, marking the highest financial performance in PIS’s history. These achievements are a result of a comprehensive long-term growth strategy, with PIS targeting an ambitious USD 9 billion revenue milestone within the next decade. To reach this goal, the company is actively pursuing alternative financing structures, including Sharia-compliant options such as IMBT, to ensure an optimal capital framework for sustainable growth.
“As we work toward our ambitious targets, strategic capital management remains at the forefront of our priorities,” Diah Kurniawati added. “IMBT financing is one of many financial innovations we are leveraging to build a strong, resilient capital structure that will sustain long-term business expansion.”
With this latest international recognition, PIS further cements its status as a world-class shipping and logistics leader, excelling not only in operational performance but also in financial ingenuity. Committed to exploring new frontiers in Sharia-compliant financing, the company continues to strengthen its capital base while supporting the long-term development of both the national and international maritime industries.
“PIS remains committed to unlocking new financial solutions that will enhance our capital capabilities and drive the future growth of the global shipping sector,” Diah concluded.
