Jakarta – PT Pertamina International Shipping (PIS) has once again demonstrated its leadership in financial innovation by securing an esteemed accolade at the Islamic Finance News (IFN) Awards in Kuala Lumpur, Malaysia. The company’s groundbreaking approach to Sharia-compliant financing earned it the prestigious Indonesia Deal of the Year 2024 award, highlighting its strategic vision and commitment to sustainable business growth.
The award was conferred in recognition of PIS’s successful acquisition of Ijarah Muntahiyah Bi Tamlik (IMBT) financing worth USD 47 million (approximately IDR 764 billion) from PT Bank Syariah Indonesia Tbk (BSI). This financing structure, which adheres strictly to Islamic principles, represents a milestone achievement within the Pertamina Group, marking the first time this scheme has been implemented in the state-owned energy conglomerate’s history. The funds obtained through this financing model have been strategically allocated for the purchase of two Medium Range (MR) tanker vessels, reinforcing PIS’s fleet expansion and operational capabilities.
The adoption of IMBT not only showcases PIS’s ability to diversify its funding sources but also aligns with the broader objective of strengthening Indonesia’s position as a key player in the global Islamic finance ecosystem. With the increasing demand for ethical and Sharia-compliant financial instruments, this initiative is expected to pave the way for similar financial models in Indonesia’s maritime industry.
“This award serves as an international recognition of PIS’s dedication to pioneering innovative Sharia-based financial solutions,” stated Diah Kurniawati, Acting President Director of PIS. “With the support of PT Bank Syariah Indonesia Tbk (BSI) and guidance from our legal advisors Hadiputranto, Hadinoto & Partners (HHP) for PIS and Soemadipradja & Taher (S&T) for BSI, we are confident that this financing model will unlock greater opportunities for the maritime industry to access capital in alignment with Islamic economic principles.”
The IFN Deals of the Year Awards, established in 2006, are recognized as one of the most prestigious honors in the Islamic finance industry. Each year, the awards acknowledge outstanding financial transactions across multiple regions, including Indonesia, Malaysia, Singapore, the United Kingdom, the United Arab Emirates, Saudi Arabia, and Africa. The selection process is conducted by a panel of independent experts, ensuring a rigorous and transparent evaluation of financial deals that demonstrate excellence and innovation.
Beyond this recent accolade, PIS has been experiencing remarkable financial and operational growth. In 2023, the company recorded USD 3.3 billion in revenue, with a historic net profit of USD 330 million, marking its highest profitability to date. These achievements are part of PIS’s broader long-term expansion strategy, which aims to triple its revenue to USD 9 billion within the next decade.
“To achieve this ambitious target, we must implement well-structured capital strategies. The IMBT financing model is just one of the many innovative funding mechanisms we are exploring to optimize our capital structure and sustain long-term growth,” added Diah Kurniawati.
As PIS continues to expand its global presence, this latest recognition further solidifies its reputation as a world-class shipping company that excels not only in operations and service delivery but also in financial innovation. The company remains committed to exploring new financing opportunities, ensuring robust capital structures, and supporting the advancement of the national and international maritime industries through sustainable and ethical financial practices.
“PIS will continue to seek out new financial solutions to reinforce our capital base and drive the long-term growth of the global maritime sector,” Diah concluded.
