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    West Java Provincial Government Explored Sharia Bonds As An Alternative to Development Financing

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    BANDUNG - The Regional Government of West Java Province is exploring the use of regional bonds to finance development, especially large-scale physical development. Through bonds there will be other financing alternatives in development, so that it is not limited to the Budget Expenditure alone.

    West Java Vice Governor Uu Ruzhanul Ulum said that the utilization of regional bonds is important to accelerate the vision and mission of development in West Java. However, Uu emphasized that he wanted to utilize non-conventional Islamic bonds.

    "It is possible that West Java Province will seek development funds through the sale of Islamic bonds, namely the sale of securities to the public as one solution to encourage development capital," Uu said when met at Gedung Sate, Diponegoro Street No. 22, Bandung City, Friday (1/2/19).

    Furthermore, Uu admitted that there were already several parties who were ready to cooperate to market bond products belonging to the West Java Provincial Government. In addition, he will also immediately coordinate with the West Java Parliament to make his legal umbrella.

    "There are already several companies that want to become West Java Provincial Government's marketing bonds. But it is also not easy to become a partner. This can be appointed or auctioned as a partner in the sale of these bonds. And our Islamic bonds desire," Uu said.

    "All we have to do is coordinate with the council (DPRD West Java), because this requires a legal umbrella at the local level," he added.

    According to Uu, the public can become investors or buyers of West Java Provincial Government bonds, so that the community can be involved in the success of development programs in the West Java region.

    "Our savings have a very good domino effect. Besides we can build West Java there are also benefits for the community as buyers of these bonds. Because there is a fee to the community when we use the money for development," Uu said.

    "As long as the bonds are owned by the community there will be benefits for the community because the money is spinning," he added. (Even)

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