INVESTMENT STUDY OF TOLL ROAD DEVELOPMENT USING HAJJ FUNDS (STUDY CASE: GEMPOL-PANDAAN TOLL ROAD)

• Main Author: Dzulfiqar Alfiansyah, Achmad
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/36818
• Institution: Institut Teknologi Bandung

Toll road is a public road that is part of the road network system and as a national road for which users are required to pay tolls. Toll road funding in Indonesia can come from government funds, external debt or other sources. One alternative funding for toll road development can be done with the sharia system, where the principle of the sharia system is based on profit and loss sharing according to the percentage of loan capital provided. The Indonesian government has planned to use the Hajj fund as an investment capital for infrastructure development, one of which is the construction of toll roads. However, the plan of the Indonesian government to use the Hajj funds for investment in infrastructure development, especially toll roads, has caused protests from the community as the owner of the Hajj fund because the measures are considered high risk. The purpose of this study is to examine toll road infrastructure financing, investment profits and losses using the Hajj funds to be compared with conventional schemes and Islamic bank schemes. The method used in this study is a financial feasibility analysis and sensitivity analysis to study toll road development investment and interviews with stakeholders regarding the perception of the use of Hajj funds. As a result of the financial feasibility analysis it was found that the Hajj fund scheme had the best investment feasibility compared to conventional schemes and Islamic bank schemes based on NPV, BCR, Payback Period, IRR, ROI, and ROE parameters. The optimization calculation resulted in toll road tariffs using the Hajj fund resulting in the lowest value of Rp 6.919 and a profit sharing margin of 59.13% with a loan period of 15 years. The results of the interviews indicate that the Hajj fund has the potential to be an alternative financing for toll road infrastructure in Indonesia. Investment risk for the Hajj fund scheme has a lower risk than conventional schemes and Islamic bank schemes. Hajj funds are financially feasible and can be applied to infrastructure financing in Indonesia. But the need for legislation that regulates and guarantees the use of Hajj funds is safe and beneficial for Hajj fund owners.