Analisis Penerapan Pendanaan Syariah Dalam Investasi Proyek Jalan Tol

Binti Suryani, Binti Suryani (2026) Analisis Penerapan Pendanaan Syariah Dalam Investasi Proyek Jalan Tol. Other thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Infrastruktur jalan tol merupakan sarana vital yang diperlukan untuk meningkatkan efisiensi perindustrian dan perekonomian suatu negara. Setiap peningkatan infrastruktur transportasi dapat mendukung produktivitas ekonomi di negara berkembang seperti Indonesia. Namun, pembangunan infrastruktur jalan tol membutuhkan dana yang besar, sementara keterbatasan kapasitas pendanaan pemerintah melalui Anggaran Pendapatan dan Belanja Negara (APBN), ditambah kebijakan efisiensi anggaran, mendorong perlunya alternatif sumber pendanaan. Pemerintah telah membuka kesempatan bagi swasta untuk berkontribusi dalam pendanaan pembangunan jalan tol. Skema pendanaan syariah dapat menjadi alternatif selain skema konvensional yang telah umum digunakan. Oleh karena itu, penelitian ini bertujuan menganalisis penerapan skema pendanaan syariah pada investasi Jalan Tol Ciawi-Sukabumi serta pengaruh perbedaan mekanisme pendanaan terhadap pola arus kas investasi. Metode penelitian meliputi identifikasi variabel investasi pada aspek pendanaan, penyusunan model arus kas, analisis capital budgeting, serta analisis sensitivitas terhadap perubahan masa pengembalian pada skema pendanaan syariah. Hasil penelitian menunjukkan bahwa skema Musyarakah Mutanaqishah (MMQ) menghasilkan NPV sebesar Rp4.285.613,39 juta, diikuti Sukuk Ijarah sebesar Rp3,108,929.38 juta, sedangkan skema konvensional menghasilkan NPV sebesar Rp960,749.99 juta. Analisis sensitivitas menunjukkan bahwa semakin panjang masa pengembalian, nilai NPV pada skema Musyarakah Mutanaqishah dan Sukuk Ijarah cenderung menurun, namun tetap bernilai positif selama periode investasi. Hasil penelitian ini diharapkan dapat menjadi referensi dalam pengembangan alternatif pendanaan infrastruktur jalan tol yang sesuai dengan prinsip syariah.
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Toll road infrastructure plays a vital role in improving industrial efficiency and economic growth. Improvements in transportation infrastructure can enhance economic productivity, particularly in developing countries such as Indonesia. However, toll road development requires substantial investment, while the government's limited financing capacity through the State Budget (APBN), coupled with budget efficiency policies, has created the need for alternative financing sources. The government has provided opportunities for the private sector to participate in financing toll road development. Sharia financing schemes can serve as an alternative. Therefore, this study aims to analyze the implementation of Sharia and conventional financing schemes in the investment of the Ciawi-Sukabumi Toll Road Project and to examine the effect of differences in financing mechanisms on the project's investment cash flow. The research method includes the identification of investment variables related to financing, the development of cash flow models, capital budgeting analysis using the Net Present Value (NPV) indicator, and sensitivity analysis of changes in the repayment period under the Sharia financing schemes. The results show that the Musyarakah Mutanaqishah scheme generated an NPV of IDR 4.285.613,39 million, followed by the Sukuk Ijarah scheme with an NPV of IDR 3,108,929.38 million, while the conventional financing scheme generated an NPV of IDR 960,749.99 million. The sensitivity analysis indicates that extending the repayment period tends to reduce the NPV of both the Musyarakah Mutanaqishah and Sukuk Ijarah schemes; however, the NPV remains positive throughout the investment period. The findings are expected to provide a reference for the development of alternative financing for toll road infrastructure in accordance with Sharia principles.

Item Type:	Thesis (Other)
Uncontrolled Keywords:	Cash Flow, Investment, Sharia, Toll Road, Financing Arus Kas, Investasi, Jalan Tol, Pendanaan, Syariah
Subjects:	H Social Sciences > HG Finance H Social Sciences > HG Finance > HG4028.V3 Valuation. Economic value H Social Sciences > HG Finance > HG4529 Investment analysis H Social Sciences > HG Finance > HG4910 Investments
Divisions:	Faculty of Civil, Environmental, and Geo Engineering > Civil Engineering > 22201-(S1) Undergraduate Theses
Depositing User:	Binti Suryani
Date Deposited:	29 Jul 2026 08:12
Last Modified:	29 Jul 2026 08:12
URI:	http://repository.its.ac.id/id/eprint/138855

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