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Table 1: CCM Group Interest Bearing Loans and Borrowings
2013 2012
Non-current-unsecured Sukuk musyarakah
Term loan 100,000
280,000 120,000
430,000
380,000 550,000
Current-unsecured
Banker’s acceptance Term loan
Revolving credit and trade facilities
Term loan and trade facilities
73,725 150,000
96, 675 49,234
88,560 -
124,130 80,953
369,634 293,643
Based on the above table, it can be observed that CCM has issued an Islamic security, sukuk. This
indicates that beside being a halal certified company, the company also use sukuk as one of its financing
instrument. Sukuk Musyarakah was issued by the company on 8 August 2011, where CCM issued RM120,
000 nominal amount of 5 year fixed rate unsecured and unrated sukuk at 4.35 per annum. MIDF Amanah
Investment Berhad MIDF Investment has been mandated as the Principal Adviser and Lead Arranger
for the Proposed Sukuk Issuance. The proceeds of the Sukuk Issuance is to be utilized to refinance wholly
CCM’s existing bridging facility of RM120.0 million with MIDF Investment. The purpose of the bridging
facility is to partly finance up to RM120.0 million of CCMs upcoming RM150.0 million Sinking Fund
Account commitment in respect of its existing RM500.0 million Musyarakah Commercial PapersMedium Term
Notes Programme. Some of significant covenants of the USM are as follows:
a
Financial covenants The company shall maintain the following ratios
throughout the tenure of the USM: i.
The finance to equity ratio of not more than 1.5 times.
ii. The profitinterest cover ratio of at least 2
times. b
Negative covenants The company will not, without written consent
from the trustee first, had and obtained for the followings:
i. Create or permit to subsist any security interest
over any of its present of future assets, other than permitted by the financing document and
trust deed.
ii. Reduce its authorized and issued shares save
and except for any decrease in its issued capital resulting from purchase or cancellation of its
own shares pursuant to section 67A of the Companies Act 1965.
iii. Add, delete, vary or amend its Memorandum or
Articles of Association on in manner inconsistent of the Financing Document other
than those permitted by the Financial Documents and Trustee Deed.
iv. Dispose any assets in excess of 25 of the
Group’s net assets as reflected in the latest consolidated annual audited financial statement
in any financial year other than those permitted by the Financing Document and Trustee Deed.
v. Undertake or acquire any other business or
subsidiaries where such undertaking or acquisition would have a material adverse
effect.
vi. Use the proceeds other than those permitted by
the Financing Document and Trustee Deed. However, other financing liabilities of CCM have no
sufficient information whether or not the instruments are Islamic financing. The company should disclose the
types of loans and trade facilities in the annual report, so that the shareholders and investors could make an
informed decisions.
7. SUMMARY
This study attempts to discuss the idea of bridging the gap between Islamic financing and halal industry to
achieve the comprehensive halal compliance practices in Malaysia. Based on a company listed in Malaysia,
this study examines the halal initiatives of the company and looks whether the financing of the company comply
with Islamic principle. Findings show the company has extensive initiatives to ensure that the products of
the company are halal certificate. The company has Halal Council and Halal Committee which focus on
company’s halal initiative and operations of the company. Looking at the company’s financing, the
company has Sukuk as long-term financing instrument.
The 2015 International Conference of Management Sciences ICoMS 2015, April 23, UMY, Indonesia
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However, it is unclear whether other financing instruments such as term loans are Islamic products.
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Bohari, A. M., Cheng, W. H., Fuad, N. 2013. An
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The 2015 International Conference of Management Sciences ICoMS 2015, April 23, UMY, Indonesia 169
KEY SUCCES FACTOR
KINERJA
BALANCED SCORCARD:
EFFECT OF PUBLIC SERVICE QUALITY AND GOOD GOVERNANCE ON THE PERFORMANCE OF PUBLIC GENERAL HOSPITAL OF CILACAP
Survey in Cilacap District General Hospital Nurlia Ulfa Laely, Bambang Jatmiko, Kholifah Fil Ardhi
Universitas Muhammadiyah Yogyakarta, Indonesia
ABSTRACT
The purpose of this research are to study and analyze the influence quality of public services and good public governance with respect to the performance of regional general hospital Cilacap. Subject in this research are patients
and employees at the district general hospital Cilacap. The methode of this research is quantitative analysis. The kind of data that used in this research is primary data. The primary data was obtained by filling out the questionnaire by the
respondents. The total sample patient in this research is 71 respondents and total sample employees is 71 respondents. So, the total of sample is 142 respondents. Respondents of patient selected using sampling incidental and employees
selected using simple random sampling. The tool of analyze this research is software SPSS 15 for windows. The method of analysis the data used was regression and correlations. The result on this research and hypothesis testing show that:
there is a positive influence and significant between the quality of public services on the performance of hospital, there is a positive influence and significant between good public governance on the performance of hospital, there is a
positive correlation between the quality of public services with good public governance, there is a positive influence and significant between the quality of public service and good public governance jointly on the performance of hospital.
Keywords
:
performance balanced scorcard, the quality of public services, good public governance.
1
ICMSDM-TW.
1. BACKGROUND
