PROSPECT OF SUKUK IN FINANCING DISASTER MITIGATION DEVELOPMENT PROGRAM : AN INITIAL CONSEPTS OF INFRASTRUCTURE APPROACH IN PROVIDING SOLUTION TOWARD SHRIMP FARMER AFFECTED BY PORONG MUD VOLCANO

This item is published by Universitas Islam Negeri Sunan Ampel Surabaya

Fitrianto, Achmad Room (2012) PROSPECT OF SUKUK IN FINANCING DISASTER MITIGATION DEVELOPMENT PROGRAM : AN INITIAL CONSEPTS OF INFRASTRUCTURE APPROACH IN PROVIDING SOLUTION TOWARD SHRIMP FARMER AFFECTED BY PORONG MUD VOLCANO. In: Conference Proceedings: Annual International Conference on Islamic Studies (AICIS) XII, 5 – 8 November 2012, Surabaya – Indonesia.

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Abstract

A major environmental and social disaster has begun on May 29, 2006. A hot hazardous mud and gases has erupted in Porong Sidoarjo in East Java. The disaster not only destroyed infrastructures and buried approximately 600 hectares of land and housing but also the industries within vicinity. The Indonesian Supreme Audit Board (2007) (BPK-Badan Pemeriksa Keuangan) calculated the losses of local infrastructure and buried areas at around Rp 32.895.970 million. Appropriate and adequate relief are needs to be conducted. So far, government just concentrated in mitigating the physical effort such as embanked the mud or relocate the public infrastructures. What it’s more when the government rebuild the new public infrastructure occur, another problem such as the land owner that their land is proposed as the location of the new infrastructure rejected. The rejection is due to the inappropriate compensation that is offered. Another problem is that the socio economic problems such as disturbed small medium enterprises because of the mud, or the occurring huge number of new unemployment or annoying education process for school age victims.