Public rail transport infrastructure has been developed to address urban issues in some major cities worldwide, including Jakarta, Indonesia. Despite its development, the rail transit ridership is not optimal yet, since traffic flows on the roads are still heavy and cause congestion. Therefore, the modal shift on rail transit in should be increased. The objective of this study is twofold; determining factors affecting the mode split on rail transit and exploring strategies to improve the modal shifting to rail-based transportation by taking into account the development of properties near the transit stations of Greater Jakarta's commuter line, including hotel, retail, office, and residential. Both quantitative and qualitative methods through questionnaire survey and benchmarking study were used to obtain these objectives. The survey results show that punctuality is the factor that affects the modal shifting to rail the most, followed by train comfort and shorter waiting time. Benchmarking studies were conducted to develop strategies for improving the train performance in terms of those factors, which include utilizing planning and management tool for train scheduling and rail infrastructure control, improving the air conditioning system on board trains, and increasing the information availability by installing real-time information monitors.

The Government of Indonesia is seeking an alternative mode of finance to develop its transport infrastructure. Taking into account the large Muslim population in Indonesia, the strong domestic demand for Islamic finance products, and the growing potential of Islamic banking operations, the government has been promoting the use of shariah compliant financing. Shariah compliant financing is in its infant stages, with a variety of financing instruments from debt-based financing (murabahah, istisna, and ijarah), equity-based financing (musharakah and mudharabah), and service-based financing. Financing can also be obtained from issuing and selling sukuk, certificates that represents ownership of a tangible asset or its usufruct, to investors. Shariah compliant financing and conventional financing are distinguished on the principle of financing, asset ownership, and the involvement of shariah board as a technical and administrative body supervising relevant activities comply with shariah.The literature to date has predominantly focused on risks in the Islamic banking industry and its operation. This research aims to identify the sources and types of risk exposure in shariah compliant financing for transport infrastructure projects in Indonesia. This research conducted thirteen semi-structured interviews with key transport stakeholders from the government, Islamic bank, academic, and consultant sectors. The research reveals that in Indonesia, debt-based shariah compliant financing instruments are the most utilised to finance transport infrastructure projects. The research identified that railways, roads, bridges, and seaports are the type of transport infrastructure facilities that are financed using shariah compliant financing instruments. The risks in shariah compliant financing are generally similar to the risks found in conventional projects with the addition of shariah compliance risk. These risks are identified into four categories: market, institutional and regulatory environment, shariah compliance, and project and structuring.The government is recommended to provide higher return of investment and shorter maturity terms in sukuk to attract more investors and stimulate the secondary market to reduce liquidity risk for the investors. This research also proposes that the National Shariah Board should be involved not only in the structuring stage but also in the entire lifespan of financing to ensure the transaction complies with shariah and reduce the exposure to shariah compliance risk.