Performance Improves During 2021, CIMB Niaga Syariah Books Rp1.8 Trillion Profit

JAKARTA - The Sharia Business Unit (UUS) of PT Bank CIMB Niaga Tbk (CIMB Niaga Syariah) managed to record a profit of IDR 1.8 trillion in 2021, an increase of 34.8 percent year-on-year (yoy).

The profit growth was supported by financing disbursement which grew by 15.8 percent to Rp37.0 trillion with the Consumer Banking segment as the main contributor, in addition to an increase in commission-based income from the treasury and wealth management businesses.

As of December 31, 2021, CIMB Niaga Syariah recorded positive growth in third party funds (DPK) of 39.2 percent yoy to Rp41.5 trillion.

Meanwhile, CIMB Niaga Syariah's assets grew significantly by 32.3 percent yoy to Rp59.3 trillion, with a share of book to the parent bank's assets of 19.1 percent.

Director of Sharia Banking CIMB Niaga Pandji P. Djajanegara stated, with the number of assets continuing to increase, CIMB Niaga Syariah became the largest UUS in Indonesia.

"Although in 2021 the economic situation is still overshadowed by the pandemic, CIMB Niaga Syariah can maintain growth and continue to serve the banking needs of the community," CIMB Niaga Syariah Media Gathering, Friday 25 March.

On the same occasion, CIMB Niaga Syariah also launched a new product for business customers, targeting the small and medium business (SME) and Commercial segments, namely iB Current Account Financing (PRK) with Musyarakah Mutanaqisah (MMQ) or PRK iB MMQ contracts.

This first product in the Islamic banking industry in Indonesia can be the answer for customers who need working capital with easy and seamless terms on par with conventional PRK. Previously, PRK iB products at CIMB Niaga Syariah were only provided with a Musyarakah contract. With a refinancing scheme for assets already owned by customers, PRK iB MMQ is expected to provide even better support to business actors to meet their daily transaction funding needs.

"We are always innovating so that Islamic banking can provide products and services that are equivalent to conventional banks, one of which is PRK iB MMQ. SMEs and Commercial," said Pandji.

Meanwhile, welcoming the holy month of Ramadan, CIMB Niaga Syariah will again present attractive programs for customers from CIMB Niaga Syariah's flagship products. By partnering with the community in the Islamic economic ecosystem, CIMB Niaga Syariah is ready to serve the various needs of customers in the month of Ramadan such as Zakat, Infaq, Alms, and Waqf (Ziswaf) donations through OCTO Mobile and various digital channels of CIMB Niaga Syariah.

CIMB Niaga Syariah will present a program of main products such as KPR iB products, Xtra Dana iB, Sustainability Linked Waqf through Goal Savers iB Savings products with prizes of Waqf, Haji Muda, and other superior products.

"On a good momentum in the holy month of Ramadan, we want to continue to increase public awareness of Islamic banking products that are universal and can be used by all segments of society," said Pandji.