CIMB Niaga Syariah Collaborates With ICDX And ICH Commodity Exchanges For Subrogation Financing

JAKARTA - The Sharia Business Unit of PT Bank CIMB Niaga Tbk (CIMB Niaga Syariah) together with the Indonesia Commodity and Derivatives Exchange (ICDX) and the Indonesia Clearing House (ICH) signed a Cooperation Agreement (PKS) related to Sharia Commodity Transactions in the context of Auto iB Indirect Subrogation Financing.

Director of Sharia Banking CIMB Niaga Pandji P. Djajanegara said that the collaboration was carried out by CIMB Niaga Syariah as an effort to comply with the provisions regarding the new iB Indirect Auto Subrogation product. A joint financing product for the transfer of murabahah financing receivables for vehicles (cars and motorcycles) belonging to Multifinance Companies to Banks based on Sharia principles.

In accordance with the provisions of the MUI DSN Fatwa No. 104/DSN/-MUI/X/2016 concerning subrogation based on sharia principles, the transfer of murabahah financing receivables is carried out through a buying and selling process (ba'i) with payment instruments (tsaman) using goods (sil'ah).

The goods that become payment instruments are in the form of commodities whose procurement is carried out through the Commodity Exchange appointed by the Commodity Futures Trading Supervisory Agency (BAPPEBTI) of the Ministry of Trade, namely ICDX and the settlement of transactions is carried out by ICH.

"Thanks to ICDX and ICH for this synergy, so that we can present a new product Subrogation Indirect Auto iB. This product is the first in the Islamic banking industry in the country and is also the first Sharia commodity transaction on the ICDX Commodity Exchange," said Pandji in a statement. written quoted Tuesday, April 5th.

Meanwhile, ICDX Director Nursalam said, this collaboration is one of the realizations of the ideals of the Commodity Futures Trading industry which is synergized with Sharia principles.

"We hope that the Sharia commodity market in the country can grow and provide economic benefits for the country," he added.

Pandji added, CIMB Niaga Syariah continues to innovate and diversify products to respond to the growing financial needs of the community, including from multi-finance.

Through iB Indirect Auto Subrogation, CIMB Niaga Syariah helps provide funding needs for Multifinance that runs its business activities based on Sharia principles. In addition, this can also accelerate the growth of financing assets at CIMB Niaga Syariah.

"We hope that the availability of Subrogation Indirect Auto iB products can complement existing Sharia products so that the services provided by CIMB Niaga Syariah are more comprehensive. In addition, of course we also want to support the automotive industry in Indonesia so that it can be driven more dynamically," concluded Pandji.