DPR Supports OJK To Make 50 Percent Of Sharia Business Unit Spin Off Rules

Illustration. (Photo: Doc. Antara)

JAKARTA - Member of Commission XI of the House of Representatives (DPR) Musthofa supports the Financial Services Authority (OJK) to make a 50 percent spin off regulation of the Sharia Business Unit (UUS), in line with the passing of the Law on the Development and Strengthening of the Financial Sector (UU P2SK).

The company's spin off is the separation of certain parts or parts of the organization's business operations from the parent company so that it becomes its own entity. This separation process is carried out through the sale or distribution of new shares from existing businesses or divisions from the parent company.

"With the enactment of the P2SK Law, Islamic banks need two things, namely a 50 percent spin off and a spin off time requirement which is divided into three years where in the first year 20 percent, then in the second year 25 percent, and in the third year to 50 percent," said Musthofa in an official statement, quoted from Antara, Monday, June 12.

Musthofa assessed that currently sharia business units are still in a "heating" condition, where to own or start a sharia banking business requires careful readiness because the banking business is a long-term business that takes a long time to achieve success.

Thus, if the capital adequacy ratio (CAR) is low, the level of willingness is not good, then the public will not believe in the Islamic banking. For this reason, with the P2SK Law that has been passed, it is hoped that all must move quickly to adjust,

He revealed that there were several complaints from PT Bank Syariah Indonesia or BSI in several areas, including that they do not have other Islamic banks that can be used as partners to compete. Thus, BSI has been working with cooperatives to help BSI perform better in the future.

Related to this, Musthofa argues that basically the spirit they have is both wanting to become a sharia bank. However, the current condition of UUS has not become a sharia bank even though it has moved together like BSI.

"So they are now moving together, if it's like BSI, later for literacy and so on, then the role of Bank Indonesia and OJK is how to accept the government," he said.

Previously, Chairman of the OJK Board of Commissioners Mirza Adityaswara admitted that his party had completed the latest draft OJK regulations related to the spin off UUS from banks as a derivative rule of the P2SK Law. Based on the mandate of the P2SK Law, the draft POJK will be discussed with Commission XI of the DPR before it is ratified.

"This is one POJK which based on the P2SK Law must be consulted with the DPR Commission XI, there will be a consultation time before setting a POJK. This has been completed in draft," said Deputy Mirza in an online press conference, Friday (5/5).