EBAS-SP Officially Launches, Sharia Financial Instruments Are Now More Various

The launch of the first EBAS-SP in Indonesia (Photo: Doc. Ministry of Finance)

JAKARTA Vice President (Vice President) Ma'ruf Amin inaugurated the Initial List of Sharia Asset-Usted Effects in the form of a Participation Letter (EBAS-SP), on the Indonesia Stock Exchange, today. The issuance of EBAS-SP is the first in Indonesia and makes national sharia financial instruments even more varied.

On this occasion, the Vice President revealed that the breakthroughs made must be balanced with a professional increase in work.

"Business actors, regulators and supervisors must carry out their duties in accordance with existing standards and procedures," he said as reported by the Ministry of Finance (Kemenkeu) website, Monday, June 19.

The Vice President explained that financial sector players must be able to maintain public trust, and strengthen the principle of prudence in managing the financial sector.

"The security of customer data, systems and investment must be truly protected," he said.

The Vice President added that all parties must continue to encourage innovation so that Indonesia's financial instruments are more diverse, especially in the sharia sector.

"The presence of Islamic financial products that are increasingly accessible and understood by the public will certainly accelerate the growth of the national Islamic financial sector," he said.

Based on information compiled by the editors, the first issuance of EBAS-SP was carried out by PT Bank Syariah Indonesia Tbk. (BSI) with a value of IDR 325 billion for its mortgage assets. The company itself cooperates with BUMN under the Ministry of Finance, namely PT Sarana Multigriya Finansial (SMF), as a publisher institution in the market.

Meanwhile, the EBA-SP concept is an effort to secure home financing assets in order to get liquidity injections from the public. Thus, the company's cash flow becomes smoother without relying on the completion of customer mortgages which usually take a long time.

"The government and all parties must work together to improve public education about Islamic financial products by explaining the disclosure of information and open product risk profiles," concluded Vice President Ma'ruf Amin.