CIMB Niaga Finance Offers Sukuk Worth IDR 1 Trillion

Photo: Doc. Antara

JAKARTA - PT CIMB Niaga Auto Finance or CIMB Niaga Finance (CNAF) held a Sustainable Public Offering for Sukuk Wakalah Bi Al-istitsmar Berkelanjutan I CIMB Niaga Auto Finance phase I in 2024 with a value of IDR 1 trillion.

In a written statement, quoted by Antara, Wednesday, June 12, CIMB Niaga Finance President Director Ristiawan Suherman explained that Sukuk Wakalah Bi Al-Istitsmar I's offer in 2024 consists of two series, namely Series A with a period of 370 calendar days and Series B with a period of 3 years from the date of emission.

Sukuk reward payments will be made every three months, starting in October 2024 until the end of July 2025 for Series A and July 2027 for Series B.

Meanwhile, the principal payments for the series A and B sukuk were made in full or a bullet payment of 100 percent of the principal Sukuk Wakalah Bi Al-Istitsmar I Series A and Series B on the Repayment Date of the Series A and Series B Investment Capital Funds.

The coupons for Series A are in the range of 6.50 percent to 7.25 percent with a tenor of 370 calendar days and Series B in the range of 6.70 percent to 7.45 percent for three years.

Ristiawan said the funds collected from sukuk would be used for working capital participation in Islamic financing business activities.

"Through the Sustainable Public Offering Sukuk Wakalah Bi Al-istitsmar Sustainable I CIMB Niaga Auto Finance phase I in 2024, we hope to support vehicle financing growth in 2024," he said.

In addition, in line with the Company's business strategy plan, CNAF will focus on optimizing digital strategies with the aim of simplifying customer services this year.

"CNAF is optimistic that it will grow positively this year, by presenting a diversification of financing products according to consumer needs and as an alternative investment instrument that is attractive to investors," said Ristiawan.

In terms of performance, CNAF recorded new financing of IDR 8.94 trillion in 2023, growing 13.5 percent year-on-year (yoy) from 2022 which amounted to IDR 7.87 trillion.

New financing with sharia contracts reached 51 percent of the total new financing. With the growth of new financing, CNAF's total managed assets reached IDR 11.26 trillion or grew by 21.7 percent from 2022 of IDR 9.25 trillion.

Profit before tax (profit before tax) was recorded at IDR 520 billion, up 23 percent yoy from IDR 424 billion in 2022. The ratio of non-performing financing or NPF (Non Performing Financing) was 1.11 percent. Meanwhile, the Company's return on assets (ROA) and return on equity (ROE) were recorded at 6.80 percent and 22.32 percent, respectively.